39.5 F
Fort Worth
Thursday, December 3, 2020
Energy Oil lower amid jitters over US government shutdown

Oil lower amid jitters over US government shutdown

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

EILEEN NG, Associated Press

KUALA LUMPUR, Malaysia (AP) — Oil prices were lower Monday amid jitters as a battle loomed in Washington among U.S. political leader over a federal budget needed to avoid a partial shutdown of the government.

Benchmark oil for November delivery fell $1.32 to $101.55 per barrel at early afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to close at $102.87 a barrel on the Nymex on Friday.

The U.S. government will reach its borrowing limit, or debt ceiling, on Tuesday. If Congress doesn’t raise that limit, the government won’t be able to pay all its bills and some 800,000 of the 2.1 million federal employees will not go to work.

A lasting solution seems far off as the White House and Republican lawmakers still disagree sharply on spending cuts and other key budget issues.

“The economy will slow down, confidence will slide and demand for crude will be hurt. There will be a real snowball effect if the partial shutdown goes ahead,” said Evan Lucas, analyst with IG in Melbourne.

Goldman Sachs estimated that a three-week shutdown would slow the economy’s annual growth rate in the October-December quarter by up to 0.9 percentage point. If so, the growth rate next quarter would be a scant 1.6 percent, compared with market expectations of a 2.5 percent growth.

Oil has already fallen for three straight weeks as diplomatic efforts surrounding Syria and Iran eased concerns about Middle East supplies.

Brent crude, the benchmark for international crudes used by many U.S. refineries, fell 87 cents to $107.76 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 2.2 cents to $2.638 per gallon.

— Natural gas fell 3.3 cents to $3.556 per 1,000 cubic feet.

— Heating oil lost 1.8 cents to $2.9671 per gallon

 


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Fort Worth announces plans to purchase Pier 1 Building for City Hall

Plans for a new City Hall for Fort Worth have been knocked around for years, maybe even decades. On Dec. 2, city officials announced...

U.S. Rep. Michael Burgess loses bid for GOP leadership position on key committee

U.S. Rep. Michael Burgess, R-Lewisville, conceded his bid to be the Republican leader on the House Energy and Commerce Committee on Wednesday. “I want to...

Fort Worth’s Redistricting Task Force presents draft recommendations

A City Council-appointed, 11-member Redistricting Task Force that will advise on redistricting issues in Fort Worth presented its draft criteria as part of its...

U.S. Reps. Michael Burgess and Joaquin Castro seek House leadership roles

The fall campaigns may be over, but for two Texans in Congress the elections are continuing into this week. U.S. Reps. Michael Burgess, a Lewisville...

Grand Prairie Deputy Mayor Pro Tem Swafford dies from COVID

City of Grand Prairie Deputy Mayor Pro Tem Jim Swafford died from COVID-19 Tuesday, Dec. 1, 2020, while hospitalized at Methodist Mansfield Medical Center. He...