|Day's range||55.28 - 56.89|
Russia's Rosneft, one of the world's top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars as early as this year, five trading sources told Reuters. Rosneft, which accounts for over 40% of Russia's oil output, sells the bulk of its oil products for export at annual tenders as well as at a number of spot or short-term tenders. BP, Glencore, Trafigura, Vitol and Cetracore are among top buyers.
BP and Glencore are struggling to sell around 600,000 tonnes of tainted Russian oil more than three months after the contamination was discovered, according to six trading sources. Russia's oil industry was plunged into a crisis in April after about 5 million tonnes of oil for export was found to be contaminated with organic chloride, a chemical used to help boost oil extraction but which can damage refining equipment. Exports through the Druzhba pipeline that transports oil to Germany, Poland, Hungary, Slovakia, the Czech Republic, Ukraine and Belarus were halted.
Crude oil futures rose on Wednesday after industry data showed a larger than expected drop in U.S. crude inventories, but gains were capped by lingering worries about a possible global recession. Brent crude had gained 90 cents, or 1.5%, to $60.93 a barrel by 1110 GMT, after settling 0.5% higher on Tuesday, while U.S. crude was up 56 cents, or 1%, at $56.69 a barrel. U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday.
Investing.com - Oil prices gained on Wednesday after the American Petroleum Institute (API) reported that U.S. crude inventories fell for the first time in three weeks. U.S. Crude Oil WTI Futures gained 0.3% to $56.32 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures rose 0.5% to $60.31. The API, which often serves as an early indication of weekly petroleum levels, reported a 3.5 million-barrel drawdown last week. Analysts expected a decrease of 1.9 million barrels. The Energy Information Administration (EIA) will release its weekly petroleum report later in the day. The EIA is expected to report crude stockpiles fell by 1.889 million barrels last week. The report has confounded economists’ estimates lately, showing a build for two consecutive weeks against expectations for a decline. Meanwhile, traders will pay close attention to the release of the U.S. Federal Reserve’s July meeting minutes and Fed Chairman Jerome Powell’s speech this week. Tensions in the Middle East remained in focus as U.S. Secretary of State Mike Pompeo said the country would take every action possible to stop an Iranian tanker sailing in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions. Pompeo also commented on the Sino-U.S. trade dispute, saying that he believes the trade war would end by 2020, while U.S. President Donald Trump said he will “take China on” even if it causes short-term impact on the U.S. economy.
Norwegian behemoth Equinor (EQNR) started oil production from the Mariner field in the UK North Sea, while British supermajor BP plc (BP) inked a new JV in India to set up 5,500 petrol pumps.
Petroleum and natural gas production in the United States jumped by 16 percent and 12 percent, respectively, in 2018, setting new production records and placing the United States as the world’s single largest producer of oil and natural gas
Oil markets are on edge as trade war uncertainty has once again taken center stage, with Mike Pompeo’s harsh comments about Huawei counteracted by wavier extension for the Chinese tech giant
As I stated yesterday, crude oil was running into a bit of trouble just above and it does look in fact as if that prediction is going to come true. Because of this, there’s a bit of a trend line keep in the market down, and of course major moving averages.
The British pound has fallen a bit during the trading session on Tuesday as we continue to see a lot of weakness involving global risk appetite and of course the Brexit. All things being equal it’s likely that we will continue to see this pair fall.
The oil and gas sector on the Forbes 2019 list of the world’s biggest public companies saw the largest profit growth among the top 10 sectors on the list
Based on Monday’s close at $56.14 and today’s early price action, the direction of the October WTI crude oil futures contract is likely to be determined by trader reaction to the main 50% level at $55.72.
(Bloomberg) -- The rivalry between U.S. and Middle Eastern oil producers has jumped up a notch as American crude makes its way right to the heart of Asia, the world’s most-prized energy market.Royal Dutch Shell Plc has offered a cargo of U.S. West Texas Intermediate Midland crude that’s priced off the Dubai benchmark in its debut during Asian hours on S&P Global Platts’ widely-referenced trading platform, according to two traders and data compiled by Bloomberg.Offering the shipment -- scheduled to be delivered to Singapore, or Linggi or Nipah in Malaysia -- against the Middle East’s oil benchmark brings it into direct competition with Gulf grades produced in Saudi Arabia, Abu Dhabi and Qatar. Once considered a one-off arbitrage, the flow of American oil to Asia has increased in recent years.“It’s another tasty entree on the oil buffet table that may be quite appetizing for some of the Asian buyers,” said John Driscoll, chief strategist at JTD Energy Services Ltd. in Singapore. “Considering that U.S. crude exports have steadily been ramping up, this move could be disruptive for the traditional suppliers in the Middle East.”While U.S. shipments of grades such as WTI Midland and Eagleford are typically priced off the American benchmark WTI, Shell’s offer makes it easier for buyers to compare it against similar-quality oil that refiners across South Korea, Japan and China typically take. The crude can be transferred to other vessels in the Malacca Strait near Singapore, making the logistics less complicated for buyers across Asia.American exports have eroded the dominance of Middle Eastern crude in Asia, at a time when the Organization of Petroleum Exporting Countries and its allies are restricting their output in an effort to prop up prices. South Korean oil imports from the U.S. rose to about 8.5 million barrels in June, compared with 3 million barrels a year earlier. American shipments to Asia are likely to expand further due the start up of two Permian pipelines this year.The offer by Shell was made for a WTI Midland cargo for delivery on Oct. 15-25 at a premium of $4.55 a barrel to Dubai benchmark price, the traders said. The deal was subject to the buyer’s acceptance of a vessel named Phoenix Jamnagar.(Updates with chart.)To contact the reporter on this story: Sharon Cho in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Serene Cheong at email@example.com, Andrew JanesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
KUALA LUMPUR/JAKARTA, Aug 20 (Reuters) - Leading palm oil players in Indonesia see production growth being hit in the short to medium term, as the world's top grower of the edible oil faces drought across major planting regions that is expected to delay fruit ripening and lower output. Drought has hit large parts of the archipelago as a mild El Nino disrupts the dry season, weather officials say, with its peak now expected to run from mid-August to mid-September.
Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand. Brent crude settled 29 cents, or 0.5%, higher at $60.03 a barrel, while U.S. crude rose 13 cents to $56.34 a barrel. U.S. crude turned lower in post-settlement trade after U.S. President Donald Trump said he was not ready to make a trade deal with China.
The United States has started secret preliminary talks via intermediaries with Diosdado Cabello, the leader of Venezuela’s Socialist party
A drone attack by the Yemeni Houthis caused fire at an oil and gas field in Saudi Arabia, the Kingdom’s Energy Minister said as quoted by the Saudi Press Agency
On 30 June 2019, Seplat Petroleum Development Company Plc (LON:SEPL) announced its earnings update. Overall, analysts...
China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest set of U.S. sanctions on the South American exporter, two Beijing-based senior sources with direct knowledge of the matter told Reuters on Monday. The Trump administration in early August froze all Venezuelan government assets in the United States and U.S. officials ratcheted up threats against companies that do business with Venezuela. "Trump's executive order gave a directive for the follow-up sanction measures that shall be announced by the U.S. Treasury... CNPC is worried that the company is likely to be hit by the secondary sanctions," said one source.
Malaysian Prime Minister Mahathir Mohamad on Monday called on Britain to engage with palm oil growers to incentivise sustainable production, rather than pursuing boycotts after its scheduled exit from the European Union (EU) on Oct. 31. Mahathir's comments, carried in on opinion column for news agency Bloomberg, follow a move by the EU to phase out palm oil usage in biofuels. Top growers Indonesia and Malaysia have said they would file a complaint to the World Trade Organization to challenge the move.
Oil prices gained roughly 2% on Monday after a weekend attack on a Saudi oil facility by Yemen's Houthi forces threatened crude supplies and as traders looked for signs that top economies would take measures to counteract a global slowdown. Signs of a slight softening of the trade war between the United States and China, including Washington extending a reprieve that permits China's Huawei Technologies to buy components from U.S. companies, also helped oil prices. A drone attack by the Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, adding to Middle East tensions, but state-run Saudi Aramco said oil production was not affected.
Investing.com - Oil prices gained on Monday in Asia following a volatile week as traders digested the latest development on the Sino-U.S. trade front.
If you want to know who really controls Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564), then you'll...