|Day's Range||99.08 - 100.82|
Derivatives represented about 2 percent of global LNG production at the beginning of 2017 as an array of contracts around the world struggled to gain traction. While volumes are a long way off established global energy benchmarks such as Brent crude -- where trade dwarfs worldwide oil production many times over -- the accelerating growth in LNG derivatives illustrates how the market is maturing. An explosion in supply, from the U.S. to Australia, is bringing more market participants and a shift away from traditional pricing.
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.
Investing.com - Oil traders will be watching for more trade-related headlines this week, after prices enjoyed a third weekly gain in a row on hopes the United States and China would strike a deal to end a trade war between the world's two biggest economies.
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.
Oil futures climbed on Friday, with U.S. prices tallying a weekly gain of more than 4% as optimism surrounding progress toward a resolution of the U.S.-China trade dispute eased worries about energy demand. Data from Baker Hughes Friday also revealed a drop in the U.S. oil-rig count for this week, the largest such decline in nearly three years. February West Texas Intermediate oil rose $1.73, or 3.3%, to settle at $53.80 a barrel on the New York Mercantile Exchange. The contract, which expires at Tuesday's settlement, ended about 4.3% higher for the week.
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The U.S. oil and gas rig count fell steeply for the week ending January 18th just as the sector prepares itself for earnings season
Broader Market Supported the Energy Portfolio(Continued from Prior Part)US equity indexesOn January 10–17, US equity indexes had the following correlations with US crude oil March futures:the S&P 500 (SPY): 95.5%the Dow Jones Industrial
Oil prices rallied about 3 percent on Friday, boosted after OPEC detailed specifics on its production-cut activity to reduce world supply, and on signals of progress in resolving the U.S.-China trade war. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up $1.70 to $53.77 a barrel, or 3.3 percent. The Organization of the Petroleum Exporting Countries on Friday issued a list of oil production cuts by its members and other major producers for six months starting on Jan. 1 to boost confidence in its oil supply reduction pact.
Refiners in the United States are stocking up on heavy crude, pushing prices higher, as the Trump administration prepares to slam more punitive measures on Caracas after the re-inauguration of Nicolas Maduro
OPEC published the list of individual producers’ cuts on Friday, determining the exact production quota for each country in the OPEC+ output cut deal
U.S. oil production growth combined with a slowing global economy will put oil prices under downward pressure in 2019, challenging OPEC's resolve to support the market with output cuts, the International Energy Agency said on Friday. The IEA, which coordinates the energy policies of industrial nations, said it was keeping its estimate of oil demand growth for this year unchanged at 1.4 million barrels per day, close to 2018 levels.
* Palm opened at highest level since Oct. 23 * Market also supported by technical buying - trader * Palm biased to rise into 2,227-2,245 rgt/T range - techs (Updates with closing prices, quote) By Emily ...
Jan 18 (Reuters) - Sarawak Oil Palms Bhd: * DEC FFB PRODUCTION 107,255 M TONNES, CRUDE PALM OIL PRODUCTION 33,575 M TONNES, PALM KERNEL PRODUCTION 6,883 M TONNES Source: ( http://bit.ly/2TSSjvK ) Further ...
“We have seen prices fall very significantly since the peak at the beginning of October, and that is providing some relief to consumers,” Neil Atkinson, head of the IEA’s oil industry and markets division, said in a Bloomberg television interview on Friday. Crude prices remain almost 30 percent below the four-year peak reached in October amid concerns over economic growth in China and the U.S., the world’s two biggest oil users, who remain locked in a trade dispute. To prevent markets tipping into oversupply, the OPEC cartel and its partners have announced substantial production cuts.
By Bernadette Christina Munthe JAKARTA, Jan 18 (Reuters) - Indonesia, the world's top producer of palm oil, was expected to have produced and exported less of the vegetable oil in December as harvest continued ...
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* Market opened at highest level since Oct. 23 * Weaker ringgit also supported the market - trader * Palm biased to rise into 2,227-2,245 rgt/T range - techs By Emily Chow KUALA LUMPUR, Jan 18 (Reuters) ...
The United States is likely to extend waivers from sanctions on Iranian oil imports in May but will reduce the number of countries receiving them to placate top buyers China and India and to decrease the chance of higher oil prices, analysts said. Washington surprised oil markets after granting waivers to eight Iranian oil buyers when the sanctions on oil imports started in November.
Brent crude oil futures (LCOc1) slipped 14 cents to settle at $61.18 a barrel after trading as low as $60.04 intraday. U.S. crude futures (CLc1) fell 24 cents to settle at $52.07 a barrel, up from a low of $50.98. "One thing we've seen in the past - and I think we'll see it again - is that when OPEC over the last couple of years has decided to cut, they've followed through," said Tony Headrick, energy market analyst at St. Paul, Minnesota, commodity brokerage CHS Hedging LLC.