WEEKLY OIL GAS PRICES UP
OGJ - US and Brent oil prices rose for a fifth consecutive day June 28, which analysts attributed to a weekly US oil and product inventory report showing an increase in the amount of crude oil in storage despite the gain being less than what some had expected.
Light, sweet crude for August delivery closed on the New York market at nearly $44.75/bbl, marking its highest close since June 16. Brent settled slightly above $47.30/bbl.
Although weekly storage levels edged higher, the addition was less than the 800,000-bbl increase that the American Petroleum Institute estimated.
Separately, the US Energy Information Administration said commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 100,000 bbl to 509.2 million bbl for the week ended June 23 .
US crude inventories are in the upper half of the average range for this time of year, EIA said.
A survey of 10 analysts and traders showed they expected EIA would report a decline of 2.4 million bbl, the Wall Street Journal reported. Tropical System Cindy forced producers to temporary shut in about 17% of oil production in the Gulf of Mexico and less than 1% of natural gas production.
EIA's Weekly Petroleum Status Report showed that US production fell for the week ended June 23 as some analysts had expected.
The latest US oil production total was 9.25 million b/d, down 100,000 b/d from the previous week. Alaska's production fell 45,000 b/d to 440,000 b/d while production across the Lower 48 fell 55,000 b/d to 8.81 million b/d.
The August light, sweet crude contract on NYMEX gained 50¢ on June 28 to settle at $44.74/bbl. The September contract was up 50¢ to close at $44.99/bbl.
The NYMEX natural gas price for July gained 3¢ to a rounded $3.07/MMbtu. The Henry Hub cash gas price also gained 3¢ to $3.01/MMbtu.
Heating oil futures for July added 2¢ to a rounded $1.43/gal. Reformulated gasoline stock for oxygenate blending for July also gained 2¢ to $1.48/gal.
The Brent crude contract for August on London's ICE increased 66¢ to $47.31/bbl while the September contract climbed 62¢ to $47.54/bbl. The July gas oil contract gained $4.25 to $427.50/tonne.
The Organization of Petroleum Exporting Countries' basket of crudes on June 28 was $44.48/bbl, up 25¢.
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REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.
Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.
WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.
U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.