|Day's Range||58.83 - 58.96|
2020 could see a number of high-profile oil auctions, and where 2019 was a mixed bag in terms of asset assets, this year is shaping up to be more promising
The impact of IMO 2020 — the requirement promulgated by the International Maritime Organization (IMO) that ships begin using lower-sulfur fuel on Jan. 1 or equip their ships with scrubbers to remove sulfur from engine exhaust — may be less disruptive than was feared, according to the chairman of the U.S. Senate Committee on Energy and Natural Resources. "There is still some disagreement over what those exact impacts will be," said Sen. Lisa Murkowski, R-Alaska.
OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting
Based on the early price action and the current price at 3135.00, the direction of the December E-mini S&P; 500 Index into the close on Wednesday is likely to be determined by trader reaction to a pair of downtrending Gann angles at 3144.00 and 3130.00.
Bitcoin (BTC/USD) topped out at $13,868.44 in June of this year, thereby completing a 343.2% advance off the December 2018 corrective low of $3,128.89. That low ended a 1-year 84.3% decline off the bull market bubble top of around $19,892, reached in December 2017.
(Bloomberg) -- Japan needs to overcome what United Nations Secretary General Antonio Guterres labeled a “coal addiction,” and the issue is causing mixed feelings among its officials attending climate change talks this week in Madrid.The COP25 meeting in Spain may boost awareness among the Japanese public of the need to reduce dependency from coal energy, Japan Environment Minister Shinjiro Koizumi told reporters on Wednesday.“In Japan, coal power is not seen as problematic as the international community does,” Koizumi said in Japan’s first address to the press at the gathering in years. “There is a plan to build coal-fired plants in Japan, but with that fact in mind I have some complex feelings about attending COP25.”Japan has come under fire for its continued commitment to coal. The dirtiest fossil fuel makes up about one third of the country’s electricity generation. It’s also the only economy in the Group of Seven still building new coal plants. It’s also a major exporter of coal plant technology.The country boosted its reliance on coal-fired power in the wake of the 2011 Fukushima disaster, which shuttered its fleet of nuclear reactors that accounted for a quarter of the nation’s electricity generation. Japan currently gets roughly a third of its power from coal amid public resistance to restarting the reactors.The Asian nation has 46.5 gigawatts of existing coal capacity, according to BloombergNEF and another 11 gigawatts in planned. A recent report from Carbon Tracker said Japan faces $71 billion in stranded assets should it pursue coal as a primary source of energy.“We can’t make a declaration of phasing out of coal or fossil fuels right away,” Koizumi said. “We have to come up with more positive signals and I thought we could do that as the government of Japan, but until COP25, the coordination hasn’t produced such political signal.”So far, 28 local governments including Tokyo, Kyoto and Yokohama have joined a global initiative to get to net zero carbon emissions by 2050, Koizumi said.“I believe that we have to go further,” he said. “I will report to the prime minister about what I felt, I have a feeling we can take some positive actions --please watch for that.”(Updates with background on Fukushima accident in fifth paragraph.)To contact the reporters on this story: Laura Millan Lombrana in Santiago at firstname.lastname@example.org;Jeremy Hodges in London at email@example.comTo contact the editors responsible for this story: Aaron Rutkoff at firstname.lastname@example.org, Reed Landberg, Jeremy HodgesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Venezuela’s oil production jumped by 20 percent last month as many oil buyers braved U.S. sanctions to do business with the country, a development that is particularly interesting with IMO 2020 looming
Crude oil markets pulled back a bit during the trading session on Wednesday, reaching towards the round figure underneath before bouncing slightly. That being said, there are a lot of crosswinds right now when it comes to crude oil.
Natural gas markets rallied a bit during the trading session on Wednesday, as we continue to look to fill that gap from a couple of days ago. At this point, the market is likely to see a lot of choppiness, it is colder temperatures come and go, that will move this market.
Crude oil prices have slipped 1% on Wednesday, after a key crude inventory report surprised the markets with a surplus. We could see further movement from crude, as the Federal Reserve releases its rate decision at 19:00 GMT.
OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next year. OPEC pumped less oil in November than the average 2020 requirement, having in previous months supplied more.
The direction of the crude oil market on Wednesday will likely be determined by trader reaction to the U.S. Energy Information Administration’s weekly inventories report, due to be released at 15:30 GMT. It is expected to show a 2.9 million draw down. If the report shows a build like the API report then look for a steep decline.
TOKYO/MOSCOW (Reuters) - Rosneft CEO Igor Sechin is seeking investment in the company's $157 billion Vostok oil project in the Russian Arctic from Japanese trading houses and oil companies, three sources told Reuters. Vostok Oil is a newly established company that was formed to unite Rosneft's projects in northern Russia, including the Lodochnoye, Tagulskoye and Suzunskoye oilfields, and other projects, including the Ermak Neftegaz venture with BP. Crude oil is expected to be shipped to Asia via the North Sea Route (NSR).
Anyone who has traded crude oil knows that, for the better part of five decades, The Organization of the Petroleum Exporting Countries, or OPEC, has been the dominant outside influence in crude oil prices. Within OPEC, the Kingdom of Saudi Arabia has been the dominant country. Saudi Arabia became the de facto leader of OPEC through its sheer volume of crude production and its ability to sustain those levels at a very low cost.
Investing.com - U.S. stock futures pointed to a mixed open on Wednesday ahead of the Federal Reserve’s final interest rate decision of the year, against a background of ongoing uncertainty over progress in trade talks between the U.S. and China.
Japan’s government and its state-owned oil group have emerged as leading contenders for a stake in Rosneft’s $157bn Arctic project. Japan’s Ministry of Economy, Trade and Industry and Japan Oil, Gas and Metals National Corp are said to be the primary parties considered for investment into the Vostok oil development, according to a person familiar with the negotiations. The move suggests the duo are now in line for a stake previously discussed with other Japanese, Indian and Chinese companies, as well as BP, the UK major that owns a near 20 per cent stake in Rosneft.
Oil prices dropped almost 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday. U.S. crude stockpiles rose unexpectedly last week, while gasoline and distillate inventories jumped sharply higher, the Energy Information Administration said. At 447.9 million barrels, crude stocks were about 4% above the five-year average for this time of year, the EIA said.
Venezuela's crude output in November jumped more than 20% from the prior month to the highest level since the United States tightened sanctions on state oil company PDVSA in August, two people with knowledge of PDVSA data said this week. November output averaged between 926,000 barrels-per-day (bpd) and 965,000 bpd, according to the people, compared with the 761,000 bpd average in October that PDVSA reported to the Organization of Petroleum Exporting Countries (OPEC). The Trump administration first sanctioned PDVSA in January as part of its push to oust socialist President Nicolas Maduro.
Investing.com - Oil prices traded lower on Wednesday in Asia after the American Petroleum Institute (API) reported that U.S. crude stockpiles rose last week.
Chevron announced Tuesday it will slash the value of its assets by $10 billion to $11 billion due to weaker oil and natural gas prices that prompted the company to consider abandoning some projects. The move hit a number of areas, including gas-related projects in the Appalachian region in the United States, a Canadian liquefied natural gas project and an oil-rich project in the Gulf of Mexico. The downgrade reflects a weakening commodity price outlook that last week prompted the Organization of the Petroleum Exporting Countries to deepen output cuts to defend oil prices amid sluggish global economic growth.