Market watch, Oct. 27

Energy futures prices rose in trading on the New York Mercantile Exchange Thursday. The market reversed course in the light of the possibility of disruptions in Iraqi oil exports because of differences between the Iraqi government and the United Nations. Iraq demands that its customers be allowed to pay for their imports in euros instead of US dollars. The UN will discuss this Monday.


Energy futures prices rose in trading on the New York Mercantile Exchange Thursday.

The December contract for benchmark light, sweet crude rose 75� to settle at $33.71/bbl on the NYMEX, while the January contract stood at $32.77, up by 58�.

Refined petroleum products also closed higher, with November home heating oil rising 1.02� to rest at 98.74�/gal, while unleaded gasoline for the same month jumped 0.65� to close at 99.64�.

NYMEX gas for November delivery advanced 0.5� to finish at $4.66/Mcf.

The market reversed course in the light of the possibility of disruptions in Iraqi oil exports because of differences between the Iraqi government and the United Nations over payments.

Iraq demands that its customers be allowed to pay for their imports in euros instead of US dollars. The UN will discuss this Monday.

Analysts believe that if Iraq suspends exports, it would be very hard to make up for this oil at a time when oil inventories are already very tight.

Meanwhile in London on the International Petroleum Exchange, Brent for December delivery gained 60�to close at $31.96/bbl. Also on the IPE, the November natural gas contract settled at the equivalent of $3.71/Mcf, up 3�.

The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $31.14/bbl Thursday, compared with $30.94 the previous day.

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