[Sunday Update] Oil prices in spotlight as Iran warns of escalation of Israel-Hamas war
Oil futures were being watched as a bellwether late Sunday as Western diplomats and...
Oil futures were being watched as a bellwether late Sunday as Western diplomats and leaders warned Iran not to wade into the Israel-Hamas war, as Israeli forces appeared on the verge of a ground invasion of Gaza.
“The energy markets are the first derivative to drive broad market sentiment this week, with crude and Nat Gas leading investors to trade volatility (options), as well as classic hedges such as gold and Treasuries,” said Chris Weston, head of research at Melbourne-based broker Pepperstone, in a note.
Crude opened slightly lower, with West Texas Intermediate crude futures CL00 falling 30 cents, or 0.3%, to $87.39 a barrel on the New York Mercantile Exchange on Sunday night.
Israel claims Hamas commanders that helped coordinate surprise attack have been killed
The Israel Defense Forces (IDF) claim to have killed two leading Hamas commanders who helped...
The Israel Defense Forces (IDF) claim to have killed two leading Hamas commanders who helped coordinate last week’s attack on Israeli communities near the Gaza Strip.
“Based on precise IDF and ISA [Israel Security Authority] intelligence, IDF aircraft killed Ali Qadi, a company commander of the Hamas ‘Nukhba’ commando force, who led the terror attack in Israeli communities near the Gaza Strip last weekend,” an IDF post stated on Saturday.
Israel’s military claims Qadi was apprehended in 2005 following the kidnapping and murder of Israeli civilians. He was released as part of the Gilad Shalit prisoner exchange in 2011, the post said. READ MORE
N.D. oil output rose in Aug.; gas production hit record
North Dakota oil production increased by 3% to almost 1.2 million...
North Dakota oil production increased by 3% to almost 1.2 million barrels per day in August, while natural gas inched up by less than 1% to a record 3.3 Bcf/d, the North Dakota Industrial Commission has reported. State Mineral Resources Director Lynn Helms cautioned that ExxonMobil's purchase of Pioneer Natural Resources could divert investment from the Bakken Shale, potentially causing production to stagnate or decline.
Growing financial pressures and drilling demands are driving...
Growing financial pressures and drilling demands are driving a wave of consolidation in the US shale sector, with international giants sweeping up smaller independent shale drillers, according to Pioneer Natural Resources CEO Scott Sheffield. This shift, exemplified by ExxonMobils' recent $60 billion acquisition of Pioneer, could simplify supply trend analysis and enhance market stability on the one hand, and amplify OPEC's sway over the oil market on the other.
Historybook: President Dwight D. Eisenhower born (1890); Chuck Yeager becomes first...
Historybook: President Dwight D. Eisenhower born (1890); Chuck Yeager becomes first person to fly faster than speed of sound (1947); Cuban Missile Crisis begins (1962); Martin Luther King Jr. wins Nobel Peace Prize (1964); American photographer Dody Weston Thompson dies (2012).
Israel-Hamas war update: Palestinians scrambled to leave the Northern part of the Gaza Strip yesterday after Israel gave the 1.1 million people in that part of the territory 24 hours to evacuate, which the UN called impossible. As it prepares for a ground war, Israel continued to launch airstrikes and began ground raids in response to Hamas’s attack last weekend targeting civilians and, per NBC, schools and a youth center, which killed 1,300 people. Meanwhile, as the conflict escalates, Saudi Arabia said it was putting the deal to normalize relations with Israel, which the US had been brokering, on hold. And President Biden pledged the US would work with other governments to surge humanitarian aid to Gaza, saying Palestinians who have nothing to do with Hamas’s terrorism were suffering.
