VEGOILS - Palm slides on profit-taking, Chicago soyoil
The price of Malaysian palm oils futures fell on Thursday as profit-taking and a weakening Chicago soyoil contract affected the market. The benchmark palm-oil contract for December delivery at Bursa Malaysia's Derivatives exchange fell 14 ringgit or 0.33% to 4,182 Ringgit ($991.47) per metric ton. Malaysian palm futures fell due to profit-taking activities following the recent gains made in the previous session. This was said by David Ng, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Oil Below 2019 highs on OPEC Cuts
U.S.-China trade talks this week also in focus.Oil was close to its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although gains were capped by concerns about slowing economic growth that could hit demand.The supply curbs led by the Organization of the Petroleum Exporting Countries have helped crude oil prices to rise more than 20 percent this year. U.S. sanctions against OPEC members Iran and Venezuela have also tightened the market.Brent crude slipped 21 cents to $66.29 a barrel by 1249 GMT…
Russia's Rosneft Signs Oil and Gas Deal with China
Russian oil giant Rosneft said that China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year of crude oil. That amount is equivalent to 6% of Rosneft's total exports to China in 2017.Crude oil from Eastern Siberia will be transported to a Russian Far East port by pipeline and will reach China via Russia’s Pacific port of Kozmino.The deal allows for increasing crude oil supplies to China’s market, which is a strategic one for Rosneft…
Crumbling Refinery Profits Threaten OPEC-led Crude Rally
Crude oil rally hit refining profits; as crude stocks dropped, refined product stocks grew. The recent OPEC-led rally in crude prices is hitting refinery profits hard, flashing warning signs over oil's bull run. A wave of refinery maintenance scheduled in spring could also put downward pressure on crude, analysts said. Higher oil prices typically quench consumption and squeeze profit margins at refiners that convert the feedstock into gasoline, diesel and aviation fuels.
China Denies Selling Oil Illicitly to N.Korea
China on Friday denied reports it has been illicitly selling oil products to North Korea after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation. Trump said on Twitter the previous day that China had been "caught" allowing oil into North Korea and that would prevent "a friendly solution" to the crisis over North Korea's nuclear and missile programmes that it conducts in defiance of heavy U.N. Security Council sanctions.
Trump Troubled About Oil Flow into North Korea
U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.
Oil Falls From 2015 Highs as Rally Fizzles
Oil prices dipped on Wednesday after hitting a near two-and-a-half year high in the previous session as a rally fuelled by supply outages in Libya and the North Sea ran out of momentum. Brent crude futures dropped to $66.38 a barrel, down 0.9 percent, or 64 cents, at 1933 GMT after breaking through $67 for the first time since May 2015 the previous day. U.S. West Texas Intermediate (WTI) crude futures were at $59.64 a barrel, down 34 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session.
UN: Fresh Oil Import Sanctions on North Korea
(Reuters) -- The U.N. Security Council on Friday unanimously imposed new sanctions on North Korea following its latest intercontinental ballistic missile test, a move that analysts said could have a significant impact on the isolated country's struggling economy. The resolution seeks to ban nearly 90 percent of refined petroleum product exports to North Korea by capping them at 500,000 barrels a year and demands the repatriation of North Koreans working abroad within 12 months.
Oil pushes higher on Iran sanctions
Oil prices rose on Friday after the United States imposed sanctions on some Iranian individuals and entities, days after the White House rebuked Tehran for a ballistic missile test. The strong U.S. January jobs figure was also supportive, as it suggests ongoing strength in energy demand. Front-month U.S. West Texas Intermediate crude futures settled up 29 cents, or 0.5 percent, to $53.83. The contract gained more than 1 percent for the week. Brent crude futures settled 25 cents higher at $56.81 a barrel…
Oil Prices Edge Up on Softer Dollar, OPEC Cut Expectations
Oil prices edged up in tepid trading on Thursday, supported by strong U.S. data, a pause in the U.S. dollar rally and optimism that crude producers would abide by an agreement to limit output to prop up prices. The gains were curbed by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. Brent futures for February delivery rose by 34 cents to $54.80 a barrel by 1430 GMT, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude rose 27 cents to $52.76 a barrel.
Oil Dips on U.S. Stock Rise, Libya Output Boost
OPEC, Russia expected to abide by pact to cut output. Oil prices slipped in tepid trading on Thursday, pressured by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. The decline was curbed by a weaker dollar and optimism that crude producers would abide by an agreement to limit output to prop up prices. Brent futures for February delivery fell by 20 cents to $54.26 a barrel by 1200 GMT, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude dropped 19 cents to $52.30 a barrel.
Oil Rises as Market Balances, and Dollar Weakens
OPEC and rivals have announced cuts of almost 1.8 mln bpd; analysts expect relatively high compliance with targeted cuts. Oil prices rose on Monday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks, amid expectations of tighter crude supply going into 2017. Brent crude futures traded at $55.47 per barrel at 0946 GMT, up 26 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 30 cents at $52.20 a barrel.
Oil Near Six-week Highs on Supply Freeze Hopes
Brent trades over $50 for first time since early July; crude benchmarks up nearly 20 pct in August. Brent crude oil traded above $50 a barrel for the first time in six weeks on Thursday as the world's biggest producers prepared to discuss a possible freeze in output levels. Brent hit a high of $50.05 a barrel, up 20 cents on the day, before easing back to around $49.75, down 10 cents, by 1200 GMT. U.S. light crude oil was up 20 cents at $46.99. Benchmark North…
Russian Minister Says Oil Supplies to Belarus Hinge on Gas Debt Payment
Russia may raise its crude oil supplies to Belarus if Minsk meets its obligations on natural gas, Interfax news agency quoted Russian Energy Minister Alexander Novak as saying on Friday in a reference to Belarus's debt for the fuel. Since the start of this month, Russian oil pipeline monopoly Transneft has been pumping about 40 percent less oil to Belarus than in the second quarter of this year. (Reporting by Vladimir Soldatkin; writing by Dmitry Solovyov)
Libya Plans to Load Four Crude Cargoes from Hariga in May
Libya plans to load three additional crude cargoes this month from the recently reopened Marsa El Hariga terminal, after a tanker for trader Glencore departed on Friday. The country's National Oil Corp (NOC) in Tripoli chartered the Kriti Breeze to load 400,000 barrels of crude at the terminal in the next two days to take to the 120,000 barrels-per-day Zawia refinery, according to shipping brokers. After it loads, the Kriti will be the second tanker to depart from the port after Glencore's Seachance which waited for three weeks to load its 660…
Spectre of Gasoline, Diesel Glut Reverses Oil's Gains
A growing overhang of gasoline and diesel fuelled a sharp sell-off in oil futures on Monday that reversed a recent rally over the wildfires in the heart of Canada's oil sands region, traders and analysts said. The sell-off came amid warnings that supplies could outpace global demand even during the peak summer driving season that traditionally kicks in at the end of May. While crude oil supplies have significantly tightened in recent weeks due to outages linked to unrest in Libya, militant attacks in Nigeria, the fire in Canada and gradually slowing U.S.
Traders Eye Floating Diesel Storage in Atlantic
Europe diesel stocks reach fresh record high; huge imports from Asia, Middle East weigh on supplies. Oil traders are preparing to store diesel in giant tankers off the coasts of northern Europe and New York as land storage tanks are nearly full, traders said on Friday. Tank capacity levels are above 70 percent in some cases, levels considered near maximum, according to traders. While the recent glut in global crude oil supplies appears to ease, boosting oil prices, diesel supplies around the world are set to rise sharply in the coming months, according to analysts.
OPEC Winning Battle to Stimulate Gasoline Demand
OPEC's bid to curb production of high-cost oil is taking time to produce results but the organisation is already making good progress on its other objective of stimulating fuel demand. In the first half of the year, gasoline deliveries into U.S. local markets jumped by 4.3 percent compared with the same period in 2014, according to the U.S. Energy Information Administration. The United States is the world's largest gasoline consumer and its gasoline demand accounts for 10 percent of all crude and condensates produced worldwide. In the first six months of 2015, U.S.
BP, Shell, Morgan Stanley Seek End of Oil Price-Fixing Lawsuit
BP Plc , Royal Dutch Shell Plc, Morgan Stanley and other companies urged a U.S. judge to dismiss nationwide litigation claiming they conspired for 12 years to fix prices of Brent crude oil, a benchmark for the cost of gasoline and heating oil. In papers filed on Monday night in U.S. District Court in Manhattan, the defendants said there was no evidence they colluded to manipulate spot prices or intended to do so, in violation of U.S. commodity and antitrust laws.
Vitol: Oil Market Balance in Second Half
Vitol Chief Executive Ian Taylor said on Tuesday he expected a "dramatic" build in oil stocks over the next few months but that supply and demand in the oil market would move into balance in the second half of this year. Taylor, speaking at the International Petroleum Week industry conference, said he expected U.S. crude oil supplies to grow over the next few years but at slower levels. Reporting by David Sheppard and Ron Bousso
