|Day's range||56.71 - 57.81|
Oil prices are set to close out a second week of gains as production cuts continue to tighten markets and U.S.-China trade talks make progress
Oil prices rose early on Friday, heading for a second weekly increase, driven up by optimism that the U.S. and China will forge a trade deal and that OPEC’s resolve to rebalance the market will outweigh soaring U.S. oil production
Energy Sector Is Isolated from Trade Talk OptimismHighest level in 2019On February 21, US crude oil April futures fell 0.3% and settled at $56.96 per barrel. On the same day, WTI crude oil prices made an intra-day high of $57.61—the highest level
Spot premium hard coking coal shipped from Australia gained 3.8 percent on Thursday to $215.09 a ton, the highest since Jan. 2, according to Fastmarkets MB. It was also the day after the market was hit by a supply outage by Anglo American Plc shutting its biggest producing mine in Queensland. “If there was some ban on Australian coking coal then you would see it reflected in the spot markets very quickly and that’s not the case,” Daniel Hynes, an analyst at Australia & New Zealand Banking Group Ltd., said by phone.
The foreign ministry on Friday said the report of a block on Australian coal at one northern port was false, echoing information from miners, Canberra lawmakers and people familiar with official orders in China. For several weeks, China has been targeting Australian coal imports by slowing down customs clearance, resulting in delays at ports and stoking speculation that Beijing is retaliating against a ban on Chinese telecommunications giant Huawei Technologies Co. Markets are spooked that it could be the start of more widespread import curbs against Australia, which counts China as its biggest trading partner.
A Reuters report Thursday that the northern port of Dalian had banned imports from China’s biggest supplier of the black stuff sent ripples through global markets, driving the Australian dollar down as much as 1.3 percent after a whipsawing day of trade. London-listed shares in Glencore Plc, Anglo American Plc and BHP Group fell 3.2 percent, 1.5 percent and 2 percent respectively. The obvious fear is that Canberra’s increasingly rocky relationship with Beijing could be prompting more widespread import curbs, not unlike China’s brake on U.S. agricultural exports since the trade war began.
Shell Is Up 6% in Q1 as Recovering Oil, Markets Come to Its AidShell stock compared to oil prices and markets Royal Dutch Shell (RDS.A) stock has risen 6% to date in the first quarter of 2019 led primarily by a recovery in oil prices and a rise in
Decommissioning obligations in the global oil and gas industry rose to $11.7 billion last year and are projected to hold steady at an average of about $12 billion per year from 2019 through 2021
(Bloomberg) -- They are slowly plowing their way across thousands of miles of ocean toward America’s Gulf of Mexico coastline. As they do, twelve empty supertankers are also revealing a few truths about today’s global oil market.
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If a no-deal happens, here’s what it could mean for the country’s energy industry. The amount of power the U.K. imports from continental Europe fluctuates but was 6.6 percent of total supply in the third quarter of 2018, according to government data. After Brexit, British electricity systems will be decoupled from the European Internal Energy Market.
The private sector is accelerating efforts to meet rising energy demand in the Philippines, with LNG import and processing capacity being fast-tracked as supplies dwindle
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The discount widened as Enbridge said that crude shipments through the heavy oil pipelines of its Mainline, which is the largest Canadian oil export pipeline system, would be apportioned 41 percent in March, up from 39 percent in February. The system carries oil from Alberta to Superior, Wisconsin, where it connects to other lines linked to refineries in the U.S. Gulf Coast.
It’s only a few months ago that the world’s biggest commodity trader was promoting coal as – don’t laugh – a viable part of global emissions-reduction plans. Now Glencore Plc, the largest supplier of thermal coal to the international market, is promising to cap production for the foreseeable future at around current levels of 145 million metric tons a year, David Stringer of Bloomberg News reported Wednesday. Anglo American Plc attempted to sell all its coal assets during its abortive restructuring in 2016, but gave up because no one was willing to buy them at a price it found acceptable.
Customs officials are taking longer to clear Australian coking coal imports, especially in northern regions, Han Lei, an analyst at China Coal Transport & Distribution Association, said on Wednesday. A few southern ports have started to slow approvals of thermal coal from Australia as well, he said. The measures, in place since last month, come as political tensions simmer between Australia and China, its biggest trading partner.
Stocks were also driven higher by a rising sentiment that trade negotiations between the US and China would produce a good outcome. The markets will continue to buy the rumor and will likely sell the fact, so traders should be ready to take profits once an agreement is reached.
Occidental Petroleum (OXY) reported fourth-quarter earnings that came above the Zacks Consensus Estimate, while Royal Dutch Shell plc (RDS.A) agreed to acquire German battery maker sonnen.
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Futures in New York on Monday rose to the highest intraday level since Nov. 20, after advancing 5.4 percent last week. Prices were also supported as Saudi Arabia pledges to cut its crude output beyond the level agreed with OPEC+ producers. "OPEC+ supply cuts are in the driving seat of further recovery in oil prices with Saudi Arabia leading by example," said Giovanni Staunovo, a commodity analyst at UBS Group AG in Zurich.
Oil prices are nearing a three-month high as physical crude markets appear to be growing tighter and traders are more confident about a U.S.-China trade deal