WTI Crude Oil and Natural Gas Forecast October 26, 2018

US issues warning to Russia about helping Iran escape upcoming oil sanctions

Despite the global sell-off, oil markets are supported by concerns over the impact of USA sanctions on Iranian crude exports, which kick in from November 4.

However, in his Monday interview with the state TV, Zanganeh said "as I have repeatedly said there is no replacement for Iranian oil in the market". "Two of our oil companies have made nominations to purchase Iranian oil in November".

"My role as the energy minister is to implement my government's constructive and responsible role and stabilizing the world's energy markets accordingly, contributing to the global economic development", explained Falih.

"Sentiment in the crude-oil market has - surprisingly fast - turned from the '$95 in a matter of weeks' on Iran sanctions to long liquidation and despair", said Ole Hansen, head of commodities strategy at Saxo Bank A/S. The International Energy Agency said in a recent report that cutting Iran out of the market could make maintaining global supply "very challenging." The 3-month credit period offered by Iran results in lower working capital for domestic Indian refiners leading to lower borrowings and increased floating money.

30 injured as dancefloor falls through during SC party
Disaster struck during a party at a university event on Saturday night, when a floor collapsed under dozens of party-goers in SC . Tester said emergency responders were there in just minutes, and he saw people holding their arms or with bloody legs.

After the murder of a Saudi journalist Jamal Khashoggi on the market there are fears that the Kingdom might cut oil supplies in response to possible sanctions from the United States, said Davydov.

"The stock market coming back is definitely cheering people who want to focus on the demand side", said Phil Flynn, an oil market analyst at Price Futures Group in Chicago.

USA crude rose to $67.46, up 64 cents.

"Saudi Arabia produces only what its customers ask for, not more". In addition, the gain in US crude inventories is adding to bearish sentiment, he added. Over the past four weeks, crude oil imports averaged about 7.7 million barrels per day, 0.7 percent more than the same four-week period previous year.

Remains of fetuses and infants found at second Detroit funeral home
Police have discovered dozens of fetuses in a second funeral home on the east side of the state. Arrangements were being made to relocate a service previously scheduled at the funeral home.

OPEC and its 10 non-OPEC partners, led by Russian Federation, have surpassed their aim stated at their meeting in June of raising production by a combined 1 million barrels per day from May levels. Meanwhile, Russia suggested its current output is higher than in September. Last week, data from the EIA showed that inventories were at 6.5 million barrels.

The uncertainty and volatility in the market prompted an abundance of caution from the first major oil producers to report third-quarter earnings.

USA crude oil exports averaged 2.2 million barrels per day last week, up by 398,000 barrels per day from the previous week.

Google Pixel 3 XL teardown confirms Samsung AMOLED display
Meanwhile, Google has also begun to market its wireless charging module, the Pixel Stand, in the local market. The larger Pixel 3 XL will cost $899 for the 64GB variant or $999 for the 128GB model.

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