It was a week when oil prices experienced its worst selloff in nine months and natural gas futures registered a marginal decrease. On the news front, U.S. energy biggies Chevron CVX and ExxonMobil XOM offered a glimpse of their future spending plans. Developments associated with Cenovus Energy CVE, Transocean RIG and Petrobras PBR also made it to the headlines. Overall, it was a bearish seven-day period for the sector. West Texas Intermediate (WTI) crude futures lost some 11% to close at $71.02 per barrel, while natural gas prices edged down around 0.6% to end at $6.245 per million British thermal units (MMBtu). In particular, the oil and gas markets closed down for the second week in a row. Coming back to the week ended Dec 9, the oil price action turned bearish after government data showed a large build in gasoline and distillate supplies. The ongoing recession fears and slowing demand in China were also major factors. Meanwhile, natural gas finished slightly down following a smaller-than-expected decrease in weekly supplies. Forecasts for milder weather and the extended shutdown of the Freeport LNG export plant in Texas also played spoilsport. Recap of the Week’s Most Important Stories 1. ExxonMobil will […]
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