|Day's Range||53.35 - 54.62|
EIA inventory data showed a buildup of 104 Bcf (billion cubic feet) in natural gas inventories. The EIA reported the natural gas inventory on October 17.
OPEC’s role is diminishing as new energy supplies emerge, including renewables and cleantech solutions. Here's how to play a changing landscape.
Given the current upside momentum, the next upside target into the close is .6863. The AUD/USD could pause at this price, but also accelerate into .6879. This is the last potential resistance angle before the .6895 main top.
The main trend is down, but momentum has been trending higher since October 11, following the formation of the closing price reversal bottom at $2.388. Look for an upside bias on a sustained move over $2.478, and for an acceleration to the upside if buyers can take out $2.564 and $2.568. A downside bias will develop if $2.478 fails.
South Africa's government announced Friday that the country would increase its use of coal-fired energy, provoking outrage from climate groups. Africa's biggest polluter and most industrialised nation was facing rolling blackouts -- in part due to ageing coal plants -- as the government released its energy blueprint for the next decade. Mineral Resources Minister Gwede Mantashe unveiled the long-awaited Integrated Resource Plan, saying "coal will continue to play a significant role in electricity generation".
The Canadian dollar climbed to its strongest in more than two months against a broadly weaker U.S. counterpart on Friday but gains for the currency were tempered by an uncertain outlook for Canada's federal election on Monday. Polls show Prime Minister Justin Trudeau's Liberals are locked in a tie with the opposition Conservatives and will not capture enough seats for a majority. "I think there is probably some squaring up ahead of that event (the vote)," said Mark McCormick, North American head of FX strategy at TD Securities.
SINGAPORE/MOSCOW, Oct 18 (Reuters) - Russia, the world's No. 2 oil producer, has become an unintended beneficiary of U.S. sanctions after an embargo on Chinese ships drove up tanker freight rates, spurring record premiums for Russian crude that takes just days to arrive in North Asia. Demand for key Russian oil grades sold in Asia has been strong in the past month after an attack on key oil processing facilities in Saudi Arabia drove up prices for spot crude while Asian refiners are processing more low-sulphur grades to meet shippers' demand for cleaner fuels from 2020. Soaring freight rates in the past two weeks prompted Asian buyers to bid up for cargoes that ship over shorter distances such as oil from Russia.
India's Adani Enterprises has awarded a contract to an Australian rail company as the conglomerate steps up infrastructure spending to support its new thermal coal mine in Queensland state. The A$100 million ($68.30 million) contract was awarded to privately held Martinus Rail, based in the regional city of Rockhampton, Adani said in a statement on Friday. Adani Mining Chief Executive Lucas Dow said more than A$450 million worth of contracts had already been awarded on the Carmichael Project, the majority to regional Queensland areas.
While most of the financial have beat the street, technology shares have been less upbeat. IBM reported earnings on Wednesday after the closing bell that were weaker than expected while Netflix beat but the number of new users missed expectations. CSX reported better than expected earnings and painting an upbeat picture of the US economy.
While Russia has traditionally focused on arms and grain exports to Africa, it is now looking to broaden its activities and influence. Russia is one of the world's top hydrocarbon producers and exporters through energy giants like Gazprom, Rosneft and Lukoil. Gazprom is working in Algeria, where it has discovered three gas fields, as well as in Libya, though its activities there have largely stalled since the war in 2011.
Global stocks rose after Britain reached a deal to avoid a disorderly divorce from the European Union that could have hurt the global economy. "You can put most of it (the Canadian dollar rally) down to the general risk-on sentiment that we've seen benefit commodity currencies," said Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets. Canada, like Australia and New Zealand, is a major commodities exporter, so its economy could benefit from an improved global growth outlook.
The Trump administration has been in the middle of a constant battle between farmers and the oil industry over the ethanol market, and both sides are fed up of the President’s broken promises
The crude oil markets went back and forth during the trading session on Thursday, as we have gotten the inventory figures out of the way. There is structural support underneath, so it does look like the buyers are still around.
While Israel and its Western friends routed an attack by the non-OPEC states of Egypt and Syria, Arab OPEC leaders leveraged economic power to bolster their peers. The price of oil initially popped 70%.
A palm oil industry watchdog will adopt rules next month that will impose fines on consumer goods companies like Unilever and Nestle if they don't start buying more green palm oil to help curb deforestation in Southeast Asia, the regulating body said. Producers of palm oil, a commodity used in everything from ice cream to lipstick, are blamed for destroying millions of hectares of forest in Southeast Asia, in part by using slash-and-burn techniques that blanketed Singapore, Malaysia and Indonesia in smog in September. The growers, though, say palm oil buyers like Unilever , Nestle , Procter & Gamble Co and PepsiCo share responsibility because they don't buy enough sustainably produced oil, undermining efforts to reward those who adopt greener practises and reduce deforestation.
The American Petroleum Institute has estimated a major crude oil inventory build of 10.45 million barrels, nearly 8 million barrels more than estimated
Natural Gas is coming up against increasingly strong resistance from environmental activists and the public in general, leading some to question whether it will face the same fate as coal
An Iranian National Security official claims to have evidence that Saudi Arabia, Israel and the U.S. were responsible for the attack on Iran’s oil tanker
(Bloomberg) -- A fire at a San Francisco-area fuel terminal is contained after spewing black smoke high in the air, snarling rush-hour traffic and prompting officials to ask residents to take shelter.Authorities are working to assess any health threat from the fire that affected two tanks at NuStar Energy LP’s Selby Terminal in Crockett, about 25 miles (40 kilometers) northeast of San Francisco, the Contra Costa Country fire department said on Twitter. The tanks held “very low volumes of ethanol” comprising less than 1% of their capacity, NuStar said.All operations have been suspended, and product shipments in and out of the facility are halted. All personnel are safe, the company said.NuStar’s shares fell 0.8% to $28.11 at 2:59 p.m. in New York on Wednesday.An order for residents to remain indoors has been lifted for all affected areas near the NuStar facility, the Contra Costa County Health Department said in a tweet. Since there is no longer any imminent danger to the public, a section of Interstate 80 near the terminal that had been closed in both directions has now re-opened, the California Highway Patrol said in a tweet.The blaze came less than a day after an earthquake forced Marathon Petroleum Corp. to shut units at its nearby Martinez refinery, threatening to push up gasoline prices that had just eased from the highest level in seven years. Disruptions at California refineries sent retail pump prices in the state well above $4 a gallon.The fire involved two tanks. Three others, holding ethanol and jet fuel, were checked for structural damage, found to be sound and then were vented, Steve Hill, a spokesman for the Contra Costa Fire Protection District, said at a televised news conference on Wednesday.Hill said new, smaller tanks were delivered by NuStar to collect a combination of waste ethanol, water and up to 15,000 gallons of fire-retardant foam from ponds near the burned tanks. He also said the small amount of product in storage had benefited the firefighting effort."We have dodged some bullets in the last 24 hours," Hill said. "Yes, those tanks were almost empty, but that also means they had extra amounts of oxygen inside."Hill said alternate piping was being installed to replace damaged equipment and reconnect the terminal to Northern California oil supply. He said a terminal contractor was briefly trapped in a nearby culvert Tuesday night before he was rescued.The two burned tanks contained a combined 250,000 gallons of ethanol. The blaze had spread to 15 acres of nearby vegetation. Between 12 and 20 nearby residents were evacuated.The incident comes a week after the state’s utility PG&E Corp. shut power to 738,000 homes and businesses to prevent wildfires similar to those that devastated the state last year, causing dozens of fatalities.Phillips 66, whose Rodeo refinery is less than a mile away, has not been impacted, Dennis Nuss, a company spokesman, said Wednesday. NuStar operates about 9,800 miles of pipeline and 74 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. Its San Francisco-area facility has a capacity of about 3 million barrels of gasoline, diesel, jet fuel and ethanol, according to the company’s website.(Updates fourth paragraph with share price, seventh paragraph onward with details on the incident.)\--With assistance from Ann Koh, Natnicha Chuwiruch, Bill Lehane and Brian Eckhouse.To contact the reporters on this story: Robert Tuttle in Calgary at email@example.com;Jeffrey Bair in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Jessica Summers, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.