Oil prices fall on the prospect of more OPEC+ supplies, easing Mideast risks
Oil prices dropped on Monday, as a easing of geopolitical risk in the Middle East coupled with the prospect of an OPEC+ production increase in August boosted supply expectations in spite of persistent uncertainty about the outlook for the global demand. Brent crude futures dropped 13 cents or 0.19% to $67.64 per barrel at 0344 GMT ahead of the expiration of the contract for August later on Monday.
Oil prices fall on the prospect of more OPEC+ supplies, easing Mideast risks
The oil price fell 1% Monday, as the outlook for supply was boosted by a lowering of geopolitical risk in the Middle East. Brent crude futures dropped 66 cents or 0.97% to $67.11 per barrel at 0031 GMT ahead of the expiration of the August contract later that day. The September contract, which is more active, was down 83 cents at $65.97. U.S.
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand.
Crude Prices Fall After Report of OPEC+ Planning August Production Increase
Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC+ was planning to hike production in August following an increase planned for July.Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%…
EUROPE GAS - Prices fall further due to mild weather and solid supply
The Dutch and British wholesale prices of gas continued to fall on Friday morning, as the mild weather and stable supplies weighed heavily on the market. Also, the risk premiums related to the Middle East conflict dwindled. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell 0.80 euros to 33.00 Euro per megawatt hour or $11.33/mmBtu at 0813 GMT.
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran…
SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected…
Palm prices rise on strong demand and lower production but the sixth weekly gain is halted.
Malaysian palm futures have ended six weeks of gains, with a weekly drop. This is despite the fact that they closed higher on Thursday due to expectations of lower production and strong demand coming from key destinations. At the close, the benchmark contract for palm oil delivery in September on Bursa Derivatives Exchange rose 47 ringgit or 1.19% to 4,012 Ringgit ($949.36).
Prices continue to decline due to a healthy supply and ceasefire
The Dutch and British wholesale prices of gas continued to drop on Thursday morning due to an ample supply and weak demand, as well as the apparent holding of a ceasefire agreement between Israel and Iran. The benchmark Dutch front month contract at TTF hub was down 0.73 euros to 34.65 Euros per Megawatt Hour (MWh) at 0857 GMT. Meanwhile, the August contract is 0.77 euros lower at 35.13 Euros/MWh.
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.
Egypt to Import LNG to Cover July 2025 to June 2026 Demand
Egypt plans to import liquefied natural gas to cover demand from July 2025 to June 2026, the Egyptian cabinet said in a statement on Wednesday, as it ramps up purchases to meet power demand despite strained government finances.Reuters reported on June 12 that Egypt has reached agreements with several energy firms and trading houses…
Cabinet says Egypt will import LNG from July 2025 until June 2026 to meet demand
Egypt will import liquefied gas to cover its demand between July 2025 and June 2026. The Egyptian cabinet announced this in a Wednesday statement. It is increasing purchases to meet the power demand, despite strained finances. According to industry sources, it was reported on 12 June that Egypt had reached agreements with several…
Palm oil prices fall as Middle East tensions weigh
The price of Malaysian palm oils futures fell on Wednesday, reversing earlier gains as the market was weighed down by uncertainty about the developments in the Israel/Iran conflict. However, strong export data helped to limit the losses. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for…
Israel's Leviathan Gas Field to Restart Operations After Shutdown During Iran Conflict
Israel's NewMed announced on Wednesday that the Leviathan gas field, which supplies gas to Egypt, Jordan and the Middle East, was shut down almost two weeks ago because of the Iran-Israel war, but would be reopened in a few hours. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean…
Palm prices rise on the back of exports but Middle East unrest caps gains
The price of Malaysian palm oils futures increased slightly on Wednesday. This was a slight recovery from the previous session. Expectations of strong export numbers supported the market while uncertainty about the Middle East conflict limited the gains. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 12 ringgit (0.3%)…
GRAINS-Chicago Soy increases on oil rebound, but wheat and corn decline on abundant supply outlook
Chicago soybean and soyoil contracts edged up on Wednesday as investors watched the fragile ceasefire agreement between Iran and Israel. After three consecutive sessions of losses, the most active soybean contract gained 0.24% and reached $10.39-4/8 per Bushel. Soyoil rose 0.78% to 53.02 Cents per Pound. "Soybean oil and soybeans are taking a break as they have overshot to the downside…
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.
North Dakota drilling and fracking activity stable as prices fluctuate, state regulator states
In a Tuesday monthly briefing, the state regulator revealed that despite recent volatility in oil prices, the number of frac crews and rigs in North Dakota remained unchanged in June. There are 32 rigs and 13 frac crews currently operating in North Dakota. Baker Hughes, an energy services company, said that the U.S. energy companies last week reduced oil and natural-gas rigs by eight for the week…
Palm oil prices fall sharply on the back of weaker rival oils and crude prices
The price of palm oil in Malaysia fell more than 3% Tuesday, ending a four-day rise, due to the weaker Chicago soyoil prices and crude oil after the ceasefire agreement between Israel and Iran. The benchmark contract for palm oil delivery in September on Bursa Derivatives Malaysia Exchange fell 140 ringgit or 3.39% to 3,986 Ringgit ($940.09) per metric ton, its largest daily drop since April 4.
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.
