Oil prices fell slightly on Tuesday but held above $79 a barrel as the dollar weakened, gold stayed strong and a late-season hurricane subsided in the Gulf of Mexico.
The IEA said the world must spend $26 trillion to meet expected energy demand to 2030 at its annual World Energy Outlook conference. Andy Hartwill from Quasar told CNBC with the supply and demand issue in the oil market, we'll see $100 oil again. "Enjoy the rally while it lasts," he advised when investing in stocks.
Austrian energy group OMV posted better-than-expected earnings for the third quarter Tuesday. CEO Wolfgang Ruttenstorfer told CNBC that refining margins will remain steady for the next couple of months.
While prices in the rest of the energy sector have moved streadily to the upside, natural gas has stayed relatively cheap. Addison Armstrong, of Tradition Energy, and Chris Jarvis, of Caprock Risk Mgmt., discuss whether there's a way you can play nat gas and make a profit.
The sea is the limit for Nautical Petroleum as they prepare statements of permission to develop two oil production sites in the North Sea. “We’re in a very good space at the minute because we are a British company borrowing against British assets,” Steve Jenkins, CEO of Nautical Petroleum & Chairman of The Oil and Gas Independents' Association told CNBC Monday.
The Nikkei 225 finished up 0.2% at 9,808 Monday, but volume was down at a 6-week low. Fast Retailing, Suzuki Motor, and Kubota were top gainers, but major power companies were among the hardest hit. Makiko Utsuda from The Nikkei has more.