Palm oil drops 8% in a week, the worst drop for 19 months.
Malaysian palm futures fell on Friday, their biggest weekly drop in over a year. Weak soybean oil prices and concerns about demand weighed them down. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 132 ringgit or 2.77% to 4,640 Ringgit ($1,039.19). This is the second weekly decline in a row and the biggest weekly drop since April 2023.
Palm to drop for second week on weak soya, concerns about demand
Malaysian palm futures fell on Friday, and are headed for another week of losses. Weak soybean prices and looming concerns about demand have weighed them down. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 81 ringgit or 1.7% to 4,691 Ringgit ($1,050.62) per metric ton. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd.
EIA reports that US crude, gasoline, and distillate stocks rose last week.
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory increased last week. The EIA reported that crude inventories increased by 2.1 millions barrels, to 427.7million barrels during the week ended Nov. 1. This was a far cry from the 1.1 million barrels analysts had predicted in a recent poll.
US crude, fuel inventories fall last week, EIA says
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory fell last week. The EIA reported that crude inventories dropped by 515,000 barrels, to 425.5 millions barrels for the week ending October 25. This was in contrast with the analysts' polled expectations of a rise of 2.3 million barrels.
US crude, fuel inventories fall last week, EIA
The Energy Information Administration reported on Thursday that U.S. crude, gasoline, and distillate stocks fell last week. The EIA reported that crude inventories dropped by 2.2 millions barrels, to 420.6 million in the week ending Oct. 11. This was in contrast with the analysts' polled expectations of a 1.8-million barrel increase. Crude oil stocks at Cushing…
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.
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.
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong.
As tensions in the Middle East escalate, futures prices fall; employment data is on tap
U.S. Stock Index Futures fell on Wednesday, as geopolitical tensions and a port strike in the United States kept investors on edge before data that was expected to shed some light on the state of the economy and its monetary policy trajectory. Wall Street's major indexes started the fourth quarter of the year with a gloomy outlook. The S&P 500…
Indonesian palm oil stocks in July at a 5-year low amid increased biodiesel production and higher demand
Data from a leading industry group showed that Indonesian palm oil inventories fell 10.82% from the previous month to a 5-year low of 2,51 million metric tons as demand for biodiesel grew and production decreased, according to data released on Wednesday. The benchmark Malaysian futures could be supported by falling stocks in Indonesia. Indonesia is the world's largest producer and consumer.
Palm oil hits a three-week low, as other oils fall and India considers a duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Market fell 53 ringgit (1.36%) to 3,848 Ringgit ($888.07).
Palm oil hits 3-week low, rival oils also fall as India considers duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for November delivery was down 46 Ringgit or 1.18% at 3,855 Ringgit ($890.09) per metric ton.
Canada's benchmark TSX index edges up on oil gains and local acquisitions
Canada's benchmark stock index edged up slightly on Monday, as calm returned to the market after a turbulent week. However, rising tensions in Middle East and the upcoming U.S. data this week kept investors on the edge. The S&P/TSX Composite Index closed at 22,406.31, up 95.01, or 0.43%. Two major acquisitions in Canada also contributed to the increase.
Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects
Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers contacted by Reuters from companies overseeing about $7 trillion in assets, most…
China Crude Processing Spikes to All-time High
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been processed so far this year according to the National Bureau of Statistics China.Despite the 12.0% growth in crude oil processing…
Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts
Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT.West Texas Intermediate (WTI) crude futures rose 0.56%, or 20 cents, to $35.64 a barrel.Brent has doubled over the past six weeks…
IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, raising its estimate by 690,000 bpd compared to last month.Around…
Brent Crude Drops to $26.35. Outlook Bleak
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel.
Coronavirus Leaves China-bound Tankers Stranded
The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets…
US Refiners Grab HSFO on Back of IMO 2020
U.S. refiners are scooping up cheap high-sulfur fuel oil for processing from Russia and the Baltic states as they take advantage of new shipping rules that have cut demand for the dirtier marine fuel, according to oil traders and shipping data.U.S. refiners Valero Corp, Chevron Corp and Phillips 66 have been buying HSFO, traders said, taking advantage…
