|Day's Range||68.27 - 69.65|
The acronym "NOPEC" has appeared in the headlines lately and is drawing the attention of crude oil traders. NOPEC stands for No Oil Producing and Exporting Cartels Act, a bill that has made its way to a Senate sub-committee, which would revoke the sovereign immunity that has long protected OPEC members from U.S. antitrust legal action. If passed and signed into law, NOPEC would change U.S. antitrust law to allow OPEC members to be sued for collusion in U.S. courts.
Libya's National Oil Corporation has increased output at the Abu Attifel field, a company statement said on Monday. Enhancement and maintenance work carried out by Mellitah Oil and Gas, the operator of Abu Attifel, increased condensate production by 2,000 barrels per day to 9,500 bpd, NOC said.
On October 18, US crude oil’s implied volatility was 25.8%—almost on par with its 15-day average. The inverse relationship between oil prices and oil’s implied volatility is illustrated in the following graph. Since reaching a 12-year low in February 2016, US crude oil active futures have risen 161.9%. Crude oil’s implied volatility has fallen ~65.7% since February 11, 2016.
* Palm oil seen trading sideways - Trader * Ringgit trading at 11-month lows * Palm oil may test resistance at 2,238 rgt/T - Techs (Updates with closing prices) By Emily Chow KUALA LUMPUR, Oct 22 (Reuters) ...
The Zacks Analyst Blog Highlights: Energy Transfer, Phillips 66, Whiting Petroleum and Continental Resources
Oct 22 (Reuters) - China Oil and Gas Group Ltd: * UNIT WON BID OF GAS CONCESSION RIGHT IN LUYANG LAKE DEVELOPMENT ZONE, WEINAN CITY, SHAANXI PROVINCE Source text for Eikon: Further company coverage:
OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country's energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi.
Oct 22 (Reuters) - China Coal Xinji Energy Co Ltd : * 9-MONTH COAL SALES UP 21.6 PERCENT Y/Y AT 5.5 BILLION YUAN ($793.17 million) Source text in Chinese: https://bit.ly/2yrX9bo Further company coverage: ...
Investing.com - Oil prices gained on Monday as investors remained cautious ahead of the upcoming U.S. sanctions against Iran’s crude exports.
An abrupt end to coal-fired power generation in Germany would damage the steel industry's competitiveness by pushing up electricity prices, the head of the country's steel association warned on Monday. Hans Juergen Kerkhoff said he expects rising power prices from a hasty withdrawal from coal to lead to additional electricity costs of between 140 million euros and 220 million euros (193.7 million pounds) a year for the steel industry. Germany has tasked a commission with creating a roadmap for phasing out coal as an energy source, similar to a previous landmark decision to exit nuclear energy after the Fukushima disaster in Japan.
Investing.com - Gold prices settled higher on Monday morning in Asia, along with an advance in the U.S. dollar. The increase in gold prices, a safe-haven asset, is likely to be impacted by geopolitical tensions including the Saudi murder of a journalist, Italy’s budget and Brexit uncertainty.
U.S. refiners are expected to post strong earnings for the third quarter, with Midwest producers leading the way thanks to cheaper prices for Canadian crude that pushed down input costs. Because of transportation constraints, Canada's oil has a steeper discount than U.S. crude, and analysts believe this should benefit refiners situated in the Midwest that process a higher volume of that country's crude than those on the Gulf Coast. "Until you see adequate relief up in west Canada, we think the number one region for refining economics in the U.S. will continue to be the U.S. midcontinent," said Zachary Rogers, a refining and oil markets research analyst at consultancy Wood Mackenzie.
Despite recovering somewhat on Friday, bearish news continues to dominate headlines, but there is enough evidence that the bulls are preparing a comeback
Light crude typically sells at a premium to heavier blends, but thanks to an emerging glut and Permian bottlenecks, the region’s lightest blend is selling at a huge discount
Investing.com - Market players are likely to stay focused on global supplies in the week ahead, after oil prices suffered their second consecutive weekly loss, driven lower by indications of swelling U.S. crude stockpiles.
As we rapidly approach the start of the sanctions against Iran on November 4, investors will continue to monitor exports from Iran and the number of nations likely to side with the U.S. in limiting the amount of oil exported from the rogue nation. The Saudi’s will continue to try to deflect the negative news over Khashoggi by talking up its role in preventing a worldwide oil shortage following the start of the sanctions against Iran on November 4.
BP Chief Executive Bob Dudley said that current oil prices are too high and that they are causing demand destruction in many emerging economies such as India, South Africa and Turkey
Oil prices declined this past week, with Brent crude 0.3% lower and West Texas Intermediate crude down by nearly 3%. The decline came amid more questions and outrage regarding the death of journalist Jamal Khashoggi. Saudi Arabia announced late Friday that the dissident Saudi journalist was dead and that 18 Saudis have been arrested, according to the New York Times.
An internal OPEC document suggests that the cartel and its allies are struggling to ramp up production and make good on its additional 1 million bpd promise
Matra Petroleum AB (publ)’s (STO:MATRA): Matra Petroleum AB (publ), an independent oil and gas company, engages in the exploration and production of oil and gas in the United States. With Read More...
* Palm falls for second straight day * Market up 1.3 percent on weekly basis * Palm oil to retest resistance at 2,262 ringgit - Techs (Updates with closing prices) By Emily Chow KUALA LUMPUR, Oct 19 (Reuters) ...
By Bernadette Christina Munthe JAKARTA, Oct 19 (Reuters) - Output of palm oil from Indonesia, the world's top producer of the vegetable oil, rose in September buoyed by peak harvest season, while demand ...
China's coal output hit its highest in nine months in September, government data showed on Friday, boosted as new mining capacity started up in the country's northwest. China has been given the go-ahead for a number of big coal mines as it tries to ease concerns about fuel shortages amid a crackdown on small outdated mines and tightened emission controls. Miners churned out 306.01 million tonnes of coal last month, up 3.2 percent from 296.6 million tonnes in August and up 5.2 percent from the same time last year, according to the data from the National Bureau of Statistics (NBS).