|
|
Article: Crude Plunges in Anticipation of Strategic Petroleum Reserve Draw.(Brief Article)
- Article from:
- The Oil Daily
- Article date:
- September 25, 2000
CopyrightCOPYRIGHT 2000 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Crude Plunges in Anticipation of Strategic Petroleum Reserve Draw
Talk that the Clinton administration was preparing to release US strategic reserves onto the market - the official announcement came after the market closed Friday - sent the crude complex down further Friday after a week of volatility.
November light, sweet crude on the New York Mercantile Exchange (Nymex) plunged $1.32, settling at $32.68/barrel.
Trade was somewhat tumultuous throughout the week, with the October contract reaching as high as $37.80 Wednesday before expiring at $37.20. But where the October contract went out with a bang, November came in with a fizzle, losing ...