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Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China. Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. U.S. West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92.
While geopolitical tensions in the Middle East appear to be at the highest level in recent memory, the oil market is refusing to focus on anything other than fundamentals
(Bloomberg) -- Oil held losses as OPEC and its allies continue to struggle to set a date to discuss an extension to supply cuts and as U.S. economic indicators signal weakening demand.Futures were little changed in New York after retreating 1.1% on Monday. After talks with his Russian counterpart, Iran’s Oil Minister Bijan Namdar Zanganeh said he was willing to holds talks in July, one week later than the timing proposed by other group members. A Federal Reserve gauge for factories signaled a record slowdown in June, while sentiment among U.S. homebuilders unexpectedly dropped for the first time all year.Oil has lost about 22% since late April as growing American inventories and an entrenched trade dispute between the U.S. and China continue to cloud the demand outlook. While last week’s attacks on two tankers near the Strait of Hormuz raised concerns about a disruption to crude flows, focus has returned to the struggle by the Organization of Petroleum Exporting Countries to fix a meeting on supply cuts that are due to expire at the end of the month.“Crude remains vulnerable on falling demand expectations from trade uncertainty and OPEC’s inability to solidify its curtailment of future production,” Ed Moya, chief market strategist at Oanda Corp., said in a note. “U.S. factory and housing data showed the world’s largest economy is slowing down faster than expected.”West Texas Intermediate for July delivery slipped 10 cents to $51.83 a barrel on the New York Mercantile Exchange as of 10:25 a.m. Singapore time. The contract ended Monday 1.1% lower at $51.93 after capping a 2.7% weekly loss on Friday.Brent for August settlement lost 11 cents to $60.83 a barrel on London’s ICE Futures Europe Exchange. Futures slid $1.07 to close at $60.94 on Monday. The global benchmark crude traded at a $8.76 premium to WTI for the same month.\--With assistance from James Thornhill.To contact the reporter on this story: Heesu Lee in Seoul at firstname.lastname@example.orgTo contact the editors responsible for this story: Serene Cheong at email@example.com, Ben Sharples, Dan MurtaughFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Coal is fundamentally "sedimentary rock that burns." Formed by the decomposition of plant matter, coal is a complex substance that is marketed in four classes – anthracite, bituminous, sub-bituminous and lignite. Elemental analysis gives empirical formulas such as C137H97O9NS for bituminous coal. For high-grade anthracite, the formula is likely C240H90O4NS.
The fundamentals seem to be heading in the wrong direction for oil prices, with demand weakening even as supply continues to exceed expectations
Days after attacks crippled two fuel tankers in the Gulf of Oman, fewer vessels were leaving ports and daily freight rates for oil supertankers were as much as 50% higher, shipping brokers said, highlighting the new heightened risks of transporting crude through Middle Eastern waters.
Oil prices have remained soft this month despite rising geopolitical tensions and threats of supply disruptions, the latest sign that investors fear trade friction will hit global growth and sap demand for crude.
Greenpeace said Monday that its seafaring campaigners had forced British energy giant BP to turn around an oil rig before it could start drilling a new well. The environmental pressure group's ship Arctic Sunrise has been shadowing BP's rig for nine days as it tries to reach its North Sea destination from Scotland. Greenpeace said it forced the platform to return towards the coast on Saturday and then again on Monday.
Saudi Energy Minister Khalid Al-Falih hinted at a delay of the upcoming OPEC meeting as key partner Russia has seemingly requested extra time
Crude oil markets did very little during the trading session on Monday, as markets in general took a break. Keep in mind that the Federal Reserve has a statement coming out on Wednesday that will greatly influence markets overall.
The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners
Iraq is looking at contingency plans in case spiralling US-Iran tensions cut off its oil exports through the Gulf, a ministry spokesman said Monday, as observers warned a rupture would be "disastrous". The US has accused Iran of attacking two oil tankers last week in the Gulf of Oman, sparking concerns that global shipments through the key waterway could be threatened. Iraq, the second-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC), is drawing up an action plan in case of further escalation, according to oil ministry spokesman Assem Jihad.
Ahead of the day, the Greenback might show some good upward movements making the Index touching the 2/1 Gann fan. Oil prices dropped after the statement of US Secretary of State Mike Pompeo.
Oil prices fell more than 1% on Monday after more poor Chinese economic figures fanned fears of lower worldwide oil demand. U.S. West Texas Intermediate (WTI) crude futures fell 58 cents to settle at $51.93 a barrel, a 1.10 percent loss. China's industrial output growth unexpectedly slowed to a more than 17-year low, data from the National Bureau of Statistics showed on Friday.
Singapore’s non-oil exports continued their downward march in May, posting the third consecutive double-digit fall as the country is buffeted by trade tensions and a weakening global economic outlook. ...
After the tanker sabotage attempts in May, shipping rates and premiums are bound to increase further after the latest attacks, potentially having a lasting effect on crude oil prices
To quickly recap the rule, it will restrict the amount of sulfur in marine fuel to 0.5 percent from the current cap of 3.5 percent. Winstone's presentation was one that a trucking company unfamiliar with all the moving parts of the refinery process would be hard-pressed to follow, as he talked about the complex price relationships among the dozens of petroleum process that come out of a refinery. Scrubbers are onboard installations that "scrub" sulfur out of emissions, enabling ships to keep burning the high sulfur fuel oil (HSFO) they're burning now and still stay in compliance with IMO 2020.
Bob Watson has been the CEO of Abraxas Petroleum Corporation (NASDAQ:AXAS) since 1977. First, this article will...
Over the long-run a direct U.S.-Iran conflict would likely lead to the shutdown of the Strait of Hormuz. This poses a higher risk of oil-supply disruption, which could lead to sharply higher prices. Therefore, we may continue to see attacks, but until there is a military response to the attacks, which would lead to actual supply disruptions, any gains are likely to be limited.
The comments come a day after the International Energy Agency forecast global supplies will expand far more than demand next year, putting further pressure on OPEC. Saudi Arabia and its allies, including Russia, are expected to extend output cuts into the second half of this year, despite growing tension within the group and gridlock over its next meeting date. “I hope that we will balance the market before next year, we are working on it,” Khalid Al-Falih told reporters on the sidelines of a G20 ministerial meeting on energy and the environment in Karuizawa, Japan, on Saturday.