Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Decent labor figures, Nigerian oil threats, boost oil prices
by Daniel J. Graeber
Washington (UPI) Nov 3, 2017


Steady improvements in the U.S. labor market, coupled with militant threats against a major OPEC producer, helped support a soft rally in oil prices Friday.

The U.S. Labor Department reported Friday that total non-farm payrolls jumped 261,000 last month, with food services and restaurant employment offsetting any of the declines that came as a result of Hurricanes Irma and Harvey. That beats the estimate early this week from payroll processor ADP, which reported private-sector employment increased by 235,000 from September to October

The federal government added that those employed part-time because of economic reasons declined by 369,000 in October, another indication of post-hurricane resilience.

More jobs means growing demand for energy products, something traders are watching for in oil and consumer fuels. U.S. levels of oil and gasoline held in storage have been on a steady decline for most of the quarter, indicating demand is drawing somewhat on the surplus for the five-year average for global crude oil inventories.

After a wobbly session Thursday, crude oil prices returned to a rally that's extended for nearly a month. The price for Brent crude oil was up 0.58 percent at 9:20 a.m. EDT to $60.97 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.4 percent to $54.76 per barrel.

Gains were supported elsewhere by a return to action from the Niger Delta Avengers, a militant group that last year claimed several attacks on infrastructure in the oil-rich Niger Delta.

"Our next line of operation will not be like the 2016 campaign which we operated successfully without any casualties," spokesman Murdoch Agbinibo said in a statement. "This outing will be brutish, brutal and bloody."

Nigeria is a member of the Organization of Petroleum Exporting Countries, but is exempt from the OPEC-led effort to balance the oversupplied market with coordinated production cuts. The Nigerian government lobbied for an exemption so it could steer oil revenue toward national security efforts.

Nigeria's stance on the agreement matters as OPEC-ministers will consider extending the production agreement deep into 2018 during meetings later this month in Vienna.

Elsewhere, U.S. labor figures may paint a mixed picture on economic momentum. Restaurant workers made up the bulk of the job gains, with industries like construction and mining showing little change in October.

The average workweek for all sectors remains relatively unchanged, though those in the manufacturing sector were logging more in overtime. Wages, however, slipped in October by 1 cent per hour, after rising 12 cents in September.

OIL AND GAS
Shell's strategy is working, CFO says
Washington (UPI) Nov 2, 2017
A day after closing on the sale of billions of dollars in assets, Shell said its net quarterly profit of more than $4 billion showed "our strategy is working." "The competitive performance is further evidence of Shell's growing momentum and strengthens our firm belief that our strategy is working," Chief Financial Officer Jessica Uhl said. Shell said Thursday its net profit of $4 ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Research aims to help renewable jet fuel take flight

Expanding Brazilian sugarcane could dent global CO2 emissions

Stiff fibers spun from slime

Converting carbon dioxide to carbon monoxide using water, electricity

OIL AND GAS
No tariffs, U.S. solar industry leaders say

European lender closer to green finance goals

Scientists elevate quantum dot solar cell world record

Fitch: U.S. decision on Paris doesn't matter for renewable growth

OIL AND GAS
New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

A kite that might fly

Scotland outreach to Canada yields wind energy investment

OIL AND GAS
Rutgers-led research could revolutionize nuclear waste reprocessing and save money

South Korea to push ahead with nuclear power plants

AREVA NP awarded contract for safety upgrades in seven reactors

AREVA NP installs a system allowing flexible electricity generation at Goesgen nuclear power plant

OIL AND GAS
Shortfall in climate action is 'catastrophic': UN

Tiny chip-based methane spectrometer could help reduce greenhouse gas emissions

At climate talks, it's America alone more than America first

A drier south: Europe's drought trends match climate change projections

OIL AND GAS
Tesla slides on murky outlook for fixing Model 3 production woes

Investors fuel a multibillion-dollar ride-sharing frenzy

Energy firms back investment into diesel engine

'Dieselgate' costs choke Volkswagen profits

OIL AND GAS
Iraq to hold parliamentary election in May: PM

Iraqi forces advance to edge of final IS bastion Al-Qaim

Saudi Airlines to operate first Baghdad flight in 27 years

Suicide bomber kills 3 at Iraq funeral: army

OIL AND GAS
Dutch know-how may have gone into arms of mass destruction

The devastating tolls of a new Korean war

Mattis warns 'massive' response to North Korea nuclear weapon use

Mattis says US 'not rushing to war' with N. Korea




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement