Energy Market Outlook and Sector Updates: Nirmal Bang
U. S. crude oil futures ended with pared gains in choppy trading on Friday, after a downbeat consumer confidence report dented demand recovery hopes and offset higher consumer spending data. New York Mercantile Exchange natural gas futures ended down sharply on Friday, as soft cash prices, milder weather forecasts and concerns about record high storage and sagging demand continued to weigh on prices.
Abu Dhabi National Oil Co (ADNOC) said on Sunday it will keep curbs on its October crude oil supplies to its Asian term buyers lower than September levels.
Qatar, one of OPEC's smallest producers, has notified at least three Asian term buyers that it will supply crude oil at full contracted volumes for October of its Marine and Land grades, unchanged from September levels, trade sources said.
Iran should further develop its oil downstream sector and reduce crude exports, President Mahmoud Ahmadinejad told parliament on Sunday as he presented his proposed new cabinet to lawmakers.
Crude oil speculators on the New York Mercantile Exchange raised their net long positions in the week to Aug. 25 in a bet prices would rise, the Commodity Futures Trading Commission said in a report on Friday.
Crude oil prices may trade slightly down during the day as the weakness in equities may pressurize the prices. Any rise in prices can be used as a selling opportunity.