Crude Oil

Dollar and U.S. Treasuries fell in Asian trading Tuesday, after President Donald Trump said he would remove a Federal Reserve Governor. This announcement undermined confidence in U.S. Assets. After Trump announced on Twitter that he would remove Lisa Cook from the board of directors of the Federal Reserve, it was the latest of a series attacks on the independence of the central bank. Asian shares fell in tandem with Wall Street, as the prospects of a Fed rate reduction next month became less certain. U.S. Stock Futures declined. Bart Wakabayashi is the Tokyo branch manager of State Street. He said,...

The dollar rose on Monday, after major stock indexes had gained on Friday. Powell said that a rate cut in September was "likely but not certain" and the dollar declined. Dollar fell after Powell's remarks made at the annual Fed symposium in Jackson Hole Wyoming. U.S. Treasury rates were higher on Monday. Barclays BNP Paribas, Deutsche Bank and other major brokerages now expect the Fed to cut rates by 25 basis points in September. Fed funds futures are pricing 84% odds that a rate cut will occur in September, according to CME Group's FedWatch Tool. On Friday, there was much...

The dollar rose on Monday, after the major stock indexes had gained on Friday. Federal Reserve chair Jerome Powell said that a rate cut in September was probable but not certain. Last week, the dollar dropped following Powell's comments at Jackson Hole. On Monday, U.S. Treasury rates were higher. Barclays BNP Paribas, Deutsche Bank and other major brokerages now expect the Fed to cut rates by 25 basis points in September. Fed funds futures trader's are pricing in an 84% chance of a cut for September, according to CME Group’s FedWatch Tool. On Friday, there was much excitement about Powell...

The state regulator announced on Friday that oil production in North Dakota will increase in August, as operators bring some production back online they had curtailed earlier this year after oil prices fell. Last quarter, oil prices dropped to multi-year lows after U.S. president Donald Trump announced a list of tariffs on April. This led operators in the U.S.to reduce their rig count. In May and June certain operators curtailed production in the State due to the low prices. Nathan Anderson, Director of the North Dakota Department Of Mineral Resources, said that the Department of Mineral Resources believed that the...

China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion into a project that will produce 60,000 barrels of crude oil per day by the end of 2026. The project is a rare investment made by a Chinese private firm in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the Maduro administration. This is the first time that the investment amount and production plan have been reported. Beijing is a major ally of Maduro, as well as his predecessor, late President Hugo Chavez. It...

Investors were jittery about the Federal Reserve's annual three-day Jackson Hole Symposium, and gold prices fell under the pressure of a stronger U.S. Dollar. The symposium began on Thursday. Traders were waiting for Fed Chair Jerome Powell to speak on Friday in order to get a hint about the possibility of a rate cut in September. The yields on U.S. Treasury bonds have risen. Oil futures rose, supported by strong demand from the United States and uncertainty about efforts to end war in Ukraine. The U.S. Dollar rose by 0.43% versus a basket other currencies. The MSCI World Equity Index...

The oil prices were little altered on Wednesday, as investors awaited the next steps of the talks to end Russia’s invasion of Ukraine. Sanctions on Russian crude remained in place and there was a possibility of additional restrictions for its buyers. Brent crude futures are at $65.90 per barrel at 0405 GMT, an increase of 11 cents. U.S. West Texas Intermediate futures for September, which expires on Wednesday, are at $62.40 per barrel, an increase of 5 cents. The more active October contract is at $61.90 per barrel, an increase of 13 cents. Prices fell more than 1% Tuesday, as...

The oil prices increased on Wednesday, as concerns about supply resurfaced. Meanwhile, peace talks to end Russia's invasion in Ukraine will likely take longer. This means that sanctions against Russian crude are still in place and could lead to further restrictions for its buyers. Brent crude futures reached $65.93 per barrel at 0149 GMT. This was an increase of 14 cents or 0.21%. U.S. West Texas Intermediate futures for September, which expire Wednesday, increased 37 cents, or 0.59%, to $62.72 per barrel. The October contract, which was the most active, rose 15 cents to $61.92 per barrel. Prices fell more...

Wall Street and European stocks ended Monday flat or slightly lower, ahead of an important central bank meeting later this week which will likely determine the future direction of U.S. rate policy. Investors are also interested in the meeting between President Donald Trump and Volodymyr Zelenskiy, a Ukrainian politician. As part of any agreement to end Russia's conflict in Ukraine, the U.S. president said that the United States will help Europe provide security for Ukraine. Both leaders are pushing for a tripartite meeting with Russian President Vladimir Putin. The financial markets have reacted very little to the news of the...

A representative of bondholders in the United States told a U.S. Court on Monday that holders of a Venezuelan defaulted bond had reached an agreement for a preliminarily settlement with Amber Energy. This was part of the raised bid submitted by Elliott Investment Management to buy the parent company of U.S. refiner Citgo Petroleum this month. Recently, the court auctioned shares saw improved bids from hedge funds Elliott and Vitol affiliates. This was despite the officer who oversaw the bidding round recommending a separate $7.4 billion offer by a Toronto-listed miner Gold Reserve subsidiary. Some creditors and bidders believe that...

Investors awaited Donald Trump's meeting with Vladimir Putin in Alaska to discuss Ukraine and U.S. Retail data, which could provide clues about the health of the largest economy on earth. Early trading in Europe saw the MSCI All Country World Index consolidate recent gains. The MSCI All Country World Index was up by 0.2% last at 953.54, which is just below the record of 954.21 that was set on Wednesday. Wall Street Futures are broadly flat. The White House announced that the Trump-Putin summit will be held at 11:00 Alaska time (1900 GMT), despite the uncertainty surrounding the U.S. President's...

Oil prices dropped on Friday, as concerns about fuel demand were heightened by the economic data coming out of the U.S., China and Russia. Brent crude futures dropped 39 cents or 0.58% to $66.45 per barrel at 0750 GMT. U.S. West Texas Intermediate Crude Futures fell 42 cents or 0.66% to $63.54. WTI and Brent are expected to fall 0.5% each for the week. Data released by the Chinese government on Friday revealed that factory output growth had fallen to its lowest level in eight months and retail sales were growing at their slowest rate since December. This weighed on...

The excitement over a possible U.S. rate cut in September waned on Monday. U.S. stock futures fell during pre-market trade as investors focused on the larger economic picture. As of 1258 BST, the S&P 500 was down 0.2% and Nasdaq Futures were down 0.3%. This indicates a lower Wall Street opening. Powell's change in stance has caused futures markets to price an 84% probability of a quarter point rate cut in September and at least 100 base points of easing up to 3.25-3.5% in the middle of next. The broadest MSCI index of world stocks rose by 0.1%, and remained...

Seven trade sources and auction documents indicate that China's state owned Sinochem Group is selling two more bankrupt refineries to local refiners in eastern Shandong Province for a much lower price than their value, via auctions which closed on Friday. The new owners would increase crude imports and restart operations at the troubled facilities, boosting oil purchases in the world’s biggest importer. The refineries, Zhenghe Group, which operates a 100,000-barrels-per-day refinery, and Huaxing Petrochemical, which has a 140,000-bpd plant, were listed for sale on last Monday, according to the Shandong Property Right Exchange Centre. Sources with knowledge in the matter...

The stocks in Asia mostly held to their safe ranges as traders awaited the key speech by Federal Reserve Chair Jerome Powell, who will be speaking at the annual Jackson Hole Symposium this weekend. This speech could shed some light on the direction monetary policy. The financial markets are waiting for Powell to give them clues about the possibility of a rate cut in September, following recent signs of weakness on the job market. MSCI's broadest Asia-Pacific share index outside Japan has lost early gains, and is now down by 0.1%. This brings its gain to 1.3% for the month....

Investors braced themselves for three days worth of potentially market-moving information from the Federal Reserve annual symposium in Jackson Hole. The event begins later that day and will feature central bankers from all over the world. Traders are focusing on the Fed Chair Jerome Powell’s Friday speech to assess the likelihood of a rate cut in September. At the opening, both the pan-European STOXX 600 and Germany's DAX indexes were little changed. The FTSE 100 in Britain rose by 0.1% while the CAC 40 in France fell by 0.1%. Michael Brown, Senior Research Strategist at Pepperstone, said: "I am still...

Investors were preparing for three days worth of market-moving information from the Federal Reserve annual symposium at Jackson Hole. The event will begin later that day. The main focus of the traders is on Fed Chairman Jerome Powell’s Friday speech as they try to gauge whether a rate cut in September could be imminent. The underlying momentum of equities remained strong, with Australia's benchmark index rising 0.9% and hitting a new record. Other indexes have lost some ground, but are still not too far off their recent highs. The Nikkei index, which reached an all-time high on Tuesday in Japan,...

Kevin Buckland gives us a look at what the future holds for European and global markets. Today, the Federal Reserve's Jackson Hole Symposium is a highly anticipated event for the U.S. central banks. Investors will be listening intently to every word that central bankers around the globe say. Jerome Powell, the Fed's chairman for his final year at this annual meeting, will deliver a speech on Friday. He's likely, like his predecessors to take the opportunity to shape how his tenure will be recorded in history books. This is especially true considering the harsh criticism he received from President Donald...

Rae Wee gives us a look at what the future holds for European and global markets. The European markets were set to open gloomy on Wednesday after the Wall Street slump pushed Asian stocks into the red. Technology stocks led the decline. Analysts pointed out that while there was no immediate cause, a number of factors were at play, including doubts about the high valuations of the tech giants and the growing influence of President Donald Trump over the sector. Sources say that U.S. Commerce secretary Howard Lutnick has been looking at the possibility of the government taking equity stakes...

The dollar gained ground on Wednesday ahead of an important meeting of central banks later this week. Oil prices rose after a fall in the previous session. Traders bet on the possibility that talks about a possible deal to end the conflict in Ukraine would ease sanctions against Russian crude oil and boost global supply. Stock futures in Europe, the U.S. and Europe all fell by 0.47%. The EuroStoxx 50 futures fell 0.55%. DAX futures also declined by 0.5%. FTSE Futures slid 0.14%. S&P futures fell 0.2%, while Nasdaq lost 0.34%. This is a continuation of the overnight fall. The...

Wayne Cole gives us a look at what the future holds for European and global markets. When the idea that Putin sent a body double to Alaska sounds plausible, you know we're living in crazy times. It's clear that President Trump is now tweeting Kremlin talking-points about Crimea and Zelenskiy. Putin seems to believe that Ukraine must give up the land that Russia has taken and that it has not been able to gain in three years of war. Zelenskiy, European leaders and others have repeatedly denied this. They will also be at his side when he meets Trump in...

The oil prices fell on Monday, as the U.S. failed to exert further pressure on Russia in order to end the Ukraine conflict by implementing additional measures to disrupt Russian crude exports following the Friday meeting between the presidents of both countries. Brent crude futures fell 26 cents or 0.39% to $65.59 a bar by 0028 GMT, while U.S. West Texas intermediate crude was down 18 cents or 0.29% at $62.62 a bar. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a...

The oil markets will open with a muted reaction on Sunday following the meeting between U.S. president Donald Trump and Russian leader Vladimir Putin in Alaska. Trump stated that a full-fledged ceasefire was not his goal for Ukraine, but rather a peace agreement. Trump said that he and Putin agreed to go directly to a settlement, not through a ceasefire as Ukraine, Europe, and the U.S. have demanded. Trump announced that he would not impose tariffs on nations such as China who buy Russian oil after his meeting with Putin. Trump has threatened to impose sanctions against Moscow as well...

Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil. Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year. Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry,...