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Energy Market
By: Crown Forex - 26-08-2008
0votesYesterday, oil prices gained as there is an expected Tropical Storm heading towards the Gulf of Mexico as they believe it might disrupt oil and natural gas production. While supplies are threatened to be affected by the storm, the tension between Russia and Georgia continue to further boost prices in the market as Russia does not totally pull out all of its troops from Georgia and claiming two areas in Georgia as independent states. The contract gained $0.52 closing at $115.11 while recording a high of $116.06 per barrel and a low of $113.68 per barrel.
Today the markets are stable waiting for a trigger as currently the storm is forming in the Caribbean Sea, yet has not hit the Gulf of Mexico, but as soon as it does prices will rise to the upside. The focus remains on the storm as the markets today opened at $115.50 while recording a high of $115.60 per barrel and a low of $114.85 per barrel.
OPEC is scheduled to meet in Venezuela on September 9th where oil producers like Iran wants to cut oil production in order to balance out the supply and demand which would obviously help market price somewhat stabilize since current they have been volatile. I believe if this were to happen it would add more crisis to the market as already geopolitical tensions are affecting prices while investors become even more confused.
Next Analysis: Crude oil holding at$ 115 as new storm developsContent Provided by:
Crown Forex
CROWN FOREX SA, located at St-Hubert 38, 2854 Bassecourt, P.o.box 247, Switzerland, is fully regulated as a financial intermediary under Swiss federal law on the prevention of money laundering (LBA, MLA). Our company is also affiliated with the ARIF association, thus overseen by the Swiss federal de
DISCLAIMER:
The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver &energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk
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