OGJ Newsletter

03/03/2003
Market MovementRecord futures prices signal 'crisis' Oil, natural gas, and heating oil futures set or approached price records last week.The price surges came amid the increasing likelihood of war with Iraq, cold winter weather, and low US inventory numbers.Crude oil futures reached a post-Persian Gulf War high Feb. 26 on the New York Mercantile Exchange, with the April contract for benchmark US light, sweet crude settling at $37.70/bbl, up $1.63.On Feb. 27, the market opened at $38.66/bbl in electronic trading, the highest level since crude peaked at more than $41/bbl shortly after Iraq invaded Kuwait in 1990.The March contract for natural gas surged to a record high of $11.89/Mcf in ove...
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