|Day's Range||58.93 - 59.04|
SINGAPORE/HONG KONG (Reuters) - Asia's most externally vulnerable economies - India, Indonesia and the Philippines - have just taken a one-two punch. U.S. 10-year Treasury bond yields hit 3 percent this week, a level long touted as one to watch for potential portfolio outflows from the region, where interest rates have barely shifted since the U.S. Federal Reserve began slowing hiking policy rates in late 2015. An even bigger worry is that oil prices hit 3-1/2 year highs: not only do these countries run the biggest current account deficits of Asia's major economies, but they are also among region's most voracious oil importers.
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures ended lower on Thursday evening, having slipped to the ...
U.S. oil exports hit record highs this week and are showing no signs of slowing down despite growing bottlenecks for the U.S. shale industry
Investing.com - Crude oil prices settled slightly higher amid renewed expectations for the U.S. to pull out of the Iranian nuclear deal which would cripple the country’s output reducing global supplies.
WTI crude oil futures are holding above $68 a barrel. Commodity traders say that a possible U.S. exit from the Iran nuclear deal could affect energy prices.
Iraq failed to attract investment from the top global energy companies in its oil and gas exploration/development contract auction on Thursday, with no major firms winning any bids and only Italy's Eni submitting an offer. The Oil Ministry held an auction to award contracts to international energy companies, with 11 blocks on offer near the borders with Iran and Kuwait and in offshore Gulf waters. "We have decided to speed up the development of border fields after five decades without investments ... leaving them without investments meant wasting the oil wealth of the country," Oil Minister Jabar al-Luaibi said ahead of bidding.
On April 25, the EIA released the weekly US crude oil production data. The EIA reported that US crude oil production rose by 46,000 bpd (barrels per day) to a record high of 10,586,000 bpd on April 13–20. The production also increased by 1,321,000 bpd or ~14.3% YoY (year-over-year).
Geopolitical factors trumped fundamentals as markets grow more concerned over fresh U.S. sanctions on Iran, keeping WTI and Brent elevated
On April 25, US crude oil June futures rose 0.5% and closed at $68.05 per barrel, despite a bearish inventory report. However, between April 18 and April 25, US crude oil June futures fell 0.6%. The prices are just ~0.9% off their more-than-three-year closing high of $68.64 per barrel.
Higher output and soaring oil prices helped European majors Royal Dutch Shell and Total to begin 2018 on a high note with better than expected first-quarter results on Thursday. The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three years of cuts, but boards remain cautious over near- and long-term price uncertainty. With Shell's output up 2 percent at 3.8 million barrels of oil equivalent per day (boe/d) and Total's production rising 5 percent to 2.7 million boe/d in the quarter, both were well positioned to capture the price upswing in benchmark oil prices.
NAIROBI (Reuters) - Kenya has picked Wood Group Plc (WG.L) to design an estimated $2 billion (1.43 billion pounds) oil pipeline to pump crude from fields in the north of the East African nation to an Indian ...
Oil prices are buoyant, oil major earnings appear to be looking up, but the oil industry is still entering an "age of restraint" rather than expansion, according to the co-head of European equity research at Goldman Sachs.
On a per-share basis, the St. Louis-based company said it had profit of $2.74. Earnings, adjusted for one-time gains and costs, were $2.95 per share. The results did not meet Wall Street expectations. ...
India will work to create a network with other major oil buyers in Asia, such as China, South Korea and Japan, to negotiate better terms with sellers, the country's Oil Minister Dharmendra Pradhan said in New Delhi on Thursday. "I see bigger co-operation between four bigger economies of Asia... India will try to create a network between these four economies," he said.
Higher output and soaring oil prices helped European majors Royal Dutch Shell (RDAs.L) and Total (TOTF.PA) to begin 2018 on a high note with better than expected first-quarter results on Thursday. The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three years of cuts, but boards remain cautious over near- and long-term price uncertainty. With Shell's output up 2 percent at 3.8 million barrels of oil equivalent per day (boe/d) and Total's production rising 5 percent to 2.7 million boe/d in the quarter, both were well positioned to capture the price upswing in benchmark oil prices.
April 26 (Reuters) - Gansu Jingyuan Coal Industry and Electricity Power Co Ltd: * SAYS IT PLANS TO CLOSE ONE OF ITS COAL MINE IN GANSU PROVINCE IN 2018 TO MEET GOVERNMENT'S POLICY TO REDUCE OVERCAPACITY ...
April 26 (Reuters) - Datong Coal Industry Co Ltd : * SAYS 2017 NET PROFIT UP 222.6 PERCENT Y/Y * SAYS Q1 NET PROFIT UP 587.5 PERCENT Y/Y * SAYS IT PLANS TO BUY 21 PERCENT STAKE IN COAL COMPANY FROM CONTROLLING ...
Investing.com - Oil prices rose on Thursday morning in Asia, triggered by an expectation that the U.S. will re-impose sanctions against Iran.
Indonesia will keep its export tax for cocoa unchanged at 5 percent in May and will again not charge tax on shipments of crude palm oil, the trade ministry said on Thursday. The export tax for CPO will be kept at zero for the thirteenth month as prices are seen below a threshold of $750 per tonne.
Smaller independent refiners with less complex facilities are surging in the stock market of late, as investors expect strong earnings growth thanks to the recent fall in price of their primary cost - light, sweet crude oil coming out of West Texas. A majority of that new production is light, sweet West Texas crude. Recent trends have turbocharged this shift: full pipelines in West Texas, where light U.S. oil originates from, have depressed prices for Midland, Texas, crude to more than three-year lows.
Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, aims to boost crude steel output by 3 to 6 percent in the year through March 2019 from the previous year, when system trouble and typhoons caused slow production, its executive said on Thursday. "We want to bring back our crude steel output to around 42 million to 43 million tonnes this year," Executive Vice President Katsuhiro Miyamoto told an earnings briefing.
Investing.com - Crude oil prices settled higher as data showing an unexpected build in crude supplies was offset by record exports of crude last week.
As oil prices continue to soar major oil nations are seeing revenues spike, but those profits are unlikely to hit the global market this year