Market Journal

Crude, gas markets seesaw

February 6, 2006 Crude and natural gas futures prices peaked in intraday trading Feb. 1 at their highest levels in weeks before spiraling down among mixed market signals.

Gasoline supply suppresses energy prices

February 10, 2006 Energy futures prices across the board were falling Feb. 8 following a report that US gasoline inventories had soared to an 11-month high.

Prices change with supply outlook

February 20, 2006 Crude futures prices dropped below $58/bbl Feb. 15 for the first time since November in New York, capping 6 weeks of unusually large increases in US inventories.

Saudi attack boosts prices

February 27, 2006 April crude futures prices jumped above $63/bbl Feb. 24 in New York after Saudi Arabian security forces foiled a suicide attack on the Abqaiq production and processing center.

Natural gas prices spiral down

March 13, 2006 With the US heating season officially expiring at the end of March, natural gas prices continued spiraling down earlier this month.

IEA, OPEC reduce demand forecasts

March 20, 2006 The International Energy Agency, in its March Oil Market Report, reduced its 2006 global oil demand growth forecast by 290,000 b/d to 1.49 million b/d.

US inventory comfort zone questioned

March 31, 2006 A Swiss firm says the US needs more crude in storage now than it did the last time inventories were at current levels.

'De facto' cut in OPEC output noted

April 10, 2006 OPEC already has made a "de facto" production cut of nearly 1 million b/d over the past several months, an oil analyst says.

IEA lifts 2004, 2005 demand estimates

April 20, 2006 The International Energy Agency increased its 2004 and 2005 estimates of world oil demand by 300,000 b/d due to growth in the Middle East and Asia.

Ethanol switch raises prices

April 24, 2006 Crude futures prices shot up 19% from early March through late April, with the June contract for benchmark US light, sweet crudes closing at a record $75.17/bbl on Apr. 21.

Iran, ethanol roil energy prices

May 1, 2006 After falling during four consecutive sessions, crude futures prices rebounded above $72/bbl during intraday trading Apr. 28 in the New York market.

Political, financial problems batter markets

May 8, 2006 The June crude contract climbed above $70/bbl May 5 in New York as the US, UK, and France pushed the United Nations Security Council for a resolution demanding Iran quit enriching uranium.

Soft demand cuts energy prices

May 15, 2006 Two reports of reduced demand undercut energy prices on May 12.

Crude prices seesaw

May 26, 2006 Crude prices shot past $71/bbl May 23 with predictions of another strong hurricane season, then fell below $70/bbl in the next session.

June starts with busy market day

June 5, 2006 June began with a busy day on oil and gas markets.

Low-sulfur diesel part of US inventory rise

June 16, 2006 US inventories of distillate fuel rose by 1.8 million bbl to 120.7 million bbl in the week ended June 2, with a large increase in ultralow-sulfur diesel fuel.

IEA raises quarterly demand estimate

June 19, 2006 The International Energy Agency recently raised its projected growth of world demand for oil products by 160,000 b/d in the second quarter, with expected total demand growth "broadly unchanged" at 1.24 million b/d for 2006 as a whole.

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.

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.

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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