OGJ Newsletter

12/06/2004
Market MovementLarge drop in crude futures priceDec. 1 marked a significant day on the New York Mercantile Exchange as the January contract for benchmark US light sweet crudes plummeted by $3.64 to $45.49/bbl—the largest single-day decline in more than 3 years—after the Energy Information Administration reported a jump in US heating oil stocks and a nominal increase in crude inventories.EIA reported US distillate fuel inventories rose by 2.3 million bbl to 117.9 million bbl during the week ended Nov. 26, with increases in both heating oil and diesel fuel. That followed a gain of 1 million bbl the previous week, after 9 consecutive weeks of declines as demand exceeded supply. H...
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