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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]

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Results for gs
Charles Zinnel
28 Aug 15 07:18:12
No rate hike this year and rumored QE4!? Fed's Kocherlakota: 2015 rate rise not appropriate http://t.co/bzkvt5kjv3 $gs $bac $jpm #cnbc
aninda sadhukhan
28 Aug 15 06:59:38
Big banks at it again - lobbying to be allowed to take wanton risks http://t.co/XU3chYusmQ $GS where is the deterrence? #cftc #DOYOURJOB
Jeff
28 Aug 15 06:59:15
RT @OpenOutcrier: Fins lows $JPM $C $GS
DLP
28 Aug 15 06:57:57
RT @leahanneta: VGTL VGTel, Inc. Financials http://t.co/Yz3UxLUlSq $VGTL $RJET $GS $AU #VGTL #tradeideas #stock
DLP
28 Aug 15 06:57:55
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IH NASDAQ OMX
28 Aug 15 06:53:07
WMT Wal-Mart Stores, Inc. Company Info http://t.co/C6FaIAYT18 $WMT $DWTI $SWKS $GS #WMT #tradeideas #investing
IH NASDAQ OMX
28 Aug 15 06:52:19
UUP PowerShares DB US Dollar Index Bullish Fund EOD Data http://t.co/qpuvVdy4qA $UUP $RUSL $NKE $GS #UUP #nasdaq #tradeideasUVXY…
IH NASDAQ OMX
28 Aug 15 06:52:17
UUP PowerShares DB US Dollar Index Bullish Fund EOD Data http://t.co/XXXd4iBiDO $UUP $RUSL $NKE $GS #UUP #nasdaq #tradeideasUVXY…
clayton
28 Aug 15 06:51:07
XLU Utilities Select Sector SPDR P/E Ratio http://t.co/sB0qAHgjTI $XLU $GS $VXX $QTMM #XLU #tradeideas #tradeideas
Lucky Jimmy
28 Aug 15 06:51:06
XOM Exxon Mobil Corp. News http://t.co/WvPT2VGUMp $XOM $GS $AMZN $SPLK #XOM #stock #finance
PolgarStocks
28 Aug 15 06:50:38
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leahanne
28 Aug 15 06:50:06
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leahanne
28 Aug 15 06:50:06
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lookn4wins
28 Aug 15 06:50:03
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DennyT
28 Aug 15 06:49:36
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DennyT
28 Aug 15 06:49:35
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Investors Hangout
28 Aug 15 06:49:34
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Jake13
28 Aug 15 06:49:34
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PolgarStocks
28 Aug 15 06:49:33
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28 Aug 15 06:49:33
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DennyT
28 Aug 15 06:49:33
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Lucky Jimmy
28 Aug 15 06:49:25
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DennyT
28 Aug 15 06:49:23
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PolgarStocks
28 Aug 15 06:49:23
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Jake13
28 Aug 15 06:49:23
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DennyT
28 Aug 15 06:49:23
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Jake13
28 Aug 15 06:49:21
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Investors Hangout
28 Aug 15 06:49:19
UUP PowerShares DB US Dollar Index Bullish Fund EOD Data http://t.co/z9F5vKlpD2 $UUP $RUSL $NKE $GS #UUP #nasdaq #tradeideasUVXY…
Investors Hangout
28 Aug 15 06:49:17
UUP PowerShares DB US Dollar Index Bullish Fund EOD Data http://t.co/INRWUFFa9L $UUP $RUSL $NKE $GS #UUP #nasdaq #tradeideasUVXY…
IH NASDAQ OMX
28 Aug 15 06:49:15
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IH NASDAQ OMX
28 Aug 15 06:49:09
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leahanne
28 Aug 15 06:48:06
UA Under Armour, Inc. Prev Close http://t.co/03fGSEOyN5 $UA $GS $VLTC $BAC #UA #tradeideas #investing
danrocks
28 Aug 15 06:47:35
TZA Direxion Daily Small Cap Bear 3x Shares Exchange http://t.co/5xMWUMEtme $TZA $GS $GE $SCO #TZA #finance #stock
Open Outcrier
28 Aug 15 06:47:31
Fins lows $JPM $C $GS
Investors Hangout
28 Aug 15 06:47:06
TWTR Twitter, Inc. Financials http://t.co/9GEjaKjUUQ $TWTR $AMBA $GS $V #TWTR #pennystocks #share
leahanne
28 Aug 15 06:47:04
TRX Tanzanian Royalty Exploration Corp. Bid http://t.co/Vnc9T6bHYl $TRX $STXS $GS $BLTA #TRX #nasdaq #tradeideas
Investors Hangout
28 Aug 15 06:46:30
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Jake13
28 Aug 15 06:46:12
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Jake13
28 Aug 15 06:46:11
PANW Palo Alto Networks Inc. Market Cap http://t.co/hRVaUzCA8a $PANW $GS $GLD $ELNK #PANW #stock #share
IH NASDAQ OMX
28 Aug 15 06:46:05
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leahanne
28 Aug 15 06:45:08
SH ProShares Short S&P 500 Fund Day High http://t.co/Lc6gHXVoAB $SH $ULTA $NEM $GS #SH #tradeideas #nasdaq
Keebler Elf
28 Aug 15 06:44:33
$gs making new lows
Alexander Alt Cap
28 Aug 15 06:42:41
RT @outsizedreturn: MKT Update: $yinn $yang $nky $spy $oil $aapl $baba $vxx $gs $v $msft $goog $amzn $ntfl $crm $hubs $dax $indb $eog $t ht…
Yen Lo McGovern
28 Aug 15 06:42:20
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FLAIA
28 Aug 15 06:42:19
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Jake13
28 Aug 15 06:42:07
NEM Newmont Mining Corp. Yield http://t.co/XTtnf087zc $NEM $ASHR $GS $SSO #NEM #finance #stock
Jake13
28 Aug 15 06:40:36
JNJ Johnson & Johnson 52Wk High http://t.co/yqjW88OAk3 $JNJ $GS $O $NUGT #JNJ #nasdaq #invest
Stock_Tracker
28 Aug 15 06:40:15
GS Goldman Sachs Group, Inc. Stock Message Board http://t.co/juoRXYaIlD $GS $FCX $GE $PAM #GS #stocks #invest
Stock_Tracker
28 Aug 15 06:40:15
HLF Herbalife Ltd. Ask http://t.co/AbPpVuUpnC $HLF $EEM $GS $GRCU #HLF #tradeideas #share
DennyT
28 Aug 15 06:39:09
GS Goldman Sachs Group, Inc. EOD Data http://t.co/78AwNAaH6a $GS $AEM $FORD $KO #GS #investing #pennystocks
				
				
By  +Follow October 1, 2013 11:43AM
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