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Oil and Natural Gas Futures Diverge Under Shadow of Government Shutdown

By  +Follow October 1, 2013 11:43AM
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While stocks bravely rallied in the face of the shutdown of the US government that began on Tuesday, oil and natural gas prices diverged.

West Texas Crude contracts for November delivery were down 1.10 percent to $101.20 per barrel, while the same contracts for Brent crude dipped 1.22 percent to $107.05 per barrel.

Meanwhile, natural gas contracts destined for a delivery date of November 13 were up nearly 2 percent to $3.63 per million BTUs on the New York Mercantile Exchange.

Crude prices have come down as a result of several factors. Against the backdrop of the 3-year old civil war in Syria that continues to rage, US Secretary of State John Kerry met with the Iranian Foreign Minister on the sidelines of the UN General Assembly meeting in New York City last week, in the highest-level diplomatic contact between the two countries since the revolution of 1979.

It was a stark and sudden contrast to US threats of military strikes against Syria, a close ally of Iran, that seemed a near certainty not three weeks ago. The apparent willingness of all parties to resort to dialogue rather than increased hostilities has eased concerns of supply disruption in the region.

The recent resumption of Libyan oil production, much of which had been brought to a standstill for extended periods by the country’s many unruly revolution-era militias, has also contributed to the downward pressure on crude prices.

The current impasse in Washington, D.C. over the continued functioning of the federal government, and the expected impasse over the debt ceiling over the coming weeks has also played its part in lower oil prices.

Natural gas, on the other hand, has been the beneficiary of recent bullishness around independent producers in the US. Last week, Goldman Sachs (GS) analysts returned from a visit to the Bakken Shale, and initiated coverage on Continental Resources (CLR) and Oasis Petroleum (OAS) . Both stocks jumped in reaction to the news, and were also up on Tuesday, 3.6 and 2.4 respectively.

Goldman Analysts were particularly enthusiastic about independent gas producers operating not only in the Bakken Shale, but also in the US’s many other shale prospects such as the Marcellus that lies underneath large swathes of the Northeastern portion of the country.

[Image Courtesy of Wikimedia Commons]

Results for gs
leahanne
18 Apr 14 08:51:29
$AAPL Apple Inc (AAPL) 524.94 +5.93 (+1.14%) $DBA $GS $ACI http://t.co/QK6btSSid6
12Stocks.com
18 Apr 14 08:51:15
Dow #Stocks Trend $GE $CVX $BA $CSCO $MMM $XOM $UTX $KO $JNJ $PG $TRV $T $NKE $WMT $INTC $DIS $MRK $V $VZ $GS @ http://t.co/6KoVUcHkIF
Jake13
18 Apr 14 08:48:00
$IWM Opinion Today Click here to find out if $IWM is a buy hold or sell. Watching these stocks. $WYNN $GS $ANV http://t.co/qSDq2zpnAx
leahanne
18 Apr 14 08:38:12
$GILD Gilead Sciences (GILD) 70.00 +0.72 (+1.04%) $ABX $GS $MMM http://t.co/AC7lSzTrrM
Stock News 24
18 Apr 14 08:19:05
$GS - Growlife still halted; marijuana penny stocks still doomed -> http://t.co/3IcqkTg7Ve #stock #stocks #stockaction
MarketSnacks
18 Apr 14 08:07:11
$GS and $MS Impressive Earnings, $CMG Weird-Tasting One, and $GE Misses NBC: http://t.co/8zmYsEhGP7 via @themotleyfool
danrocks
18 Apr 14 08:03:37
$FITX Making Some Noise $MS $RAD $XLF $GILD $GS http://t.co/xy57g7wGt9
Assisi Trader
18 Apr 14 07:36:29
@GripMedGrill A company not yet discovered. A ticker, not a ticker yet. $GMG. Needs a roll out IPO right now with $GS, $JPM, and other JV
Assisi Trader
18 Apr 14 07:30:21
@GripMedGrill IMHO this is the next Chipolte. Needs $JPM, $GS, and Barclay's IPO support now. Marketing plan, expansion, capital infusion.
StockNewsNet
18 Apr 14 07:15:33
$GS - Why cheap stocks are for suckers -> http://t.co/8VVFhBbgAX #stock #stocks #stockaction
Marios Tsiptsis
18 Apr 14 07:10:36
RT @SaabiraC: On C1 Today: Goldman, Morgan 1Qs Show M&A is Heating Up. Strongest 1Q for M&A Since 2007: http://t.co/ozGyJLr2rv $MS $GS (wit…
Media Sentiment
18 Apr 14 07:02:38
$GS received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 29
4-traders.com
18 Apr 14 07:00:02
Braas Monier Building Group Said Planning EUR500 Million IPO - Bloomberg http://t.co/mxIYHjbrzZ $GS $UBSN $DBK $BNP $JPM $0QNR
CABuyer
18 Apr 14 06:52:15
$GS Must-know: Why demand for 6-month T-bills continues to grow http://t.co/oHRVYBshw8
klr
18 Apr 14 06:51:13
RT @SaabiraC: On C1 Today: Goldman, Morgan 1Qs Show M&A is Heating Up. Strongest 1Q for M&A Since 2007: http://t.co/ozGyJLr2rv $MS $GS (wit…
Lawrence McDonald
18 Apr 14 06:50:34
RT @SaabiraC: On C1 Today: Goldman, Morgan 1Qs Show M&A is Heating Up. Strongest 1Q for M&A Since 2007: http://t.co/ozGyJLr2rv $MS $GS (wit…
danrocks
18 Apr 14 06:50:13
$GS Showing on my streamers $XOM $MU $ITNS $VKML $EXC http://t.co/yqLEfMOKWP
Saabira Chaudhuri
18 Apr 14 06:48:49
On C1 Today: Goldman, Morgan 1Qs Show M&A is Heating Up. Strongest 1Q for M&A Since 2007: http://t.co/ozGyJLr2rv $MS $GS (with @Justinbaer)
WKRB News
18 Apr 14 06:28:11
Goldman Sachs $GS Releases Quarterly Earnings Results http://t.co/0T4Dw4nry0
GavinGreenberg
18 Apr 14 06:26:52
$GS: Must-know: Why demand for 6-month T-bills continues to grow http://t.co/IqIV9LTsHj
GavinGreenberg
18 Apr 14 06:26:50
$GS: Asian stocks higher, U.S. markets closed for Good Friday http://t.co/dORHtpEp7B
Stock News 24
18 Apr 14 06:19:26
$GS - Asian stocks higher, U.S. markets closed for Good Friday -> http://t.co/3wYoyeckWf #stock #stocks #stockaction
Lilly Bynum
18 Apr 14 06:08:05
Should you hold or add to $UNP $GS $NVE $S #equity http://t.co/xQUO7WCBoD
GavinGreenberg
18 Apr 14 06:07:39
$GS: [video] Stocks Flat Amid Positive Goldman Sachs, Morgan Stanley Earnin... http://t.co/IHXjKow20i
Kevin McPartland
18 Apr 14 05:48:46
Morgan Stanley and Goldman Sachs Adjust to New Banking Climate, via @nytimes $ms $gs #fixedincome http://t.co/HXakCxq21f
Thomas Azzara
18 Apr 14 05:42:02
$JPM $C $BIDU $GS Goldman Sachs (Cayman) Trust Limited. Avoiding US CG taxes with PFICs is the biggest tax break http://t.co/13LwwdGdiW
Mitchell
18 Apr 14 05:39:30
25 ways $GS saw the world change: No. 14 Radical innovators capitalize on the velocity of innovation. #GSAnnual2013 http://t.co/VhyYogyGNL
CABuyer
18 Apr 14 05:37:06
$GS Asian stocks higher, U.S. markets closed for Good Friday http://t.co/T8yLRR5cEt
Chris Narayanan
18 Apr 14 05:22:41
Merger Activity Is Boon to Goldman, Morgan Stanley $GS $MS #FICC #M&A http://t.co/A2NZ9xcgb9
cneebo
18 Apr 14 05:18:15
RT @cr_harper: Goldman Sachs looks to fight rivals with capital advantage - http://t.co/JLy0tOOj8g http://t.co/1ztppy5fWI via @FT $GS
Ticker Report
18 Apr 14 05:12:19
Goldman Sachs $GS Declares Quarterly Dividend of $0.55 http://t.co/74TFe6jbdL
NikoTweets
18 Apr 14 05:09:33
RT @CNBC: Goldman Sachs profit falls 11 percent, but still beats Q1 estimates • http://t.co/9fMd6WMp4D $GS
Stock Herald
18 Apr 14 05:08:09
$GS: [video] Stocks Flat Amid Positive Goldman Sachs, Morgan Stanley Earnin... http://t.co/f9eMreBNJ7
CABuyer
18 Apr 14 05:03:10
$GS Market swings to gains in holiday-shortened week http://t.co/ak9coQyKRd
Christine Harper
18 Apr 14 05:02:08
Goldman Sachs looks to fight rivals with capital advantage - http://t.co/JLy0tOOj8g http://t.co/1ztppy5fWI via @FT $GS
CABuyer
18 Apr 14 04:57:09
$GS [video] Markets Mixed Amid Volatile Earnings, Ukraine Peace Deal Reached http://t.co/QHM50VwjXA
CABuyer
18 Apr 14 04:33:34
$GS Ex-Goldman director Gupta starts prison term on June 17 http://t.co/BOfnlnagRc
CABuyer
18 Apr 14 04:21:35
$GS Goldman Sachs' Earnings Beat http://t.co/Z5vDS76OdV
Informer
18 Apr 14 04:18:10
$GS: Goldman and Morgan Stanleys Impressive Earnings, Chipotles Weird-Tasti... http://t.co/SrNbQyizM9
Asif
18 Apr 14 04:09:57
@arsalan_muneer @nadeemhaque For a sec I thought it was the Vampire squid $GS
Informer
18 Apr 14 04:07:06
$GS: [video] Stocks Flat Amid Positive Goldman Sachs, Morgan Stanley Earnin... http://t.co/Nd4RZpmwOV
senthilnathan karupp
18 Apr 14 04:05:41
$GS is up 0.14% today, our subscriber’s portfolios are up 20% . http://t.co/tffaUfQ6oZ
senthilnathan karupp
18 Apr 14 04:04:41
$GS is up 0.14% today, our subscriber’s portfolios are up 20% . http://t.co/tffaUfQ6oZ
senthilnathan karupp
18 Apr 14 04:03:41
$GS is up 0.14% today, our subscriber’s portfolios are up 20% . http://t.co/tffaUfQ6oZ
CABuyer
18 Apr 14 03:59:06
$GS [video] Big Banks Surprise with Better Earnings, Google Sells Out of Glass http://t.co/OYmADRDXzY
CABuyer
18 Apr 14 03:37:04
$GS Goldman and Morgan Stanley's Impressive Earnings, Chipotle's Weird-Tasting One, and GE Misses NBC http://t.co/sarDVOQ4m8
GavinGreenberg
18 Apr 14 03:34:04
$GS: Goldman and Morgan Stanleys Impressive Earnings, Chipotles Weird-Tasti... http://t.co/QtuKMjqARm
Serge Adams
18 Apr 14 03:33:39
Shoud you sell or hold stocks like $ALR $GS $PSX $ABX #StockMarket http://t.co/k7yhshnZnf
Cinthia Booker
18 Apr 14 03:32:46
Do you think you should hold $GS $YHOO $RRC $ABX I suggest http://t.co/SpHNGVr4Ze
				
				
By  +Follow October 1, 2013 11:43AM
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