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Syria: Oil Prices vs Wall Street
Posted: Aug 29, 2013
That September drop you were expecting for gasoline prices? Don't hold your breath.
Currently, gasoline averages $3.55 a gallon nationally, down from $3.63 a month ago.
Most analysts had expected a drop to about $3.40 by early fall on seasonal demand slumping following the summer driving season.
Not now. Some forecasters predict a short-term spike of up to 10 cents a gallon. Crude oil prices and gas futures are soaring on growing fears that if the U.S. military strikes at Syria for its handling of civil unrest, Middle East oil supplies could be disrupted.
The price of domestic crude oil for October delivery jumped above $112 a barrel early Wednesday on the New York Mercantile Exchange - a two-year high. It settled at about $110. Benchmark Brent crude oil, up 1.5% in London, settled near $116 a barrel, a six-month high.
More here:
(Stocks did better Wednesday BUT the high last week was over 15,500, so they dropped quite a bit). Stocks rebounded Wednesday after two days of declines pegged to fears about the fallout if the U.S. stages a military strike against Syria.
The Dow Jones industrial average rose 48.38, or 0.3% to 14,824.51.
The benchmark Standard & Poor's 500 index gained 4.48, or 0.3% to 1,634.96. And the tech-laden Nasdaq composite index gained 14.83, or 0.4% to 3,593.35.
Wall Street isn't out of the woods. The price of crude oil continued to surge on worries about a possible supply disruption amid the growing specter of U.S. military action in the Middle East.
Benchmark oil for October delivery rose just under $1 to just shy of $110 a barrel in electronic trading on the New York Mercantile Exchange. The contract jumped more than $3 Tuesday to finish at $109 and some analysts warn the Syria crisis could push the price of crude above its all-time closing high of $145.29 a barrel hit on July 3, 2008.
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