|Day's range||52.96 - 53.43|
SINGAPORE/BEIJING, Aug 25 (Reuters) - China's crude oil imports from Malaysia stood near record levels in July, customs data showed, with traders and a tanker-tracking analyst citing oil either transshipped from Venezuela or blended with Venezuelan crude for the unusual growth. Crude imports from Malaysia rose to 1.35 million tonnes last month, more than double from a year earlier, data from China's General Administration of Customs showed on Sunday. Emma Li, analyst with Refinitiv Oil Research, estimated that about 500,000 tonnes of the Malaysian supplies arriving in July were transshipped from Venezuelan crude supplied by Russian state oil firm Rosneft.
As U.S. sanctions continue to weigh on Iran’s oil sector, Tehran is courting two countries with a rocky relationship with Washington to secure new investments
The biggest concern for traders is the escalation of the U.S.-China trade dispute that will likely lead to further downward revisions in U.S. and global oil demand growth.
Ukrainian Security Service operatives discovered engineers using a state-run nuclear power plant’s supercomputer to mine cryptocurrencies
Russian President Vladimir Putin has asked the government to review a mineral extraction tax for the Russian coal industry by Oct. 31, instructions published by the Kremlin showed on Saturday. Russia is the world's third largest coal exporter after Australia and Indonesia. Putin has been a proponent of further expansion of the country's export infrastructure and seeking new coal markets, with China seen as a particularly important customer.
Silver markets continue to show signs of strength during the day on Friday, using the $17.00 level as a launching point. All things being equal, this is a nice uptrend that should continue to show itself, but we are running into a bit of resistance.
China threatened to impose tariffs on U.S. crude oil for the first time in the escalating bilateral trade war, sending prices to two-week lows on Friday as that compounded worries about a slowdown in global oil demand. China said crude would be among the U.S. products hit by tariffs of 5% as of Sept. 1. U.S. President Donald Trump said he would offer a response later on Friday.
The British pound has gone back and forth during trading on Friday, as we continue to see a lot of volatility in Sterling. Quite frankly, there is nothing on the horizon that looks like the Brexit is going to be salt, so this should offer a nice selling opportunity at higher levels.
The Euro continued to reach lower levels during the trading session on Friday, as we have continued to see a bit of negativity in the Euro, but with Jerome Powell getting ready to release a speech in Wyoming, we could see a bit of a short-term reaction.
Market attention might stay over Canadian June MoM Retail Sales figures. On the daily chart, ATR depicted 66 pips volatility forecast for the day.
Based on the early price action and Thursday’s close at 26225, the direction of the September E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to the short-term 50% level at 26215.
Based on the early price action, the direction of the September U.S. Dollar Index on Friday is likely to be determined by trader reaction to the Fib level at 98.030.
China's coal demand will start to fall in 2025 once consumption at utilities and other industrial sectors reaches its peak, a state-owned think tank said in a new report, easing pressure on Beijing to impose tougher curbs on fossil fuels. The world's biggest coal consumer is expected to see total consumption fall 18% from 2018 to 2035, and by 39% from 2018 to 2050, the CNPC Economics and Technology Research Institute, run by the state-owned China National Petroleum Corp (CNPC), forecast in a report on Thursday. Cutting coal consumption and replacing it with cleaner energy like natural gas and renewables has been a key part of China's energy strategy, but it has continued to approve new mines and coal-fired power plants and support new projects overseas.
Low liquefied natural gas (LNG) spot prices amid abundant supply and weaker Asian spot demand this year have created the perfect buying opportunity for European gas buyers
The Jackson Hole symposium started on Thursday and although there were no speeches, which appears clear is that the Fed is unlikely to ease rates substantially. Gold prices moved sideways and appear to be forming a topping pattern. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
The crude oil markets continued to show bearish pressure, as we have fallen on Thursday. This should not be much of a surprise considering the breakdown that we had later in the day on Wednesday.
Based on the early price action, the direction of the December Comex gold futures contract into the close is likely to be determined by trader reaction to the pivot at $1517.50.
The S&P500; closed up over the key 20-day moving average for the first time in 16 trading days. What does this mean for the world’s most important equity market?
Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to buyers in China and India and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching U.S. sanctions. Trading sources and Refinitiv Eikon data showed Rosneft became the biggest buyer of Venezuelan crude in July and the first half of August. It took 40% of state oil company PDVSA's exports in July and 66% so far in August, according to the firm's export programs and the Refinitiv Eikon data, double the purchases before sanctions.
OPEC's share of the global oil market has sunk to 30%, the lowest in years, as a result of supply restraint and involuntary losses in Iran and Venezuela, and there is little sign yet producers are wavering on their output-cut strategy. Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data. The decline in prices, should it persist, and erosion of market share could raise the question of whether continued supply restraint is serving producers' best interests.
Shares in the London-listed oil company, which has struggled with its debt pile in recent years, were up 5% as of 0909 GMT following the news. The company reported a 10.4% rose in oil and gas output to 84,100 barrels of oil equivalent per day (boepd) in the first half of the year. Premier said it launched the sale process for its 25% stake in the Zama field in Mexico after raising its resource estimate in June.