WEEKLY: OIL BELOW
Crude oil futures prices ended last week trading lower. The New York Mercantile Exchange October crude oil contract fell $1.16 in trading Sept. 5 to $93.29/bbl. The November contract dropped $1 to settle at $92.71/bbl.
The October natural gas contract lost 2.6¢ to settle at a rounded $3.79/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.84/MMbtu, down 5¢ for the second straight day.
Heating oil for October delivery was down 1.71¢ to a rounded $2.82/gal. Reformulated gasoline stock for oxygenate blending for October delivery declined 1.65¢ to a rounded $2.58/gal.
The October ICE contract for Brent crude delivery fell $1.01 to $100.82/bbl. The November contract declined 90¢ to $101.40/bbl. The ICE gas oil contract for September was lost $12 to $851.75/tonne.
The average price for the Organization of Petroleum Exporting Countries' basket of 12 benchmark crudes on Sept. 5 was $98.36/bbl, falling 77¢.
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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.