Market Journal

Oil finally tops $100/bbl

January 7, 2008 For the first time ever, a front-month crude contract hit $100/bbl Jan. 2 before closing at $99.62/bbl in the initial trading session of 2008 on the New York Mercantile Exchange.

A December run for $100/bbl oil

December 31, 2007 With many observers convinced they had seen the last major run up in oil prices for 2007, the market mounted another run at $100/bbl crude in late December.

Economic factors whiplash energy prices

December 17, 2007 The January crude contract for US light, sweet crudes on Dec. 12 closed in New York at $94.39/bbl, up $4.37 in the biggest 1-day gain since Jan. 30 and the highest closing since Nov. 27.

OPEC holds pat on production

December 10, 2007 As was generally expected, the Organization of Petroleum Exporting Countries agreed Dec. 5 not to raise crude production since commercial oil inventories remained at comfortable levels.

NYMEX suffers week of losses

December 3, 2007 During Nov. 26-30, the front-month contract for benchmark US light, sweet crudes sustained its largest weekly change and largest weekly decline ever.

Marching to $100/bbl oil

November 26, 2007 The push for $100/bbl oil may not be over.

Crude price waffles above $90/bbl

November 19, 2007 The crude futures price fell to its lowest level in nearly 2 weeks Nov. 13 after the International Energy Agency reduced its estimates of global oil demand for the fourth quarter through 2008.

High crude price divides market

November 12, 2007 With front-month benchmark US crude touching a record high of $98.62/bbl in overnight electronic trading Nov. 7, the oil market essentially split into two main groups.

Anticipating $100/bbl oil

November 5, 2007 Crude prices swung sharply during the trading week of Oct. 29-Nov. 2, fluctuating at record levels of $93-95/bbl that had many analysts anticipating $100/bbl oil within weeks.

NOAA: La Nina signals moderate winter

October 22, 2007 The US National Oceanic & Atmospheric Administration forecasts this winter will be 2.8% warmer than the 30-year norm for the US in December through February but still 1.3% cooler than last year.

Analyst sees US oil supply cuts by 2012

October 1, 2007 Mexico, Saudi Arabia, Venezuela, Nigeria, Algeria, and Russia will cut crude exports to the US by 2012, intensifying investment in Canada's oil sands, an analyst predicts.

A run of record high prices

September 24, 2007 The front month crude contract hit record highs in either intraday trading or closings—usually both—in eight consecutive trading sessions Sept. 11-20 on the New York Mercantile Exchange.

Crude tops record $80/bbl

September 17, 2007 The front-month crude contract closed above $80/bbl for the first time in the history of NYMEX Sept. 13 upon news that Hurricane Humberto had disrupted power to three refineries in Port Arthur, Tex.

Gas shut in due to low prices

September 10, 2007 Gas futures prices strengthened Sept. 4-5 on news that Chesapeake Energy Corp. is cutting production due to poor market conditions.

Another hurricane threat

September 4, 2007 Having just returned to full production after Hurricane Dean, Petroleos Mexicanos again faced a possible decision Sept. 3 whether to evacuate offshore rigs and platforms in the Bay of Campeche as another category 5 storm, Hurricane Felix, churned through the Caribbean.

Facilities escape damage from Dean

August 27, 2007 For all of the initial fears it generated among traders and Gulf Coast residents, Hurricane Dean inflicted apparently little damage to or disruptions of oil and gas operations in the Gulf of Mexico.

It's just Erin and Dean, not Katrina and Rita

August 20, 2007 On Aug. 19 as Dean, the first hurricane of the 2007 season, pounded Jamaica's south coast, residents of Houston some 1,427 miles away were emptying grocery shelves of bread, bottled water, and other essentials on the remote chance that the storm might come ashore in their vicinity.

Data vital to energy markets

August 13, 2007 Fear that the Organization of Petroleum Exporting Countries would undersupply peak market demand for crude in July and August increased the price at which refiners were willing to draw down crude stocks and inflated oil prices in June and July.

Loss followed record-high prices

August 6, 2007 The front-month crude contract ended the trading week through Aug. 3 with a 2% loss after setting record highs in earlier sessions on the New York market.

Equities market, GDP rattle oil prices

July 30, 2007 Futures prices for crude and petroleum products took unusual bounces in the last full week of July, influenced by a falling equities marekt and US economic growth.
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