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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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.