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  • China CNPC suspends Venezuelan oil loading, worried about U.S. sanctions: sources
    Reuters

    China CNPC suspends Venezuelan oil loading, worried about U.S. sanctions: sources

    China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest set of U.S. sanctions on the South American exporter, two Beijing-based senior sources with direct knowledge of the matter told Reuters on Monday. The Trump administration in early August froze all Venezuelan government assets in the United States and U.S. officials ratcheted up threats against companies that do business with Venezuela. "Trump's executive order gave a directive for the follow-up sanction measures that shall be announced by the U.S. Treasury... CNPC is worried that the company is likely to be hit by the secondary sanctions," said one source.

  • Reuters

    Malaysian PM urges Britain to 'break with Europe' on palm oil - Bloomberg

    Malaysian Prime Minister Mahathir Mohamad on Monday called on Britain to engage with palm oil growers to incentivise sustainable production, rather than pursuing boycotts after its scheduled exit from the European Union (EU) on Oct. 31. Mahathir's comments, carried in on opinion column for news agency Bloomberg, follow a move by the EU to phase out palm oil usage in biofuels. Top growers Indonesia and Malaysia have said they would file a complaint to the World Trade Organization to challenge the move.

  • Oil prices climb after Saudi oilfield attack, but recession worries drag
    Reuters

    Oil prices climb after Saudi oilfield attack, but recession worries drag

    Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-U.S. trade tensions could ease. "Oil is benefiting from an overall optimism that we won't see the doomsday trade war scenario and after a drone attack on oil and gas facilities in Saudi Arabia reminded markets geopolitical tensions in the Middle East are going nowhere anytime soon," said Edward Moya, senior market analyst at OANDA in New York. A drone attack by Yemen's Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, adding to Middle East tensions, but state-run Saudi Aramco said oil production was not affected.

  • Oil Rises After Drone Attack on Saudi Arabia Disrupts Gulf Calm
    Bloomberg

    Oil Rises After Drone Attack on Saudi Arabia Disrupts Gulf Calm

    (Bloomberg) -- Oil rose for a second day after a drone attack on a Saudi Arabian oil field brought geopolitical risks back into focus, and as the prospect of more U.S.-China trade meetings spurred some investor optimism.Futures in New York rose 1% after climbing 0.7% on Friday to cap the first weekly gain in three. Yemeni rebels attacked oil and gas facilities at Shaybah field in the southeast part of the kingdom over the weekend, although there was only a small fire and no disruption to production, Saudi Aramco said in a statement. President Donald Trump said the U.S. is talking with China on trade but suggested he wasn’t ready to sign a deal yet.Crude has fallen around 17% from a peak in late April as the U.S.-China trade war intensified, casting a pall over the global growth outlook. While a series of attacks on tankers and energy facilities in the Middle East have provided some temporary support to prices, oversupply remains the key concern for the market. Meanwhile, there are signs Saudi Arabia is struggling to muster support for its bid to convince OPEC and its allies to cut production further.See also: Saudi Arabia Makes a Promise That It Just Can’t Keep: Julian LeeThe attack in Saudi Arabia is “keeping markets firm,” said Michael McCarthy, chief markets strategist at CMC Markets Asia Pacific Pty in Sydney. The apparent easing of tensions between the U.S. and China is also helping, he said.West Texas Intermediate crude for September delivery rose 53 cents, or 1%, to $55.40 a barrel on New York Mercantile Exchange as of 11:31 a.m. in Singapore The contract, which will expire on Tuesday, advanced 0.7% last week.Brent for October settlement increased 65 cents, or 1.1%, to $59.29 per barrel on the ICE Futures Europe Exchange. The global benchmark is trading at a premium of $3.94 a barrel to WTI, near the smallest gap since March 2018.Yemen’s Houthi rebel leader Abdul Malik al-Houthi said the drone strike was meant to deliver an “important message” to the Saudi Arabian-led coalition. The remote Shaybah field produces around 1 million barrels a day, just under 10% of Aramco’s total production capacity, including some of the highest-quality oil from the kingdom.Recent phone calls between U.S. and Chinese trade negotiators had been “positive” and more teleconference meetings are planned over the next week to 10 days, White House economic director Larry Kudlow said Sunday. However, President Trump linked the discussions to demonstrations in Hong Kong, saying for the first time on camera that it would be harder to reach a deal if there’s a violent conclusion to the protests.\--With assistance from Tsuyoshi Inajima.To contact the reporter on this story: Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Andrew Janes, Ben SharplesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com

    Oil Prices Gain; Sino-U.S. Trade War in Focus

    Investing.com - Oil prices gained on Monday in Asia following a volatile week as traders digested the latest development on the Sino-U.S. trade front.

  • What Kind Of Investor Owns Most Of Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564)?
    Simply Wall St.

    What Kind Of Investor Owns Most Of Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564)?

    If you want to know who really controls Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564), then you'll...

  • Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Chief Powell’s Speech on Thursday
    FX Empire

    Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Chief Powell’s Speech on Thursday

    Gold could be under pressure this week if recession fears continue to subside. There aren’t many major economic events this week so if there is volatility, it will likely be fueled by unexpected events by China or the United States. The key market moving event could take place on Thursday when Federal Reserve Chairman Jerome Powell delivers opening remarks at the Jackson Hole Economic Policy Symposium.

  • Oil Price Fundamental Weekly Forecast – Easing of Recession Fears Could Underpin Prices
    FX Empire

    Oil Price Fundamental Weekly Forecast – Easing of Recession Fears Could Underpin Prices

    Traders are focusing on two things:  Possible OPEC production cuts and lower demand due to a weakening global economy. They don’t seem to be too worried about U.S. growth at this time. However, they are expressing concerns about the rising U.S. production.

  • Coal-Loving Australia Is Third Biggest Emissions Exporter
    Bloomberg

    Coal-Loving Australia Is Third Biggest Emissions Exporter

    (Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.Australia’s booming coal industry has made it the world’s third-biggest exporter of potential carbon dioxide emissions locked in fossil fuels, placing it only behind oil giants Russia and Saudi Arabia.Australia makes up 7% of all global fossil fuel exports by carbon dioxide potential, as it accounts for almost one-third of the world coal trade, according to a report Monday from The Australia Institute, which has been critical of the federal government’s efforts to combat global climate change.While China and the U.S. are the world’s top greenhouse gas emitters in absolute terms, the report highlights the role relatively smaller polluters play in selling fossil fuels to other nations. Australia, which is also one of the biggest gas exporters, supplies economies throughout Asia, including Japan, China and South Korea.Exports of fossil fuels and supply infrastructure play a crucial role in locking in increased emissions, and their impact is often ignored in climate change policy, The AI said in the report.“Australia has a unique opportunity, and obligation, to face up to the climate crisis through policies to limit its carbon exports, starting with a moratorium on new coal mines,” it said. “The scale of exports from countries like Australia bring into stark relief why efforts to reduce world emissions must limit both demand and supply.”In terms of its own greenhouse gas pollution, Australia generates 1.2% of the world’s emissions while having just 0.3% of the population, according to the report. Domestic emissions have been rising in recent years as a number of giant gas export projects come on stream, while coal-fired power is still the mainstay of its electricity grid.‘Red Line’Prime Minister Scott Morrison has consistently said that Australia will meet the 2030 targets to reduce carbon emissions it made under the Paris Agreement, but has no clear policy agenda to reach them. His government has been a strong supporter of the coal industry, including backing Adani Group’s controversial Carmichael project, which could open up a new mining region in the country.His government last week rebuffed calls by leaders from its island nation neighbors for a commitment to phase out coal, and watered down language on climate change and coal in the communique that followed the Pacific Islands Forum in Tuvalu. Australia’s Pacific Minister, Alex Hawke, had earlier told local media that the coal industry is a “red line issue” for the nation that it needs to stand behind.“Many argue Australia’s emissions are small on a global scale, but this research shows the complete opposite,” Richie Merzian, the institute’s climate and energy program director, said in a statement. “Our domestic emissions are large and our exported emissions are even larger.”The AI based its analysis on data from the International Energy agency, with coal and gas figures for 2017 and oil for 2016. Emission factors for the fuels are from the United Nation’s Intergovernmental Panel on Climate Change.(Updates with details from Pacific Islands Forum in eighth paragraph.)To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Saudi Arabia Makes a Promise That It Just Can’t Keep
    Bloomberg

    Saudi Arabia Makes a Promise That It Just Can’t Keep

    (Bloomberg Opinion) -- Saudi Arabia isn’t as willing to do whatever it takes to support oil prices as it would have us believe. That’s the only conclusion one can draw from what we’ve learnt since a government official said the kingdom wouldn’t tolerate a continued price slide.After crude fell to a seven-month low earlier this month, Saudi Arabia got on the phone to other members of the OPEC+ group of nations to discuss possible policy responses. It doesn’t appear to have got very far.Russia – the key non-OPEC member of the extended producer group – made all the right noises. An emailed statement from its energy ministry said it was “utterly important to act responsibly” by giving the market only as much oil as was needed. You might think that would mean Russia sticking to the production target it agreed with OPEC in December. You’d be wrong.The Russians pumped 11.32 million barrels a day in the first half of August, according to Interfax. That’s up by 180,000 barrels from July and above its pledged daily level of 11.19 million barrels. While the country did produce less than required for three months in a row through to July, that was mainly the result of the Druzhba pipeline contamination crisis.Indeed, Moscow may be better able to weather lower prices than Riyadh. U.S. President Donald Trump’s sanctions on exports from Iran and Venezuela have boosted Russia’s oil income by about $1 billion dollars since November. Russian Urals grade is a pretty good substitute for Iranian crude for European refiners and its value has risen relative to that of the benchmark Brent.So what about Saudi Arabia’s OPEC partners? The biggest of those, Iraq, doesn’t seem to be helping much either. Tanker-tracking data compiled by Bloomberg suggest that its crude exports in the first half of August were the highest in three months. Flows out of West Africa also appear to have been robust in August.Will the kingdom go it alone? Perhaps not.Having already cut more than twice as much oil output as it promised in December, Riyadh has signaled its unwillingness to keep shouldering the burden alone. Its energy minister Khalid Al-Falih insisted at OPEC’s last meeting in July that the Saudis had already cut “deep enough.”They did manage to generate a brief bump in prices by that suggestion of doing whatever it takes. But the market recovery is already running out of steam. And the promise was never quite as meaningful as some thought.As part of the pledge, Saudi officials said the kingdom would keep oil exports below 7 million barrels a day in September and supply customers with 700,000 barrels a day less than they’d asked for. That looks like a big number, but it rather depends on what potential buyers asked for. Dig a bit deeper and the commitment starts to look less bullish.Saudi Arabia didn’t actually say it would cut exports by 700,000 barrels a day next month. Instead, the officials pointed to the 10.3 million barrels a day that they could theoretically produce in September to meet demand, and that the reduction would come from that figure. (It’s worth noting that this 10.3 million figure is more than the Saudis have produced in any other month this year, according to data from the kingdom). So the upshot is that Saudi Arabia’s actual production next month may be about 9.6 million barrels a day. It says it produced 9.58 million last month, so this doesn’t look like a cut at all. And then there’s the issue of where the cuts will come from. Saudi Aramco, the national oil company, has allocated full volumes of contractual crude supply for September sales to at least six buyers in Asia. So the U.S. and Europe will have to bear the brunt of reductions. Supplies to U.S. buyers will be about 300,000 barrels a day less than they’d asked for, according to the officials, while cuts to European buyers will need to be bigger still to hit the 700,000 target.That’s going to be a stretch. The kingdom has only shipped about 530,00 barrels a day to North America so far this year, while deliveries to Europe have averaged just 210,000 barrels, according to Bloomberg tanker tracking. So to be in a position to make the sort of cuts being talked about, buyers must have been asking for a lot more oil than they’ve bought from Saudi Arabia in the recent past.The numbers just don’t stack up. If you’re waiting for a big output cut from Saudi Arabia to rescue oil prices – don’t.To contact the author of this story: Julian Lee at jlee1627@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50
    FX Empire

    Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50

    Based on Friday’s price action and the close at $1523.60, the direction of the December Comex gold futures market on Monday is likely to be determined by trader reaction to the 50% level at $1517.50.

  • E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75
    FX Empire

    E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75

    Based on Friday’s price action and the momentum into the close, the direction of the September E-mini S&P; 500 Index on Monday is likely to be determined by trader reaction to the main 50% level at 2881.00.

  • E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone
    FX Empire

    E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone

    Based on Friday’s price action and the close at 25907, the direction of the September E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the main 50% level at 26012.

  • Oilprice.com

    Iraq Moves To Upgrade Oil Export Capacity

    Iraq is very close to using its oil export infrastructure at full capacity and is busy expanding its pipeline network in order to sell more crude abroad

  • Why the Offshore Drilling Recovery Is Real
    Motley Fool

    Why the Offshore Drilling Recovery Is Real

    After a few challenging years, activity in this corner of the energy market has finally started bouncing back.

  • EUR/USD Forex Technical Analysis – Closed on Weak Side of Short-Term Retracement Zone, 1.1027 Next Downside Target
    FX Empire

    EUR/USD Forex Technical Analysis – Closed on Weak Side of Short-Term Retracement Zone, 1.1027 Next Downside Target

    Based on Friday’s price action and the close at 1.1090, the direction of the EUR/USD on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1112.

  • Oilprice.com

    U.S. Sanctions Backfire, Lead To Boost In Russian Oil Exports

    U.S. sanctions against Venezuela and Iran have had an unplanned side effect: they have increased exports of heavy, sour crude from Russia

  • Fox Business

    Yemen rebel drone attack targets remote Saudi oil field

    The drone assault also comes amid heightened tensions in the wider Mideast between the U.S. and Iran.

  • Fox Business

    Monster crude tankers seek world domination

    Size matters in the global oil markets.

  • Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97
    FX Empire

    Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97

    Based on last week’s price action and the close at $57.67, the direction of the December Brent crude oil market on Monday is likely to be determined by trader reaction to the minor pivot at $57.97.

  • Woodside Petroleum Ltd (ASX:WPL): Will The Growth Last?
    Simply Wall St.

    Woodside Petroleum Ltd (ASX:WPL): Will The Growth Last?

    Looking at Woodside Petroleum Ltd's (ASX:WPL) earnings update on 30 June 2019, analysts seem cautiously optimistic...

  • Oil Rebounds After Economic Data Dampens Recession Fears
    Oilprice.com

    Oil Rebounds After Economic Data Dampens Recession Fears

    Oil prices rebounded on Friday morning on the back of some positive U.S. crude data, but the rebound doesn’t look likely to last as the world economy struggles