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Oil and natural gas rise
Published in Saudi Press Agency on 31 - 08 - 2007


Oil and natural gas futures rose Friday,
boosted by concerns about a tropical storm system forming
in the Atlantic and reports that consumer spending and
factory orders rose in July, according to AP.
Prices retreated from earlier highs, however, after
Federal Reserve Chairman Ben Bernanke said the central bank
will act as needed to prevent credit liquidity problems
from hurting the broader economy, but did not say whether
it will cut the benchmark federal funds rate.
A «tropical wave» in the central Atlantic is
strengthening and could become a tropical depression Friday
morning, the National Hurricane Center said. The storm
system is 250 miles (400 kilometers) from the Caribbean
Sea's Windward Islands and moving westward.
«The wave watchers are worried,» said Andrew Lebow, an
analyst at MF Global UK Ltd.
While the storm system's direction is unclear, oil and
natural gas investors bid prices higher any time a tropical
storm or hurricane threatens oil and gas installations in
the Gulf of Mexico.
«With storm clouds on the horizon, crude futures will be
well-supported because no one will want to be short and out
of the market for the extended U.S. holiday weekend,»
wrote Addison Armstrong, an analyst at TFS Energy Futures
LLC in Stamford, Connecticut, in a research note.
Also supporting energy prices were government reports that
consumer spending rose by 0.4 percent in July, double
June's increase and in line with expectations, and that
factory orders jumped a more-than-expected 3.7 percent last
month. Energy investors pay close attention to economic
data and Bernanke's remarks because the economy's strength
is seen as a barometer of demand for oil and gasoline.
Light, sweet crude for October delivery rose 76 cents to
$74.12 a barrel on the New York Mercantile Exchange, and
natural gas futures climbed 6.8 cents to $5.703 per 1,000
cubic feet.
September gasoline fell 1.01 cents to $2.07 a gallon on
the Nymex after rising more than 2 cents earlier, while
heating oil added 1.90 cents to $2.0474 a gallon.
Natural gas supplies are at record levels, and futures
prices are lower than they were a year ago. However,
heating oil inventories are lower than a year ago, and
futures prices are higher. The result could be lower
heating bills this winter for natural gas customers, and
higher bills for heating oil customers.
In London, October Brent crude futures rose 76 cents to
$72.66 a barrel on the ICE Futures exchange.


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