|Day's Range||57.93 - 59.24|
A rogue trader working for a Singapore-based subsidiary of Japanese trading giant Mitsubishi recently booked a $320 million loss after several unauthorized derivatives trades went sour
Malaysia kept its export duty on crude palm oil for October unchanged at zero percent, according to a circular on the Malaysian Palm Oil Board's website this week, citing the national customs department. The duty has been at zero percent since September 2018. Malaysia, the world's second-largest producer of palm oil, calculated a palm oil reference price of 2,145.75 ringgit per tonne for October.
After a wild week in oil markets sparked by an attack on a Saudi processing plant, crude prices have returned to relative stability
Brent crude futures, the global benchmark, fell slightly on Friday, but still notched their best week since January as investors remained uneasy about supply disruptions following attacks on Saudi Arabia’s oil facilities.
The S&P; 500 rallied a bit during the week but was relatively quiet as we are trying to break out to the upside. Adding more confusion to the mix is the fact that the Friday session was “quadruple witching.”
Silver markets rally during the week but pulled back a bit as well. Ultimately, this is a market that is sitting on top of a major trend line though, so it should make for an interesting trade set up.
Crude oil markets gapped higher after the Saudi drone attacks rocked the markets on Monday, but at this point it’s obvious that the negative news was overblown as it appears the production will be back to full capacity by the end of the month.
Gold markets initially fell during the week but have found a bit of support at the crucial $1500 level yet again. At this point, the question is are we going to roll over, or are we entering consolidation?
Crude oil markets continue to grind sideways as the markets have yet to fill the gap from the Monday panic. With that being the case, the market is very likely to continue going lower given enough time, but obviously there some fighting to do.
The British pound initially tried to rally but fell against the Japanese yen. The ¥135 level has caused a significant amount of resistance, and with the technical confluence in this area, it’s likely that the market will run into a significant amount of trouble.
Vicki Hollub became the CEO of Occidental Petroleum Corporation (NYSE:OXY) in 2016. This analysis aims first to...
Saudi state oil company Aramco said it will bring back by end September full crude output at Abqaiq and Khurais, the two oil facilities damaged by attacks last weekend that U.S. officials have blamed on Iran. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Fahad Abdulkarim, Aramco's general manager for the southern area oil operation, told reporters on a tour organized by the company to the two sites east of the capital Riyadh.
Investing.com - Oil was headed for its biggest weekly rise since June on Friday although gains on the day were modest as traders pared bullish bets ahead of the weekend and uncertainty over the United States’ next move on Iran after the Saudi attack.
After a week in which oil and diesel prices rose and fell like a tanker on a wind-whipped ocean, FreightWaves Radio will have a wide-ranging discussion about petroleum prices on this weekend's edition, broadcast over SiriusXM Road Dog Trucking. Co-host John Kingston will be joined by S&P Global Platts senior editor Brian Scheid and FreightWaves' "Sultan of SONAR" Zach Strickland to talk about what's going on in oil markets and how it affects the freight and trucking industry. Scheid is one of the co-hosts of the Capitol Crude podcast, one of the most popular podcasts among followers of the oil industry.
Saudi Arabia's newly appointed energy minister was in London when he learned in the middle of the night of the largest-ever attack on the kingdom’s oil infrastructure. Prince Abdulaziz bin Salman, a veteran oil official and senior member of the Al Saud ruling family, hurried back to the kingdom, flying by private jet to Aramco’s headquarters in Dhahran to assess the damage and manage the fallout from the attack on the world’s largest oil exporter, three sources close to the matter said. Officials at state-run oil company Saudi Aramco, meanwhile, gathered in what was referred to internally as the “emergency management room” at the company’s headquarters.
Based on the early price action and the current price at 1.1040, the direction of the EUR/USD is likely to be determined by trader reaction to the main 50% level at 1.1045 and the uptrending Gann angle at 1.1047.
U.S. crude is flat on Friday, as the sharp volatility we saw early in the week appears to be over. I am not expecting much movement in the European and North American sessions
State oil giant Saudi Aramco has switched crude grades and pushed back crude and oil products deliveries to customers by days after the attacks on its supply hub severely reduced its light oil production and led to output cuts at its refineries. Crude oil loading delays were widespread as most buyers have received Aramco's request to push back shipments in October by 7-10 days, several sources with knowledge of the matter said, giving the producer more time to maintain exports by adjusting supplies from inventories and its refineries. At least three supertankers that loaded crude in Saudi Arabia this week for China and India had their crude grades switched from light to heavy oil while more buyers in Asia have been asked to delay shipments and switch grades in September and October, according to sources with knowledge of the matter and data from Refinitiv and Kpler.
The dramatic weekend assault on two Saudi oil facilities saw one of the targets struck four times sparking fires that took five hours to extinguish, the national oil company said Friday. At the Khurais plant in eastern Saudi Arabia, a charred web of pipes and supports was flanked by cranes as staff assessed the extensive damage to an oil stabiliser apparatus. The US has blamed Iran for the attacks, which have been claimed by Tehran-backed Yemeni rebels, condemning them as an "act of war" which knocked out half the kingdom's oil production.
Saudi Arabia on Friday took media on a tour of oil facilities damaged by attacks that Washington and Riyadh blame on Iran, showing melted pipes and burnt equipment, as Tehran vowed wide retaliation if heightened tensions boil over into hostilities. The kingdom sees the Sept. 14 strikes on its Khurais and Abqaiq facilities -- the worst attack on Gulf oil infrastructure since Iraq's Saddam Hussein torched Kuwaiti oilfields in 1991 -- as a test of global will to preserve international order. U.S. President Donald Trump said on Friday the United States was imposing sanctions on Iran's central bank over the attack.
We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be...
Based on the early price action and the current price at $58.66, the direction of the November WTI crude oil futures contract the rest of the session on Friday is likely to be determined by trader reaction to the main 50% level at $58.91.