Oil Eases On Resuming US Output After Storm, Rising Rig Count
Date
9/16/2024 3:02:46 AM
(MENAFN- The Peninsula)
The Peninsula
Doha: Oil prices fell on Friday as US Gulf of Mexico crude production resumed following Hurricane Francine and rising data showed a weekly rise in US rig count.
Brent crude futures settled at $71.61 a barrel, down 36 cents, or 0.5%.
US West Texas Intermediate crude (WTI) settled at $68.65 a barrel, down 32 cents, or 0.5%. As US Gulf Coast production and refining activity resumes, investors have opted to offload oil contracts going into the weekend, analysts said.
Asian spot liquefied natural gas (LNG) prices fell last week amid limited demand for November deliveries and as supply concerns related to Hurricane Francine's impact on US LNG facilities eased.
The average LNG price for October delivery into north-east Asia was at $13.20 per million British thermal units (mmBtu), industry sources estimated, down from $13.40 per mmBtu last week, noted Al-Attiyah Foundation in its Weekly Energy Market Review..
In Europe, Dutch and British wholesale gas prices were little changed on Friday morning as supply risks eased due to the US Hurricane Francine weakening and amid forecasts for warmer weather.
The market remains in a comfortable position, with high underground gas storage levels ahead of winter and no significant extensions to ongoing Norwegian maintenance.
In the US, natural gas futures fell on Friday, as traders took profits after prices rose to a two-month high early, supported by higher demand forecasts and a drop in output in recent days.
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