OGJ Newsletter

Market MovementOPEC on a 'war footing'Traders' perceptions of increased quota-breaking by the Organization of Petroleum Exporting Countries, coupled with reduced prospects for war in the Middle East, have driven down oil futures prices in recent weeks.But rather than losing "cohesion," as some traders claim, "OPEC appears to be on a war footing," said Paul Horsnell, JP Morgan Chase & Co., London. "Oil is being moved out of the (Persian) Gulf to fill up producer-held storage closer to market. We suspect that much of OPEC's apparent increase is not actually making its way to refiners. Some is, as oil is also being moved to Asian refiners who have a certain sense of panic tha...

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