Crude prices moved higher this week, giving back some gains on Friday.

West Texas Intermediate on the New York Mercantile Exchange dropped 59 cents, or about 1 percent, Friday, to close at $40.60 per barrel. This compares to Monday, when prices jumped $2.17 to close at $39.22 per barrel. That was followed by a $1.45 gain Tuesday that put prices back above $40 a barrel. Prices fell to $39.95 Wednesday before closing at $41.19 Thursday. The posted price ended the week at $37 per barrel.

Natural gas prices on the NYMEX started the week off with an 18-cent jump and largely added to those gains, with the exception of a 9.5 cent drop Tuesday. Prices rose 11.4 cents Friday to close at $2.741 per Mcf.


Bloomberg reports prices were poised for a 10 percent gain for the week, the biggest since June, boosted largely by the approach of Hurricane Delta,

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Oil prices fell on Wednesday after US President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in US crude inventories.

US West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2 per cent, to $39.86 a barrel by 0411 GMT while Brent crude futures fell by 70 cents, or 1.6 per cent, to $41.95 a barrel.

“Crude prices got hammered with a one-two punch after President Trump sent all risky assets into freefall after ending negotiations on fiscal stimulus and after US crude stockpiles posted their first build in four weeks,” said Edward Moya, senior market analyst at OANDA.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for the US, the world’s biggest oil consumer, with the US presidential election only weeks away.

“President Trump’s decision to

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SINGAPORE (Reuters) – Oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in U.S. crude inventories.

U.S. West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2%, to $39.86 a barrel by 0411 GMT while Brent crude

futures fell by 70 cents, or 1.6%, to $41.95 a barrel.

“Crude prices got hammered with one-two punch after President Trump sent all risky assets into freefall after ending negotiations on fiscal stimulus and after US crude stockpiles posted their first build in four weeks,” said Edward Moya, senior market analyst at OANDA.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for the United States, the world’s biggest oil consumer, with the U.S. presidential election only weeks away.

“President Trump’s decision to end

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NEW YORK (Reuters) – U.S. stocks closed sharply higher and crude prices surged Monday as renewed optimism surrounding stimulus negotiations and news of President Donald Trump’s health progress helped calm investor anxiety.

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued talks toward a bipartisan agreement on a new pandemic relief package. That revived hopes for a new round of stimulus more than two months after emergency unemployment benefits expired for millions of Americans.

“This probably is a bit of a relief rally,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “Two weeks ago there wasn’t much hope and now there’s a growing consensus that stimulus could pass before the election.”

“That seems to be where the market is leaning right now.”

Trump’s physician, Dr. Sean Conley, announced late in the session that the president has met or exceeded all standard criteria to

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September was another rough month for crude oil, as the futures closed down 5.6% for the month. The year-to-date analysis shows that it is down 34.1% in 2020. Energy stocks in general have not been a positive sector for investors in 2020. The Energy Sector Select (XLE)
XLE
was down 14.6% for September and has dropped 45.5% so far this year.

This decline was not really a surprise. Using seasonal analysis, I noted in February that crude oil futures have a tendency to top and bottom during certain times of the year. Crude oil typically tops in July while a bottom typically forms between December 14 and February 8 (see chart).

So what is the crude oil outlook for the rest of 2020?

For the past three months, the crude oil futures have been stalled below the 20-month exponential moving average (EMA)

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Indian refiner Bharat Petroleum Corp Ltd (BPCL) will continue to import gasoline for the next few months as its crude processing is hit due to lower demand for diesel that accounts for 40 per cent-45 per cent of its product slate, its head of marketing AK Singh said.

BPCL is operating refineries at an average of 80 per cent capacity, Singh told a press conference after a shareholders meeting. By design, BPCL refineries make 2.5 tonnes of diesel for every one tonne of gasoline produced, he said.

“If diesel demand picks up we will not be required to import gasoline as then we will be processing more crude … diesel is restraining crude throughput … MS (motor spirit) is almost at pre-pandemic level. Diesel is lagging,” he said.

Asia’s gasoline refining margin surged to a 6-1/2 month high on Monday as supplies tightened, industry sources said. India’s recent spot demand

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Russia expects a long and gradual revival of the oil market after the pandemic this year crushed energy demand across the world.

“The recovery won’t be fast, it will take quite a while before the pre-crisis levels can be reached,” Russia’s Energy Minister Alexander Novak said Sunday. In 2020, on the back of coronavirus lockdowns, global oil demand is set to decline by as much as 10% compared to last year, he said in his address to a two-day online meeting of G-20 energy ministers.

The recent rebound in the oil market has stalled as fuel consumption remains weak in the U.S., while several European governments have reintroduced measures to keep a lid on the coronavirus. At the same time, the market is struggling to absorb returning supply. Oil traders have reported a sharp increase in Iraqi exports for next month, while output from Libya has shown signs of rising

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Oil futures edged lower on Friday, with both major benchmarks posting their third weekly decline in four weeks as worries about the demand outlook have grown in response to rising COVID-19 cases.

“Investors have become more cautious this week in general…as recent increases in coronavirus cases has increased questions over what a second wave could mean for the world economy and resource demand,” Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch.

A rebound in the U.S. dollar this week has also weighed on dollar-denominated oil prices, he said. The ICE U.S. Dollar Index
DXY,
+0.25%

 was up around 1.8% for the week.

West Texas Intermediate crude for November delivery
CL.1,
-0.37%

 
CLX20,
-0.37%

 fell 6 cents, or nearly 0.2%, to settle at $40.25 a barrel on the New York Mercantile Exchange, off the day’s low of $39.71.

Front-month November Brent
BRNX20,
-0.09%

 fell 2 cents, or 0.05%,

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NEW YORK (Reuters) – Oil prices held steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, offsetting a bullish drop in U.S. crude and fuel inventories.

Brent futures

rose 16 cents, or 0.4%, to $41.93 a barrel by 2:02 p.m. EDT (1802 GMT), while U.S. West Texas Intermediate (WTI) crude

rose 37 cents, or 0.9%, to $40.30.

That puts the premium of Brent over WTI

on track for its smallest closing level since late May when WTI settled higher than Brent on one day.

On Wednesday, prices climbed slightly after government data showed U.S. oil inventories fell last week.

Still, U.S. fuel demand is subdued as the pandemic limits travel. The four-week average gasoline demand last week was down 9% from a year earlier, government data showed.

“Oil prices (are) stable for now but downside pressure remains … due to

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Oil futures fell Monday, sending U.S. prices down by more than 4%, on expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone.

“Oil prices are lower on turmoil, whether it be from mother nature or politics,” said Phil Flynn, senior market analyst at The Price Futures Group.

The return of Libya oil is weighing on prices, along with fears of more COVID-19 shutdowns, while concerns over “increasing political divides after the death of Supreme Court Justice Ruth Bader Ginsburg reduces the odds that the U.S. will get much-needed coronavirus relief,” he said in a note.

“Even mother nature is creating problems for oil,” he said. Tropical Storm Beta is forecast to move toward the central coast of Texas and inland by late Monday, according to a morning update from the

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