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Showing posts with label crude oil tips. Show all posts
Showing posts with label crude oil tips. Show all posts

Tuesday, 11 December 2018


Vienna In order to put an end to crude oil prices, the organization of oil producing countries has agreed to cut OPEC production. The meeting lasted for two days agreed to cut 12 lakh barrels per day (MBD) between OPEC countries. Although the cut is much higher than expected, that is why news of crude prices in the international market has increased by 5.4 percent. It is believed that it will have a huge effect on India and once again the order of the price of petrol and diesel may start.

OPEC will reduce 12 million barrels a day
OPEC and its partners agreed to cut production of 1.2 million barrels per day, out of which eight million barrels will be cut by OPEC alone. Although Iran has emerged as a winner in this controversial conversation. Iran said that it has been exempt from the deduction because it is already facing American sanctions.

Crude costlier by 5.4 percent
After this news, Brent crude prices in London climbed up to 5.4 percent. However, later the trade was limited and crude moved up 3 percent to $ 61.67 a barrel level.

OPEC's decision has increased the apprehensions that the deal could increase the resonance of US President Donald Trump, who did not want to cut crude production and keep prices low.

Russia's Strategy Worked
It is believed that the non-OPEC member was behind the deal as Russia's Strategy, which has many bilateral meetings with members. In this way, he managed to persuade Saudi Arabia and Iran, which was considered the hardlinest opposition. However, these days OPEC was facing considerable pressure to keep oil prices down.

Declining output
The deal at the end was a surprise to everyone. In the earlier conversation, OPEC and its allies had proposed a reduction of 10 million barrels per day in oil production, in which 6.50 lakh OPECs were to be reduced. According to the reports, the producers of oil will use the output of October as a baseline to cut production.


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Wednesday, 21 November 2018


BULLION:-

Gold prices held firm on Thursday after hitting the highest in two weeks in the previous session, with improved risk appetite weighing on the U.S. dollar. The dollar was broadly lower as demand for safe haven currencies declined after a rebound in global equities and the euro strengthened on hopes for a resolution of Italy's budget dispute. Meanwhile, Asian shares stepped ahead cautiously, though rising U.S. interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth. The dollar has been under pressure this week as cautious comments by Fed officials about a potential global slowdown raised doubts on the pace of interest rate hikes. The doubts were heightened by data on Wednesday showing weekly jobless claims rose to a more than four-month high and new orders for U.S.-made capital goods were unexpectedly flat in October. Are seeing some impact of the weaker than expected durable goods number, which has reinforced investors to question their expectations of rate hikes in 2019 and weaker dollar followed," Hynes added.

METALS:-

London copper received support at the Bollinger middle band as it extended its increase of the daytime and mostly hovered above the daily moving average. It closed at $6,233/mt after rising to a high of $6,240/mt. With support at the five-day moving average, the SHFE 1901 contract settled at 49,530 yuan/mt with open interest up 2,704 lots to 518,000 lots. Market sentiment improved as the equity selloff eased. Development of China-US trade conflict will remain in focus in the near run. Today, the contract is expected to trade at 49,100-49,600 yuan/mt with its LME counterpart trading at $6,200-6,250/mt. Spot premiums is set at 50-120 yuan/mt as supplies are tight. Weak fundamentals grew confidence in short positions, which lowered LME nickel by 0.5% and the SHFE 1901 contract by 1.41% overnight. This was despite a softened US dollar. Limited upward momentum will see LME nickel hovering weakly around $11,000/mt, with the contract trading at 90,500-92,000 yuan/mt today. Spot prices are seen at 91,000-102,500 yuan/mt today. 

ENERGY:-

Oil markets started Thursday timidly, with rising U.S. crude inventories pressuring prices but an expected supply cut by producer cartel OPEC offering some support. U.S. commercial crude oil inventories C-STK-T-EIA rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December 2017. Crude oil production C-OUT-T-EIA remained at a record 11.7 million barrels per day (bpd), the EIA said. Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions. However, Innes said that once U.S. pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well".


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Wednesday, 14 November 2018



BULLION:-

Gold prices held steady on Thursday after gaining nearly 1 percent on Wednesday, helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $1,200 level. Spot gold was up 1 percent at $1,210.60 per ounce. Prices had slipped to their lowest since Oct. 11 at $1,195.90 in the previous session. U.S. gold futures settled up $8.70, or 0.72 percent, at $1,210.10. An index that tracks the dollar versus a basket of six major currencies was down 0.2 percent after hitting a 16-month high on Monday. Factors including increased buying by central banks, the return of interest amongst exchange-traded fund (ETF) investors and seasonal demand for physical gold are acting as a cushion to the downside. Holdings of the world's largest gold-backed ETF, SPDR Gold Trust (GLD), remained near their highest level in more than two months. Bullion has fallen about 11 percent from a peak in April as investors instead flocked to the dollar, with U.S.- China trade friction unfolding against a background of higher U.S. interest rates.  

METALS:-

London copper and aluminium prices rose slightly along with other metals on Thursday, with investors looking to potential stimulus spending in China after weak retail and credit growth data in October. Three-month copper on the London Metal Exchange had risen 0.4 percent to $6,113 a tonne at the time of writing, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.4 percent to 49,180 yuan ($7,076) a tonne. Prices of aluminium, zinc, lead and tin also increased. The outlook for copper demand in the mid to long term remains healthy despite current trade friction between China and the United States as a renewable energy revolution will require vast amounts of the metal, industry executives said. Global miner Rio Tinto is among parties making a final offer for a minority stake in Teck Resources Ltd's Quebrada Blanca copper mine expansion in northern Chile, a development worth $4.8 billion, two sources close to the matter said. China, the leading holder of international deep sea exploration licences, has increased its lead in the race for alternative sources of battery minerals by taking samples from cobalt-bearing mountains deep in the Pacific.  

ENERGY:-

Natural gas prices shot through the roof on Wednesday as weather forecasts called for an increasingly cold winter in what is looking like a tightly supplied market. Natural gas spot prices had climbed by more than 17 percent to reach $4.812-a price that traders haven't seen since Fall 2014. The natural gas futures market had an exceptionally volatile trading morning, with prices surging about 35 percent since the beginning of the month, likely stemming from traders rushing to cover short positions as panic set in. The 10- to 15-day weather forecast that has the market in a jumble calls for exceptionally cold weather over the next six to fifteen days-the trend showing ever increasing cold temperatures. The cold snap is just one factor pushing prices upward. Inventories for natural gas are also low for this time of year, data from the EIA showed last week. Total natural gas stocks as of 11/02 were 3,208 Bcf-a 15.3% decline from this week a year ago, and 16.2% below the five-year average. Updated storage data is scheduled to be released today at 09.00 PM IST.  



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Monday, 12 November 2018



BULLION:-

Gold prices were steady on Monday, having dipped to a one-month low in the previous session after the U.S. dollar firmed on the Federal Reserve’s plans to gradually keep tightening borrowing costs. The dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1 percent. The greenback built on last week’s gains and rose towards a 16-month high. Asian shares fell on Monday, extending weakness in global equity markets at the end of last week as soft Chinese economic data and falling oil prices rekindled anxiety about the outlook for world growth. U.S. producer prices rose more than expected in October and at their fastest pace in six years but measures of underlying price pressure cooled, bolstering the view that the U.S. central bank is not facing resurgence in inflation. Former British foreign minister Boris Johnson called again on Sunday for Prime Minister Theresa May to change course on Brexit, accusing her of forcing through a deal to keep the country locked in the EU’s customs union in a “total surrender”. Italy’s economy minister is looking to revise down the budget’s growth forecast for next year to try to reach a deal with the European Commission over fiscal policy, a government source said on Sunday.  

METALS:-

Nickel prices on both the London and Shanghai exchanges fell on Monday to near 11-month lows due to pressure from a strong U.S. dollar and concerns over economic growth in China. The dollar built on last week’s gains and rose towards a 16-month high on Monday as traders expect the U.S. Federal Reserve to keep tightening monetary policy. The stronger U.S. currency makes dollar-denominated metals more expensive for buyers paying in other currencies. Macroeconomic concerns such as U.S.-China trade tensions have been weighing on industrial metals. Nickel is used mainly in steelmaking. China’s northern province of Hebei, China’s top steel producer, asked 10 major cities and Xiongan new district in the region to issue an orange smog alert, the local government said in a statement on Monday. Under an orange alert, the second-highest warning behind red in China’s four-tier system, steel mills must halve their output, while coal-fired power utilities must operate at “minimum” levels.  

ENERGY:-


Oil prices rose on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen a crude decline by 20 per cent since early October. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the Opec power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco's customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5%. The announcement came after crude prices declined by around 20 per cent over a month, as supply has surged, especially by the top-three producers USA, Russia and Saudi Arabia. A big concern for Saudi Arabia and other traditional producers from the Middle East dominated Organization of the Petroleum Exporting Countries (Opec) is the surge in US output. US energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday.  


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Thursday, 1 November 2018


BULLION:-

Gold prices were steady in early Asian trade on Friday, after rising about 1.5 percent in the previous session, while the dollar inched up ahead of the U.S. payrolls data due later in the day. According to a Reuters survey of economists, nonfarm payrolls probably rebounded by 190,000 jobs in October after Florence depressed restaurant and retail payrolls in September. U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism on Thursday about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina. Trump increased economic pressure on Venezuela's leftist President Nicolas Maduro on Thursday with new sanctions aimed at disrupting the South American country's gold exports.

METALS:-

LME copper closed near day-highs of $6,143/mt overnight as the US dollar index came off from multi-month highs on weak-than-expected economic data and a rebound in the pound. SHFE copper also closed near session-highs overnight, which returned it to the 60-day moving average. In the physical market, cash flow issues prompted sellers to offload cargoes while spot premiums rose from previous declines in prices of futures. Trades improved as traders purchased on demand. LME copper is likely to trade at $6,040-6,130/mt with SHFE copper at 49,880-49,400 yuan/mt. Spot premiums are seen up to 50 yuan/mt. London Nickel was the best performer among LME and SHFE base metals overnight. LME nickel is likely to hover around $11,700/mt today with the SHFE 1901 contract at 96,500-98,500 yuan/mt. Spot prices are seen at 97,500-106,000 yuan/mt.

ENERGY:-

Oil prices fell on Friday as surging output by the world's three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran's petroleum exports. Crude oil prices took a severe hit as investors were unnerved on rising global inventories and record high output in 2018," said Benjamin Lu of brokerage Phillip Futures. Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value. The downward pressure on oil is also visible in the physical market, where top exporter Saudi Arabia is expected to cut crude prices for December cargoes amid higher supply and a glut in refined products that has eroded refinery profits. Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to 33.31 million barrels per day (bpd), a Reuters survey found this week.



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Sunday, 28 October 2018


BULLION:-

Gold rose on Friday to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains. Spot gold was on course for a fourth weekly gain, its longest winning streak since January. Stocks worldwide spiraled downward on Friday and were set to post their worst weekly losing streak in more than five years. Rising rates are normally negative for gold because they increase the opportunity cost of holding non-yielding bullion and could boost the dollar, in which gold is priced. Gold demand in India this week was muted as a recent rally in domestic prices prompted buyers to postpone purchases despite the approaching festival and wedding season. Prices are up more than 6 percent after falling to $1,159.96 an ounce in mid-August, the lowest since January 2017.

METALS:-

The SHFE 1812 contract lost support at the Bollinger middle band as exiting longs lowered it to an intraday low of 49,720 yuan/mt. It settled at 49,750 yuan/mt with open interest shrinking 2,268 lots. The SHFE 1901 contract gained 3,084 lots in open interest today. With pressure at the five-day moving average and an extended MACD green line, the 1812 contract will test support at 49,500 yuan/mt tonight. The SHFE 1901 contract fell below the 100,000 yuan/mt level in the afternoon and failed to rebound till closing as shorts accumulated. It slid to an intraday low of 99,220 yuan/mt, the lowest in half a year. Some 435 million yuan of capital entered all SHFE nickel contracts, the greatest among base metals contracts. We expect the contract to test pressure at 100,000 yuan/mt tonight as its KDJ indicators expanded downwards. Investors may take more cues tonight from the US GDP for the third quarter and University of Michigan consumer sentiment index for October.


ENERGY:-


Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook. Prices got some support when two sources said on Friday Iraq will stop trucking crude oil from its northern Kirkuk oil field to Iran in November to comply with U.S. sanctions. has said it wants to reduce Iranian oil sales to zero, although this looks unlikely. Still, many buyers, including Iran's biggest customer, China, appear to be falling in line, forcing Tehran to store unsold oil on tankers. You move forward and see people playing by the rules, which I don't believe ever really happens, you'll see supply come off and we could run into an issue later," said Michael McAllister, director of equity research at MUFG Securities.

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Thursday, 9 August 2018


BULLION :-

Gold prices held broadly steady early on Friday after dipping the session before, drawing some support from global political tensions and a slightly weaker dollar against the yen. Japan’s economy expanded at an annualized rate of 1.9 percent in April-June, bouncing back from a contraction in the previous quarter, government data showed on Friday, in a sign its recovery momentum remained intact. Asian stock markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia’s ruble after the United States slapped on new sanctions, and as economic worries sent the Turkish lira tumbling. Russia condemned a new round of U.S. sanctions as illegal on Thursday and said it had begun working on retaliatory measures after news of the curbs pushed the ruble to two-year lows over fears Moscow was locked in a spiral of never-ending sanctions. Turkey’s lira tumbled to another record low against the dollar on Thursday after a Turkish delegation returned from meeting U.S. officials in Washington with no apparent solution to a diplomatic rift that has opened up between them. North Korea on Thursday denounced U.S. calls for enforcing international sanctions despite its goodwill moves and said progress on denuclearization promises could not be expected if Washington followed an “outdated acting script”. The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market weather ongoing trade tensions between the United States and a host of other countries.

ENERGY :-

Crude oil futures were largely stable during mid-morning trade in Asia Friday as expectations of rising supply balanced global trade tensions, keeping prices largely unchanged after a mid-week decline. Prices retreated Wednesday after the release of data showing a smaller-than expected fall in US crude inventories and a build in US product inventories, but rising trade tensions between US and China and increasing output by OPEC producer Iraq was keeping prices in a tight range Friday. In response to the latest round of US tariffs on Chinese imports, China Wednesday announced it would impose a 25% tariff on $16 billion worth of US goods from August 23. This is expected to include US gasoline and diesel. In Iraq, crude oil production hit a 13-month high in July at 4.46 million b/d, the country's State Oil Marketing Organization said Thursday. Iraq has consistently reported production above 4.36 million b/d since last September. The totals include output from the semi-autonomous Kurdistan Regional Government. Iraq said it exported 3.875 million b/d in July, up 25,000 b/d from June, and the highest level since January 2017. Iraq reported its highest crude oil production in 13 months in July to 4.46 million b/d, underpinning market-watchers' anticipation over potentially stronger supplies into H2 2018.

METALS :-

Copper prices moved higher in Shanghai and London in early Asian trade on Friday and were set to end the week in positive territory as the prospect of strikes at copper mines in Chile, including Escondida, the world’s largest, drew nearer. Three-month copper on the London Metal Exchange nudged up 0.2 percent to $6,212.50 a tonne, as of 0116 GMT, extending a 0.8 percent gain in the previous session. The main union at Chile’s Caserones copper mine said on Wednesday that a last round of labor negotiations with mine operator Lumina Copper had broken down and that a strike was imminent. Three-month aluminum on the LME was up 1 percent at $2,089 a tonne, after ending down 1.3 percent in the previous session on profit-taking. ShFE aluminum was down 0.6 percent at 14,665 yuan a tonne. On-warrant stocks of aluminum available to the market in LME-registered warehouses have fallen to 832,775 tonnes, the lowest since 2007, supporting prices.


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Saturday, 19 May 2018

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Oil prices fell on Friday, but Brent crude marked its sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran.
Brent crude  futures fell 79 cents, or 1 percent, to settle at $78.51 a barrel. The global benchmark on Thursday broke through $80 a barrel for the first time since November 2014, and investors anticipate more gains due to supply concerns, at least in the short term.
Brent, which has gained about 17.5 percent since the start of the year, rose about 1.9 percent this week.
West Texas Intermediate (WTI) crude  futures fell 21 cents to settle at $71.28 a barrel, a 0.29 percent loss. The contract rose about 0.9 percent for the week, its third straight week of gains.
Hedge funds and other money managers cut their combined futures and options position in New York and London in the week to May 15 to the lowest level in six months, the U.S. Commodity Futures Trading Commission said on Friday. The move was the fourth consecutive cut. The net long position dropped by 15,322 contracts to 419,907 during the period.
On Friday, traders were looking ahead to Venezuela's election on Sunday, which could then trigger additional U.S. sanctions if President Nicolas Maduro is re-elected for a six-year term, though the opposition party has largely boycotted the race and two of his most popular opponents have been banned from running.
Additional sanctions could further hurt Venezuelan oil supply, already reeling from lack of maintenance and state-run PDVSA's inability to pay its bills. Most recently, the company elected to close its refinery in Curacao after ConocoPhillips  seized oil as it seeks to collect on a $2 billion court award.
Barclays said output from Venezuela could fall below 1 million barrels per day (bpd). The country produced around 1.4 million bpd in April, according to OPEC secondary sources.
OPEC leading producer Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil just as major consumer India expressed frustration with rising prices.
U.S. investment bank Jefferies said sanctions against Iran could remove more than 1 million bpd from the market.
The U.S. oil rig count held steady at 844 this week after rising for six weeks in a row, General Electric Co's  Baker Hughes energy services firm said.


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