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Market Journal

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.

US crude tops $73/bbl, may head higher

July 16, 2007 After testing price barriers during intraday trading for five consecutive sessions, the near-month benchmark US crude contract closed above $73/bbl in New York on July 13, and analysts said it could be headed higher this summer.

OPEC spare productive capacity 'diminished'

July 9, 2007 Increasing global demand for oil and natural production declines have diminished OPEC's excess productive capacity and its power to manipulate oil prices, said Raymond James analysts.

Crude tops $70/bbl on NYMEX

July 2, 2007 The August contract for benchmark US light, sweet crudes pushed past $70/bbl June 29 on the New York Mercantile Exchange to its highest level in 10 months.

Higher prices threaten demand

June 25, 2007 Demand for crude may fall if prices exceed $80/bbl, said analysts in the Houston office of Raymond James & Associates Inc.

OPEC reduces demand forecast

June 18, 2007 The Organization of Petroleum Exporting Countries expects demand for its crude to average 30.6 million b/d in 2007, a slight decline of 200,000 b/d from the previous year.

Analyst: Good year for independent refiners

June 11, 2007 Although the summer season of gasoline demand in the US has barely started, an analyst says, "It already looks like 2007 will be the best year yet for the independent refiners."

Market waffles prior to driving season

May 25, 2007 Crude futures prices waffled during trading sessions prior to the extended Memorial Day weekend May 26-28 that marked the start of the US summer driving season.

Supply fears influence markets

May 21, 2007 The June contract for benchmark US light, sweet crudes topped $65/bbl in intraday trading May 17 on the New York Mercantile Exchange as unexpected shut-ins of US refining capacity "sent shock waves through the markets," analysts said.