Commodities & Futures News

Commodities & Futures News

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8 Jul

Oil Rally Stalls With Virus Looming Over the U.S. Demand Outlook

Oil Rally Stalls With Virus Looming Over The U.S. Demand Outlook

. An oilrig operated by the Chinese company Zhongyuan Petroleum Exploration Bureau (ZPEB) is seen near Melut, in the Upper Nile, Sudan, on Monday, Nov. 29, 2010. Photographer: Trevor Snapp/ -- Crude futures in New York were unable to rise above $41 as rising U.S. coronavirus cases continue to threaten the nation’s fuel-demand recovery.Depress

8 Jul

Oil dips as U.S. inventory build stokes supply fears

Oil Dips As U.S. Inventory Build Stokes Supply Fears

. The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County TOKYO Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply. Brent crude futures fell 13 cents, or 0.3

7 Jul

Algeria prepares new plan to revive economy, reduce dependence on oil

Algeria Prepares New Plan To Revive Economy, Reduce Dependence On Oil

. ALGIERS OPEC member Algeria, facing financial pressure after a fall in energy revenue, will launch a new economic plan to reduce reliance on oil and gas and give the private sector a greater role, the government said on Tuesday. President Abdelmadjid Tebboune, who was elected in December, has repeatedly vowed to reform the oil-reliant economy by devel

7 Jul

Breaking:  Oil Inventories Rise by 2M Barrels Last Week: API

Breaking: Oil Inventories Rise By 2M Barrels Last Week: API

. By Yasin U.S. crude stockpiles crude inventories rose by 2 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute.Analysts expect that the Energy Information Administration will report a draw of 3.1 million barrels when it issues numbers tomorrow morning. The EIA numbers are due at 10:30 AM ET (14:30 GMT).Crud

7 Jul

Gold Shoots Past $1,800 Again as New Covid-19 Wave Hits Markets 

Gold Shoots Past $1,800 Again As New Covid-19 Wave Hits Markets 

. By Barani Gold settled above $1,800 for the second time in a week on Tuesday as a wave of new coronavirus infections in the United States and the world pushed more investors to seek protection with the safe haven, amid a slide in global equity markets.“Gold seems poised to make a run for the $1,850 level as economic uncertainty is here to stay, as too many vi

7 Jul

Oil Little Changed;  Weekly US Data Awaited Amid Virus Watch

Oil Little Changed; Weekly US Data Awaited Amid Virus Watch

. By Barani Oil prices were little changed on Tuesday on expectations that U.S. crude stockpiles saw another sizable draw last week amid concerns about the future demand for energy from the evolving new wave of the coronavirus.New York-traded West Texas Intermediate, the benchmark for U.S. crude futures, settled down a penny at $40.62 per barrel.London-traded Bre

7 Jul

Marriage of convenience: what Mexico's leftist leader gets out of Trump

Marriage Of Convenience: What Mexico's Leftist Leader Gets Out Of Trump

3/3Reuters. Mexico's President Andres Manuel Lopez Obrador speaks during a news conference before traveling to Washington D.C. to meet with U.S. President Donald Trump, at the National Palace in Mexico City 2/3 By Dave Graham (NYSE:GHM) MEXICO CITY When Mexico's leader enters the White House to meet President Donald Trump on Wednesday,

7 Jul

Crude Oil Drifts Lower as Virus Concerns Offset Tightening Market

Crude Oil Drifts Lower As Virus Concerns Offset Tightening Market

. By Geoffrey Smith  --  Crude oil prices ticked lower Tuesday amid concerns about the U.S. economy and its ability to ride out a second wave of Covid-19 across the south and west of the country.However, the selling pressure wasn’t strong enough to force the benchmark U.S. futures contract meaningfully below the $40/barrel level, which appears to have become so

7 Jul

Coronavirus pain drives Big Oil's dash for record debt

Coronavirus Pain Drives Big Oil's Dash For Record Debt

2/2Reuters. BP's new Chief Executive Bernard Looney gives a speech in central London 2/2 By Ron Bousso LONDON The world's top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of COVI

7 Jul

In the Physical Oil Market, Sour Barrels Trade at Sweet Prices

In The Physical Oil Market, Sour Barrels Trade At Sweet Prices

. In the Physical Oil Market, Sour Barrels Trade at Sweet Prices -- Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market.Steaming at 11.5 knots, she’s heading toward China, where oil demand is fast recovering, hauling a cargo of two million barrels of U.S. crude. But her

7 Jul

Oil prices fall on demand concerns from U.S. coronavirus case surge

Oil Prices Fall On Demand Concerns From U.S. Coronavirus Case Surge

. The moon rises behind oil storage tanks in Omsk By Sonali Paul and Seng Li Peng MELBOURNE/SINGAPORE Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world's biggest oil user, will limit a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude (CLc1) futures fell 17 c

7 Jul

Oil Retreats as COVID-19 Rages Unabated

Oil Retreats As COVID-19 Rages Unabated

. By BryanOil was down on Tuesday morning in Asia, giving up earlier gains as the COVID-19 pandemic shows no signs of ending and dampened investor sentiment globally.Brent oil futures dropped 0.37% to $42.94 by 12:02 AM ET (5:02 AM GMT), and WTI futures slid 0.37% to $40.48.On Monday, Saudi Arabia hiked the price of its oil for the third month in a row, which h

7 Jul

Gold Up Over Continuous Influx of COVID-19 Cases

Gold Up Over Continuous Influx Of COVID-19 Cases

. By Gina – Gold was up in Asia on Tuesday morning, with investors turning to the safe-haven asset as the number of COVID-19 cases globally continuing to show no signs of abating.There were over 11.5 million cases worldwide as of July 7, with the U.S. accounting for almost 3 million of the cases, according to Johns Hopkins University data.Gold futures were up by

7 Jul

Shale Patch Gets More Than $2.4 Billion in U.S. Virus Aid

Shale Patch Gets More Than $2.4 Billion In U.S. Virus Aid

. Machinery used to fracture shale formations stands at a Royal Dutch Shell Plc hydraulic fracking site near Mentone, Texas, U.S., on Thursday, March 2, 2017. Exxon Mobil Corp., Royal Dutch Shell and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago.

7 Jul

Oil prices inch higher on output cut support, but U.S. coronavirus spike caps gains

Oil Prices Inch Higher On Output Cut Support, But U.S. Coronavirus Spike Caps Gains

. The moon rises behind oil storage tanks in Omsk By Sonali Paul MELBOURNE Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude (CLc1) futures climbed 13 cents, or

6 Jul

UK's Sunak to spend 3 billion pounds on green projects in economy plan

UK's Sunak To Spend 3 Billion Pounds On Green Projects In Economy Plan

. Outbreak of the coronavirus disease (COVID-19) in London LONDON British Finance Minister Rishi Sunak will earmark 3 billion pounds ($3.75 billion) to create green jobs and improve the energy efficiency of public buildings when he announces his broader plans to kickstart the economy on Wednesday. A third of the package would be spent on reducing greenhou

6 Jul

Dakota Access pipeline shutdown may revive oil-by-rail industry

Dakota Access Pipeline Shutdown May Revive Oil-by-rail Industry

. By Laila Kearney and Devika Krishna Kumar NEW YORK Companies that transport oil by rail are prepping for a business surge after a federal judge ordered the largest crude pipeline out of North Dakota to shut within a month, market sources said on Monday. Shipping by rail will be among the few options left for oil producers in the second largest oil pro

6 Jul

UK's Sunak to spend three billion pounds on green projects in economy plan

UK's Sunak To Spend Three Billion Pounds On Green Projects In Economy Plan

. Outbreak of the coronavirus disease (COVID-19) in London LONDON British finance minister Rishi Sunak will earmark 3 billion pounds ($3.75 billion) to create green jobs and improve the energy efficiency of public buildings when he announces his broader plans to kickstart the economy on Wednesday. A third of the package would be spent on reducing greenhou

6 Jul

Oil Mixed on OPEC Moves; US Stockpiles, Virus Worry Limit Upside 

Oil Mixed On OPEC Moves; US Stockpiles, Virus Worry Limit Upside 

. By Barani Oil prices settled mixed on Monday as supportive moves by OPEC and risk-on across markets helped smooth over concerns about the ramp up in new U.S. coronavirus cases.New York-traded West Texas Intermediate, the benchmark for U.S. crude futures, settled down 2 cents at $40.63 per barrel.London-traded Brent, the global benchmark for oil, climbed 30 cent

6 Jul

Hedge funds increase bullish U.S. crude bets

Hedge Funds Increase Bullish U.S. Crude Bets

. NEW YORK Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group raise its combined futures and options position in New York and London by 251 contracts to 378,951 during the week ended June 30. The

6 Jul

Court orders Dakota pipeline shut in latest blow to U.S. fossil fuel projects

Court Orders Dakota Pipeline Shut In Latest Blow To U.S. Fossil Fuel Projects

2/2Reuters. Police vehicles idle on the outskirts of the opposition camp against the Dakota Access oil pipeline near Cannon Ball 2/2 By Devika Krishna Kumar and Valerie Volcovici NEW YORK/WASHINGTON A U.S. court ordered the shutdown of the Dakota Access oil pipeline on Monday over concerns about its potential environmental

6 Jul

Gold Steadies Just Under $1,800 Amid Risk-On Move

Gold Steadies Just Under $1,800 Amid Risk-On Move

. By Barani Gold held steady at just under the $1,800 bar on Monday as a rally in stocks limited the safe-haven crowd from adding to bids on the yellow metal.U.S. gold futures for August delivery on Comex settled up $3.50, or 0.2%, at $1,793.50. Last week, August gold hit $1,803.95, the highest for a benchmark contract on Comex since the all-time peak of $1,911.60

6 Jul

Oil up on OPEC Moves, but Stockpiles, Virus Worry Limit Upside 

Oil Up On OPEC Moves, But Stockpiles, Virus Worry Limit Upside 

. By Barani Oil prices edged higher on Monday as supportive moves by OPEC and risk-on across markets helped smooth over concerns about the ramp up in new U.S. coronavirus cases.New York-traded West Texas Intermediate, the benchmark for U.S. crude futures, was up 6 cents, or 0.2%, to $40.71 per barrel by 2:07 PM ET (18:07 GMT).London-traded Brent, the global bench

6 Jul

U.S. court orders Dakota Access oil pipeline to be shut, emptied

U.S. Court Orders Dakota Access Oil Pipeline To Be Shut, Emptied

. Police vehicles idle on the outskirts of the opposition camp against the Dakota Access oil pipeline near Cannon Ball NEW YORK A U.S. District Court on Monday ordered Energy Transfer (NYSE:ET) LP to shut and empty the largest pipeline from the North Dakota shale oil fields within 30 days, in a big win for the Native American tribes who have

6 Jul

Crude Oil Higher; WTI Contract Underperforms on Virus Surge

Crude Oil Higher; WTI Contract Underperforms On Virus Surge

. By Peter Oil markets traded higher Monday, with the U.S. benchmark WTI Futures underperforming given the resurgence of Covid-19 cases in many states, while the international benchmark Brent gained on signs of tighter supply.At 8:45 AM ET (1245 GMT), U.S. crude futures traded 0.1% higher at $40.68 a barrel, from its previous settlement on Thursday with U.S. mark