Oil & Gas Prices - Jan 29

[dan_s]

Very nice comeback for oil and gas prices this afternoon. WTI dipped to $76 right before noon and then took off, closing over $78. Brent now testing $84. IMO the gap between WTI and Brent is too large. It should only be $4 to $5.

Yemen's Houthi rebels launched a missile Friday at a U.S. warship patrolling the Gulf of Aden, forcing it to shoot down the projectile, and struck a British vessel as their aggressive attacks on maritime traffic continue.

The attack on the U.S. warship, the destroyer USS Carney, marked a further escalation in the biggest confrontation at sea the U.S. Navy has seen in the Middle East in decades, as Houthi missile fire set another commercial vessel ablaze Friday night.
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IMO even the idiot running the U.S. know that they will have to make Iran pay for this nonsense eventually.

Natural gas also made a nice run up into the close at $2.75.