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Crude suffers severe 2-day loss

01/15/2007
By NINA RACH
The February contract price for benchmark US crude fell 9% Jan. 3-4 to near 18-month lows in the first two trading sessions of 2007 on the New York Mercantile Exchange.The front-month contract dropped a total of $5.46 over those 2 days to close at $55.59/bbl on Jan. 4. “We have to go back to early December 2004 to find a 2-day loss that was greater than the loss of this week,” said Olivier Jakob, managing director of Petromatrix GMBH, Zug, Switzerland. The market was closed Jan. 1 for the New Year’s holiday and Jan. 2 for the funeral of former US President Gerald Ford.“El Niño is taking a toll on the energy complex as it brings a warm Northern Hemisphere win...
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