ENERGY

Authored by Irina Slav via OilPrice.com,

The Offshore Alliance trade union has called off a strike at two Chevron LNG projects in Australia after the country’s labor market regulator mediated a settlement between the parties.

The strike began on September 8 after they failed to reach an agreement with Chevron about working conditions and wage demands.

Because of the dispute between Chevron and workers at the Gorgon and Wheatstone projects, LNG prices jumped 35% in (more…)

Authored by Charles Kennedy via Oilprice.com,

Australia’s Fair Work Commission is set to decide on Friday whether to halt the strikes at Chevron’s two LNG export facilities in Australia after the latest talks between the U.S. supermajor and trade unions failed on Wednesday.

“The ongoing lack of agreement reinforces our view that there is no reasonable prospect of agreement between the parties,” a spokesperson for Chevron told Reuters today.  

The workers have (more…)

Oil prices extended losses overnight from yesterday afternoon, but bounced back into the green this morning after WTI found support at $89 after Goldman upgraded its forecast.

After last week's big product builds, all eyes will be on any signs of demand-destruction. But, more ominously, the decline in Cushing stocks is top of mind for many…

API

• Crude -5.25mm (-1.00mm exp)

• Cushing -2.56mm

• Gasoline +732k (+500k exp)

• Distillates -258k (-200k (more…)