Market Journal

Cycle sinking 'deeper, longer'

March 9, 2009 This down-cycle for oil and gas will be "deeper and longer than most expect, with oil consumption falling for 3 years—the longest period since the early 1980s," said Friedman, Billings, Ramsey & Co.

Crude market tries to stabilize

March 2, 2009 The price of gasoline climbed and crude hit a 1-month high in a 3-day rally before dropping slightly Feb. 27 on the New York futures market.

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.

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.

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.

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.

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.

'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."

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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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