OGJ Newsletter

03/08/2004
Market MovementBearish oil stock reports undermine energy pricesEnergy futures prices fell Mar. 3 as traders reacted to what they saw as unexpectedly bearish government and industry reports of a build in US crude inventories during the week ended Feb. 27.The US Energy Information Administration reported commercial US inventories of crude increased by 2 million bbl to 275.8 million bbl during that week. "This increase may signify an early start to the crude oil build season, as they typically increase by more than 20 million bbl between the end of February and the end of April," said EIA.However, EIA said, US crude inventories remained 24.2 million bbl below the 5-year average for that tim...
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