Press Release Author: Tri-Coastal Oil and Gas Ltd.
Industry: Energy
Press Release Summary: HOUSTON, Oct. 16 -- The front-month crude futures contract pushes past $86/bbl in New York, although most analysts see few potential changes in market fundamentals to support a continued rally.
Press Release Body: The November contract for sweet, light crude hit an all-time high of $86.71/bbl Oct. 15 on the New York Mercantile Exchange before closing at a record $86.13/bbl, up $2.44 for the day.
The December contract surged by $2.39 to $85.13/bbl.
On the US spot market, West Texas Intermediate at Cushing, Okla., was up $2.44 to $86.14/bbl.
Heating oil for November delivery escalated by 6.08¢ to $2.31/gal on NYMEX.
The November contract for reformulated blend stock for oxygenate blending (RBOB) popped up 7.24¢ to $2.16/gal.
The November natural gas contract shot up 47.1¢ to $7.45/MMbtu on NYMEX, pulled along by the surge in oil prices.
On the US spot market, gas at Henry Hub, La., jumped 41.5¢ to $7.04/MMbtu.
In London, the November IPE contract for North Sea Brent crude gained $2.20 to $82.75/bbl.
The November contract for gas oil climbed $11.25 to $709.50/tonne.
The average price for OPEC\'s basket of 12 reference crudes increased $1.14 to $78.76/bbl on Oct. 15
Consumers are paying the price at the pump but the Oil companies and their shareholders are making record profits at unprecedented levels.
This opens up massive exploration funding for companies like Tri-Coastal Oil and Gas Ltd. \"The limits of where we can extract oil from and still make a profits have just been rendered extinct\" said Tri-Coastal spokesman James Bennett in a recent interview.
Web Site: http://www.tri-coastal.com
Contact Details: Tricoastal Oil and Gas Ltd.
14th Floor Kyong Am Building, 157-27 Samsung-Dong, Kangnam-Ku, Seoul 135-090 Korea
2012
