|Day's Range||63.46 - 63.89|
The supply cuts from the so-called OPEC+ nations, coupled with U.S. sanctions on Venezuela and Iran, have reduced the amount of medium- and heavy-grade sour crude on the market. While Russia is part of the output cuts effort, exports of its medium-sour Urals crude -- the country’s biggest export grade -- are set to soar this month to an almost two-year high. “The apparent lack of other alternative medium, sour grades is forcing Mediterranean and Northwest European buyers to rely increasingly on Urals,” consultants JBC Energy GmbH said in a report.
* Market poised to snap two sessions of gains * Weaker ringgit limited further losses - trader By Emily Chow KUALA LUMPUR, April 18 (Reuters) - Malaysian palm oil futures dropped on Thursday, in line to ...
Saudi Arabian Oil Co. is doing its best to make nice with one of its biggest customers. With the ink barely dry on the takeover of 70 percent of the country’s chemical giant Saudi Basic Industries Corp. and the issuance of its first-ever corporate bond, Aramco is looking to buy a stake in the world’s biggest oil refinery. Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is seeking to sell as much as a quarter of its refining business for at least $10 billion and is entertaining offers from Aramco and Abu Dhabi National Oil Co., people with knowledge of the matter told Bloomberg News this week.
Based on the early trade, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the price cluster at .7154 to .7153.
There is a hidden string that ties currencies together to crude oil, with price actions in one venue forcing a sympathetic or opposing reaction in the other. This correlation persists for many reasons, including resource distribution, balance of trade (BOT), and market psychology. In addition, crude oil is quoted in U.S. dollars (USD) so each uptick and downtick generates immediate realignment between the greenback and numerous forex crosses.
Katanga Mining Ltd, a unit of Glencore Plc, on Wednesday named Glencore Coal's chief development officer Jeff Gerard to the top job, taking over from Danny Callow. The appointment comes less than two months after Glencore, the world's biggest supplier of seaborne coal, said it would limit annual coal production capacity to current levels of about 150 million tonnes after discussion with its investors. Gerard will take over on May 2 and will also serve as the head of Glencore's assets in the Democratic Republic Of Congo (DRC) and oversee its Mutanda mining operation in the country.
Higher coal and chemicals volumes drove U.S. carloads upward on a weekly basis for the first time since late February, according to the latest data from the Association of American Railroads (AAR). But ...
Katanga Mining Ltd, a unit of Glencore Plc, on Wednesday named Glencore Coal's chief development officer Jeff Gerard to the top job, taking over from Danny Callow. Gerard will take over on May 2 and will ...
The U.S. shale boom is upending global oil markets as far as crude flows from West Africa to Europe and other parts of the world, and is squeezing in particular Nigeria’s struggling oil industry
Canada's annual inflation rate edged up to 1.9% in March from 1.5% in February, while two out of three of the Bank of Canada's measures of core inflation edged up into the 2.0% range, Statistics Canada data indicated. "The market is skeptical that there is a true uptick in core inflation," said Adam Button, chief currency analyst at ForexLive. "Looking forward, if the acceleration in core inflation continues the market will have to change course." A shift in sentiment could see expectations unwind for an interest rate cut this year, Button said.
Canada's annual inflation rate edged up to 1.9% in March from 1.5% in February, while two out of three of the Bank of Canada's measures of core inflation edged up into the 2.0% range, Statistics Canada data indicated. The loonie notched its strongest intraday level since March 20 at 1.3275 after the data, but then gave back all its gains.
HOUSTON/MEXICO CITY (Reuters) - Spain's Repsol has suspended its swaps of refined products for crude with Venezuela's state-run oil company PDVSA, people familiar with the matter said, as U.S. officials weigh penalties for foreign firms doing business with Venezuela. The Spanish oil company has been swapping fuel and waiving payments due from a joint venture with PDVSA in exchange for crude, even as the United States rolled out new sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro.
KUALA LUMPUR (Reuters) - Malaysia kept its export duty on crude palm oil for May at zero percent, according to a circular on the Malaysian Palm Oil Board's website on Wednesday that cited the national ...
* Market sees biggest daily gain in two weeks * Ringgit weakened as much as 0.3 pct (Updates with closing prices) By Emily Chow KUALA LUMPUR, April 17 (Reuters) - Malaysian palm oil futures rose for a ...
April 17 (Reuters) - China Coal Xinji Energy Co Ltd : * SAYS Q1 COAL SALES DOWN 3.0 PERCENT Y/Y AT 1.8 BILLION YUAN ($269.06 million) Source text in Chinese: http://bit.ly/2IAIY9D Further company coverage: ...
* Market in line for second day of gains * Ringgit weakened 0.3 pct around noon By Emily Chow KUALA LUMPUR, April 17 (Reuters) - Malaysian palm oil futures extended gains to a fresh one-week high in early ...
Environmental organizations are suing the Trump administration over the approval a coal-mining project near a national park in southern Utah. A coalition of groups including the National Parks Conservation Association filed the lawsuit Tuesday in federal court in Utah. The U.S. Department of the Interior declined to comment on the lawsuit.
In the first quarter, coordinated production curbs by the Organization of Petroleum Exporting Countries and its allies helped oil rally the most in almost a decade, restoring prices to over $70 a barrel. Saudi Arabia, the group’s most powerful member, has made clear that it’s determined to keep supplies tight. OPEC and its partners launched a new round of output cuts at the beginning of the year when it looked like booming U.S. shale-oil production and fragile global demand growth would lead to a supply surplus.
Scientists have just found a fascinating oil-eating bacteria in the Marina Trench, a discovery which could be key to cleaning up the ocean
Russia has announced that the country is contemplating boosting oil production, as the fight for market share with the U.S. heats up
The 2020 elections could well be a turning point for the U.S. oil and gas industry, with many democratic candidates threatening to ramp up regulations
At 3:09 p.m. (1909 GMT), the Canadian dollar was trading 0.1% higher at 1.3352 to the greenback, or 74.90 U.S. cents. The price of oil, one of Canada's major exports, rose as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply. U.S. crude oil futures settled 1% higher at $64.05 a barrel.
Based on the current price at $63.85, the direction of the June WTI crude oil market into the close is likely to be determined by trader reaction to the short-term 50% level at $63.93.