Market Journal
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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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.
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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.
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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.
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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.
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'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.
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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.
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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.
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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.
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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.
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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.
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Market Journal
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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.
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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."
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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.
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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.
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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.
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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.
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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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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.
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