CL=F - Crude Oil Sep 19
| Pre. Settlement | N/A |
| Settlement Date | 2019-08-20 |
| Open | 56.10 |
| Bid | 56.17 |
| Last Price | 56.21 |
| Day's Range | 55.94 - 56.25 |
| Volume | 261 |
| Ask | 56.19 |
- Oilprice.com
U.S. In Secret Talks With Maduro’s Socialist Party Leader
The United States has started secret preliminary talks via intermediaries with Diosdado Cabello, the leader of Venezuela’s Socialist party
- Oilprice.com
Houthi Drone Attack Sets Saudi Oil Field On Fire
A drone attack by the Yemeni Houthis caused fire at an oil and gas field in Saudi Arabia, the Kingdom’s Energy Minister said as quoted by the Saudi Press Agency
- Simply Wall St.
Will Seplat Petroleum Development Company Plc's (LON:SEPL) Earnings Grow In The Next 12 Months?
On 30 June 2019, Seplat Petroleum Development Company Plc (LON:SEPL) announced its earnings update. Overall, analysts...
- Investing.com
Oil Prices Gain; Sino-U.S. Trade War in Focus
Investing.com - Oil prices gained on Monday in Asia following a volatile week as traders digested the latest development on the Sino-U.S. trade front.
- Simply Wall St.
What Kind Of Investor Owns Most Of Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564)?
If you want to know who really controls Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564), then you'll...
- FX Empire
Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Chief Powell’s Speech on Thursday
Gold could be under pressure this week if recession fears continue to subside. There aren’t many major economic events this week so if there is volatility, it will likely be fueled by unexpected events by China or the United States. The key market moving event could take place on Thursday when Federal Reserve Chairman Jerome Powell delivers opening remarks at the Jackson Hole Economic Policy Symposium.
- FX Empire
Oil Price Fundamental Weekly Forecast – Easing of Recession Fears Could Underpin Prices
Traders are focusing on two things: Possible OPEC production cuts and lower demand due to a weakening global economy. They don’t seem to be too worried about U.S. growth at this time. However, they are expressing concerns about the rising U.S. production.
- Bloomberg
Coal-Loving Australia Is Third Biggest Emissions Exporter
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.Australia’s booming coal industry has made it the world’s third-biggest exporter of potential carbon dioxide emissions locked in fossil fuels, placing it only behind oil giants Russia and Saudi Arabia.Australia makes up 7% of all global fossil fuel exports by carbon dioxide potential, as it accounts for almost one-third of the world coal trade, according to a report Monday from The Australia Institute, which has been critical of the federal government’s efforts to combat global climate change.While China and the U.S. are the world’s top greenhouse gas emitters in absolute terms, the report highlights the role relatively smaller polluters play in selling fossil fuels to other nations. Australia, which is also one of the biggest gas exporters, supplies economies throughout Asia, including Japan, China and South Korea.Exports of fossil fuels and supply infrastructure play a crucial role in locking in increased emissions, and their impact is often ignored in climate change policy, The AI said in the report.“Australia has a unique opportunity, and obligation, to face up to the climate crisis through policies to limit its carbon exports, starting with a moratorium on new coal mines,” it said. “The scale of exports from countries like Australia bring into stark relief why efforts to reduce world emissions must limit both demand and supply.”In terms of its own greenhouse gas pollution, Australia generates 1.2% of the world’s emissions while having just 0.3% of the population, according to the report. Domestic emissions have been rising in recent years as a number of giant gas export projects come on stream, while coal-fired power is still the mainstay of its electricity grid.‘Red Line’Prime Minister Scott Morrison has consistently said that Australia will meet the 2030 targets to reduce carbon emissions it made under the Paris Agreement, but has no clear policy agenda to reach them. His government has been a strong supporter of the coal industry, including backing Adani Group’s controversial Carmichael project, which could open up a new mining region in the country.His government last week rebuffed calls by leaders from its island nation neighbors for a commitment to phase out coal, and watered down language on climate change and coal in the communique that followed the Pacific Islands Forum in Tuvalu. Australia’s Pacific Minister, Alex Hawke, had earlier told local media that the coal industry is a “red line issue” for the nation that it needs to stand behind.“Many argue Australia’s emissions are small on a global scale, but this research shows the complete opposite,” Richie Merzian, the institute’s climate and energy program director, said in a statement. “Our domestic emissions are large and our exported emissions are even larger.”The AI based its analysis on data from the International Energy agency, with coal and gas figures for 2017 and oil for 2016. Emission factors for the fuels are from the United Nation’s Intergovernmental Panel on Climate Change.(Updates with details from Pacific Islands Forum in eighth paragraph.)To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Saudi Arabia Can’t Save the Oil Market
(Bloomberg Opinion) -- Saudi Arabia isn’t as willing to do whatever it takes to support oil prices as it would have us believe. That’s the only conclusion one can draw from what we’ve learnt since a government official said the kingdom wouldn’t tolerate a continued price slide.After crude fell to a seven-month low earlier this month, Saudi Arabia got on the phone to other members of the OPEC+ group of nations to discuss possible policy responses. It doesn’t appear to have got very far.Russia – the key non-OPEC member of the extended producer group – made all the right noises. An emailed statement from its energy ministry said it was “utterly important to act responsibly” by giving the market only as much oil as was needed. You might think that would mean Russia sticking to the production target it agreed with OPEC in December. You’d be wrong.The Russians pumped 11.32 million barrels a day in the first half of August, according to Interfax. That’s up by 180,000 barrels from July and above its pledged daily level of 11.19 million barrels. While the country did produce less than required for three months in a row through to July, that was mainly the result of the Druzhba pipeline contamination crisis.Indeed, Moscow may be better able to weather lower prices than Riyadh. U.S. President Donald Trump’s sanctions on exports from Iran and Venezuela have boosted Russia’s oil income by about $1 billion dollars since November. Russian Urals grade is a pretty good substitute for Iranian crude for European refiners and its value has risen relative to that of the benchmark Brent.So what about Saudi Arabia’s OPEC partners? The biggest of those, Iraq, doesn’t seem to be helping much either. Tanker-tracking data compiled by Bloomberg suggest that its crude exports in the first half of August were the highest in three months. Flows out of West Africa also appear to have been robust in August.Will the kingdom go it alone? Perhaps not.Having already cut more than twice as much oil output as it promised in December, Riyadh has signaled its unwillingness to keep shouldering the burden alone. Its energy minister Khalid Al-Falih insisted at OPEC’s last meeting in July that the Saudis had already cut “deep enough.”They did manage to generate a brief bump in prices by that suggestion of doing whatever it takes. But the market recovery is already running out of steam. And the promise was never quite as meaningful as some thought.As part of the pledge, Saudi officials said the kingdom would keep oil exports below 7 million barrels a day in September and supply customers with 700,000 barrels a day less than they’d asked for. That looks like a big number, but it rather depends on what potential buyers asked for. Dig a bit deeper and the commitment starts to look less bullish.Saudi Arabia didn’t actually say it would cut exports by 700,000 barrels a day next month. Instead, the officials pointed to the 10.3 million barrels a day that they could theoretically produce in September to meet demand, and that the reduction would come from that figure. (It’s worth noting that this 10.3 million figure is more than the Saudis have produced in any other month this year, according to data from the kingdom). So the upshot is that Saudi Arabia’s actual production next month may be about 9.6 million barrels a day. It says it produced 9.58 million last month, so this doesn’t look like a cut at all. And then there’s the issue of where the cuts will come from. Saudi Aramco, the national oil company, has allocated full volumes of contractual crude supply for September sales to at least six buyers in Asia. So the U.S. and Europe will have to bear the brunt of reductions. Supplies to U.S. buyers will be about 300,000 barrels a day less than they’d asked for, according to the officials, while cuts to European buyers will need to be bigger still to hit the 700,000 target.That’s going to be a stretch. The kingdom has only shipped about 530,00 barrels a day to North America so far this year, while deliveries to Europe have averaged just 210,000 barrels, according to Bloomberg tanker tracking. So to be in a position to make the sort of cuts being talked about, buyers must have been asking for a lot more oil than they’ve bought from Saudi Arabia in the recent past.The numbers just don’t stack up. If you’re waiting for a big output cut from Saudi Arabia to rescue oil prices – don’t.To contact the author of this story: Julian Lee at jlee1627@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- FX Empire
Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50
Based on Friday’s price action and the close at $1523.60, the direction of the December Comex gold futures market on Monday is likely to be determined by trader reaction to the 50% level at $1517.50.
- FX Empire
E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75
Based on Friday’s price action and the momentum into the close, the direction of the September E-mini S&P; 500 Index on Monday is likely to be determined by trader reaction to the main 50% level at 2881.00.
- FX Empire
E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone
Based on Friday’s price action and the close at 25907, the direction of the September E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the main 50% level at 26012.
- Oilprice.com
Iraq Moves To Upgrade Oil Export Capacity
Iraq is very close to using its oil export infrastructure at full capacity and is busy expanding its pipeline network in order to sell more crude abroad
- Motley Fool
Why the Offshore Drilling Recovery Is Real
After a few challenging years, activity in this corner of the energy market has finally started bouncing back.
- FX Empire
EUR/USD Forex Technical Analysis – Closed on Weak Side of Short-Term Retracement Zone, 1.1027 Next Downside Target
Based on Friday’s price action and the close at 1.1090, the direction of the EUR/USD on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1112.
- Oilprice.com
U.S. Sanctions Backfire, Lead To Boost In Russian Oil Exports
U.S. sanctions against Venezuela and Iran have had an unplanned side effect: they have increased exports of heavy, sour crude from Russia
- FX Empire
Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97
Based on last week’s price action and the close at $57.67, the direction of the December Brent crude oil market on Monday is likely to be determined by trader reaction to the minor pivot at $57.97.
- Simply Wall St.
Woodside Petroleum Ltd (ASX:WPL): Will The Growth Last?
Looking at Woodside Petroleum Ltd's (ASX:WPL) earnings update on 30 June 2019, analysts seem cautiously optimistic...
- Oilprice.com
Oil Rebounds After Economic Data Dampens Recession Fears
Oil prices rebounded on Friday morning on the back of some positive U.S. crude data, but the rebound doesn’t look likely to last as the world economy struggles
- FX Empire
EUR/USD Forex Technical Analysis – Close Over 1.1110 Forms Closing Price Reversal Bottom
Based on the early price action and the current price at 1.1100, the direction of the EUR/USD into the close is likely to be determined by the short-term Fibonacci level at 1.1112.
- Oilprice.com
US Threatens Sanctions On Anyone Dealing with Iran’s Oil Tanker
The United States threatened to slap sanctions on any ports or banks or virtually anyone trying to make deals with Iranian oil tanker Grace 1
- Zacks
U.S. Oil Supplies Up for 2nd Week, Adds to Bearish Sentiment
A U.S. government report reveals that crude inventories rose by 1.6 million barrels for the week ending Aug 9, very different to the 2.7 million barrels drawdown that energy analysts had expected.
- Oilprice.com
OPEC Oil Production Continues To Slide As Saudis Cut Deeper
OPEC’s crude oil production fell by another 246,000 bpd in July compared to June, as Saudi Arabia deepened its cuts
