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Investing.com - WTI crude oil prices ended lower for a third-straight week, despite settling higher Friday amid reports the U.S. and China are mapping out plans to resolve their trade war later this year.
Natural gas prices moved higher on Friday, following Thursday’s in line inventory report. The trajectory of injections continues to flatten ahead of the withdrawal season, which signals that prices should move higher. The weather in the US is expected to move toward warmer than normal without any areas that are normal or below normal over the next 8-14 day period. Natural gas prices moved higher climbing slightly more than 1.25%, but was unable to recapture resistance near an downward sloping trend line that comes in near 2.97. Momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.
Baker Hughes reported no change to the number of active oil and gas rigs in the U.S., while reporting a small rise in active rigs in Canada
Saudi state oil giant Saudi Aramco remains committed to meeting future oil demand through continued investments, the kingdom's Energy Minister Khalid Al Falih said in a company report on Friday. Aramco, which is slated for a public share sale, "continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement," Al Falih, who is also chairman of Saudi Aramco, said. Despite an improved market picture, the oil industry's preparedness for the future remained in question as the sector had lost an estimate $1 trillion (£786.7 billion) in planned investments since the start of the market downturn, Al Falih wrote.
Nigeria's state owned oil company is set to float 40 percent of its stock on the Nigerian Stock Exchange once the President signs the relevant bill
On August 16, natural gas’s implied volatility was 21.2%, which was ~1.4% above its 15-day moving average. In the trailing week, natural gas’s implied volatility fell 1.4%. Natural gas September futures fell 1.6% during the same period. Since June, these two metrics have been moving in tandem.
On August 16, US crude oil September futures rose 0.7% and settled at $65.46 per barrel—$0.45 above the lowest closing level in more than two months. On the same day, the Energy Select Sector SPDR ETF (XLE) rose 0.7%. The small rise in oil prices might also be behind a rise of 0.8% and 1.6% in the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA), respectively, in the last trading session. In Part 3 of this series, we’ll analyze US crude oil’s relationship with these equity indexes.
Royal Dutch Shell's (RDSa.L) oil traders in the Caribbean island of Barbados are getting ready for a tough gig - they're being moved to the Bahamas next month. The relocation of the oil and gas company's trading hub for Latin America will make travel to customers in the key region easier for its employees, a company spokeswoman said. Shell's oil output in South America jumped sharply in 2016 after it acquired BG Group, which had a large portfolio of assets in Brazil.
Investing.com - Oil prices headed for a second consecutive day of recovery on Friday, but remained on track for a weekly decline, with U.S. crude heading for its seventh straight weekly drop, as investors continued to observe world trade developments.
Strikes planned on three of Total's (TOTF.PA) North Sea oil and gas platforms for five days in September and October will be 12 hours long, a spokesman for the Unite union said on Friday. Strike action by around 45 of Total's 60 workers on the Alwyn, Elgin and Dunbar platforms is scheduled to start with a 24-hour stoppage at 0500 GMT on Aug. 20. On the further strike dates set for Sept. 3, Sept. 17, Oct. 1, Oct. 15 and Oct. 29., operations on the platforms will stop for 12 hours, the spokesman said.
India's palm oil imports are likely to fall 15 percent in 2017/18 from the year before to their lowest in six years, hit by a hike in import taxes, a weaker rupee and tighter credit for would-be buyers, a senior industry official told Reuters. Reduced purchases by the world's top importer of the oil, where it is widely used to fry foods such as samosas or bhajis, could pile more pressure on benchmark international futures that are already trading near their lowest in three years.
Aug 17 (Reuters) - China Shenhua Energy Co Ltd : * SAYS JULY COMMERCIAL COAL OUTPUT UP 6.0 PERCENT Y/Y AT 24.7 MILLION TONNES Source text in Chinese: https://bit.ly/2OIr7gG Further company coverage: (Reporting ...
Aug 17 (Reuters) - China Coal Xinji Energy Co Ltd : * SAYS IT PLANS TO CLOSE YANGCUN COAL BY END OF 2018 TO HELP REDUCE OVERCAPACITY BY 5 MILLION TONNES Source text in Chinese: https://bit.ly/2vRoZMS Further ...
Investing.com - Oil prices slipped on Friday despite tensions between U.S. and China seemingly eased after White House economic advisor Larry Kudlow confirmed that Chinese and U.S. officials will meet later in August to resume trade talks.
Sudan wants India's ONGC Videsh Ltd (OVL) to withdraw arbitration proceedings against the African nation as it is making efforts to mitigate default on payment of dues, OVL said in a statement on Friday. OVL, the foreign acquisition unit of Oil and Natural Gas Corp's (ONGC), filed an arbitration claim earlier this year against the government of Sudan in a London court seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011.
Oil prices fell on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products. Brent crude oil futures (LCOc1) were down 5 cents at $71.38 a barrel by 0050 GMT. U.S. West Texas Intermediate (WTI) crude futures (CLc1) dropped 4 cents to $65.42 a barrel.
U.S. shale is often overlooked or undervalued by analysts looking at the supply dynamics of today’s global oil market, yet it is arguably the most important factor in ensuring short-term stability for oil prices
Investing.com - WTI crude oil prices settled higher on Thursday, but concerns about waning demand kept a lid on gains.
At 4 p.m. EDT (2000 GMT), the Canadian dollar was trading 0.2 percent lower at C$1.3161 to the greenback, or 75.98 U.S. cents. "We are really just treading water ahead of tomorrow's inflation data," said Brad Schruder, director of corporate sales and structuring at BMO Capital Markets. "Experienced global investors have little interest in taking positions ahead of a major piece of data such as CPI." The inflation data could help guide expectations for further Bank of Canada interest rate increases this year.
As trade war tensions heat up between China and the United States, Beijing is looking to diversify its energy sources, growing closer to Iran and Russia in the process
Previously, we saw that BP’s (BP) major upstream projects are expected to boost its hydrocarbon production this year. Let’s now look at how BP’s upstream earnings could shape up in Q3 2018. BP’s upstream earnings rely on crude oil prices and hydrocarbon volumes.
Fourteen workers were injured in a storm that also halted operations at Daleel Petroleum's block 5 in the Sultanate of Oman on Wednesday night, the company said on its website. The company operates the Daleel oil field and three other reservoirs in Oman's Block 5, according to its website.