OGJ Newsletter

08/11/2003
Market MovementEnergy prices bounce as market knee-jerksAugust energy futures prices have bounced up and down as traders knee-jerked to conflicting market stimuli.The September contract for benchmark US light, sweet crudes soared to an 8-week high Aug. 1, jumping by $1.77 to $32.31/bbl on the New York Mercantile Exchange.It was the highest closing price for a near-month crude contract in a daily trading session since June 11, when reports of falling US oil inventories and warnings by US Federal Reserve Chairman Alan Greenspan of higher natural gas prices combined to lift oil prices to $32.36/bbl, officials said. It also was the largest 1-day price jump since Sept. 14, 2001, the first NYME...
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