Views on commodities and energy
Commodities roundup: Oil rally unleashed, how much more left
So says Tom Knight of Truman Arnold in Texas of the near 16% surge in U.S. crude for October to $120.92 a barrel. Among other factors in the energy markets today:
* TARP, the Sec. Paulson-led rescue plan for U.S. banks, has changed sentiment for oil, some analysts are arguing. (A 2% rally in gold amid a weaker dollar lends some support to an re-allocation assumption)
* Saudi Arabia trims oil supply to majors
* Nigerian rebels declare unilateral cease-fire
* U.S. oil sector recovering from Ike
How much more to go? “The dollar is down, the stocks are down and now investulators are jumping back into oil,” says Peter Beutel, analyst at Cameron Hanover in Connecticut. More views on the market today are here.