Gasoline jumped to a five-week high, following crudes rally, amid concern that any U.S. military strikes against Syria will lead to a widespread Middle East conflict and oil supply disruptions.
Futures rose as much as 2.3 percent. West Texas Intermediate crude surged to the highest level since May 2011. U.S. officials arent limited to a one-day operation, an administration official said as the U.K. drafted a United Nations resolution to condemn last weeks suspected chemical attack in Syria. Syrian Foreign Minister Walid al-Muallem said yesterday we have the means to defend ourselves, and we will surprise people with them.
Were off the highs, but until we have a clear feeling on how the aftermath of this potential strike in Syria will go, you cant afford to be short, said Phil Flynn, senior market analyst at Price Futures Group in Chicago.All the major oil producers are on opposite sides of the conflict.
Gasoline for September delivery rose 3.89 cents, or 1.3 percent, to $3.073 a gallon at 9:46 a.m. on the New York Mercantile Exchange. Prices touched $3.1033, the highest intraday price since July 22. Trading volume was 10 percent above the 100-day average.
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Just received notice that our mid-michigan area prices are going up .25 as I type.
Gasoline Gains as Looming Syria Strike Sends Crude Above $112
Posted in the Minneapolis Forum
#2 Aug 28, 2013
my oil and gold stocks will sky rocket - bring it on !
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