OGJ Newsletter

Market MovementEnergy futures prices hit record highsCrude and gasoline futures prices hit record highs May 12 and were expected to continue trending upward, despite a push by members of the Organization of Petroleum Exporting Countries for an informal discussion of tight world oil markets at a meeting to be held May 22-24 in Amsterdam."The longer prices stay above $40[/bbl], the harder it will become to pull them back down," said Paul Horsnell, Barclays Capital Inc., London. Once traders realize "that there is nothing magical about $40[/bbl crude] that derails economic growth or results in any extra supply or inventory, then they will start getting comfortable with prices at this level,"...

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