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Nymex crude falls, Brent holds steady amid supply concerns

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The West Texas Intermediate (WTI) benchmark in the US fell today, weighed down by early losses on Wall Street and comments from White House John Earnest, who said tapping into its strategic oil reserves to bring oil prices down was an option.

Additionally, the Associated Press quoted an unnamed official in the Obama administration, who said the US government was monitoring oil and gas prices to make a decision whether to release oil into the market.

The plan was criticised by the International Energy Agency (IEA), which said there was no need to tap into the reserves.

Executive director of the West’s oil supply watchdog said on Friday that the market was well supplied.

While US crude futures fell, Brent inched higher today thanks to support form expectations of a decline in oil supplies from the North Sea due to maintenance works on the Buzzard field.

According to Morgan Stanley, the maintenance will reduce Buzzard production from 170-180,000 barrels of oil per day (bopd) in recent months to 26,000 bopd in September.

Buzzard is the main source of the forties crude – which is one of the components of the Brent benchmark.

US light, sweet crude for October delivery, currently the most actively traded contract on the New York Mercantile Exchange (NYMEX), fell 35 cents to US$95.97/barrel this afternoon.

October Brent crude rose six cents to US$113.77/barrel on the ICE Exchange.

Today’s top risers in the oil and gas sector were:

Silvermere Energy (LON:SLME), up 19.5 percent at 13.15 pence at midday

Caza Oil & Gas (LON:CAZA), up 11 percent at 7.22 pence

Jubilant Energy (LON:JUB), up 8 percent at 20 pence

Gulfsands Petroleum (LON:GPX), up 7.5 percent at 132.75 pence

Xcite Energy (LON:XEL), up 7 percent at 84.6 pence

Europa Oil & Gas (LON:EOG), up 7 percent at 6.15 pence

Trap Oil (LON:TRAP), up 6.5 percent at 19.75 pence

The top fallers were:

Sefton Resources (LON:SER), down 8 percent at 1.67 pence at midday

Enegi Oil (LON:ENEG), up 8 percent at 8.25 pence

Matra Petroleum (LON:MTA), down 6.5 percent at 1.7 pence

Nostra Terra Oil & Gas (LON:NTOG), down 6 percent at 0.488 pence

Oilex (LON:OEX), down 4.5 percent at 5 pence

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