57.3 F
Fort Worth
Saturday, December 5, 2020
Energy Oil steady above $101 as US debt deadline nears

Oil steady above $101 as US debt deadline nears

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.

PABLO GORONDI, Associated Press

The price of oil held above $101 a barrel Wednesday as the deadline for U.S. politicians to raise the government debt ceiling — and avoid a potentially catastrophic default — was only hours away.

By early afternoon in Europe, benchmark crude for November delivery was up 3 cents at $101.24 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.20 to close at $101.21 on Tuesday.

The price of oil has swung back and forth for two weeks as lawmakers attempt to resolve an impasse that has left the government partially closed and the markets worried about the U.S. defaulting on its debt for the first time. The U.S. has to increase the amount of debt it can sell by Oct. 17.

On Wednesday, Democratic and Republican leaders of the Senate were optimistic that a last-minute bipartisan deal would be worked out and voted on in Congress, but the politicians’ inability to reach an agreement sooner and the effects of the government shutdown on the economy was cause for concern.

“The uncertain economic conditions in the U.S. have caused further volatility and nervous trading in the oil market, with investors worrying about a slowdown in the US oil demand,” said a report from Sucden Financial Research in London.

Government agencies including the Energy Information Administration, which keeps track of U.S. crude and fuel supplies, have stopped many services. The EIA’s weekly report on supplies gives an indication about the strength of demand and often pushes the oil price up or down.

Also setting a ceiling over prices were talks on Iran’s nuclear program in Geneva between the Islamic Republic and six major world powers.

A deal would likely end U.S.-led economic sanctions, which have greatly reduced Iran’s oil exports over the past couple of years.

“Progress continues to be made and it seems that Iran is proposing a detailed framework rather than philosophical ideas,” said Olivier Jakob of Petromatrix in Switzerland.

Brent crude’s December contract, the benchmark used to set prices for international crudes used by many U.S. refineries, was up 10 cents at $109.52 on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.58 cent to $2.6502 a gallon.

— Natural gas added 5.1 cents to $3.841 per 1,000 cubic feet.

— Heating oil gained 0.5 cent to $3.022 a 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

Federal loans helped more than 400,000 Texas companies retain workers during the pandemic, new data shows

HOUSTON — The most complete picture so far of the federal program designed to keep businesses afloat during the coronavirus pandemic was revealed this...

COVID-19 relief: What’s on the table as Congress seeks deal

WASHINGTON (AP) — After numerous fits and starts and months of inaction, optimism is finally building in Washington for a COVID-19 aid bill that...

DeVos suspends student federal loan payments through January

The Trump administration on Friday suspended all federal student loan payments through the end of January and kept interest rates at 0%, extending a...

Granger reelected as lead Republican on the House Appropriations Committee

U.S. Rep. Kay Granger, R-Fort Worth, has been reelected by members of the House Republican Steering Committee to serve as Lead Republican of the...

Optimism growing for COVID relief bill as pressure builds

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Optimism about delivering long-sought COVID-19 relief is building on Capitol Hill after additional rank-and-file lawmakers voiced support...