Market Journal
Crude tests $73/bbl
(Jun 15, 2009)
The July contract for benchmark US light sweet crude hit an intraday high of $73.23/bbl June 11 on the New York Mercantile Exchange before closing at $72.68/bbl, up $1.35 for the day after the International Energy Agency in Paris increased its prediction of global oil demand for the first time in 10 months.
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'Goldilocks range' of prices
(Jun 8, 2009)
Top producers—especially key members of OPEC—seek a “Goldilocks range” of crude prices, “neither too hot nor too cold for both producers and consumers,” said Paul Horsnell, head of commodities research at Barclays Capital, London, in a recent report.
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Hope floats oil prices
(Jun 1, 2009)
The May 28 OPEC meeting was essentially "over before it started" after Saudi Oil Minister Ali al-Naimi said in advance that the world economy is showing enough signs of recovery to cope with $75-80/bbl oil. Read More
The May 28 OPEC meeting was essentially "over before it started" after Saudi Oil Minister Ali al-Naimi said in advance that the world economy is showing enough signs of recovery to cope with $75-80/bbl oil. Read More
Crude tops $62/bbl
(May 26, 2009)
On May 20, its first day in the front month position, the July contract for benchmark US sweet, light crudes escalated $1.94 to $62.04/bbl on the New York Mercantile Exchange, marking the first closing above $60/bbl since early November. Read More
On May 20, its first day in the front month position, the July contract for benchmark US sweet, light crudes escalated $1.94 to $62.04/bbl on the New York Mercantile Exchange, marking the first closing above $60/bbl since early November. Read More
Market fundamentals dampen optimism
(May 18, 2009)
Hope for economic recovery raised the front-month contract of benchmark US crudes briefly above $60/bbl for the first time this year on NYMEX before it fell back to $56.34/bbl in the week ended May 15. Read More
Hope for economic recovery raised the front-month contract of benchmark US crudes briefly above $60/bbl for the first time this year on NYMEX before it fell back to $56.34/bbl in the week ended May 15. Read More
A May rally in energy prices
(May 11, 2009)
Energy prices rallied in early May with natural gas climbing above $4/MMbtu and crude at one point topping $58/bbl?a new high for the year. Read More
Energy prices rallied in early May with natural gas climbing above $4/MMbtu and crude at one point topping $58/bbl?a new high for the year. Read More
Tax hike sends wrong signal
(Apr 27, 2009)
The push by consumer nations for lower oil prices to help spark an economic recovery may be undermined when crude-producing nations see those governments take advantage of oil price reductions. Read More
The push by consumer nations for lower oil prices to help spark an economic recovery may be undermined when crude-producing nations see those governments take advantage of oil price reductions. Read More
Tight April crude prices
(Apr 20, 2009)
For 5 consecutive weeks through Apr. 17, the front-month contract for benchmark US light, sweet crudes finished each week "almost unchanged" from the close of the previous week within a narrow price range above $50/bbl, said Olivier Jakob at Petromatrix, Zug, Switzerland. Read More
For 5 consecutive weeks through Apr. 17, the front-month contract for benchmark US light, sweet crudes finished each week "almost unchanged" from the close of the previous week within a narrow price range above $50/bbl, said Olivier Jakob at Petromatrix, Zug, Switzerland. Read More
Oil prices climbed in March, April
(Apr 13, 2009)
After trading at lower levels for 4 months, benchmark oil prices climbed above $50/bbl in late March and early April, exceeding $52/bbl in light trading Apr. 9 ahead of commodity markets closing for the Good Friday holiday in New York and London. Read More
After trading at lower levels for 4 months, benchmark oil prices climbed above $50/bbl in late March and early April, exceeding $52/bbl in light trading Apr. 9 ahead of commodity markets closing for the Good Friday holiday in New York and London. Read More
Economic outlook remains cloudy
(Mar 30, 2009)
In the final days of March, market analysts saw some indications that the economic crisis might be nearing bottom and could perhaps rebound in the second half of this year. Read More
In the final days of March, market analysts saw some indications that the economic crisis might be nearing bottom and could perhaps rebound in the second half of this year. Read More
OPEC expects lower oil demand
(Mar 16, 2009)
A few days before its Mar. 15 meeting in Vienna, the Organization of Petroleum Exporting Countries reduced its latest forecast of 2009 world crude demand by 400,000 b/d for a total loss of 1.01 million b/d to 84.6 million b/d. Read More
A few days before its Mar. 15 meeting in Vienna, the Organization of Petroleum Exporting Countries reduced its latest forecast of 2009 world crude demand by 400,000 b/d for a total loss of 1.01 million b/d to 84.6 million b/d. Read More
Crude market tries to stabilize
(Mar 2, 2009)
The price of gasoline climbed and crude hit a 1-month high in a 3-day rally before dropping slightly Feb. 27 on the New York futures market. Read More
The price of gasoline climbed and crude hit a 1-month high in a 3-day rally before dropping slightly Feb. 27 on the New York futures market. Read More
Crude makes biggest gain of year
(Feb 23, 2009)
Crude prices shot up Feb. 19 in the biggest 1-day gain since 2008, carrying petroleum products with it, but energy prices retreated in the next session as markets readjusted to continued low demand. Read More
Crude prices shot up Feb. 19 in the biggest 1-day gain since 2008, carrying petroleum products with it, but energy prices retreated in the next session as markets readjusted to continued low demand. Read More
WTI, Brent spread widens
(Feb 16, 2009)
Front-month oil prices fell in mid-February to the lowest closing since late December on NYMEX but at the same time increased on ICE futures in Europe, widening the spread between WTI and North Sea Brent. Read More
Front-month oil prices fell in mid-February to the lowest closing since late December on NYMEX but at the same time increased on ICE futures in Europe, widening the spread between WTI and North Sea Brent. Read More
Industry in survival mode
(Feb 9, 2009)
A recent survey of 60 producers and service company executives confirmed the upstream oil and gas industry is in a survival mode, said Raymond James & Associates Inc. analysts. Read More
A recent survey of 60 producers and service company executives confirmed the upstream oil and gas industry is in a survival mode, said Raymond James & Associates Inc. analysts. Read More
Crude prices may be bottoming
(Feb 2, 2009)
As February opened, oil prices appeared to be "in the early stages of a bottoming process" amid growing speculation that production cuts by OPEC might finally be catching up to the demand destruction. Read More
As February opened, oil prices appeared to be "in the early stages of a bottoming process" amid growing speculation that production cuts by OPEC might finally be catching up to the demand destruction. Read More
Oil, gas targeted for more taxes
(Jan 26, 2009)
There are "ample signs" that the US states and federal government will take a bigger tax bite from upstream and downstream oil and gas operations to cover pending financial shortfalls in 2009. Read More
There are "ample signs" that the US states and federal government will take a bigger tax bite from upstream and downstream oil and gas operations to cover pending financial shortfalls in 2009. Read More
'Vicious' loop in oil market
(Jan 19, 2009)
Escalating oil inventories have filled most storage at the Cushing, Okla., primary delivery point, undermining US crude prices to the point West Texas Intermediate is "about as useful as a chocolate oven-glove." Read More
Escalating oil inventories have filled most storage at the Cushing, Okla., primary delivery point, undermining US crude prices to the point West Texas Intermediate is "about as useful as a chocolate oven-glove." Read More
Market rally remains 'elusive'
(Jan 12, 2009)
A sustained rally in oil and gas commodity prices "will be elusive" as markets search for a self-supporting recovery and a reduction in asset market volatility into 2010, according to one Deutsche Bank analyst. Read More
A sustained rally in oil and gas commodity prices "will be elusive" as markets search for a self-supporting recovery and a reduction in asset market volatility into 2010, according to one Deutsche Bank analyst. Read More
Demand and prices fall
(Dec 29, 2008)
Even as a winter storm dumped snow and ice on the US Midwest and East Coast during Christmas week, markets remained unconvinced OPEC can cut production fast enough to offset plummeting oil demand. Read More
Even as a winter storm dumped snow and ice on the US Midwest and East Coast during Christmas week, markets remained unconvinced OPEC can cut production fast enough to offset plummeting oil demand. Read More
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