OGJ Newsletter

Market MovementCrude futures prices seesaw at record levelsCrude futures prices rebounded to within striking distance of a new record high May 19 on the New York Mercantile Exchange, following reports of yet another decline in commercial US crude inventories and a smaller-than-expected build in US gasoline stocks on the cusp of the peak summer driving season.The June contract for benchmark US sweet, light crudes hit a record high of $41.55/bbl May 17 on NYMEX, pushed up by speculation among investment funds and escalating violence in Iraq, where the president of the Iraqi Governing Council was assassinated by a car bomb on that date. But the contract tumbled by $1.01 to $40.54/bbl May 18 ...

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