CLQ23.NYM - Crude Oil Aug 23
| Pre. Settlement | N/A |
| Settlement Date | 2023-07-20 |
| Open | 70.25 |
| Bid | 71.05 |
| Last Price | 70.20 |
| Day's Range | 70.10 - 72.24 |
| Volume | |
| Ask | 72.21 |
Business InsiderHere's why the upcoming OPEC meeting will be a 'pivotal' moment as tensions simmer between Russia and Saudi Arabia over global oil supply
It's possible that Saudi Arabia brings a more assertive stance to the table when OPEC+ holds its meeting on Sunday.
BloombergOil Advances as Market Eyes Weekend OPEC+ Meeting in Vienna
(Bloomberg) -- Oil climbed alongside risk assets, with attention focusing on this weekend’s OPEC+ meeting in Vienna.Most Read from BloombergAmazon Is in Talks to Offer Free Mobile Service to US Prime MembersChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthRich Latin Americans Transform Laid-Back Madrid Into a New MiamiHedge Funds at War for Top Traders Dangle $120 Million PayoutsInside the Making of Redfall, Xbox’s Latest MisfireOPEC and its allies are expected to weigh disappointing Chi
ReutersOPEC+ discussing deepening oil production cuts, sources say
VIENNA (Reuters) -OPEC and its allies are discussing deepening oil production cuts, possibly by as much as 1 million barrels per day, three sources told Reuters on Friday as oil prices fell towards $70 per barrel and market analysts spoke of a new supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices. Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT).
- Investing.com
Oil rallies 2nd day in row, paring weekly loss ahead of OPEC
Fear that the OPEC+ alliance of world oil producers could announce a third production cut in nine months led crude prices to rally again on Friday, significantly paring weekly losses. London-traded Brent crude was up $1.75, or 2.4%, to $76.03. Like WTI, Brent was down 1% on the week.
ReutersMarketmind: Jubilant markets eye jobs in June jump
With the U.S. debt ceiling removed, world markets see the sky again - encouraged that robust U.S. labor markets continue to defy recession fears as interest rates near peaks. May's U.S. employment report later on Friday now stands as the last major data point of a shortened trading week in which June was greeted with glee by global investors.
- Reuters
MORNING BID AMERICAS-Jubilant markets eye jobs in June jump
With the U.S. debt ceiling removed, world markets see the sky again - encouraged that robust U.S. labor markets continue to defy recession fears as interest rates near peaks. May's U.S. employment report later on Friday now stands as the last major data point of a shortened trading week in which June was greeted with glee by global investors.
- Investing.com
Crude oil soars on debt ceiling progress; OPEC+, Fed meeting in focus
Oil prices rose sharply Friday after the U.S. debt ceiling deal passed through Congress, averting a default ahead of the weekend’s meeting of OPEC ministers and their allies at the weekend. The U.S. Senate approved a bill to lift the country’s $31.4 billion debt ceiling late Thursday, the day after the House of Representatives did the same. The agreement now heads to the White House, with President Joe Biden just having to sign the deal to stave off a sovereign default that would have had severe economic repercussions globally.
- Reuters
UPDATE 1-World food prices fall to two-year low in May - UN food agency
The United Nations food agency's world price index fell in May to its lowest in two years, as a slump in prices of vegetable oils, cereals and dairy outweighed increases for sugar and meat. The Food and Agriculture Organization's (FAO) price index, which tracks the most globally-traded food commodities, averaged 124.3 points in May against a revised 127.7 for the previous month, the agency said on Friday. But international rice prices continued to increase in May, partly due to tighter supplies in some exporting countries, said FAO.
BloombergPalm Oil Production Seen Surging in Malaysia as Workers Return
(Bloomberg) -- Palm oil supply in Malaysia is set to soar as a labor crunch eases in the world’s second-biggest producer, paving the way for a bumper crop in the second half of the year, said a senior plantation executive. Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthAmazon Is in Talks to Offer Free Mobile Service to US Prime MembersInside the Making of Redfall, Xbox’s Latest MisfireRich Latin Americans Transform Laid-Back Madrid Into a New MiamiHedge Funds at
Simply Wall St.Returns on Capital Paint A Bright Future For Hibiscus Petroleum Berhad (KLSE:HIBISCS)
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...
ReutersOil up over 2% after US debt deal and jobs data; focus turns to OPEC+
NEW YORK (Reuters) -Oil prices rose over 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fueled hopes for a possible pause in Federal Reserve interest rate hikes. The focus is now turning to a meeting of OPEC and its allies this weekend. Brent futures rose $1.85, or 2.5%, to settle at $76.13 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.64, or 2.3%, to settle at $71.74.
- Investing.com
Oil rises on debt ceiling optimism, OPEC uncertainty caps gains
Investing.com -- Oil prices rose in Asian trade on Friday as markets cheered the approval of a bill to raise the U.S. debt ceiling and avoid a default, although uncertainty ahead of an OPEC meeting over the weekend kept gains in check.
- Investing.com
Oil: OPEC’s action on Sunday will be price-driven vs. hype - Citi
The outcome of Sunday’s OPEC+ meeting will most likely be price-driven versus the alliance’s hype that it isn’t price-focused, analysts at Citigroup suggested in a note issued Thursday. “What the 8 OPEC+ members, plus Russia, that committed to make output cuts for May actually do when they meet this weekend is likely to be a function of prices,” the Citi note said, referring to Saudi Arabia, United Arab Emirates, Kuwait, Oman, Algeria, Kazakhstan and Iraq. “Further deterioration in prices toward $70 or below for Brent put a 60-70% likelihood on a cut by some members of the group, and Russia might not be one of them,” the note added.
- Reuters
UPDATE 3-Exxon CEO says technology advances could double its shale output
Exxon Mobil Chief Executive Darren Woods said on Thursday he aims to double the amount of oil produced from the company's U.S. shale holdings over a five-year period using new technologies. It also introduced the five-year technology development program at the same time, Exxon said. "We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference.
- Reuters
Exxon CEO says 5-year program could double its shale output
Exxon Mobil Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five year period using new technologies. "We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference. Exxon currently recovers about 10% of shale resources from its operations.
- Investing.com
Oil ends up 2% after 3-day loss; ‘OPEC+ fear’ offsets U.S. supply build
It’s the same script that plays out before each OPEC+ meeting and we’re seeing it again. Crude prices settled up as much as 3% Thursday, paring the 7% loss from three previous days of trading, as market participants braced for the possibility that OPEC+ would announce another output cut at its meeting this weekend — against bets for a stay. It was one reason for the late-week comeback in oil prices despite a dismal weekly supply-demand report on oil released by the U.S. government.
BloombergTeck Struggles to Secure Top Shareholder’s Support on Coal Split
(Bloomberg) -- Teck Resources Ltd. is struggling to secure the support of top shareholder China Investment Corp., as the Canadian miner studies options to exit its coal business while fending off a takeover bid from Glencore Plc.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot
- Investing.com
U.S. crude stocks up about 4.5M barrels last week - EIA
U.S. crude stockpiles rose last week while fuel inventories were mixed, according to government data on Thursday that bucked expectations for falls in both as oil bulls bet on higher energy demand with the advent of summer travel. The U.S. crude inventory balance rose by 4.489 million barrels during the week ended May 26, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report. In the prior week to May 19, the EIA reported a deficit of 12.456M barrels, the most in six months or the week ended November 25.
Simply Wall St.Should You Be Adding ShaMaran Petroleum (CVE:SNM) To Your Watchlist Today?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
ReutersOPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say
LONDON/DUBAI (Reuters) -OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude and supplies around 60% of the oil export market, meaning its policy decisions can have a major price impact. As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the end of the year.
Financial PostOpinion: Believing in a world without Canadian oil and gas is magical thinking
To divest from the oil and gas sector is to hurt Canada and everyday Canadians
BloombergEurope’s Unused Coal Heads to New Shores in Post-Crisis Glut
(Bloomberg) -- Traders are seeking buyers for piles of unused coal before it becomes worthless after the fuel was hoarded to save Europe’s economy from running out of power last year.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireDebt-Limit Deal Passes the House, Easing US Default ConcernsWall Street Banks Are Using AI to Rewire the World of FinanceBillionaire Perot Warns of Real Estate Recession as Loans Dry Up
- Reuters
GLOBAL MARKETS-Shares gain on U.S. debt bill passage, Fed pause talk
Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. A divided House passed a bill to suspend the $31.4 trillion debt ceiling - and avert a catastrophic default - with majority support from both Democrats and Republicans, stoking optimism that it can move through the Senate before the weekend. U.S. S&P 500 e-Mini futures were 0.2% higher.
BloombergOPEC+ Faces Oil Market Torn by Demand Rebound and Recession Fear
(Bloomberg) -- OPEC+ will be grappling with a divided oil market when it meets this weekend.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireDebt-Limit Deal Passes the House, Easing US Default ConcernsWall Street Banks Are Using AI to Rewire the World of FinanceBillionaire Perot Warns of Real Estate Recession as Loans Dry UpOn one side, global oil inventories are shrinking as the alliance’s latest production cuts
- Reuters
GLOBAL MARKETS-Asia stocks rise amid Fed pause talk, debt bill passage
Most Asia-Pacific stock markets rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. The dollar dipped to a one-week low versus the yen and hung close to Wednesday's more-than-two-month trough to the euro after Federal Reserve officials including governor and vice chair nominee Philip Jefferson pointed to a rate hike "skip" at the June 13-14 policy meeting. MSCI's broadest index of Asia-Pacific shares gained 0.82%, rebounding after touching the lowest level since March 22 in the previous session.
