OGJ Newsletter

09/06/2004
Market MovementSpeculation triggers volatile price changesFrom a then-record closing price of $48.70/bbl on the New York Mercantile Exchange Aug. 19, near-month contract prices for benchmark US light, sweet crudes plunged to $42.12/bbl Aug. 31 as speculators locked in profits, only to rebound to $44/bbl Sept. 1 on reports of a large drop in US crude inventories."Despite the recent slide in prices, little has changed in the fundamentals of the oil market, and the [latest] US weekly [inventory] data should help to curtail speculative selling. It does not appear that global inventories are yet building fast enough, with global oil demand continuing to accelerate," said Paul Horsnell, Barclay...
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