VEGOILS - Palm closes 3% more, reaches highest level in nearly two and half years
Malaysian palm futures rose more than 3% Friday, the highest level in nearly two-and-a-half years, in response to higher soyoil, crude oil, and positive estimates for domestic exports. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange rose 169 ringgit or 3.6% to 4,865 Ringgit ($1,112.00), its highest closing since June 30, 2020.
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.
Palm prices rise despite profit-taking and premium concerns
Malaysian palm futures rose for the second session in a row on Wednesday, despite profit taking pressure and fears that a wider premium over competing oils could dampen demand. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange rose 58 ringgit or 1.25% to 4,695 Ringgit ($1,073.14) per metric ton. The contract has increased by 3.67% in two sessions.
EUROPE GAS-Prices stable amid mildly warmer temperatures and high inventories
The Dutch and British wholesale price were not much different on Tuesday morning despite temperatures above normal for this time of the year and high levels of storage. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.13 euros at 42.50 Euro per megawatt hour, or $13.48/mmbtu by 1007 GMT.
Palm trades in a sideways manner; weak Ringgit and technical buying limits losses
Technical buying and the weaker ringgit helped limit its losses. At the close, the benchmark contract for palm oil delivery in January on Bursa Derivatives Exchange dropped 6 ringgit or 0.13% to 4,530 Ringgit ($1,039.47). The contract fell 1.59% in two consecutive sessions. A Kuala Lumpur trader reported that the crude palm oil futures recovered from its early losses by midday…
Prices of EUROPE Gas are lower as Middle East Risk Premiums recede
Dutch and British wholesale prices of gas fell on Monday, as the market reduced its Middle East premium following Israel's weekend retaliation attack against Iran and forecasts for milder weather. LSEG data shows that the benchmark front-month gas contract at Dutch TTF hub dropped by 1.25 Euros to 42.25 Euros per megawatt hour by 0915 GMT.
Source: Energean has loaded a new oil unit on a vessel off Israel
LONDON, October 25 - Energean added a second unit of oil production to a production vessel that is floating off Israel. This will boost the crude production by as much as two-thirds over the next few months, according to an industry source. Recent days, the M10 oil train modules was lifted onto the Energean Power floating storage and offloading vessel (FPSO)…
Benchmark European Gas at its highest level in 10 Months due to geopolitical risk
The Benchmark front month contract at the Dutch TTF Gas Hub hit its highest intraday levels in more than ten months Thursday as the Middle East Conflict and reports that North Korean troops were ready to assist Russia in Ukraine kept the traders on edge before the U.S. Presidential election. According to LSEG, the contract for November deliveries reached 42.57 euros per Megawatt Hour (EUR/MWh)…
Prices for gas in Europe are rising amid geopolitical concerns and a weaker wind output
Dutch and British wholesale gas prices increased on Thursday morning, as the market awaited any possible escalation in the Middle East conflict and amid an increase in demand for gas due to weaker winds speeds. By 0846 GMT the benchmark front-month contract for the Dutch TTF hub had risen 0.90 euros to 42.20 euros (MWh) or $13.12/mmBtu.
Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel. Brent closed the week more than 7% down, while WTI fell around 8%.
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S.
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S.
Egypt reduces renewable energy targets to 40% by 2040, but keeps natural gas as the main focus
The Egyptian government has revised the renewable energy goal for 2040 from 58% to 40%, said Petroleum Minister Karim Badayi on Sunday. He also stressed that natural gas would remain an important part of Egypt's energy mix in years to come. Egypt committed to increasing renewable energy production by 42% to its energy mix before hosting the COP27 summit in 2022. Later, this target was advanced to 2030.
Prices of gas in Europe are falling due to a weaker demand and stronger forecast winds
Dutch and British wholesale price fell slightly on Friday morning due to continued high temperatures, lower demand and the expectation of higher wind output. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub dropped by 0.20 euros to 39.40 Euro per megawatt hour at 0854 GMT. The contract for December was lower by 0.37 euros at 39.78 Euro/MWh.
Palm oil continues to decline against weaker competitors; export data cap losses
The price of Malaysian palm oils futures dropped for the second session in a row on Tuesday. This was due to the weakness of rival edible oil and crude oil, but robust export data helped limit this fall. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange closed down by 1.04% to 4,268 Ringgit ($993.26) per metric ton. It has fallen 1.89% over two sessions.
Prices of gas in Europe are lower due to profit-taking and lower demand
The Dutch and British wholesale prices of gas were lower on Tuesday morning due to profit-taking and after media reports that Israel was willing not strike Iranian oil targets. This eased concerns about a disruption in supply. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub dropped by 1.00 euros to 39.40 Euro per megawatt hour, or $12.91/mmbtu by 0849 GMT.
Palm oil prices rise on data from rival oils and cargo surveyors, a 4th week gain.
Malaysian palm futures were up on Friday, and on course for a fourth consecutive weekly gain. This was boosted by stronger rival edible oils as well as positive data on exports from cargo surveyors. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for December delivery rose by 89 ringgit or 2.1% to 4,322 Ringgit ($1,008.63), a metric tonne. The contract has gained 0.51% this week.
Palm surges on data from cargo surveyors and rival oils, logging a 4th weekly gain
Malaysian palm futures gained more than 2% Friday, logging a fourth consecutive weekly gain. This was due to stronger rival edible oils as well as positive data from cargo surveyors. The benchmark palm-oil contract for December delivery at Bursa Malaysia's Derivatives exchange rose by 117 ringgit or 2.76% to 4,350 Ringgit ($1,015.41) per metric ton. This week, the contract increased by 1.16%.
Palm extends its loss due to rival oil weakness
The price of Malaysian palm oils futures continued to fall on Tuesday. This was due to the weakness in other oils, but strong export data helped limit losses. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 38 ringgit or 0.88% to 4,275 Ringgit ($993.26) per metric ton. David Ng…
Prices for EUROPE GAS remain stable despite cooler temperatures and Middle East anxieties
The Dutch and British wholesale prices of gas rose slightly on Thursday morning, as demand increased due to the colder weather and reduced wind. However, the range remained tight as the market continued to monitor the developments in the Middle East. LSEG data show that the benchmark front-month contract for the Dutch TTF Hub was up 0.21 euro at 38.76 Euros per Megawatt Hour (MWh)…
