By Myra P. Saefong, MarketWatch, Christopher Alessi. Market weighs talk of an extension to the crude output-cut pact. Oil prices struggled for direction Tuesday, a day after U.S. prices settled at a seven-week high, as traders weigh prospects for an extension to the OPEC-led production cut agreement through next year.
LONDON-- For over a decade, the North Sea's once-booming oil sector was mired in decline. Against the odds, it has emerged as an unlikely bright spot in today's stormy global energy industry. Investors have sunk more than $16 billion so far this year into European deals for assets mostly located in the North Sea, a flurry that far outstrips energy deal activity in all but American shale country and Canada's oil sands, according to Edinburgh-based energy consulting firm Wood...
LONDON--Oil prices gained Tuesday morning, buoyed by signals from Iraq's oil minister that the country could be open to extending OPEC's production cut agreement through next year. Brent crude, the global benchmark, rose by 0.32%, to $55.66 a barrel in London midmorning trading. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.66%, at $50.24 a barrel.
--Oil futures continued to tread water in Asian trading, mirroring a lack of sustained movement in other asset classes ahead of central-bank meetings in the U.S. and Japan this week. --Also constraining price action in the energy pits has been Friday's upcoming meeting involving the Organization of the Petroleum Exporting Countries and other nations which have also agreed to production caps which began in January. --October Nymex light, sweet crude on the New York Mercantile...
OIL: Oil is almost flat in Asia, last down $0.03 at $49.94 after dipping to
$49.19 towards the end of the European session yesterday. -Hurricane Maria has been upgraded to a category 5 level on the same trail as
hurricane Irma and Hurricane Jose is still developing, reports say Jose may hit landfall on Thursday and 5 refineries along the East Coast that process up to
1.1 million barrels of oil a day could be affected. WTI is still only hovering around the $50 mark as refineries reopen after Hurricane Harvey and demand has
risen. Data showed Saudi Arabian crude oil exports fell to 6.693mln bpd in July, down from 6.889 million bpd in June.
- Further decreases in rig counts reported on Friday in the Baker Hughes count and we look to Wednesday when DOE Inventory survey's are predicting a lesser
increase in Crude Oil inventories. - MNI technical analysis sees support at SUP 1: $50.17 - Hourly support Sept 18
and resistance is seen at RES 1: $50.88 - High Sept 14 with the recovery from Aug lows now seeing the contract hesitating ahead of the 200-DMA and $51.45
resistance as daily studies linger at O/B levels.
US OIL CLOSE: The August 15-16 lows near $1,267-$1,268 will continue to act as
larger support. - NYMEX October light sweet crude oil futures settled up $0.02 at $49.91 per
barrel, after trading in a $49.19 to $50.33 range. - On Sept. 14, the pair vaulted its 200-day moving average, currently at $49.58,
and took out late July/early August peaks in the $50.22 to $50.43 to post nearly a four-month high of $50.50 before backing off. West Texas Intermediate has not
yet settled above $50. WTI last closed above the psychological $50 mark July 31 - Only August 31, WTI posted a low of $45.58, the lowest since July 24, when the
front contract posted a low of $45.40. - As background, WTI topped out at $52.00 May 25, before the announcement of a
nine-month extension of OPEC/non-OPEC production cuts. The extension was largely priced in and oil fell to $42.05 on June 21.
By Myra P. Saefong, MarketWatch, Sarah McFarlane. Weather forecast helps lift natural-gas prices to a nearly 4- month high. U.S. oil prices settled little changed on Monday after posting a roughly 5% gain last week, as traders weighed prospects for an extension to the OPEC-led production cut agreement and expectations for U.S. crude output.
Colonial Pipeline, the largest fuel system in the United States, said on Monday that Port Arthur, Texas refiners can use their own pumps as a temporary solution to get gasoline and other products into its main lines.
OIL: WTI crude getting knocked lower, -0.56 to 49.33 after trading between
49.60-49.80 last few hours. Sources say stop triggered on break of 200dma (49.57)
Contango Oil & Gas Co (MCF). * Contango updates southern delaware basin operations and impact of hurricane harvey. * Contango updates southern delaware basin operations and impact of hurricane harvey.
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