The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.  EnergiesNet ” Latin America & Caribbean web portal with news and information on Energy, Oil, Gas, Renewables, Engineering, Technology, and Environment.– Contact : Elio Ohep, editor at  EnergiesNet@gmail.com +584142763041-   The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.
10/14 Closing Prices / revised 10/15/2024 08:30 GMT | 10/14 OPEC Basket  $77.18 –$1.25 cents | 10/14 Mexico Basket (MME)  $68.73 –$ 1.60 cents 08/31 Venezuela Basket (Merey)  $62 15   +$1.66 cents  10/14 NYMEX Light Sweet Crude $73.83 -$1.73 cents | 10/14 ICE Brent Sept $77.46 -$1.58 cents | 10/14 Gasoline RBOB NYC Harbor $2.11 -2% | 10/14 Heating oil NY Harbor  $2.27 -3% | 10/14 NYMEX Natural Gas $2.49 -5.2% | 10/11 Active U.S. Rig Count (Oil & Gas)  586 +1 | 10/15 USD/MXN Mexican Peso19.3870 (data live) 10/15 EUR/USD  1.0906 (data live) | 10/15 US/Bs. (Bolivar)  $37.88800000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch

U.S. oil price Tuesday moves back above $90 a barrel as crude resumes rally – MarketWatch

  • Oil futures settle at their highest in a week
David Ryder/Getty Images

Isabel Wand and Williams Watts, MarketWatch

NEW YORK
EnergiesNet.com 09 26 2023

This feature is powered by text-to-speech technology. Want to see it on more articles?
Give your feedback below or email audiofeedback@marketwatch.com.

U.S. oil futures climbed back above $90 a barrel to settle modestly higher on Tuesday as investors shook off worries about the global economic outlook to resume a rally that’s been fueled by tightening crude supplies.

Price action

  • West Texas Intermediate crude for November delivery CL00, 1.34% CL.1, 1.34% CLX23, 1.34% rose 71 cents, or 0.8%, to settle at $90.39 a barrel on the New York Mercantile Exchange.

  • November Brent crude BRNX23, 1.00%, the global benchmark, advanced 67 cents, or 0.7%, to finish at $93.96 a barrel on ICE Futures Europe.

  • October gasoline  RBV23, 0.85%  gained 1 cent, or 0.7%, to end at $2.5622 a gallon.

  • October heating oil HOV23, 1.50%   was off 3 cents, or 1.2%, to settle at $3.2238.

  • October natural gas NGV23, +0.60% rose 1 cent, or 0.6%, to end at $2.6560 per million British thermal units.

Market drivers

U.S. crude settled above $90 a barrel after dipping back below that threshold on Monday.

“It looks like nothing is going to get in the way of this oil price rally,” said Edward Moya, senior market analyst at OANDA, in emailed comments on Tuesday. “Energy traders know a bullish trend when they see one and it will take a lot more than a strong dollar, softer Russian ban, and weakening demand, to disrupt this rally.”

“Oil prices are in backwardation and probably will stay that way a while longer,” he added.

See: Oil prices at $90 a barrel unlikely to derail the U.S. economy or consumer spending, Goldman Sachs says

Oil prices hit 2023 highs earlier this month after Saudi Arabia said it would continue a production cut of 1 million barrels a day through the end of the year and Russia said it would also move to curb exports by 300,000 barrels a day.

Now Playing: Ark’s Cathie Wood on Nvidia, Tesla, Coinbase, and Elon Musk

Expectations for a significant supply deficit moving into year-end alongside growing optimism over the potential for an economic soft landing as major central banks slowed or ended rate increases were cited for gains.

However, uncertainty around the demand outlook has risen after the Federal Reserve last week indicated rates may continue to move higher and will remain elevated for longer than investors previously anticipated.

Meanwhile, the ICE U.S. dollar index DXY on Tuesday jumped to its highest level since November 2022 as rising Treasury yields have kept the greenback well supported against its major peers.

The yield on the 10-year Treasury BX:TMUBMUSD10Y rose 1.7 basis points to 4.558% on Tuesday, the highest level since Oct. 16, 2007, according to Dow Jones Market Data. The yield on the 2-year Treasury BX:TMUBMUSD02Y remained unchanged, at 5.129% on Tuesday.

See: Oil could hit $150, sending ‘shock through system,’ says top shale CEO

Higher oil prices are also attracting added supply, Robert Yawger, executive director for energy futures at Mizuho, said in a note.

The Energy Information Administration’s domestic production estimate is up 700,000 barrels a day since the end of May to 12.9 million barrels a day, shy of the record of 13.1 million barrels a day in March 2020, he noted, while 400,000 barrels a day of Iraqi Kurd barrels sent through the Turkish export facility at Ceyhan are expected to return to the market soon.

“Iranian barrels may come out of the shadows and return to the open market after diplomatic inroads. Plus, new barrels from Suriname, and Guyana, continue to hit the market,” he said.

The American Petroleum Institute will report U.S. commercial inventories of crude oil later on Tuesday. The Energy Information Administration will release official inventory figures on Wednesday morning, while natural-gas inventory data is due Thursday.

marketwatch.com 09 26 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.