REPOST: UPDATE 7-Brent oil rises, U.S. jobs, gasoline futures support

"Brent's premium to the U.S. benchmark widened back near $10 a barrel after narrowing to $7.94 on Wednesday, the tightest since Oct. 10." Read more about this news from this CNBC.com article:

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NEW YORK, Feb 7 (Reuters) - Brent crude oil rose by more than $1 to a one-week high on Friday on tighter North Sea supplies and rising heating oil and gasoline prices, which were supported by continued cold and a decline in the U.S. jobless rate.

U.S. oil also rose, but by less, pressured by the onset of U.S. refinery maintenance season that will curb demand for crude oil.

Persistently cold weather across the United States continued to fuel demand for heating oil while a declining U.S. jobless rate supported gasoline futures prices, said Oliver Sloup, director of managed futures with iitrader.com in Chicago.

"At the end of the day this has been an extraordinary winter. The cold weather is going to continue to support heating oil demand," he said.

Analysts said Brent was also supported by evidence that North Sea crude supply could be lower than expected in the next few months.

Brent crude oil futures were last trading $1.16 higher at $108.35 at 11:47 a.m. EST (1647 GMT). The contract breached the 200-day moving average of $107.89 for the first time in five sessions.

U.S. crude was up 43 cents at $98.27, after trading at a low of $97.11. The contract made a solid run above the 100-day moving average of $97.69.

Brent's premium to the U.S. benchmark <CL-LCO1=R> widened back near $10 a barrel after narrowing to $7.94 on Wednesday, the tightest since Oct. 10.

U.S. heating oil futures were trading 1.4 percent higher at $3.0362 per gallon. U.S. gasoline futures were up 1.5 percent at $2.7237.

The U.S. unemployment rate hit a new five-year low of 6.6 percent in January, down from 6.7 percent in December, the Labor Department said. U.S. nonfarm payrolls rose only 113,000, a lower-than-expected gain that initially forced oil prices lower.

Gains in U.S. crude on the jobs report were capped as refiners entered maintenance season, which will cut demand for oil.

Citgo Petroleum Corp began a shutdown of both plants at its refinery in Corpus Christi, Texas on Wednesday and Motiva Enterprises LLC said it began maintenance at its 235,000 barrel-per-day refinery in Convent, Louisiana, on Thursday.

The market was keeping a wary eye on Saturday's talks between Iran and the United Nations' International Atomic Energy Agency in Tehran.

The U.N. nuclear watchdog hopes to persuade the Islamic state to start addressing long-held suspicions it has worked on designing a nuclear bomb.

Tough international sanctions over the past two years have cut Iran's oil exports in half.

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REPOST: French delegation shows interest in Ghana’s oil & gas sector

This article from GhanaBusinessNews.com talks about the GEP-AFTP, French Oil and Gas Suppliers Council's possible investments in Ghana's oil and gas sector. 


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A French Oil and Gas Industry Trade Mission is in Accra to explore the possibility of investing in Ghana’s oil and gas sector.

The GEP-AFTP, French Oil and Gas Suppliers Council, led by the Business Development Manager, Claude Bouty, as part of the visit, on Monday, called on the Minister of Energy and Petroleum, Mr Emmanuel Armah-Kofi Buah, at the Ministry in Accra.

A statement issued by the Ministry and copied to the Ghana News agency on Tuesday said the delegation was accompanied by Madam Cecile Vignaud, Deputy French Ambassador to Ghana.

Mr. Bouty said they were in the country to explore business opportunities, particularly in the oil and gas sector.

According to him, Ghana continues to attract more companies due to its political stability, stating that, they will engage with their Ghanaian counterparts to look at investment opportunities.

He said the GEP-AFTP represents the interests of about 180 suppliers of equipment and services to the international oil and gas industry, which have a significant activity in France.

Mr Buah said Ghana’s relationship with France has been solid and is growing stronger; adding that, the record of French companies operating in Ghana is something to be proud of.

He said the government of Ghana is bent on ensuring transparency in the oil and gas sector and has passed laws to guide its operations in the industry.

“We are fully committed to the ideals of the Extractive Industries Transparency Initiative,” he said.

The Minister further stated that the country is taking seriously, its local content policies and is making sure that Ghanaians and Ghanaian companies are empowered through capacity development and skills and technology transfer.

He welcomed the delegation and encouraged them to explore business opportunities, adding that, ‘we shall work together to ensure shared value’.

Source: GNA

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