Market Timeline

Nov. 15, 2004
Energy prices fell Monday as speculators pulled out of the futures market, apparently sensing no further upside potential without a major change in market fundamentals.

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Nov. 2

Energy prices fell Monday as speculators pulled out of the futures market, apparently sensing no further upside potential without a major change in market fundamentals. However, the price drop was not particularly steep and met resistance below $50/bbl.

The December contract for benchmark US sweet, light crudes closed at $50.13/bbl, down by $1.63 for the day, after trading at $49.30-52.50/bbl Monday on the New York Mercantile Exchange. The January position lost $1.59 to $50.01/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., declined by $1.63 to $50.14/bbl. Heating oil for December delivery dropped 5.65¢ to $1.41/gal. Gasoline for the same month fell 3.77¢ to $1.29/gal. The December natural gas contract dipped by 0.5¢ to $8.61/Mcf.

Nov. 3

Energy prices continued to fall Tuesday, with the near-month crude contract dropping below $50/bbl on NYMEX for the first time in 4 weeks. Analysts cited growing confidence in the adequacy of energy supplies through the winter. However, speculation that John Kerry might win the US presidential election Tuesday contributed to the sell-off.

The December crude contract fell to $49.62/bbl on NYMEX, while January was down to $49.59/bbl. Spot market WTI retreated to $49.63/bbl. Heating oil for December declined to $1.39/gal, and gasoline slipped to $1.2877/gal. December natural gas plunged to $8.57/Mcf, weighed down by a weakened spot market.

Nov. 4

Energy futures prices rose Wednesday, wiping out the previous day's losses, as it became evident that George W. Bush—not John Kerry—was the victor in the US presidential campaign. That election "bounced" the oil market "in a way that previous US elections have not," said Paul Horsnell, Barclays Capital Inc., London.

The Energy Information Administration said US crude inventories jumped by 6.3 million bbl to 289.7 million bbl during the week ended Oct. 29. However, US distillate stocks fell for the seventh consecutive week, down by 900,000 bbl to 115.7 million bbl just prior to the start of the winter heating season

The December crude contract jumped to $50.88/bbl Wednesday on the NYMEX, while the January position advanced to $50.82/bbl. Spot market WTI was up to $50.89/bbl. Heating oil for December delivery rose to $1.42/gal. Gasoline inched up to $1.3277/gal. The December natural gas contract gained to $8.75/Mcf.

Nov. 5

For the first time since September, the near-month benchmark US crude contract plunged below $49/bbl Thursday on NYMEX, following false reports that Palestinian leader Yasser Arafat had died. Doctors treating Arafat in Paris later reported he was in a "reversible coma." While some feared Arafat's death would trigger a divisive struggle for succession among Palestinian groups, the Palestinian leader is generally viewed by market participants as an obstacle to peace negotiations in the Middle East.

The December crude contact plunged to $48.82/bbl Thursday on NYMEX, as the market wiped out all gains from the previous session. The January position dropped to $48.84/bbl. Spot market WTI declined to $48.83/bbl. Heating oil for December delivery fell to $1.37/gal, and gasoline for the same month was down to $1.28/gal. The December natural gas contract plummeted to $8.20/Mcf.

Nov. 8

Energy prices generally rebounded Friday as traders protected their holdings against any surprise fluctuations in supplies over the weekend. Some analysts reiterated expectations that prices would continue to fall as lack of support from market fundamentals forced speculators out of the market. However, the US Labor Department reported Friday greater-than-expected job growth in October.

The December crude contract increased to $49.61/bbl on NYMEX, while January climbed to $49.62/bbl. Spot market WTI gained to $49.62/bbl. Gasoline was up to $1.29/gal on NYMEX. Heating oil inched up to $1.3741/gal. However, the December natural gas contract fell to $7.95/Mcf.