Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel. Brent closed the week more than 7% down, while WTI fell around 8%. These were the biggest weekly drops since September 2…
VEGOILS - Boost exports on the back of positive estimates and weak output
Malaysian palm oil futures ended up higher on Monday after two sessions of losses. Supported by higher export estimates, and expected seasonal palm production decreases, the prices rose. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 46 ringgit or 1.08% to 4,301 Ringgit ($1,000.23). The contract dropped 1.3% over the last two sessions. Palm prices are currently reacting to better export estimates…
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.45%, to $69.53 per barrel. The gains were less than 5% the dollar value of both contracts last week.
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4,304 Ringgit ($1,001.16), a metric tonne, during the lunch break. The contract dropped 1.3% over the last two sessions. Palm prices are responding to better export estimates…
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S. West Texas Intermediate Crude Futures rose 10 cents or 0.14%, to $69.32 per barrel. Brent settled more than 7% lower in the last week while WTI dropped around 8%.
Export data for Malaysia 2025 shows palm oil prices falling on the back of profit-taking.
Profit-taking led to a reversal of gains in the Malaysian palm oil futures on Friday, although traders are expecting the market to be supported by the announcement of the Malaysian budget for 2025 and the export data. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange fell 7 ringgit or 0.16% to 4,271 Ringgit ($992.33) per metric ton at the midday break. The contract is down 1.82% this week after four weeks of gains.
Palm oil prices fall due to mix-trading in rival oils
Malaysian palm futures fell on Thursday, after a previous session that saw them rise. This was due to mixed trading of rival oils. The benchmark contract for palm oil delivery in January on Bursa Derivatives Exchange dropped 34 ringgit or 0.79% to 4,277 Ringgit ($993.03), a metric tonne, at the close. On Wednesday, the contract rose by 0.91%. A Kuala Lumpur based trader said that the closing market today did not reach its morning high due to mixed trading in rival oilseeds.
Palm snaps two-day loss streak due to short-term supply and demand outlook
Malaysian palm-oil futures rose on Wednesday, ending a two-day loss streak. This was due to the expected supply outlook next year, and short-term demand. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 74 Ringgit or 1.75 % to 4,313 Ringgit ($1,005.36) per metric ton. The contract has lost 1.89% over the last two sessions. The price of palm oil has increased today, due to an anticipated increase in supply for the first quarter 2025…
IEA: 'Age electricity' will follow the looming peak of fossil fuels
International Energy Agency (IEA) said that the world is at the cusp of a new era of electricity, with the demand for fossil fuels set to peak before the end of this decade. This could lead to an increase in investment in green energy due the surplus of oil and gas, it added. It also highlighted a high degree of uncertainty, as conflict engulfs the Middle East and Russia that produce oil and gas and when countries representing half of the global energy demand hold elections in 2024.
Palm gains on short-term supply, but much-anticipated first-quarter outlook
After two sessions of declining prices, Malaysian palm futures rose Wednesday on the back of an expected increase in supply for next year, and on short-term demand. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 75 ringgit or 1.77% to 4,314 Ringgit ($1,005.13) per metric ton. The contract has lost 1.89% over the last two sessions. The price of palm oil has increased today…
Chugoku's nuclear reactor restart plan shows Japan's commitment to the sector
Chugoku Electric Power Company, Japan, said Tuesday that it plans to restart the 820 megawatt (MW), No.2 nuclear reactor at Shimane Nuclear Power Plant in December and resume its commercial operations in January. The restart shows that Japan is committed to bringing more nuclear power plants back into operation. Shigeru Shiba, the new prime minister, has changed his initial opposition due to energy security concerns. Japan currently has 11 reactors in operation with a combined capacity of almost 11 gigawatts.
Gas prices in Europe are falling, but the geopolitical risks remain.
The Dutch and British wholesale prices of gas fell on Friday morning due to a steady supply. However, the market is still closely watching the Middle East situation as there are still geopolitical concerns. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.38 euros to 39.70 Euro per Megawatt-hour (MWh), which is $12.73/mmbtu at 0809 GMT. The day-ahead contract in the British market was down 1.25 pennies at 97.25 pence/therm.
METI official: Japan could increase LNG purchases for emergency reserves to almost 1 million T per year.
An official from the industry ministry stated that Japan may increase its purchases of LNG for emergency purposes to at least twelve cargoes per year, up from the current three, in order to protect against supply shocks. The plan to boost reserves involves the second largest LNG buyer in the world, China. It will increase its purchases from 0.21 million tonnes per year to at least 0,84 million tonnes. In order to increase energy security and boost domestic demand, Japan trades cargoes it does not want at home when demand is low.
Palms slide on profit-taking after MPOB data that is bearish
Malaysian palm futures reversed gains made earlier in the week on Thursday, as profit-taking affected the market after the Malaysia Palm Oil Board (MPOB), released its demand and supply statistics. The benchmark palm-oil contract for December delivery at Bursa Malaysia's Derivatives exchange fell by 17 ringgit or 0.4% to 4,235 Ringgit ($987.64). The contract has dropped 2.49% in three sessions. Malaysian palm futures fell on profit-taking after the release of MPOB data.
Prices for EUROPE GAS remain stable despite cooler temperatures and Middle East anxieties
The Dutch and British wholesale prices of gas rose slightly on Thursday morning, as demand increased due to the colder weather and reduced wind. However, the range remained tight as the market continued to monitor the developments in the Middle East. LSEG data show that the benchmark front-month contract for the Dutch TTF Hub was up 0.21 euro at 38.76 Euros per Megawatt Hour (MWh), which is $12.42 per mmBtu at 0839 GMT. The contract for the day-ahead was up by 0.82 euros at 38.72 euro/MWh.
VEGOILS - Palm up as traders await further cues from the MPOB data
Malaysian palm futures edged higher on Thursday, after two sessions of falling prices. Traders awaited further clues from the Malaysia Palm Oil Board's (MPOB) supply and demand data. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery gained 9 ringgit or 0.21% to 4,261 Ringgit ($993.24) per metric ton. The contract has fallen 2.1% over the last two sessions. The Malaysian palm futures today will depend on how traders interpret the MPOB data.
Palm oil is ahead of Malaysian supply-demand reports
Malaysian palm futures declined on Wednesday, reversing gains made earlier, as participants in the market awaited official data about domestic demand and supply. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 20 Ringgit or 0.47% to 4,251 Ringgit ($993.22) per metric ton. The contract rose by as much as 0.73 % in the afternoon session. Malaysian palm futures rose on the expectation of weak production growth and low stocks in the country…
EUROPE GAS - Prices range amid geopolitical risks and strong inventories
The Dutch and British wholesale prices of gas were not much changed on Wednesday. They traded in a narrow range amid high storage inventories, mild weather and geopolitical tensions. LSEG data revealed that the benchmark front-month contract for the Dutch TTF hub remained flat at 38.60 Euros per Megawatt Hour (MWh), which is $12.60 per mmBtu at 09:00 GMT. The contract for December increased by 0.15 euro to 39.40 Euro/MWh. The British front-month contract fell 0.83 pence to 96.35 pence per therm.
Palm oil prices rise ahead of Malaysian supply-demand report
Malaysian palm futures reversing previous losses, the market watched for official data on domestic demand and supply to provide further direction. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery was up 18 Ringgit (0.42%) to 4,289 Ringgit ($1,001.63) per metric ton. The contract dropped as much as 1,80% in an earlier session due to weaker Dalian edible oil and a stronger Ringgit.
Gas prices in Europe are falling, but the geopolitical risks remain
The Dutch and British wholesale gas price fell on Tuesday due to increased wind power and a steady Norwegian supply. However, geopolitical tensions continued to support the prices, which are now near their highest level this year. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 1.29 euros to 39.61 euros per Megawatt Hour (MWh) at 0834 GMT. The British front-month price fell 0.99 pence to 99.85 pence, while the British day-ahead was 2.75 pence less at 97.25 p/therm.
