|Day's Range||101.69 - 104.36|
Russia's energy minister has said sanctions on his country are obviously being used to gain economic advantage. Alexander Novak told CNBC Friday that the sanctions are being used with increasing frequency. OPEC, Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices.
JEDDAH, Saudi Arabia (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Friday members of the oil producers group were friends of the United States and have a vested interest in its growth and ...
Shipping industry hopes that so-called sulphur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the world's biggest manufacturers of the equipment told Reuters. The International Maritime Organization's (IMO) cut to the amount of sulphur the world's fleet can emit will have massive implications for shippers, oil refiners and even crude oil producers. Scrubbers that strip sulphur as fuels are burned allows ships to continue using high-sulphur fuel oil, and Finland's Wartsila Marine Solutions is taking in record orders as the 2020 deadline draws nearer.
* Palm up 0.6 percent on-week * Market seen falling in longer term - trader (Updates with closing prices, quotes) By Emily Chow KUALA LUMPUR, April 20 (Reuters) - Malaysian palm oil futures made gains ...
Global stock markets were subdued Friday amid worries over trade and after a major supplier to Apple forecast continued weak demand for mobile devices. Futures for crude oil fell after U.S. President Donald ...
HSBC has become the latest financial institution to turn its back on financing high carbon energy projects after ruling out funds for new coal-fired power plants. The British bank will also stop providing financial services to any new offshore oil and gas projects in the Arctic as well as oil sands projects, which both face fierce criticism from environmental groups. HSBC set out its dramatic shift in energy policy ahead of its annual general meeting in London today, in a move that highlights the growing pressure on financial institutions to honour the global shift towards low carbon power mapped out by the Paris Climate Accord. Daniel Klier, the bank’s sustainability boss, said the decision “reflects HSBC’s ambition to help our customers make the transition to a low-carbon economy in a responsible and sustainable way”. “We recognise the need to reduce emissions rapidly to achieve the target set in the 2015 Paris Agreement to limit global temperature rises to well below 2 degrees Celsius and our responsibility to support the communities in which we operate,” he said. HSBC will turn its back on new coal-fired power projects Other large banks, such as ING, BNP Paribas and BBVA, have all set out similar commitments amid warnings from the Bank of England Governor Mark Carney that climate change could destabilise financial systems unless institutions protect themselves. In addition Loyd’s of London is facing pressure from climate change groups to rewrite its rule book so that insurers no longer insure risky coal projects. The City is under pressure to distance itself from risky high-carbon investments Credit: Jason Alden/Bloomberg HSBC said it had been significantly restricting its investments in new coal-fired power plants since 2011 and “effectively ceased financing” them in 78 developed countries. It will now stop financing new coal-fired power in all countries around the world apart from those in Bangladesh, Indonesia and Vietnam. “The bank will consider supporting new coal-fired projects in these countries on a case-by-case basis – and only where a carbon-intensity target is met and independent analysis finds that no reasonable alternative is available to meet the country’s energy needs,” HSBC said. The loophole is likely to irk environmental campaigners because only a low number of new coal plants are still looking for funding in developed markets such as Europe. The UK government has pledged to end all coal-fired power generation from 2025, effectively issuing a death knell for the few remaining coal plants that have not already been squeezed out of the market. This week the UK set a new record by powering the energy system without any coal-fired power for two days, the first 48-hour stretch since the industrial revolution. Last year Norway’s trillion dollar sovereign wealth fund, itself created by the country’s oil revenues, said it would cut back its investment in oil and gas.
WASHINGTON (AP) — President Donald Trump says oil-producing cartel OPEC "is at it again," and that efforts to maintain high prices "will not be accepted!"
Dallas-based oil refiner HollyFrontier is at the forefront of U.S. energy stocks benefiting from the WTI and Brent crude oil spread.
U.S. President Donald Trump on Friday criticized OPEC for output reductions that have helped raise oil prices and said the action would not be tolerated, as oil prices appeared set for a second consecutive week of gains. "Looks like OPEC is at it again. Oil prices are artificially Very High! No good and will not be accepted!" Trump said on Twitter.
(Reuters) - Stock futures pointed to slightly lower opening for Canada's main stock index on Friday as investors awaited inflation data and as criticism of rising prices by U.S. President Donald Trump weighed on oil. June futures on the S&P TSX index were down 0.1 percent at 7:15 a.m. ET. The annual inflation rate is expected show a 2.4 percent rise in March, from 2.2 percent in February. Annual inflation and retail sales data are both due at 8:30 a.m. ET. "Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote in a post on Twitter. ...
Schlumberger's earnings were in line with Wall Street exceptions Friday, while President Trump blasted OPEC on Twitter for creating "Very High" oil prices.
French oil giant Schlumberger Ltd. said Friday it had net income of $525 million, or 38 cents a share, in the first quarter, after a loss of $2.255 billion, or $1.63 a share, in the year-earlier period. "Our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs including the equipment mobilization, reactivation, and redeployment associated with recent contract wins," Chief Executive Paal Kibsgaard said in a statement. The company's international businesses started the year with the Middle East, North Sea and Russia all in line with expectations, while strength in Asia was offset by weakness in Latin America and Africa.
Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent (LCOc1) and U.S. West Texas Intermediate (CLc1) crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. "Rising tensions in the Middle East have likely played a role in oil price strength, but we believe a tight physical market is the key driver," U.S. investment bank Jefferies said on Friday in a note to clients.
April 20 (Reuters) - TSH Resources Bhd: * MARCH CRUDE PALM OIL PRODUCTION OF 14,706 MT; PALM KERNEL PRODUCTION OF 3,969 MT Source text : ( https://bit.ly/2HOS40e ) Further company coverage:
April 20 (Reuters) - Yanzhou Coal Mining Co Ltd : * SAYS UNIT YANCOAL AUSTRALIA'S Q1 COMMERCIAL COAL SALES UP 84 PERCENT Y/Y AT 9.2 MILLION TONNES Source text in Chinese: https://bit.ly/2F1H0K0 Further ...
Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel. Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent and U.S. West Texas Intermediate crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively. Yet a much more fundamental reason has also sparked oil's bull run: Asian demand, which Goldman Sachs said this week points to an average price of $80 a barrel in 2018.
Investing.com - Oil prices on Friday morning in Asia stayed close to three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually shrink excess supplies.
Formerly sceptical investors are buying back into oil majors in the hope that upcoming results will mark a turning point for energy stocks which have failed to keep pace with a surge in crude prices. Oil stocks could begin to close that gap if results live up to lofty expectations, with Goldman Sachs predicting the strongest free cash flow figures in a decade for the sector. Oil is the best-performing global asset this year, with Brent crude up 11.4 percent since January, but energy stocks have continued to lag the commodity.
KUALA LUMPUR, April 20 (Reuters) - Exports of Malaysian palm oil products for April 1 to 20 climbed 2 percent to 931,758 tonnes from 913,091 tonnes shipped during March 1 to 20, inspection company AmSpec ...
Russia and Saudi Arabia have further strengthened the energy ties between them, with Aramco and Gazprom agreeing to boost cooperation in the gas sector
While Saudi Arabia has reportedly been talking about $100 oil, the man who may be responsible for oil’s next jump is out of the oil kingdom’s control
Investing.com - Crude oil prices retreated from above three-year highs but sentiment remained upbeat amid expectations that major oil producers will confirm continued compliance with OEPC-led production curbs in a meeting slated for Friday.
While much of the oil market has been focused on Saudi Arabia’s desire for $100 oil, it appears that the impact of Donald Trump has been overlooked