Oil and Gas Journal
Energy prices escalated Oct. 9 with crude oil up 3.4% in the New York
market, approaching Oct. 1 levels, as increased tensions in the Middle
East—primarily between Turkey and Syria—overshadowed the slowdown in
economic growth.
“Natural gas futures also rose 1.9% as some investors are
anticipating a bullish injection [into US underground storage] after a
recent cool spell,” said analysts in the Houston office of Raymond James
& Associates Inc. “The Oil Service Index and SIG Oil Exploration
& Production Index followed commodities higher, ending the day up
0.8% and 2.2%, respectively.” Crude and gas prices were still climbing
in early trading Oct. 10.
“Reformulated stock for oxygenate blending (RBOB) and heating oil
also posted impressive gains,” said Marc Ground at Standard New York
Securities Inc., the Standard Bank Group. “Clearly participants remain
preoccupied with the Turkish-Syria conflict, forgetting recent concerns
over the possible glut of US crude oil inventories.”
