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A major oil deal between Iraq and Exxon Mobil was "very close" but had been slowed by Exxon's decision on Saturday to evacuate its international staff from the West Qurna oil field, Iraq's Oil Minister Thamer Ghadhban said on Sunday. "But now they are out of the country, why should I run after them?" he said at an oil meeting in Jeddah. Iraqi oil officials say Exxon evacuated all of its foreign staff from the West Qurna 1 field on Friday and Saturday, about 60 people.
Crude oil was supported primarily by worries over a possible supply disruption amid physical attacks on Saudi Arabian assets and US-Iran tensions. Natural gas rose as late spring/early summer heat became a new concern. Gold traders were burned by chasing headlines as the dollar regained strength on improving U.S. economic conditions.
Soybeans prices are down on Friday due to trade war and profit taking; Sugar is negative big as experts are forecasting another year of surplus.
Gold and other metals are posting losses on Friday but the move is contained by trade war events. Palladium is collapsing to 2-month lows.
The U.S. is experiencing an energy boom. But don't picture gushers of crude oil spraying skyward over the Texas flatlands. Instead, think LNG -- Liquefied Natural Gas, suggests Mike Larson, growth and income expert and editor of Safe Money Report.
Asian spot prices for liquefied natural gas (LNG) fell to a three-week low this week as cargoes were offered against little buying interest despite the approach of summer, when warmer weather typically boosts power generation demand. Spot prices for July delivery to Northeast Asia slipped to $5.35 per million British thermal units (mmBtu), down 30 cents from the previous week, several industry sources said. Prices for cargoes delivered in June are estimated at $5.30 per mmBtu, also down 30 cents from a week ago, they said.
Asian spot prices for liquefied natural gas (LNG) fell to a three-week low this week as cargoes were offered against little buying interest despite the approach of summer, when warmer weather typically boosts power generation demand. Spot prices for July delivery to Northeast Asia (LNG-AS) slipped to $5.35 per million British thermal units (mmBtu), down 30 cents from the previous week, several industry sources said. Several LNG sellers offered cargoes, overshadowing limited buying interest from Pakistan and Mexico, they said.
The opposition Labor party will “prioritize real action on climate change,” its leader Bill Shorten said in a speech in western Sydney Thursday. While Shorten has promised to cut Australia’s 2005-level emissions by 45% in 2030, Morrison targets a reduction of 26% to 28%. In terms of domestic generation, Australia is a minnow – but in exports it’s a superpower, vying with Indonesia for the title of biggest coal shipper and Qatar as the number one source of liquefied natural gas. As an exporter of fossil fuels, only Russia and Saudi Arabia account for more energy shipments than the 281 million metric tons of oil equivalent that Australia sends overseas each year.
From Saudi Arabia to Brazil and Qatar to South Korea, nations that are major sellers and buyers of various raw materials are being given an unintentional helping hand by the battle between the world’s top-two economies. Tariffs are squeezing flows of commodities such as soybeans and natural gas between the U.S. and China, creating opportunities to fill the gap. In the U.S., farmers face more pain with the prospect of millions of tons of soybean supplies being shunned by China.
Pakistan, one of the world’s fastest growing LNG markets, is scrambling to secure fresh supply as energy demand continues to soar
A panel of OPEC+ Ministers is set to meet in the Saudi Arabian city of Jeddah this weekend in order to assess the market conditions ahead of the official OPEC meeting next month
Silver markets initially tried to rally during the trading session on Thursday but then broke down significantly. That being the case, the market has shown an extreme amount of negativity during the day, and now we have to look at a couple of technical levels.
Crude oil markets rallied a bit during the day on Thursday, and unlike so many times before seem to be willing to hang onto gains. This is a very bullish sign and could help crude oil for the longer-term. Ultimately, this is a market that will move back and forth based upon not only demand but perceived global demand as the economies performed.
Natural gas markets bounced slightly during the trading session on Thursday after the inventory number came out at roughly the expected level. With that, we continue to pay attention to a couple of different technical levels.
The US dollar initially fell during trading on Thursday but found support again after dipping. By turning around and bounce in the way it has, this is a market that looks very likely to continue to see a bit of a fight. We are in the midst of a major consolidation area, so this is something to be paid attention to.
Based on the early price action and the current price at $1291.10, the direction of the June Comex gold market on Thursday is likely to be determined by trader reaction to the 50% level at $1291.30.
Based on the early price action, the direction of the June U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the 50% level at 97.450.
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to a price cluster at 1.1204. Also watch the price action and read the order flow at 1.1182. This is an important price.
Has Natural Gas Maintained Its Recovery?(Continued from Prior Part)Forward curveAs of May 15, the natural gas futures contracts for delivery between June and August were priced in ascending order—a negative development for ETFs that follow natural
Has Natural Gas Maintained Its Recovery?Natural gas pricesOn May 15, natural gas June futures fell 2.2% and settled at $2.60 per MMBtu (million British thermal units)—4.4% above the lowest closing level for active natural gas futures since June 6,
Greg Vesey has been the CEO of Liquefied Natural Gas Limited (ASX:LNG) since 2016. This report will, first, examine...