|Day's range||51.81 - 52.41|
LONDON/SINGAPORE (Reuters) - Several top trading houses have rented millions of barrels of crude storage in South Korea this month to hold excess oil supplies after the coronavirus outbreak dampened demand in China, the world's largest importer, trading sources said. Trading firms Trafigura [TRAFG.UL], Glencore and Mercuria as well as the trading division of French oil major Total have rented close to 15 million barrels of storage tanks from South Korea's state oil firm Korea National Oil Corp (KNOC) [KOILC.UL], they said. The traders took on new storage leases for three or six months, with a contango market structure - in which longer-dated oil futures trade at a premium - defraying some costs while they wait for a rebound in demand after China recovers from the outbreak, the sources said.
As Asian refineries are reducing their crude intake, oil suppliers such as Angola, Brazil and Russia are slashing the prices of their most popular blends
KUALA LUMPUR/MUMBAI, Feb 14 (Reuters) - India's halt on Malaysian palm oil imports has disrupted global edible oil trade flows, with Indonesia diverting supplies to feed India, Malaysia rushing to tap markets left behind by Jakarta, and India substituting palm with other oils. India, the top global palm oil buyer, imposed restrictions on imports of refined palm oil last month, a move sources said was retaliation against Malaysia's criticism of New Delhi's actions in Kashmir and a new citizenship law.
The bearish demand forecasts from OPEC and the IEA are likely going to encourage OPEC and its allies, especially Russia, to implement the additional production cuts recommended the week-ending February 7.
The IEA slashed its demand forecast for the first quarter of 2020, predicting that quarterly oil demand growth will turn negative for the first time in a decade
Despite the global pressure cut back on the use of coal and other fossil fuels, there are still a number of opportunities for the industry to grow
Oil production at the West Karoun oilfields in southwest Iran has increased five-fold in the past six years, Iran's Oil Minister Bijan Zanganeh said on Saturday, according to the news site of the oil ministry SHANA. SHANA did not give a figure for the current daily production of oil at West Karoun. The West Karoun oilfields have the capacity to produce up to one million barrels per day if there is additional investment and technology, Zanganeh said, according to SHANA.
It was quite a week for the global financial markets, with the bulls coming out on top. COVID-19 will remain the headline for now…
USD/CHF has further to go on the upside following a bottom breakout this week in the pair. Weakness can be used to accumulate given upside targets.
Based on the current set-up, the Fib level at $52.52 is a trigger point for a potential acceleration to the upside. If strong buyers come in on the move then look for a surge into the intermediate 50% level at $54.20.
(Bloomberg) -- A crude tanker stuck at sea for over a year has become the latest front in the battle over Venezuela’s oil riches after being seized this week.Citgo Petroleum Corp., led by appointees of Venezuelan opposition leader Juan Guaido, is weighing filing an insurance claim this week for theft after a tanker holding almost 1 million barrels of oil was seized by Venezuela, according to a person familiar with the matter.The contested oil, purchased by Citgo and loaded on the tanker Gerd Knutsen, floated offshore Venezuela for more than a year. In December, a shadow board of Citgo directors chosen by President Nicolas Maduro attempted to seize the cargo but was blocked by a U.S. court. The roughly 960,000 barrels of Venezuelan crude that was once bound for a Citgo refinery in the U.S. is instead discharging this week in the Port of Jose at a terminal run by Petroleos de Venezuela SA, the national oil company controlled by Maduro, according to people familiar with the matter and ship-tracking data compiled by Bloomberg.The oil tanker and its cargo worth about $50 million is caught up in Venezuela’s power struggle, which heated up after Guaido’s first official visit to the White House to meet President Donald Trump earlier this month. After the meeting, Maduro’s regime moved to imprison six former Citgo executives who’d been living under house arrest. The tanker was stuck in limbo after the U.S. imposed tougher sanctions on PDVSA in late January 2019 to curtail Maduro’s income from oil sales.The cargo that was discharged consisted mostly of diluted crude oil, as well as 30,000 barrels of Pedernales crude, the person said.Citgo and PDVSA didn’t immediately return messages seeking comment, while a representative at Venezuela’s Information Ministry declined to comment.\--With assistance from Patricia Laya.To contact the reporters on this story: David Wethe in Houston at firstname.lastname@example.org;Lucia Kassai in Houston at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, David Marino, Joe RichterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Based on Friday’s price action and the current price at 3372.00, the direction of the March E-mini S&P; 500 Index into the close on Friday is likely to be determined by trader reaction to yesterday’s close at 3377.50.
The S&P; 500 has rallied again during the week but pulled back slightly at the end. Nonetheless, this is a market that continues to find buyers, so dips are to be appreciated.
Crude oil markets have had a positive week, something that we have not been able to say for a moment now. We are at the very lows of the overall consolidation, so if we can break above the top of the candlestick from this week, that could be a good sign.
The US dollar has stalled a bit during the week, showing the ¥110 level as an area that is going to continue to be very difficult to break out of.
Gold markets rallied a bit during the trading session on Friday, to show signs of strength again going into the weekend. Ultimately gold continues to be where the buyers are jumping in to protect their portfolios.
The Zacks Analyst Blog Highlights: ExxonMobil, ConocoPhillips, Valero Energy, Marathon Petroleum and Chevron
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterTullow Oil Plc said it received approval from Ghanaian authorities to flare gas when necessary to support its offshore fields.The permission will assist heavily indebted Tullow to support production at operations that failed to meet their initial output guidance for 2019, contributing to a terrible year that also saw delays at East African projects, disappointing drilling results in Guyana and the resignation of Chief Executive Office Paul McDade.Tullow will resort to flaring when it’s unable to ship gas ashore in order to “maintain the integrity of the Jubilee and TEN fields,” the company said in an emailed response to questions.Ghana’s agreement with Tullow entitles the West African nation to free deliveries of gas that the company extracts with crude from its fields. However, the country’s contractual obligations with other gas suppliers such as Eni SpA have rendered some of Tullow’s deliveries surplus to requirement.In the absence of a flaring agreement, Tullow has little choice but to inject the unwanted gas back into the reservoirs, a process which could compromise their stability and weigh on production, according to two people familiar with the matter, who asked not to be identified because they’re not authorized to speak publicly.Tullow declined to elaborate further, while a spokesman for Ghana’s energy ministry didn’t answer calls or respond to text messages requesting comment.Output from new oil fields helped Ghana’s economy to expand at one of the fastest rates in Africa over the past three years. While the country also relies on gold and cocoa for exports, a potential shortfall in revenue from crude would weigh on a widening budget deficit and persistent tax shortfalls.To contact the reporters on this story: Ekow Dontoh in Accra at email@example.com;Paul Burkhardt in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Andre Janse van Vuuren at email@example.com, James HerronFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
France's Total is considering stopping sales of fuel oil to power markets as the energy giant seeks to reduce its carbon footprint and grow its renewable power business, its chief executive told Reuters. Fuel oil is one of the most carbon intensive refined oil products, used mainly for power generation and as a marine fuel. "We want to stop selling fuel oil for making power," Total Chief Executive Patrick Pouyanne told Reuters in an interview on Feb. 6.
Malaysia has not abandoned an option to file a World Trade Organization (WTO) suit against European Union (EU) restrictions on palm oil-based biofuel, the minister in charge of palm oil said on Friday. The European Commission concluded last year that palm oil cultivation results in excessive deforestation and passed a law to phase out its use as transport fuel by 2030. Palm's biggest producer Indonesia challenged the law in December, but second-biggest producer Malaysia is still considering its options, its Primary Industries Minister Teresa Kok said in a statement.
U.S. crude is trading quietly, having paused after the strong gains seen earlier in the week. Investors continue to eye OPEC, which is seeking Russian approval for a cut in production.
Malaysia has not retracted its option to file a World Trade Organization (WTO) suit against European Union (EU) restrictions on palm oil-based biofuel, the minister in charge of palm oil said. Minister Teresa Kok said a Reuters report on Wednesday misquoted her as saying that Malaysia no longer plans to file the suit and will instead seek to convince the EU to change its treatment of the crop in a review scheduled for 2021. "We continue to view the Delegated Regulation as a discredit to the Malaysian palm oil industry's commitment towards mandatory sustainability since it creates additional trade barriers and impedes our sustainability efforts throughout our palm oil supply chain," she said in a statement on Friday.