Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures.
Russia-Ukraine Peace Talks Mask Unexpected Oil Price Reactions
Brent oil prices have shifted very little over the last two weeks, staying in the range of $65 to $66 per barrel. The Russia-Ukraine peace talks loom large, with bearish sentiment winning out in anticipation of Russian barrels making a return to global markets.“The probability of the US placing stronger sanctions on Russia is waning, with the market expecting Russian oil trade to make a comeback as a result of the peace talks — yet this sentiment masks emerging signals toward upside…
Russian FSB Allow Foreign Tankers to Access Black Sea Ports; Kazakh Oil Exports Resume
Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day, four industry sources said on Thursday.The suspension led to the disruption of around 2% of global supply and drove international oil prices to almost $70 a barrel on Thursday before they pared gains. Russian…
Investors continue to monitor the impact of new sanctions against Russia on oil prices.
The oil price was little changed Monday, as traders assessed the impact of European sanctions on Russian supply. They also worried about tariffs that could weaken fuel demand because Middle East producers were increasing output. Brent crude futures dropped 1 cent to $69.27 per barrel at 0153 GMT, after closing 0.35% lower Friday. U.S. West Texas Intermediate Crude was up 10 cents to $67.44 per barrel after a 0.30% drop in the previous session.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results. It had already reported a weakening drilling activity in Saudi Arabia, Latin America and the Middle East, with demobilized rigs and a slowdown of short-cycle projects.
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.
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.
Oil Prices Rise Alongside High Demand, Red Sea Shipping Attacks, and Lower US Production
Oil prices rose on Wednesday as investors weighed strong U.S. gasoline demand data, attacks on shipping in the Red Sea, and a forecast for lower U.S. oil production.Brent crude futures were up 38 cents, or 0.54%, to $70.53 a barrel by 1:25 p.m. EDT. U.S. West Texas Intermediate crude was up 43 cents, or 0.63%, to $68.76 a barrel.U.S. crude stocks rose while gasoline and distillate inventories fell last week…
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 was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices…
Coterra Energy maintains Permian rig counts as fears about the oil market ease
Coterra Energy, an oil and gas company in the United States, will keep its Permian basin rig count at nine, said CEO Tom Jorden on Tuesday. This reverses earlier plans to reduce activity, as the firm becomes more confident about the outlook of oil prices. Coterra announced in May that it would reduce the number of Permian rigs to seven in the second half 2025, down from the original plan of 10. This will result in a $150 million reduction in capital expenditure in the basin.
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. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd.
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.
Dmitriev, a Russian diplomat, says that Saudi Arabia, the US and Russia could work together to stabilize oil markets
Kirill Dmitriev, Russia's Investment Envoy, said that the United States, Saudi Arabia, and Russia could work together to stabilize oil markets, if necessary. Investors were frightened by fears that a wider conflict in the Middle East could disrupt crude supply. Dmitriev said that there is precedent for a similar joint action to be taken in 2020. Dmitriev, speaking on the sidelines at the St Petersburg International Economic Forum, said: "There is an example where (Russian President) Putin and (U.S.
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…
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday. Brent futures, the global benchmark, gained 2.1% and traded at $75.76 per barrel. Brent…
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost. It is also in the interest of all parties involved that this continues to be the case.
Profit taking on palm oil as it slips against inferior edible oils
Malaysian palm futures continued to fall on Thursday. They followed the weaker edible oils in Chicago and Dalian, as well profit-taking actions. By midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange had fallen 29 ringgit or 0.73% to 3,919 Ringgit ($924.29) per metric ton. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group, said that palm oil futures had been trading lower due to profit taking…
Palm logs third week gain despite Chicago Soyoil drag
The market for Malaysian palm oil futures recorded a third consecutive weekly gain. However, the market fell on Friday due to the weaker Chicago soyoil. At the close, the benchmark contract for palm oil delivery in August on the Bursa Derivatives Market fell 54 ringgit (1.37%) to 3,878 Ringgit ($911.83) per metric ton. This week, the contract increased by 1.33%. Crude palm futures fell in line with the weakness of the Chicago soybean oil markets…
Palm slips due to weaker Chicago soyoil, but still on track for weekly gains
The market for Malaysian palm oils futures dropped on Friday. This ended a five session rally. It was a result of the weaker Chicago soyoil. However, it is still on track to gain a weekly profit. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for August delivery fell 72 ringgit or 1.83% to 3,860 Ringgit ($910.38) per metric ton. This week, the contract has gained 1,99%.