Palm gains capped as weekly losses extend to second week
Malaysian palm futures closed higher on Friday. They reversed earlier losses but recorded a second weekly decline as forecasts for rising production and inventories limited the gains. The benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange rose 14 ringgit or 0.37% to 3,815 Ringgit ($888.45). The contract dropped 1.7% in the last week. Crude palm futures fell earlier in the day as fears over the rising production and stockpiles in the coming week weighed on the market sentiment.
Palm oil production drops due to concerns about stocks and output. Second weekly loss expected.
Malaysian palm futures fell on Friday, erasing gains made in the first session, as expectations of higher production and inventories in the coming weeks weighed. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery fell 12 ringgit or 0.32% to 3,789 Ringgit ($878.10) per metric ton. The contract is on track to record a second weekly decline after losing 1.19% this week. Concerns over the rising production and stock levels in the coming week weighed heavily on the market sentiment.
Palm prices end higher due to strong buying activity
After seven sessions of losses, palm oil futures in Malaysia closed higher Thursday. They had fallen to their lowest level since September. This was due to strong demand from India and China, the two largest consumers. The benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange gained 73 Ringgit or 1.96% to 3,801 Ringgit ($888.71). India is actively purchasing crude palm oil while China has made purchases of refined palm olein (RBD)…
Chevron's refining division posts its first loss in 4 years, missing earnings estimates
Chevron Corp. reported earnings for the fourth quarter below Wall Street expectations on Friday. Weak margins forced its refining division into a loss, its first since 2020. Shares fell more than 2%. Mike Wirth, CEO of Chevron, said that the downward trend in margins for refining is expected to continue into this year. The second largest U.S. oil company posted a total profit of $3.24 Billion for the three-month period ending Dec. 31. This is up from $2.26 Billion in the same time last year.
Palm closes lower due to Dalian weakness; market waits for further leads
Malaysian palm oils futures continued to lose money on Monday. This was in line with the decline of rival soyoils at the Dalian exchange, and the market was waiting for further triggers during the holiday season. At the close, the benchmark contract for palm oil delivery in March on Bursa Malaysia's Derivatives exchange fell 72 ringgit or 1.56% to 4,552 Ringgit ($1,019.48 per metric ton). Dalian's palm oil contract, which is the most active contract, dropped by 0.34% while soyoil prices fell by 0.18%.
Palm oil prices slip on Dalian weakness; market waits for further leads
Malaysian palm oils futures fell on Monday in line with the decline of rival soyoils traded on the Dalian exchange, as the market awaited more triggers during the holiday season. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange had fallen 4 ringgit or 0.09% to 4,620 Ringgit ($1,034.25) per metric ton. A Kuala Lumpur based trader stated that "Today's Futures will be lackinglustre.
Vitol CEO flags supply uncertainties as he predicts oil prices of $70-$80/bbl by 2025
Russell Hardy, the CEO of Vitol - the world's biggest independent oil trader - said that global oil prices will remain in the $70 - $80 range per barrel in 2025. Geopolitical risk creates uncertainty about supply. The world oil price has been capped due to concerns over a reversal of OPEC+'s supply cuts by 2025, and China’s slow oil demand growth despite the risks of disruption in Middle East supply. He said that the market was driven by a concern over the balances of 2025.
Palm oil drops on Dalian losses and profit taking action
Malaysian palm futures declined on Monday due to profit-taking and a decline in the Dalian palm contract. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 38 Ringgit or 0.96% to 3,939 Ringgit ($909.49) per metric ton. A Kuala Lumpur based trader stated that "the benchmark is experiencing a correction due to profit-taking after recent rally and following Dalian palm oil decline". Dalian's palm oil contract, which is the most active contract in soyoil, fell by 1.27%.
Oil continues to fall on the back of weak China data and the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday, as OPEC+ is expected to increase production in October. Meanwhile, signs of sluggish consumption in China and America, the two biggest oil consumers in the world, have raised concerns over future growth. Brent crude futures dropped 61 cents or 0.8% to $76.32 a bar by 0450 GMT, while U.S. West Texas intermediate crude fell 52 cents or 0.7% to $73.03 a bar. Last week, Brent fell by 0.3% and WTI dropped 1.7%.
The global oil demand must rise faster to absorb OPEC+'s hike
According to analysts, data and industry sources, the global oil demand growth must accelerate in the coming months, or else, the market may struggle to absorb a planned increase in oil production by OPEC+ starting in October. The United States and China, the two largest oil consumers in the world, failed to meet expectations for the growth of oil demand during the first seven-month period of the year. This was even before renewed fears about a U.S. economic recession led to a sell-off of global stocks and bonds this week.
Markets: Oil Rises as Inventories Expected to Fall
Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT.U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $71.89 a barrel.Both markets dropped more than 3% on Monday."Some market participants see Monday’s price set-back as a bit exaggerated…
Oil Steadies as Demand Uncertainty Tempers Supply Cuts
Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel. Both are down around 45% so far this year."Uncertainty around the current travel patterns in the U.S.
Angola Says Producer Cuts Insufficient, More Action Needed
Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various countries should be aware that they may be called to take more drastic measures," Azevedo said."Because of the lack of storage capacity, continued production is becoming unjustified," he added, referrin
Oil Consumption Tracking is All About Asia
Oil market analysts must make sense of a bewildering array of statistics about production, consumption and inventories, compiled and published with varying definitions and degrees of accuracy and timeliness.The challenge is to form an accurate and nuanced picture of the whole market capable of generating useful forecasts, without becoming lost in the insignificant details.The World Bank identifies around 200 economies in the world…
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal…
Oil Rises Toward $65
Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program.Benchmark Brent crude rose 33 cents to $64.44 a barrel by 1211 GMT. U.S.
US Actively Considering Waivers on Iran Oil Sanctions
The United States is "in the midst of an internal process" of considering sanctions waivers for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.The Trump administration, which withdrew from a deal over Tehran's nuclear program in May, is reimposing sanctions on Iran's crude oil consumers on Nov.
Oil Gains From Dollar Weakness
Oil rose on Thursday, encouraged by a weaker dollar and evidence of strong U.S. fuel demand, though demand prospects remain clouded by the turmoil engulfing emerging markets and an escalation in the U.S. trade dispute with China.Emerging market stocks, bonds and currencies have plunged in recent weeks in response to financial crises in the likes of Turkey, South Africa and Venezuela.The dollar eased by about 0.2 percent against a basket of major currencies on Thursday.
Oil Steady Near Multi-year Highs as US Drilling Rises
Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.Brent crude was up 15 cents at $77.27 a barrel by 1130 GMT. U.S. light crude oil was up 5 cents at $70.75.Both oil futures contracts hit their highest since November 2014 last week at $78 and $71.89 a barrel respectively as markets anticipated a sharp fall in Iranian crude supply once U.S.
Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States plans to impose new unilateral…
