OGJ Newsletter

11/01/2004
Market MovementEnergy prices register sharp rise and fallAfter a surprise jump in energy prices, with natural gas soaring to a 20-month high Oct. 26 on the New York Mercantile Exchange, the market plummeted the following day as the US Energy Information Administration reported a larger-than-expected 4 million bbl increase in US commercial inventories of crude to 283.4 million bbl in the week ended Oct. 22.Traders shrugged off a sharp drop in US distillate inventories in the same period, down by 2.4 million bbl to 116.6 million bbl. It was the sixth consecutive week that stocks of distillates, including heating oil, had fallen. Just days before the Nov. 1 start of the winter heating season...
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