Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.70 | +0.70 | +0.65 | +0.65 | +0.65 | +0.02 | +0.70 | -0.20 | +0.75 | +0.70 | +0.70 | +0.70 |
Crude broke $60 and spiked near $71 after Katrina, and record crack spreads and prices delivered euphoric profits; even the storm that crippled Gulf output enriched non-Gulf producers and refiners.
How this mood is scored ▾
State-controlled CNOOC made an unsolicited all-cash offer for US oil producer Unocal, topping Chevron's agreed bid. The bid ignited a political firestorm over Chinese ownership of US energy assets and was withdrawn in August, with Chevron prevailing.
Hurricane Katrina forced the shutdown of over 40% of US Gulf oil output, pushing crude futures to a record $70.80 per barrel and spiking gasoline and natural gas prices. The disruption threatens fuel supplies during peak demand, with market stability hinging on potential release of the US Strategic Petroleum Reserve and Opec's response at its upcoming September meeting.