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Showing posts from May, 2020

Crude Oil Price Update - Ready to Challenge Major Retracement Zone, Price Gap - FX Empire

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U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher. The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China. During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January. Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced. At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%.

Crude Oil Price Update - Ready to Challenge Major Retracement Zone, Price Gap - FX Empire

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U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher. The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China. During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January. Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced. At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%.

Crude Oil Price Update - Ready to Challenge Major Retracement Zone, Price Gap - FX Empire

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U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher. The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China. During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January. Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced. At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%.

U.S. Regulators Probe Investor Risk Disclosure Of World's Top Oil ETF - OilPrice.com

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U.S. Regulators Probe Investor Risk Disclosure Of World's Top Oil ETF - OilPrice.com U.S. Regulators Probe Investor Risk Disclosure Of World's Top Oil ETF - OilPrice.com Posted: 30 May 2020 04:04 PM PDT The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating the most popular exchange-traded fund tracking crude oil prices, the United States Oil Fund, to ascertain if the fund has managed to properly disclose to investors the risks, Bloomberg reported on Friday, citing three sources familiar with the issue. The United States Oil Fund LP (NYSEARCA: USO), one of the most popular oil-tracking ETFs for retail investors, was said to be one of the reasons  for the historic plunge in May WTI Crude futures on April 20, a day before the May contract expired on April 21.    Many retail investors were stung by the plunge at the rollover of the May futures contract, and si

Crude Oil Price Update - Ready to Challenge Major Retracement Zone, Price Gap - FX Empire

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U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher. The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China. During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January. Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced. At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%.

Stocks plunge amid coronavirus fears and oil-price crash - Anchorage Daily News

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Stocks plunge amid coronavirus fears and oil-price crash - Anchorage Daily News Stocks plunge amid coronavirus fears and oil-price crash - Anchorage Daily News Posted: 09 Mar 2020 12:00 AM PDT Stocks took their worst one-day beating on Wall Street since the global financial crisis of 2008 as a collapse in oil prices Monday combined with mounting alarm over what the coronavirus could do to the world economy. The staggering losses, including a 7.8% tumble in the Dow Jones Industrial Average, immediately raised fears that a recession might be on the way in the U.S. and that the record-breaking 11-year bull market on Wall Street may be coming to an abrupt end in a way no one even imagined just a few months ago. The drop was so sharp that it triggered the first automatic halt in trading in more than two decades. European stock indexes likewise registered their heaviest losses since the darkest days of the 2008 meltdown and are now in

Oil Climbs As Fears Of Negative Prices Fade - OilPrice.com

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Oil Climbs As Fears Of Negative Prices Fade - OilPrice.com Oil Climbs As Fears Of Negative Prices Fade - OilPrice.com Posted: 21 May 2020 02:04 AM PDT Trader anxiety has earned a reprieve, with oil markets dodging one of many bullets after a key U.S. benchmark oil futures contract avoided a repeat of the April fiasco that saw oil futures land in negative territory. West Texas Intermediate (WTI) crude prices settled higher on Tuesday, finishing the day in backwardation and allaying fears that oil prices could slip into negative territory once again. The June WTI Nymex contract finished higher than the front-month July contract, marking the first time in months that the market shifted from contango to backwardation.  The WTI June contract, which expired at the end of the session, was settled at $32.50/barrel vs. $31.96 for the July contract after gaining 8.1% on Monday and another 2.1% on Tuesday.  Meanwhile, the July contract, which is

U.S. Regulators Probe Investor Risk Disclosure Of World's Top Oil ETF - OilPrice.com

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The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating the most popular exchange-traded fund tracking crude oil prices, the United States Oil Fund, to ascertain if the fund has managed to properly disclose to investors the risks, Bloomberg reported on Friday, citing three sources familiar with the issue. The United States Oil Fund LP (NYSEARCA: USO), one of the most popular oil-tracking ETFs for retail investors, was said to be one of the reasons for the historic plunge in May WTI Crude futures on April 20, a day before the May contract expired on April 21.    Many retail investors were stung by the plunge at the rollover of the May futures contract, and since then, the USO fund has amended its structure, including buying longer-dated contracts instead of front-month ones. Now, according to Bloomberg’s sources, the investigation into the USO revolves around whether the fund has properly explained to shareholders that

Oil Prices Stabilize On Rumors Of An OPEC Extension - OilPrice.com

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Oil traded flat on Thursday morning following yesterday’s correction driven by Saudi Arabia and other OPEC members signaling that they are considering extending the huge output cuts until the end of 2020. Prices fell late on Wednesday afternoon after the API reported an unexpectedly large crude build. The institute reported an 8.7 million barrel build though analysts expected a 1.9 million barrel draw. The large build in crude stocks is the first build in inventories in 3 weeks and led to a drop in oil prices on Thursday morning. Traders are now waiting to see if the build in inventories is confirmed by the EIA. Harry Tchilinguirian, head of commodity research at BNP Paribas told Reuters that “All in all oil is pretty much flat after the price correction yesterday. The market opened lower after the shock API numbers, but it is now treading water until EIA statistics are released,”. While oil fundamentals have clearly improved since the beginning of March, traders shouldn’t become

Oil prices could go negative again for reasons beyond just storage - Hellenic Shipping News Worldwide

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Oil prices could go negative again for reasons beyond just storage - Hellenic Shipping News Worldwide Oil prices could go negative again for reasons beyond just storage - Hellenic Shipping News Worldwide Posted: 01 May 2020 12:00 AM PDT It's not all about storage. Yes, the world is watching the available amount of oil storage to try to figure out when the 'tank tops' and there's simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil prices down in a hurry. First, the Chicago Mercantile Exchange recently raised its margin requirements for forward oil contracts. The June contract now requires margin of $10,000. Given that each contract is 1,000 barrels of oil, simple math tells us that $10 per barrel is a key level to watch in trading. Should crude fall under the $10 mark, it could trigger margin calls. That could in turn force more s

Crude oil prices see their best month on record, surging 88% - Globalnews.ca

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By Staff The Canadian Press Posted May 29, 2020 6:08 pm Smaller font Descrease article font size - A Larger font Increase article font size A + Canada’s main stock index ended a strong May a little weaker while crude oil prices enjoyed their best ever month, surging 88 per cent. The S&P/TSX composite index closed down 69.90 points at 15,192.83. READ MORE: Canadian GDP dropped 8% in the first quarter, StatCan says In New York, the Dow Jones industrial average was down 17.53 points at 25,383.11. The S&P 500 index was up 14.58 points at 3,044.31, while the Nasdaq composite was up 120.88 points at 9,489.87. The Canadian dollar traded for 72.53 cents US compared with 72.65 cents US on Thursday. 2:13 Alberta Energy Regulator suspends monitoring requirements across oil and gas industry Alberta Energy Regulator suspends monitoring requirements across oil and gas industry The July crude contract was up US$1.78 at US$35.49 per barrel and the July natural

Oil surges 88% in May, posting its best month on record - Business Insider

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Oil surges 88% in May, posting its best month on record - Business Insider Oil surges 88% in May, posting its best month on record - Business Insider Oil Now Faces Demand Uncertainty After Record Rebound From Crash - Bloomberg Crude oil prices slide on US-China tensions, doubts about Russian output cuts - Economic Times A London-based trading house bought 250,000 barrels of oil during the historic plunge below $0 and likely.. - Business Insider Oil surges 88% in May, posting its best month on record - Business Insider Posted: 29 May 2020 01:06 PM PDT Reuters WTI crude oil spiked 88% in May, notching its best monthly performance gain on record, according to data from Bloomberg. The surge in oil prices comes just one month after oil prices went negative for a brief period of time, as demand for oil plummeted amid the economic shutdown caused by the COVID-19 pandemic. Fast forward a month later, and signs of bott

COMMENT | Malaysia's slick politics of oil - Malaysiakini

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COMMENT | Malaysia's slick politics of oil - Malaysiakini COMMENT | Malaysia's slick politics of oil - Malaysiakini Posted: 09 May 2020 12:00 AM PDT COMMENT | The deal announced last week between the state of Sarawak, Petronas and the federal government reflects pragmatic choices on all sides – as Sarawak accepted the legitimacy of the 1974 Petroleum Development Act (PDA) and agreed to a sizeable payment of RM2 billion for the payment of state sales tax on petroleum products. Both Sarawak Chief Minister Abang Johari Openg and Prime Minister Muhyiddin Yassin (it would seem) secured a political win in their contests to hold onto power. For Petronas, the deal assures that the legal challenge posed over oil royalties by the Sarawak government contesting the legitimacy of the PDA has been dismissed. This deal is big news – it comes after similar arrangements were reached with Kelantan and Terengganu last year, and amidst ong