OGJ Newsletter

10/25/2004
Market MovementEnergy futures prices rebound to new highsEnergy futures prices rebounded to new highs on Oct. 20 after 2 days of profit-taking from the previous run-up on the New York Mercantile Exchange.On Oct. 15, the November contract for benchmark US light, sweet crudes hit a record $55/bbl in intraday trade before closing at a new high of $54.93/bbl on NYMEX. That contract lost a total of $1.64 over the next two trading sessions as speculators locked in profits, finally closing at $53.29/ bbl on Oct. 19 after dropping to $52.59/bbl in that session.That same contract rebounded to close at $54.92/bbl on Oct. 20 after pushing past the $55 mark to $55.20/bbl in intraday trade on NYMEX. ...
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