Market Journal

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.

Energy prices continue climbing

May 12, 2008 The June contract for US light, sweet crudes jumped to a record of $126.27/bbl May 9 on NYMEX before closing at a record $125.96/bbl, gaining a total $9.64/bbl over five trading sessions that week.

OPEC's position strengthens

May 5, 2008 Growing demand for crude combined with the slowdown in production of new supplies in other countries is placing the Organization of Petroleum Exporting Countries in a powerful position, say industry analysts.

Distillate demand driving market

April 28, 2008 Growing demand for middle distillate fuels in Asia and Europe has created a world shortage that can only be resolved by processing more crude to produce these straight-run products.

Weak dollar buoys oil prices

April 21, 2008 Analysts cite weak dollar, other factors in crude oil price rise.

Energy prices climb

April 14, 2008 The front-month contract for benchmark US crudes jumped past $112/bbl Apr. 9 following a report that inventories of crude, gasoline, and distillate fuel fell to unexpectedly low levels in the week ended Apr. 4.

Quarter ends with bang

April 8, 2008 The fluctuation of crude futures prices on the New York Mercantile Exchange in March ended the first quarter of 2008 with a bang, said Paul Horsnell, Barclays Capital Inc., London.

Dollar value, crude prices fluctuate

March 31, 2008 The May benchmark US crude contract jumped above $107/bbl Mar. 27 in the New York market following the bombing of a primary export oil pipeline in southern Iraq.

Measuring 'extreme' oil prices

March 17, 2008 For seven sessions Mar. 5-13, the front-month crude contract consecutively set record high prices on the New York Mercantile Exchange as the US dollar fell.

Fundamentals don't support $105 oil

March 10, 2008 An unexpected drop in US oil inventories made the front-month price jump $5 to a record $104.52/bbl Mar. 5, although many of the industry's biggest participants and closest observers reported no new changes in either supply or demand to justify that fly-up.

Greenspan: Odds favor recession

February 18, 2008 At Cambridge Energy Research Associates' annual energy conference in Houston, former Federal Reserve Chairman Alan Greenspan said there is a "50% or better" chance that the US will experience an economic recession that will curtail energy demand.