OGJ Newsletter

Market MovementFebruary registers near-record oil priceFebruary racked up a near-record price in the oil futures market, based on a combination of Middle East war worries, Venezuela's strike, the first sustained cold US winter of the decade, and low US inventories of oil and petroleum products, officials at Oil Price Information Service (OPIS), Lakewood, NJ, reported last week.In Feb. 27 trading on the New York Mercantile Exchange, the April contract for benchmark US light, sweet crudes briefly touched $39.99/bbl, the highest price level since October 1990 when oil futures hit a record $41.15/bbl after Iraq invaded Kuwait.But oil closed at lower prices in that and the next two trading...

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