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- Reuters
Putin orders review of Russian coal mining tax
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.
- FX Empire
US Stock Market Overview – Stocks Drop on Trump Tweets; Yield Curve Inverts
Dovish Fed cannot save the markets
- The Wall Street Journal
Oil Slides as Latest China Tariffs Reignite Demand Fears
Oil prices fell after China said it would impose tariffs on $75 billion worth of additional U.S. products including crude imports and President Trump said he would respond, the latest trade developments that investors fear could crimp fuel consumption.
- FX Empire
Gold Price Prediction – Gold Breaks Out Following Trump Tweets
Gold prices close at a 6-year high
- FX Empire
Silver Price Forecast – Silver markets take off on Friday
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.
- Reuters
Oil dragged into U.S.-China trade war, prices slump
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.
- FX Empire
GBP/USD Price Forecast – British pound continues to show volatility
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.
- FX Empire
EUR/USD Price Forecast – Euro continues to grind lower overall
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.
- Reuters
Court affirms alternative Keystone XL oil pipeline route through Nebraska
CALGARY, Alberta/WASHINGTON (Reuters) - A court in Nebraska on Friday affirmed an alternative route through the Midwest state for TC Energy Corp's Keystone XL oil pipeline in the latest chapter in the nearly 10-year legal fight over the Canada to Texas pipeline. The ruling lifts one of the last outstanding legal challenges facing the controversial project, which would ship 830,000 barrels per day (bpd) of crude from the Canadian oil marketing hub of Hardisty, Alberta, to Steele City, Nebraska, where it would link into an existing pipeline network feeding oil refineries on the Gulf Coast. A judge in Montana has scheduled a hearing for Oct. 9 on a request from environmental groups to block the federal permit issued by U.S. President Donald Trump allowing the pipeline to cross the U.S.-Canadian border.
- Simply Wall St.
Do Insiders Own Lots Of Shares In BNK Petroleum Inc. (TSE:BKX)?
If you want to know who really controls BNK Petroleum Inc. (TSE:BKX), then you'll have to look at the makeup of its...
- Oilprice.com
Oil Prices Plunge As China Retaliates With Tariffs On U.S. Goods
China sent oil prices diving on Friday morning after it announced a $75 billion in new tariffs on American goods
- Barrons.com
Gas Prices Are Falling Just in Time For Labor Day
Prices at the pump in the U.S. are declining, and have the potential to drop 10% or more before the end of the year.
- FX Empire
USD/CAD Daily Forecast – Traders Eye Fed’s Chief Powell’s Speech
Market attention might stay over Canadian June MoM Retail Sales figures. On the daily chart, ATR depicted 66 pips volatility forecast for the day.
- FX Empire
E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Line in the Sand for Traders is 26494
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.
- FX Empire
U.S. Dollar Index Futures (DX) Technical Analysis –
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.
- Reuters
China's coal demand to peak around 2025, global usage to follow: report
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.
- Oilprice.com
LNG Upends Europe’s Gas Market
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
- FX Empire
Gold Price Prediction – Prices Consolidate Ahead of Powell Jackson Hole Speach
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.
- FX Empire
Crude Oil Price Forecast – Crude oil markets roll over
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.
- FX Empire
Gold Price Futures (GC) Technical Analysis – Direction Being Controlled by Pivot at $1517.50
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.
- Fox Business
Gas prices predicted to drop this fall. Here's how much you can expect to save: AAA
AAA expects the national gas price average to drop this fall.
- FX Empire
Global Equities Back to Key Levels
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?
- Reuters
Canadian dollar rises as oil prices increase, Powell speech in focus
The Canadian dollar edged higher against its U.S. counterpart on Thursday, adding to the previous day's gains, as oil prices increased and investors awaited the Federal Reserve chairman's speech. The price of oil, one of Canada's major exports, rose on a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy capped gains. U.S. crude oil futures were up 1% at $56.11 a barrel.
- Reuters
Rosneft becomes top Venezuelan oil trader, helping offset U.S. pressure
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.
- Reuters
OPEC's market share sinks - and no sign of wavering on supply cuts
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.
