|Day's Range||99.08 - 100.82|
The market seemed to be caught off guard by comments from Saudi's Energy Minister Khalid Al-Falih, who said at an investment conference in Russia that OPEC and its partners (OPEC+) were considering ending their self-imposed supply cuts later this year. The Minister said there is likely to be a gradual oil supply boost in the second half of 2018 if OPEC+ decides to do this. Russia's Energy Minister Alexander Novak said that supplies might increase from the third quarter of 2018 if all parties agreed, but he was quick to state that Russia plans 100% compliance with the OPEC+ pact in May and June.
On Friday, the index closed above the November 14 top at 93.87, but under the 94.42 top from November 7. Trader reaction to these levels will likely determine if the uptrend continues, or if the index starts to form a short-term top.
Investors who want to cash in on Yanzhou Coal Mining Company Limited’s (SEHK:1171) upcoming dividend of CN¥0.48 per share have only 2 days left to buy the shares before itsRead More...
Based on Friday’s close at .6916, the direction of the NZD/USD is likely to be determined by trader reaction to the short-term pivot at .6914.
Based on Friday’s chart pattern, the direction of natural gas is likely to be determined by trader reaction to $2.942.
Global oil prices took a hit in the last week, but a confluence of factors could carry Brent to its highest levels in more than three years this summer, according to one commodities market veteran. According to Croft, a few geopolitical chess pieces have to be in place before oil can scale those heights. First, conditions in Venezuela, the embattled oil producing economy whose economy is in free-fall, must continue to deteriorate.
Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia’s Khalid al-Falih adding that any such move would be gradual so as not to shock the market. Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far, with oil having hit its highest since late 2014 at $80.50 a barrel this month.
Lithium prices have withstood all the bearish forecasts up to now and there is widespread consensus on growing demand for lithium which could have an impact on the mineral’s price in the near-term
By Vladimir Soldatkin MOSCOW (Reuters) - A return to the oil production levels that were in place in October 2016, baseline for the current deal to cut output, is one of the options for easing curbs, Russia's energy minister said on Saturday. Sources said this week that Saudi Arabia and Russia were discussing raising OPEC and non-OPEC oil production to ease 17 months of strict supply curbs amid concerns that a price rally has gone too far. "When we extended the agreement until the end of 2018, we spoke about such possibilities (of returning to the October 2016 level)," Novak told reporters.
The crude oil markets had an extraordinarily long run to the downside during the day on Friday, slicing through major support. I believe that the markets are a bit overextended, and there is of course the fear that OPEC cuts may come undone rather soon, that of course will add more supply to the market. Beyond that, we have a strengthening US dollar working against the value of this commodity.
The natural gas markets continue to show strength, as we have broken out of the daily uptrend channel recently, and now look to reach towards a major psychological resistance barrier.
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending May 22 on Friday.
Word that OPEC and Russia could open up the oil spigots a little more in the near future pushed oil prices down sharply, but the oil supply and demand situation is more complex than just that.
Chief executives at the biggest public companies got an 8.5 percent raise last year, bringing the median pay package for CEOs to $11.7 million. Across the S&P 500, compensation for CEOs is often hundreds of times higher than typical workers. WASHINGTON (AP) -- The Trump administration has told Congress it's reached a deal that would allow Chinese telecommunications giant ZTE Corp. to stay in business, said a source familiar with the talks who spoke on condition of anonymity to discuss a confidential matter.
Trading volume reached 55.4 million shares, enough to make the stock the most actively traded on the New York Stock Exchange. The selloff would be the biggest one-day percentage decline since it tumbled 10.7% on May 9, 2016. Weighing on the oil and gas company's stock was the 4.2% plunge in crude oil futures prices , which was triggered by talk that Russia and the OPEC oil cartel could increase output.
The Organization of the Petroleum Exporting Countries is cutting production to drive oil prices up -- classic cartel behavior. In November of 2016, OPEC and a handful of other oil producers, including the world’s largest– Russia – reached a decision to cut 1.8 million barrels of oil per day from global output. This new “Super OPEC” – informally referred to as the “Vienna Group” - accounts for 55 percent of global oil supply and nearly 80 percent of the world’s proven reserves, which gives it tremendous market influence.
Many investors are asking whether oil stocks, which have posted huge gains in the past year, have much fuel left to rise. One energy area still with huge upside may be oil refining companies. Morgan Stanley also is bullish on refiners, per Barron's, naming Marathon Petroleum Corp. ( MPC) and Valero Energy Corp. ( VLO) as its top U.S.-based picks, as well as international companies Thai Oil PCL (TOP.Thailand), Bharat Petroleum (500547.India), Repsol (REP.Spain), and Tupras Turkiye Petrol Rafinerileri (TUPRS.Turkey). Andeavor ( ANDV) has agreed to be acquired by Marathon, while Morgan Stanley also sees upside in Phillips 66 ( PSX).
U.S. Gulf of Mexico producers and refiners are monitoring subtropical storm Alberto, which is expected to make landfall between east Louisiana and the Florida panhandle early next week, the companies said on Friday. The National Weather Service on Friday predicted the storm would bring heavy rain to the central Gulf Coast region and the southeastern United States later this weekend and continue into early next week. The Louisiana Offshore Oil Port (LOOP), located about 20 miles south of the Louisiana coast in the Gulf, was operating normally, according to the company's website.
The U.S. oil and gas rig count increased for the week ending May 25th while oil prices saw a steep correction as traders reacted on bearish comments from OPEC and Russia
The plunge in oil prices this week won’t be enough to save drivers from paying $3 a gallon as soon as this Memorial Day weekend. Prices may hit the $3 level by Memorial Day, said Patrick DeHaan, head of petroleum analysis at GasBuddy.
By Laila Kearney NEW YORK (Reuters) - Growing expectations of increased oil supply hit crude prices on Friday, lifting the U.S. dollar and weighing on energy shares, while political upheaval in Europe ...
Airline stocks soared Friday, giving a big boost to the Dow Jones Transportation Average , with the tumbled in crude oil prices helping fuel the rally. The NYSE Arca Airline Index rallied 3.0%. The Dow ...
On May 24, the EIA released its natural gas storage report. The EIA reported that US natural gas inventories increased by 91 Bcf (billion cubic feet) to 1,629 Bcf on May 11–18—the largest build in US natural gas inventories for this time of the year since 2015. However, the inventories were down by 804 Bcf or 33% from a year ago.
The inverse relationship between oil prices and oil’s implied volatility is illustrated in the above graph. Since US crude oil’s 12-year low in February 2016, US crude oil active futures have risen 169.8%. US crude oil’s implied volatility fell 70.1% between February 11, 2016, and May 24, 2018. Price forecast