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

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

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