October 03, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– Oil prices unsettled fueled by expectations of Israel’s retaliation against Iran targeting Iranian oil infrastructure. Gold jumped by as much as 1.3pc to $2,673 per troy ounce, near its record high. The Israeli Shekel fell 1.1pc against the dollar.
Ford and Lincoln’s strategy of offering customers a choice of powertrains for their vehicles continues to pay off, with company retail sales up 4% in the third quarter. This contrasts with overall U.S. retail industry sales, estimated to be flat for the quarter. Total Ford sales outpaced the industry, rising 1% compared with a 2% decline for the overall market.
Customers continued to favor hybrid vehicles during the summer months. Sales increased 38% to 48,101 in the third quarter, while electric vehicle sales grew 12%. These results come before customers can take advantage of the new Ford Power Promise, which includes a complimentary home charger with standard installation at no extra charge, and access to a 24/7 Ford advisor for electric vehicle support. “Different lifestyles and use cases require unique types of power,” said Andrew Frick, president, Ford Blue and Ford Customer Service Division. “We’ve listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.” Read More
Interior Camera in Gen 2 Vehicles. Rivian Says Vehicles built for model year 2025 are equipped with an interior camera in the rearview mirror. This camera is OFF by default. You may choose to opt in to (i.e., enable) data sharing from the interior camera to help improve and develop vehicle safety systems. We do not associate these images with you or your vehicle for product improvement or development.
Gear Guard Live Cam. Our new feature allows you to:
• View live video from your parked Rivian
• Check on your vehicle’s surroundings right from the Rivian app
• Respond to alarm system notifications in real-time, with live viewing
As always, owner privacy and safety are a top concern, so video is end-to-end encrypted to prevent unauthorized access, and Rivian does not have access to this video.
Charging Partnerships. We have enabled customers to charge with third-party plug-and-charge partners in a seamless and privacy-protective manner. While both Rivian and the third-party partner can see session details, such as the charging location, total energy consumed, and session cost, Rivian does not share your contact details with the third-party partner. Note that the third party may already have them if you provided them directly, such as through their mobile app registration. The changes to our Data Privacy Notice take effect on November 1, 2024. Read More
Neste Corporation has yesterday received a notification under Chapter 9, Section 10 of the Finnish Securities Market Act (FSMA). The reason for the notification by BlackRock, Inc. is the Group restructure following the acquisition of Global Infrastructure Management LLC (“GIP”) on 1 October 2024. The aggregate holdings including financial instruments according to SMA 9:6a owned by BlackRock, Inc. and the entities referred to above amounts to 5.28% of the total number of shares of Neste Corporation. The share stock of Neste Corporation consists of 769,211,058 shares, each entitling one vote.
Total positions of entities referred to in the notification: Read More
The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions.
During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September. The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement.
The final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in Declaration of Cooperation (DoC), which will be available by the second week of October 2024.
The Committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources aimed at discussing September production details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat.
The JMMC emphasized the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024. The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and nonOPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.
Furthermore, the Committee will continuously assess market conditions.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 37th ONOMM held on the 2 June 2024. The next meeting of the JMMC (57th) is scheduled for 01 December 2024. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.17 | Down |
| Crude Oil (Brent) | USD/bbl | $74.93 | Down |
| Bonny Light 02/10/24 , CBN | USD/bbl | $78.14 | Up |
| Dubai | USD/bbl | $73.51 | — |
| Natural Gas | USD/MMBtu | $2.92 | Down |
| Murban Crude | USD/bbl | $75.08 | Down |
| OPEC basket 02/10/24 | USD/bbl | $74.62 | Up |
Baker Hughes Rig Count: U.S. -1 to 587 Canada +7 to 218
U.S. Rig Count is down 1 from last week to 587 with oil rigs down 4 to 484, gas rigs up 3 to 99 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 7 from last week to 218, with oil rigs up 8 to 152, gas rigs down 1 to 65 and miscellaneous rigs unchanged at 1.
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 27 September 2024 | 587 | -1 |
| Canada | 27 September 2024 | 218 | +7 |
| International | August 2024 | 931. | -3 |
The Mercedes-AMG ONE (energy consumption combined weighted: 17.7 kWh/100 km plus 9.9 l/100 km | fuel consumption combined discharged battery: 14.6 l/100 km | CO₂ emissions combined weighted: 224 g/km | CO₂ class combined weighted: G | CO₂ class discharged battery: G)[1] has been the fastest production car on the Nürburgring-Nordschleife since October 2022 and has been unrivalled ever since. The only rival is the ONE itself. Now Mercedes‑AMG brand ambassador and DTM driver Maro Engel has once again significantly improved the lap time he set. With an officially measured and notarised time of 6:29.090 minutes for the 20.832-kilometre track, the hypercar with Formula 1™ technology beat its own record for production vehicles by over five seconds. This makes the Mercedes‑AMG ONE the first road car to beat the magic mark of 6:30 minutes. It is also the only series hybrid hypercar to date to have taken on the world’s most demanding racetrack and is the undisputed leader in the super-sports-car class. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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