U.S. crude oil near $69 per barrel as OPEC+ delays production boost
U.S. crude oil pulled back slightly Thursday to close near $69 per barrel, as OPEC+ delays plans to boost...
U.S. crude oil pulled back slightly Thursday to close near $69 per barrel, as OPEC+ delays plans to boost production after futures sold off steeply this week.
OPEC+ members have delayed a production hike of 180,000 barrels per day by two months, two sources told CNBC. The production increase was originally scheduled for October.
“There’s several factors that are really working against OPEC over the next few months,” Andy Lipow, president of Lipow Oil Associates, told CNBC’s “Street Signs” on Thursday.
“They want to see Brent crude oil prices at $85 to $90 per barrel to balance their budgets,” Lipow said.
Here are Thursday’s energy prices:
West Texas Intermediate October contract: $69.15 per barrel, down 5 cents. Year to date, the U.S. benchmark has fallen 3.5%.
Brent November contract: $72.69 per barrel, down 1 cent. Year to date, the global benchmark has pulled back 5.7%.
RBOB Gasoline October contract: $1.92 per gallon, down more than 3 cents, or 1.8%. Year to date, gasoline has declined 8.4%.
Natural Gas October contract: $2.25 per thousand cubic feet, up 10 cents, or 5%. Year to date, gas has tumbled 10.3%.
Dow sheds over 200 points, S&P 500 logs 3-day skid ahead of Friday's jobs report
U.S. stocks closed mostly lower on Thursday but off the...
U.S. stocks closed mostly lower on Thursday but off the session's worst levels ahead of the highly anticipated August jobs report.
According to Dow Jones Market Data, the Dow Jones Industrial Average fell 219.22 points,or 0.5%, to 40,755.75.
The S&P 500shed 16.66 points, or 0.3%, to close at 5,503.41. This was the third straight day of losses.
The Nasdaq Compositeended 43.36 points higher, or 0.3%, at 17,127.66.
Investors have been focused on any signs of weakness taking hold in the U.S. economy, especially since last month's labor-market report showed the unemployment rate ticking up to 4.3%, roughly a three-year high.
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Competition Reshapes North American Pipeline Costs
Increased competition from the Trans Mountain pipeline in Canada is forcing...
Increased competition from the Trans Mountain pipeline in Canada is forcing other operators, including Enbridge, to lower their crude oil transport rates to remain competitive in the face of new market options for oil producers. "[Our] data suggests that increased westbound flows will moderately cut into volumes moving on other routes out of Western Canada, especially crude-by-rail and Enbridge's Mainline system," Wood Mackenzie analysts say.
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