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It was a week when oil prices climbed but natural gas futures continued to trend downward. On the news front, Europe’s largest oil company, Shell plc SHEL bought Nigerian clean energy provider Daystar Power, while North American pipeline operator Enbridge ENB agreed to purchase U.S. wind and solar firm, Tri Global Energy LLC or TGE. Developments associated with TechnipFMC FTI, Transocean RIG and VAALCO Energy EGY also made it to the headlines. Overall, it was a mixed seven-day period for the sector. West Texas Intermediate (WTI) crude futures gained some 1% to close at $79.49 per barrel but natural gas prices decreased around 1% to end at $6.766 per million British thermal units (MMBtu). In particular, the oil market reversed its course after falling for four straight weeks. Coming back to the week ended Sep 30, U.S. oil prices settled with gains on speculation that a meeting of crude exporters will decide on a production cut. Government data showing draws in crude, gasoline and distillate supplies also contributed to the upside. Meanwhile, natural gas finished down, primarily due to mild weather and demand destruction from Hurricane Ian. Recap of the Week’s Most Important Stories 1. Shell acquires the Nigerian […]
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