Oil and gas prices are showing surprising midyear strength. Nymex light sweet crude last week continued to hover at its highest level since mid-November 1991, closing June 3 at $22.43/bbl for July delivery, up 51 on the week. With no signs yet that the Saudis are backing off their claim of support for a $3 rise in oil prices (OGJ, June 1, Newsletter), prospects of a tightening midyear market grew last week when API reported an unexpectedly large reduction of 4.6 million bbl in U.S. crude

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