Dealers say that India's imports of soyoil and palm oil reached a record high in August, as well as a six-month high.
Five dealers said that Indian refiners imported the largest amount of palm oil in six months and a record volume of soyoil during August to build stocks for 'the festival season. The world's largest importer of vegetable oil, Indonesia, Malaysia and Argentina could benefit from higher palm oil and soyoil purchases by helping top producers Indonesia and Malaysia to reduce stocks and support benchmark palm and soyoil prices. The average estimate of the dealers showed that India's imports of palm oil rose by 7% in August compared to a month before…
Palm oil climbs near one-month high as crude and Dalian oils gain
Malaysian palm futures rose on Monday, reaching their highest level since?nearly one month. This was largely due to gains in crude oil, stronger Dalian vegetable oil, and renewed El Nino fears. At close, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery was up 45 Ringgit or 0.98% at 4,642 Ringgit ($1,134.96). Anilkumar bagani, commodity head at Sunvin Group and the head of research for commodities, said that BMD CPO futures had opened higher after a bullish rally on energy prices as well as CBOT Soy oil futures.
Palm oil prices rise on the back of surging crude oil prices. El Nino concerns
Malaysian palm futures rose on Monday, following a rally in crude prices and strength?in Dalian vegetables oils. Renewed concerns about El Nino also helped to pull prices higher. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 39 Ringgit (0.85%) at $4,636 ringgit (1,134.33 USD). BMD CPO futures have opened higher after a?bullish rallies in energy prices, CBOT soy oil futures on Friday and in Chinese vegetable oil in Asian hours this morning. "Talks of a super-strong El Nino?
US stock futures fall as Trump declares the Iran deal 'over'. Oil climbs
U.S. Stock Index?futures fell sharply on Wednesday.?Nasdaq Futures reached a four-week high after President Donald Trump declared that a memorandum aimed at ending a war with Iran is "over". This sent oil prices soaring. The U.S. President, speaking in Ankara, ahead of the NATO summit, said he was not interested in further engagement with Iran. This has heightened investor concern over the'renewed escalation' in the Middle East, and is the latest blow against the fragile ceasefire between Washington and Tehran. Iran's Revolutionary Guards claimed they targeted U.S.
Gulf-Europe Oil Pipeline Could Minimize Red Sea Dependency
Gulf countries' dependence on oil shipments through the Strait of Hormuz could be significantly reduced by a pipeline linking the Gulf to Europe via Israel, Israel's energy minister said, allowing them also to bypass Red Sea shipping disruptions.Oil prices surged after the U.S. and Israel launched strikes on Iran on February 28 and Tehran effectively closed the strait. Prices have dropped since a U.S.-Iran ceasefire but fears remain that renewed tensions could…
Oil Exports From Russia's Western Ports Hits Record High in June
Oil shipments from Russia's western ports hit a record high in June and are expected to maintain that level in July as ongoing drone attacks on domestic refineries force Moscow to boost crude exports, three trade and industry sources said on Thursday.Exports from the Baltic ports of Primorsk and Ust-Luga, along with the Black Sea port of Novorossiysk reached nearly 3 million barrels per day in June, according to the sources' data.Loadings from the ports will remain close to 3 million bpd this month…
UAE Crude Imported for First Time by Nigerian Dangote Refinery
Nigeria's 650,000-barrel-per-day Dangote refinery has imported 2 million barrels of crude from ADNOC of the United Arab Emirates, traders told Reuters, marking its first such purchases of crude from the Middle Eastern producer.The purchases come as global crude markets have weakened sharply as more oil shipments transited the Strait of Hormuz following the U.S.-Iran ceasefire earlier this month and as demand in Asia has weakened, freeing up more Middle Eastern…
McGeever: Oil slide reduces dollar's inflationary bite
The rest of the world waits with bated breath for the inevitable bout of inflation imported from the United States. However, the sound you are hearing now may be a collective relief. The dollar is at its strongest in more than a year against major rivals such as the euro and the yen, thanks to rising U.S. interest rate expectations. It's also at multiple-year highs against many emerging-market currencies: South Korea’s won?hit?a 17-year-low earlier this month.
Brent Oil Remains On Track for 8% Weekly Decline as Israel, Hezbollah Agree to Ceasefire
Brent crude ticked slightly higher on Friday but was still on track for a more than 8% weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the Strait of Hormuz increased.Brent crude futures were up 20 cents, or 0.25%, at $80.05 a barrel by 10:55 a.m. ET, while U.S. West Texas Intermediate crude was up 25 cents, or 0.33%, at $76.85 per barrel.Trading volumes were light due to a U.S. federal holiday.Oil shipments through the Strait of Hormuz picked up on Friday after the signing of the deal…
Kharg Island, Iran and its energy sector
Donald Trump, U.S. president on Thursday, said that the United States would strike Iran "very heavily tonight". He also stated his desire to seize Kharg Island - the heart of the world's biggest oil producer. Iran is the third largest producer of oil in the Organization of Petroleum Exporting Countries. It exports 90% of crude via Kharg Island. This island lies 16 miles (26 kilometers) off the coast of Iran, at the northern end of Gulf and approximately 300 miles (483km) northwest of Strait of Hormuz. The U.S.
CPC Oil Exports Reach Record High of 1.83 Million bpd in May
The Caspian Pipeline Consortium's (CPC) oil loadings hit a record high 7.187 million metric tons in May, or about 1.83 million barrels per day (bpd), due to higher output at Kazakhstan's giant Tengiz oilfield after temporary maintenance work, two industry sources said.Oil output at the Tengiz field fell for several days at the end of May due to a malfunctioning transformer issue, but was then restored.On a daily basis CPC Blend oil loadings rose 10% in May from April, Reuters calculations showed.
What are the issues that Iran and the US need to resolve before they can reach a peace agreement?
Here are the key issues that the United States and Iran face as they try to reach a deal in order to end their war which has now entered its fourth month. The 'closure of the Strait of Hormuz by Iran, which is normally used to transport around a fifth of?oil shipments and liquefied gas, has caused an unprecedented oil shock that has driven up the price of fuel, food, and fertiliser. Washington's priority is to reopen the Strait, and Tehran's leverage is to reopen it. But this could take some time. Iran claims to have laid sea mines which could be hard to find.
India's palm oil imports in May improve; soyoil increases on shrinking premium
Five dealers said that India's imports of palm oil rose modestly from the previous month's low but remained below average. Refiners switched to soyoil as palm's price edge over competing oils shrank, they said. Imports of palm oil from the world's largest importer could be lower than usual, which would increase stocks in major producers Indonesia and Malaysia. This could also weigh on futures contracts for Malaysian benchmark palm oil. Dealer estimates show that palm oil imports increased to 551,000 tons in May from 513 403 tons in April.
India and the US discuss Middle East trade, as Rubio cites progress in Iran conflict
The U.S. Secretary Of State Marco Rubio met with Indian Foreign Minister Subrahmanyam Jishankar in New Delhi on Saturday. Both sides discussed the Middle East, the trade, the visas, maritime safety, and energy supplies. Washington also cited the progress made?in efforts to resolve the conflict between Iran and the United States. Rubio stated that progress was made in the past 48 hours regarding an outline which could resolve the current situation surrounding the Strait of Hormuz. He added that "good news" might be forthcoming within the next few days.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand. World has used temporary buffers to absorb the shock of the Middle East war. These include commercial stocks, oil in transit or stored at sea, and emergency reserves.
Maurel & Prom sales in the first quarter more than doubled due to rising oil prices
Maurel & Prom, a French 'oil group, reported that its first-quarter revenue more than doubled from $64?million to $163 million, a rise of 41% in the average price per barrel for each quarter, to $90.8, according to a company statement on Thursday. Gabon led the recovery with a 14% increase in its total working interest production. M&P began drilling in Venezuela in early march after U.S. officials authorized the company to increase?oil-and-gas operations. Production is expected to rise in the second quarter.
China's Xi: Rule of law is essential for Middle East Peace
China's president Xi Jinping rebuked the U.S. and Israeli war against Iran on Tuesday by saying that the international rule of law was essential to peace and stability in the Middle East. Xi, who has been a vocal critic of the U.S./Israeli conflict in the past, has not made many public statements about it. He will meet with Donald Trump, the U.S. president at a meeting expected to take place in Beijing next month. Xi said to Sheikh Khaled Bin Mohamed bin Zayed…
Oil Prices Fall 4% as US Proposes Iran Peace Plan
Oil prices slid about 4% on Wednesday on reports that the U.S. had sent Iran a 15-point proposal aimed at ending the war, prompting talk of progress toward a ceasefire.Brent futures fell 3.96, or 3.8%, to $100.53 a barrel at 10:41 a.m. EDT (1441 GMT), while U.S. West Texas Intermediate (WTI) crude fell $3.57, or 3.9%, to $88.78.Pakistan has delivered a U.S. proposal to Iran, and either Pakistan or Turkey could be a venue for discussions to de-escalate the war,…
Japan's Nikkei soars on optimism about Iran peace plan
The Nikkei average rose by a little over 3% on Wednesday. This was due to cautious optimism that the Middle East Crisis could be moving toward a possible settlement following recent volatility. The Nikkei 225 Index, the benchmark index, grew by 2.93% to reach 53784.43. The Topix index rose 2.5% to 3,648.78. Donald Trump, the U.S. president, said that on Tuesday that the U.S. is making progress in its negotiations to end war with Iran. Like many other global markets, Japanese stock prices have fluctuated on signs of conflicting escalation or an end to hostilities.
Sources say that Bangladesh has secured diesel supplies amid major disruptions in energy supply
After the U.S. - Israel war 'on 'Iran, which disrupted shipments to garments and other industries, Bangladesh began receiving diesel from suppliers such as?China, India, officials said. The country has enough fuel for about a?month worth of demand. As the Middle East oil trade is severely disrupted by the war against Iran, South Asia, a nation of approximately 175 million people that relies heavily on imported energy, has implemented fuel rationing, restricted diesel sales, and closed its universities.