|Day's Range||52.96 - 55.00|
China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude at Tianjin in September and October, according to the sources, data from analytics companies Refinitiv and Kpler.
Iran said on Monday it had sold the oil aboard a tanker that was released this month after being detained for six weeks by the British overseas territory of Gibraltar. The Adrian Darya 1, formerly named the Grace 1, was seized by Gibraltar police and British special forces on July 4 on suspicion of shipping oil to Syria in breach of European Union sanctions. "The Islamic Republic of Iran has sold the oil of this ship and right now the owner and buyer of the oil decides... what the destination of the consignment will be," Iranian government spokesman Ali Rabiei said, quoted by state media.
(Bloomberg) -- China’s escalating trade war with the U.S. as well as an upcoming autumn festival are stoking the Asian country’s appetite for a certain golden oil.The world’s top commodity importer almost tripled palm oil imports from Malaysia during the first 25 days of this month as deepening trade tensions with the U.S. lower supplies of soybean oil, sending buyers hunting for an alternative. That’s just as consumption increases ahead of the Mid-Autumn festival, celebrated on Sept. 13 this year, where palm is a key ingredient in fried foods and seasonal treats such as mooncakes.Palm oil shipments from Malaysia, the world’s second-biggest producer, to China surged 177% from a month earlier to 265,045 tons between Aug. 1-25, according to cargo surveyor Intertek Testing Services. China may import a record 6.7 million tons of the world’s most-consumed cooking oil in the year from October, according to the China National Grain and Oils Information Center, as the trade war and the spread of African swine fever curtail supplies of soybeans, leading to lower output in soyoil.“Soybean oil inventories have dropped in China so they must be having an edible oil shortage,” said Sathia Varqa, owner of Palm Oil Analytics in Singapore.“There’s no where to turn except to the golden oil palm.”A jump in exports could further support benchmark palm oil prices in Malaysia, which climbed to a six-month high on Monday on expectations of a boost in demand. Still, Varqa warns that a further price rally risks eroding China’s appetite for the Malaysian product.“Indonesia has a bigger market share and is cheaper, so it may still dominate China’s demand.” Varqa saidTo contact the reporter on this story: Anuradha Raghu in Kuala Lumpur at firstname.lastname@example.orgTo contact the editors responsible for this story: Anna Kitanaka at email@example.com, Atul PrakashFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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
Oil prices spiked as Iran seized a British oil tanker in the Strait of Hormuz last month. But don't worry too much it will wreck the economy.
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.
Tensions surrounding the South China Sea have always been largely about oil and natural gas. This week, the US State Department used blunt language regarding China’s unsettling actions within Vietnam’s exclusive economic zone (EEZ), which include ongoing seismic surveys by a Chinese vessel protected by armed escorts. Under international UN rules, resources within the zone belong to Vietnam, but China’s “nine-dash line”—a vague, discredited borderline used by Beijing to claim nearly the entire sea—overlaps with it.
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.
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.
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.
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.
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.