Market Journal

Euro-zone deal bounces oil prices

November 1, 2011

Oil and stock prices soared Oct. 27 in what one analyst described as “a monster market bounce” after Euro-zone members agreed to reduce Greece's sovereign debt, support European banks facing additional losses on Greek bonds, and increase the European Financial Stability Facility (EFSF) to €1 trillion.

'Doom' fears stampede energy traders

September 26, 2011

A warning by the US Federal Reserve Bank that the global economy likely will remain at risk for years resonated like a voice of doom through world markets Sept. 21, stampeding traders away from high-risk investments such as crude oil.

Libya, Irene surprise markets

August 30, 2011

Energy markets were surprised in late August first by the seemingly sudden collapse of Moammar Gadhafi’s dictatorship after months of impasse and then by the fizzle of Hurricane Irene, billed as possibly the worst storm in 50 years as it churned toward the concentration of government agencies and national media in the US Northeast.

Latin America is growth market for US refiners

July 25, 2011

Latin American refinery expansions planned this decade will not be enough to stem the region's growing dependence on imported US fuels, said analysts at Deutsche Bank AG (DB).

Price dislocation in benchmark crudes

July 18, 2011

The unusual persistent price dislocation between West Texas Intermediate and other benchmark crudes is affecting returns to commodity investors, said analysts at Barclays Capital in London.

SPR weapon 'fizzled'

July 11, 2011

Markets shrugged off the International Energy Agency’s release of 60 million bbl of crude and petroleum products from emergency government supplies in a vain attempt to drive down energy prices.

Oil prices rebound despite SPR release

July 5, 2011

The plan to release emergency oil stocks held by the US and other countries to push down high crude prices almost worked—for about a week.

SPR oil release 'equivalent' to QE2

June 28, 2011

The International Energy Agency’s decision to release 60 million bbl of crude and petroleum products from the strategic petroleum reserves is “the equivalent of QE2 in the oil market,” said Barclays Capital analysts.

WTI-Brent spread hits 'weakest level'

June 20, 2011

Energy prices fell sharply June 15 with the August North Sea Brent contract dropping more than $6/bbl, wiping out “all gains of the last 15 trading days” and closing its price spread vs. West Texas Intermediate to “the weakest level” since March, said Olivier Jakob at Petromatrix, Zug, Switzerland.

SPR may be 'Plan B' after OPEC

June 13, 2011

US President Barack Obama and members of his administration again talked of dipping into the US Strategic Petroleum Reserve as energy prices climbed June 8 after ministers of the Organization of Petroleum Exporting Countries failed to change production at an acrimonious meeting in Vienna.

Comfortable with high oil prices

June 6, 2011

Neither consumers nor governments are unhappy about high oil prices—as long as they are not too high, said Fereidun Fesharaki, chairman of FACTS Global Energy group.

'Rather odd month' of May

May 30, 2011

May was “a rather odd month” for the oil market with “some unusually sharp swings in prices and sentiment” despite no dramatic change in market fundamentals, said Paul Horsnell, managing director and head of commodities research at Barclays Capital.

US economy a 'market risk'

May 23, 2011

The health of the US economy is “one of the biggest risks to the oil market,” which is likely to remain “biased on the cautious side while awaiting clearer signs” of recovery, said James Zhang at Standard New York Securities Inc., the Standard Bank Group.

Crude market volatile in early May

May 16, 2011

Crude prices plunged during five trading sessions through May 6 in the biggest single-week loss on the New York Mercantile Exchange since 2008.

Oil prices plummeted in early May

May 9, 2011

Energy prices plunged May 5 with front-month crude falling 9% to less than $100/bbl in New York as the dollar escalated 1.9% over the euro after the European Central Bank indicated no hike in lending rates.

Bin Laden’s death changes little

May 2, 2011

The US dollar surged and the price of oil dropped immediately with news US Navy SEALs shot and killed Osama bin Laden, the most famous terrorist, in a brief raid May 1 on his hideout near a military academy in Pakistan, but analysts expect the event will little change oil markets.

'Get the Usual Suspects'

April 25, 2011

On the defensive shortly into his reelection campaign because of high gasoline prices, President Barak Obama had Atty. Gen. Eric Holder form yet another task force to “round up the usual suspects,” the alleged villains manipulating and defrauding the oil markets. 

High prices despite 'oversupply'

April 18, 2011

The crude price slumped as the New York Mercantile Exchange reopened Apr. 18 with Saudi Arabia Oil Minister Ali I. Al-Naimi claiming the global oil market is oversupplied.

Brent replacing WTI as benchmark crude?

April 11, 2011

The Dow Jones-UBS Commodity Index said Apr. 7 North Sea Brent crude oil “will be specifically considered for the index” beginning in 2012. This is the second largest commodity index after the S&P Goldman Sachs Commodity Index (GSCI) and is for now only invested in West Texas Intermediate futures.

Obama's speech 'notable' for gas producers

April 4, 2011

While some shrugged off US President Barack Obama’s energy policy speech at Georgetown University, it was notable “for what was included and was not,” said James Crandell at Barclays Capital, New York.

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