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$5 GAS ON THE WAY AS CRUDE HAS BIGGEST WEEKLY GAIN
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$5 GAS ON THE WAY AS CRUDE HAS BIGGEST WEEKLY GAIN
(Mark Shenk) West Texas Intermediate and Brent crudes charted the biggest weekly gains this year as Islamist fighters extended their advance in Iraq, triggering concern of a return to civil war. Futures in New York climbed 4.1 percent this week while they added 4.4 percent in London. Government forces in Iraq, OPEC’s second-biggest oil producer, are seeking to dislodge Islamist militants from cities north of Baghdad after they overran army positions in Mosul this week. U.S. President Barack Obama said yesterday he won’t rule out using airstrikes to help the government. Source:http://wealthydebates.com “Prices have jumped to nine-month highs as the upsurge of violence in Iraq has raised additional risk of supply disruption,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The situation in Iraq is going to continue to guide the market for a while.” WTI for July delivery rose 38 cents today, or 0.4 percent, to settle at $106.91 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 42 percent higher than the 100-day average. Brent for July settlement, which expires today, increased 39 cents to $113.41 a barrel on the London-based ICE Futures Europe exchange. The August contract climbed 4 cents to $112.46. Volumes were 48 percent above the 100-day average. LITTLE CHANGED The European benchmark oil traded at a $6.50 premium to WTI, compared with $6.49 at yesterday’s close. “The situation in Iraq changed so rapidly this week,” said Sarah Emerson, managing principal of ESAI Energy Inc. in Wakefield, Massachusetts. “Mosul fell one day and the next day the militants were marching on Baghdad.” The Islamic State in Iraq and the Levant, known as ISIL, forced a halt to repairs at the main pipeline from the Kirkuk oil field to the Mediterranean port of Ceyhan inTurkey when it overran Mosul. There were conflicting reports that Baiji, the site of Iraq’s biggest refinery, had been captured…..MORE HERE
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