Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group also postponed their planned supply increases to 2026 and extended the deep cuts in output until the end of the year.
Palm closes over 3% higher due to stronger rival oils and output concerns
Malaysian palm futures closed more than 3% higher Wednesday. Prices were boosted by the stronger edible oils of rivals and concerns about production. Increased buying in anticipation of an industry conference was also supportive. The benchmark May palm oil contract on the Bursa Derivatives Market gained 169 Ringgit or 3.75%. It closed at 4,673 Ringgit ($1,052.95) per metric ton after hitting an intraday peak of 4,695 Ringgit. The contract dropped 0.84% during the previous session. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Palm prices rise on lower production and log a fourth weekly gain
Malaysian palm futures closed higher on Friday, logging a fourth consecutive weekly gain. Lower stocks supported the market in spite of demand concerns and uncertainty surrounding Indonesia's mandate for biodiesel. At the close, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 41 ringgit (0.9%), to 4,595 Ringgit ($1,036.78) per metric ton. The contract increased by 2.02% in the past week. Paramalingam Supramaniam of Selangor-based brokerage Pelindung Bestari said that the market was slightly adjusted due to concerns about demand, but lower end stocks supported prices.
Palm production drops, resulting in a fourth-week gain.
Malaysian palm futures increased on Friday as lower inventories supported the market, despite concerns about demand and uncertainty surrounding Indonesia's mandate for biodiesel. At midday, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 35 ringgit or 0.77% to 4,589 Ringgit ($1,033.56) per metric ton. This week, it has increased by 1.62%. Paramalingam Supramaniam of Selangor-based brokerage Pelindung Bestari said that the market was slightly adjusted due to concerns about demand, but lower end stocks supported prices.
Official Russian energy says US sanctions shouldn't hinder oil trade with India
The latest sanctions by the United States against Russia shouldn't affect the oil trade between Moscow and India, Pavel Sorokin said, Russia's first vice minister of energy, on Tuesday. He added that it is too early to determine the effects. India has become the largest buyer of Russian oil shipped by sea at a discounted price after Western nations implemented sanctions against Moscow and reduced their energy purchases as a response to Russia's invasion in Ukraine in 2022. Washington imposed new sanctions last month targeting Russia's supply chain for oil.
VEGOILS - Palm flat ahead of MPOB and exports; demand concerns weigh
Malaysian palm futures were in a narrow range on Monday, ahead of important data on the country’s stocks. Weak demand from key markets was offset by gains due to flood fears and Indonesia’s potential increase in export taxes. At the midday break, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 7 ringgit or 0.16% to 4,497 Ringgit ($1,006.72) per metric ton. Anilkumar bagani, commodity researcher at Mumbai's Sunvin Group, explained that crude palm oil futures were trading sideways before the Malaysian Palm Oil Board data.
Palm oil prices rise on Dalian oil demand and stronger Dalian crudes
Malaysian palm oils futures closed higher on Wednesday. They were boosted by the stronger Dalian edible oil, and traders were hopeful about a possible resumption in palm oil demand out of India. At the close, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 24 ringgit or 0.56% to 4,332 Ringgit per metric ton. The contract fell 1.35% Tuesday. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, says that market participants are confident about India resuming its palm oil purchases in order to replenish the country's stocks…
Palm oil prices rise on Dalian oil demand and stronger Dalian crudes
The price of Malaysian palm oils futures recovered from early losses, with the help of gains in Dalian edible oil, and traders are optimistic about a possible resumption in demand for palm oil from India. At midday, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 20 ringgit (0.46%) to 4,328 Ringgit ($977.64). The contract fell 1.35% on Monday. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group, says that market participants are confident…
Palm oil's performance is lower due to weakness in Chicago Soyoil
The price of palm oil in Malaysia ended lower Tuesday after a five session winning streak. Chicago soyoil fell as the U.S. announced it would delay implementing tariffs against Mexico and Canada. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 63 ringgit or 1.44% to 4,304 Ringgit ($969.37). A Kuala Lumpur based trader stated that the crude palm oil futures fell due to weakness in the Chicago soybean oil market. The trader stated that "the news that the U.S. Chicago Board of Trade soyoil fell by 2.54%.
Palm oil rises as Chicago soyoil and crude oil strengthen
Malaysian palm futures rose Monday for the fifth session in a row, boosted by a stronger Chicago soyoil price and higher crude oil prices. By midday, the benchmark contract for palm oil delivery in April on the Bursa Derivatives exchange had gained 63 Ringgit (1.47%) to 4,352 Ringgit ($969.91). In the last four sessions, it gained 2.36%. Anilkumar bagani, commodity researcher at Mumbai's Sunvin Group, said that the futures for crude palm oil (CPO), which are based on Chicago soyoil, have been moving higher since last Friday. He said that U.S.
Goldman Sachs: Trump's tariffs will have a limited impact on oil and gas prices
Goldman Sachs stated in a Sunday note that the new tariffs placed by U.S. president Donald Trump on imports coming from Canada, Mexico and China will likely have a limited impact on oil and gas prices globally. The bank stated that the potential tariff-driven decrease in U.S. Natural Gas imports from Canada was too small to have a significant impact on U.S. Natural Gas prices. Prices of oil and gas jumped Monday following Trump's tariffs. Tariffs will be implemented on February 4, including a 25% tax on goods imported from Mexico and Canada.
Palm oil prices fall on Indonesian export levies and US tariff threats
Malaysian palm futures declined on Friday, as trading resumed following a two-day Lunar New Year break. The market was weighed down by uncertainty about Indonesia's export rate and U.S. Tariff threats. By midday, the benchmark April palm oil contract on Bursa Derivatives Exchange fell 19 ringgit or 0.44% to 4,260 Ringgit ($963.36) per metric ton. The contract is up 1% this week, after last week's 0.62% increase. Paramalingam Supramaniam of Selangor's brokerage Pelindung Bestari said that the possibility of a reduction of 9% to 10% in Indonesian crude oil export levies…
EIA: US crude and distillate stocks fall; gasoline increases last week
The U.S. Energy Information Administration reported on Thursday that crude oil and distillate stocks in the United States fell last week while gasoline inventories rose. The EIA reported that crude inventories dropped by 1 million barges in the week ended Jan. 17, to 411.7 million bars, marking the 9th consecutive weekly decrease. A poll of analysts had predicted a draw of 1.6 million barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 148,000 bbls. Crude futures extended their losses after the data showed the smaller-than-expected drawdown.
Trump's complaint about the trade deficit with EU and what could come next
Donald Trump, President of the United StatesTrump has pledged to reduce a long-standing trade deficit between the United States and the European Union. He says he will do this by imposing tariffs, or forcing the EU to buy more U.S. gas and oil. In a memo entitled "America First Trade Policy", issued by Trump on his first day in the White House, he directed the Commerce and Treasury Departments and the U.S. Trade Rep to investigate the goods trade deficit and recommend measures before April.
CNPC: China's crude imports could grow by 1% in 2025
According to a report released by the state-owned energy giant China National Petroleum Corp. (CNPC), China's crude imports are expected to rise just 1% in 2019. The country's reliance upon oil imports, however, is projected to stay at 70% between 2026-2030. The Economics and Technology Research Institute of CNPC (ETRI) estimated that the world's second largest refining industry will import 559 millions metric tons crude oil in this year. This is equivalent to approximately 11,18 million barrels a day.
Sources say that India's palm oils imports will hit a 5-year low on January due to negative margins.
India's palm-oil imports will plunge to their lowest level in five years this January due to negative refining margins. The tropical oil's higher price than its rivals is driving buyers to soyoil which is more competitively priced, according to government and industry officials. The world's largest buyer of vegetable oil, Malaysia, could reduce palm oil imports and weigh down on Malaysian benchmark palm oil prices. However, this would support U.S. soybean oil futures. A leading Indian…
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's new oil producer became the fifth largest crude oil exporter in the region, after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global growth of oil supplies. Minister Vickram Bharrat announced that detailed figures about output and exports would be released this week.
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.
Are price movements a result of structural shifts? China's commodity imports are bifurcated: Russell
China's imports in 2024 of major commodities were a mixed bag. Iron ore, coal, and natural gas volumes reached record levels, while crude oil was weak. Raw data from the largest buyer of natural resource in the world suggests that some parts of the economy perform well, while others are struggling or are undergoing structural changes. The main challenge when analysing China's imports of commodities is to separate temporary factors from those that are part a longer-term trend. Crude oil may be the best example.
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.
