and the hurricane would be impacting production in US southern...

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szaba_the_hut

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07/10/16

16:18

Post #: 19704062
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Originally posted by JCoure ↑

All the news is positive for POO, oil and gas stocks, see Huff Post article below.
TORONTO — A barrel of oil has closed above US$50 for the first time since June, while North American stock markets ended Thursday fairly flat ahead of the release of the latest round of U.S. jobs figures.
The price of oil climbed to a four-month high with the November crude contract gaining 61 cents to settle at US$50.44 per barrel. The last time oil prices closed above this level was when it hit US$50.56 on June 9.
Investors are buoyed by continued signs that the Organization of the Petroleum Exporting Countries (OPEC) will go ahead with a deal to cap production, in a bid to put a floor on falling crude prices. The 14-nation cartel surprised markets by reaching an agreement in principle last week during an informal meeting in Algeria.
The group, which includes members from Saudi Arabia to Venezuela, are reported to be meeting again next week in Istanbul. It previously said details of the deal won't be hammered out until its official meeting in Vienna on Nov. 30.
The oil rally was also being driven by a report earlier this week that showed a significant drawdown on oil stockpiles in the U.S. last week. The markets had been expecting a surplus.
Paul Vaillancourt, an executive vice-president at Fiera Capital, said the agreement is a good sign that OPEC member countries realize that something must be done about the global glut.
"It signals a willingness to talk and negotiate and to agree that maybe curbing production is a good idea,'' said Vaillancourt, who heads the private wealth division for the Calgary firm.
"It's all very positive. It's more than just psychological. It's fuelled some share price gains and the price of the commodity.''

In other commodities, November natural gas added on a penny at US$3.05 per mmBTU
http://www.huffingtonpost.ca/2016/10/06/oil-price_n_12379206.html

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and the hurricane would be impacting production in US southern states around the gulf potentially?

Last edited by szaba_the_hut: 07/10/16

WPL Price at posting: $29.85 Sentiment: Hold Disclosure: Held
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