Crude Caps Weekly Advance as Iran Sanctions Bite Into Supply - Bloomberg:
Crude posted a third weekly advance out of four as Iranian sanctions take center stage, with investors eyeing the impact on supply.
Futures in New York closed 1.8 percent higher this week amid signs that looming U.S. sanctions on Iran are whittling global supply levels. The International Energy Agency warned of higher oil prices amid deepening supply losses in Iran and Venezuela.
“It looks like the reality of sanctions are happening pretty quickly,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “The risk of being short went up dramatically.”
Friday, 14 September 2018
Oil mixed as China tariff talk scotches early rally | Reuters
Oil mixed as China tariff talk scotches early rally | Reuters:
Oil prices pulled back on Friday amid concerns additional U.S. tariffs would be placed on China, trading mixed after a rally triggered by worries of more sanctions on Iran.
Crude futures were on track to end the week up about 1.6 percent.
Traders said a rally on Friday was sparked by reports Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.
Oil prices pulled back on Friday amid concerns additional U.S. tariffs would be placed on China, trading mixed after a rally triggered by worries of more sanctions on Iran.
Crude futures were on track to end the week up about 1.6 percent.
Traders said a rally on Friday was sparked by reports Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.
GLOBAL LNG-Prices for November soften after earlier strong weeks | Reuters
GLOBAL LNG-Prices for November soften after earlier strong weeks | Reuters:
Asian spot liquefied natural gas (LNG) softened for November delivery after several weeks of strong demand and tightening supplies led buyers to wait for a correction in prices.
Spot prices for November LNG-AS delivery in Asia were heard around $12.00 per million British thermal units (mmBtu) this week, down 5 cents from the week before, market sources said.
The first half of November was weaker than the second, with one cargo for delivery in the first two weeks of the month offered but unsold at $12.00, traders said.
Asian spot liquefied natural gas (LNG) softened for November delivery after several weeks of strong demand and tightening supplies led buyers to wait for a correction in prices.
Spot prices for November LNG-AS delivery in Asia were heard around $12.00 per million British thermal units (mmBtu) this week, down 5 cents from the week before, market sources said.
The first half of November was weaker than the second, with one cargo for delivery in the first two weeks of the month offered but unsold at $12.00, traders said.
U.S. drillers add oil rigs for second week in three: Baker Hughes | Reuters
U.S. drillers add oil rigs for second week in three: Baker Hughes | Reuters:
U.S. energy companies this week added oil rigs for the second time in the last three weeks even as new drilling has largely stalled since June due to pipeline constraints in the country’s biggest oilfield.
Drillers added seven oil rigs in the week to Sept. 14, the biggest weekly increase in a month, bringing the total count to 867, 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 749 rigs were active as energy companies have been ramping up production in anticipation of higher prices in 2018 than previous years.
U.S. energy companies this week added oil rigs for the second time in the last three weeks even as new drilling has largely stalled since June due to pipeline constraints in the country’s biggest oilfield.
Drillers added seven oil rigs in the week to Sept. 14, the biggest weekly increase in a month, bringing the total count to 867, 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 749 rigs were active as energy companies have been ramping up production in anticipation of higher prices in 2018 than previous years.
Oil prices claw back on supply concerns, but demand worries drag | Reuters
Oil prices claw back on supply concerns, but demand worries drag | Reuters:
Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, with concerns about supply countering worries that emerging market crises and trade disputes could dent demand.
Brent crude was up 3 cents at $78.21 a barrel by 0634 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13.
U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.
Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, with concerns about supply countering worries that emerging market crises and trade disputes could dent demand.
Brent crude was up 3 cents at $78.21 a barrel by 0634 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13.
U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.
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