Oil & Energy

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Houston based Marathon Oil Corporation $MRO announced today it completed a deal with France's Total $TOT to buy its remaining assets in Libya. This means $MRO has completed exited Libya to concentrate on U.S. resource plays.

Last week's natural gas inventories drew -78 Bcf the EIA reported with futures drifting around 2,70 cents since 20 cents bove multi year lows. LNG, Mexico and warmer weather the focus.

The fast shrinking crude inventories at Cushing, the hub for the WTI futures contract are getting attention. We saw another week of near record crude production and rising rig counts that sees WTI losing momentum

With crude oil prices having risen for over a year Standard & Poor’s Global Ratings agency has raised Russia’s long-term and short-term sovereign credit rating to BBB-/A-3. Rating peer Fitch reaffirmed Russia's investment grade level with a positive outlook.  

Another week of record crude production and rising rig counts has left WTI sitting above $60. With thinning volume and cracks this week's EIA Petroleum Inventory Report is instructive.

Last week's natural gas inventories drew -191 Bcf the EIA reported giving little boost to futures rest around 12 cents above multi year lows, with warmer weather threats prices remain pressured.

With another oil production all time high and U.S. Oil Rig Count rose 26 in the biggest jump since April 2013 To 791 last week. Oil drillers and producers continue to increase oil rigs by 7 to 798.

This week Natural gas inventories drew -191 Bcf, higher than expected after last week's -119 Bcf the EIA reported. Futures rest around 10 cents above multi year lows, with warmer weather threats prices remain pressured.

Following last week's record crude production and rising rig counts oil broke down under the huge $60 option line forcing delta chasing. Options and futures expiration around this week's EIA Petroleum Inventory Report has traders nervous.

The OPEC Monthly Oil Market Report (MOMR) for February released Monday provides OPEC's outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.

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