OIL & GAS FUTURES LOWER
Crude oil and natural gas futures prices ended last week lower.
The New York Mercantile Exchange October crude oil contract fell 66¢ on Sept. 19, settling at $92.41/bbl. The November contract lost 33¢ to $91.65/bbl.
The natural gas contract for October declined 7.3¢ to a rounded $3.84/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.86/MMbtu, dropping 10¢.
Heating oil for October delivery was up less than a penny to a rounded $2.72/gal. Reformulated gasoline stock for oxygenate blending for October gained 5.04¢ to $2.61/gal.
The November ICE contract for Brent crude delivery rose 69¢, closing at $98.39/bbl. The December contract gained 67¢ to $99.03/bbl. The ICE gas oil contract for October lost 75¢ to settle at $823.25/tonne.
The average price for the Organization of Petroleum Exporting Countries' basket of 12 benchmark crudes on Sept. 19 was $94.44/bbl, falling 75¢.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.