US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 2.9 million bbl for the week ended Oct. 4, according to data from the US Energy Information Administration.
Crude oil benchmarks ended slightly lower on New York and London markets on Oct. 8 while US natural gas future prices also declined after having recently snapped the longest losing streak since at least 1990.
In its latest short-term energy outlook, the US Energy Information Administration forecasts global liquid fuels inventories in 2020 will build by an average of 300,000 b/d as supply growth outside OPEC outpaces growth in global liquid fuels demand.
Light, sweet crude oil prices dropped slightly, holding flat at less than $53/bbl on Oct. 7 on the New York market.
Oil benchmark prices rose Oct. 4 to end the week with light, sweet crude contracts for December settling below $53/bbl on the New York market while the Brent crude contract for December settled just under $58.40/bbl.
Oil benchmark prices traded mixed on Oct. 3 with light, sweet crude oil prices declining on the New York market while Brent crude oil prices gained slightly in London. Overall, oil prices held fairly flat compared with Oct. 2 settlements.
Natural gas supply and demand are expected to reach historic highs this winter, according to the Natural Gas Supply Association in its 19th annual Winter Outlook forecast of the wholesale winter gas market.
Light, sweet crude oil prices declined on the New York market by about $1/bbl on Oct. 2 after a US government report showed oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.1 million bbl for the week ended Sept. 27.
US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.1 million bbl for the week ended Sept. 27, according to data from the US Energy Information Administration.
US oil and gas mergers and acquisitions activity surpassed $17 billion in this year’s third quarter, maintaining the momentum established in the second quarter, according to a recent report from Austin-based oil and gas data analytics company Enverus.
Light, sweet crude oil prices fell moderately Oct. 1 on the New York market, settling at $53.62/bbl after reports of slowing US manufacturing while Brent crude for December also fell to settle at $58.89/bbl.
Light, sweet crude oil for November delivery fell nearly $2 on the New York market Sept. 30 to settle just above $54/bbl on concerns that US President Donald Trump is considering actions that could escalate the US-China trade dispute.
Light, sweet crude oil for November delivery fell moderately on the New York market Sept. 27 to settle just below $56/bbl while Brent crude oil for November delivery also fell in London to settle just below $62/bbl.
Crude oil benchmarks settled mixed in Sept. 26 trading. Brent crude oil for November delivery gained to settle above $62.70/bbl in London while light, sweet crude oil for November declined for a third consecutive day in New York but held above $56.40/bbl.
