Market Journal

Energy prices riding high

June 27, 2005 Crude futures prices continued to test record highs in the wake of the symbolic attempt by the Organization of Petroleum Exporting Countries to deflate energy costs by raising its production quota to match existing output.

Volatile but robust energy prices to continue, analysts say

July 4, 2005 Crude oil futures prices for August delivery settled at $60.54/bbl on June 27 on the New York Mercantile Exchange—marking the first time crude oil has settled at $60 or higher since NYMEX began trading oil futures in 1983.

Demand, price, and surprises

July 11, 2005 Energy futures prices skyrocketed to all-time highs on July 6, with crude topping $61/bbl on the New York Mercantile Exchange among fears that Hurricane Dennis might disrupt oil and gas production in the Gulf of Mexico.

More natural gas drilling likely

July 18, 2005 A "higher-than-expected level of drilling" is likely in the near future since already robust activity has failed to stem declines in US natural gas production, say industry analysts.

Questions raised over 'demand pessimism'

July 25, 2005 After the International Energy Agency and Organization of Petroleum Exporting Countries lowered their forecasts for annual average oil demand this year, analyst Paul Horsnell of Barclays Capital Inc. in London questioned the accuracy of what he called "demand pessimism."

Oil price sets records; gas up sharply

August 8, 2005 The September contract for benchmark US sweet, light crudes set records for the top intraday trading and closing prices, while natural gas for the same month soared to a 9-month high during the first week of August.

Crude prices explore new highs

August 15, 2005 Crude futures prices escalated to record highs in four out of five trading sessions Aug. 8-12 on the New York Mercantile Exchange.

Was Katrina as destructive as Ivan?

August 29, 2005 Just hours after Katrina, a category 4 hurricane, roared ashore 70 miles south-southeast of New Orleans on Aug. 29, analysts were speculating whether the storm's residual damage might be as bad as the highly destructive Hurricane Ivan nearly a year earlier.

Recovery of LOOP, pipelines vital

September 6, 2005 The Louisiana Offshore Oil Port was operating nearly at capacity Sept. 5, awaiting restoration of power to the Clovelly, La., storage facility.

OPEC faces dilemma in Vienna meeting

September 19, 2005 Going into their Sept. 19 meeting, OPEC members were under heavy pressure to raise their production ceiling.

Hurricane effects evident in industry data

October 12, 2005 Effects on the US oil industry of two major hurricanes in less than a month were evident in an Energy Information Administration report Oct. 5.

Demand erosion worries markets

October 17, 2005 Crude futures prices fell Oct. 13-14 as traders tried to ward off the spectre of demand erosion yet finished the week up by more than 1% at $62.63/bbl on the New York Mercantile Exchange.

Energy prices remain volatile

November 7, 2005 Energy prices were volatile during the week ended Nov. 4 as traders reacted to reports of increased crude stocks, warmer-than-normal weather, and continued recovery of storm-damaged oil and gas production and processing facilities along the US Gulf Coast.

IEA urges caution on demand-destruction data

November 14, 2005 The sharp drop in US product deliveries in the wake of Hurricanes Katrina and Rita has sparked speculation about demand destruction, but the data "must be interpreted with caution," said International Energy Agency.

Energy prices fluctuate with weather and supplies

November 18, 2005 Energy prices seesawed up one day, down the next Nov. 11-17 as traders reacted to changes in weather and reports of US petroleum inventories.

Analysts divided on gas price outlook

November 28, 2005 Financial analysts differ over whether natural gas prices are going up or coming down and how the market may react to them.

December cold increases energy prices

December 5, 2005 After a warm November that undercut demand, energy prices rallied in early December on indications of sustained US economic growth and predictions for below-normal temperatures.

Gas futures prices hit record highs

December 12, 2005 Natural gas futures prices hit record highs Dec. 8 in the New York market as a storm that dumped as much as 10 in. of snow on Midwest plains threatened the northeastern US.

Yearend crude prices top $61/bbl

January 3, 2006 Energy futures prices continued to climb Dec. 30, the last trading day of 2005.

US weather boosts energy price volatility

January 10, 2006 With weather still the primary influence over US energy marekts, price volatility increased through December and into January, particularly for natural gas.
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