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  • Oil pares U.S. stock-draw gains on weak demand outlook
    Reuters

    Oil pares U.S. stock-draw gains on weak demand outlook

    West Texas Intermediate (WTI) crude futures dropped 46 cents, or 0.8%, to $55.51 per barrel. U.S. crude inventories fell 1.7 million barrels in the week ended Oct. 18, compared with analysts' expectations for a 2.2 million barrel build, data from the Energy Information Administration showed.

  • The Counterintuitive Cure For Low Oil Prices
    Oilprice.com

    The Counterintuitive Cure For Low Oil Prices

    As oil demand continues to climb, low oil prices are keeping a lid on production, an issue which could lead to a massive supply shortage in the next year

  • Trump Surrenders 2.5 Billion Barrels Of Oil To Syria
    Oilprice.com

    Trump Surrenders 2.5 Billion Barrels Of Oil To Syria

    Despite claims that the United States just “took control over oil in the Middle East,” Russia and Iran may end up being the biggest winners as Washington pulls out of Syria

  • Oilprice.com

    Goldman: A Major Oil Price Rally Is On The Horizon

    While sentiment in the oil market is undeniably bearish, Goldman Sachs sees a major oil price rally on the horizon

  • From Wyoming to Australia, Coal’s Heartlands Are Retreating
    Bloomberg

    From Wyoming to Australia, Coal’s Heartlands Are Retreating

    (Bloomberg Opinion) -- From the Rocky Mountains to the Rhineland and Australia’s Great Dividing Range, the great tide of the coal industry is receding.The entire Powder River Basin, the region spanning the states of Montana and Wyoming that provides about half of America’s thermal coal, is “distressed,” Moody’s Investors Service wrote in a report last week. All companies producing coal there are now focusing on mining coking coal elsewhere in the U.S., the ratings company wrote. Output “will likely fall significantly in 2020,” it said.Energy Information Administration forecasts quoted by Moody’s suggest that production from the Powder River-dominated Western Region will drop to 339 million short tons in 2020 from 418 million short tons in 2018, a 19% reduction and a 42% decline from 592 million short tons in 2010. Most of that decline happened while coal could still produce electricity more cheaply than renewable alternatives, a situation that’s now reversed. A comparable drop over the coming decade would shutter almost every mine in the basin. In Australia, the world’s second-largest coal exporter after Indonesia, similar trends are afoot. The pipeline of new renewables projects, led by solar farms, now stands at 133 gigawatts, according to research group Rystad Energy. Coupled with a flood of energy-storage projects coming online by 2025, that means that coal-fired generation could be extinct by 2040, the group said Tuesday. Changes under way in Europe are pointing in the same direction. Germany, long considered one of the rich world’s last redoubts of coal-fired power, is seeing generation plummet as the rising price of carbon credits and falling cost of gas squeeze out profits for generators. Germany’s current-year and next-year dark spreads, which represent the theoretical profit for coal-fired power based on prevailing fuel, electricity and carbon prices, have been in negative territory for much of the year. Generators RWE AG and Uniper SE are still able to eke out margins by utilizing carbon credits bought in former years when prices were in the region of 5 euros ($5.57) compared to their current 25.93 euros. Eventually, that stockpile will run out. Unless gas gets more expensive or carbon gets cheaper, the German government’s target for ending coal-fired generation by 2038 is likely to come 15 years or so early.Remarkably, this trend is even sweeping up brown coal, or lignite, a cheap-and-dirty variety that’s been seen as more resilient than Germany’s costlier black coal. Lignite generation in the six months through June fell 28% from a year earlier at RWE, a drop of 9.9 terawatt-hours.Even regions that were once viewed as the last hopes for coal demand are looking dicier. The pipeline of thermal power projects under construction in Southeast Asia has fallen to zero this year everywhere except in Indonesia. Even there, the capacity being built is just 1,500 megawatts, equivalent to just five or six power plants, according to a report published Wednesday by Global Energy Monitor, a research group in favor of fossil fuel phase-out.The world has gone through a remarkable energy transition over the past decade, but much of the shift still lies, iceberg-like, beneath the surface. Renewables are cheaper than coal almost everywhere, a prospect that was considered so improbable at the time of the 2006 Stern Review on climate change that it wasn’t treated as a serious possibility beyond a vague hope that research and development might one day flip the script. The great hope for coal now is not that it will be able to survive in the free market, but that government support will come in to bail out an industry that can’t survive on its own, in the process locking in pollution-related disease and climate emissions for future generations.It’s not impossible that this bet will work in a few regions — as exemplified by the speech given last week to China’s National Energy Commission by Li Keqiang, in which the premier sang the praises of domestic coal deposits and stepped back from previous promises to accelerate deployment of renewables.Any industry that harms its consumers, pollutes the planet and depends for its survival on political support is living on borrowed time, though. The declines to coal-fired power on multiple continents are the death throes of a technology that’s rapidly heading towards obsolescence. Humanity will still struggle to reduce our emissions fast enough to avoid devastating climate change — but don’t be surprised if this industry falls even faster than people have dared to hope.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Oil Prices Get a Boost From Surprise Fall in U.S. Crude Stockpiles
    The Wall Street Journal

    Oil Prices Get a Boost From Surprise Fall in U.S. Crude Stockpiles

    The gains came after government data showed stockpiles in the U.S. fell by 1.7 million barrels during the week ended Oct. 18, according to the U.S. Energy Information Administration.

  • Oilprice.com

    The OPEC Oil Price Jawboning Has Officially Begun

    OPEC has already begun to push rumors out about deeper production cuts, showing that the cartel is determined to get oil prices higher

  • FX Empire

    Silver Price Forecast – Silver Markets Grind Sideways

    Silver markets continue to grind sideways, as we continue to dance around the 50-day EMA in a relatively flat manner. Silver markets have been relatively quiet, but they are approaching a major trend line.

  • FX Empire

    Natural Gas Price Forecast – Natural Gas Markets Quiet

    Natural gas markets continue to go back and forth, showing signs of a lot of choppiness in what I believe is going to be a larger consolidation area. However, we are starting to see a bit of a squeeze and we will need some type of resolution soon.

  • Barrons.com

    Oil Price Jumps as U.S. Supplies Drop

    Oil prices rose Wednesday morning after the U.S. government said supplies of crude and refined products like gasoline were declining, the first such drop in six weeks.

  • Will the OPEC Factor Support Crude Oil Prices?
    Market Realist

    Will the OPEC Factor Support Crude Oil Prices?

    On October 22, US crude oil prices rose 1.6% and settled at $54.16 per barrel. The S&P; 500 Index (SPY) fell 0.4% on the same day.

  • What Can We Make Of International Petroleum Corporation’s (TSE:IPCO) High Return On Capital?
    Simply Wall St.

    What Can We Make Of International Petroleum Corporation’s (TSE:IPCO) High Return On Capital?

    Today we'll evaluate International Petroleum Corporation (TSE:IPCO) to determine whether it could have potential as an...

  • Crude Gains Ground on Surprise Inventory Deficit
    FX Empire

    Crude Gains Ground on Surprise Inventory Deficit

    Crude oil has shown some life in the North American session, after the EIA crude inventory report posted a decline for the first time in six weeks.

  • Oilprice.com

    Oil Prices Climb As EIA Reports Surprise Inventory Draw

    The EIA has contradicted API inventory build estimates, reporting a draw rather than the significant build that most analysts were expecting

  • Crude Oil Price Update – Unexpected EIA Drawdown Sends Prices Sharply Higher
    FX Empire

    Crude Oil Price Update – Unexpected EIA Drawdown Sends Prices Sharply Higher

    Based on the early price action and the current price at $54.56, the direction of the December WTI crude oil market the rest of the session on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at $54.39.

  • Climate Risks Push Kuwait to Consider Lower Oil-Capacity Targets
    Bloomberg

    Climate Risks Push Kuwait to Consider Lower Oil-Capacity Targets

    (Bloomberg) -- Kuwait, OPEC’s fourth-biggest member, is considering cuts to its oil production capacity targets, in large part because mounting concern about climate change will constrict demand for fossil fuels.Kuwait Petroleum Corp. may reduce its long-standing goal of reaching 4 million barrels of daily capacity by 2020 to 3.125 million barrels, according to a person with direct knowledge of the discussions. The state-owned producer’s current capacity is about 3 million.Such a change would be a rare acknowledgment by a member of the Organization of Petroleum Exporting Countries that environmental issues are influencing producers’ strategies. While most analysts expect the world to keep consuming oil for decades to come, the debate among them now is when, rather than if, demand will stop growing at all.KPC may also cut its 2040 capacity target to 4 million barrels a day, from 4.75 million, the person said, asking not to be identified because the discussions are private. All the proposed changes, which are also being driven partly by delays in projects, require government approval.Media officials at KPC didn’t immediately respond to a request for comment.The company is reviewing its capital expenditure program valued at about $500 billion, according to the person with knowledge of the matter. Kuwait has had to delay projects, including some using water injection to produce oil, and this adds to the challenge of meeting its existing capacity targets, the person said.Kuwait is already limiting its actual production as part of a 2016 pact between OPEC and allied suppliers to drain a global glut. The nation’s output peaked at 2.96 million barrels a day that year and was most recently at 2.69 million, data compiled by Bloomberg show.The country’s capacity targets include a share of fields in the so-called Neutral Zone shared with Saudi Arabia. Production there has been halted for at least four years, partly due to disputes between the neighbors, but these fields can produce as much as 500,000 barrels a day.To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.netTo contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, Bruce StanleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • EUR/USD Mid-Session Technical Analysis for October 23, 2019
    FX Empire

    EUR/USD Mid-Session Technical Analysis for October 23, 2019

    Based on the early price action and the current price at 1.1116, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the long-term downtrending Gann angle at 1.1109.

  • These 4 Measures Indicate That BNK Petroleum (TSE:BKX) Is Using Debt Extensively
    Simply Wall St.

    These 4 Measures Indicate That BNK Petroleum (TSE:BKX) Is Using Debt Extensively

    Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

  • FX Empire

    Oil Price Fundamental Daily Forecast – API Inventory Surge Offsets Talk of Additional OPEC Output Cuts

    Today’s U.S. Energy Information Administration (EIA) weekly storage report, due to be released at 14:30 GMT, is expected to show a 2.5 million-barrel build. However, this estimate was made before the release of the API report late Tuesday so investors should expect this estimate to increase.

  • The science of what makes coal so dirty
    Quartz

    The science of what makes coal so dirty

    Cutting coal use isn't just about reducing greenhouse-gas emissions. Mining coal and then burning it pollutes our air, water, and soil with a wide variety of toxins.

  • Investing.com

    Oil Prices Extend Losses as Expectations for Deeper OPEC Cuts Fade

    Investing.com - Oil prices extended losses on Wednesday as expectations for deeper output cuts by OPEC and its allies dimmed following comments by Russia’s energy minister, while data showing a larger-than-forecast inventory build also weighed.

  • A Tale of Two Votes
    FX Empire

    A Tale of Two Votes

    The U.S. equities markets traded well through the New York morning session but fell well off the pace in the afternoon as Brexit headlines weighed. The UK PM has won in-principle parliamentary support for his withdrawal agreement, but not on his abridged timetable, adding a degree of uncertainty and leaving his planned October 31 Brexit date looking highly unlikely.