September 09, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) ––Oil prices recorded its biggest weekly drop in as a weak US jobs report added to concerns on low demand for crude generally. WTI for October delivery fell 2.1% to settle at $67.67 a barrel. Brent for November settlement slid 2.2% to settle at $71.06.
NEO Energy (NEO) to slow down investment plans across its portfolio in light of fiscal and regulatory uncertainty NEO owns 50% of, and operates, the Buchan Horst development project. Serica Energy and Jersey Oil & Gas are the joint venture partners, owning 30% and 20% respectively. In recent weeks the government has announced a number of measures which have materially increased the level of uncertainty in relation to the UK’s oil and gas sector and investment decisions in this context are extremely challenging. . Read More
Baker Hughes Rig Count: U.S. -1 to 582 Canada +0 to 220
U.S. Rig Count is down 1 from last week to 582 with oil rigs unchanged at 483, gas rigs down 1 to 94 and miscellaneous rigs unchanged at 5.
Canada Rig Count is unchanged from last week to 220, with oil rigs down 1 at 152, gas rigs unchanged to 67.
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 | 06 September 2024 | 582 | -1 |
| Canada | 06 September 2024 | 220 | — |
| International | August 2024 | 931. | -3 |
Egyptian General Petroleum Corporation issued a tender for 17 cargoes for its floating import terminal at Ain Sukhna and three more cargoes to be delivered into neighboring Aqaba, Jordan, according to people with knowledge of the matter. Egypt is seeking the deliveries from October to December, the people said. Rapidly-declining gas production in Egypt and an unusually hot summer have prompted the nation to increase its LNG imports this year to the highest level since 2018. Buying 20 more cargoes this fall and winter raises the prospect Egypt will become a net importer of gas. It also threatens to drive up prices in Europe and Asia. Read full article
Morgan Stanley cut again its forecast, now expecting the international benchmark to average $75 a barrel in the last quarter of the year.
Analysts at Morgan Stanley see rising headwinds on the demand side, which has been their key reason for cutting their Q4 oil price forecast.
“The recent trajectory of oil prices has similarities to other periods with considerable demand weakness,” Morgan Stanley analysts wrote in a Monday note carried by Bloomberg. Read full article
The latest jobs report from the Labor Department, released on Friday, showed 142,000 new jobs were added in August, which was below expectations. However, unemployment rose less than forecast in the same month, keeping optimism alive about an interest rate cut soon. Read full article
Toyota slashes EV output forecast by a THIRD in latest instance of brands delaying electric car plans amid slowing demand, The automotive giant has shortened its EV manufacturing ambitions for 2026 by a third, estimating it will make 1 million battery cars during the year rather than the 1.5 million it had previously forecast. Read More
Vestas has secured an 810 MW offshore order from Equinor to power New York’s Empire Wind 1 offshore wind project. The order includes 54 V236-15.0 MW turbines and marks Vestas’ first order in the U.S. for an offshore platform and its industry-leading, type-certified V236-15.0 MW turbine. The order includes supply, delivery, and commissioning of the turbines, as well as a five-year comprehensive service agreement, designed to ensure optimised performance of the asset followed by a long-term service support agreement.The Empire Wind 1 project also includes the continued transformation of the South Brooklyn Marine Terminal (SBMT) in Sunset Park, New York which is set to become one of the nation’s largest dedicated port facilities for offshore wind and a world-class offshore wind hub. The SBMT will provide the infrastructure to deploy the V236-15.0 MW offshore wind turbines, including the staging and pre-assembly activities such as load-in, load-out, and transportation of wind turbine components, tools and containers before progressing towards offshore wind turbine installation and commissioning. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $68.05 | Up |
| Crude Oil (Brent) | USD/bbl | $71.44 | Up |
| Bonny Light 05/09/24 | USD/bbl | $77.00 | Down |
| Dubai | USD/bbl | $73.14 | — |
| Natural Gas | USD/MMBtu | $2.18 | Down |
| Murban Crude | USD/bbl | $71.87 | Up |
| OPEC basket 06/09/24 | USD/bbl | $73.19 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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