“Oil market fundamentals and the geopolitical catalysts driving price momentum continue to pass through revolving doors,” said an analyst with Barclays Capital Inc. “As one supply disruption fades (Libya), others have emerged as offsets (Iraq, Nigeria),” said Miswin Mahesh, analyst with Barclays.
“Even the diplomatic efforts between Iran and the US this week resembled that of a revolving door, with both parties coming close enough to the negotiation table at the [United Nations], yet maintaining their own directions,” he said, adding, “As these variables shift around in an offsetting fashion, underlying balances remain constructive.”
The NYMEX November contract for benchmark US light, sweet crudes gained 37¢ on Sept. 26, settling at $103.03/bbl. The December crude contract added 47¢ to settle at $102.52/bbl.
Heating oil for November delivery increased 2.8¢ to a rounded $3/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for November rose by 3.18¢ to a rounded $2.69/gal.
The October natural gas contract edged down less than a penny to a rounded $3.50/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.46/MMbtu, a 5.5¢ fall.
In London, the November IPE contract for North Sea Brent crude moved upward 89¢ to $109.21/bbl. The October contract for gas oil was up $1.50 to $920.50/tonne.
The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes dropped 19¢ to $106.34/bbl on Sept. 26.