Ben Bernanke Hints at More Stimulus and Crude Oil Futures rise

Sam Fletcher

OGJ Senior Writer

HOUSTON, July 14 — Energy prices continued climbing July 13, with crude posting a small gain in the New York market on a weaker dollar after Federal Reserve Chairman Ben Bernanke indicated an additional monetary stimulus may be in the works.

“Putting the remark in the context of the recent rather soft economic and employment data from the US, the market appears to think that it is now more likely that the Fed will start a third round of quantitative easing (QE3),” said James Zhang at Standard New York Securities Inc., the Standard Bank Group.

“The market reacted positively to this rhetoric but pared its gains into the close with the Standard & Poor’s 500 index ending the day in the green,” said analysts in the Houston office of Raymond James & Associates Inc. “Natural gas continued to trade strong for the fourth consecutive [session], finishing up 1.6% as most of the country continued to face near-record temperatures. Energy stocks outperformed the broader market.”

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