The oil price is dropping on the plan to increase US oil production, and the tariffs are being re-instated
Oil prices fell in Asian trading Tuesday, after President Donald Trump announced his plan to increase U.S. production of oil and natural gas and delayed the application of new tariffs. Brent crude futures fell 11 cents or 0.14% to $80.04 a barrel at 0156 GMT. The West Texas Intermediate crude contract for March, the most active one on the market, fell 67 cents from Friday's closing price to $76.72 per barrel. Due to a holiday, there was no settlement on the U.S. oil market for January 20. The contract for February expires Tuesday. Donald Trump announced plans to increase U.S. production of oil and natural gas.
Finland: Russia's Baltic oil exports have fallen 10% following EU sanctions
The Finnish Border Guard reported that the Russian oil exports via the Baltic Sea dropped by 10% in the final four months of 2024 as the EU sanctions on Russian oil and gas were implemented. Baltic Sea nations have been put on high alert following disruptions in power cables, gas pipelines, and telecom links since Russia's full scale invasion of Ukraine 2022. Some of these disruptions are linked to tanker activities. Finland's Coast Guard is also monitoring the shadow fleet used by Russia to export oil through the Gulf of Finland.
BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield. Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry are expected to sign an agreement of confidentiality in the next few days. Iraq will then provide Halliburton data about the Nahr Bin Omar fields and their installations. Abdul Karim, who did not give a specific timeline, said that Halliburton would help Iraq increase production in the field up to 300,000 barrels a day (bpd). The field produces around 50,000 barrels per day.
Document shows that ten EU countries have called for sanctions against Russian LNG and gas
A document obtained by revealed that ten European Union nations have asked the 27-nation group to ban the imports of gas from Russia. This comes as Europe is debating new sanctions against Moscow for its war in Ukraine. The EU is currently preparing its 16th set of sanctions against Russia's economic system, in advance of the third anniversary Moscow's invasion of Ukraine on a large scale. This will take place in February 2022. The 10 countries include the Czech Republic as well as Denmark, Estonia, and Finland. They want Europe to do more to target Russia's oil exports to reduce the revenue flowing to Moscow.
Palm ends stronger on soyoil at Dalian, Chicago
Malaysian palm futures closed higher Monday, following the strength of rival soyoil markets in Dalian and Chicago. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange increased 113 ringgit or 2.57% to 4,504 Ringgit ($999.11). A Kuala Lumpur trader stated that the market today is monitoring external performance of Dalian soyoil and Chicago soyoil. Dalian's palm oil contract grew by 3.16%, while the most active soyoil contract grew by 2.81%. Chicago Board of Trade soyoil prices were up by 0.35%.
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%. Chicago Board of Trade soyoil prices rose 1.1%.
Palm surges by more than 2% and logs a weekly gain
Malaysian palm futures closed Friday more than 2% above the previous week's closing price, as soyoil prices in Chicago rose. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange, Bursa Malaysia, rose by 97 ringgit or 2.26% to $4,393 ringgit (US$977.74) per metric ton, at the close. This week, the contract rose by 0.57%. 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.
Palm fell due to export concerns and Indonesia's biodiesel plan
Malaysian palm futures fell on Wednesday due to concerns over export demand and the uncertainty surrounding Indonesia's biodiesel mandate. At the close, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 9 ringgit or 0.21% to 4,356 Ringgit ($968.00). The contract gained 0.62% during the previous session. A Kuala Lumpur based trader said that the price of crude palm oil has dropped as export worries continue to plague the market. The data on palm oil exports from Malaysia for the period Jan. 1-10 will be released Friday.
Palm slips due to export concerns and Indonesia's biodiesel plan
Malaysian palm futures declined on Wednesday, reversing gains made earlier, due to concerns over export demand and the uncertainty surrounding Indonesia's mandate for biodiesel. At midday, the benchmark March palm oil contract on the Bursa Derivatives Exchange fell 32 ringgit or 0.73% to 4,333 Ringgit ($963.53) per metric ton. A Kuala Lumpur based trader said that the price of crude palm oil has dropped as export worries continue to plague the market. The data on palm oil exports from Malaysia for the period Jan. 1-10 will be released Friday.
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or 0.4%, to $74.23.Both crude benchmarks gained for a sixth-straight day with Brent on track for its highest close since Oct. 14 and WTI on track for its highest close since Oct.
Palm slips due to poor demand in India
The price of Malaysian palm oil futures fell on Monday due to weak demand in India, a key destination market. At the close, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 26 ringgit (0.6%), to 4,342 Ringgit ($963.18) per metric ton. The contract increased by 0.81% during the previous session. A Kuala Lumpur based trader stated that the weakness in the palm market was due to concerns about exports. According to Intertek Testing Services, a cargo surveyor and AmSpec Agri Malaysia…
PDVSA 2024 Oil Exports Climb in Choppy Year
Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results, the OPEC country's oil exports rose for a second consecutive year, providing revenue to contribute to economic growth.U.S.-sanctioned PDVSA PDVSA.UL and its joint ventures exported an average of 772…
Indonesian companies have one-and-a half months to introduce the new B40 biodiesel blend
Yuliot Tajung, deputy minister of energy and mineral resources in Indonesia, told reporters Friday that Indonesian companies would have a transition period of one and a half months to meet the B40 biodiesel requirements. The industry is still waiting on technical regulations. The largest palm oil exporter in the world currently mandates a biodiesel blend of 35%. Yuliot stated that the transition period began on January 1. The market participants are awaiting the official decree that details the amount of biodiesel Indonesia will allocate fuel retailers in order to gauge the impact on palm oil exports.
Market uncertainty caused by Indonesian B40 palm oil delays
Indonesia is yet to implement the higher blend of biodiesel that was planned for January 1, as industry participants are awaiting technical details of the regulation. This has caused confusion among palm oil dealers. The government pledged that it would mandate a 40% blend of palm oil in biodiesel starting Jan. 1. This is known as B40. It will replace the current 35% blend. The benchmark March palm oil contract on the Bursa Derivatives Market closed at 4,336 Ringgit ($968.72), down 2.5%, amid uncertainty over B40 implementation. It had risen earlier by about 1.8% when it tracked gains for Dalian vegetable oils.
Palm oil prices rise on the back of bargain-buying and strong competition oils
Malaysian palm oils futures rose Friday on the back of bargain-buying and higher rival edible oil prices, but weaker export estimates limited gains. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange rose 82 ringgit or 1.8% to 4,625 Ringgit ($1,035.14) per metric ton. The contract rose 4.33% last week, ending a two-week slide. Anilkumar Bagani said that the price of crude palm oil futures was higher in Asian hours, due to bargain-buying, a weaker Malaysian Ringgit, and gains in Chinese Vegetable Oil Futures.
Palm oil prices rise on the back of bargain-buying and stronger competition in edible oils
Malaysian palm oils futures were up on Friday, and on course to record a weekly gain. This was boosted by bargain-buying and the strength of rival edible oils. The gains were however capped by weaker estimates of exports. At midday, the benchmark March palm oil contract on Bursa Derivatives Exchange rose 44 ringgit or 0.97% to 4,587 Ringgit per metric ton. The contract has gained about 2.46% this week, and was expected to end a two-week slide. Anilkumar Bagani said that the price of crude palm oil futures was higher in Asian hours…
Sinopec, a top refiner, claims that China's oil demand will peak in 2027.
Sinopec, the state-owned refinery, said that China's oil demand will peak in 2027. This is due to a decline in diesel and gasoline consumption, which has slowed down global oil markets. Sinopec stated that the peak oil demand in 2027 will not exceed 800 million metric tonnes, or 16 millions barrels of crude oil per day. Sinopec predicted peak China oil demand at 800 million tonnes around 2026-2030. The energy sector in China faces new uncertainty by 2025, with the return of President-elect Donald…
Palm oil ends lower due to losses in soyoil; weaker Ringgit limits decline
Malaysian palm futures fell for the second consecutive session on Monday, giving up gains made at midday following losses by rival soyoils. However, a weaker Ringgit helped limit losses. Bursa Derivatives Exchange benchmark contract dropped 1.2% at close to 4,758 Ringgit ($1,069.21). The contract dropped more than 4% in the last week. Anilkumar bagani, head of commodity research at Mumbai's Sunvin group, said that the prices for crude palm oil futures opened lower but recovered at midday on the back of bargain-buying following the steady performance seen in other oils, notably soyoil, rapeseed and rapeseed.
Dalian palm and VEGOILS-Palm end lower in profit-booking
Malaysian palm futures continued to lose on Wednesday as traders booked profits after early gains that had been triggered by a fall in November stocks. The benchmark palm-oil contract for February delivery at Bursa Malaysia's Derivatives exchange lost 96 Ringgit or 1.94% to $4,855 Ringgit ($1,095.94), a metric tonne, at the close. Malaysian palm oil stocks fell for the second consecutive month, dropping 2.6% from November to 1,84 million tons. This was revealed by the Malaysian Palm Oil Board on Tuesday. The fall in palm oil inventories may fuel a rally for benchmark futures.
Chevron CEO: No discussions on Venezuela with President-elect Trump
Michael Wirth, CEO of Chevron, said that the company hasn't had any talks with Donald Trump or his team about its operations in Venezuela. The first Trump administration will end in 2019. Petroleos de Venezuela, the state-owned oil firm in Venezuela, was targeted to reduce its oil exports. It also hoped to force a change of government. Chevron, however, has been permitted to export oil since 2022 in order to recover unpaid dividends by joint venture partners. Wirth, in remarks made to the think tank Atlantic Council, said that Chevron wants to support U.S.
