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Showing posts from October, 2019

Crude Oil Price Update - Trend Up, Momentum Down; Important Support Zone $53.91 to $53.19 - FX Empire

U.S. West Texas Intermediate crude oil futures are trading sharply lower shortly before the extended close on Thursday. The selling is being driven by rising U.S. crude oil stocks, weak factory activity in China, and worries that the lack of progress over U.S.-China trade talks could put pressure on future demand growth.At 20:25 GMT, December WTI crude oil is trading $54.16, down $0.90 or -1.63%. Daily December WTI Crude OilDaily Technical AnalysisThe main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top on October 28.A trade through $56.92 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will change to down on a move through $52.46.The minor trend is also up. A trade through $52.85 will change the minor trend to down. This will reaffirm the shift in momentum.The intermediate range is $59.11 to $50.89. Its retracement zone at $55.00 to $55.97 i…

WTI crude oil futures settle at $54.18 - ForexLive

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Oil prices jump more than 2% after Iran says two missiles struck one of its tankers - CNBC

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Oil prices jump more than 2% after Iran says two missiles struck one of its tankers - CNBCOil prices jump more than 2% after Iran says two missiles struck one of its tankers - CNBCPosted: 11 Oct 2019 12:00 AM PDT Oil prices rose sharply on Friday morning after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea.Brent crude futures were up 2.4% at $60.51 a barrel, with West Texas Intermediate (WTI) futures settling 2.2% higher at $54.70 per barrel. The National Iranian Oil Company told NBC that the tanker was hit by two explosions at 5:00 a.m. and 5:20 a.m. local time. It said the tanker had been traveling through the Red Sea off the coast of Saudi Arabia, 60 miles from the city of Jeddah.Saudi officials were not immediately available to respond to requests for comment from CNBC.The state-run IRNA news agency identified the vessel as the Sabity, with NBC reporting that the crew were uninjured and were working to stabilize the ship. After …

Some Maine heating fuel dealers adding new 'hazmat' delivery fee - Biddeford Journal Tribune

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Some Maine heating fuel dealers adding new 'hazmat' delivery fee - Biddeford Journal TribuneSome Maine heating fuel dealers adding new 'hazmat' delivery fee - Biddeford Journal TribunePosted: 22 Jan 2019 12:00 AM PST North Yarmouth resident Pamela Smith was charged nearly $12 by her propane service for a hazmat fee, although there's no such thing under local, state or federal law. "A 'hazmat fee,' every time there's a fill-up? They're very nice people, but I was just taken aback." DEREK DAVIS/Portland Press Herald A new charge called a hazmat fee has started to appear on the bills of Downeast Energy customers, prompting complaints.Pamela Smith of North Yarmouth noted it on her bill after she got a propane delivery this winter. She was charged $188 for the fuel and $11.62 for a hazmat fee.Her propane dealer, Downeast Energy, sent notices to many of its customers in late December, saying it was instituting the fee to offset…

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${latestItemCrude Oil Price Forecast - Crude Oil Markets Pull Back Into Support - FX EmpirePosted: 30 Oct 2019 09:31 AM PDTWTI Crew OilThe WTI Crude Oil market has been falling during the trading session on Wednesday as we await the inventory figures. That being said though, the $55 level looks to be an area of support as it was previously resistance. At this point in time it's very likely that we will continue to see buyers in this general vicinity, so given enough time it's likely that the market will continue to go higher as we find this area to be "fair value."Crude Oil Price Forecast Video 31.10.19[embedded content]BrentBrent markets have also fallen during the trading session but have bounce quite a bit more, using the 50 day EMA as support. At this point in time it's very likely that the market is going to continue to show a lot of choppiness. At this point, the market was to break higher and above the $62.50 level, it's likely that the market could go…

Oil prices fall to lowest finish in over a week, but cling to a modest monthly climb - MarketWatch

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Getty Images Oil futures declined Thursday to settle at their lowest in over a week, with U.S. prices down a fourth session in a row but holding on to a modest gain for the month.Worries about the global economic backdrop were back in focus for oil traders, with prices declining after a round of lackluster factory data out of China, and a news report that said Chinese officials have doubts over prospects for a long-term trade deal with the U.S.West Texas Intermediate crude CLZ19, +0.48%  for December delivery fell 88 cents, or 1.6%, to settle at $54.18 a barrel on the New York Mercantile Exchange. Prices fell a fourth straight session and marked their lowest finish since Oct. 22, according to Dow Jones Market Data. For the month, prices rose 0.2%.Global benchmark December Brent crude BRNZ19, -0.66%  declined by 38 cents, or 0.6%, to end at $60.23 a barrel on ICE Futures Europe—also the lowest since Oct. 22. The contract, which expired at the day’s settlement, posted a gain of 0.9% for …

Economic Uncertainty Leaves Oil Markets Paralyzed - OilPrice.com

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The Federal Reserve cut interest rates again this week, but signaled that it may be done cutting for the time being.It was the third interest rate cut this year, which marked an about-face after successive increases over the previous few years. The central bank was forced into monetary easing after the global economy showed signs of slowing down, made worse by the U.S.-China trade war.However, despite the browbeating from President Trump, Fed Chairman Jerome Powell indicated that the latest cut of 25 basis points might be the end of the line, unless things deteriorate further. “The current stance of [interest-rate] policy is likely to remain appropriate” if the economy continues on its current growth rate, Powell said.The result was something of a mixed bag for both stocks and for crude oil. The cut was widely expected for some time, so there was little suspense in the announcement. Reading between the lines, the wording and tone from Powell suggests that it will take much more upheav…

How One Desperate Energy Executive Launched the Fracking Revolution - Texas Monthly

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How One Desperate Energy Executive Launched the Fracking Revolution - Texas MonthlyHow One Desperate Energy Executive Launched the Fracking Revolution - Texas MonthlyPosted: 16 Oct 2019 12:00 AM PDTTexas Monthly writer-at-large Loren Steffy's new book, George P. Mitchell: Fracking, Sustainability, and an Unorthodox Quest to Save the Planet (Texas A&M University Press), is the first comprehensive biography of Mitchell, a Galveston native who is best known for two things: developing the Woodlands, the master-planned community north of Houston, and helping create hydraulic fracturing, aka fracking, the method of gas well stimulation that has transformed the global energy industry.In this exclusive excerpt, Mitchell's companyis in dire straits, a situation that puts tremendous pressure on him to sell his beloved Woodlands—and also leads to the revolutionary development of fracking.In the late 1980s, Mitchell Energy and Development faced deteriorating financial prospects. The e…

Commodity Mantra: Gold price slips, oil and base metals trade higher - Indiainfoline

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Commodity Mantra: Gold price slips, oil and base metals trade higher - Indiainfoline

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Why Are Crude Oil Prices Falling Today? - Market Realist

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Today at 8:25 AM ET, US crude oil prices have fallen 0.8%. Prices continue to decline after the EIA released inventory data on Wednesday. US crude oil prices have fallen 0.9% and settled at $55.06 per barrel in the last trading session. The United States Oil Fund LP (USO) has fallen 0.9%. However, upstream stock Chesapeake Energy (CHK) fell 4.7%. Chesapeake Energy will report its third-quarter earnings results next week. EIA dataCrude oil inventories rose by 5.7 MMbbls (million barrels) for the week ending October 25. A Reuters poll suggested a rise of around 0.5 MMbbls. In the same report, gasoline inventories fell by 3 MMbbls. Reuters expected a draw of 2.2 MMbbls in gasoline inventories.The difference between crude oil inventories and their five-year average or the inventories spread has risen to 1%. For the week ending October 18, the difference was 0%. A rise in the inventories spread will impact oil prices until next week. In the short term, the inventories spread and crude oil …

The U.S. Just Doubled Its Natural Gas Exports - OilPrice.com

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The United States saw its net natural gas exports in the first half of 2019 more than double from the same period last year, thanks to more liquefied natural gas (LNG) export capacity coming online in recent months, the U.S. Energy Information Administration (EIA) says.Between January and June 2019, U.S. net natural gas exports averaged 4.1 billion cubic feet per day (Bcf/d), more than double the average net exports in 2018, data from EIA’s Natural Gas Monthly showed.The United States, which exports natural gas via pipelines to neighbors Canada and Mexico and exports LNG to several other countries, became a net natural gas exporter on an annual basis in 2017, for the first time in nearly 60 years.A large part of the recent increase in U.S. natural gas exports is due to a growing number of LNG facilities coming online. U.S. exports of LNG jumped by 37 percent in the first half of 2019 compared to the first half of 2018, according to EIA data.As of June this year, the U.S. had a total L…

Encana Boosts '19 North American Oil, Gas Forecast Ahead of U.S. Relocation, Rebranding - Natural Gas Intelligence

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Encana Boosts '19 North American Oil, Gas Forecast Ahead of U.S. Relocation, Rebranding - Natural Gas IntelligenceEncana Boosts '19 North American Oil, Gas Forecast Ahead of U.S. Relocation, Rebranding - Natural Gas IntelligenceQEP Resources (QEP) Q3 Earnings In Line, Ups Production View - Yahoo FinanceTrump Surrenders 2.5 Billion Barrels Of Oil To Syria - NasdaqEncana Boosts '19 North American Oil, Gas Forecast Ahead of U.S. Relocation, Rebranding - Natural Gas IntelligencePosted: 31 Oct 2019 12:28 PM PDTWith oil and gas volumes increasing by 4% year/year across its North American basins, Encana Corp. on Thursday raised its 2019 production guidance.The independent also unveiled big news, with plans to rebrand as Ovintiv Inc. early next year and move its headquarters to the United States from Calgary.CEO Doug Suttles held court during a conference call to discuss the quarter's results and plans going forward. Encana expects to continue generating signifi…