2005 in review
The energy markets were a dynamic place to be in 2005, with high volatility and an explosion of new players hitting the scene. Inevitably, though, it wasn't all smooth sailing. Energy Risk looks back over the highs and lows of 2005, from the launch of the EU ETS to the China Aviation Oil scandal, from record trading volumes to Refco's demise
HIGHS
- An explosion of new players, strengthening emerging markets and increased sophistication defined the energy markets in 2005.
- Record volumes: The New York Mercantile Exchange blew through previous record annual volumes by October this year and at Ice Futures (formally the IPE) Brent and gas oil futures and options volumes hit successive monthly all-time highs.
- The EU Emissions Trading Scheme: the first year of the EU ETS surpassed even some of the most optimistic predictions, with over
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