MARKET WATCH: Oil fundamentals shift, balances remain ‘constructive,’ Barclays notes

“Oil market fundamentals and the geopolitical catalysts driving price momentum continue to pass through revolving doors,” said an analyst with Barclays Capital Inc. “As one supply disruption fades (Libya), others have emerged as offsets (Iraq, Nigeria),” said Miswin Mahesh, analyst with Barclays.

“Even the diplomatic efforts between Iran and the US this week resembled that of a revolving door, with both parties coming close enough to the negotiation table at the [United Nations], yet maintaining their own directions,” he said, adding, “As these variables shift around in an offsetting fashion, underlying balances remain constructive.”

Energy prices

The NYMEX November contract for benchmark US light, sweet crudes gained 37¢ on Sept. 26, settling at $103.03/bbl. The December crude contract added 47¢ to settle at $102.52/bbl.

Heating oil for November delivery increased 2.8¢ to a rounded $3/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for November rose by 3.18¢ to a rounded $2.69/gal.

The October natural gas contract edged down less than a penny to a rounded $3.50/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.46/MMbtu, a 5.5¢ fall.

In London, the November IPE contract for North Sea Brent crude moved upward 89¢ to $109.21/bbl. The October contract for gas oil was up $1.50 to $920.50/tonne.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes dropped 19¢ to $106.34/bbl on Sept. 26.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

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