OGJ Newsletter

Market MovementHurricane Ivan raises energy pricesBenchmark US crude for November delivery jumped by $1.59 to $48.35/bbl—the second highest settlement price ever—Sept. 22 on the New York Mercantile Exchange after the US Energy Information Administration reported a large drop in US inventories of crude and petroleum products in the wake of Hurricane Ivan.Commercial US crude inventories plunged by 9.1 million bbl to 269.5 million bbl in the week ended Sept. 17, "well below the lower end of the average range for this time of year," EIA said. It marked the eighth consecutive week that EIA reported declines in crude inventories, including a 7.1 million bbl drop the previous week.Iv...

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