West Texas Intermediate

Positives for the oil and gas industries

Business Advantage PNG reports that gas prices returned to the price level of a year ago following a surge of 28.7 percent according to Kina Securities. Meanwhile, Japan/Korea LNG prices are US$6.98 per million British Thermal Units (BTU).

Oil prices also showed welcome signs of strength after rising by 14.3 percent for the month and 38.7 percent for the year. According to Kina Securities, West Texas Intermediate is trading at US$50.85 a barrel.

Reports of China’s demand for imported crude oil has seen robust gains rising 13.5 percent in the first eight months.