WTI crude futures see gains in European trade amid forecasts by the NHC of Hurricane Karen weakening, before strengthening again, as it approaches the gulf coast on Saturday or Saturday night. Looking ahead today there are no major economic releases as a result of the government shutdown which has seen the cancellation of NFP, Factory Orders or Construction Spending.
Oil & Gas News
Credit Suisse have cut their 2013 Natural Gas forecast to USD 3.70mmbtu.
According to an Iraqi Oil Ministry Spokesman, Iraqi Crude exports for September average 2.07mln bpd, the lowest for this year.
According to a ministry spokesman, Iraq are to start pumping 175,000bpd of Crude from Majnoon field with production set to increase to 200,000 bpd by the end of the year.
On October 23rd Brazil are set to announce a massive offshore oil discovery near Sergipe state.
Geopolitical News
The US have hinted that Iran could get some sanctions relief it it takes steps regarding Tehran's Nuclear Program.
Corporate News
Anadarko are shutting production at four of their US Gulf platforms after evacuating production due to Tropical Storm Karen. Other companies such as BHP Billiton and Williams Cos have halted some of their operations following the storm.
Saudi Aramco have cut November light Crude offsets to the US.
Royal Dutch Shell has lifted its force majeure on Nigerian Bonny Light Crude oil exports and has resumed gas supply to Nigeria LNG terminal but gas force majeure remains according to a spokesman.
Weather News
In the Atlantic region, Tropical Storm Karen has maximum sustained winds of 55 knots and is heading in a north-northwest direction according to the NHC. Further from the NHC the center of Karen is expected to be near the coast within the tropical storm warning area on Saturday or Saturday night. Additionally, yesterday's Tropical Depression Jerry is now in a post-cyclone phase as reported by the NHC.
In the Gulf Shores region, over the weekend the area is set to experience a spell of thunderstorms before entering an inconsistent spell of weather next week with temperatures in the low to mid 80's.
In the East Coast region, the area is set to experience a combination of rain and thunderstorms over the next week and heading into next week. However, towards the end of the week the area is set for a spell of sunshine with temperatures for expected in the mid to high 70's.