ConocoPhillips sells Ursa and Europa Fields interests to Shell for $735 Million
ConocoPhillips announced on Friday that it will sell its interest in the Ursa Fields and Europa Fields for $735,000,000 to Shell as part of its plan to streamline the company's portfolio. After its $22.5 billion acquisition of Marathon Oil, the company is looking to sell non-core assets in order to reduce debt. Conoco announced earlier this month that it would be selling its Lower 48 non-core assets for $600,000,000. Shell's Ursa working interest will increase from 45.4% to 61.35% by the end the second quarter 2025.
VEGOILS - Palm oil ends lower due to weaker competitor oils. Traders await positive signals
Malaysian palm futures declined on Tuesday as traders looked for bullish signals to support prices. The benchmark May palm oil contract on Bursa Malaysia's Derivatives exchange fell 34 ringgit (0.75%) to close at 1,014.63 ringgit per metric ton. A Kuala Lumpur based trader stated that the market was under pressure due to the weakness of rival oilseeds, as there were no significant bullish reports. Dalian's palm oil contract, which is the most active contract, fell by 0.33% while soyoil prices dropped by 0.25%.
Palm oil falls on Dalian crude oil, weakening it
Malaysian palm futures dropped on Thursday, ending a five session rally. Pressured by lower Dalian oil and lower crude oil prices, sparked by the talks to end Ukraine-Russia's war, they were pushed down by weaker Dalian oil. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 63 ringgit or 1.36% to 4,558 Ringgit ($1,023.35) per metric ton. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, said that crude palm oil futures fell following a selloff on energy markets, after U.S.
TotalEnergies exceeds expectations in the fourth quarter profit and signals a stronger 2025
TotalEnergies, the French oil giant, beat the expectations for its fourth-quarter earnings Wednesday. Higher trading profits on the gas market helped to offset the impact of low fuel prices and weak demand. The adjusted net income for 2024's final quarter was $4.4 billion. This is down 15% on the $5.2 billion of the previous year, but still slightly above the $4.1 billion in the third quarter. According to a LSEG analyst consensus, the results exceeded expectations of $4.2 billion.
TotalEnergies' fourth-quarter profits drop on low oil demand
TotalEnergies, the French oil giant, reported a 15% decline in its fourth-quarter earnings Wednesday. The company closed out a year that was marked by low oil and fuel prices. This was partially offset by increased electricity sales and trading of liquefied gas. The adjusted net income for 2024's final quarter was $4.4 billion. This is down from the $5.2 billion it earned a year ago, but higher than the $4.1 billion in the third quarter. Visible Alpha, a consensus of six analysts, said that the results exceeded expectations.
Palm oil's performance is lower due to weakness in Chicago Soyoil
The price of palm oil in Malaysia ended lower Tuesday after a five session winning streak. Chicago soyoil fell as the U.S. announced it would delay implementing tariffs against Mexico and Canada. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 63 ringgit or 1.44% to 4,304 Ringgit ($969.37). A Kuala Lumpur based trader stated that the crude palm oil futures fell due to weakness in the Chicago soybean oil market. The trader stated that "the news that the U.S.
Palm oil rises as Chicago soyoil and crude oil strengthen
Malaysian palm futures rose Monday for the fifth session in a row, boosted by a stronger Chicago soyoil price and higher crude oil prices. By midday, the benchmark contract for palm oil delivery in April on the Bursa Derivatives exchange had gained 63 Ringgit (1.47%) to 4,352 Ringgit ($969.91). In the last four sessions, it gained 2.36%. Anilkumar bagani, commodity researcher at Mumbai's Sunvin Group, said that the futures for crude palm oil (CPO), which are based on Chicago soyoil, have been moving higher since last Friday. He said that U.S.
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its production prices were lower in the fourth quarter compared with the previous three months. Crude oil prices dropped about 6% during the quarter of October-December, due to a patchy recovery from the pandemic, China's slow economy, and an excess supply worldwide. Prices are down nearly 12% compared to a year earlier. The company reported that the average realized price…
Palm gains strength over soyoil at Dalian, Chicago
Malaysian palm oils futures continued to rise on Monday, following the strength of rival soyoil in Dalian and Chicago. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose by 93 ringgit or 2.12% to $4,484 ringgit (US$994.90) per metric ton. A Kuala Lumpur trader stated that the market today is monitoring external performance of Dalian soyoil and Chicago soyoil. Dalian's palm oil contract also rose by 2.43%, while the most active soyoil contract increased by 2.44%.
Are price movements a result of structural shifts? China's commodity imports are bifurcated: Russell
China's imports in 2024 of major commodities were a mixed bag. Iron ore, coal, and natural gas volumes reached record levels, while crude oil was weak. Raw data from the largest buyer of natural resource in the world suggests that some parts of the economy perform well, while others are struggling or are undergoing structural changes. The main challenge when analysing China's imports of commodities is to separate temporary factors from those that are part a longer-term trend. Crude oil may be the best example.
Occidental Petroleum received lower prices for oil it produced in the fourth quarter
Occidental Petroleum, a U.S. shale oil producer, said that the prices received for oil produced in the fourth quarter of 2014 were lower than those for the previous three months due to a weakening global demand. The crude oil prices fell by about 6% sequentially in the fourth quarter of last year due to a patchy recovery from the pandemic, China's slow economy, and an excess supply worldwide. Prices dropped nearly 12% compared to a year earlier. Exxon Mobil…
Palm tracks Chicago soyoil but is set to lose money for the second consecutive week
Malaysian palm futures were slightly higher on Friday as they tracked stronger Chicago soyoil. However, they are set to suffer a second weekly loss. At midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose 45 ringgit or 1.05% to 4,341 Ringgit ($966.17) per metric ton. This week, the contract has fallen by 0.89%. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group's vegetable oil broker, said that crude palm oil futures traded higher today on the back a strong recovery overnight in Chicago soyoil.
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S. West Texas Intermediate Crude Futures rose 22 cents or 0.3% to $67.42 a barrel. Brent fell more than 2.5% and WTI dropped 1.2%…
Palm oil drops for the third consecutive day due to weaker competitors and selling pressure
Malaysian palm futures ended lower on Thursday for the third session in a row, due to weakness in the prices of vegetable oils listed in Dalian and pressure from sellers in crude palm (CPO). The benchmark Bursa Derivatives Exchange palm oil contract closed down 23 ringgit or 0.46% at $4,964 Ringgit ($1,108.53). Paramalingam Supramaniam is the director of brokerage Pelindung Bestari in Selangor. He said that the CPO market was suffering from the constant selling pressure. This has generated interest and kept offers high for the local olein.
Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future
The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what Devon Energy's Chief Executive Officer told attendees of an energy conference held in Dallas on Tuesday. This price forecast falls within the range of U.S. crude oil prices that have been traded throughout the majority of this year. On Wednesday, it settled at $68.43 per barrel. Richard Muncrief, CEO of Devon in Oklahoma City, said that crude demand will grow modestly by 2025, compared with 2024.
EOG Resources to boost shareholder returns
EOG Resources announced on Friday that its debt levels would allow the oil and natural gas producer to use more than 100% free cash flow for shareholder returns. In afternoon trading, shares of the company rose by 4.8% to $132.54. The company announced that it would increase its debt to between $5 and $6 billion over the next 12-18 months. This would allow for additional cash to be available to pay out to investors. "In the short term, this does mean that we will be in a place to surpass the 70% (returns commitment) and quite frankly... at times...
Commodities fall amid increased risks of Trump's second-term: Russell
Commodities have reacted to Donald Trump's election to a second U.S. term with fear, and most are losing ground due to fears that a new trade war will hit the global economy. The negative reaction contrasted sharply with the record-breaking performance of U.S. stocks, which rose to new highs amid optimism about Trump's tax cut agenda, at least for the United States. The contrasting reaction to Trump's win over Democrat nominee, and now departing U.S.
EIA reports that US crude, gasoline, and distillate stocks rose last week.
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory increased last week. The EIA reported that crude inventories increased by 2.1 millions barrels, to 427.7million barrels during the week ended Nov. 1. This was a far cry from the 1.1 million barrels analysts had predicted in a recent poll. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 522,000 barrels during the past week. U.S. crude oil prices rose after the report.
Palm prices rise on higher soyoil and crude oil prices; second week of gains expected
Malaysian palm futures rose more than 2% Friday on the back of higher soyoil, crude oil and positive estimates for domestic exports. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 134 Ringgit or 2.85% to 4,830 Ringgit ($1,103.24). The contract has gained 3.53% this week, and is expected to gain a second consecutive weekly. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the palm market was reacting to higher soyoil prices and crude oil.
Oil India's Q2 profit forecast misses the mark due to lower prices and muted demand
State-run explorer Oil India reported a smaller-than-expected second-quarter profit on Tuesday, weighed down by lower crude prices and tepid fuel demand. The company's profit grew six-fold in three months to 18,34 billion rupees ($218 million), but it was below analysts' expectations, which were 18.72 billion rupees. Data compiled by LSEG. Oil India's earnings are exclusive of profits from joint ventures or operations outside the country. India's Oil…
