|Day's Range||67.50 - 68.62|
Donald Trump is the latest in a long line of presidents to publicly complain about OPEC and higher oil prices, but White House anger is mostly just a big show for American voters. Washington really can’t ...
MONTREAL/VANCOUVER April 20 (Reuters) - Canada's biggest rail union said no progress had been made in negotiations on Friday with Canadian Pacific Railway Ltd to reach a deal before a Saturday deadline as worries about a potential strike weighed on the country's crude oil prices. Management and union workers are grappling over issues such as schedules to reduce fatigue management, the union said. This would add hurdles for shipments of potash, crude oil and grains as demand soars for already congested rail service at CP and its larger rival Canadian National Railway.
Oil prices retreated from multi-year highs as US President Donald Trump lashed out at the world’s largest oil producing nations during a meeting which exposed rifts at the heart of the Opec cartel. President Trump blamed the group for forcing global prices to “artificially” high levels, and warned that it “will not be accepted”, in a tweet during a key meeting between Saudi-led oil producers and Russia. The meeting revealed a splintering of views between the pair over whether to keep a squeeze on crude production to drive prices higher or begin to ease supply cuts again. The uncertainty quickly punctured the confidence of the oil market over the last week, causing prices to plummet from fresh highs of $74.70 a barrel on Thursday to below $73 before making a modest recovery. The Organisation of Petroleum Exporting Countries (Opec) met with non-Opec nations in Saudi Arabia on Friday to discuss the progress of its year-long supply deal just days after oil prices rallied to their highest level since December 2014. Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak Credit: AMER HILABI/AFP Despite the quicker than expected recovery of oil prices to over $74 a barrel, the Saudi energy minister is understood to be eyeing even higher market levels to support the mega-float of the Saudi Aramco oil giant early next year. President Trump said it “looks like Opec is at it again”, adding that “oil prices are artificially very high” and “will not be accepted”. The tweet puts Mr Trump at odds with the Saudi government after months spent currying favour with the royal family in a bid to secure the Aramco float on the New York Stock Exchange. Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!— Donald J. Trump (@realDonaldTrump) April 20, 2018 In response to the tweet Khalid Al-Falih, the minister, told reporters at the event that “there is no such thing as artificial prices”. He added that "there is capacity for higher prices" without hurting demand because "we've seen prices significantly higher in the past". The unprecedented supply deal is due to remain in place to the end of the year but Russia’s energy minister Alexander Novak refused to commit to the full plan, in a significant break which could derail the agreement. At a glance | OPEC "I cannot at the moment give you a precise answer because we do not have the full idea how the market is going to perform in the forthcoming months. We need to carry on monitoring the situation," Mr Novak told reporters. Oil prices traded above $100 a barrel before 2014 when a glut of oil supply caused prices to collapse to twelve year lows, forcing Opec to strike a deal with Russia and producers outside of the cartel to rein in production while rising demand drains the market excess.
Oil prices slumped on Friday after U.S. President Donald Trump criticized Organization of the Petroleum Exporting Countries’ and Russia for contributing to the rise in oil prices. Crude oil futures fell 0.79% to $67.75 a barrel by 10:12 AM ET (14:12 GMT). Brent crude futures, the benchmark for oil prices outside the U.S., was down 0.89 to $73.12 a barrel.
Brent and U.S. crude turned negative after U.S. President Donald Trump on Friday criticized OPEC for output curbs that have helped raise global oil prices and said "artificially" high prices would not be accepted. Schlumberger, a bellwether for the oilfield services and drilling industries, said global oil supply and demand were in balance and that investments in exploration and production were expected to rise about 5 percent internationally. The absence of normal seasonal softness indicated that supply and demand were in balance, and combined with "increased geopolitical risk" had driven up oil prices," Chief Executive Paal Kibsgaard said on a call with analysts.
Trump added further downward pressure to oil prices on Friday with a tweet that accused OPEC of artificially inflating the price of oil
OPEC Secretary-General Mohammad Barkindo said on Friday members of the oil producers group were friends of the United States and have a vested interest in its growth and prosperity. Barkindo made his remarks ...
Iraqi Oil Minister Jabar al-Luaibi said on Friday oil prices are "not very high" following a tweet by U.S. President Donald Trump criticizing OPEC over artificially high oil prices. "Everything ...
OPEC and Non-OPEC oil producers may reconsider the size of their oil production cuts, with Russia vocalizing concerns regarding exports and market share
CSX’s (CSX) revenue in the first quarter of 2018 was flat compared to 1Q17. It rose only 0.2% to $2.8 billion. Carloads declined 4% to 1.5 million units from 1.6 million units a year ago. In spite of a volume fall, revenue rose marginally, which was most likely from pricing gains. Revenue per unit rose 4% to $1,877 from $1,802.
The largest exchange-traded fund to track the energy sector declined in early trading on Friday, after President Donald Trump tweeted that crude-oil prices were "artificially high." The Energy ...
Investors in Oasis Petroleum (OAS) need to pay close attention to the stock based on moves in the options market lately.
JEDDAH, Saudi Arabia (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Friday members of the oil producers group were friends of the United States and have a vested interest in its growth and ...
Shipping industry hopes that so-called sulphur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the world's biggest manufacturers of the equipment told Reuters. The International Maritime Organization's (IMO) cut to the amount of sulphur the world's fleet can emit will have massive implications for shippers, oil refiners and even crude oil producers. Scrubbers that strip sulphur as fuels are burned allows ships to continue using high-sulphur fuel oil, and Finland's Wartsila Marine Solutions is taking in record orders as the 2020 deadline draws nearer.
* Palm up 0.6 percent on-week * Market seen falling in longer term - trader (Updates with closing prices, quotes) By Emily Chow KUALA LUMPUR, April 20 (Reuters) - Malaysian palm oil futures made gains ...
HSBC has become the latest financial institution to turn its back on financing high carbon energy projects after ruling out funds for new coal-fired power plants. The British bank will also stop providing financial services to any new offshore oil and gas projects in the Arctic as well as oil sands projects, which both face fierce criticism from environmental groups. HSBC set out its dramatic shift in energy policy ahead of its annual general meeting in London today, in a move that highlights the growing pressure on financial institutions to honour the global shift towards low carbon power mapped out by the Paris Climate Accord. Daniel Klier, the bank’s sustainability boss, said the decision “reflects HSBC’s ambition to help our customers make the transition to a low-carbon economy in a responsible and sustainable way”. “We recognise the need to reduce emissions rapidly to achieve the target set in the 2015 Paris Agreement to limit global temperature rises to well below 2 degrees Celsius and our responsibility to support the communities in which we operate,” he said. HSBC will turn its back on new coal-fired power projects Other large banks, such as ING, BNP Paribas and BBVA, have all set out similar commitments amid warnings from the Bank of England Governor Mark Carney that climate change could destabilise financial systems unless institutions protect themselves. In addition Loyd’s of London is facing pressure from climate change groups to rewrite its rule book so that insurers no longer insure risky coal projects. The City is under pressure to distance itself from risky high-carbon investments Credit: Jason Alden/Bloomberg HSBC said it had been significantly restricting its investments in new coal-fired power plants since 2011 and “effectively ceased financing” them in 78 developed countries. It will now stop financing new coal-fired power in all countries around the world apart from those in Bangladesh, Indonesia and Vietnam. “The bank will consider supporting new coal-fired projects in these countries on a case-by-case basis – and only where a carbon-intensity target is met and independent analysis finds that no reasonable alternative is available to meet the country’s energy needs,” HSBC said. The loophole is likely to irk environmental campaigners because only a low number of new coal plants are still looking for funding in developed markets such as Europe. The UK government has pledged to end all coal-fired power generation from 2025, effectively issuing a death knell for the few remaining coal plants that have not already been squeezed out of the market. This week the UK set a new record by powering the energy system without any coal-fired power for two days, the first 48-hour stretch since the industrial revolution. Last year Norway’s trillion dollar sovereign wealth fund, itself created by the country’s oil revenues, said it would cut back its investment in oil and gas.
WASHINGTON (AP) — President Donald Trump says oil-producing cartel OPEC "is at it again," and that efforts to maintain high prices "will not be accepted!"
French oil giant Schlumberger Ltd. said Friday it had net income of $525 million, or 38 cents a share, in the first quarter, after a loss of $2.255 billion, or $1.63 a share, in the year-earlier period. "Our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs including the equipment mobilization, reactivation, and redeployment associated with recent contract wins," Chief Executive Paal Kibsgaard said in a statement. The company's international businesses started the year with the Middle East, North Sea and Russia all in line with expectations, while strength in Asia was offset by weakness in Latin America and Africa.
Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent (LCOc1) and U.S. West Texas Intermediate (CLc1) crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. "Rising tensions in the Middle East have likely played a role in oil price strength, but we believe a tight physical market is the key driver," U.S. investment bank Jefferies said on Friday in a note to clients.
April 20 (Reuters) - TSH Resources Bhd: * MARCH CRUDE PALM OIL PRODUCTION OF 14,706 MT; PALM KERNEL PRODUCTION OF 3,969 MT Source text : ( https://bit.ly/2HOS40e ) Further company coverage:
April 20 (Reuters) - Yanzhou Coal Mining Co Ltd : * SAYS UNIT YANCOAL AUSTRALIA'S Q1 COMMERCIAL COAL SALES UP 84 PERCENT Y/Y AT 9.2 MILLION TONNES Source text in Chinese: https://bit.ly/2F1H0K0 Further ...