you are here: Home /
 

Crude Oil Price- Oil Prices Bounce Back After Big Plunge

By thestreet.com
Updated Tuesday, 09 August 2011 23:08:12 - IST (UTC +5:30)

NEW YORK (TheStreet) -- Oil prices were bouncing back Tuesday morning after a dramatic plunge to a year low the day before, as anxiety over a double-dip recession found some relief ahead of the Federal Reserve's Tuesday afternoon announcement.
Brent crude oil for September delivery was rising 46 cents to $104.20 a barrel and the September contract for West Texas Intermediate light sweet crude oil was adding 71 cents to $82.02.
"Prices are now mustering a bounce -- it had to happen sometime -- as general panic is easing this morning," said Summit Energy analyst Matt Smith.
"All ears now await the rhetoric out of the Federal Reserve meeting today, which will likely be a hat-tip and a head-nod towards quantitative easing, round three," Smith said.
Another round of government stimulus would certainly be bullish for commodity prices as it opens the door for more "easy money."
The Department of Energy's monthly energy outlook will be published at around noon on Tuesday and follows the Organization of the Petroleum Exporting Countries' lowered revision for oil demand for this year and next year. OPEC adjusted its outlook to a rise of 1.4% this year and increase of 1.5% next year.
Natural gas for September delivery was flat at $3.946 per million British thermal units in reflection of fairly hot temperatures in the mid-continent -- or states north of Texas -- and moderately warm readings in the Great Lakes and Northeast; "and a market that continues to be dominated by the supply stream, which is still plentiful," said Cameron Hanover analysts.
"Prices here have already discounted this market in terms of future temperatures and the possibilities of a storm that could close production platforms in the U.S. Gulf," they added.
Oil and gas stocks were advancing. EOG Resources(EOG) was rising 1.6% to $90.05, Apache(APA) was adding 1.5% to $99.82; Devon Energy(DVN) was gaining 2.5% to $66.95; Lucas Energy(LEI) was popping 4.8% to $1.97; Kinder Morgan Energy Partners LP(KMP) was jumping 4% to $67.16; Kinder Morgan Inc(KMI) was adding 4.1% to $24.62; and Southern Union (SUG) was rising 1.7% to $39.54.
-- Written by Andrea Tse in New York.

Tags: thestreet.com Oil Prices Bounce Back After Big Plunge

  • MUMBAI: The last time Muslims and Dalits created a joint political platform in Maharashtra was in the 1980s. Led by former smuggler and don Haji Mastan, the Dalit Muslim Suraksha Mahasangh (DMSM)...

    2012-05-07 17:11:22 |
    0 comments
  • MUMBAI: Chemical analysis of a powder-like substance collected from a Byculla apartment where two suspected Pakistani 13/7 bombers stayed has proved that it is the deadly explosive RDX. The...

    2012-05-03 17:34:23 |
    0 comments
  • Srinagar : For Abdul Rashid Khan, it has been a long wait for justice. Twelve years after his father Juma Khan was allegedly picked from his house, killed in a fake encounter and dubbed a foreign...

    2012-05-03 17:30:23 |
    0 comments
  • New Delhi : The Supreme Court gave the Army full “discretion” to choose between a court martial and a criminal trial for seven officers accused of killing five persons in an encounter in...

    2012-05-03 17:27:07 |
    0 comments
  • New Delhi. Syed Ghulam Akber, member Markazi Majlis-e-Shoora (Central Advisory Council) and former Secretary Jamaat-e-Islami Hind breathed his last at Care Hospital in Hyderabad at about 1 p.m....

    2012-04-30 20:38:08 |
    0 comments
  • Government responsible for Communal Violence in Hyderabad city RSS outfits Communalizing the situation and polarizing population by developing Communal Sentiments. Introduce and pass Communal...

    2012-04-25 11:01:25 |
    0 comments
  • New Delhi: Stories about the Partition of India, Volumes I –III & IV, edited by Alok Bhalla, Manohar, 2012, Rs 1295+Rs995. That there are multiple histories rather than a history of the partition...

    2012-04-21 23:39:01 |
    0 comments
  • While Urdu literature itself is rich with many diverse genres and styles, sadly the tradition of critical literary biographies is missing. What we have are largely hagiographical accounts of great...

    2012-04-18 20:52:16 |
    0 comments
  • Here we copy an interesting and eye opener email which is great circulation. Originated by Mr. Indravadan Surati reached to the editor from a friend of mine. Read as it describes essence of Life: ...

    2012-03-28 20:44:38 |
    0 comments
  • In picture: Oliver Stone's son Sean Stone Dubai: Sean Stone, son of Oscar-winning U.S. filmmaker Oliver Stone, has converted to Islam while on a visit to Iran, the semi-official Fars news agency...

    2012-02-15 19:07:09 |
    0 comments
  • Arundhati Roy is India’s best-known polemicist. That she is intelligent, articulate, camera-friendly and media-savvy too has helped, in no small measure, to build her image as an iconic writer,...

    2011-10-01 16:22:22 |
    0 comments
  • Brussels – Senior European and Asian officials will meet in Hanoi on October 3-4 for the Green Growth Forum, an ASEM (Asia-Europe Meeting) initiative to discuss moves towards a green, low-carbon...

    2011-10-01 12:55:00 |
    0 comments
  • A slim 47-page booklet forms the kernel of this book; the rest is mere padding in the form of introduction, appendices and notes. However, the 47 pages of Iqbal contain much that is illuminating and...

    2011-09-26 14:09:54 |
    0 comments
  • It was with great pride that I watched Shahryar receive the country's highest literary award, the venerable Jnanpith, being conferred upon him on Sunday, 18th September 2011. That the person giving...

    2011-09-24 14:41:54 |
    0 comments
  • Mecca: Come Ramzan, beggars are seen like bacteria swarming into mosques. An obnoxious sight which not only puts us off while going to a mosque but hurts us from within as to why only mosques are...

    2011-08-21 12:02:00 |
    0 comments
  • DUBAI – In his desperate search for happiness, the life of Chauncey Lamont Hawkins, a former US rapper who enjoyed life luxuries of fame and money, has totally changed after a visit to the Gulf...

    2011-08-14 18:16:45 |
    0 comments
  • According to a South African Newspaper Independent Online, Wayne Parnell has converted to Islamic faith. Wayne Parnell has converted to Islam after a period of personal study and reflection and will...

    2011-08-14 17:00:09 |
    0 comments
  • London: British Actress Myriam Francois-Cerrah has recently embraced Islam after she was inspired by the life of Prophet Hazrat Muhammad S.A.. Cerrah is one of top actresses on Britain and popular...

    2011-08-14 16:10:41 |
    0 comments
  • Bollywood's style icon of the 50s and who was one of the first true blue superstars Shammi Kapoor died around 7 a.m. this morning at Mumbai's Breach Candy Hospital. The veteran actor was serious...

    2011-08-14 11:50:34 |
    0 comments
  • I am a child of the sixties. I grew up in a country that still had vestiges of Nehruvian idealism and traces of the self-sufficient self-assurance that helped win its freedom. Universities and...

    2011-08-12 18:17:37 |
    0 comments