CLH25.NYM - Crude Oil Mar 25
| Pre. Settlement | N/A |
| Settlement Date | 2025-02-20 |
| Open | 66.35 |
| Bid | 60.10 |
| Last Price | 65.51 |
| Day's Range | 66.35 - 66.35 |
| Volume | |
| Ask | 65.50 |
- Reuters
UPDATE 1-Argentina says Chevron to invest $500 mln in Vaca Muerta shale area
U.S.-based oil major Chevron will invest more than $500 million to develop the Trapial block in western Neuquen province, home to the massive Vaca Muerta shale basin, Argentina's economy ministry announced on Friday. The announcement followed a meeting between Economy Minister Sergio Massa and company officials, according to a ministry statement. The Vaca Muerta shale formation is the world's fourth-largest shale oil reserve and the second largest for shale gas.
- Oilprice.com
North Sea Oil Investment Needs More Than Just Windfall Tax Relief
Despite the UK government's easing of the windfall tax, Offshore Energies UK warns that this measure alone is insufficient to bolster investment in North Sea oil and gas production.
- Reuters
GLOBAL MARKETS-World shares at 13-month peak as Wall St scales 2023 highs
U.S. shares struck new highs for the year on Friday and helped lift world stocks to a 13-month peak, as rising bets that the Federal Reserve will skip a rate hike next week overshadowed worries about U.S. markets being drained of cash. Combined with gains on Wall Street, the MSCI's broadest index of world stocks added 0.18% at a 13-month high. For the week, the index for world stocks might notch a 0.6% rise.
- Reuters
U.S. awards supply contracts for 3 mln bbl SPR purchase at $73/bbl
The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel. The DOE had announced the purchase plan in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine. The department also said on Friday it launched a new solicitation for another 3 million barrels for delivery to the stockpile in September.
The TelegraphNorth Sea producers accuse Hunt of ‘pointless’ overhaul to windfall tax
Ministers are facing a backlash over “pointless” changes made to the oil and gas windfall tax, with North Sea firms warning jobs and investment are still at risk.
- Reuters
GLOBAL MARKETS-World shares steady as Fed pause bets bolster sentiment
U.S. shares struck new highs for the year on Friday, setting world stocks up for gains for the week, as rising bets that the Federal Reserve will skip a rate hike next week overshadowed worries about U.S. markets being drained of cash. The Nasdaq Composite and the Dow Jones Industrial Average also pared earlier gains to stand flat. Over in Europe, the STOXX 600 index lost 0.13%, but MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.74% overnight.
- Reuters
Nigerian regulator links Exxon to illegal lifting of petroleum from terminal
Nigeria's downstream oil regulator has alleged ExxonMobil Corp was involved in the illegal lifting of petroleum products from an offshore terminal, according to a letter of complaint to the petroleum ministry seen by Reuters. Exxon denied the accusation, saying in an emailed response that its "operations are carried out in full compliance with the law". The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said in the letter that Barumk Gas, a shipping vessel, was lifting butane from the ExxonMobil-controlled Bonny River Terminal without its "authorization or participation".
- Reuters
GLOBAL MARKETS-World shares edge up as Fed pause bets bolster sentiment
U.S. shares struck new highs for the year on Friday, setting world stocks up for gains for the week, as rising bets that the Federal Reserve will skip a rate hike next week overshadowed worries about U.S. markets being drained of cash. Combined with gains on Wall Street, the MSCI's broadest index of world stocks rose 0.42% to hover under a 13-month high. "The one thing that could tip over the apple cart is an over-aggressive Fed."
- Investing.com
Oil: Despite best Saudi attempts, crude ends another week in the red
Investing.com -- “Patience, patience,” the Saudi oil minister must be telling himself. While OPEC’s top brain did his best to get a barrel nearer to $80 or above, crude prices finished Friday’s trading even lower than before last weekend’s meeting of the world’s biggest oil producers, where Saudi Arabia again tried to “surprise” the market with a production cut. The million-barrel cut that Abdulaziz tried to cutely label as a “Saudi lollipop” couldn’t sustain its sweetness beyond a couple of days.
ZacksShould You Look at These 3 International Upstream Oil & Gas Stocks?
Despite the bearish sentiment associated with the Zacks Oil and Gas - International E&P industry, we advise focusing on fundamentally sound companies like KOS, TUWOY and CRNCD.
- Reuters
GLOBAL MARKETS-Global shares edge up as Fed pause bets bolster sentiment
Global equities were set for a small weekly gain on Friday following a Wall Street rally overnight, as rising bets the Federal Reserve will skip a rate increase next week overshadowed worries about U.S. markets being drained of cash. Europe's STOXX 600 index fell 0.3%, dragged lower by chemicals stocks after Britain's Croda International issued a weak profit outlook. Traders now lay 73% odds on the Fed keeping rates steady on June 14, in a range of 5%-5.25%, pausing its most aggressive hiking cycle since the 1980s.
ReutersMarketmind: Wall St 'bull', China deflation
As S&P500 stocks clock their highest close of the year, marking a technical 20% 'bull market' from October's low, disinflation signals around the world may help calm G3 central bankers meeting next week. Much like the winter euro zone recession that appears to come and go with each data revision, fondly-charted technical definitions may not mean a great deal in a still-distorted post-pandemic economic and financial landscape. But there's little doubt a combination of the AI-infused tech sector boom, impressive resilience in aggregate the earnings and employment, and the prospect of peaking central bank interest rates are drawing underweight investors back to equity.
- Reuters
MORNING BID AMERICAS-Wall St 'bull', China deflation
As S&P500 stocks clock their highest close of the year, marking a technical 20% 'bull market' from October's low, disinflation signals around the world may help calm G3 central bankers meeting next week. Much like the winter euro zone recession that appears to come and go with each data revision, fondly-charted technical definitions may not mean a great deal in a still-distorted post-pandemic economic and financial landscape. But there's little doubt a combination of the AI-infused tech sector boom, impressive resilience in aggregate the earnings and employment, and the prospect of peaking central bank interest rates are drawing underweight investors back to equity.
- Investing.com
Crude oil rebounds, helped by denial of Iranian nuclear deal
Oil prices edged higher Friday, rebounding after the previous session’s sharp losses after the White House denied a report that a nuclear deal between the U.S. and Iran was in the offering. Both benchmarks had broken key support levels on Thursday–$70 in the case of the U.S. contract and $75 for Brent– after a report appeared on the Middle East Eye website of an interim deal that would allow the Islamic republic to legally export some of its sanctioned oil, increasing global supply. This was subsequently refuted by U.S. authorities, with a spokesperson for the White House National Security Council calling the report "false and misleading."
ReutersAnalysis-Inside OPEC+, Saudi 'lollipop' oil cut was a surprise too
Saudi Arabia kept under wraps its plan to make a deep cut to its own oil output during a weekend of OPEC+ talks in Vienna, several OPEC+ sources told Reuters, with some member states only learning about the reduction from the final news conference. Saudi Arabia is the top OPEC producer and the member with the most flexibility to raise or cut output, giving the kingdom unrivalled influence over the oil market - although the impact on oil prices since announcing its plans has been modest so far. The Saudi Energy Minister Prince Abdulaziz bin Salman has previously used the power of surprise in managing oil markets, where prices have come under pressure due to concerns about the weakness of the global economy and its impact on demand.
- Reuters
GLOBAL MARKETS-Asia shares lifted by Fed pause bets; China real estate retreats
Asia-Pacific equities rose to their highest level since mid-February on Friday, taking cues from an overnight Wall Street rally as market bets firmed for the Federal Reserve to skip a rate increase next week. MSCI's broadest index of Asia-Pacific shares added 0.6%, and at one point touched its strongest level since Feb. 16. Mainland blue chips were nearly flat, struggling under the weight of a 2.3% slide for property shares .
Business InsiderOil prices drop to erase gains from OPEC's production cuts as US potentially nears deal with Iran to allow oil exports
The White House denied the report that it was nearing a deal with Iran, helping oil prices pare recent losses to just above $70 per barrel.
- Reuters
GLOBAL MARKETS-Asia shares buoyed by Fed pause bets; dollar heavy
Asia-Pacific equities rose to their highest level since mid-February on Friday, taking cues from an overnight Wall Street rally as market bets firmed for the Federal Reserve to skip a rate hike next week. MSCI's broadest index of Asia-Pacific shares added 0.6%, and at one point touched its strongest level since Feb. 16. E-mini U.S. equity futures in Asia pointed to about a 0.1% lower restart for each of the indexes.
ReutersOil posts second weekly decline as demand concerns overshadow Saudi cut
Oil prices fell more than a dollar a barrel on Friday to record a second straight weekly decline, as disappointing Chinese data added to doubts about demand growth after Saudi Arabia's weekend decision to cut output. "What comes next may well depend on the inflation data and interest rate decisions over the coming weeks," he said.
BloombergPlan for One of World’s Biggest Coal Mines Challenged in India
(Bloomberg) -- Coal India Ltd. is holding talks with residents opposed to a mine expansion that would create one of the world’s largest operations producing the fuel.Most Read from BloombergAmericans Are Leaving Portugal as Golden Visa Honeymoon EndsDonald Trump Charged in Florida Over Secret Documents CaseRussian Elite Is Souring on Putin’s Chances of Winning His WarUkraine’s New Tanks Are Seen in Action as Counteroffensive Gets UnderwayLeaving New York for Miami Can Save Nearly $200,000Protest
- Oilprice.com
Interpreting China’s Enigmatic Commodity Market
China’s commodity market is ripe with complexities and inconsistencies, with strong crude imports, but weakening copper demand, hinting at an uncertain economic recovery.
- Investing.com
Oil slips as weak Chinese data fuels demand concerns
Investing.com -- Oil prices extended losses into Asian trade on Friday amid persistent fears that slowing economic growth will erode demand this year, with dismal readings from China further denting sentiment.
- Investing.com
Oil down more than 1% on reports of on-then-off Iran nuclear deal
Crude prices tumbled anew Thursday before closing off their lows as a report suggesting a U.S.-Iran nuclear deal that would let the Islamic republic legally export some of its sanctioned oil was refuted by the White House. “This report is false and misleading," a spokesperson for the White House National Security Council said in comments carried by Reuters, referring to the report that appeared on the Middle East Eye website. The denial didn’t stop oil markets from registering a substantial drop on the day, though they finished off the bottom.
- Reuters
CORRECTED-Higher renewable energy generation to cut coal reliance this summer, says EIA
The Energy Information Administration (EIA) expects the largest increases in the U.S. electricity generation this summer to come from renewable energy sources and natural gas, contributing to a 15% reduction in coal-powered output from the previous year. Power generation through natural gas, which remains the primary source in the electric power sector, is expected to grow 3% this summer (June to August), helped by additional capacity and favorable fuel costs, the EIA said on Thursday. Wind-powered generation will be 7% higher than last summer.
- Reuters
UPDATE 1-Russian rouble slumps to 2-month low near 83 vs dollar
The Russian rouble slumped to a two-month low on Thursday near 83 against the dollar, buffeted by geopolitical risks and twitchy oil prices, while exporters' foreign currency conversions only offered limited support. Russia and Ukraine have traded blame for the bursting of the Soviet-era Kakhovka hydroelectric dam, which sent waters cascading across the war zone of southern Ukraine in the early hours of Tuesday, forcing tens of thousands to flee their homes. "Pressure on the rouble remains due to negative geopolitical news and increased demand for foreign currency," said Bank St Petersburg analysts.