Russia’s Gazprom said on Friday that natural gas supplies via the Nord Stream 1 pipeline would remain shut off after the main gas turbine at Portovaya compressor station near St Petersburg was found to have an oil leak. oil and gas rig count, an early indicator of future output, fell by 5 to 760 in the week to Sept. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks even as oil prices remain relatively high. In the United States, employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% could ease pressure on the Federal Reserve to deliver a third 75 basis point interest rate hike this month. G7 finance ministers agreed on Friday to impose a price cap on Russian oil but provided few new details to the plan aimed at curbing revenue for Moscow’s war in Ukraine while keeping crude flowing to avoid price spikes. “There’s less confidence that we’re going to get a deal with Iran and that’s leading to some short-covering,” Flynn said. The news made some investors skeptical that a deal was imminent, which supported oil prices, said Phil Flynn, an analyst at Price Futures group in Chicago. The United States gave a less positive assessment. proposals aimed at reviving Tehran’s 2015 nuclear deal with world powers. Meanwhile, Iran said it had sent a “constructive” response to U.S. The producer group expects a market deficit of 300,000 bpd in its base case for 2023. OPEC+ this week revised market balances for this year and now sees demand lagging supply by 400,000 barrels per day (bpd), against 900,000 bpd forecast previously. OPEC+ is likely to keep oil output quotas unchanged for October at Monday’s meeting, three OPEC+ sources said, although some sources would not rule out a production cut to bolster prices that have slid from sky-high levels hit earlier this year.
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