|Day's range||66.80 - 66.80|
(Bloomberg) -- Traders are seeking buyers for piles of unused coal before it becomes worthless after the fuel was hoarded to save Europe’s economy from running out of power last year.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthDebt-Limit Deal Wins House Passage, Easing US Default ConcernsS&P 500 Almost Wipes Out Its Monthly Advance: Markets WrapHedge Funds Are Deploying ChatGPT to Handle All the Grunt WorkElon Musk Again World’s Richest Person as Arnault’s LV
(Bloomberg) -- OPEC+ will be grappling with a divided oil market when it meets this weekend.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthDebt-Limit Deal Wins House Passage, Easing US Default ConcernsS&P 500 Almost Wipes Out Its Monthly Advance: Markets WrapHedge Funds Are Deploying ChatGPT to Handle All the Grunt WorkElon Musk Again World’s Richest Person as Arnault’s LVMH SinksOn one side, global oil inventories are shrinking as the alliance’s latest producti
Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. A divided House passed a bill to suspend the $31.4 trillion debt ceiling - and avert a catastrophic default - with majority support from both Democrats and Republicans, stoking optimism that it can move through the Senate before the weekend. U.S. S&P 500 e-Mini futures were 0.2% higher.
(Bloomberg) -- Falling coal prices could drive Chinese imports to all-time highs, as fuel unwanted elsewhere in the world is diverted to the biggest consumer. Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthDebt-Limit Deal Wins House Passage, Easing US Default ConcernsS&P 500 Almost Wipes Out Its Monthly Advance: Markets WrapHedge Funds Are Deploying ChatGPT to Handle All the Grunt WorkElon Musk Again World’s Richest Person as Arnault’s LVMH SinksChina’s purchase
LONDON (Reuters) -Oil prices rebounded on Thursday as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill restored hopes of further demand growth in the world's biggest oil consumer. U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default.
Investing.com -- Oil prices rose in Asian trade on Thursday, rebounding from near one-month lows as investors cheered progress towards averting a U.S. debt default, while signs of life in Chinese manufacturing also brewed some optimism over a demand recovery in the country.
Brent crude, the world's most traded oil benchmark, has picked up a Texas twang. Starting today, a particular type of US oil will factor into...
A batch of purchasing managers index reports from across the Asia-Pacific region will offer local markets direction on Thursday, with investors likely to be in a cautious mood following Wednesday's global market moves. If the PMI data on Thursday from Japan, Australia, India, South Korea and others are as gloomy as China's official PMI figures were on Wednesday, markets are in for a torrid start to the new month. Official data showed factory activity in China shrank faster than expected in May, at its fastest rate in five months, while service sector activity expanded at the slowest pace in four months.
Mexico's president took office in late 2018 pledging to boost local output of gasoline while phasing out imports, but so far state refineries have instead set a different course: bumper production of highly-contaminating fuel oil. To make Mexico self-sufficient, leftist resource nationalist President Andres Manuel Lopez Obrador wants the country to wean itself off dependence on foreign gasoline and diesel supplies, mostly from U.S. refiners, and replace them by 2024 with production from state oil company Petroleos Mexicanos (Pemex). The push to increase Pemex's output, however, has ramped up fuel oil production, due mostly to its refineries' struggle to efficiently process the heavy crude Mexican oil fields pump.
U.S. crude stockpiles likely rose last week along with inventories of fuel, petroleum industry group API indicated in a report Wednesday that bucked expectations for falls in both as oil bulls bet on higher energy demand with the advent of summer road, air and seaborne travel. The U.S. crude inventory balance rose by 5.202 million barrels during the week ended May 26, according to the API, or American Petroleum Institute. The petroleum industry group reported a crude draw of 6.799M barrels in the prior week to May 19.
Oil prices hit four-week lows on Wednesday after weak manufacturing data from China, the world’s largest crude importer, raised fears about demand growth in the second half of the year. The dollar’s surge on expectations that the Federal Reserve will raise interest rates again in June added to the weight on crude futures that are priced in the U.S. currency. New York-traded West Texas Intermediate, or WTI, crude settled down $1.37, or 2%, at $68.09 per barrel.
Brazil's economy likely surged back to growth in the first quarter of the year, powered by record-breaking crops and solid crude oil output that more than offset the drag of subdued manufacturing activity, a Reuters poll of economists showed. Strong exports by commodities-producing sectors were seen adding to resilient private consumption in lifting gross domestic product (GDP), despite the negative effects of high interest rates and a worrying rise in government debt.
With oil witnessing its largest decline in four weeks and weaker demand indicators appearing on the horizon, is now the moment to consider investing in inverse energy ETFs?
Apart from ConocoPhillips (COP) and Shell (SHEL), TechnipFMC (FTI), Eni (E) and Petrobras (PBR) hogged attention during the week.
Oil prices will creep up from current levels as major producer group OPEC+ maintains restrictions on supplies, but economic headwinds will keep them below $90 a barrel this year, a Reuters poll showed on Wednesday. Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals." West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus.
With the U.S. debt ceiling saga nearly over, the state of the global economy hoves back into view - with contrasting interest rate pictures that saw the dollar climb across the board. A deepening contraction of Chinese factory activity this month casts more doubt over the spluttering recovery of the world's second largest economy, while Europe saw some inflation relief as French and German readouts for May mirrored the surprising drop in Spanish inflation seen earlier this week. China's official manufacturing purchasing managers' index unexpectedly fell to 48.8 from 49.2 in April, staying below the 50-point mark that separates expansion from contraction and below a forecast of 49.4.
Oil prices fell sharply Wednesday after weak manufacturing data from China, the world’s largest crude importer, raised fears about demand growth in the second half of the year. Activity data released earlier Wednesday showed that China’s manufacturing sector, an important regional growth driver, shrank for a second straight month in May. Oil is down over 16% this year as China’s lackluster economic recovery and tighter monetary policy from the Federal Reserve weighed on the demand outlook.
The new CEO of Venezuelan state-run PDVSA is targeting endemic corruption at the financially troubled oil company while hoping to win over its 95,000 workers, a move critical to securing much needed cash for the country, home to the world's largest crude reserves. Pedro Tellechea, a 47-year-old mechanical engineer, took command of PDVSA in January and quickly suspended the OPEC country's exports and reviewed sales that had left $21.2 billion in income uncollected. Two months later, President Nicolas Maduro disclosed an anti-corruption investigation that since has led to the arrests of over 60 officials and businessmen and the resignation of the once-powerful oil minister.
Investors are anticipating the outcome of US debt vote and digesting the latest economic data from China.
(Bloomberg) -- Coal India Ltd., the world’s biggest miner of the fuel, raised prices for the first time in five years to offset an increase to its $5 billion wage bill.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into Earth’s CrustWinklevoss Twins Attempt Pivot After Gemini Loses Money and EmployeesTwitter Is Now Worth Just 33% of Elon Musk’s Purchase Price, Fidelity SaysJPMorgan Builds Unit for World’s Richest Families in Wealth BetMcCarthy Confident on Debt Vote Despite H
Investing.com -- Oil prices edged lower in Asian trade on Wednesday, retaining steep declines from the prior session as markets awaited a vote on the U.S. debt ceiling, while disappointing economic data from China brewed more concerns over sluggish demand.
The Schork Group Principal Stephen Schork joins Yahoo Finance Live to discuss oil prices amid the debt ceiling debate, China's Covid crisis, and OPEC+ uncertainty.
OPEC and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as OPEC+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand, after several members pledged unilateral cuts. The surprise announcement helped to push up prices by about $9 a barrel to above $87 per barrel over the days followed, but Brent prices since lost those gains.
As anxiety-inducing as the drama over the U.S. debt ceiling was, it has faded from oil traders’ radar with the tentative deal reached between the White House and rival Republicans, leaving the market to agonize over two other things: Fed action over rates and OPEC’s decision on output. Crude prices tumbled 4% on Tuesday amid mounting speculation that the Federal Reserve will raise rates for an eleventh time in 16 months when its policy-makers meet on June 14. The biggest signal for the central bank’s action will be in U.S. jobs data for May, due on Friday, that could show higher-than-expected payrolls growth that forces the Fed against pausing on rates.
Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend. OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, surprised the market on April 2 with further output cuts that pushed up the price of oil. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC), gave another warning last week to speculators.