Palm trades lower and is set to lose money for the week; Malaysia data is eyed
The market expects the Malaysian Palm Oil Board (MPOB) to release its data next week. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange fell 32 ringgit or 0.82% to 3,885 Ringgit ($897.23) per metric tonne. This week, the contract has fallen by 2.31%. Tuesday…
Palm oil prices close higher, but the third weekly decline is recorded.
Malaysian palm futures rose Friday, boosted by the stronger Dalian and Chicago contracts, and higher crude oil prices. However, they suffered a third successive weekly loss. By the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 42 ringgit or 1.13% at $3,746 ringgit ($848.47).
Palm oil is boosted by gains in competing oils but will still drop for a third consecutive week
Malaysian palm futures rose on Friday, boosted by the stronger Dalian and Chicago contracts, and higher crude oil prices. However, they remain on course for a loss of a third week in a row. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for October delivery was up 59 Ringgit or 1.59% at $3763 Ringgit ($844.29) per metric ton.
The Numbers Tell the Story of Oil Industry Crisis
Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S.
Oil Prices Near Flat
Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S. West…
Turkey's Tupras Reduces Iranian Crude Purchases as U.S. Sanctions Loom
Turkey's biggest oil importer Tupras has cut back purchases of Iranian crude since May, when the United States said it would re-impose sanctions on Tehran, and analysts say Tupras is likely to stick to lower volumes in coming months.NATO member Turkey depends heavily on imports to meet its energy…
Oil Retreats but Set for Fourth Week of Gains
China's weak December oil data weighs; Brent, WTI hit highest since Dec 2014 on Thursday. Oil prices fell on Friday after hitting a three-year high over $70 a barrel the previous day, but remained on track to post a fourth straight week of gains. Brent crude futures traded 20 cents lower at $69.06 a barrel at 1129 GMT.
Harvey's Windfall for Asian Refiners Could be Short Term
The window for refiners in Asia to make windfall profits by ramping up output to replace production lost in the United States to Hurricane Harvey appears to be fast closing. Saudi Arabia, the world's biggest crude exporter and a major supplier to many Asian refiners, on Monday hiked its official selling price for October by more than expected.
The data dilemma: Big differences in Saudi Crude Export Numbers
One of the difficulties in constructing a narrative for the crude oil market and the output cuts promised by major exporters is what set of numbers to believe. It's possible to argue that Saudi Arabia, OPEC's biggest exporter and the force behind the cuts, is either doing more than its share, or less, depending on the numbers used.
Oil Higher as OPEC Efforts Offset U.S. Supply
Bloated U.S. market still weighs on prices; U.S. to review lifting of sanctions against Iran. Oil edged higher on Wednesday as OPEC said it was committed to eroding a global surplus of crude, but increasing shale production in the United States and still-high global stocks threatened to pull prices lower.
Oil Steady as U.S. Voters Head to Polls
Clinton seen by investors as offering greater stability. China crude imports weaken, but still up on year. Oil prices held steady on Tuesday, ahead of the U.S. presidential election, as investors unwound some of their recent bets against economically sensitive assets such as crude and equities. In a swell of investor risk appetite, U.S.
Oil Rises, But Doubt Over Output Deal Curbs Gains
Oil edged up on Wednesday partly thanks to a weaker U.S. dollar, but the limited likelihood of a near-term agreement among the world's biggest exporters to tackle a global surplus by curbing production kept gains in check. November Brent crude futures rose 25 cents to $47.51 a barrel by 1345 GMT, while U.S. crude futures added 29 cents at $45.12 a barrel.
Oil Demand Likely Up in Sweltering Middle East
Saudi Arabia raised its oil production to a record last month while much of the kingdom sweltered in record temperatures that have also hit neighbouring countries across the Middle East. There is not enough statistical data to draw a direct connection between the two but it is likely most if…
US Crude Oil Exports Plunge in June
U.S. crude oil exports plunged by more than 40 percent in June, foreign trade data from the U.S. Census Bureau showed on Friday, after Brent's premium to U.S. crude hovered in a tight band earlier this year. Total exports dropped to 383,000 barrels per day from May's record of 662,000 bpd, according to data compiled by Reuters.
Asia's Gasoline Party Crashed by China, India
If you had asked Asia's refiners at the start of the year where they thought their profits would be coming from, it's likely many would have said gasoline. But China and India appear to have crashed that party. The profits from making the motor fuel have collapsed this year to the lowest in 3-1/2 years…
Is U.S. Gasoline Consumption Overstated?
Strong growth in U.S. gasoline consumption has been one of the most important factors supporting oil prices in 2016, but some analysts question whether the official data is overstating the strength of gasoline demand. U.S. gasoline consumption has been running at a record seasonal rate since February…
Oil Demand Growing at Fastest Pace for Five Years: Kemp
World oil demand surged in the first six months of 2015 compared with the same period in 2014, according to national estimates submitted to the Joint Oil Data Initiative (JODI). Petroleum demand is responding in the expected manner to a halving in the price of crude and significant declines in the price of most fuels in most consuming countries…
Oil Down as Japan Data Outweighs U.S. Stock Draw
Weak Japan export data weighs, dims growth outlook; U.S. oil inventories show unexpected draw. Oil prices fell on Thursday after weak Japanese data sounded alarm bells over the prospects for global growth, outweighing the bullish impact of a bigger-than-expected decline in U.S. crude oil stocks.
Oil Steady Ahead of U.S. Data
Oil prices steadied on Wednesday ahead of U.S. oil data expected to show falling crude and gasoline stockpiles, raising hopes of increased demand for crude. Prices consolidated after a six-week rout driven by global oversupply and concerns about falling demand in Asian economies and the United States. U.S. government data on crude stockpiles is due at 10:30 a.m.
Oil Up After Selloff, Outlook Remains Weak
China stock markets fall again, Greece fights to stay in euro. Oil rose on Tuesday after one of its biggest selloffs this year but looked vulnerable to more falls after China's stock market took another tumble and Greece moved closer to leaving the euro zone. Investors kept a close eye on talks…
