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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
Swry
19 Apr 15 11:29:36
RT @GoldmanSachs: #PODCAST: $GS' Jeff Currie discusses the "New #Oil Order" & the future of #energy: https://t.co/P0IDFjlHNY #OilPrices
Le-Brawn Jaymez.
19 Apr 15 11:15:05
I'm tryna go post in the hood Witt my $Gs for a day.. I know they gon find me all day
Bear Trading
19 Apr 15 10:08:43
RT @DeweyKnows: $MS and $GS look nice: trading clearly picking up. But prepare for Anonymous Swaps Market, Nailing Trading Revs http://t.c…
Swry
19 Apr 15 09:41:36
RT @GoldmanSachs: PODCAST: Check out 'Exchanges at Goldman Sachs' the new $GS series on #markets, #innovation & the global #economy: https:…
Brad Moseley
19 Apr 15 09:26:50
RT @GEQSense: $GS horrible post earnings trade... En peligro vamanos bajando..
Gavin Martinsson
19 Apr 15 09:22:09
$GS horrible post earnings trade... En peligro vamanos bajando..
K Capital Advisors
19 Apr 15 08:52:31
New Video - Stock Watch List With Trading Ideas For The Stock Market This Week! http://t.co/BgrsVPElPH $FB $TWTR $GOOG $AAPL $BABA $GE $GS
Oil Gas
19 Apr 15 08:52:11
RT @MyMoneyWisdom: Dividend Investing http://t.co/8TGkCBIR7O #DividendInvesting $AXP $GS $MCO $WMT $USB $WFC $PG $IBM $KO $XOM #BuyLowSellH…
Derald Muniz
19 Apr 15 08:52:06
Chart Review http://t.co/Ajs6aJKkiq $CAB $EXPD $GS $PII $WBC $XPO $ZLTQ $DBC $DBA $XME $STUDY
Andrew Lowry
19 Apr 15 08:47:07
RT @GoldmanSachs: Wellness expert @DeepakChopra discusses enlightened #leadership & spirituality w/ $GS CIO Marty Chavez #TalksatGS http://…
My Financial Wisdom
19 Apr 15 08:30:30
Dividend Investing http://t.co/8TGkCBIR7O #DividendInvesting $AXP $GS $MCO $WMT $USB $WFC $PG $IBM $KO $XOM #BuyLowSellHigh #BigBusiness
Swiss
19 Apr 15 08:22:24
RT @etfguide: (Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/LdJJbGQQYY…
Cody Freeman
19 Apr 15 08:17:35
Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/dChh8kuaKA $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $DIS
Stefano
19 Apr 15 08:16:45
RT @etfguide: (Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/LdJJbGQQYY…
Carolyn B Miciano
19 Apr 15 08:12:43
Choosing the right Options strategy for a trade http://t.co/oWvPmOPFXA $GS $COST $FDX
Tad Doughty, CFS
19 Apr 15 08:11:03
Big banks earnings in a pretty set of pictures http://t.co/evtgQhe8KU $GS $MS $BAC $WFC http://t.co/2wXpehLIk4
Francisco de la Lama
19 Apr 15 08:03:38
RT @Benzinga: Battle of the Investment Banks: Goldman Sachs vs. Deutsche Bank $DB $GS http://t.co/czE72s8IPP
Ray Buckner, IAR
19 Apr 15 07:52:28
RT @StockTwits: US corporate earnings run off the rails: http://t.co/xYPwcA1PJQ Insights from our partner @Covestor $JPM $GS $DAL $GE
My Financial Wisdom
19 Apr 15 07:41:32
Dividend Investing http://t.co/8TGkCBIR7O #DividendInvesting #StockMarket $AXP $GS $MCO $WMT $USB $WFC $PG $IBM $KO $XOM #Investment #money
Elvy
19 Apr 15 07:20:06
RT @robwilliamsNY: Bulls and Bears: A collection of Wall Street opinion from http://t.co/dWMyh7TuYf http://t.co/y7na1l2uVD $SPY $GS $BAC $…
Alok Dharia
19 Apr 15 07:16:46
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Jeff Sandene, CFP®
19 Apr 15 07:15:10
.@NorthmanTrader "Money For Nothing" Huge assist from @Mella_TA http://t.co/PHLli84waX $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/jlrZGczLog
Thomas Paul
19 Apr 15 07:10:41
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
FinSentS SP500
19 Apr 15 07:09:18
$GS:US Don't panic over Wall Street's corporate 'earnings recession' hysteria #GOLDMAN SACHS GROUP INC http://t.co/9zDexqnsQe #SP500
ETFguide.com
19 Apr 15 06:55:08
(Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/LdJJbGQQYY $SPY $GS $C
Portfolio Talk
19 Apr 15 06:55:03
(Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/xPK9gtz8bL $SPY $GS $C
JTM
19 Apr 15 06:24:46
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
ASX James
19 Apr 15 06:20:19
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
MAM_Trader
19 Apr 15 06:19:27
RT @stevewalker36: $GS #GS Lg #WharmonicS #Trading #Forex #FX #Stocks #Futures #Indicies #Commodities #Gold #Oil $QQQ #QQQ $SPY #SPY http:/…
Sean D. Emory
19 Apr 15 05:53:11
Why @_SeanDavid isn't 'particularly excited' about Goldman Sachs, despite good earnings $GS http://t.co/zJsniGrKg1
Kevin Brock
19 Apr 15 05:48:37
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Grail
19 Apr 15 05:44:43
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
FinancialTrader
19 Apr 15 05:37:53
$GS support coming up at 194s-195s
stevewalker
19 Apr 15 05:28:54
$GS #GS Lg #WharmonicS #Trading #Forex #FX #Stocks #Futures #Indicies #Commodities #Gold #Oil $QQQ #QQQ $SPY #SPY http://t.co/REsTQbRmaX
poc_clau
19 Apr 15 05:21:43
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Andrea Calissano
19 Apr 15 05:16:58
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Nereida Diesen
19 Apr 15 05:13:33
US corporate earnings run off the rails: http://t.co/MhfViyVcwq Insights from our partner Covestor $JPM $GS $DAL $GE
PrivateCapBlogger
19 Apr 15 05:10:52
Goldman Sachs: Let The Good Times Roll $GS http://t.co/1Aroq5coJF
Michael Sanzo
19 Apr 15 05:09:17
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
Alpha Maven
19 Apr 15 05:08:26
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
pretty_darn_tasty
19 Apr 15 05:07:28
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
BreakingStocksNews
19 Apr 15 05:00:04
$GS: Barclays Increases Goldman Sachs Price Target to $225.00 (GS): http://t.co/Q520YYOmSB
HARV
19 Apr 15 04:59:59
LONG $GS / $SQQQ short /// http://t.co/1DvPVy4xM8
Steven Gallo
19 Apr 15 04:58:20
RT @ZenTrends: Full Lg-Cap Holdings recap: Looking at the long-term http://t.co/moGaXbK1aE $SPX $STUDY $AAPL $FB $GS $BMY $UNH $BA $SBUX $D…
Ron DeLegge
19 Apr 15 04:55:04
(Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/W17AOhXT2d $SPY $GS $C
Half Full Publishing
19 Apr 15 04:55:02
(Audio) "The cost of investment advice should never supersede the potential benefits of the advice..." http://t.co/MVhjLfLsAY $SPY $GS $C
ProTradersNews
19 Apr 15 04:41:02
$GS: Goldman Sachs Cut to "Market Perform" at Keefe, Bruyette & Woods ...: http://t.co/kjJYy9SvmF
Capital Market Labs
19 Apr 15 04:09:49
Largest Diversified Financials Earnings 1: $BRK.A 2: $GS 3: $AXP Chart: http://t.co/HRAcTH384D http://t.co/2JuSHahW23
Jamie Burak
19 Apr 15 03:34:32
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
DR JAMES CABOT
19 Apr 15 03:32:54
RT @NorthmanTrader: Weekend Charts: Money For Nothing http://t.co/1HphPrWexw $SPY $SPX $DJIA $NYA $GS $XLF http://t.co/q1uddy6wYb
				
				
By  +Follow October 1, 2013 11:43AM
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