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U.S. natural gas storage levels on average are expected to rise by 31 billion cubic feet when weekly data from the U.S. Energy Information Administration are released today. In the weekly Reuters survey of 31 industry traders and analysts, injection estimates for the week ended Aug. 13 ranged from 23 to 41 bcf. Stocks rose an adjusted 54 bcf for the same week last year, while the five-year average gain for that week is 50 bcf.The median build in the survey was also 31 bcf. Besides, Natural gas moved lower despite a U.S. government report that showed a smaller-than-expected build in natural gas inventories last week. The U.S. Energy Information Administration reported that natural gas inventories increased by 27 billion cubic feet, which fell short of the consensus estimate for a build of 32 billion cubic feet. Natural Gas yesterday we have seen that market has moved -0.76%. Market has opened at 197.8 & made a low of 193.6 versus the day high of 204.1. The total volu...

Transocean, the company that owned the rig behind the Gulf of Mexico disaster, has accused oil giant BP of hiding key data needed for a probe in a recently published strongly worded letter. Transocean accused BP of trying to stop any other entity from probing the April 20 explosion of the Deepwater Horizon rig, leased by BP, which killed 11 workers and unleashed the worst oil spill in history. BP quickly denounced the letter, which was sent to three members of President Barack Obama's cabinet and leading members of Congress, calling it a "publicity stunt" to deflect Transocean's responsibility. Transocean said BP had stopped even acknowledging requests for documents that "only BP has and that are critical to an honest assessment of the incident and the identification of possible improvements for the entire industry." "BP has continued to demonstrate its unwillingness, if not outright refusal, to deliver even the most basic information to Transocean,...

Oil prices wallowed below $75 a barrel Friday in Asia as a spate of weak figures on the U.S. economy added to expectations that demand for crude will weaken. Benchmark crude for October delivery edged up 2 cents to $74.45 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 99 cents to settle at $74.43 on Thursday. Crude prices have retreated nearly 8 percent in the past two weeks amid evidence of slowing economic growth. Prices rebounded Tuesday but the rally was short-lived after a U.S. report showed crude inventories fell less than expected last week as demand remained sluggish. Adding to the gloom, the U.S. Labor Department said Thursday that jobless benefit claims rose last week while the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region dropped during August. Fewer jobs mean fewer people filling their tanks to drive to work. Also, fewer vacationers will be on the road after Labor Day...