Pengassan (the Petroleum and Natural Gas Senior Staff Association of Nigeria) and Chevron officials are expected to resume talks on Thursday, aimed at averting a strike at the company's operations in the country. "No production has been affected," a trader said. The strike could disrupt around 350,000 b/d of Chevron's production, further trimming output from Nigeria, which is already down by around 1.2 million b/d due to militant attacks on key oil infrastructure.
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What’s Moving the Market?
Crude futures were marginally higher Thursday, after Wednesday's selloff on the back of a bearish set of data...
Crude futures were marginally higher Thursday, after Wednesday's selloff on the back of a bearish set of data from the US EIA. The EIA reported an 800,000 barrel build in US crude stocks in contrast to expectations for a 1.7 mil barrel decline. EIA also reported a 100,000 barrel draw in gasoline stocks and a larger-than-expected 2.8 mil barrel build in middle distillates.
"The fact that we sold off yesterday had more to do, we think, with participants looking for an excuse to take some length off the table given crude's worsening fundamentals," MF Global said in a report.
Pengassan (the Petroleum and Natural Gas Senior Staff Association of Nigeria) and Chevron officials are expected to resume talks on Thursday, aimed at averting a strike at the company's operations in the country. "No production has been affected," a trader said. The strike could disrupt around 350,000 b/d of Chevron's production, further trimming output from Nigeria, which is already down by around 1.2 million b/d due to militant attacks on key oil infrastructure.
Pengassan (the Petroleum and Natural Gas Senior Staff Association of Nigeria) and Chevron officials are expected to resume talks on Thursday, aimed at averting a strike at the company's operations in the country. "No production has been affected," a trader said. The strike could disrupt around 350,000 b/d of Chevron's production, further trimming output from Nigeria, which is already down by around 1.2 million b/d due to militant attacks on key oil infrastructure.
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