OGJ Newsletter

12/20/1999
Click here to enlarge imageOil market fundamentals are continuing to improve-to the point of overheating, according to London's Centre for Global Energy Studies. "The price of oil is on fire," said CGES in its latest monthly market report. "Dated Brent [surged] 12% in November after a 3% decline in October. News that inventories in the US were declining by over 1 million b/d in November supported the view that the oil market is overheating."NYMEX crude for January delivery rose 63¢ Dec. 15 to end the day at $26.36/bbl, in response to news that US crude stocks had fallen 7.16 million bbl the prior week. January-delivery Brent was up 41¢ that day to $25.43/bbl.OPEC members...
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