|Day's Range||58.39 - 59.12|
Crude oil prices pulled back from four-month highs Wednesday, whipsawed by global developments, though a bullish U.S. supply report could spark a rally.
Oil futures pulled back Wednesday but held ground near multimonth highs hit this week amid expectations that major global producers outside the U.S. are expected to continue to keep a lid on output.
The world’s largest palm oil producer is considering such a step to protect the interest of almost 20 million people, whose livelihood is tied to the commodity, Indonesia’s Coordinating Minister for Maritime Affairs Luhut Pandjaitan told reporters in Jakarta on Wednesday. “We have 269 million people in Indonesia. Palm oil has emerged as a flashpoint in a potential trade war between the European Union and top producers Indonesia and Malaysia, which together account for about 85 percent of global supply.
(Reuters) - Futures for Canada's main stock index fell on Wednesday, as oil prices slipped on concerns over global economic growth amid ongoing U.S.-China trade dispute. The Fed is expected to hold interest rates steady and shave the number of hikes projected for the rest of the year. June futures on the S&P/TSX index were down 0.21 percent at 7:00 a.m. ET. The Toronto Stock Exchange's S&P/TSX composite index fell 63.27 points, or 0.39 percent, to 16,188.10 on Tuesday. Dow Jones Industrial Average e-mini futures were down 0.06 percent at 7:00 a.m. ET, while S&P 500 e-mini futures inched down ...
SINGAPORE/BAGHDAD/TRIPOLI (Reuters) - At least two tankers have ferried Iranian fuel oil to Asia in recent months despite U.S. sanctions against such shipments, according to a Reuters analysis of ship-tracking data and port information, as well as interviews with brokers and traders. The shipments were loaded onto tankers with documents showing the fuel oil was Iraqi. The transfers show at least some Iranian fuel oil is being traded despite the reimposition of sanctions in November 2018, as Washington seeks to pressure Iran into abandoning nuclear and missile programmes.
* Palm extends gains, up at 2,141 rgt/T * Market expecting slower output growth -trader * Palm may retrace to 2,094 rgt/T - technicals By Liz Lee KUALA LUMPUR, March 20 (Reuters) - Malaysian palm oil futures ...
Anti-government protests in the North African country of Algeria intensified last weekend and industry watchers are already drawing parallels with its eastern neighbor Libya
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.1 million barrels for the week ended March 15, according to sources. The API also reportedly showed that gasoline stockpiles were down 2.8 million barrels, while distillate inventories declined by 1.6 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude supplies climbed by 1 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also shows expectations for inventory declines of 2.1 million barrels each for gasoline and distillates. April West Texas Intermediate crude was at $58.93 a barrel in electronic trading, down a dime from the $59.03 settlement on the New York Mercantile Exchange.
Brazil's state-run oil giant Petróleo Brasileiro SA was also executing a part of its annual oil hedge last week, dealers and banking sources said. Canadian oil is priced against U.S. crude futures, and producers use a combination of the benchmark futures and other financial tools to protect against fluctuations in prices. Average U.S. crude prices for the rest of 2019 and 2020 hit their highest in four months, with 2019 prices reaching a high of $60.34 a barrel on Tuesday.
Transocean (RIG) secured contracts for two of its drillships, namely Mykonos and Corcovado, which were acquired as part of Ocean Rig buyout in December 2018.
Vitol, the world’s largest independent commodities trader sees peak oil demand in 15 years from now as it recognizes the need for more green energy
The Zacks Analyst Blog Highlights: HighPoint, Bonanza Creek, Extraction Oil, SRC Energy and Anadarko
The Canadian province of Alberta has further relaxed its production cuts, looking to increase the production quota in both May and June
A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC countries met in the Azerbaijani capital, Baku, on Sunday and Monday and agreed to go beyond their pledged 1.2 million barrels a day of supply curbs in the coming months. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations—the International Energy Agency, the U.S. Energy Information Administration, and the Organization of Petroleum Exporting Countries itself—show that they will need to do just that. The three agencies are coming to a consensus view that the world will need around 30.5 million barrels a day from the OPEC countries on average in 2019.
British energy company SSE said on Tuesday it will close one of four units at its Fiddler's Ferry coal plant in northwest England due to challenging market conditions. The plant, in Warrington, Cheshire, has a total capacity of nearly 2 gigawatts (GW).
Oil Bulls: US Oil Exports Tend to Fall MoreBrent-WTI spread On March 18, Brent crude oil May futures settled ~$8.2 higher than the WTI crude oil May futures. On March 11, the spread was ~$9.5. In the past five trading sessions, the Brent crude oil
Whiting Petroleum Corp NYSE:WLLView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock are seeing positive inflows * Bearish sentiment is moderate and increasing * Economic output in this company's sector is contracting Bearish sentimentShort interest | NegativeShort 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 March 5. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding WLL are favorable, with net inflows of $3.35 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS MarkitThere is no PMI sector data available for this security. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. WLL credit default swap spreads 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 firstname.lastname@example.org.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.
Why Oil's Rise Might Be Unstoppable(Continued from Prior Part)Futures spread On March 18, the US crude oil May 2019 futures closed ~$0.24 above the May 2020 futures. On March 11, the futures spread was at a discount of $1.2. On March 11–18, US
Why Oil's Rise Might Be UnstoppableUS crude oil On March 18, US crude oil prices rose 1% and settled at $59.38 per barrel—the highest closing level for active US crude oil futures since November 12. The oil prices likely rose due to the falling
Why Oil's Rise Might Be Unstoppable(Continued from Prior Part)Oil rig count Last week, the oil rig count fell by one to 833—the lowest level since May. The rig count tends to follow US crude oil prices with a three to six-month lag. In February
Malaysian palm oil futures rose on Tuesday after hitting a three-month low last week, but high stockpiles of the vegetable oil will likely continue to put pressure on prices. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange rose 1.1 percent to 2,129 ringgit ($522.45) a tonne. "Fundamentally, looking at demand, prices should still be under pressure.
March 19 (Reuters) - Xinjiang Zhundong Petroleum Technology Co Ltd: * SAYS BOARD ELECTS SUN DEAN AS CHAIRMAN Source text in Chinese: https://bit.ly/2TUj1rO Further company coverage: (Reporting by Hong ...
March 19 (Reuters) - Sarawak Oil Palms Bhd: * FEB PRODUCTION OF FFB 88,701 METRIC TONNES, CRUDE PALM OIL 27,712 METRIC TONNES AND PALM KERNEL 5,542 METRIC TONNES Source: https://bit.ly/2WfVM9d Further ...
March 19 (Reuters) - Rimbunan Sawit Bhd: * FEB PRODUCTION CRUDE PALM OIL 7,986.90 MT, PALM KERNEL 1,762.68 MT, FRESH FRUIT BUNCH 22,744.17 MT Source text: ( https://tinyurl.com/y24bww6q ) Further company ...