Palm oil prices rise on Indian purchases but still set to lose money each week
Malaysian palm futures reversed their early losses on the Friday as India, the world's largest edible oil importer, increased purchases in the last two days. However, they are still expected to decline by a significant amount each week. By midday, the benchmark contract for palm…
EIA data show that US oil production reached a record high in October.
The U.S. Energy Information Administration reported on Tuesday that U.S. crude oil production increased by 260,000 barrels a day (bpd), month over month, to a new record of 13.46 million bpd during October. Demand surged to its highest level since the pandemic. U.S. crude oil…
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.
Year Ender: Big Oil retreats from renewables as climate agenda falters
In 2024, major European energy companies increased their focus on oil and natural gas to maximize profits in the short-term. They also slowed down and sometimes reversed climate commitments. This is a trend that will likely continue in 2025. Oil majors have retreated after governments…
Oil Rises on China Stimulus Hopes, US Inventory Drop
Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year…
Palm oil prices drop on the back of heavy sales and a weakening in Dalian palm oil
After the Christmas holiday, Malaysian palm oil futures fell on Thursday due to heavy selling and weakness of Dalian palm olein. At midday, the benchmark March palm oil contract on Bursa Malaysia's Derivatives exchange fell 12 ringgit or 0.26% to 4,546 Ringgit ($1,017.69). On Monday and Tuesday, the contract increased by 2.82%.
Palm prices fall on profit-taking ahead of the Christmas holidays
The price of palm oil futures in Malaysia fell on Tuesday, as traders booked profits before the Christmas holiday. At midday, the benchmark March palm oil contract on Bursa Derivatives Exchange dropped 28 ringgit or 0.62% to 4,514 Ringgit per metric ton. Anilkumar bagani, commodity researcher at Sunvin Group…
Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower.
Oil Falls as Chinese Demand Sags, Fed Ponders Rate Cut
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, which is the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.Brent crude futures fell 39 cents to $74.10 a barrel by 1:10 p.m EST…
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel.
OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"
It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output.The soft state of global demand is by itself sufficient reason to justify the decision at this week's meeting of the group to defer winding back some of its production cuts until at…
Brazil will offer 91 oil blocks permanently
Brazil's Ministry of Mines and Energy said in a statement on Friday that it will sell 91 oil blocks permanently. This could result in signing bonuses of up to 2.4 billion Reis ($394.11m) at the next auction. The government will offer 39 blocks within the Sao Francisco Basin of Minas Gerais…
Oil Edges to 2-Week High on Ukraine News
Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude CLc1 rose 77 cents…
India Defends Propping Up Russian Oil - Prices "would have hit the roof"
Global oil prices "would have hit the roof" if big importer India had not bought oil from Russia following the Ukraine war, India's oil minister said, adding that prices would determine where the country buys oil from.India, the world's third largest oil importer and consumer…
Oil Dips 2% as Hurricane Fears Ease
Oil prices fell more than 2% on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures CLc1 led the decline, down 2.8%, or $2.01, at 70.35 per barrel by 1:32 p.m.
Prices of oil fall as Hurricane Rafael is expected to weaken
The oil prices dropped slightly on Friday, as the market continued to assess how Donald Trump's policy might impact supplies. Brent crude oil futures dropped 26 cents or 0.3% to $75.37 a barrel at 0209 GMT. U.S. West Texas Intermediate crude (WTI), gained 35 cents, or 0.5%, to $72.01. After a nearly 1% increase on Thursday, benchmarks dropped.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production…
VEGOILS - Boost exports on the back of positive estimates and weak output
Malaysian palm oil futures ended up higher on Monday after two sessions of losses. Supported by higher export estimates, and expected seasonal palm production decreases, the prices rose. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 46 ringgit or 1.08% to 4,301 Ringgit ($1,000.23).
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.
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4…
