Nymex entertains; Iraq, Nigeria, Kenya and Gaza disappoint

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'. After a series of false starts when WTI traded above $100/bbl but failed to remain there ( see 'The Month in Brief', February 2007 ), front‐month WTI futures settled above $100 for the first time ever, on 19th February, at a price of $100.01/bbl. The new record was prompted by a continuing fall in the value of the US dollar and rising tensions in Nigeria ( see below). Other records followed. The following day, prompt WTI futures reached $101.32 in day‐trading before easing by the close.