Energy prices rebounded Sept. 27 in waffling markets. Some analysts believed the popup was from the number of bullish headlines hitting the tapes.
“Yes, we're excited about the end of the [National Football League] replacement ref fiasco too—but we suspect traders were probably more focused on China’s government hopping on the jam-packed government stimulus bandwagon,” said analysts with Raymond James & Associates Inc.
“Commodity bulls also noted the United Nations speech by Israeli Prime Minister Benjamin Netanyahu, who was not deterred by his Iranian counterpart's surprisingly fluffy performance earlier in the week and declared a unilateral ‘red line’ for Iran's nuclear program. And Spain's Prime Minster Mariano Rajoy further encouraged market enthusiasm by promising to cut at least €18 billion from the country's deficit next year,” they said.
The November and December contracts for benchmark US light, sweet crudes rebound by $1.87 each to $91.85/bbl and $92.21/bbl, respectively, Sept. 27 on the New York Mercantile Exchange. On the US spot market, West Texas Intermediate at Cushing, Okla., advanced in step with the front-month futures contract, also up $1.87 to $91.85/bbl.
Heating oil for October delivery continued rising, up 5.05¢ to $3.16/gal on NYMEX. Reformulated stock for oxygenate blending for the same month increased 6.32¢ to $3.14/gal.
The new front-month November natural gas contract escalated 8.2¢ to $3.30/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., gained 4.3¢ to $2.98/MMbtu.
In London, the November IPE contract for North Sea Brent was up $1.97 to $112.01/bbl. Gas oil for October climbed $18.75 to $981/tonne.
The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes increased $1.37 to $108.21/bbl.