OGJ Newsletter

09/04/2000
Market MovementPrices rising, stocks growing slightlyOil prices last week hit a 6-month high-with the October contract closing on NYMEX Aug. 30 at $33.32/bbl-in spite of Saudi Arabia announcing plans at midweek to work with fellow OPEC members to adjust the involuntary price band mechanism initiated by the group in June. The rise also came amid the release of EIA weekly data on US supply stock levels, which, despite inching upward by 2 million bbl, were still 32 million bbl below last year's volumes. Click here to enlarge imageBut, despite the near unanimity over the fact that world markets require more crude oil, it would seem unlikely that OPEC will increase its output any time soo...
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