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.
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.
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…
Occidental Petroleum beats quarterly profit, discloses additional divestments
Occidental Petroleum on Wednesday beat Wall Street's expectations for the second quarter profit, as higher production offset lower crude oil prices. The average quarterly global production of the company was 1.4 million barrels per day (MMboepd), an increase of about 11% compared to a year ago. Exxon Mobil, Chevron and other oil giants reported last week that they had beaten their quarterly profit expectations due to higher production. This helped them to offset the lower crude price.
Devon Energy's profit forecast for the second quarter was missed due to low oil prices
The U.S. oil-and-gas producer Devon Energy narrowly missed Wall Street's expectations for the second quarter profit on Tuesday as lower commodity prices offset an increase in production. As a result of the growing demand for natural gas, the company has also announced two new supply agreements. Benchmark Brent crude oil prices dropped during the quarter of April-June compared to a year ago, due to a combination of growing market insecurity caused by tariffs, weak demand globally and an increase in supply from OPEC+.
Diamondback claims it is the 'consolidator' of choice in Permian as oil outlooks dim.
Diamondback Energy, a shale driller, said Tuesday that it should be the "consolidator" of choice in the Permian Basin as shale activities slow and the company concentrates on shareholder returns after its $26 billion merger. Diamondback shares dropped 3.6% in the morning to $142.67 after it reported a second-quarter loss below analyst's estimates. The company was hit by a 20% drop in Brent crude oil prices year-on-year amid weak global economic growth, OPEC+ production increases, and geopolitical tensions.
Maurel & Prom’s core profit for the half-year drops by 25% due to lower oil prices
Maurel & Prom, a French oil company, reported a 25% decline in its core profit for the first half of this year on Tuesday. The drop was attributed to falling crude oil prices. Earnings prior to interest, taxes and depreciation decreased from $186 millions a year ago to $140 in six months. The group suffered a 16% decline in the average price of oil products, which fell to $70.90 a barrel. It had warned mid-June about how low prices would affect its quarterly revenues, echoing comments made by TotalEnergies BP Shell.
Exxon exceeds profit expectations with higher production despite low oil prices
Exxon Mobil - the United States’ largest oil producer - beat Wall Street expectations for the second quarter profit on Friday, as increased oil and gas production and low production costs compensated for the lower crude oil prices. Exxon Mobil reported that oil and gas production reached its highest level in any second quarter ever since Exxon Mobil was formed by the merger of Exxon Mobil and Exxon more than 25 year ago. LSEG data showed that adjusted earnings for the second quarter totaled $7.1 billion or $1.64 a share.
Shell's profits drop by almost a quarter but still easily exceed expectations
Shell's adjusted earnings for the second quarter, which is its definition of net profits, fell by almost a third Thursday. The drop in oil prices was to blame, but analysts still beat their forecasts. The oil giant said that it will maintain its pace of share buybacks at $3.5 billion for the next three-month period, marking the 15th consecutive quarter with at least $3 billion. Shell, on the other hand, has achieved a $3.9 billion cost reduction compared to 2022. This is part of a programme of cost cutting aimed at saving $5 billion to $7 billion by 2028.
Germany is seen to be weakening as France calls for less nuclear power
The French power price rose Wednesday due to a tightening of the nuclear supply in France, while German prices were impacted by lower demand and increased wind generation. The outlook for Germany is negative, Riccardo Paraviero, LSEG analyst, said. He added that coal production was down, while gas units produced more. The French baseload contract for Thursday had risen 4.9% to 54 euros ($62.43 per megawatt-hour (MWh), while the German equivalent was not traded, after settling at 80.28 euro.
Mexico's Pemex increases its net profit in the second quarter
Mexico's energy state company Pemex reported Monday a change in net profit for the second quarter. The net profit reached 59.52 trillion pesos, up from 273.33 trillion pesos during the same period last year. It also reported in a filing to Mexico's main exchange that revenue fell by 4.4% between April and June to 391.62 billion Pesos. The heavily-indebted firm attributed the decline to lower crude oil prices and lower gasoline and diesel prices. The company reported that the EBITDA (earnings before interest…