Market Journal
Crude prices hit new low for the year
November 17, 2006
The December contract for benchmark US light, sweet crudes plunged to $56.26/bbl, the lowest close for a front-month contract since Nov. 18, 2005.
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Crude prices dip on IEA demand forecast
November 13, 2006
Energy prices on futures markets have swung widely recently.
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2006 crude prices may have bottomed out
November 6, 2006
The December contract for benchmark US crudes apparently bottomed out at a new floor of $57.05/bbl in intraday trading Oct. 31 before closing at $58.73/bbl, up 37¢ for the day in a late technical rally that forced many traders to cover lower-priced sales positions on the New York Mercantile Exchange.
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Reaction slow to OPEC cut
October 31, 2006
Energy markets were slow to show confidence that members of the Organization of Petroleum Exporting Countries would follow through on an agreement to reduce production by Nov. 1.
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OPEC calls emergency meeting
October 16, 2006
After weeks of falling crude prices, the Organization of Petroleum Exporting Countries finally agreed to an emergency meeting Oct. 19 in Qatar to discuss a possible production cut of 1 million b/d.
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Crude prices dip below $59/bbl
October 9, 2006
The November contract for benchmark US light, sweet crudes fell $2.35 to $58.68/bbl Oct. 3, the lowest front-month closing on the New York Mercantile Exchange since Feb. 16.
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October gas contract ends near 4-year low
October 2, 2006
The expiring October natural gas contract dropped to a near 4-year low on the New York Mercantile Exchange during the last week of September, while crude prices continued to fluctuate as traders speculated whether the Organization of Petroleum Exporting Countries might soon cut production.
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Crude prices test $60/bbl floor
September 22, 2006
The October contract for benchmark US light, sweet crudes fell $2.14 to $61.66/bbl Sept. 19, the lowest closing since Mar. 21.
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Natural gas futures price hits 2-year low
September 18, 2006
Natural gas futures fell below $5/MMbtu Sept. 14 to the lowest level in 2 years on the New York market after the US Energy Information Administration reported a large leap in US gas storage.
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Holiday week called 'bearish'
September 11, 2006
The abbreviated business week of Sept. 5-8 was "one of the most bearish" periods in recent months for the natural gas and crude futures markets, said analysts.
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Gas market hunts bottom
September 5, 2006
For the first time in 6 weeks, the front-month natural gas futures contract fell below $6/MMbtu in interday trading Aug. 31 on the New York Mercantile Exchange.
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Iranian crisis looms
August 28, 2006
Fearing an attempt to make atomic bombs, the United Nations Security Council demanded that Iran abandon its uranium enrichment program by the end of August or face international sanctions.
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Middle East peace undercuts crude prices
August 21, 2006
Crude prices tumbled Aug. 14-17, dropping a total $4.29 to a 2-month low closing of $70.06/bbl on the New York market after a United Nations-sponsored ceasefire in Lebanon went into effect and BP PLC said it would keep online half of Prudhoe Bay, the biggest US oil field, while corroded transit lines are repaired.
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Prudhoe Bay blindsides oil markets
August 14, 2006
Traders were watching the Israeli-Lebanese war, supply disruptions in Iraq and Nigeria, and Iran's nuclear ambitions when a new crisis blindsided world markets.
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Ethanol imported to meet demand
August 7, 2006
US demand for ethanol is outstripping supply and raising imports of the product.
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Heat lifts US natural gas prices
July 31, 2006
Natural gas futures prices escalated to a 5-week high July 26, peaking at $6.90/MMbtu in intraday trading on the New York Mercantile Exchange before closing at $6.89/MMbtu, up 47.8¢ for the day.
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Israeli incursion boosts oil prices
July 17, 2006
Crude prices soared to record highs above $78/bbl July 14 after Hezbollah raids into Israel triggered an Israeli military incursion into southern Lebanon earlier that week.
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Crude futures top $75/bbl
July 10, 2006
The front-month crude contract jumped to record highs above $75/bbl as the New York market reopened July 5 after the US Independence Day holiday.
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Tightening market boosts crude price
July 3, 2006
After declining earlier in the month, crude futures prices began to climb June 21 on the New York market and closed at a 7-week high June 30.
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Crude oil price volatility misleading
June 26, 2006
Waffling prices seemed unusually volatile in crude futures markets in the second quarter when actually "the exact reverse is true," said Paul Horsnell with Barclays Capital Inc., London.
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