NYMEX-traded WTI (West Texas Intermediate) crude oil futures contracts for November delivery fell by 5.1% and closed at $47.10 per barrel on Monday, October 12, 2015. Prices fell due to mounting production from OPEC (Organization of the Petroleum Exporting Countries) despite the long-term oversupply concerns. ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) mirrored WTI prices in yesterday’s trade. These ETFs fell by 4.3% and 8.3%, respectively, on October 12, 2015. OPEC released its MOMR (Monthly Oil Market Report) on October 12, 2015. The MOMR highlighted that OPEC produced 31.6 MMbpd (million barrels per day) of crude oil in September 2015.
Underscoring the need for long-overdue freight rail reform, American Forest & Paper Association (AF&PA) President and CEO Donna Harman urged the United States Senate to quickly confirm the nominations of Patrick Fuchs and Michelle Schultz to the U.S. Surface Transportation Board. The Senate Committee on Commerce, Science and Transportation approved the nominations on Wednesday, April 25.
“As one of the largest manufacturing sectors in the nation, the paper and wood products industry relies on the nation’s rails to move millions of tons of materials to production mills and final markets. Revoking the outdated commodity exemption policy and addressing harmful service failures and higher pricing will help ensure the accessibility of effective, streamlined and competitive rail service to our companies all rail customers. We thank the committee for its approval and urge the Senate to quickly confirm Mr. Fuchs and Ms. Schultz.”