OGJ Newsletter

Market MovementCrude futures prices remain highBenchmark US crude futures prices fell Oct. 12 as traders took profits after six consecutive sessions of record highs but bounced back to near-record levels in the next trading session, following an explosion of a Mexican oil pipeline, a fire on a Nigerian pipeline, and prospects of labor problems that could disrupt Nigerian production.The November contract for benchmark US crudes finished Oct. 11 at $53.64/bbl, up 33¢ for the day on the New York Mercantile Exchange after hitting a new peak of $53.80/bbl in that session. That contract continued to climb to a new high of $54.45/bbl Oct. 12 before closing at $52.51/bbl, down $1.13 for the ...

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