MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks

MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks

MTECHTIPS – Oil prices were mixed on Monday, with Hurricane Irma’s continued pounding Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure. Brent crude oil futures were down 13 cents, or 0.2 percent, at $53.65 a barrel at 12:17 p.m. (1617 GMT) while U.S. West Texas Intermediate crude rose by 59 cents, or over 1 percent, to $48.07. Hurricane Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. Irma hit Florida on Sunday morning as a dangerous Category 4 hurricane. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed towards Georgia. Harvey struck the U.S. oil hub of Texas two weeks ago, knocking out a quarter of the nation’s refineries. Now many refineries are restarting, including the largest U.S. refinery. On Monday, Motiva Enterprises restored the 325,000 barrel per day (bpd) VPS-5 crude distillation unit at its Port Arthur, Texas, refinery to minimum production levels sources said. But the oversupply of U.S. crude persists, causing a further widening in the WTI/Brent spread, said James Williams, president of energy consultant WTRG Economics.

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MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks

MTECHTIPS;-Oil mixed amidst Irma demand fears, Saudi cut extension talks

MTECHTIPS – Oil prices were mixed on Monday, with Hurricane Irma’s continued pounding Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure. Brent crude oil futures were down 13 cents, or 0.2 percent, at $53.65 a barrel at 12:17 p.m. (1617 GMT) while U.S. West Texas Intermediate crude rose by 59 cents, or over 1 percent, to $48.07. Hurricane Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. Irma hit Florida on Sunday morning as a dangerous Category 4 hurricane. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed towards Georgia. Harvey struck the U.S. oil hub of Texas two weeks ago, knocking out a quarter of the nation’s refineries. Now many refineries are restarting, including the largest U.S. refinery. On Monday, Motiva Enterprises restored the 325,000 barrel per day (bpd) VPS-5 crude distillation unit at its Port Arthur, Texas, refinery to minimum production levels sources said. But the oversupply of U.S. crude persists, causing a further widening in the WTI/Brent spread, said James Williams, president of energy consultant WTRG Economics.

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MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength

MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength

MTECHTIPS – U.S. natural gas futures started the week on the front foot on Monday, after Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand. Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, but by afternoon as it barreled up the west coast, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later Monday. U.S. natural gas for October delivery was at $2.926 per million British thermal units by 8:45 AM ET (1245 GMT), up 3.5 cents, or around 1.2%. It saw a weekly loss of nearly 6% last week as traders began to react to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. But with autumn due to start on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said. Total natural gas in storage currently stands at 3.220 trillion cubic feet, according to the U.S. Energy Information Administration, around 6.2% lower than levels at this time a year ago and mostly in line with the five-year average for this time of year

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MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength

MTECHTIPS;-U.S. natural gas futures push higher as Irma loses strength

MTECHTIPS – U.S. natural gas futures started the week on the front foot on Monday, after Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand. Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, but by afternoon as it barreled up the west coast, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later Monday. U.S. natural gas for October delivery was at $2.926 per million British thermal units by 8:45 AM ET (1245 GMT), up 3.5 cents, or around 1.2%. It saw a weekly loss of nearly 6% last week as traders began to react to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. But with autumn due to start on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said. Total natural gas in storage currently stands at 3.220 trillion cubic feet, according to the U.S. Energy Information Administration, around 6.2% lower than levels at this time a year ago and mostly in line with the five-year average for this time of year

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MTECHTIPS;-Gold prices remain lower as market sentiment improves

MTECHTIPS;-Gold prices remain lower as market sentiment improves

MTECHTIPS-Gold prices remained on the downside on Monday, as concerns over the impact of Hurricane Irma and tensions with North Korea continued to subside. Comex gold futures were down by $11.47 or about 0.85% at $1,339.74 a troy ounce by 08:30 a.m. ET (12:30 GMT), off Friday’s one-year peak of $1,362.40. The dollar regained some strength following an official downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating much of the Caribbean. Massive storm surges have flooded areas across South Florida, while downed trees and power lines have left over 2 million residents without power. U.S. President Donald Trump said on Saturday that he will ask Congress to speed up its efforts to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.31% at 91.60, off Friday’s 32-month low of 90.99. Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency. Market participants had been worried about a potential North Korean missile test on Saturday, to mark the anniversary of the founding of the nation. However, investors were relieved to learn that Pyongyang chose to observe the 69th anniversary of its founding only by honoring the scientists behind the massive nuclear test it conducted last week

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