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Showing posts from November, 2019

All Eyes On China As Oil Demand Dwindles - OilPrice.com

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Despite oil prices trading in a range that should have stimulated a notable improvement in consumption, the world actually consumed just 1.6 percent more oil between June and August this year than last, data from the Joint Organisations Data Initiative has shown. Reuters’ John Kemp quotes the data, noting that this lackluster demand growth was the fastest growth rate since the start of the year and followed a consumption decline in the previous three-month period, but added that most of this growth came from China. And if it weren’t for China, the picture would look even worse. Excluding China, the 18 largest consumers of oil globally would have recorded a combined consumption decline of 0.9 percent in June-August. The spike in oil consumption in China is easily explained: a 400,000-bpd new refinery came on stream in May this year and another one with the same capacity was put into operation later. This spurred a jump in oil imports that may not reflect consumption trends accurat

OPEC Optimism Lifts Oil Prices - OilPrice.com

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Oil prices inched higher on Tuesday morning as OPEC-driven optimism returned to markets with the cartel announcing the date of its December meeting Chart of the Week EIA increases U.S. crude oil production forecast for 2019 and 2020 IEA chief Fatih Birol called upon OPEC to ‘make the right decision for the global economy’ The International Energy Agency continues to see a lot of supply in the market as a result of slowing economic growth, especially in China. Birol says that his agency isn’t expecting to see continued explosive growth in U.S. shale, citing ‘financial difficulties’ of some major shale producers as the reason rather than depleting shale deposits. On a final note, Birol said that the U.S. will make up most of global oil supply growth, as both shale drillers and Gulf of Mexico deepwater output continue to grow. Market Movers Brokerage Scotiabank upgraded Chesapeake (NYSE:CHK) to ‘sector outperform’ as its balance sheet relief looks set to come sooner than e

How To Invest In An Oil Contango - OilPrice.com

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The oil market continues to send mixed signals, with a pending U.S.-China trade deal and potential production cut extension--or deepening--by OPEC counterbalanced by rising crude inventories and an ominous warning about a looming oil glut by the IEA. Oil prices have mostly been treading water in this sea of uncertainty, with WTI prices sitting nearly 8% above the one-month low of $54.18 per barrel. Yet, even in the event that the bulls end up carrying the day, they might soon have to contend with yet another monster: a contango.  After remaining at or near backwardation for much of the year, the oil market has returned to contango--a situation that could punch big holes in any gains by oil futures traders. Contango and Backwardation Contango and backwardation are terms commonly used in commodity futures markets. A contango market is one where futures contracts trade at a premium to the spot price. For example, if the price of a WTI crude oil contract today is $60 per barre

Saudi Aramco is the world’s most profitable company — but its IPO is risky. Here’s why. - The Washington Post

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Saudi Aramco is the world’s most profitable company — but its IPO is risky. Here’s why. - The Washington Post Saudi Aramco is the world’s most profitable company — but its IPO is risky. Here’s why. - The Washington Post Posted: 27 Nov 2019 04:00 AM PST And with the kingdom planning to hang onto more than 98 percent of the company, minority shareholders face the risk that the government may lean on Aramco to spend money in ways not "consistent with the company's immediate commercial objectives," the prospectus warns. Aramco says it plans to sell a 1.5 percent stake on the Saudi Stock Exchange in Riyadh, at a price in the range of $8.00 to $8.50 a share. That would raise roughly $25 billion, giving Aramco a total value of up to $1.7 trillion — less than the $2 trillion or more Saudi Crown Prince Mohammed bin Salman said the company was worth in 2016. A year after some financial institutions briefly gave Saudi Arabia th

Crude Oil Price Forecast - Crude Oil Facing Resistance Above - FX Empire

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WTI Crude Oil The WTI Crude Oil market has rallied a bit during the trading session on Wednesday, showing signs of exhaustion again. Keep in mind that Wednesday will have been very thin when it comes to the volume, as traders will have been focusing more on Thanksgiving than anything else. We are also at the top of a bigger range, so it’s likely that we will continue to see a lot of back and forth. I believe that the $60 level above is going to be difficult to break, and as a result I would not be surprised at all to see some type of pullback. Don’t be wrong, I don’t think that the pullback is something drastic, just a continuation of what we have seen for several months. Crude Oil Price Forecast Video 28.11.19 [embedded content] Brent Brent markets struggle quite a bit more during the trading session, and I think this could be a bit of a “heads up” as the what happens in the WTI market as Brent has basically tested that top of the consolidation rectangle. At this point, I

Commodity Mantra Morning Update: Gold up, Oil down, Base Metals mixed - Indiainfoline

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Crude Oil Price Forecast - Crude Oil Facing Resistance Above - FX Empire

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WTI Crude Oil The WTI Crude Oil market has rallied a bit during the trading session on Wednesday, showing signs of exhaustion again. Keep in mind that Wednesday will have been very thin when it comes to the volume, as traders will have been focusing more on Thanksgiving than anything else. We are also at the top of a bigger range, so it’s likely that we will continue to see a lot of back and forth. I believe that the $60 level above is going to be difficult to break, and as a result I would not be surprised at all to see some type of pullback. Don’t be wrong, I don’t think that the pullback is something drastic, just a continuation of what we have seen for several months. Crude Oil Price Forecast Video 28.11.19 [embedded content] Brent Brent markets struggle quite a bit more during the trading session, and I think this could be a bit of a “heads up” as the what happens in the WTI market as Brent has basically tested that top of the consolidation rectangle. At this point, I

Commodity Mantra Morning Update: Gold up, Oil down, Base Metals mixed - Indiainfoline

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By clicking on submit button, you authorize IIFL & its representatives & agents to provide information about various products, offers and services provided by IIFL through any mode including telephone calls, SMS, letters etc. . you confirm that laws in relation to unsolicited communication referred in National Do Not Call Registry as laid down by Telecom Regulatory Authority of India will not be applicable for such information/ communication. https://ift.tt/2Orfv4n

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${latestItem Crude Oil Price Forecast - Crude Oil Facing Resistance Above - FX Empire Posted: 27 Nov 2019 08:26 AM PST WTI Crude Oil The WTI Crude Oil market has rallied a bit during the trading session on Wednesday, showing signs of exhaustion again. Keep in mind that Wednesday will have been very thin when it comes to the volume, as traders will have been focusing more on Thanksgiving than anything else. We are also at the top of a bigger range, so it's likely that we will continue to see a lot of back and forth. I believe that the $60 level above is going to be difficult to break, and as a result I would not be surprised at all to see some type of pullback. Don't be wrong, I don't think that the pullback is something drastic, just a continuation of what we have seen for several months. Crude Oil Price Forecast Video 28.11.19 [embedded content] Brent Brent markets struggle quite a bit more during the trading

Energy News Monitor | Volume XVI; Issue 22 - Observer Research Foundation

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Energy News Monitor | Volume XVI; Issue 22 - Observer Research Foundation Energy News Monitor | Volume XVI; Issue 22 - Observer Research Foundation Posted: 13 Nov 2019 12:00 AM PST OIL DEMAND GROWTH FALTERING Oil News Commentary: October 2019 India India's fuel oil demand fell to its lowest in more than two years in September, data from the PPAC showed. Consumption of fuel oil totalled 16.01 mt - its lowest since July 2017 - down about 0.3 percent compared with the same month last year. Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 percent year-over-year to 5.83 mt, its lowest since January 2017. Sales of petrol, were 6.3 percent higher from a year earlier at 2.37 mt. Cooking gas or LPG sales increased nearly 6 percent to 2.18 mt, while naphtha sales slumped 26 percent to 0.84 mt. Petrol and diesel prices across the country remain