RECENT ENERGY PRICE DEVELOPMENTS

摘要

NYMEX Benchmark NYMEX light crude topped 55 dollars/bbl on an infra-day basis in March, driven by cold weather in the Northern Hemisphere and continued strong world GDP growth. While NYMEX light crude remained below the October peak of 55.67 dollars /bbl, IPE Brent made fresh highs of 54.30 dollars /bbl and the front month flipped into backwardation as Asian interest in West African crude and improved refiner demand bolstered prompt demand. Dubai continued to set record highs, moving 5 dollars above October 2004's peak to 45.47 dollars /bbl. The price difference between IPE Brent and NYMEX light crude futures was another symptom of increasing U.S. crude stocks, falling below 1 dollars for the first time since the middle of 2002.