Oil prices dip as producers, refiners avoid worst of hurricane - Reuters:
Oil prices inched lower on Friday as Hurricane Laura passed the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage and companies began to restart operations.
Brent crude futures LCOc1 for October fell 4 cents to settle at $45.05 a barrel, before expiring on Friday. U.S. West Texas Intermediate (WTI) crude CLc1 fell 7 cents to $42.97 a barrel.
Both benchmarks notched weekly gains of about 1.5%, with WTI rising for a fourth straight week. The benchmarks hit five-month highs during the week as U.S. producers cut crude output ahead of Laura at a rate close to the level of 2005’s Hurricane Katrina.
“The oil trade has been featured by strong advances at the start of the week as a sizable amount of storm premium was pumped into the market ahead of Hurricane Laura, followed by a major erasure of hurricane premium following the storm’s arrival as limited impact on offshore crude production or refinery activity was indicated,” said Jim Ritterbusch, president of Ritterbusch and Associates.
Friday, 28 August 2020
Oil edges lower as U.S. producers, refiners avoid worst of storm - Reuters
Oil edges lower as U.S. producers, refiners avoid worst of storm - Reuters:
Oil prices edged lower on Friday as storm Laura past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.
Brent crude LCOc1 futures for October, set to expire on Friday, was down 7 cents to $44.99 a barrel by 1154 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 3 cents to $43.01 a barrel.
“With the U.S. Gulf hurricanes out of the way and preliminary assessment showing no damage to the upstream or downstream facilities, crude has surrendered most of the storm premium and could enter a holding pattern again,” said Vandana Hari, oil market analyst at Vanda Insights.
Oil prices edged lower on Friday as storm Laura past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.
Brent crude LCOc1 futures for October, set to expire on Friday, was down 7 cents to $44.99 a barrel by 1154 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 3 cents to $43.01 a barrel.
“With the U.S. Gulf hurricanes out of the way and preliminary assessment showing no damage to the upstream or downstream facilities, crude has surrendered most of the storm premium and could enter a holding pattern again,” said Vandana Hari, oil market analyst at Vanda Insights.
Investors awaiting launch of #Saudi derivatives market next week | ZAWYA MENA Edition
Investors awaiting launch of Saudi derivatives market next week | ZAWYA MENA Edition:
The Saudi Stock Exchange (Tadawul) is close to launching the Derivatives Market to start trading of the kingdom's first exchange-traded derivatives product.
Many market analysts affirmed the launch, set to take place on Sunday, 30 August, will considerably benefit the Saudi stock market, being a new investment opportunity. It will enhance the market's efficacy, emphasise its robustness while creating an attractive investment scene for foreign investors.
The financial derivatives market will offer investors a comprehensive and diversified range of investment products and services.
It was necessary to roll out invaluable investment products for both international and local segments after competent foreign investors directly entered the Saudi market and joined emerging markets indices, member of the Saudi Economic Association, Saad Al Thaqfaan, told Mubasher.
The Saudi Stock Exchange (Tadawul) is close to launching the Derivatives Market to start trading of the kingdom's first exchange-traded derivatives product.
Many market analysts affirmed the launch, set to take place on Sunday, 30 August, will considerably benefit the Saudi stock market, being a new investment opportunity. It will enhance the market's efficacy, emphasise its robustness while creating an attractive investment scene for foreign investors.
The financial derivatives market will offer investors a comprehensive and diversified range of investment products and services.
It was necessary to roll out invaluable investment products for both international and local segments after competent foreign investors directly entered the Saudi market and joined emerging markets indices, member of the Saudi Economic Association, Saad Al Thaqfaan, told Mubasher.
Oil lower as U.S. producers, refiners avoid worst of storm - Reuters
Oil lower as U.S. producers, refiners avoid worst of storm - Reuters:
Oil prices fell on Friday as storm Laura raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.
Brent crude LCOc1 futures for October, set to expire on Friday, had fallen 19 cents to $44.90 a barrel by 0815 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 20 cents to $42.84 a barrel.
“With the U.S. Gulf hurricanes out of the way and preliminary assessment showing no damage to the upstream or downstream facilities, crude has surrendered most of the storm premium and could enter a holding pattern again,” said Vandana Hari, oil market analyst at Vanda Insights.
Oil prices fell on Friday as storm Laura raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.
Brent crude LCOc1 futures for October, set to expire on Friday, had fallen 19 cents to $44.90 a barrel by 0815 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 20 cents to $42.84 a barrel.
“With the U.S. Gulf hurricanes out of the way and preliminary assessment showing no damage to the upstream or downstream facilities, crude has surrendered most of the storm premium and could enter a holding pattern again,” said Vandana Hari, oil market analyst at Vanda Insights.
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