Welcome to 2008, from the staff at the Barrel! Time to make new resolutions; a clean start; take a fresh look at the world (or the market)...
However, once you've changed your wall calendar to a new edition, a quick check of the wires shows that so far 2008 is looking like a continuation of dearly-departed 2007:
NYMEX crude soars on dollar weakness, Nigerian violence
Iraq's SOMO offers discounts on Kirkuk OSPs due to full tanks
VLCC owners look to regain control of market on renewed interest
So...the dollar is in the pits, which is boosting light, sweet crude futures (and commodities in general) higher; ample supplies of heavy, sour crude results in widening discounts; VLCC freight rates are surging as producers try to export as much crude as possible; and there is violence in Nigeria.
It seems like we haven't left 2007...but the Barrel wants to know what you think about the new year.
What will change in 2008?
Will the global economy soften enough to put a significant dent in petroleum demand?
Will the US credit crunch remove some of the speculative money from commodities, or will banks pick up their investment in search of superior returns to offset losses elsewhere?
Will lasting peace break out in volatile regions that supply much of the world's crude?
Will China's economy overheat?
Send in your predictions, and we'll keep them in the vault til December.
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