“Through Nord Stream 2, Russia seeks to increase its leverage of the West while severing Ukraine from Europe,” Francis Fannon, the U.S. assistant secretary for energy resources at the State Department, told reporters in a teleconference.
China’s imports of copper fell by 3 per cent from a year earlier in November, data released on Monday show. Copper prices have fallen 15 per cent this year to trade at $6,122 a tonne.
OPEC clinched the deal with allied oil-producing nations including Russia at its headquarters in Vienna, Austria on Friday.
International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 01:44 GMT, down 56 cents, or 0.9 percent from their last close.
The influential oil cartel meets at its headquarters in Vienna, Austria, with the aim of reaching an accord over production levels for the next six months. The 15-member organization will then hold talks with allied non-OPEC partners on Friday, with markets widely-expecting the energy alliance to announce steep output reductions from January.
Last year Eni sealed its first deal in Oman, winning a majority stake in offshore acreage and selling on part to Qatar Petroleum. This year it took a first step into Abu Dhabi, paying $875 million for stakes in two oil concessions and then buying part of the giant Ghasa gas field from state oil group Adnoc.
Banks in November lowered their forecasts for oil prices in 2019 amid signs of rising global supply and a price rout in which crude has lost more than 30% since the start of October.
Prices came under renewed selling pressure after data on Wednesday showing that U.S. crude inventories increased again last week, hitting their highest levels in more than a year.
Toronto stock market set for rebound if oil prices recover. Investors see value in Toronto’s commodity-linked stock market and expect it to rebound in 2019
Russia has emerged this year as a major player in the burgeoning market for liquefied natural gas
U.S. West Texas Intermediate (WTI) crude futures slumped 2.3 percent, to $53.38 a barrel. Prices earlier fell to as low as $52.82, only 5 cents about the $52.77 level reached on Tuesday, which was the lowest since October 2017.
The United States and China have been imposing tariffs on each others goods in an escalating dispute over market access, forced technology transfer, intellectual property rights and state subsidies to certain sectors that distort competition. The European Union, Canada and Japan are also involved because of U.S. tariffs on steel and aluminum products imposed by Washington earlier this year.
Most traders have a bleak outlook for oil despite OPEC hinting over the past week that it might decide to cut production by as much as 1.4 million barrels per day when it meets in Vienna on Dec. 6.
Oil prices are almost a quarter below their recent peaks in early October, weighed down by surging supply, especially from the United States.
After the Trump administration threatened a complete halt to Iranian oil exports, prompting other producers to boost output to compensate, the U.S. authorized exemptions to eight countries without disclosing the terms.
A total of $837.8 million to date has been paid out with the top five commodities being soybeans, wheat, corn, dairy and hogs, USDA told Reuters. The five states that received the highest amount of aid were Illinois, Iowa, Kansas, Indiana and Minnesota.
U.S. crude futures (CLc1) plunged 7 percent on Tuesday, to settle at $55.69, their lowest level this year, down from a four-year high only a month ago.
Rather than selling the crop right away as they pull it out of the ground — as they do almost every harvest season to pay the bills — they are instead stashing it in silos, containers, bins, bags, whatever they can get their hands on to keep it safe and dry.
Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.
Analysts with PVM Associates said in a note Friday that the price slump appears likely to continue, unless OPEC and its partners agree to cut production.
Stocks prices have bounced back nicely since entering a correction in October. But several commodities have failed to recover along with them, suggesting more trouble may lie ahead for investors.
WTI has wiped out all of its gains for 2018. The decline has been exacerbated by a U.S. decision to grant eight countries waivers to continue importing from Iran, which it slapped with sanctions earlier this week.
U.S. Oil Enters Bear Market on Rising Inventories, Worries of Oversupply
With Washington poised to curtail Iran’s oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.
The Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world’s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February.
Oil production from Russia, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed. That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand.
StockMarketNews.Today – “In the next 5-10 years, we expect to see improved recovery rates and even a doubling in some of our most prolific (gas) basins,” said Frank Fannon, assistant secretary in the energy bureau of the U.S. state department. “What this means in the near-term is that the United States may double production, double export capacity and introduce new market innovation ” he said at an industry conference in Singapore.
StockMarketNews.Today – Here are the top five things you need to know in financial markets on Monday, October 29:
StockMarketNews.Today – After another turbulent week of trading worldwide, there’s a lot to keep investors on edge in the week ahead.
StockMarketNews.Today – West Texas Intermediate for December delivery declined as much as 83 cents to $65.99 a barrel on the New York Mercantile Exchange, and traded at $66.43 at 7:57 a.m. in London. The contract rose 39 cents to $66.82 on Wednesday. Total volume traded was about 5 percent below the 100-day average.
Brent for December settlement fell 41 cents to $75.76 a barrel on the London-based ICE Futures Europe exchange. The contract dropped 27 cents to $76.17 on Wednesday. The global benchmark traded at a $9.32 premium to WTI.
StockMarketNews.Today – The EIA data showed that crude oil inventories rose by 6.35 million barrels in the week to October 19. That was compared to forecasts for a stockpile build of just 3.69 million barrels, after a build of 6.5 million barrels in the previous week.
StockMarketNews.Today – Oil prices ended slightly higher on Friday, but remained at an inflection point after a rough week. December West Texas Intermediate crude, the U.S. benchmark, rose 57 cents, or roughly 0.8%, on Friday to settle at $69.28 a barrel by close of trade on the New York Mercantile Exchange.
StockMarketNews.Today – Price action since 2016 has carved a healthy advance that could mark the first four waves of an Elliott five-wave rally pattern. However, the contract has now stalled at major resistance generated by the intersection of a 10-year trendline and two Fibonacci retracement patterns. The larger Fibonacci grid (red) encompasses the entire trading range between 2008 and 2016, while the smaller grid (blue) encloses the Elliott five-wave decline between September 2013 and January 2016.