|Day's range||67.95 - 67.99|
The commodity markets include everything from oil to copper to agricultural products. Katy Kaminski, AlphaSimplex's Chief Research Strategist tells Yahoo Finance Live what signals these markets are signaling about the global economy.
Britain’s windfall tax on oil and gas producers is set to be scaled back as part of efforts to boost investment in the North Sea, according to three people briefed on the government’s plans. The chancellor, Jeremy Hunt, is expected to confirm plans to introduce a “floor” on the 35 per cent levy in the coming days so that it only applies if oil and gas prices trade above a certain level. Treasury officials are due to meet the oil and gas industry on Friday at a forum in Aberdeen.
Crude prices tumbled anew Thursday before closing off their lows as a report suggesting a U.S.-Iran nuclear deal that would let the Islamic republic legally export some of its sanctioned oil was refuted by the White House. “This report is false and misleading," a spokesperson for the White House National Security Council said in comments carried by Reuters, referring to the report that appeared on the Middle East Eye website. The denial didn’t stop oil markets from registering a substantial drop on the day, though they finished off the bottom.
A proposal to drill for oil in the sea off the mouth of the Amazon river has exposed a rift in the cabinet of Brazilian president Luiz Inácio Lula da Silva, lining up an important test of his pledges to halt environmental destruction. National oil and gas company Petrobras has lodged an appeal after the environmental agency rejected its request to drill an exploratory well in the zone known as the Foz do Amazonas, or Amazon Mouth basin, some 175km from the country’s northern coast.
Oil prices rose Thursday, helped by Saudi Arabia’s surprise production cut and signs of increased Asian demand, but concerns about the important western markets have limited gains. Saudi Arabia’s decision, announced Sunday, to cut its crude output by 1 million barrels per day in July on top of a broader OPEC+ deal to limit supply into 2024 has created a support base for the market. “Crude oil demand from Asia has been recovering over the last few months as the pace of interest rate hikes slows down and economic growth picks up,” said analysts at ING, in a note.
Investing.com - In recent sessions, the TTF in Amsterdam has seen a significant rally that has taken the July contract to touch €29 per MWh today with a rise of over 8% and 24% at the beginning of the week.
Less crude to the global markets is likely to boost oil prices, which could result in more expensive flight tickets for consumers.
This column makes no apology for returning to the subject of Shell so quickly after its last look a month ago. That came after May’s bumper first-quarter profits statement and the occasion this time is last weekend’s Opec+ meeting in Vienna.
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Investing.com -- Oil prices kept to a tight range in early Asian trade on Thursday as markets took stock of mixed demand signals from major world economies, while initial support from a Saudi production cut now appeared to be waning.
Recent moves by Saudi Arabia, Russia and China have raised fears that the U.S. dollar could lose its preferred status for oil trading. And yet alternative national currencies aren’t that appealing. Could a Bitcoin-like currency do better?
Teck Resources (TECK) indicates that it has received indications of interest for deals for its coal assets.
Crude prices rose about 1% Wednesday after mixed data on U.S. fuels helped oil longs recoup losses from a day ago and reset trajectory in a market showing little regard thus far for deep production cuts announced by Saudi Arabia. New York-traded West Texas Intermediate, or WTI, crude settled up 79 cents, or 1.1%, at $72.53 per barrel, offsetting Tuesday’s decline of 0.6%. WTI and Brent rallied as much as 2% earlier in the session, with some traders attributing the run-up to belated enthusiasm over Saudi Arabia’s declaration after Sunday’s meeting of the OPEC+ alliance that it will cut an additional one million barrels per day in July to effectively take 2.5M barrels off its regular daily output.
OPEC+ decided to cut oil production by one million barrels a day. Rebecca Babin, CIBC Private Wealth, US Senior Energy Trader, joins Yahoo Finance Live to discuss the economic impact of the decision, the EIA reporting that crude oil inventories fell 452,000 barrels, how this will impact the summer travel season, and the geopolitical impact.
Exploration and production companies like SM Energy (SM), Matador (MTDR) and Pioneer (PXD) are likely to witness big gains from a healthy crude price trajectory.
U.S. crude stockpiles fell last week bucking expectations for a build but inventories of fuel jumped way above forecasts, the government agency in charge of energy data said as it issued a mixed weekly report on supply-demand amid the start of peak travel for summer. The weekly draw in crude came despite a 1.9 million barrel release from the Strategic Petroleum Reserve, or SPR. The Biden administration has been tapping the SPR since late 2021 to prevent extraordinary tightness in U.S. crude supply that could lead to spikes in pump prices of fuel.
This article explores three key economic events that oil traders should monitor closely.
Wall Street stocks followed Europe, mainly slipping into the red on news that US mortgage approvals for home purchases fell to their lowest level in nearly 30 years in May.
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Investing.com -- Oil prices fell in Asian trade on Wednesday as weak Chinese trade data spurred more fears of slowing demand in the country, with prices having now reversed all gains made earlier this week on the back of supply cuts by the OPEC.
Significant underinvestment into oil and gas infrastructure over the last ten years has created a structural shortage in new supply
U.S. crude stockpiles likely rose last week, while inventories of fuel surged, petroleum industry group API indicated in a report Tuesday that delivered a mixed outcome for oil bulls betting on higher oil demand with the advent of summer travel. In the prior week to May 26, the petroleum industry group reported a crude build of 5.202M barrels. Notwithstanding the overall crude draw, the API cited an inventory growth of 1.535M barrels specifically at the Cushing, Oklahoma hub that takes delivery of U.S. crude.
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New York-traded West Texas Intermediate, or WTI, crude settled at $71.74 a barrel after erasing all of the 41 cents, or 0.6%, gained on Monday. London-traded Brent crude settled at $76.29. Brent hit a session low of $74.73 on Tuesday.