Market Journal
Crude makes biggest gain of year
February 23, 2009
Crude prices shot up Feb. 19 in the biggest 1-day gain since 2008, carrying petroleum products with it, but energy prices retreated in the next session as markets readjusted to continued low demand.
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WTI, Brent spread widens
February 16, 2009
Front-month oil prices fell in mid-February to the lowest closing since late December on NYMEX but at the same time increased on ICE futures in Europe, widening the spread between WTI and North Sea Brent.
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Industry in survival mode
February 9, 2009
A recent survey of 60 producers and service company executives confirmed the upstream oil and gas industry is in a survival mode, said Raymond James & Associates Inc. analysts.
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Crude prices may be bottoming
February 2, 2009
As February opened, oil prices appeared to be "in the early stages of a bottoming process" amid growing speculation that production cuts by OPEC might finally be catching up to the demand destruction.
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Oil, gas targeted for more taxes
January 26, 2009
There are "ample signs" that the US states and federal government will take a bigger tax bite from upstream and downstream oil and gas operations to cover pending financial shortfalls in 2009.
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'Vicious' loop in oil market
January 19, 2009
Escalating oil inventories have filled most storage at the Cushing, Okla., primary delivery point, undermining US crude prices to the point West Texas Intermediate is "about as useful as a chocolate oven-glove."
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Market rally remains 'elusive'
January 12, 2009
A sustained rally in oil and gas commodity prices "will be elusive" as markets search for a self-supporting recovery and a reduction in asset market volatility into 2010, according to one Deutsche Bank analyst.
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Oil prices climb in early 2009
January 5, 2009
Crude oil futures prices started off 2009 with positive movement on New York and London markets amid rising geopolitical tensions.
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Demand and prices fall
December 29, 2008
Even as a winter storm dumped snow and ice on the US Midwest and East Coast during Christmas week, markets remained unconvinced OPEC can cut production fast enough to offset plummeting oil demand.
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Another year without Santa
December 15, 2008
With Christmas approaching, members of the oil and gas industry are anticipating stockings full of rocks from the new Santa-elect in Washington, while other industries' wishes for bundles of cash will come true.
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A turbulent year
December 8, 2008
The waning year of 2008 is sure to be remembered as one of the most turbulent in the history of the oil and gas industry, said energy analysts.
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OPEC: Oil demand deteriorates
December 1, 2008
Although there were no production adjustments at their Nov. 29 consultation in Cairo, OPEC members did note the rapid deterioration of demand prospects since their Oct. 24 agreement to reduce production.
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Market fears drive down prices
November 24, 2008
With the loss of public confidence because of the current financial crisis, world demand for energy is still declining even as prices fall.
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Outlooks differ on slack demand, tight supplies
November 17, 2008
Financial analysts differ in expectations for a continuing fall in world demand for energy or a tightening of supplies as demand revives in 2009.
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OPEC's compliance should tighten markets
November 11, 2008
If OPEC can achieve just 60% compliance with the 1.5 million b/d production reduction voted at its Oct. 24 meeting, there would be at least a "small" reduction in consumer oil inventories stocks through 2009.
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Oil futures post biggest monthly loss
November 4, 2008
In a surprise rally in the last few moments of trading Oct. 31 on NYMEX, the front-month December contract for benchmark US light, sweet crudes surged upward to close at $67.81/bbl, up $1.85 for the day.
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OPEC cut yields no immediate effect
October 27, 2008
The decision by OPEC ministers to cut production by 1.5 million b/d effective Nov. 1 from the official quota of 28.8 million b/d had no immediate effect on plummeting crude prices.
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OPEC regains market attention
October 20, 2008
Although the faltering economy has been driving down energy prices in recent months, the November US oil contract rebounded $2 to $71.85/bbl Oct. 17 on NYMEX in anticipation that OPEC would cut production at its Oct. 24 meeting.
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Crude prices lowest in a year
October 13, 2008
The November contract for benchmark US light, sweet crudes hit new lows for the year, trading as low as $77.09/bbl Oct. 10 before closing at $77.70/bbl, down $8.89 for the day on NYMEX.
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September crude prices fall
October 6, 2008
Front-month crude plunged $10.52/bbl Sept. 29 as the House of Representatives rejected a $700 billion plan to resolve the most severe threat to the US economy since the Great Depression.
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