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Showing posts from September, 2020

Oil drops 2nd day as surging coronavirus cases prompt demand worries - ETEnergyworld.com

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Oil drops 2nd day as surging coronavirus cases prompt demand worries - ETEnergyworld.comOil drops 2nd day as surging coronavirus cases prompt demand worries - ETEnergyworld.comPosted: 29 Sep 2020 06:40 PM PDTTOKYO: Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.Brent crude dropped 23 cents, or 0.6 per cent, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7 per cent, to $39.29.The benchmarks fell more than 3 per cent on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months. "It is important to keep in mind that moves to the downside have the potential to be supersized," given rising coronavirus cases and increasing oil supplies around the world, said Bob Yawger, director of energy futures at Mizuho in New York.CEOs of the world's biggest trading companies are forecasting a weak recovery for oil…

US stock futures fall after 'chaotic' presidential debate, risk aversion rattles oil and silver | Markets - Business Insider

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US stock futures fall after 'chaotic' presidential debate, risk aversion rattles oil and silver | Markets - Business InsiderUS stock futures fall after 'chaotic' presidential debate, risk aversion rattles oil and silver | Markets - Business InsiderPosted: 30 Sep 2020 07:24 AM PDTU.S. President Donald Trump and Democratic presidential nominee Joe Biden participate in the first 2020 presidential campaign debate held on the campus of the Cleveland Clinic at Case Western Reserve University in Cleveland, Ohio, U.S., September 29, 2020. Olivier Douliery/Pool via ReutersStock futures point to lower open across US indices later, while dollar edges higher after "chaotic" televised debate between Republican Donald Trump and Democrat Joe Biden.Debate did not help alleviate concern among investors over the election or its outcome, sparking risk aversion and hitting industrial commodities and equities.Pound under pressure versus the euro, yen and doll…

Brent Crude Oil and West Texas Intermediate Oil Prices - The National Law Review

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Brent Crude Oil and West Texas Intermediate Oil Prices - The National Law ReviewBrent Crude Oil and West Texas Intermediate Oil Prices - The National Law ReviewPosted: 21 Apr 2020 12:00 AM PDTTuesday, April 21, 2020 Brent Crude Oil (Brent) and West Texas Intermediate (WTI) are the two leading global benchmark references for crude oil prices. Historically, the two have often tracked very closely to each other, without significant price variations. The exceptions were the period between 2011 and 2015, when prices for the two diverged dramatically, and, to a lesser extent, the period since mid-2017.Figure 1: Spread between WTI and Brent Futures Prices
1/1/2000-2/28/2019Source: BloombergNote: The spread is calculated as the price of the WTI futures contract closest to expiry minus the Brent futures contract closest to expiry.
These prices are represented on Bloomberg as CL1 and CO1 respectively. CL1 trades on NYMEX and CO1 trades on ICE.
One reason for the first price divergence was the growt…

Crude Oil Price Update - Weakens Under $38.99, Strengthens Over $39.57 - FX Empire

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U.S. West Texas Intermediate crude oil futures are edging higher early Wednesday after plunging the previous session. Yesterday’s steep break suggested that momentum had shifted to the downside, but today’s early price action suggests the market may just be testing the lower end of its two-week trading range.At 08:08 GMT, December WTI crude oil futures are trading $39.25, down $0.31 or -0.78%. Tuesday’s sell-off was fueled by the weekly report from the American Petroleum Institute (API) which showed an unexpected jump in gasoline inventory although a dip in distillate and crude oil stockpiles may have softened the blow. Today, at 14:30 GMT, the government will release its inventories data. Another jump in gasoline inventories could crush prices. Daily December WTI Crude OilDaily Swing Chart Technical AnalysisThe main trend is down according to the daily swing chart. A trade through $37.11 will signal a resumption of the downtrend. The main trend will change to up on a move through the n…

Crude oil futures rise on spot demand - Economic Times

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New Delhi: Crude oil prices on Wednesday rose by Rs 4 to Rs 2,881 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in October traded higher by Rs 4, or 0.14 per cent, at Rs 2,881 per barrel in 2,876 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade. However, West Texas Intermediate crude oil fell by 0.71 per cent to USD 39.01 per barrel, while Brent crude was trading lower by 0.68 per cent at USD 40.75 per barrel in New York.

Closing prices for crude oil, gold and other commodities - WTOP

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Benchmark U.S. crude oil for November delivery fell $1.31 to $39.29 a barrel Tuesday. Brent crude oil for November delivery fell $1.40 to $41.03 a barrel.Wholesale gasoline for October delivery fell 4 cents to $1.20 a gallon. October heating oil fell 3 cents to $1.11 a gallon. November natural gas fell 23 cents to $2.56 per 1,000 cubic feet.Gold for December delivery rose $20.90 to $1,903.20 an ounce. Silver for December delivery rose 84 cents to $24.45 an ounce and December copper was unchanged at $2.99 a pound.The dollar rose to 105.68 Japanese yen from 105.52 yen. The euro rose to $1.1737 from $1.1665.Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Oil Was Sick Even Before Coronavirus Hit - Bloomberg

Oil Was Sick Even Before Coronavirus Hit - BloombergOil Was Sick Even Before Coronavirus Hit - BloombergPosted: 26 Jan 2020 12:00 AM PST[unable to retrieve full-text content]Oil Was Sick Even Before Coronavirus HitBloomberg You are subscribed to email updates from "oil price december 2018,oil prices bloomberg" - Google News.
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Oil Prices Under Pressure As Gasoline Inventories Climb - OilPrice.com

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Oil Prices Under Pressure As Gasoline Inventories Climb - OilPrice.comOil Prices Under Pressure As Gasoline Inventories Climb - OilPrice.comPosted: 29 Sep 2020 02:07 PM PDT The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 831,000 barrels for the week ending September 25 - but this draw was more than offset by a build in gasoline inventories.Analysts had predicted an inventory draw of 2.325-million barrels.In the previous week, the API reported a small build in crude oil inventories of 691,000 barrels, after analysts had predicted a draw of 2.256 million barrels.Oil prices were trading down sharply on Tuesday afternoon before the API's data release as the market continues to be spooked by the rising number of coronavirus cases around the world - a factor that could lead to decreased movements and industrial activity around the world, and ultimately, to decreased oil demand.In the hours leading up to Tuesday's data release, at 12:44 pm…

Japan's August crude imports rebound amid oil product demand recovery - S&P Global

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Japan's August crude imports rebound amid oil product demand recovery - S&P GlobalJapan's August crude imports rebound amid oil product demand recovery - S&P GlobalCrude oil futures rise on firm spot demand - Deccan HeraldOil prices fall as COVID-19 cases spike - Yahoo SportsJapan's August crude imports rebound amid oil product demand recovery - S&P GlobalPosted: 30 Sep 2020 01:52 AM PDTHighlightsAugust crude imports lowest for month since 1988Refiners, traders remain cautious about further recovery amid pandemicNet gasoline importer for fifth month amid continuous recovery Tokyo — Japan's demand for crude oil and refined products improved significantly during the peak summer demand month of August, with crude imports recovering to 2.36 million b/d, up 13% from the lowest level in more than half a century reached in July.Not registered?Receive daily email alerts, subscriber notes & personalize your experience.Register Now The August crude i…