Palm oil prices fall for the fourth consecutive week due to a combination of rising stocks and softer crude
Malaysian palm futures recorded a fourth successive weekly decline on the Friday amid expectations that stocks will be higher at the end of October and a recent drop in crude oil prices. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange lost 39 ringgit or 0.94% to finish at 4,110 Ringgit ($973.01 a metric tonne). The contract dropped 2.31% in the last week. Sandeep Singh is the director of The Farm Trade in Kuala Lumpur, a consulting and trading company.
ConocoPhillips lifts dividend, raises output forecast after profit beat
ConocoPhillips increased its quarterly dividend on Thursday and raised its full-year production projection after posting earnings that were above expectations in the third quarter, thanks to lower costs and higher output which offset weaker oil price. In premarket trading, shares of the United States' largest independent oil and natural gas producer rose by 1.5%. The company's efforts to streamline operations, cut costs and save more than $1 billion…
BP Beats Profit Expectations in Q3, No Update on Castrol Lubricants Sale
Oil major BP reported a smaller than expected fall in third-quarter underlying profit on Tuesday as a strong performance at all divisions led by refining helped to offset the impact of lower crude prices.However, there was no update on the closely-watched sale process for its Castrol lubricants unit, the centre-piece of its $20 billion asset-sale drive to slash its debt pile.After an ill-fated foray into renewables under previous CEO Bernard Looney…
Coterra Energy misses quarterly profit, raises 2025 production forecast
Coterra Energy, an oil and gas company, missed Wall Street's expectations for the third quarter profit on Monday as lower oil prices offset an increase in production. However, it raised its production forecast. In after-market trading, shares of the company fell 3% to $23.66. U.S. president Donald Trump's policies on trade fueled uncertainty in the energy sector, as trade tensions escalating threatened to slow down global economic growth and weaken demand for energy.
SLB launches AI product to focus on digital sales growth
SLB, a technology company in the energy sector, launched on Monday a new artificial-intelligence tool to automate workflows and processes for companies looking to use AI to boost growth. SLB's Tela technology will be integrated into its portfolio of platforms and applications. Users will be able to interact with the system through a conversational interface. Tela agents are capable of working in conjunction with humans, or autonomously, to make decisions about things such as interpreting well logs or predicting drilling problems…
Canada's Imperial Oil surpasses profit expectations on record production and strong refining
Canada's Imperial Oil announced a higher-than-expected profit for the third quarter on Friday. Record production and refinery output offset lower crude oil prices. Canadian oil sands companies such as Imperial Oil, have been resilient in the face of a global oil downturn. They have done so because they have invested for years and are now among North America's low-cost producers. Imperial, which is majority owned by Exxon Mobil said that its upstream production from July to September rose 3.4%, reaching 462,000 barrels of crude oil equivalent per day.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than analysts' expectations of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, down 13% over the same period a year ago. Exxon is the largest U.S. oil company.
PetroChina's net profit for the third quarter is down 3.9% on an annual basis
PetroChina Co Ltd, Asia's biggest oil and gas producer, reported on Thursday that its third quarter net profit fell 3.9% from the previous year due to lower crude oil prices. However, it continued to maintain steady crude production while expanding natural gas output. In a filing to the stock exchange, the company reported that its net profit had fallen to 42.29 billion Yuan ($5.94billion), while revenues rose by 2.3% to reach 719.16 milliards yuan.
Palm oil ends the week lower due to weak crude oil.
Malaysian palm futures closed lower on Friday after a two-week rally. Weaker crude oil prices pushed the market. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery fell 6 ringgit or 0.13% to 4,514 Ringgit ($1,068.66). The contract dropped 0.68% in the past week. David Ng said that the market fell as low crude oil prices weighed on market sentiment. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Palm oil follows weak crude oil down, and is set to fall weekly
Malaysian palm futures fell on Friday as crude oil prices dropped, causing the market to fall. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,512 Ringgit ($1,068.43). David Ng said that the market fell as low crude oil prices weighed on the market sentiment. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn. Bhd. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures.
Maurel & Prom sales for 9 months fall as crude prices remain high
Maurel & Prom, a French oil and gas company, reported a drop of 13% in its sales for the nine months ending on Thursday. The decline was attributed to lower crude oil prices. The total sales from January to September fell by 15% to $489 millions, down from $559million. Crude oil prices also dropped to $70.6 per barrel. Crude oil prices fell in the second quarter, after the Organization of the Petroleum Exporting Countries (OPEC+), and its allies began to reverse their self-imposed production reductions totaling 2…
Palm prices slip on uncertainty about demand and high stocks
Malaysian palm futures declined for a forth consecutive session on Wednesday, due to concerns about subdued consumer demand and large inventories. Meanwhile, mounting U.S. - China trade tensions dampened sentiment. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,488 Ringgit ($1,062.75) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that buyers are waiting for prices to drop before buying.
Exxon anticipates an increase in Q3 earnings of up to $300 Million from rising oil prices
Exxon Mobil announced on Monday that changes in crude oil price over the third-quarter could affect the company's earnings upstream from a negative $100 million to a positive 300 million. In a regulatory filing, the company indicated that higher margins in its refining operations could increase earnings from $300 million to $700 millions compared to the second quarter. Benchmark Brent crude oil prices increased by 2% to $68.17 a barrel in the third quarter of 2018.
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated that the reductions represented between 3% and 4% of global staff. After purchasing Pioneer Natural Resources for $60 billion in 2024, the shale gas producer has been streamlining operations.
Palm oil falls due to weak crude oil and rival oils but still shows a quarterly gain
The price of Malaysian palm oils futures dropped for a third consecutive session on Tuesday. This was due to the weakness of rival edible oils as well as OPEC+'s plans to increase production. However, this contract still recorded a gain in terms of its quarterly performance. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 34 ringgit (0.78%) to 4,351 Ringgit ($1,034.47) per metric ton. This quarter's contract has gained 9.16%, reversing the losses of the two previous quarters.
Palm oil slips due to weaker rival oils and crude oil prices
The market for Malaysian palm oils futures continued to lose money for a third consecutive session on Tuesday as OPEC+'s plans to increase production and the weakness of rival edible oil weighed on it. However, the contract is still on course for a quarter gain. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 38 ringgit or 0.87% to 4,347 Ringgit ($1,031.81) per metric ton. This contract has gained 9.06% so far this quarter. Palm oil was under pressure from the weakness of rival oilseeds.
Imperial Oil Canada plans to reduce its workforce by 20% by the end of 2027
Imperial Oil Canada announced on Monday that it will reduce its workforce by 20% by the year 2027. This is part of a major reorganization designed to cut costs through centralizing and consolidating operations in specific locations. Imperial Oil, which is owned by the top U.S. oil company Exxon Mobil and had approximately 5,100 employees at the end of 2024 according to a filing with regulatory authorities, has been undergoing a major restructuring.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs. ConocoPhillips, the third largest U.S. oil company, has joined majors Chevron, BP and SLB, as well as the world's two largest oil service companies, Halliburton and SLB, in cutting its staff.
Colombia's Ecopetrol reports a 46% drop in profit as oil prices fall
Ecopetrol, Colombia's state-owned oil company, reported a 46% drop in its net profits for the second quarter 2025. This was due to lower oil prices globally, which impacted sales. Production also decreased. The company reported a net profit of 1.81 trillion pesos ($450 million) for the three-month period ending June, compared with 3.38 trillion pesos a year ago. Total sales were 29.67 trillion, down 9% compared to 2024's same quarter. Ecopetrol's shares…
Palm oil rises as rival crude and rival oil prices are stronger
Malaysian palm oil futures closed higher on Monday as they tracked stronger edible oil prices in Dalian and Chicago. Crude oil prices also increased, supporting prices. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives exchange closed at 4,488 Ringgit ($1,064.77) per metric ton after gaining 40 ringgit or 0.9%. Dalian's palm oil contract, which is the most active contract, rose by 0.11%. The Chicago Board of Trade's (CBOT), which trades soyoil, saw a 0.96% increase.