OGJ Newsletter

Market MovementEnergy price volatility increasesEnergy futures prices were especially volatile Feb. 2-4, first soaring because of problems at three refineries in California, Illinois, and Indiana, then plunging with bearish reports of builds in US inventories of crude and petroleum products.After falling sharply the previous week, energy futures prices shot up Feb. 2 following a series of problems at the three US refineries, with the March contract for benchmark US crude spiking by $1.93/bbl to $34.98/bbl on the New York Mercantile Exchange in the biggest 1-day price gain for a crude futures contract in more than 3 years (OGJ Online, Feb. 3, 2004).A coker unit was taken down Jan. 30 at Ch...

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