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New bids for oil and gas exploration rights on a series of blocks are expected to stoke renewed interest in Myanmar’s energy sector and boost investment inflows
Tanzanian police have arrested 104 suspected militants planning to establish bases in neighbouring Mozambique, where scores of people have been killed in Islamist attacks over the last year, a senior official said on Saturday. Forty attacks have been carried out since October 2017 in Mozambique's Cabo Delgado province, an area near the Tanzanian border close to where companies are developing one of the biggest natural gas finds in a decade. Tanzania's Inspector General of Police Simon Sirro said on Saturday security forces had launched operations over the last few months against "criminals" in eastern and southern areas, but that some of them had managed to flee.
Proctor & Gamble surged after reporting better-than-expected earnings. The company said it got a boost from strong beauty-product sales. A report from the National Association of Realtors showed on Friday that U.S. home sales fell in September by the most in over two years as the housing market continued to struggle despite strength across the broader economy.
The stock markets overall stabilized in America during the week after the brutal selloff that we have seen. While we have not shown a lot of bullish pressure, we haven’t fallen any further either, which of course is crucial.
The US dollar has found significant support at the 61.8% Fibonacci retracement level, near the ¥111.50 level. This is a market that has been in a strong uptrend for some time, and it now looks as if that is trying to continue.
U.S. sanctions on Iran, the rift between the U.S. and Saudi Arabia, and possibly higher ethanol content will unsettle gas prices for a while.
Enbridge Inc said on Friday that it is preparing to start construction on a damaged natural gas pipeline in British Columbia and expects it be fixed by mid-November, though it and an adjacent line will both operate at reduced pressure. The pipeline was shut down after it ruptured earlier this month causing gas to ignite, leading to the evacuation of about 100 people in northeast British Columbia and disrupting refinery operations hundreds of miles away in the state of Washington. Enbridge said it expects the 36-inch line to be repaired and operating by mid-November, pending regulator approval, though at 80 percent of its normal pressure.
Whiting Petroleum (WLL), a Williston Basin–focused exploration and production company, is in sixth place in terms of cash flow from operations growth. WLL is expected to post 188.3% YoY (year-over-year) cash flow from operations growth in the third quarter. This impressive growth is expected to be driven by strong production and higher average realized sales prices.
U.S. drillers added oil rigs for a second week in a row this week, raising the rig count to the highest level since March 2015. Drillers added four oil rigs in the week to Oct. 19, bringing the total count to 873, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is higher than a year ago when 736 rigs were active because energy companies have ramped up production to capture prices that are higher in 2018 than 2017.
Investing.com - Oil prices bounced higher on Friday after two sessions of sharp declines sparked by a large build in U.S. crude inventories, while investors looked ahead to the latest reading on U.S. drilling activity.
Artesia is at the northwestern edge of what is known as the Permian Basin, named for the geologic period that came right before the Triassic and the Jurassic (which, as a childhood dinosaur fanatic, I find useful as context) and left a whole lot of marine organic matter across West Texas and southeastern New Mexico that spent the next 252 million years turning into oil and natural gas. Humans drilled the first successful oil well in the Texas part of the Permian in 1921, and the first big New Mexico strike came in 1928.
Russia and Uzbekistan began preliminary work on Friday on the first Uzbek nuclear power plant, a project Moscow estimates will cost $11 billion. The plant, to be largely financed by a soft loan from Russia, will allow Uzbekistan to use more of its natural gas for other purposes such as chemicals production or export. Russian President Vladimir Putin and Uzbek President Shavkat Mirziyoyev pressed a symbolic button together at a ceremony in a conference hall in Tashkent to mark the start of geological surveying to decide on a location for the facility.
Gold prices continued to trade sideways forming a bull flag pattern that is a pause that refreshes higher. Stronger US yields relative to Europe and Japan are buoying the dollar which is weighing on gold prices. Gold has benefited from a flight away from riskier assets during the past 2-weeks, as stock prices have traded on the defensive. Weaker than expected Chinese economic data including GDP and Industrial production also buoyed gold prices.
Today’s early strength may be a technical bounce related to profit-taking and position-squaring in reaction to an unexpected turnaround in China’s stock market. Tensions eased a bit overnight when the heads of the People’s Bank of China, the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission all issued statements expressing support for the stock market and positive economic fundamentals.
North Dakota's daily crude production in August broke the previous all-time high set in July, while natural gas output and producing wells also hit records.
“The oil prices in the world are too high and it’s unhealthy for the world,” said Bob Dudley, the chief executive officer of British oil-and-gas giant BP. Some emerging market economies such as South Africa, India, and Turkey were suffering from their highest-ever prices of gasoline because the market price of oil—which is traded in…
The market was under pressure even before the government data was released at 1430 GMT on Thursday. Ahead of the trading session, sellers were reacting to a report from Bespoke Weather Services which said “weather models maintained long-range cold risks overnight but weakened the intensity of ‘extremely cold’ guidance Wednesday.
Unipec Asia, the trading arm of Chinese oil major Sinopec , is in talks to buy more liquefied natural gas (LNG) from the Exxon Mobil Corp-operated Papua New Guinea (PNG) project, five industry sources told Reuters. If agree, a supply deal would likely start ahead of an expected surge in China's demand this winter and it will be for about three years, two of the sources briefed on the matter said. The exact volumes under discussion were not immediately clear but project holder Oil Search said in its half-yearly results statement in August that negotiations are ongoing to contract the project's final batch of mid-term supply totalling 0.45 million tonnes per annum (mmtpa).
Stock markets fell a bit in the United States to kick off the Thursday session, but it looks as if they are finding a certain amount of buying pressure underneath. Because of this, it’s likely that we could see a bit of a rally after this recent brutal selloff.
Crude oil markets pulled back during the day on Friday to find support underneath that major levels, based upon the Fibonacci retracement tool. Because of this, it looks as if we are going to see a bit of a bounce from here, and if we do I think it’s likely that we will eventually see traders picking the energy market back up.
The US dollar has gone back and forth against the Japanese yen over the last several for our candles, as we consolidate the gains that we had recently enjoyed. It looks as if the market is ready to look for a reason to go higher though.
The British pound continues to hover around the 1.31 handle against the US dollar, as we are simply sitting around in general. The market hasn’t shown much proclivity in taking off so far during the day, and I think we are simply it a bit of a holding pattern.
Unipec Asia, the trading arm of Chinese oil major Sinopec , is in talks to buy more liquefied natural gas (LNG) from the Exxon Mobil Corp-operated Papua New Guinea project, five industry sources told Reuters. The Papua New Guinea project has a total contracted volume of 7.5 mmtpa so far, according to Oil Search. The project has signed mid-term LNG sale and purchase agreements with PetroChina and oil major BP, and has sold 6.6 mmtpa under long-term contracts to Japanese trading giant JERA, Osaka Gas, Sinopec and Taiwan's CPC Corp.
There’s a virtually unknown commodity that is taking markets by storm, and it could very well be the key to the energy storage revolution