|Day's Range||54.06 - 54.90|
The announcement of the partial trade deal between the United States and China had very little influence on the market late in the session, which suggests traders aren’t too happy with the news.
Keep in mind that even if there is partial trade deal between the U.S. and China, it won’t mean much until all the tariffs are lifted. In the meantime, demand is likely to continue to suffer. And this could keep a lid on prices.
The British pound rallied rather significantly again during the trading session on Friday, as we continue to have headlines coming out that perhaps some real progress is finally being made in the Brexit scenario. At this point though, it’s a bit rich to jump in at this level.
Abu Dhabi, the oil producing member of the United Arab Emirates, has plans to take on global benchmarks Brent and West Texas Intermediate with its very own contract
Today, as of 6:28 AM ET, US crude oil prices have risen 1.8%. Oil prices rose after the media reported that a missile hit Iranian oil tankers in the Middle East.
Investing.com -- Crude oil prices retraced from an earlier spike on Friday after Iranian claims of an attack on one of its oil tankers ran into scepticism, while the International Energy Agency also tempered buying interest by again trimming its forecasts for global oil demand.
(Bloomberg) -- More than a month since oil started washing up on some of Brazil’s most touristic beaches, dotting sand with black patches, killing sea turtles and scaring off fishermen, the origin of the crude is still a mystery.“We don’t know the oil’s origin, where it came from or how it got here,” Energy Minister Bento Albuquerque said at an offshore exploration auction in Rio de Janeiro on Thursday.The crude probably leaked from a ship in the ocean, he ventured, adding that it has characteristics similar to Venezuelan heavy crude -- which doesn’t mean it comes from there. Venezuela’s state oil company categorically denied having anything to do with the slick, saying there were no reports of incidents at its facilities or from clients, nor evidence of leaks that could have led to damages in Brazil.The massive spill has already spread along the coasts of all nine states in Brazil’s northeast. Over a dozen sea turtles have been found dead, covered in crude, local newspaper O Estado de S. Paulo reported. Some 800 baby turtles that hatched were kept from going into the sea, the newspaper said, citing Projeto Tamar, one of Brazil’s best-known wildlife conservation projects.The nation’s environmental agency said the oil found on the beaches was not produced by Brazil, and that the country’s Navy and federal police are investigating the spill.On Wednesday, Environment Minister Ricardo Salles said the oil likely originated from Venezuela, citing a report from state-controlled oil company Petroleo Brasileiro SA about the characteristics of the crude.Petrobras Chief Executive Officer Roberto Castello Branco said Tuesday that the spill could have come from an oil tanker that sank, an accident when loading oil from one tanker to another, or from a criminal act. President Jair Bolsonaro has said for days that the oil spill was probably criminal, without elaborating further.\--With assistance from Sabrina Valle, Peter Millard and Fabiola Zerpa.To contact the reporter on this story: Julia Leite in Sao Paulo at email@example.comTo contact the editors responsible for this story: Daniel Cancel at firstname.lastname@example.org, Carlos Caminada, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Global oil markets have quickly recovered from attacks on Saudi oil facilities last month and even face oversupply next year as global demand slows, the International Energy Agency said on Friday. Saudi Arabia, the world's top oil exporter, has swiftly ramped production back up after the greatest single outage to global supply in modern times, the IEA said. "Oil markets in September withstood a textbook case of a large-scale supply disruption," the Paris-based agency said in a monthly report, in a section headed "Business as usual".
(Bloomberg) -- The International Energy Agency cut forecasts for growth in global oil demand, noting that fears of an economic slowdown are overshadowing the loss of supply during last month’s attack on Saudi Arabia.The strike on the kingdom’s production facilities caused the biggest disruption in modern history, halting about 6% of world oil supply, the agency said. Nonetheless, after a brief rally, crude prices have eased back amid concerns of a global recession. The IEA trimmed projections for demand growth this year and next by 100,000 barrels a day.“There should be talk of a geopolitical premium on top of oil prices,” the Paris-based agency, which advises major economies, said in a monthly report. “For now, though, there is little sign of this with security fears having been overtaken by weaker demand growth and the prospect of a wave of new oil production” from the U.S. and the North Sea.The IEA warned that, after Saudi Arabia’s Abqaiq and Khurais facilities were blasted by missiles and drones on Sept. 14, “further incidents of this nature” could happen.It may already have been proven correct, with reports on Friday that an Iranian oil tanker had caught fire following an explosion. Brent crude futures rose as much as 2.3% to trade above $60 a barrel, the highest in more than a week.Global markets are poised to tighten during the rest of the year as demand recovers and the Saudis and other OPEC nations keep a lid on output, the IEA predicted. The agency assumes consumption may expand by 1.6 million barrels a day in the second half of 2019, four times as much as in the first.Still, prices are no higher than they were before the attack on the kingdom, as the trade dispute between Washington and Beijing and signs of a manufacturing slowdown stoke fears of a full-blown recession.Global oil demand will increase this year by the least since 2016, by just 1 million barrels a day, while growth in the amount of crude processed by refineries worldwide will be the lowest in a decade, at just 150,000 a day, according to the IEA.Even though demand growth will accelerate next year to 1.2 million barrels a day, a further surge in production from the U.S. and elsewhere could unleash another surplus, the report showed.While the attacks in Saudi Arabia squeezed output in the Organization of Petroleum Exporting Countries to the lowest since 2009, the IEA’s report indicated that the group is still pumping more than will be needed in the first half of 2020. OPEC’s 14 members produced 28.83 million barrels a day last month, yet only 28.2 million a day will be required in the first six months of next year.Faced with the prospect of a renewed price slump that would curtail revenues for members, OPEC Secretary-General Mohammad Barkindo said in London on Thursday that the organization will do “whatever it takes” to keep markets in balance.To contact the reporter on this story: Grant Smith in London at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brent Crude will still trade range-bound in the $50s a year from now, the heads of the world’s largest independent oil and commodity trading groups said on Wednesday
Global markets are mixed following a round of wildly disparate reports regarding the status of trade talks.
Chinese and U.S. politicians cannot agree on terms of mutual trade. Periods of high market volatility increase the demand for gold as a protective asset. However, it would be too simplistic to believe that gold will grow until the parties finally agree.
Investing.com -- Crude oil prices edged higher on Thursday after the Organization of Petroleum Exporting Countries upheld its forecast for global oil demand next year, while indicating it expects supply from non-OPEC sources to grow slightly less than previously thought. The report also trimmed forecasts for global demand growth this year.
Despite popular belief, fracking is not that new but has been around since the American Civil War, but how did this misconception come about?
The giant Equinor (EQNR)-operated Johan Sverdrup oil field's production is expected to hit an all high wherein it will constitute one third of the total oil produced in Norway.
(Bloomberg) -- Brazil’s efforts to uncover the origin of oil washing up on more than 130 beaches along its pristine northeastern coastline are pointing to Venezuela as the likely culprit.Brazilian Environment Minister Ricardo Salles on Wednesday said that a report from Brazil’s state-controlled oil company Petroleo Brasileiro SA indicates that the oil originated from Venezuela, a country suffering an economic crisis after years of mismanagement and widespread corruption.Rio de Janeiro-based Petrobras said that molecular studies of the spilled oil show it wasn’t produced in Brazil or sold by the company, and didn’t confirm or deny the origin of the crude.“This oil that is arriving, very probably is from Venezuela,” Salles told lawmakers during a hearing. “It is oil that comes from a foreign tanker navigating close to Brazil’s coast.”Petrobras Chief Executive Officer Roberto Castello Branco said on Tuesday that about 500 barrels were spilled, which means it wasn’t simply from an oil tanker that was being cleaned. He said that it could have come from an oil tanker that sank, an accident when loading oil from one tanker to another, or from a criminal act.The oil spill is putting Brazil back in the spotlight for environmental disasters. A surge in fires in the Amazon rainforest in August sparked an international backlash against President Jair Bolsonaro, a social conservative who supports developing natural resources in the Amazon. Two massive mining waste dams have collapsed since 2015, claiming hundreds of lives and polluting waterways in several states.Brazil first started noticing the oil on Sept. 2 and began cleanup efforts and investigations into the cause, including a criminal probe by federal police, according to the Ibama environmental agency.To contact the reporter on this story: Peter Millard in Rio de Janeiro at email@example.comTo contact the editors responsible for this story: Tina Davis at firstname.lastname@example.org, Carlos Caminada, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Iran’s priority in continuing to optimise its oil industry exports despite ongoing U.S. sanctions is to push the pace of development of multiple oil fields
The largest monthly drop in U.S. crude oil production in more than a decade in July is likely a temporary, geographically isolated glitch
The crude oil markets broke higher during the trading session on Wednesday, reaching towards the top of a recent consolidation area. As markets are sitting on significant support, it’s not a huge surprise that we have been consolidating in general.