|Day's Range||53.33 - 54.24|
Oil prices edged lower on Tuesday as concerns over global economic growth stoked fears over future demand. International Brent crude oil futures (LCOc1) were down 10 cents, or 0.2 percent, at $62.64 by 0106 GMT. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $53.70 per barrel, down 0.1 percent, or 4 cents.
Around the world, confidence is growing in the oil and gas sector. Brent crude has fallen almost 30 percent since climbing to a peak of $86.29 in early October last year, while WTI is down more than 31 percent over the same period. Executives in the U.S. oil and gas industry are said to be much more optimistic about growth in the sector, compared to last year.
OPEC+ supply cuts have been slow to materialize as both Iranian and Venezuelan oil supply isn't falling as fast as expected, while Russia has reported that geological and meteorological circumstances are preventing it from cutting fast
The IMF, on Monday, cut its growth forecast for Saudi Arabia, naming lower oil prices and reduced production as two of the main reasons for the change
Based on the earlier price action, the direction of the EUR/USD into the close is likely to be determined by trader reaction to the uptrending Gann angle at 1.1369.
Canada's two major railways are rationing space on trains traveling to the country's biggest port and recently prioritized some commodities over others to deal with congestion, the latest indication of their struggle to meet demand from new trade deals. Canada is a top shipper of crops, fertilizer, oil and pulp, but has in recent years needed government intervention to keep commodities moving, from ordering railways to clear grain backlogs to Alberta's crude oil curtailments this month due to full pipelines.
Canada is a top shipper of crops, fertilizer, oil and pulp, but has in recent years needed government intervention to keep commodities moving, from ordering railways to clear grain backlogs to Alberta's crude oil curtailments this month due to full pipelines. Free-trade deals with the European Union and Pacific Nations are boosting demand for commodities, adding further strain to Canada's transportation infrastructure.
Kuwaiti Oil Minister Khaled al-Fadhel has questioned his country’s $500 billion expansion plan, saying the budget for this plan could be ‘too optimistic’’
# Whiting Petroleum Corp ### NYSE:WLL View full report here! ## Summary * Perception of the company's creditworthiness is negative but improving * ETFs holding this stock are seeing positive inflows * Bearish sentiment is moderate and increasing * Economic output in this company's sector is contracting ## Bearish sentiment Short interest | Negative Short interest is moderately high for WLL with between 10 and 15% of shares outstanding currently on loan. This represents an increase in short interest as investors who seek to profit from falling equity prices added to their short positions on January 17. ## Money flow ETF/Index ownership | Positive ETF activity is positive but appears to be weakening. Over the last month, growth of ETFs holding WLL is favorable, with net inflows of $6.48 billion. This is among the highest periods of net inflows seen over the last one-year, but the rate of additional flows appears to be decreasing. ## Economic sentiment PMI by IHS Markit There is no PMI sector data available for this security. ## Credit worthiness Credit default swap | Negative The current level displays a negative indicator with a strengthening bias over the past 1-month. Although WLL credit default swap spreads are decreasing, they are near their highest levels for the past 1 year, which indicates the market's more negative perception of the company's credit worthiness. Please send all inquiries related to the report to email@example.com. Charts and report PDFs will only be available for 30 days after publishing. This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Broader Market Supported the Energy Portfolio(Continued from Prior Part)Oil’s implied volatility On January 17, US crude oil’s implied volatility was 35.5%, which was ~23.2% below its 15-day average. Usually, a lower implied volatility might
China's December coal output climbed 2.1 percent from the year before, government data showed, hitting the highest level in at least three years as major producers ramped up production amid robust winter demand and after the country started up new mines. Miners produced 320.38 million tonnes of coal in December, according to data released on Monday by the National Bureau of Statistics. China approved more than 45 billion yuan's ($6.64 billion)worth of new coal mining projects last year, much more than 2017, official documents show.
BEIJING/SINGAPORE (Reuters) - Chinese oil refiners raised their output to a record in 2018, led by state-run oil majors which maximized operations on firm profit-margins and private refiners which increased processing after being granted higher crude import quotas. Refiners processed 603.57 million tonnes of crude last year, or about 12.07 million barrels per day (bpd), up 6.8 percent from 2017, the National Bureau of Statistics said on Monday. In December, crude runs rose 4.4 percent from the year before to 51.17 million tonnes, or 12.05 million bpd, hovering near a record of 52.78 million tonnes racked up in October.
Libya’s oil future hinges on the fate of its largest oil field, and its national oil company the NOC is on edge following the offensive of strongman General Haftar to ‘secure oil fields’
The IEA said in its latest report that the balancing of oil markets is more likely to be a marathon than a sprint, and that the OPEC+ cuts will still take quite some time to balance the markets
Big oil is responding in different ways to the impending energy transition with varying levels of urgency, but a few trends in strategic change can be distilled
Last week’s rally indicates that two events will need to take place to sustain the current rally. Firstly, the U.S and China have to continue to make progress toward a trade agreement, and OPEC must continue to adhere to its strategy to limit output. This is because of the U.S. goal to become a net exporter while reducing its reliance on foreign oil.
This won’t make the U.S. independent of the global supply chain. It doesn’t mean that it will stop shipping in crude from the Middle East and Latin America, or bringing refined products from Europe and Asia. Some of the thanks should go the OPEC ministers who have helped make it possible.
Based on the price action on Thursday and Friday, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to the main 50% level at .6781.
Prices of vegetable oils including palm oil are set to rise by $50-$100 per tonne by June, according to a forecast by industry analyst James Fry. "Prices of crude palm oil and other oils depend on the outlook for palm stocks. Stocks will fall till mid-year, which will lift the crude palm oil premium over Brent, especially if Indonesia maintains its heightened pace of biodiesel use," according to Fry's presentation for an industry conference in Karachi that was viewed by Reuters.