Euro markets close high whilst U.S. markets stumble European stocks closed trading modestly higher after struggling at an early stage, as investors attempted to dispel trade-war anxiety between the U.S. and China and as shares of financials and the pharmaceutical companies affected the broader market. The Stoxx Europe 600 regained from its losses with a 0.1% increase to 390.05, following its decrease in closing of 0.2% on Wednesday. Germany’s DAX 30 rose by 0.3% to 12,676.11, while France’s CAC 40 ended the day with minimal change. On the other hand the U.K.’s FTSE 100 fell 0.5% to 7,741.77, whilst the British pound dropped further. U.S. markets closed mostly higher following a dismal performance by energy and industrial shares on the market. However, Nasdaq bucked the trend to rise for an eight consecutive session. This however, does not reflect the full story of performances as key benchmarks such as the S&P 500 performed mostly positively throughout the trading … [Read more...] about Samsung launches new phone and U.S. Oil and Gas company for sale
U s oil production
By Trend U.S. oil prices slumped on Monday after China threatened duties on American crude imports in an escalating trade dispute with Washington, Reuters reports. U.S. West Texas Intermediate (WTI) crude futures CLc1 touched their lowest level since April, falling to $63.59 per barrel before edging back to $63.83 a barrel by 0426 GMT. That was still down $1.23, or 1.9 percent, from their last settlement. “Crude oil prices crashed as U.S.-China trade tensions escalated last Friday,” wrote Benjamin Lu of Singapore-based futures brokerage Phillip Futures. In an escalating spat over the American trade deficit with most of its major trading partners, including China, U.S. President Donald Trump last week pushed ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6. China on Friday said it would retaliate by slapping duties on American export products, including crude oil. “Beijing has retaliated ... with its position as a top … [Read more...] about U.S. oil slumps as China threatens duty on U.S. crude imports
Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in U.S. fuel inventories provided the market with some support. Brent crude futures LCOc1, the international benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $66.58 a barrel, down 6 cents from their last settlement. Prices were pulled down by another rise in U.S. oil production C-OUT-T-EIA, which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday. U.S. crude output has risen by almost 30 percent in the last two years, and it is now close to top global producer Russia, which produced 11.1 million bpd overall in the first two weeks of June. But the rising output came amid strong demand, which traders said prevented crude prices from falling further. U.S. consumption of gasoline … [Read more...] about News.Az — Your Window to the RegionOil prices fall as U.S. crude production hits another record
The price differential between the two most important crude oil benchmarks is widening again, a reflection of a divergence in the supply fundamentals between the U.S. and the rest of the world. At the beginning of 2017, WTI and Brent traded closely, with just a slim price differential. The spread blew out in late summer after Hurricane Harvey, which devastated the U.S. Gulf Coast and put refineries and ports out of business for several weeks. That led to a buildup of crude oil along the Gulf Coast because it had nowhere to go, resulting in a temporary glut that pushed down the WTI benchmark relative to Brent. However, earlier this year, the gap narrowed sharply. The oil market continued to tighten, despite financial volatility. Also, inventories in the U.S. fell significantly in the latter part of 2017, taking away some of the surplus that had dragged down U.S. oil prices. Another reason for the shrinking price differential was because some additional pipeline capacity took oil away … [Read more...] about Why Is U.S. Oil So Cheap?
By April 10, 2018, 11:00 AM EDT U.S. oil and gas producers expect their borrowing ability to increase over the next few months leaving them open to invest in new shale assets, particularly the Eagle Ford in Texas, a survey said.More than 80 percent of respondents to a survey by Haynes and Boone LLP said their borrowing bases, or credit availability backed by collateral, will likely increase as banks conduct their biannual reviews, the law firm said Tuesday. That may benefit the Eagle Ford and nearby Austin Chalk as the “next big play,” the study said.The Eagle Ford is already an established shale play, generating about 12 percent of the U.S.’s daily oil, but it’s been receiving more attention of late. While the formation produces only about a third of the oil from the nearby Permian Basin, the country’s most prolific field, the south Texas field is closer to the Gulf Coast’s network of refineries and pipelines and acreage is typically … [Read more...] about U.S. Oil Debt Eases Meaning Producers Target Next Big Shale Play