OGJ Newsletter

Market MovementOil prices escalate with bullish stock reportsEnergy futures prices escalated in New York and London on Nov. 5 as traders were surprised by reports of lower-than-expected US inventories of oil and petroleum products.The US Energy Information Administration said US oil stocks rose a scant 100,000 bbl to 291.9 million bbl in the week ended Oct. 31, despite the highest weekly average oil imports ever for October. US oil inventories remained 11.2 million bbl below the 5-year average for the period. Moreover, EIA reported the first decline in US distillate stocks in recent weeks, down by 1.3 million bbl to 132.7 million bbl, with a drop in heating oil overriding a slight gain in...

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