Commodities & Futures News

Commodities & Futures News

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25 Feb

Barclays lifts 2021 oil price outlook on tighter U.S. supply view

Barclays Lifts 2021 Oil Price Outlook On Tighter U.S. Supply View

. An oil worker drives a forklift truck towards a drill rig after placing some ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County Barclays (LON:BARC) raised its 2021 oil price forecast on Thursday, citing weaker than expected supply response from U.S. producers to higher prices and normalizing inventories af

25 Feb

Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low

Oil Hovers Near 13-month Highs As Storm Hits U.S. Output, Fed Assures Rates Staying Low

. The Bryan Mound Strategic Petroleum Reserve is seen in an aerial photograph over Freeport, Texas By Florence Tan SINGAPORE Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due t

25 Feb

China vows five-year plan dedicated to climate, but growth, security concerns weigh

China Vows Five-year Plan Dedicated To Climate, But Growth, Security Concerns Weigh

. The Wider Image: Energy security and economic fears drive China's return to coal By Muyu Xu and David Stanway BEIJING China has promised to dedicate its new "five-year plan" to tackling climate change, but concerns about economic growth and energy security are expected to temper the country's green ambitions. Vice premier Han Zheng said in O

25 Feb

Oil Mixed, But Boosted by Tightening Supplies, Fed Reassurance of Low Rates

Oil Mixed, But Boosted By Tightening Supplies, Fed Reassurance Of Low Rates

. By Gina – Oil was mixed Thursday morning in Asia. U.S. Federal Reserve commitments to continue ultra-easy monetary policy and lower levels of U.S. crude production also gave the black liquid a boost.Brent oil futures inched up 0.02% to $66.19 by 11:45 PM ET (4:45 AM GMT). WTI Futures edged down 0.11% to $63.15, giving up earlier gains but remaining above the $6

25 Feb

Oil prices hit 13-month highs on tighter supplies, Fed assurance on low rates

Oil Prices Hit 13-month Highs On Tighter Supplies, Fed Assurance On Low Rates

. The Bryan Mound Strategic Petroleum Reserve is seen in an aerial photograph over Freeport, Texas By Florence Tan SINGAPORE Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months, underpinned by monetary easing policies and lower crude production in the United States. Brent crude futures for April gained 19

25 Feb

Gold Down Over Higher Treasury Yields, Dovish Fed Comments

Gold Down Over Higher Treasury Yields, Dovish Fed Comments

. By Gina – Gold was down on Thursday morning in Asia, with higher U.S. Treasury yields and U.S. Federal Reserve Chairman Jerome Powell’s commitment to current ultra-easy monetary policy all putting a dent in the yellow metal’s appeal.Gold futures inched down 0.09% at $1,796.40 by 11:23 PM ET (4:23 AM GMT). The dollar, which usually moves inversely to gold,

25 Feb

Gold Heads for Second Monthly Loss as Rising Yields Curb Demand

Gold Heads For Second Monthly Loss As Rising Yields Curb Demand

. Gold Heads for Second Monthly Loss as Rising Yields Curb Demand -- Gold headed for a second straight monthly decline as surging bond yields damped demand for the metal which doesn’t bear interest, while investors also weighed comments from the Federal Reserve chair on growth and inflation with encouraging vaccine news.In his second day of testimony to

25 Feb

Texas governor vows to overhaul electric grid operator after storm failure

Texas Governor Vows To Overhaul Electric Grid Operator After Storm Failure

. Winter weather caused electricity blackouts in Houston Texas Governor Greg Abbott on Wednesday pledged to overhaul the state's electric grid operator after a massive blackout left residents without heat, power or water for days. The Electric Reliability Council of Texas (ERCOT), which manages the flow of power to about 90% of state residents

25 Feb

Texas governor vows to overhaul state's electric grid operator after storm failure

Texas Governor Vows To Overhaul State's Electric Grid Operator After Storm Failure

. Winter weather caused electricity blackouts in Houston Texas Governor Greg Abbott on Wednesday pledged to overhaul the state's electric grid operator after a massive blackout left residents without heat, power or water for days. State officials are working on proposals to add more power to the electric grid, Abbott said on the eve of state h

24 Feb

Exclusive: Chinese banks, Australia's Macquarie tiptoe into Asian oil finance void

Exclusive: Chinese Banks, Australia's Macquarie Tiptoe Into Asian Oil Finance Void

. An oil tanker is pictured in the waters off Tuas in Singapore By Chen Aizhu SINGAPORE Chinese national banks and Australia's Macquarie Group (OTC:MQBKY) are quietly filling some of the multi-billion-dollar hole in Asian oil financing after the withdrawal of traditional European lenders, hurt by a raft of defaults and fraud allegations. Estab

24 Feb

Oil Prices Jump After Texas Storm Skews US Output Data

Oil Prices Jump After Texas Storm Skews US Output Data

. Oil prices hit 13-months highs again Wednesday after the U.S. government reported that crude production across the country fell by more than a million barrels per day last week after the mega snowstorm that blanketed Texas, the energy heartland of the country.The Energy Information Administration also reported a surprise crude stockpile build of 1.3 million bar

24 Feb

U.S. trade groups urge Biden to cap natural gas prices after Texas freeze last week

U.S. Trade Groups Urge Biden To Cap Natural Gas Prices After Texas Freeze Last Week

2/2Reuters. Winter weather caused electricity blackouts in Houston 2/2 Trade groups representing U.S. public power and natural gas companies urged President Joe Biden to declare a gas emergency for last week's extreme weather and authorize the secretary of energy to cap the price of gas. In a Feb. 19 letter to Biden, the Am

24 Feb

Column: Texas blackouts expose planning failure - Kemp

Column: Texas Blackouts Expose Planning Failure - Kemp

. Man crosses the street during record breaking temperatures in Houston, Texas By John Kemp LONDON Following last week’s widespread power failures, Texas policymakers and the state electricity industry must decide whether the blackout was caused by genuinely unforeseeable weather conditions or a failure to plan properly. For 10 days, Texas w

24 Feb

Venezuela kicks out head of EU delegation after new sanctions

Venezuela Kicks Out Head Of EU Delegation After New Sanctions

3/3Reuters. The ambassador of the European Union to Venezuela, Isabel Brilhante Pedrosa, leaves after a meeting at the Foreign Ministry headquarters in Caracas 2/3 CARACAS Venezuela Foreign Minister Jorge Arreaza said on Wednesday that the head of the European Union's delegation in Caracas had 72 hours to leave the South American count

24 Feb

Oil Stockpiles Unexpectedly Rise 1.28 Million Barrels : EIA

Oil Stockpiles Unexpectedly Rise 1.28 Million Barrels : EIA

. -- U.S. oil stockpiles  unexpectedly rose in the latest week, the Energy Information Administration said on Wednesday.Crude inventories increased 1.28 million barrels last week, compared with analysts' expectations for a draw of 5.19 million barrels.Distillate stockpiles, which include diesel and heating oil,  fell 4.97 million barrels in the week against expec

24 Feb

U.S. public power/natgas groups urge Biden to cap prices in last week's freeze

U.S. Public Power/natgas Groups Urge Biden To Cap Prices In Last Week's Freeze

2/2Reuters. Winter weather caused electricity blackouts in Houston 2/2 Trade groups representing U.S. public power and natural gas companies urged President Joe Biden to declare a gas emergency for last week's extreme weather and authorize the secretary of energy to cap the price of gas. In a Feb. 19 letter to Biden, the Am

24 Feb

In Brazil, an indigenous woman joins Bolsonaro in fight for mining

In Brazil, An Indigenous Woman Joins Bolsonaro In Fight For Mining

5/5Reuters. Indigenous people work in a gold mine at the Napoleao community in the Raposa Serra do Sol reservation 2/5 By Stephen Eisenhammer RAPOSA SERRA DO SOL, Brazil Irisnaide Silva is female, Brazilian and indigenous. And for once, in her view, she is being heard. For decades her family picked and panned the borderland near Venez

24 Feb

Japan advisers urge quick adoption of carbon pricing to hit emissions goal

Japan Advisers Urge Quick Adoption Of Carbon Pricing To Hit Emissions Goal

. Japanese Prime Minister Yoshihide Suga speaks during a meeting on COVID-19 in Tokyo By Leika Kihara TOKYO Japan must introduce carbon pricing and fiscal incentives for green investment to achieve its goal of becoming carbon-neutral by 2050, private-sector members of a key government panel said on Wednesday. Prime Minister Yoshihide Suga last

24 Feb

Whispers of $100 Oil Return as Crude Shakes Off Covid’s Clasp

Whispers Of $100 Oil Return As Crude Shakes Off Covid’s Clasp

. Whispers of $100 Oil Return as Crude Shakes Off Covid’s Clasp -- While oil’s dizzying collapse is still fresh for many traders, rumblings are starting to emerge that by the end of next year prices could once again top $100 a barrel.Azerbaijan’s Socar Trading SA predicts global benchmark Brent could hit triple digits in the next 18 to 24 months, an

24 Feb

Oil prices slip on surprise build in U.S. crude stocks

Oil Prices Slip On Surprise Build In U.S. Crude Stocks

. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub By Sonali Paul and Koustav Samanta MELBOURNE/SINGAPORE Oil prices fell on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude st

24 Feb

Oil prices drop on surprise build in U.S. crude stocks

Oil Prices Drop On Surprise Build In U.S. Crude Stocks

. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub By Sonali Paul and Koustav Samanta MELBOURNE/SINGAPORE Oil prices fell on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude st

24 Feb

Gold Up Over Weaker Dollar, Fed’s Grim Economic Recovery Prognosis

Gold Up Over Weaker Dollar, Fed’s Grim Economic Recovery Prognosis

. By Gina – Gold was up on Wednesday morning in Asia, close to a one-week high reached during the previous session, due to a weaker dollar and comments by U.S. Federal Reserve Chairman Jerome Powell that the U.S. economy is still on the road towards recovery from COVID-19.Gold futures edged up 0.12% at $1,808.10 by 12:10 AM ET (5:10 AM GMT), climbing above the $1

24 Feb

Oil Down Over Surprise Build in U.S. Crude Inventories

Oil Down Over Surprise Build In U.S. Crude Inventories

. By Gina – Oil was down Wednesday morning in Asia, with investors digesting an unexpected build in U.S. crude inventories. The build was attributable to the unprecedented cold snap that hit Texas and surrounding areas during the previous week curbing fuel demand from refineries that were forced to shut down.Brent oil futures rose 3.46% to $28.09 by 11:26 PM ET (

24 Feb

Oil slips after U.S. crude stocks rise amid deep freeze hit to refiners

Oil Slips After U.S. Crude Stocks Rise Amid Deep Freeze Hit To Refiners

. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub By Sonali Paul MELBOURNE Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude stockpiles ros

24 Feb

Keystone XL’s Death Sparks Rush to Ship Oil-Sands Crude by Rail

Keystone XL’s Death Sparks Rush To Ship Oil-Sands Crude By Rail

. GASCOYNE, NDOCTOBER 14: Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images) Photographer: Andrew Burton/Getty Images North America -- U.S. President Joe Biden’s decision to cancel the Keystone XL pipeline is sparking renewed int