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Showing posts from February, 2019

A Worrying Trend For Oil Bulls | OilPrice.com - OilPrice.com

Crude Oil Prices May Fall on Soft Fundamentals, Risk Aversion - DailyFX

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CRUDE OIL & GOLD TALKING POINTS:Crude oil prices at risk on soft supply/demand outlook, risk aversionMonthly EIA report, IEA’s Birol may highlight oil’s soft fundamentalsUS GDP data, aborted Trump-Kim summit might stoke risk aversionCrude oilprices rose alongside stocks as risk appetite improved, shrugging off early geopolitical jitters. The move accelerated higher as EIA inventory data revealed a sharp 8.65-million-barrel drop in crude stockpiles. That dwarfed expectations calling for 2.94-million-barrel build.Goldprices fell as the US Dollar rose alongside Treasury bond yields, sapping the appeal of non-interest-bearing and anti-fiat assets. The priced-in 2019 monetary policy outlook implied in Fed Funds futures steepened in tandem, implying a shift toward a less-dovish baseline outlook as the underlying narrative.Interestingly, the move began before the day’s offering of key US economic data and the second round of Congressional testimony from Fed Chair Jerome Powell. The absen…

Crude Oil Price Update - Strong Finish Puts Crude in Position to Turn Higher for Week - FX Empire

Gas prices continue upward trend - KAUZ

[unable to retrieve full-text content]Gas prices continue upward trendKAUZWICHITA FALLS, TX (TNN) - Gas prices are up again this week in Wichita Falls and across Texas. The average price for a gallon of gas in Wichita Falls is $2.14 ...

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Trading Outlook for Gold Price, Crude Oil, Dow Jones, DAX & More - DailyFX

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Gold has been quiet lately, but we could soon see a probe of the multi-tested November trend-line, an important ‘line-in-the-sand.’ Crude oil got dinged and is in the process of having its surge off the December low put to the test, may fail if ‘risk trade’ turns south as it looks like it may. The Dow Jones along with its gang of U.S. indices hit and is trying to turn off resistance, watch how selling develops in the days ahead. The DAX is at even bigger resistance.Technical Highlights:Gold to test November trend-line post weekly rejectionCrude oil could weaken some more with ‘risk trade’Dow Jones turning off resistance with other U.S. indicesDAX has confluence of big resistance, looking to turn lowerCheck out our Trading Forecasts and Educational Resources on theDailyFX Trading Guides page.Gold to test November trend-line post weekly rejectionGold is backing down off long-term resistance towards an important intermediate-term threshold – the November trend-line. A hold of this line w…

Shale Growth Is Nearing An Inflection Point | OilPrice.com - OilPrice.com

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Drilling activity has plateaued in much of the U.S., with the rig count zig-zagging well below the peak from last November.The rig count often rises and falls in response to oil prices, but on a several-month lag. It takes some time before oil companies make drilling decisions in response to major price movements. As such, the price meltdown in the fourth quarter of 2018 is still working its way through the system.But the U.S. shale industry has already begun to tap the brakes. Total U.S. oil rigs are stood at 853 for the week ending on February 22, down from a peak of 888 in November. In particular, the Permian – often held up as the most profitable and prolific shale basin – has seen the rig count decline to a nine-month low.Production continues to rise, to be sure, but the growth rate could soon flatten out. “We estimate that the y/y change in US oil drilling will, for the first time since 2016, turn negative by late May, should the current trend of gentle declines continue,” Stand…

US crude rises 28 cents, settling at $57.22, extending gains after Wednesday rally - CNBC

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U.S. crude oil futures rose for a third straight day on Thursday, extending big gains in the previous session on plunging American oil stockpiles and indications that OPEC will not waiver in its bid to drain oversupply.Crude futures recovered on Wednesday after Saudi Arabia's influential oil minister brushed off pressure from President Donald Trump to "take it easy" on price-boosting production cuts. Trump's warning to Saudi Arabia and its fellow OPEC members caused oil prices to sink more than 3 percent on Monday.But on Thursday, traders said the oil market was dealing with several headwinds, as U.S.-China trade tensions persisted, the Chinese economy showed signs of slowing and record U.S. production undermined OPEC-led output curbs.U.S. West Texas Intermediate crude rose 28 cents, or half a percent, settling at $57.22, just a few cents shy of last week's 2019 closing high.U.S. crude week-to-date performanceBrent crude fell 36 cents, or half a percent, to $66.0…

Oil Jumps On Large Crude Inventory Draw | OilPrice.com - OilPrice.com

A Worrying Trend For Oil Bulls | OilPrice.com - OilPrice.com

Venezuela Oil Sanctions Slash Brent Crude Premium | OilPrice.com - OilPrice.com

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The U.S. sanctions on Venezuela from late last month cut off more heavy and sour crude oil supply to the global market, leading to the lowest premium of quality light sweet Brent over heavier and sour crude grades because of limited heavy oil supply worldwide.At times when supply of various crude grades is not distorted, Brent usually trades at a premium of $3-$4 a barrel over Dubai, but since January, the premium of Brent over Dubai has been consistently below $1 a barrel, Eesha Muneeb, pricing specialist for the Dubai crude oil benchmark at S&P Global Platts, writes.To top off the sanctions on Iran and the OPEC cuts, the U.S. sanctions on Venezuela at the end of January further tightened the heavy crude market, and traders expect the market to tighten even more in the coming months.Despite initial expectations that the Venezuelan oil that would have gone to the U.S. could easily make way to Asia, the nature of the U.S. sanctions have effectively turned the U.S. import ban into f…

Oil futures split paths for the session, but tally a 2nd monthly rise in a row - MarketWatch

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Oil futures split paths on Thursday, with U.S. prices extending gains from a weekly drop in domestic crude supplies, while global benchmark prices finished lower on weaker Chinese economic data, which fed concerns over a demand slowdown.Both benchmarks, however, finished the month higher, up a second consecutive month.April West Texas Intermediate crude CLJ9, +0.60% rose 28 cents, or 0.5%, to settle at $57.22 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices climbed 6.4% for the month of February, according to Dow Jones Market Data. April WTI had jumped 2.6% Wednesday, for the biggest one-day dollar and percentage increase since Feb. 1.Global benchmark April Brent LCOJ9, -0.56% which expired at Thursday’s settlement, fell 36 cents, or 0.5%, to $66.03 a barrel on ICE Futures Europe. Front-month prices rose 6.7% for the month. May Brent LCOK9, -0.26% which is now the front month, settled at $66.31, down 27 cents, or 0.4%.Prices for both benchmarks …

UAE To Build World's Largest Underground Oil Storage Facility - OilPrice.com

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The Abu Dhabi National Oil Company (ADNOC) and South Korea’s SK Engineering and Construction Co. Ltd (SKEC) signed an agreement on Wednesday to build the world’s single largest underground oil storage facility that would boost ADNOC’s flexibility to export crude oil and support its push into oil trading.ADNOC has awarded SKEC an Engineering, Procurement and Construction (EPC) contract to build three underground storage caverns, each with a capacity to hold 14 million barrels of crude oil, in the Emirate of Fujairah on the eastern coast of the United Arab Emirates (UAE).According to ADNOC, the contract is the world’s largest for a single project for underground crude oil storage and is valued at US$1.2 billion (4.4 billion UAE dirhams).Work on the project started last year and the first phase—the construction of an access tunnel—has been completed, ADNOC said. The underground oil storage project is expected to be ready in 2022. “Importantly, developing this strategic oil storage mega f…

Middle East Oil Kingdoms Grapple With New Crisis | OilPrice.com - OilPrice.com

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Ever since oil was first discovered in the Middle East in the 1930s, the monarchies in the Persian Gulf have generously subsidized energy and utilities costs for the population.While free or very cheap energy has been the cost for the monarchies to comfortably retain power for decades while providing citizens with the abundant natural resources found in their sands and seas, this approach to government subsidies has distorted energy demand in the monarchies in the Gulf—Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Bahrain, and Qatar. The free gasoline, water, or electricity has led, also unwittingly, to a lifestyle of high energy consumption rates in those countries, with consumption much higher than the size of the population or economies would suggest.Now the Middle East monarchies—which are some of the world’s biggest oil and gas producers—face a dilemma: how to curb that excessive and often wasteful energy use without jeopardizing the reign of the autocratic regimes, Jim K…

Technical Issues Wreak Havoc On Crude Futures | OilPrice.com - OilPrice.com

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By Editorial Dept - Feb 27, 2019, 6:00 PM CSTOne gets very accustomed to good things and it is certainly true for daring presidential tweets, impossible to discern whether it is a genuine emotional outburst or an irregular thought-out rebuke. The latest “please relax and take it easy” tweet aimed at OPEC will certainly become a classic gem for energy bugs, yet in the meantime, it has managed to cause some trouble. Oil prices declined some 3.5 percent on Monday after the tweet went out, however on Tuesday already they bounced back partially following OPEC’s assurances that it would stick to the charted production cut commitments.(Click to enlarge)Despite a global glitch at CME Group on Wednesday that halted trading for three hours, WTI traded at end of business hours on Wednesday at 57 USD per barrel, whilst Brent Dated moved within the 66.5-67 USD per barrel interval.1. Five Weeks of Consecutive Growth for US Crude Commercial Stocks• US commercial crude stocks rose 3.7MMbbl to 454.5MM…

Big crude inventory draw helps boost oil prices - Chron

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New oil storage tanks are built for an additional oil export facility at the Port of Corpus Christi. Multiple offshore crude oil loading terminals have been proposed along the Texas Gulf Coast, while others want to add the capacity to laod Very Large Crude Carriers or VLCCs, among the largest crude oil tankers with 2 million barrels of capacity.less New oil storage tanks are built for an additional oil export facility at the Port of Corpus Christi. Multiple offshore crude oil loading terminals have been proposed along the Texas Gulf Coast, while others... more Photo: Mark Mulligan, Houston Chronicle / Houston Chronicle Photo: Mark Mulligan, Houston Chronicle / Houston Chronicle Image 1of/1 CaptionClose Image1of1 New oil storage tanks are built for an additional oil export facility at the Port of Corpus Christi. Multiple offshore crude oil loading terminals have been proposed along the Texas Gulf Coast, while others want to add the capacity to laod Very Large Crude Carriers or VLCCs, among th…

Crude Oil Up By More Than $1 - Rigzone

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by  Matthew V. Veazey| Rigzone Staff | Wednesday, February 27, 2019

The WTI and Brent benchmarks settled higher Wednesday. Both the West Texas Intermediate (WTI) and Brent crude oil benchmarks finished higher during midweek trading.April WTI crude oil futures settled at $56.94 per barrel Wednesday, reflecting a $1.44 gain. The benchmark traded within a range from $55.72 to $57.39.“The April WTI is showing major resistance at the 57.44 level on the daily continuation chart and more major resistance at the 57.62 level on the weekly chart,” said Steve Blair, vice president and principal with Rockville Centre, N.Y.-based Rafferty Commodities Group, Inc. “The weekly chart level of 57.62 has now been tested last week and again this week and has not been able to penetrate on a closing basis. Should the market penetrate and close above this level a more macro resistance [could be] seen on the monthly chart at 58.10.”Brent crude oil for April delivery gained $1.18 Wednesday, ending the day at $66…

A Worrying Trend For Oil Bulls | OilPrice.com - OilPrice.com

Trump Tweets And Oil Drops. Is That Really Good For The Economy? - Forbes

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Oil markets fell today, with WTI down more than 3% at noon. This was a reaction to President Trump's early morning tweet about oil prices rising too high.AP Photo/Jacquelyn Martin, File Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!— Donald J. Trump (@realDonaldTrump) February 25, 2019Before the President's tweet, oil prices had been rising steadily since January, though both Brent and WTI were still well below their 2018 highs. Falling OPEC production has definitely contributed to rising oil prices, but a good percentage of the increase is due to U.S. sanctions on two OPEC countries: Venezuela and Iran. The other significant component is a drop in OPEC production coming from Saudi Arabia, which cut production in February and plans additional production cuts in March to deal with regular maintenance and technical issues in one of its fields.Is it even possible for OPEC to "relax and take it easy," as Preside…

Crude Oil, Gold Prices May Fall on Fed Chair Powell Testimony - DailyFX

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CRUDE OIL & GOLD TALKING POINTS:Crude oil prices drop on Trump tweet, threaten 2-month uptrendGold prices stall despite weaker Treasury bond yields, US DollarTestimony from Fed Chair Powell might hurt commodity pricesCrude oilprices plunged after US President Donald Trump took twitter to talk OPEC out of raising prices further, saying they are “getting too high” and asking the cartel to “take it easy”. He ominously added: “[The] world cannot take a price hike – fragile!”Besides stoking global slowdown fears, Mr Trump may be giving OPEC too much credit. As it happens, crude prices fell nearly 19 percent in the two weeks after it and other like-minded producers including Russia (the so-called “OPEC+” group) issued the latest coordinated production cut in early December 2018.The subsequent rise has tracked the recovery in stocks, and so seems to owe to a broader recovery in risk appetite rather than OPEC’s influence. Still, the markets can hardly be expected to ignore an attempt to t…

Markets surge on trade war optimism; Trump urges Opec to 'relax' - business live - The Guardian

Business Live: Aston Martin shares hit - BBC News

Trading Outlook for Gold Price, Crude Oil, Dow Jones, DAX & More - DailyFX

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Gold has been quiet lately, but we could soon see a probe of the multi-tested November trend-line, an important ‘line-in-the-sand.’ Crude oil got dinged and is in the process of having its surge off the December low put to the test, may fail if ‘risk trade’ turns south as it looks like it may. The Dow Jones along with its gang of U.S. indices hit and is trying to turn off resistance, watch how selling develops in the days ahead. The DAX is at even bigger resistance.Technical Highlights:Gold to test November trend-line post weekly rejectionCrude oil could weaken some more with ‘risk trade’Dow Jones turning off resistance with other U.S. indicesDAX has confluence of big resistance, looking to turn lowerCheck out our Trading Forecasts and Educational Resources on theDailyFX Trading Guides page.Gold to test November trend-line post weekly rejectionGold is backing down off long-term resistance towards an important intermediate-term threshold – the November trend-line. A hold of this line w…

Maha Energy AB Announces Filing of Fourth Quarter Report & Live Webcast - GlobeNewswire

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Press release
Stockholm
28 February 2019          Maha Energy AB Announces Filing of Fourth Quarter Report & Live WebcastMaha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its fourth quarter results.  The report is attached to this press release and available on the Company’s website at www.mahaenergy.caFourth Quarter 2018Daily oil & gas production for the fourth quarter averaged 2,454 BOEPD (Q4 2017: 1,597 BOEPD). The Tartaruga Field was shut-in during the fourth quarter as a result of ongoing drilling operations at 107D.Revenue of USD 12.6 million (Q4 2017: USD 6.9 million)EBITDA of USD 8.5 million (Q4 2017: USD 2.9 million)Net result for the period of USD 18.3 million, which includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains during the fourth quarter (Q4 2017: USD 2.5 million)Basic earnings per share of USD 0.19 (Q4 2017: USD 0.03)Diluted earnings per share of USD 0.17 (Q4 2017: USD 0.03)Operating netback of…

Market Live: Indices trim gains, trade flat with positive bias; IT, auto stocks fall - Moneycontrol.com

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Feb 28, 03:34 PM (IST) Market at close: Benchmark indices ended marginally lower on the F&O Expiry day with Nifty closing below 10,800 level.The Sensex was down 37.99 points at 35867.44, while Nifty was down 8.90 points at 10797.80. About 1463 shares have advanced, 1005 shares declined, and 153 shares are unchanged. Vedanta, Coal India, BPCL, GAIL and IOC were the top gainers on the Nifty, while losers include TCS, Eicher Motors, Maruti Suzuki, UltraTech Cement and Hero Motocorp.Among sectors, IT and auto witnessed some selling pressure, while buying seen in the FMCG, PSU bank, metal, pharma, energy and infra. Feb 28, 03:23 PM (IST) Lupin receives USFDA approval: Company received approval for its Azacitidine for Injection, 100 mg Single-Dose Vial from the USFDA to market a generic version of Celgene Corporation’s Vidaza. Feb 28, 03:15 PM (IST) Rupee Update: Indian rupee is trading higher by 10 paise at 71.12 versus Wednesday's close 71.22. Feb 28, 03:05 PM (IST) Expiry day set-up: Ni…