Oil Prices Settle Higher As More Production Shut Ahead Of Hurricane
Doha, Qatar: Oil prices settled higher on Friday as Hurricane Isaias churned toward the northern Gulf of Mexico and oil companies shut more than 70% of crude production in US waters.
Brent crude futures settled at $104.72 a barrel, and US WTI crude finished at $91.85 a barrel. For the week, Brent rose 2.4% and WTI was up 0.8%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
US President Donald Trump said on Thursday that Washington was having“productive discussions” with Iran and said no attack was planned before the 3 November midterm congressional elections after media reports that he was considering an attack before then.
Asian spot LNG prices rose last week as renewed attacks on tankers near the Strait of Hormuz stoked concerns over potential supply disruptions, although muted buying interest from key importers limited gains.
The average LNG price for November delivery into northeast Asia was $26.50 per million British thermal units, up from $ 25.25 per mmBtu the week before. Asian demand remains price-sensitive, with Chinese buyers particularly unlikely to chase spot cargoes unless prices fall.
In Europe, the Dutch TTF gas price settled at $26.61 per mmBtu, posting a weekly gain of 6.0%.
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