OIL PRICES DOWN TO $44.75
OGJ said, light, sweet crude oil prices for September delivery declined by $1/bbl on July 21 to settle at $44.75/bbl on the New York market. Analysts and traders blamed the price drop on concerns that ample US gasoline supplies might drag down oil demand.
The Petroleum Status Report said total motor gasoline inventories rose about 900,000 bbl for the week ended July 15. Distillate fuel inventories fell 200,000 bbl, the US Energy Information Administration said.
Analysts and oil traders on July 22 awaited release of the Baker Hughes Inc. weekly US rig count.
In London trading, Brent crude oil for September delivery fell 97¢ to settle at $46.20/bbl on July 21, its lowest settlement since May 10. Both light, sweet crude and Brent crude oil prices are down more than 12% from early June when they each briefly settled above $50/bbl.
July 21 marked the first day of trading for the New York September crude oil contract.
On world oil markets, Reuters reported Iraq's oil exports appear to be higher in July than in June based on information from loading data and comments from an unidentified industry source.
Exports from southern Iraq in the first 21 days of July averaged 3.28 million b/d, Reuters calculated, adding that compared with 3.18 million b/d in June.
The increase comes despite a pipeline leak that caused two of Iraq's southern terminals to briefly suspend loadings. The leak has been repaired, the Iraqi oil ministry said July 11.
The NYMEX crude oil contract for September declined $1/bbl to settle at $44.75/bbl on July 21. The October contract dropped $1/bbl to close at $45.45/bbl.
The natural gas contract for August gained 3¢ to $2.69/MMbtu. The Henry Hub gas price declined 2¢ to $2.70/MMbtu on July 21.
Heating oil for August delivery dropped 3¢ to a rounded $1.37/gal. The price for reformulated gasoline stock for oxygenates blending for August edged down by less than a penny to a rounded $1.35/gal.
The September Brent crude contract on London's ICE fell 97¢ on July 21 to $46.20/bbl. The contract for October declined $1.03 to $46.62/bbl. The August gas oil contract settled at $408/tonne, down $5.
The average price for the Organization of Petroleum Exporting Countries' basket of 12 benchmark crudes was $42.93 on July 21, up 20¢.
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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.