|Day's Range||55.23 - 55.74|
Amazon has set its sights on two of the nation's largest and most powerful metro areas, announcing Tuesday it had chosen a buzzy New York neighborhood and a suburb of Washington for its new East Coast headquarters. Both are waterfront communities away from overcrowded business districts, giving Amazon space to grow. NEW YORK (AP) -- CNN is suing the Trump administration, demanding that correspondent Jim Acosta's press pass to cover the White House be returned.
U.S. oil futures logged their lowest settlement in almost a year on Tuesday, dropping roughly 7% to stretch a record losing streak to a 12th session in a row. With discussions between major oil producers over the weekend over a possible production cut doing nothing to stop the slide in oil, "we need to look to technical levels to see how far traders will push down prices," said Owen Williams, founder of Williams Market Analytics. "We believe that oil prices are overshooting to the downside, as economic deterioration ... is not yet a concern and supply fears are overblown." On Tuesday, however, December West Texas Intermediate oil dropped $4.24, or 7.1%, to settle at $55.69 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since Nov. 16, 2017, according to FactSet data.
VALENCIA/CARACAS (Reuters) - With chronic shortages of basic goods afflicting her native Venezuela, Veronica Perez used to drive from supermarket to supermarket in her grey Chevrolet Aveo searching for food. "I only do what is absolutely necessary, nothing else," said Perez, who lives in the industrial city of Valencia. Snaking, hours-long lines and gas station closures have long afflicted Venezuela's border regions.
Canadian crude prices fell below $15 last week as the country's pipeline crisis forces drillers to sell their crude at a steep discount to WTI
In the week ending on November 2, US crude oil inventories were 3% above their five-year average—one percentage point more than the previous week. Oil prices and the inventories spread usually move inversely, as you can see in the following chart. If the inventories spread expands more into the positive territory, it might drag down oil prices in the coming weeks. The inventories spread is the difference between inventories and their five-year average.
On November 12, US crude oil December futures closed ~$1.6 below the December 2019 futures. On November 5, the futures spread was at a discount of ~$0.55. On November 5–12, US crude oil December futures fell 5%.
On November 12, US crude oil December futures fell 0.4% and settled at $59.93 per barrel—the lowest closing level for active US crude oil futures since February 13. The Energy Select Sector SPDR ETF (XLE) fell 2.1% on November 12. The S&P 500 (SPY) and the Dow Jones Industrial Average (DIA) fell 2% and 2.3%, respectively. The fall in the broader market might have dragged energy stocks.
Last week, the oil rig count rose by 12 to 886—the highest level since March 2015. The rig count tends to follow US crude oil prices with a three to six-month lag. In February 2016, US crude oil prices fell to the lowest closing level in 12 years. Between February 11, 2016, and November 12, 2018, US crude oil active futures rose 128.7%.
The Energy Information Administration, the statistical arm of the Department of Energy, said this year the U.S. surpassed both Russia and Saudi Arabia to take the crown as the world's largest crude oil producer, the first time since 1973 the U.S. led the world in oil output. U.S. shale-oil production has become a vital part of the global energy mix, and its contribution is even more critical as some members of the Organization of Petroleum Exporting countries like Venezuela struggle to pump much of any petroleum and Iran faces sanctions on selling oil. The EIA forecasts U.S. crude-oil production will average 10.9 million barrels a day in 2018, up from 9.4 million b/d in 2017, and forecasts output of 12.1 million b/d in 2019.
As Brent crude threatened to move below $70 a barrel, stories of potential OPEC oil production cuts seemed to surface. Saudi Arabia over the weekend suggested that it intend to reduce supply by 500,000 barrels per day in December as it fears the building of inventories amid uncertain demand prospects. Saudi energy minister Khalid Al-Falih told reporters that Saudi Aramco's crude nominations would fall by this amount on back of lower seasonal demand, but then they had increased production by 1 million barrels per day, so it was only coming off of a higher base.
Investing.com - U.S. crude’s losing streak continued on Tuesday as the Organization of Petroleum Exporting Countries forecast that world demand would decrease in 2019.
WINNIPEG, Manitoba/NEW YORK (Reuters) - A U.S. judge in Montana has blocked construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing praise on Friday from environmental groups and a rebuke from President Donald Trump. The ruling of a U.S. Court in Montana late on Thursday dealt a setback to TransCanada Corp (TRP.TO), whose stock fell 1.7 percent in Toronto.
The ruling of a U.S. Court in Montana late on Thursday dealt a setback to TransCanada Corp , whose stock fell 1.7 percent in Toronto. Shares of companies that would ship oil on the pipeline also slid. TransCanada said in a statement it remains committed to building the $8 billion, 1,180 mile (1,900 km) pipeline, but it has also said it is seeking partners and has not taken a final investment decision.
IEA says a global oil shortage is coming by the mid-2020s. Fatih Birol, the IEA executive director, tells CNBC it would be a "miracle" for U.S. shale to fill the gap. In the near term, oversupply concerns have weighed on oil prices.
Germany should take care in closing coal-fired power plants to avoid disruption and spread risks evenly, power utility Uniper said on Tuesday. Chief Finance Officer Christopher Delbrueck said on a call with journalists that Uniper had proposed including hard coal plants in a security reserve of 2.7 gigawatts (GW) of brown-coal fired capacity. "This...could provide supply security despite the coming exit from nuclear power (by 2022)," he said.
The figures, published in the cartel’s monthly report, underline why Saudi Arabia and some other members are talking about cutting production again. Global appetite for the group’s crude will be about 31.5 million barrels a day next year, OPEC said. OPEC Secretary General Mohammad Barkindo said Monday that the resurgence of non-OPEC supply was beginning to look “alarming,” adding that he saw the need for the group and its allies to agree on a cut of 1 million barrels a day when the cartel meets next month.
* Palm falls to fresh 3-year low of 2,006 rgt/T * Indian palm imports unlikely to rise - traders * Palm oil could fall to 1,996 rgt/T - Technicals (Updates with closing prices) By Emily Chow KUALA LUMPUR, ...
Nov 13 (Reuters) - Perdana Petroleum Bhd: * UNIT ON SEPT 13 RECEIVED CONTRACT FROM ROC OIL (SARAWAK) SDN FOR ANCHOR HANDLING TUG SUPPLY AT OFFSHORE SARAWAK * CONTRACT VALUED AT 16.2 MILLION RGT Source: ...
Investing.com - Oil prices were down 1% on Tuesday on reports that U.S. President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) not to cut supply to drive up crude oil prices.
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures pared some losses on Monday during the second half of ...
Oil markets largely ignored record Chinese crude oil import data, driven by U.S. sanctions on Iran and falling legacy production in domestic fields
You go to the trouble of organizing a big get-together in Abu Dhabi to help shore up oil prices, complete with press conferences and the usual nod-and-a-wink guidance. President Donald Trump rebuts it with a tweet. More importantly, it comes after oil prices have already dropped by about $15 a barrel, almost a fifth, over the past month or so to around $70.
U.S. oil futures settled below $60 a barrel on Monday for the first time since February, marking a record 11 straight session declines. Rising global crude production and U.S. President Donald Trump's decision to issue waivers, allowing eight nations to continue importing Iranian oil despite U.S. sanctions on Tehran, have fed concerns over a potential global supply glut. The price declines follow weekend discussions by major oil producers over a potential production cut and a tweet from Trump Monday in which he said he hopes the Organization of the Petroleum Exporting Countries does not cut oil output as prices should be lower based on supply. December West Texas Intermediate oil lost 26 cents, or 0.4%, to settle at $59.93 a barrel on the New York Mercantile Exchange.