Market Journal

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.

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.

Record spike in crude price

September 29, 2008 On its last day of trade Sept. 22, the October contract for benchmark US light, sweet crudes shot up $16.37 to $120.92/bbl in the largest 1-day price jump ever on NYMEX.

OPEC promises 'strict' compliance

September 16, 2008 OPEC agreed Sept. 10 to "strictly comply" with their September 2007 production quota of 28.8 million b/d, implying a possible compromise for de facto reduction of some 530,000 b/d of overproduction.

Storms, OPEC guide oil prices

September 8, 2008 Front-month crude prices fluctuated at $111-122/bbl through most of August on NYMEX but fell sharply Aug. 28-Sept. 5 primarily as Hurricane Gustav proved less of a threat to the Gulf Coast than some anticipated.

Gustav menaces Gulf Coast

September 1, 2008 On Aug. 29, just 3 years to the day after Hurricane Katrina came ashore in Louisiana and devastated New Orleans, Tropical Storm Gustav was over open waters of the Caribbean and predicted to intensify into a hurricane and make landfall west of that same city, possibly Labor Day, Sept. 1.

'Cold War' heats oil market

August 25, 2008 Crude futures soared above $120/bbl Aug. 21 on the New York market for the first time in 2 weeks as both the US dollar and US-Russian relations deteriorated. In the Houston office of Raymond James & Associates Inc., analysts suggested "a new Cold War" might be "heating up the oil market" apparently due to US opposition to Russia's incursion into nearby Georgia.

OPEC cuts demand growth estimate

August 18, 2008 In its August report, OPEC reduced its 2008 estimate of global economic growth to 3.9%, down from 4% from the previous month and one percentage point lower than the same period in 2007.

Another oil price spike predicted

August 11, 2008 Unless demand for oil collapses within 5-10 years, the world will experience a serious "supply crunch" with prices shooting above $200/bbl for crude, according to a report from Chatham House.

July was bad for oil

August 4, 2008 US crude dropped $15.92/bbl in July for the biggest dollar loss in a single month since it began trading on the New York Mercantile Exchange.

A week of falling prices

July 28, 2008 The biggest ever work-week fall of crude prices dropped a total $16.20 July 14-18 to $128.88/bbl.

Dollar values and oil prices

July 21, 2008 For months now, OPEC members and many western analysts have blamed the weak US dollar as a primary cause of the escalation of oil prices.

Market Journal
Crude prices fluctuate in $12/bbl range

July 17, 2008 Crude prices fluctuated in a $12/bbl range July 7-11 on the New York Mercantile Exchange, falling sharply in the first two sessions as the US dollar strengthened then rebounding in the last two sessions to almost make up that loss.

Chinese demand pushes oil prices higher

July 7, 2008 Increased energy consumption in China and other developing countries is outstripping demand destruction in the US and Europe and is pushing oil prices still higher, analysts said.

Markets ignore rumors of war

June 30, 2008 There was virtually no reaction in world oil markets when Iran denied the rumor that Israeli aircraft had attacked its nuclear facilities on June 23, saying such an act would be "impossible."

Angry officials mull market controls

June 16, 2008 Diplomatic and government policy responses appear to be coming to a head in a climate of accusations over high energy prices, said industry analysts.

Crude prices make record leap

June 9, 2008 In the biggest one-day gain ever, the July contract for benchmark US light, sweet crudes shot to a record high of $139.12/bbl in intraday trading June 6 on NYMEX.

Energy is top political issue

June 2, 2008 From a record intraday high of $135.09/bbl May 22, the contract for benchmark US light, sweet crudes closed at $127.35/bbl May 30, following the May 26 Memorial Day holiday on NYMEX.

Politicians ponder price peak

May 27, 2008 The July contract for benchmark US light, sweet crudes traded above $135/bbl on NYMEX just prior to the May 26 Memorial Day holiday in the US that marked the unofficial start of the summer driving season.

Earthquake may shake energy market

May 19, 2008 After the massive May 12 earthquake hit the Sichuan province of central China, damage to hydroelectric and nuclear power plants could prove critical to energy markets.
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