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.
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years. Sechin, a long-time ally of Russian president Vladimir Putin, has expressed scepticism in the past about Russia's collaboration with OPEC. He said that the United States benefited the most from the 2016 deal.
Palm prices rise on lower-than-expected end-Nov stock forecasts
Malaysian palm futures rose on Thursday due to lower estimated November stocks. The country is the second largest palm oil exporter in the world. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery had gained 70 ringgit or 1.39% to $5,102 ringgit (1,152.47 USD) per metric ton. A survey shows that Malaysian palm oil inventories fell to 1,79 million tons during November. This is the second consecutive month of declines as torrential rainfall disrupted production.
What impact Trump's tariffs on commodities and energy might have
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars. Canada exported some $177.19 billion in energy products to the United States in 2023, according to government data. Canada's crude imports make up more than a fifth of all the oil that U.S. refineries process. About 70% of imported Canadian barrels go to Midwest U.S. refiners that supply an area that includes Chicago and Detroit.
Palm oil closes higher than rival oils, with possible tax increases on exports in Indonesia
Malaysian palm oils futures rose Monday after three sessions of declines. They were boosted by the stronger oil prices in rival countries and the expectation that Indonesia would raise its palm oil export taxes. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery gained 54 ringgit or 1.16% to $4,696 ringgit (1,055.76) per ton. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours.
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.
