Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S. production of oil and gas could put Canadian exports into competition with other countries.
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. vice president Kamala Harris, showed why it is difficult to predict the impact of Trump's return as the White House. Take crude oil as an example.
Palm prices fall as India rejects premium prices and funds drive the market
Malaysian palm futures declined on Friday, but were still on track to have their best week in over 16 months. India pulled back from purchasing due to a growing premium for soft oils. Fund positions are driving the current prices. During the midday break, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in January fell 16 ringgit or 0.35% to 4,587 Ringgit per metric ton. The contract is on track to achieve its largest weekly gain since June 2023. A Mumbai-based trader at a global trading house stated that palm oil is currently selling at a premium to other soft oils.
Palm prices surge for a fourth day due to lower stocks and possible production drops
Malaysian palm oils jumped by more than 2% in value on Thursday. This was due to expectations that palm production would decline and the national stockpiles would be reduced. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Market gained 116 Ringgit or 2.59% to 4,602 Ringgit per metric ton. The contract gained 7.92% in total over four sessions. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn Bhd. He said that the prices of crude palm oil opened higher on expectations of a weaker production and lower stock levels.
GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.
GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather. GAPKI data show that palm oil exports from the world's biggest producer rose by 15% in August compared to a year ago, to 2,38 million metric tonnes. This lowered its end-August stock of palm oil to 2,45 million tons down from 2.51 millions tons a month before. GAPKI data shows that this was the lowest stockpile of Indonesian rice since March 2019. GAPKI Secretary General M.
Azerbaijan's oil production for 9 months down 4.8%, says ministry
Azerbaijan’s oil production fell by 4.8% in the first nine-month period of 2024 to 21.6 millions metric tonnes, down from 22.7million metric tons one year ago, said Energy Minister Parviz Shabazov on Monday. He didn't explain the cause of the decline. Production of oil in Azerbaijan has been declining for several years as the output at Azeri-Chirag-Gunashli complex of offshore oilfields, operated by BP, has passed its peak. Azerbaijan belongs to the OPEC+, a group of major oil producers that has reduced oil production in order to stabilize energy markets.
Palms slide on profit-taking after MPOB data that is bearish
Malaysian palm futures reversed gains made earlier in the week on Thursday, as profit-taking affected the market after the Malaysia Palm Oil Board (MPOB), released its demand and supply statistics. The benchmark palm-oil contract for December delivery at Bursa Malaysia's Derivatives exchange fell by 17 ringgit or 0.4% to 4,235 Ringgit ($987.64). The contract has dropped 2.49% in three sessions. Malaysian palm futures fell on profit-taking after the release of MPOB data. The market interpreted the data as mildly negative, according to Paramalingam Supramaniam. Director at Selangor brokerage Pelindung Bestari.
VEGOILS - Palm up as traders await further cues from the MPOB data
Malaysian palm futures edged higher on Thursday, after two sessions of falling prices. Traders awaited further clues from the Malaysia Palm Oil Board's (MPOB) supply and demand data. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery gained 9 ringgit or 0.21% to 4,261 Ringgit ($993.24) per metric ton. The contract has fallen 2.1% over the last two sessions. The Malaysian palm futures today will depend on how traders interpret the MPOB data. Let's wait," Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari said.
VEGOILS - Palm falls, Chicago soyoil losses and profit-taking
Malaysian palm futures declined on Thursday as investors booked profit and the Chicago soyoil contracts weakness added to the decline. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 38 ringgit or 0.91% to 4,158 Ringgit ($987.18) per metric ton. After a jump of more than 4% Wednesday, the contract lost 1.14% overnight. Malaysian palm futures fell today as traders took profits after yesterday's gains, according to David Ng, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand. Brent crude prices dropped by over 2% on Tuesday, to about $70. The prospect of increased supply and a tepid growth in global demand outweighed concerns regarding the escalating conflict and its impact on crude oil exports from Middle East.
Palm oil closes at its highest level since nearly 3 months, rising for the 6th consecutive session.
The Malaysian palm futures continued to rise for a sixth consecutive session on Wednesday. They closed at their highest level since over two and a half months as the strength of Dalian contracts outweighed profits taken by other oils. The benchmark palm-oil contract for December delivery at the Bursa Derivatives Exchange in Malaysia rose 56 ringgit or 1.4% to 4,044 Ringgit ($979.89), closing at its highest level since July 5. The contract's price has increased by 8.24% in the last six sessions.
Dalian oil supports palm gains
The price of Malaysian palm oil futures rose on Wednesday due to the strength in Dalian oils and traders' profits made in rival oils. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for December delivery had risen 27 ringgit (0.68%) to 4,015 Ringgit ($974.51) per metric ton. The contract has increased 7.5% in the last six sessions. A Kuala Lumpur based trader stated that the Malaysian palm oils futures continue to be on an upward trend as the Chinese stimulus announcement resulted in a continuous strength of Dalian oils.
Palm oil gains for the third consecutive session and logs a weekly gain
The price of palm oil in Malaysia rose for the third consecutive session on Friday, and also logged a gain over the week, thanks to the strength of rival Dalian contracts. However, lower crude oil prices and concerns about demand capped this rise. The benchmark palm-oil contract for December delivery at the Bursa Derivatives Exchange in Malaysia closed 72 ringgit or 1.86% higher, closing at 3,948 Ringgit ($940.00) per metric ton. After two weeks of falling prices, the contract rose 3.5% in this week's trading.
Sources say that the distillation and catalytic cracker units at Venezuela's Amuay Refinery have resumed operations.
Five sources said this week that a catalytic cracker, and two distillation machines, at Venezuela's Amuay Refinery, the largest in the country, had resumed operation following an interruption of power earlier this month. Sources claim that a blackout occurred on September 12 which knocked the catalytic cracker of the refinery, which produces the finished fuel, offline. The distillation units were also halted. Due to the chronic lack of investments, power outages are common in Venezuelan refineries. They can cause operations to be suspended, resulting in fuel shortages.
Exports of palm oil from Indonesia are falling due to a rising local demand and lower production
An industry official said on Thursday that Indonesian palm oil exports will likely decline this year because of increased domestic consumption due to a higher biodiesel blend mandate and a small decrease in production. Exports would be limited and benchmark Malaysian prices supported by a lower production in the world's largest producer of tropical oil. Fadhil hasan, the head of the trade division of the Indonesian Palm Oil Association, told the Globeoil conference in Mumbai that the country's exports may fall by 2 million metric tones, from 30.2 million tonnes, in 2024.
The demand for palm oil in Indonesia will increase and the production will decrease by 2024.
An industry official said on Thursday that Indonesian palm oil exports will decline by 2024 because of increased domestic consumption due to a higher biodiesel blend mandate and a small decrease in production. Exports would be limited and benchmark Malaysian prices supported by a lower production in the world's largest producer of tropical oil. Fadhil hasan, the head of the trade division of the Indonesian Palm Oil Association, said at the Globoil Conference that the country's exports may fall by 2,000,000 metric tons compared to a year earlier, and could reach 30.2,000,000 tons in 2024.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue through exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July. This is up from 40% last December. By using Russian insurance companies, Moscow can sell oil above the $60 per barrel cap that was imposed by the Group of Seven (7 G7)…
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue from exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July. This is up from 40% last December. Moscow can use Russian insurers to sell oil above the $60-per-barrel price cap imposed by the Group of Seven…
Palm production slips due to low volume and muted expectations
Malaysian palm futures continued to fall for a fourth consecutive session on Thursday, amid lower trading volume and concerns over low production expectations. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for November delivery was down 20 Ringgit or 0.51% at $3,866 ringgit (US$892.84) per metric ton. "A rather thin volume today suggests a lack of activity in the sales sector." "The biggest concern is the low arrivals of fruit bunches, and poor production performances in both August and September", said Paramalingam Supramaniam at Selangor brokerage Pelindung Bestari.
Palm oil prices rise on China's antidumping probe and the weakening ringgit
The price of Malaysian palm oils futures rose on Tuesday. This was the fourth session in a row that they have gained. This is due to China starting an anti-dumping investigation into canola imported from Canada, and also a weaker ringgit. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 45 Ringgit or 1.14% to 3,978 Ringgit ($909.67). China announced on Tuesday that it will launch an anti-dumping probe into canola imported from Canada after Ottawa imposed tariffs on Chinese Electric Vehicles…
