PDC Energy (Nasdaq:PETD), PetroQuest Energy (NYSE:PQ), Plains Exploration & Production (NYSE:PXP) all rose in price Thursday, increasing with the broader commodity sector on news of the quantitative easing about to be implemented by the Federal Reserve, which will add about $600 billion to the money supply over the next several months, placing the value of the U.S dollar at even more threat.
Oil price, as well as most commodity prices, responded as expected, moving up across the board, with gold growing to record levels again, closing in on $1,400 an ounce, while silver rose to over $26 an ounce. Aluminum increased to price levels not seen since April.
Light, sweet crude for December delivery settled the trading session increasing $1.80a barrel on the New York Mercantile Exchange at $86.49.
PDC Energy closed at $35.72 Thursday, rising $1.72, or 5.06 percent. PetroQuest Energy surged to close at $6.64, gaining $0.46, or 7.44 percent. Plains Exploration & Production was up to $29.55 at the end of the trading session, gaining $1.01, or 3.54 percent.
Showing posts with label New York Mercantile Exchange. Show all posts
Showing posts with label New York Mercantile Exchange. Show all posts
Friday, November 5, 2010
Monday, September 27, 2010
JPMorgan (NYSE:JPM) Sees $90 Oil by End of 2010
JPMorgan (NYSE:JPM) said the price of oil by the end of 2010 should reach close to $90 a barrel.
Data perceived as positive for the economy is partly driving the outlook, but probably the weak U.S. dollar is the main catalyst, as the commitment by the Federal Reserve to interfere in the economy if it remains weak a a major driver as well, which is part of the loss of value of the dollar.
One possible thing that could derail the higher price is if consumers continue to hold back on traveling and spending, which could cause demand to go down and inventories to go up, which could push oil prices down to lower levels than expected.
For Friday, in afternoon trade West Texas Intermediate crude for November contracts was up to $76.35 a barrel, gaining $1.17 on the New York Mercantile Exchange.
Data perceived as positive for the economy is partly driving the outlook, but probably the weak U.S. dollar is the main catalyst, as the commitment by the Federal Reserve to interfere in the economy if it remains weak a a major driver as well, which is part of the loss of value of the dollar.
One possible thing that could derail the higher price is if consumers continue to hold back on traveling and spending, which could cause demand to go down and inventories to go up, which could push oil prices down to lower levels than expected.
For Friday, in afternoon trade West Texas Intermediate crude for November contracts was up to $76.35 a barrel, gaining $1.17 on the New York Mercantile Exchange.
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