CL=F - Crude Oil Apr 20
| Pre. Settlement | N/A |
| Settlement Date | 2020-03-20 |
| Open | 52.60 |
| Bid | 53.49 |
| Last Price | 53.88 |
| Day's Range | 51.66 - 52.64 |
| Volume | 33,526 |
| Ask | 53.49 |
- Reuters
As Teck oil sands mine hopes for okay from Canada's Trudeau, 20 other projects on hold
As Canadian Prime Minister Justin Trudeau considers whether to approve Teck Resources' Frontier oil sands project, roughly 20 others sit on the shelf as companies delay investment decisions hoping for new pipelines and higher prices. Trudeau's cabinet is expected to meet on Tuesday and decide on Frontier this week. Should Ottawa reject the project, Teck said on Friday it would write down Frontier by C$1.13 billion.
- FX Empire
AUD/USD Forex Technical Analysis – Confirmation of Friday’s Reversal Should Lead to Test of .6668 to .6687
The short-term direction of the AUD/USD is likely to be determined by trader reaction to Friday’s high at .6639.
- Oilprice.com
Nigeria’s Terrible Oil Decision
Nigeria’s tightening terms on deepwater oil production are set to hurt the country, right at the moment that demand for sweet crude oil is soaring worldwide
- FX Empire
Crude Oil Weekly Price Forecast – Crude Oil Markets Looking to Recover
Crude oil markets had a choppy week, testing support but then bouncing a bit before pulling back yet again. This is going to be a very noisy market going forward as all things China continue to be in the front of traders mind.
- FX Empire
Natural Gas Weekly Price Forecast – Natural Gas Markets Show Signs of Resistance
Natural gas markets had initially rally during the week but ran into a significant amount of resistance at the $2.00 level. At this point, it’s very likely that the market is going to continue to be very noisy.
- FX Empire
Crude Oil Price Forecast – Crude Oil Markets Continue to Fight
Crude oil markets initially fell during the trading session on Friday but found enough support to turn around and make another attempt to rally.
- FX Empire
Natural Gas Price Forecast – Natural Gas Markets Looking For Range
The natural gas markets fell during the trading session on Friday, meaning testing the potential range that the market is trying to find.
- Oilprice.com
The 3 OPEC Countries Considering Deeper Output Cuts
Saudi Arabia and its Gulf Arab neighbors and large fellow OPEC producers the United Arab Emirates (UAE) and Kuwait are discussing deeper output cuts next week
- FX Empire
GBP/JPY Weekly Price Forecast – British Pound Trying to Break Out Against Japanese Yen
The British pound has been pretty bullish during the week against the Japanese yen as we are attacking the ¥145 level. At this point, the market looks likely to break out, especially if we can get some type of “risk on rally.”
- FX Empire
EUR/USD Weekly Price Forecast – Euro Trying to Find Bottom at Gap
The Euro initially fell during most of the week but has recovered slightly as it looks like the gap is trying to hold from the weekly chart. That being said though, it’s difficult to imagine getting overly bullish at this point.
- FX Empire
AUD/USD Weekly Price Forecast – Australian Dollar Breaks Down
The Australian dollar had a rough week, breaking down below the recent lows, reaching towards the 0.66 handle. However, the market looks as if it is trying to finish the week with a little bit of a bounce, which should only offer more opportunities.
- FX Empire
Gold Price Prediction – Prices Surge as Option Traders Cover Short Call Positions
Gold prices surge as concerns over the spread of the coronavirus continued to buoy the yellow metal. Prices stormed higher rising by nearly 2% but is up more than 4% for the week. Gold implied volatility, which is represented by the GVZ index calculated by the Chicago Board of Options Exchange, surged more than 20% on Friday and is up 33% for the week hovering near the 16% level.
- Oilprice.com
Oil Trading Giant Sees Oil Price Recovery Later This Year
Commodity trading major Vitol said it expected oil prices to recover later this year once the effect of the coronavirus epidemic wanes
- Zacks
The Zacks Analyst Blog Highlights: RGC Resources, Hess and Marathon Oil
The Zacks Analyst Blog Highlights: RGC Resources, Hess and Marathon Oil
- Bloomberg
Teck Tumbles After Cutting Steelmaking Coal Target Amid Virus
(Bloomberg) -- Teck Resources Ltd. dropped the most in three years after cutting its forecast for steelmaking coal as extreme weather and rail blockades disrupted output at a time when the coronavirus outbreak is threatening demand.The Vancouver-based company will temporarily reduce production and shut down its Neptune shipping terminal, it said Friday in its quarterly earnings report. The move will help address high levels of inventory and allow it to move forward with an upgrade at the Neptune facility.It’s been a tough period for Teck, as profit in 2019 was hurt by slumping coal prices and a C$910 million ($686 million) after-tax writedown on its stake in the Fort Hills oil-sands mine. Permitting delays and unrest in Chile will affect the cost of the company’s Quebrada Blanca Phase 2 project. A new schedule and updated capital estimate for that is planned for the first quarter.Teck dropped as much as 13% after the start of regular trading in Toronto, the most intraday since May 2016, and was down 11% as of 9:55 a.m. in Toronto.The miner is also waiting for approval from the Canadian federal government on its Frontier oil-sands project in Alberta. A negative decision could result in an additional impairment of about C$1.13 billion, Teck said. It expects a decision by the end of the month.Work to upgrade the Neptune Bulk Terminals will include a five-month shutdown from May to September, with completion of the work expected in the first quarter of 2021. If that’s delayed, “we may limit our production and sales temporarily on expiry of our contract with Westshore Terminals.” The miner has expressed frustration in its dealings with Westshore Terminals Investment Corp. and has been shifting steelmaking coal freight to its own facility as a result.“Given the potential for weaker demand in the short-term due to the effects of the coronavirus and the high inventory levels due to rail and port constraints, we are choosing to temporarily reduce production,” Teck said. “The extent and duration of impacts that the coronavirus may have on the demand and prices for our commodities, on our suppliers and employees, and on global financial markets is not known at this time, but could be material.”Key FiguresTeck forecast first-quarter steelmaking coal sales of 4.8 million to 5.2 million tons, compared with a Feb. 6 estimate of 5.1 million to 5.4 million tons.Full-year steelmaking-coal production is seen at 23 million to 25 million tons, down from 25.7 million last year.The company reported fourth-quarter adjusted earnings per share of 22 cents, missing the lowest analyst estimate compiled by Bloomberg.To contact the reporters on this story: Liezel Hill in Johannesburg at lhill30@bloomberg.net;Danielle Bochove in Toronto at dbochove1@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Steven FrankFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- FX Empire
Crude Oil Forecast – Crude Retreats After Touching 4-Week High
Crude prices have dipped on Friday, after briefly pushing across the $54 level. Investors remain unnerved by the China coronavirus and are keeping an eye on OPEC’s proposal to cut production.
- FX Empire
USD/JPY Creates 250 Pip Surge in Bullish Wave 3
USD/JPY made a massive bullish breakout. The impulsive price action is typical for a wave 3 (green). More bullish swings are likely to follow.
- Simply Wall St.
Is Talon Petroleum Limited (ASX:TPD) Overpaying Its CEO?
Matt Worner is the CEO of Talon Petroleum Limited (ASX:TPD). This report will, first, examine the CEO compensation...
- Oilprice.com
Oil Rallies On Small Crude Inventory Build
Oil prices rose on Thursday morning, fueled by falling oil product stockpiles
- FX Empire
Crude Oil Price Update – Breakout Over $54.20 Could Trigger Surge into $55.31; EIA Report on Tap
Based on the early price action, the direction of the April WTI crude oil market the rest of the session on Thursday is likely to be determined by trader reaction to the 50% level at $54.20.
- FX Empire
Natural Gas Price Fundamental Daily Forecast – EIA Report Expected to Show 143 Bcf Withdrawal
Bloomberg analysts projected withdrawals as low as 138 Bcf and as high as 158 Bcf. The Wall Street Journal estimates a figure as low as 135 Bcf. Reuters is looking for a withdrawal as high as 166 Bcf. NGI’s model is calling for a 149 Bcf withdrawal.
- Zacks
Devon (DVN) to Reward Shareholders With 22% Dividend Hike
Devon's (DVN) board of directors approves a 22% hike in dividend rate. The company is taking steps to improve free cash flow, which will help it sustain dividend payments.
- FX Empire
Gold Daily News: Thursday, February 20
The gold futures contract gained 0.51% on Wednesday, as it further extended its short-term uptrend.
- Bloomberg
America’s Coal Country Isn’t Dead — It’s Preparing for a Comeback
(Bloomberg) -- At least five of America’s coal producers went bankrupt in 2019. Prices for the fossil fuel have plunged 40% since a 2018 peak. And some of the nation’s largest miners are retrenching and slashing their dividends. But don’t be mistaken: The fight against climate change hasn’t killed off Coal Country yet.Instead of pouring money into dividends and buybacks, the nation’s largest coal producers say they’re hoarding cash to weather what they see as an impermanent storm. Overall, the industry returned more than $1 billion to investors last year before retrenching. The goal this year: Be ready to start mining again and paying dividends at the first sign of a market revival. They’re betting that prices will bottom out in the first half of 2020 before rising in the second half as production declines and global consumption gains.That’s spurred a new “mantra” at Peabody Energy Corp., according to Chief Executive Officer Glenn Kellow. It is “to live within our means,” he said during his Feb. 5 earnings call.A year ago, Peabody announced its biggest dividend ever, and said it would return to shareholders all of its free cash flow. On Feb. 5, the message was very different: The nation’s leading coal producer said it was suspending its dividend, halting buybacks and cutting capital expenditures.Hope has been in short supply for coal miners. The industry has been battered as much of the world forsakes the fuel to fight climate change, and as low natural gas prices squeezes its economics. Coal once accounted for more than half of all U.S. power generation. Today it’s less than 25%.The decline underscores the limitations of U.S. President Donald Trump’s pro-fossil fuel policies. While the White House has rolled back environmental regulations and tried to rescue coal plants from early retirement, utilities are still shifting to cheaper and cleaner natural gas, wind and solar power. Meanwhile, all of the Democratic presidential candidates have taken a stance against coal.And yet there’s still “a hope that prices have bottomed out and will begin to tick up a bit,” said Michael Dudas, an analyst with Vertical Research Partners, in a telephone interview. “Companies are trying to preserve cash and keep conservative.”Optimism within the industry is probably stronger among companies producing coal used by steelmakers, Dudas said. Still, thermal coal might also see a gain with a hot summer or a colder winter, he said.Because of the lower prices, higher-cost mines are being shut down and there’s been a wave of bankruptcies. The result, according to Dudas: “Supply comes off the market, inventory levels start to get worked off and, eventually, we will have more demand and that will move the price cycle higher.”Peabody’s not alone. Consol Energy Inc. also announced it’s cutting capital expenditures. And while Arch Coal Inc. boosted its dividend, the company said there will be less cash available to return to shareholders through share buybacks. Instead, the money will go toward toward a new mine in West Virginia, expected to open in mid-2021.”We’re confident that Arch is well equipped to weather the current market downturn,” said Arch CEO John Eaves in a Feb. 6 conference call. “And just as well equipped to capitalize on the next market up cycle whenever it occurs.”Jimmy Brock, the Consol CEO, also sees a glimmer on the horizon. “Low prices are starting to drive a supply response,” he said during his earnings call last week. “There are some indications that provide hope for an improvement in the second half of 2020.”Alliance Resource Partners LP too cut its distribution by 26% this month, with CEO Joe Kraft saying it made more sense to keep the cash to ride out a bumpy year.Prices for thermal coal delivered to Amsterdam, Rotterdam and Antwerp, an Atlantic benchmark, are about $52 a metric ton. That’s down almost 50% from an October 2018 peak, and last month it slipped to the lowest in 44 months. Booming natural gas supplies and a mild winter are dragging down demand at power plants, while utilities in the U.S. and Europe continue to shift away from the dirtiest fossil fuel in an effort to curb climate change.Metallurgical coal is also down, sliding more than 40% from an early 2018 high. Prices for the steelmaking ingredient plunged steeply in the second half of last year as global economic trends slowed and trade tensions heated up with China, the world’s biggest producer of the metal.(Michael Bloomberg, the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News, has committed $500 million to launch Beyond Carbon, a campaign aimed at closing the remaining coal-powered plants in the U.S. by 2030 and slowing the construction of new gas plants.)To contact the author of this story: Will Wade in New York at wwade4@bloomberg.netTo contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
