MARKET WATCH
NYMEX crude oil reaches $53/bbl before retreating

By OGJ editors
HOUSTON, Oct. 8 -- Crude futures prices for the November contract climbed to $53/bbl during trading Thursday on the New York Mercantile Exchange before retreating to settle at a new high of $52.67/bbl, up 65¢ from Wednesday's close.

Thursday's close was another 21-year high for the crude oil futures price. The December crude oil contract gained 71¢ to $52.24/bbl Thursday on NYMEX.

Traders said the market was bullish on continued concerns about possible global oil supply disruptions and also the impact of the hurricane season on US oil and natural gas production. In addition, Nigeria faces the possibility of a strike and violence.

Meanwhile, Norwegian oil rig workers planned to escalate their strike, cutting total output by 55,000 b/d of oil, the Norwegian Shipowners Association told Dow Jones Newswires Thursday.

The dispute between the association and the Federation of Oil Worker's Union started 3 months ago, "and there is no end in sight," the association's chief negotiator, Ketil Lenning, told Dow Jones.

In Nigeria, a Senate committee urged the federal government to roll back retail fuel prices to their levels before the latest increases. The recommendation suggests adoption of a "price modulating band" with a floor price and a ceiling price.

Trade unions in Nigeria have said they will begin a general strike next week, tentatively on Oct. 14.

Energy prices
On NYMEX Thursday, heating oil closed 1¢ higher to finish at $1.43/gal. Gasoline for the same month increased by 1.44¢ to $1.40/gal.

NYMEX natural gas futures for November delivery jumped 21¢ to $7.25/Mcf, and analysts said the gas prices were following crude oil prices higher.

In London, the November contract for North Sea Brent increased by 91¢ to $48.90/bbl on the International Petroleum Exchange.

The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes rose by 82¢ to $45.08/bbl Thursday.

Related Articles

US House panel grills PHMSA’s interim chief over pipeline safety delays

07/14/2015 Members of a US House Energy and Commerce subcommittee asked US Pipeline and Hazardous Materials Safety Administration Interim Executive Director S...

Market seen balancing with OPEC at target

07/14/2015 Target-level production of crude oil by members of the Organization of Petroleum Exporting Countries would balance the oil market in 2016, accordin...

BG starts LNG shipment from Queensland Curtis CSG-LNG project’s Train 2

07/14/2015 BG Group PLC has loaded its first cargo of LNG from the second train of the Queensland Curtis coal seam gas-LNG (QCLNG) plant. The LNG was loaded o...

MARKET WATCH: Crude oil futures prices settle lower on Iran uncertainty

07/14/2015 Crude oil futures prices alternated between gains and losses in July 13 trading before settling lower on both the New York and London markets on un...

PHMSA issues state pipeline excavation damage prevention programs rule

07/14/2015 The US Pipeline and Hazardous Materials Safety Administration issued a final rule to establish the process for evaluating state excavation damage p...

EIA: US shale oil production to fall 91,000 b/d in August

07/13/2015 Crude oil production in August from seven major US shale plays is expected to decline 91,000 b/d to 5.36 million b/d, according to the US Energy In...

Halliburton, Baker Hughes agree to extend DOJ review of planned merger

07/13/2015 Halliburton Co. and Baker Hughes Inc. reached a timing agreement with the US Department of Justice’s Antitrust Division to extend DOJ’s review of H...

EIA’s estimates for state crude oil production to be helped by direct survey

07/13/2015 Understanding how crude oil production in US key states has been affected by recent changes in crude oil prices and drilling activity is of great i...

Cidade de Marica FPSO arrives in Brazil for module integration

07/13/2015 Petroleo Brasilierio SA (Petrobras) reported that the Cidade de Marica floating production, storage, and offloading vessel is berthed at Brasa ship...
White Papers

UAS Integration for Infrastructure: More than Just Flying

Oil and gas companies recognize the benefits that the use of drones or unmanned aerial systems (UAS) c...

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by
Available Webcasts


Operating a Sustainable Oil & Gas Supply Chain in North America

When Wed, Oct 7, 2015

Short lead times and unpredictable conditions in the Oil & Gas industry can create costly challenges in supply chains. By implementing a LEAN culture of continuous improvement you can eliminate waste, increase productivity and gain end-to-end visibility leading to a sustainable and well-oiled supply chain.

Please join us for this webcast sponsored by Ryder System, Inc.

register:WEBCAST


The Resilient Oilfield in the Internet of Things World

When Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.

register:WEBCAST



On Demand

Taking the Headache out of Fuel License and Exemption Certificates: How to Ensure Compliance

Tue, Aug 25, 2015

This webinar, brought to you by Avalara, will detail the challenges of tax document management, as well as recommend solutions for fuel suppliers. You will learn:

-    Why it’s critical to track business partner licenses and exemption documents
-    The four key business challenges of ensuring tax compliance through document management
-    Best practice business processes to minimize exposure to tax errors

register:WEBCAST


Driving Growth and Efficiency with Deep Insights into Operational Data

Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected