benanke triggers oil jolt + new well applicat

Oil was up very sharpley on the news from Benanke, which imo may just be the spark that lights the next oil bull run. These where strong and positive words by Big Ben. Not only that they seemed to imply the US recovery is not yet at risk according to Ben. Recent weeks have certainly priced the market as if it was at risk.

Hilcorp have also put in a new well application on 27th aug for wait for it "Urrutia Unit" . My guess is some one thought that was funny.

http://online.wsj.com/article/BT-CO-...27-710312.html
OIL FUTURES: Crude Settles Up As Bernanke Speech Lifts Markets

NEW YORK (Dow Jones)--Crude futures ended the week with a three-day rally, as comments by U.S. Federal Reserve Chairman Ben Bernanke on Friday gave investors renewed confidence that the central bank would step in if the U.S. economic recovery is in jeopardy.

Light, sweet crude for October delivery settled up $1.81, or 2.5%, at $75.17 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange was recently up $1.63, or 2.2%, at $76.65 a barrel.

For crude, it was the first time closing above $75 a barrel since Aug. 18, as three straight days of gains made up for a steep drop that took prices to a two-month low of $70.76 a barrel midday Wednesday.

Futures rose Friday after Bernanke told an audience in Jackson Hole, Wyo., that the Fed is committed to supporting the economy and has the tools to do so. While Bernanke stopped short of announcing new action, gains across many markets indicated that investors were convinced of the central bank's willingness to step in.

The Dow Jones Industrial average was recently up 151 points, or 1.5%, at 10137.

"He basically said 'We will bring out the heavy artillery'" said Matt Zeman, chief market strategist at LaSalle Futures Group in Chicago. "That should drive the dollar lower and give commodities a bounce."