Sinopec, a top refiner, claims that China's oil demand will peak in 2027.
Sinopec, the state-owned refinery, said that China's oil demand will peak in 2027. This is due to a decline in diesel and gasoline consumption, which has slowed down global oil markets. Sinopec stated that the…
Palm oil ends lower due to losses in soyoil; weaker Ringgit limits decline
Malaysian palm futures fell for the second consecutive session on Monday, giving up gains made at midday following losses by rival soyoils. However, a weaker Ringgit helped limit losses. Bursa Derivatives Exchange benchmark contract dropped 1.2% at close to 4…
Dalian palm and VEGOILS-Palm end lower in profit-booking
Malaysian palm futures continued to lose on Wednesday as traders booked profits after early gains that had been triggered by a fall in November stocks. The benchmark palm-oil contract for February delivery at…
Chevron CEO: No discussions on Venezuela with President-elect Trump
Michael Wirth, CEO of Chevron, said that the company hasn't had any talks with Donald Trump or his team about its operations in Venezuela. The first Trump administration will end in 2019. Petroleos de Venezuela…
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter.
Palm prices rise on lower-than-expected end-Nov stock forecasts
Malaysian palm futures rose on Thursday due to lower estimated November stocks. The country is the second largest palm oil exporter in the world. By midday, the benchmark palm oil contract on Bursa Malaysia's…
What impact Trump's tariffs on commodities and energy might have
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars.
Palm oil closes higher than rival oils, with possible tax increases on exports in Indonesia
Malaysian palm oils futures rose Monday after three sessions of declines. They were boosted by the stronger oil prices in rival countries and the expectation that Indonesia would raise its palm oil export taxes.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian…
Commodities fall amid increased risks of Trump's second-term: Russell
Commodities have reacted to Donald Trump's election to a second U.S. term with fear, and most are losing ground due to fears that a new trade war will hit the global economy. The negative reaction contrasted sharply with the record-breaking performance of U.S.
Palm prices fall as India rejects premium prices and funds drive the market
Malaysian palm futures declined on Friday, but were still on track to have their best week in over 16 months. India pulled back from purchasing due to a growing premium for soft oils. Fund positions are driving the current prices.
Palm prices surge for a fourth day due to lower stocks and possible production drops
Malaysian palm oils jumped by more than 2% in value on Thursday. This was due to expectations that palm production would decline and the national stockpiles would be reduced. The benchmark contract for palm oil…
GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.
GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather.
Azerbaijan's oil production for 9 months down 4.8%, says ministry
Azerbaijan’s oil production fell by 4.8% in the first nine-month period of 2024 to 21.6 millions metric tonnes, down from 22.7million metric tons one year ago, said Energy Minister Parviz Shabazov on Monday. He didn't explain the cause of the decline.
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…
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…
VEGOILS - Palm falls, Chicago soyoil losses and profit-taking
Malaysian palm futures declined on Thursday as investors booked profit and the Chicago soyoil contracts weakness added to the decline. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 38 ringgit or 0.91% to 4…
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the…
Palm oil closes at its highest level since nearly 3 months, rising for the 6th consecutive session.
The Malaysian palm futures continued to rise for a sixth consecutive session on Wednesday. They closed at their highest level since over two and a half months as the strength of Dalian contracts outweighed profits taken by other oils.
Dalian oil supports palm gains
The price of Malaysian palm oil futures rose on Wednesday due to the strength in Dalian oils and traders' profits made in rival oils. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for…
