As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices…
Coterra Energy maintains Permian rig counts as fears about the oil market ease
Coterra Energy, an oil and gas company in the United States, will keep its Permian basin rig count at nine, said CEO Tom Jorden on Tuesday. This reverses earlier plans to reduce activity, as the firm becomes more confident about the outlook of oil prices. Coterra announced in May that it would reduce the number of Permian rigs to seven in the second half 2025, down from the original plan of 10. This will result in a $150 million reduction in capital expenditure in the basin.
Palm oil prices fall sharply on the back of weaker rival oils and crude prices
The price of palm oil in Malaysia fell more than 3% Tuesday, ending a four-day rise, due to the weaker Chicago soyoil prices and crude oil after the ceasefire agreement between Israel and Iran. The benchmark contract for palm oil delivery in September on Bursa Derivatives Malaysia Exchange fell 140 ringgit or 3.39% to 3,986 Ringgit ($940.09) per metric ton, its largest daily drop since April 4. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd.
Palm oil falls by over 3% due to weak Chicago soyoil and crude oil prices
After U.S. president Donald Trump announced the ceasefire agreement between Israel and Iran, Malaysian palm futures dropped more than 3%, ending a four-day rally. They were pressured by lower rival Chicago soyoil prices and crude oil, as well as the weaker Chicago oil and soyoil. At the midday break on the Bursa Derivatives Exchange, the benchmark palm oil contract, for September delivery, lost 126 Ringgit or 3.05% to 4,000 Ringgit ($940.73) per metric ton, its largest daily loss since April 7.
Dmitriev, a Russian diplomat, says that Saudi Arabia, the US and Russia could work together to stabilize oil markets
Kirill Dmitriev, Russia's Investment Envoy, said that the United States, Saudi Arabia, and Russia could work together to stabilize oil markets, if necessary. Investors were frightened by fears that a wider conflict in the Middle East could disrupt crude supply. Dmitriev said that there is precedent for a similar joint action to be taken in 2020. Dmitriev, speaking on the sidelines at the St Petersburg International Economic Forum, said: "There is an example where (Russian President) Putin and (U.S.
Eni CEO: Oil markets do not expect closure of the Hormuz Strait
Eni's CEO, Eni of Italy, said that oil markets were signaling an unlikely escalation of tensions between Israel and Iran or the closing of the Strait of Hormuz. The Strait of Oman, located between Oman and Iran, connects the Gulf of Oman in the north with the Gulf of Oman in the south. It also links the Arabian Sea to the east. Claudio Descalzi, Eni, said at an energy conference that the markets had not yet pushed crude oil prices above $80 or $90 per barrel…
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday. Brent futures, the global benchmark, gained 2.1% and traded at $75.76 per barrel. Brent…
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost. It is also in the interest of all parties involved that this continues to be the case.
Profit taking on palm oil as it slips against inferior edible oils
Malaysian palm futures continued to fall on Thursday. They followed the weaker edible oils in Chicago and Dalian, as well profit-taking actions. By midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange had fallen 29 ringgit or 0.73% to 3,919 Ringgit ($924.29) per metric ton. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group, said that palm oil futures had been trading lower due to profit taking…
Palm logs third week gain despite Chicago Soyoil drag
The market for Malaysian palm oil futures recorded a third consecutive weekly gain. However, the market fell on Friday due to the weaker Chicago soyoil. At the close, the benchmark contract for palm oil delivery in August on the Bursa Derivatives Market fell 54 ringgit (1.37%) to 3,878 Ringgit ($911.83) per metric ton. This week, the contract increased by 1.33%. Crude palm futures fell in line with the weakness of the Chicago soybean oil markets…
Palm slips due to weaker Chicago soyoil, but still on track for weekly gains
The market for Malaysian palm oils futures dropped on Friday. This ended a five session rally. It was a result of the weaker Chicago soyoil. However, it is still on track to gain a weekly profit. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for August delivery fell 72 ringgit or 1.83% to 3,860 Ringgit ($910.38) per metric ton. This week, the contract has gained 1,99%.
Palm snaps its two-day winning streak as rising production and stocks weigh on it
The Malaysian palm futures market ended a two-day streak of gains on Wednesday. This was due to rising production and inventory levels, which weighed heavily on the market. However, stronger edible oils from other countries and positive export data helped limit the decline. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange fell 12 ringgit or 0.31% to 3,896 Ringgit ($913.05), a metric tonne, at the close.
As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66, has dropped by more than 20 billion dollars since Trump announced new tariffs Wednesday afternoon. Alan Gelder is vice president for refining chemicals and oil markets, Wood Mackenzie.
Malaysian palm oil drops, rivals follow suit
The price of Malaysian palm oils futures fell for a third consecutive session on Tuesday. This was in line with the declines in rival vegetable oil markets such as Dalian and Chicago, while investors waited to see export data. By midday, the benchmark palm oil contract on the Bursa Derivatives Exchange for June delivery had fallen 29 ringgit or 0.67% to 4,276 Ringgit ($963.71) per metric ton. According to Amspec Agri Malaysia…
Russian central bank expects low oil prices to continue for a while
The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S. president Donald Trump began negotiations to end the conflict in Ukraine. Trump warned that he would impose additional sanctions against Russia if a peace agreement was not reached.
German antitrust watchdog flags price issues in the oil market
The German antitrust authority said on Wednesday that an examination of Germany's oil markets showed pricing issues. It called for stronger legal regulations on price quotes. The Federal Cartel Office will launch an investigation in 2022 into the German refinery and wholesale market for fuels following Russia's invasion. The two-stage investigation examined refinery pricing, fuel imports and supply chains as well as market behaviours.
India demands that Russian oil suppliers comply with sanctions
India, the world's No.2 importer of crude oil from Russia, wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the United States. India, the No. 2 importer from Russia of crude oil, will only buy Russian oil if the oil is supplied by ships and companies that are not sanctioned by America, according to the oil secretary. The escalating sanctions imposed by the west…
Oil prices fall as Trump reiterates his call for OPEC price cuts
Oil prices fell on Monday, after U.S. president Trump asked OPEC for a reduction in prices in response to his announcement that he would take a wide range of measures to increase U.S. oil production and gas output during his first week as president. Brent crude futures fell 53 cents or 0.68% to $77.97 per barrel at 0430 GMT, after closing up 21 cents Friday. U.S. West Texas Intermediate Crude was $74.16 per barrel, down by 50 cents or 0.67%.
Mistry: Malaysian palm oil will trade at around 4,000 Ringgit/T by 2025
Analyst Dorab Mistry predicted that Malaysian palm oils will trade at around 4,000 Malaysian Ringgit per metric tonne in 2025. However, there was a short rise to 4,800 Ringgit in February due to stiff competition from soybean oil. By midday, the benchmark palm oil contract, FCPOc3, for April delivery, on Bursa Malaysia's Derivatives exchange had lost 64 ringgit or 1.52% to 4,144 Ringgit ($933.02), a metric tonne.
