WTI crude oil (USO) gains another 2.2% in overnight trade, now fetching $101.80 per barrel,...

WTI crude oil (USOgains another 2.2% in overnight trade, now fetching $101.80 per barrel, the highest level in about 15 months amid political turmoil in Egypt. The situation may be bad enough to threaten the region's oil supplies, but the Egyptian stock market rose 4.9% today suggesting some measure of hope. The Egypt Index ETF (EGPT) gained 5.8% in New York trade. S&P 500 futures -0.2%.
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Comments (7)
  • Guardian3981
    , contributor
    Comments (2510) | Send Message
    How convenient they rise just in time for peak summer driving season. Also ironic that because of the dollar every other commodity has declined yet somehow oil is immune?
    2 Jul 2013, 10:47 PM Reply Like
  • justaminute
    , contributor
    Comments (1644) | Send Message
    Not to mention we are at all time high supply levels. It's a very liquid trading play though. No pun intended.
    2 Jul 2013, 11:44 PM Reply Like
  • Nawar Alsaadi
    , contributor
    Comments (440) | Send Message
    This is an excellent setup for Canadian oil producers, strong oil prices have combined with shrinking differentials and a weaker Canadian dollar creating a unique boost to cash flow at those companies. Historically strength in the Canadian dollar correlated with strong oil prices, this relationship has been broken of late due to the weakness in the Canadian economy, should this trend of strong oil prices and weak loonie persist, the Canadian oil weighted names stand to make a bundle.


    My top pick in the sector remains Longview Oil (TSX: LNV), a company I have covered in an SA article in early June:




    2 Jul 2013, 10:57 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4207) | Send Message
    Why is Brent less affected by the crisis and the WTI-Brent spread getting smaller?? Should it not be the opposite?
    2 Jul 2013, 11:01 PM Reply Like
  • Bioalchemy
    , contributor
    Comments (175) | Send Message
    US stock markets probably will ignore this.
    3 Jul 2013, 12:20 AM Reply Like
  • xsaudx
    , contributor
    Comments (2) | Send Message
    I think market readers noticed that oil should soar after they get convinced that it is immuned againt the collective drop in commodities! so heavy buying came in to WTI
    3 Jul 2013, 03:55 AM Reply Like
  • User 353732
    , contributor
    Comments (5161) | Send Message
    A 2% gain is hardly "soaring".
    Natural gas in North America is far more volatile and people do not attribute this to yet another Middle Eastern polity engaging in its episodic hate, envy, rage and killing.


    The great increase in North American oil production has been a very welcome geo strategic development and created far more resilience and supply response capability than was thought possible just 5 years ago...hence a mere 2% rather than the 10 to 15 % jump that would have occurred some years ago.
    3 Jul 2013, 05:26 AM Reply Like
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