New York (Platts)--2Jan2008

NYMEX front-month crude hit a new all-time high of $100/barrel for the
first time ever Wednesday, for a gain of $4.02/b in a giant-sized rally across
the commodity sector.

A renewed freefall in the dollar and what typically occurs at the start
of a new year -- portfolio re-allocation -- sent commodity prices soaring.

The US Dollar Index dropped to 75.911 for a loss of 78 points on the
session and weakness in the greenback reduces the cost of commodities for net
importers.

Weak manufacturing data released earlier in the session exacerbated the
selloff in the dollar that was already underway. The ISM Manufacturing survey
for December was reported at 47.7%, down from 50.8% in November. A reading
below 50 signals the US economy is contracting. The decline in economic
activity followed 10 months of expansion, the Institute for Supply Management
reported.

Meanwhile, front-month gasoil futures on ICE hit an all-time high of
$861.75/mt, for a gain of $22.50/mt. Both heating oil and gasoil were getting
support from an expected drop in temperatures along the US Atlantic Coast and
parts of Europe. Middle distillate stocks on both sides of the Atlantic have
kept prices for both gasoil and heating oil well supported.

Additional support came from renewed violence in Nigeria, but thus far,
that had failed to translate into any supply disruption.

--Linda Rafield, linda_rafield@platts.com