Maurel & Prom revenue drops in first half due to falling oil prices
Maurel & Prom, a French oil company, reported a 30 percent drop in revenue for the first half of its fiscal year on Thursday. The fall in oil prices was to blame. The average price of oil products fell 16% on an annual basis to $70.90 per barrel. Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum Exporting Countries, and its allies, such as Russia), began to undo the self-imposed production reductions of 2,17 million barrels a day that were imposed in April.
Palm oil prices rise on Chicago soyoil and crude oil firmer, while the ringgit is soft.
The price of Malaysian palm oils futures increased on Wednesday. This was due to gains in the rival Chicago soyoil market, higher crude oil prices, and a weaker Malaysian ringgit. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for October delivery had gained 45 ringgit or 1.08% to 4,208 Ringgit ($990.58). Prices of soyoil on the Chicago Board of Trade have increased by 0.77%. Dalian's soyoil contract was the most active, rising 0.4%. Palm oil contracts were slightly down 0.07%.
Palm oil prices rise as rival oil prices do.
Malaysian palm futures closed higher Monday as they tracked stronger edible oils and higher crude oil prices. They were also helped by the weaker ringgit. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange gained 58 Ringgit or 1.39% to $4,232 Ringgit ($995.76) per metric ton. "Prices are being supported by the firm crude oil that continues to bolster global edible oil markets," Darren Lim said, commodities strategist for Singapore-based brokerage Phillip Nova.
BP reports gas and oil price hits; increased upstream production in the second quarter
BP said that its second-quarter results will be affected by lower gas and oil prices, but the upstream production is expected to be higher than originally forecast. The company announced this in a trading report on Friday, ahead of the results scheduled for August 5. Crude oil fell in the first quarter of the year as OPEC+ (the Organization of Petroleum Exporting Countries plus its allies, such as Russia), began to reverse the self-imposed production reductions of 2,17 million barrels a day that it had imposed in April.
European Commission to Propose Floating Price Cap on Russian Oil
The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel to $45 barrel in June in its 18th package of sanctions against Russia for its invasion of Ukraine. The G7 price cap, aimed at curbing Russia's ability to finance the war in Ukraine…
Palm oil prices rise for the fourth consecutive session as stronger competitors gain ground
Investors analyzed data from the Malaysia Palm Oil Board to determine whether or not they should buy futures of palm oil in Malaysia. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery was up 27 Ringgit (0.65%) to 4,184 Ringgit ($984.47) per metric ton. "Malaysian Palm Oil Futures extended modest gains. Supported by technical momentum, a lower ringgit and strength in the related vegetable oil markets.
As the heat fades, spot prices will continue to fall.
The day-ahead power prices in France and Germany fell for the third consecutive day on Thursday, as temperatures began to cool after a prolonged heatwave. Meanwhile, nuclear availability increased in France. The price decline was less dramatic than it had been on Wednesday. This is because the temperatures are expected to drop more slowly and German wind output will be lower after a sudden increase in mid-week. LSEG data revealed that the French baseload day-ahead contract was down 11.1% at 72.25 Euros per Megawatt Hour (MWh) as of 1101 GMT.
Palm prices rise on expectation of lower production and strong demand
The price of Malaysian palm oils futures rose slightly on Thursday as the market grew stronger due to lower production and demand from major destinations. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 18 ringgit (0.45%) to $3,983 ringgit (USD $943.39) a metric tonne. The contract dropped 3.9% over the last two sessions. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn Bhd.
The fragile Middle East truce has knocked down the prices of crops that are tied to oil.
The price of crops around the globe has been impacted by a shaky truce between Iran and Israel, especially those that can be converted into biofuels. Prices are affected by the price for crude oil. The price of crude oil dropped sharply after President Trump announced a ceasefire. This hit futures contracts and stocks for vegetable oils like Malaysian palm, European rapeseed and Chicago soyoil. John Duvenaud, Winnipeg, Canada's crop markets analyst…
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close. It has also given up on its earlier rally which saw it reach as high as $81.40 - the highest since January 17.
Palm oil falls by over 3% due to weak Chicago soyoil and crude oil prices
After U.S. president Donald Trump announced the ceasefire agreement between Israel and Iran, Malaysian palm futures dropped more than 3%, ending a four-day rally. They were pressured by lower rival Chicago soyoil prices and crude oil, as well as the weaker Chicago oil and soyoil. At the midday break on the Bursa Derivatives Exchange, the benchmark palm oil contract, for September delivery, lost 126 Ringgit or 3.05% to 4,000 Ringgit ($940.73) per metric ton, its largest daily loss since April 7.
GRAINS-Chicago soyabeans rebound after initial pressure from weaker soybean oil; corn and wheat dip
Chicago soybean futures stabilized after briefly being weighed down due to a drop in soyoil, which was attributed to easing concerns about crude oil supply disruptions from the Middle East. The most active soybean contract increased 0.14%, to $10.48-2/8 a bushel. This ended a two-day loss streak. Soyoil fell 1.03% to 52.69cents per pound. The oil prices fell on Tuesday, to their lowest levels in over a week, after Trump announced that a ceasefire had been reached between Iran and Israel.
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close. It has also given up on its earlier rally which saw it reach as high as $81.40 - the highest since January 17.
Sources say that Brazil's Petrobras has held off on raising fuel prices amid tensions with Iran.
Petrobras, the Brazilian oil company, is closely watching geopolitical tensions that have been driving up global oil prices in recent weeks. However, it does not intend to adjust domestic fuel prices at this time, according to two sources. Sources, who spoke on condition of anonymity said that the state run oil giant was waiting for a sustained change in Brent crude price before considering any changes to prices. The global benchmark Brent price fluctuated on Monday. It reached a five-month peak before dropping 1% to $76.31 per barrel.
Soybeans and grain prices fall as Middle East tensions are in the spotlight
Chicago soybean futures slipped lower on Monday as they unraveled gains made after crude oil prices rose on fears that a U.S. strike on Iranian nuclear facilities would disrupt supply. By 1128 GMT, the most active soybean contract had fallen 0.2% to $10.58-3/4 a bushel. Soyoil rose 0.8% to $54.9 cents per pound. The oil price surged in the early trade after the U.S. attacked Iranian nuclear sites on the weekend. As a biofuel, soyoil prices are closely linked to crude oil because it is used as a replacement for fossil fuel. The weak demand for U.S.
Palm prices rise for the fourth consecutive session as crude oil remains firm and the ringgit is soft.
Malaysian palm futures closed higher on Monday after reversing losses earlier in the day. Stronger crude oil prices, a weaker ringgit and Dalian oil's weakness capped the gains. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange gained 7 ringgit or 0.17% to 4,125 Ringgit ($961.09) per metric ton. The contract has been rising for four consecutive sessions. A Kuala Lumpur-based dealer said that higher crude oil prices in the Asian hours had limited the drop on palm prices, despite a weaker Dalian palmolein.
VEGOILS-Weak Dalian drags palm lower, firm crude, soft ringgit cushion fall
Malaysian palm futures fell on Monday as Dalian oil, a rival oil company, was weaker. Crude oil prices were also higher and the ringgit was weaker. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery fell 12 ringgit or 0.29% to 4,106 Ringgit ($959.79). The contract increased in three successive sessions. A Kuala Lumpur-based dealer said that higher crude oil prices in the Asian hours had limited the drop on palm prices, despite a weaker Dalian palmolein.
GRAINS: Soybeans rise as soyoil increases on Middle East tensions, but corn falls on favorable weather
Chicago soybean futures edged higher on Monday. This was supported by soyoil price gains after the U.S. attack on Iranian nuclear installations stoked fears about global crude oil supply. As of 0301 GMT, the most active soybean contract increased 0.09% to $10.61-1/2 per bushel. Soyoil rose 1.14% to 55.09 Cents per Pound. The U.S. launched a major attack on Iranian nuclear sites at the weekend. This escalation boosted soyoil prices, which are closely linked to biofuels.
GRAINS-Chicago Wheat slips as harvest pressure begins; soybeans to gain weekly
Chicago wheat futures retreated on Friday following a rally to cover shorts before the holiday season in the U.S. as harvest pressure in Europe and Black Sea region looms. As of 0211 GMT the most-active contract for wheat fell 0.59%, to $5.87 per bushel. However, it remains close to a four-month-high and is expected to gain weekly. Wheat gained some support during the previous trading day, as weather concerns in certain parts of the U.S.A. and Europe led speculators in those regions to cover their short positions.
Eni CEO: Oil markets do not expect closure of the Hormuz Strait
Eni's CEO, Eni of Italy, said that oil markets were signaling an unlikely escalation of tensions between Israel and Iran or the closing of the Strait of Hormuz. The Strait of Oman, located between Oman and Iran, connects the Gulf of Oman in the north with the Gulf of Oman in the south. It also links the Arabian Sea to the east. Claudio Descalzi, Eni, said at an energy conference that the markets had not yet pushed crude oil prices above $80 or $90 per barrel…
