|Day's Range||2.859 - 2.859|
Investing.com – Gold prices rallied to a more than one-month high on strong safe-haven demand amid escalating U.S.-China tensions as the prospect of a trade war heats up.
The growing risk of a global trade war sent oil prices crashing on Thursday, but bullish messages from Saudi Arabia saw prices rebound on Friday
French oil major Total will begin drilling its first deepwater exploration well at a block it operates in the Gulf of Mexico in October, according to a plan approved on Friday by Mexico's National Hydrocarbons Commission (CNH). U.S. major ExxonMobil is an equity partner in the Total-led consortium, which won the development rights to Block 2 in Mexico's first deepwater oil auction in late 2016.
Occidental Petroleum (OXY) reported 2017 production of 602,000 barrels of oil equivalent per day (Mboed), which represents a decline of 4.44% compared to 2016 volumes. Lower production volumes in 2017 compared to 2016 was because of the sale of Occidental’s South Texas properties in 2Q17. Crude oil’s share as a percentage of OXY’s total production has increased since 2012.
Natural gas prices fell for the third straight day after breaking down through support levels on Thursday following a smaller than expected decline in natural gas inventories reported by the EIA. Demand fell last week as the residential and commercial sectors saw a 9% drop due to warming temperatures. A stronger than expected U.S. Durable Goods Orders failed to buoy prices.Technicals
In other energy trading, Gasoline RBOB Futures increased 1.48% at $2.0382 a gallon, while heating oil increased 1.41% to $2.0175 a gallon. Natural gas futures slipped 0.65% to $2.603 per million British thermal units.
Amid the downturn in oil and natural gas prices over the past several years, many companies in the energy sector took steps to improve efficiencies and cut costs by reducing capital expenditures, dividends ...
Investing.com - Oil prices continued to rise on Friday, bolstered by news that production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and Russia could be extended into 2019.
The only thing we can count on today is elevated volatility levels. In the meantime, the battle between the bulls and the bears will continue given the news about a possible extension of the OPEC-led production cuts.
The gold prices were mostly stable during the yesterday’s session trying to figure out the next move in the market. The silver prices were volatile during the most part of the session during Thursday as it dropped towards the $16.40. Keep an eye on the movement of major currency pairs and gold market to chart the next movement of this market.
The rising prospects of a trade war saw equity markets tumble through the Asian session, with demand for the Yen on the rise, as the markets continued to respond to trade tariffs, which has left the Dollar on the back foot. Risk aversion will provide support for the EUR, while the Pound will be in the hands of the Euro Summit.
Malaysia's Petronas said on Friday it is one of the producers involved in TransCanada's proposal to expand a pipeline system that would open up more markets for the energy company's gas produced in Western Canada. Pipeline operator TransCanada in February said it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its Nova Gas Transmission Line (NGTL), which moves gas from Alberta and British Columbia to markets all over North America. In an emailed statement to Reuters, Petronas said its subsidiary Progress Energy Canada Ltd is one of the eleven shippers involved in TransCanada's application to regulators.
The S&P 500 fell significantly during the trading session on Thursday, as it has been a bit of a “risk off” day in fears of the United States levying tariffs against the Chinese. Any potential trade war could cause major issues economically, and that of course is exactly what the market is thinking.
President Trump is set to escalate the brewing global trade war with tariffs directed at China, and the oil and gas industry is sure to suffer as a result