Crude-oil futures finished Monday at their lowest price in a week, with production in Libya, Norway and the Gulf of Mexico set to recover.

Libya lifted force majeure at its largest oil field, producers began restoring output in the Gulf of Mexico following Hurricane Delta, and crude output in Norway looked to recover following the end of an oil-worker strike.

West Texas Intermediate crude for November delivery
CL.1,
-0.02%

fell $1.17, or 2.9%, to settle at $39.43 a barrel on the New York Mercantile Exchange. December Brent crude
BRN00,
-0.04%

lost $1.13, or 2.6%, at $41.72 a barrel on ICE Futures Europe.

Front-month WTI, the U.S. benchmark, and global benchmark Brent on Monday both marked their lowest settlements since Oct. 5, according to Dow Jones Market Data.

With the passing of the hurricane and the resolution of the strike in Norway, “investors are more concerned about the higher output in the face of subdued demand,” said Mihir Kapadia, chief executive of Sun Global Investments, in emailed comments. “However, more disruptions in the Gulf are likely in the coming weeks as the hurricane season continues. This could see prices increase again as workers will be expected to halt production during this time. ”

Hurricane Delta hit Louisiana as a Category 2 storm with sustained winds of over 100 miles an hour on Friday. The Bureau of Safety and Environmental Enforcement estimated Monday that 69.4% of oil output in the Gulf of Mexico remained shut in due to the storm, along with 47.1% of natural-gas production. That’s a big improvement from Sunday, when 91.01% of oil output and 62.15% of natural-gas production were shut in.

Offshore output was returning in the aftermath of the hurricane, said Robbie Fraser, senior commodity analyst at Schneider Electric, in a note.

The year 2020 has seen

Fidelis Care Distributes Over 60,000 School Supplies and Personal Protective Equipment Items Statewide

PR Newswire

NEW YORK, Oct. 12, 2020

Local health plan supports families and children during the start of the school year

NEW YORK, Oct. 12, 2020 /PRNewswire/ — Fidelis Care is helping families statewide by providing over 60,000 free school supplies and Personal Protective Equipment (PPE) items. The health insurer is working with schools, local community groups, and providers to distribute resources such as face masks, hand sanitizer, backpacks, and pencil kits.

Fidelis Care Earns NCQA Health Plan Accreditation (PRNewsfoto/Fidelis Care)
Fidelis Care Earns NCQA Health Plan Accreditation (PRNewsfoto/Fidelis Care)

Streetside, Fidelis Care’s fleet of mobile offices, is also visiting local communities, providing the school supplies and PPE.

“During these unprecedented times, Fidelis Care is especially proud to support local students as the new school year begins,” said Pam Hassen, Chief Member Engagement Officer. “Whether students are learning from home or in school, their health and safety is our first priority, and we’re pleased to provide assistance on a grassroots, community level.”

From Buffalo to Long Island, and everywhere in between, Fidelis Care is connecting with schools and community organizations to help families and children.

“Long Island Head Start thanks Fidelis Care for their generous donations of school supplies,” said Ana Figueroa, Long Island Head Start Parent Supervisor. “This year may look a little different, but Fidelis Care and Long Island Head Start continue to have a shared commitment to the communities we serve.”

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(Bloomberg) — Oil clung to losses after U.S. government data showed the first crude stockpile gain in four weeks, adding to concerns over a demand recovery with stimulus talks in limbo.

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Futures in New York fell as much as 3.4% on Wednesday. An Energy Information Administration report showed domestic crude inventories increased 501,000 barrels last week, while supplies at the nation’s biggest storage hub at Cushing, Oklahoma, climbed to the highest level since May.

At the same time, U.S. President Donald Trump’s decision to suspend fiscal relief talks until after the election is casting further doubt on energy demand bouncing back amid the pandemic. Reopening plans around the world are being thrown into question as global cases top 35 million.

This ended a trend of “fairly large declines,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “There continues to be uncertainty associated with domestic demand and the need for fiscal stimulus to continue to boost the economy and correspondingly boost demand for crude oil.”



chart: U.S. crude inventories rise for the first time in four weeks


© Bloomberg
U.S. crude inventories rise for the first time in four weeks

Oil’s retreat follows two sessions of gains, lifted by a workers’ strike in Norway and Hurricane Delta spurring Gulf of Mexico operators to shut output. Still, without a U.S. virus relief package, the demand outlook has only become dimmer. Governments around the world are trying to control the spread, with Brussels and Bucharest becoming the latest European capitals to impose restrictions on nightlife.

Trump in a series of Tuesday-night tweets called on Democrats to pass standalone bills. While House Speaker Nancy Pelosi signaled openness to a standalone airline relief bill in a telephone conversation with Treasury Secretary Steven Mnuchin on Wednesday, it is a far cry from the Democrats’ $2.2 trillion

Rollercoaster moves in the natural gas market over the past few weeks are underscoring traders’ uncertainty about whether a frigid winter, muted output, and rebounding demand will send prices rocketing higher in the coming months.

Gas futures settled more than 7 percent higher on Monday, mimicking gains in oil and equities. But just two weeks ago, prices posted their biggest one-day loss in almost two years. Historical volatility has surged to levels not seen since late 2018, and implied volatility, a measure of how dramatic price swings may be going forward, is the highest in data going back to 2010.

Bullish bets on US gas have soared as traders wager on lackluster production and surging demand heading into winter. Liquefied natural gas exports are rising as consumption recovers from pandemic-driven lockdowns, and as terminals restart after storm-related outages and maintenance. Meanwhile, shale output remains subdued as drillers heed investor calls for financial restraint after this year’s oil-price crash.

Outsize moves in risk assets amid geopolitical turmoil have magnified the volatility in gas, while a hyperactive hurricane season has disrupted offshore production and LNG exports and triggered blackouts that curtailed gas demand for power generation.

“You’ve had a volatile market, but this is the icing on the cake,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. “Guys were stepping in to pick at the bottom.”

But as is often the case with the gas market, it all hinges on the weather. Though a La Nina pattern has emerged, which could lead to a chilly winter in the northern United States, brutally cold conditions are far from certain. A mild December, January, and February would limit gas demand for heating and curb withdrawals from underground storage, leaving the market oversupplied heading into spring.

Almost half of respondents

By Ahmad Ghaddar

LONDON (Reuters) – Oil prices fell on Thursday as rising coronavirus cases dampened the demand outlook, with further price pressure from a rise in OPEC output last month, though losses were capped by renewed hopes for U.S. fiscal stimulus.

Brent crude <LCOc1> futures fell 17, or 0.4%, to $42.13 a barrel by 0818 GMT and U.S. West Texas Intermediate (WTI) crude <CLc1> futures were down 22 cents, or 0.6%, at $40.

“It has become evident that the virus has not been contained. Infection rates are going up, the global death toll has surpassed the 1 million mark and the world is becoming a gloomy place once again,” said PVM Oil analyst Tamas Varga.

In the United States alone the pandemic has infected more than 7.2 million and killed more than 206,000.

Increasing oil supply from the Organization of the Petroleum Exporting Countries (OPEC) also weighed on the market, with output in September up 160,000 barrels per day (bpd) from August, a Reuters survey found.

The rise was largely on the back of higher supplies from Libya and Iran, both exempt from an oil supply pact between OPEC and allies led by Russia, a grouping known as OPEC+.

“Increasing supplies from OPEC+ will be risking the rebalancing effort as the market is still grappling with weak demand,” ANZ Research said.

Prices received some respite from progress in U.S. talks on a stimulus package for the world’s biggest economy.

U.S. President Donald Trump’s administration has proposed a new stimulus package worth more than $1.5 trillion.

U.S. Treasury Secretary Steven Mnuchin earlier said that talks with House Speaker Nancy Pelosi had made progress on COVID-19 relief legislation, and the House of Representatives postponed a vote on a $2.2 trillion Democratic coronavirus plan to allow more time to agree a bipartisan