|Day's Range||0.00 - 0.00|
Geopolitical factors trumped fundamentals as markets grow more concerned over fresh U.S. sanctions on Iran, keeping WTI and Brent elevated
On April 25, US crude oil June futures rose 0.5% and closed at $68.05 per barrel, despite a bearish inventory report. However, between April 18 and April 25, US crude oil June futures fell 0.6%. The prices are just ~0.9% off their more-than-three-year closing high of $68.64 per barrel.
The Canadian dollar strengthened slightly against its U.S. counterpart on Thursday as oil prices climbed and domestic data showed rising employee earnings. The price of oil, one of Canada's major exports, was supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand. Canadian average weekly earnings of non-farm payroll employees rose 3.4 percent in February from the same month last year, led by the accommodations and food services sectors, Statistic Canada said.
Higher output and soaring oil prices helped European majors Royal Dutch Shell and Total to begin 2018 on a high note with better than expected first-quarter results on Thursday. The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three years of cuts, but boards remain cautious over near- and long-term price uncertainty. With Shell's output up 2 percent at 3.8 million barrels of oil equivalent per day (boe/d) and Total's production rising 5 percent to 2.7 million boe/d in the quarter, both were well positioned to capture the price upswing in benchmark oil prices.
NAIROBI (Reuters) - Kenya has picked Wood Group Plc (WG.L) to design an estimated $2 billion (1.43 billion pounds) oil pipeline to pump crude from fields in the north of the East African nation to an Indian ...
Oil prices are buoyant, oil major earnings appear to be looking up, but the oil industry is still entering an "age of restraint" rather than expansion, according to the co-head of European equity research at Goldman Sachs.
On a per-share basis, the St. Louis-based company said it had profit of $2.74. Earnings, adjusted for one-time gains and costs, were $2.95 per share. The results did not meet Wall Street expectations. ...
India will work to create a network with other major oil buyers in Asia, such as China, South Korea and Japan, to negotiate better terms with sellers, the country's Oil Minister Dharmendra Pradhan said in New Delhi on Thursday. "I see bigger co-operation between four bigger economies of Asia... India will try to create a network between these four economies," he said.
Higher output and soaring oil prices helped European majors Royal Dutch Shell (RDAs.L) and Total (TOTF.PA) to begin 2018 on a high note with better than expected first-quarter results on Thursday. The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three years of cuts, but boards remain cautious over near- and long-term price uncertainty. With Shell's output up 2 percent at 3.8 million barrels of oil equivalent per day (boe/d) and Total's production rising 5 percent to 2.7 million boe/d in the quarter, both were well positioned to capture the price upswing in benchmark oil prices.
April 26 (Reuters) - Gansu Jingyuan Coal Industry and Electricity Power Co Ltd: * SAYS IT PLANS TO CLOSE ONE OF ITS COAL MINE IN GANSU PROVINCE IN 2018 TO MEET GOVERNMENT'S POLICY TO REDUCE OVERCAPACITY ...
April 26 (Reuters) - Datong Coal Industry Co Ltd : * SAYS 2017 NET PROFIT UP 222.6 PERCENT Y/Y * SAYS Q1 NET PROFIT UP 587.5 PERCENT Y/Y * SAYS IT PLANS TO BUY 21 PERCENT STAKE IN COAL COMPANY FROM CONTROLLING ...
Investing.com - Oil prices rose on Thursday morning in Asia, triggered by an expectation that the U.S. will re-impose sanctions against Iran.
Indonesia will keep its export tax for cocoa unchanged at 5 percent in May and will again not charge tax on shipments of crude palm oil, the trade ministry said on Thursday. The export tax for CPO will be kept at zero for the thirteenth month as prices are seen below a threshold of $750 per tonne.
Smaller independent refiners with less complex facilities are surging in the stock market of late, as investors expect strong earnings growth thanks to the recent fall in price of their primary cost - light, sweet crude oil coming out of West Texas. A majority of that new production is light, sweet West Texas crude. Recent trends have turbocharged this shift: full pipelines in West Texas, where light U.S. oil originates from, have depressed prices for Midland, Texas, crude to more than three-year lows.
Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, aims to boost crude steel output by 3 to 6 percent in the year through March 2019 from the previous year, when system trouble and typhoons caused slow production, its executive said on Thursday. "We want to bring back our crude steel output to around 42 million to 43 million tonnes this year," Executive Vice President Katsuhiro Miyamoto told an earnings briefing.
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures ended flat on Wednesday evening, previously charting ...
Investing.com - Crude oil prices settled higher as data showing an unexpected build in crude supplies was offset by record exports of crude last week.
As oil prices continue to soar major oil nations are seeing revenues spike, but those profits are unlikely to hit the global market this year
On April 24, the API released its gasoline and distillate inventory data. The API reported that US gasoline inventories decreased by 2.7 MMbbls (million barrels) on April 13–20. Market surveys estimate that US gasoline inventories could have declined by ~0.6 MMbbls during the same period.
June WTI crude oil futures contracts fell 0.04% from the previous settlement and were trading at $67.67 per barrel at 2:10 AM EST on April 25.
Oil futures bounced back Wednesday from earlier weakness that was driven by data showing an unexpectedly weekly climb in U.S. crude supplies. Since prices for U.S. benchmark crude hit new multi-year highs ...
The World Bank remains bullish on commodities and expects oil prices to average $65 this year, driven by strong demand and OPEC cuts
U.S. crude rose on Wednesday, shrugging off data showing rising domestic fuel inventories and production, and both U.S. crude and Brent held within sight of three-year highs reached the previous day. A rise in U.S. government borrowing costs to their highest since 2013 this week has tempered some investor appetite for risk, but analysts said Brent crude futures, the global benchmark, may yet rise toward new 2018 peaks above $75 a barrel. Brent was down just 26 cents at $73.60 by 10:55 EDT (1555 GMT), just 2 percent below the November 2014 high of $75.47 reached on Tuesday.