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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PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.
NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.
REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.
REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.