June energy market prices fluctuate

06/13/2005
Energy commodity prices had a rocky ride in the first 3 days of June, starting with a surprise June 1 rally that seemed to defy market fundamentals as the July contract for benchmark US sweet, light crudes shot up by $2.63 to $54.60/bbl on the New York Mercantile Exchange.“In dollar terms, this was the largest upward move in oil prices year-to-date, taking oil to its highest level since April,” said analysts in the Houston office of Raymond James & Associates Inc. They correctly surmised that the initial oil price spike appeared “overdone.” In the next trading session, the July contract fell by 97¢ to $53.63/bbl on NYMEX.But the initial jump was “ind...
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