Crude Oil

Since the beginning of the Iran War, there has been a debate about whether crude oil futures accurately reflect?the stress in the physical markets for oil and refined products or if the are blindly 'optimistic' that peace is on the horizon. The Iran War between the United States of America and Iran continues on its volatile and unpredictable course, with renewed hope that there is a chance for a new pause in the?reverse strikes. This flicker of optimism led Brent futures to fall in the early Asian trading on Monday. The price fell by nearly 5%, reaching around $92.06. The...

As tensions in the Middle East eased, oil prices fell sharply and inflation fears were reduced. This was ahead of a busy week of central bank meetings and earnings reports. Iran announced on Sunday that it would cease?its? own attacks if the United States also did so. The U.S. Military was reportedly worried about the dwindling supply of ammunition. Brent crude fell 6.3% to $90.70 a barrel during the lull of fighting in the Strait of Hormuz, while U.S. Crude dropped 5.7% to $74.12. On Monday, stock markets around the world staged a relief rally after fighting in the Middle...

Wayne Cole gives us a look at what the future holds for European and global markets. The Gulf has settled into a fragile truce as the U.S. military halted its attacks in part due to concerns that it was running low on ammunition. Iran also said that it would hold off until the U.S. Hold off. Investors have viewed the Houthis' attack on Saudi Arabian oil facilities as a de-escalation step and have pushed Brent down 4%, to $92.80. The $100 mark seems to be where the U.S. blinks. Oil needs to remain close to this level to keep both...

The Australian and New Zealand dollar strengthened on Monday, as hopes for a diplomatic resolution to the Middle East conflict sent oil price?lower. This eased inflation concerns and helped boost global bond markets. The Aussie gained 0.2%, to $0.7001, following a 0.3% gain on Friday. It is little changed from last week. The Aussie has moved away from its three-month-low of $0.6867. Resistance is seen at the one month peak of $0.7026. New Zealand's dollar rose 0.2%, to $0.5798, after finishing last week down by 1%. This was primarily due to losses against the Australian dollar. The 200-day moving median...

Are you looking for inspiration? Weekend Reads is a weekly feature that highlights what the Open Interest team has been reading, watching and listening to. The Open Interest team shares what they've been watching, listening to and reading. This week's selections include the emergence of drone warfare, Europe's AI ambitions and Jamie Dimon's worries about long-dated bonds at JPMorgan Chase. This weekend we are reading... RON BOUSSO, ROI Energy Columnist. He has produced an amazing, frightening and visually stunning piece on Ukraine's "kill zone" with drones, which has changed the battlefield between Russia and Ukraine. CLYDE RUSSELL is a ROI...

Gold ticked up a bit?on friday, reversing previous losses, as oil fell below $100?per barrel mark. Investors are watching developments in the Middle East to get a fresh perspective on inflationary risks driven by energy and the outlook for U.S. rates. Spot gold was up 0.2% at $4,055.38 an ounce as of 0925 GMT after falling 2% Thursday to $4.047.26. U.S. gold futures August delivery rose 0.2%, to $4.058.10. "Gold is now slightly positive after moving from a negative position earlier, driven by lower oil prices. This has reduced pressure on the Fed's rate-setting," said UBS analyst Giovanni Staunovo. He...

Can India do for Asia's refined-fuels market what China did? China drastically cut its crude imports to a decade low in June in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to find cargoes due to the 'effective closure of Strait of Hormuz. India has taken a different approach, purchasing Russian crude oil and increasing?exports?of refined products in order to offset the lower shipments of refineries from the Middle East and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels...

Ankur Banerjee gives a look at what the day will bring for European and global markets. After five months of observing events in the Strait of Hormuz investors are now focusing on the Arabian Peninsula, where the Iranian-aligned Houthis who control the area near the 'Bab el-Mandeb strait, in the 'Red Sea open a new rift in the Middle East crisis. Brent futures have reached $96 a barrel, their highest level since early June. Investors are worried about stockpiles being depleted after Houthis announced a naval blocade against Saudi Arabia this week. Ship-tracking data revealed that the threat caused tankers...

The oil price rose to its highest level in six weeks?on Wednesday, as U.S. and Iran exchanged strikes, further endangering energy shipping across the Middle East. Meanwhile, U.S. stocks were flat before?important Big Tech earnings. Brent crude prices last rose around 3.5%, to $94 a barrel. This was the highest since early June. A brief detente that existed between the U.S., Iran and other countries ended in early this month. This has once again restricted tanker movements through the Strait of Hormuz. Donald Trump, the U.S. president, threatened to attack Iran's infrastructure again on Wednesday. The war, which has lasted...

The price of oil?soared to a six week high on Wednesday, as the U.S. traded with Iran, threatening the Middle East's energy shipping. Equities were flat before the release of important Big Tech earnings. Brent crude prices rose last around 2.7% to $93.40 per barrel, reaching levels that have not been seen since early June. The U.S.-Iran detente ended in early this month and tanker traffic was once again restricted through the Strait of Hormuz. Donald Trump, the U.S. president, threatened to launch more attacks against Iran's infrastructure on Wednesday. The war, which has lasted for nearly five months, has...

Early trading on Wednesday saw oil prices rise as concerns about further supply disruptions increased after U.S. forces said they began attacking Iranian military targets for an 11th night in a row and Kuwait reported attacks by Iranian drones. Brent 'crude 'futures increased 0.55% or 50 cents to $91.51 as markets opened on the third day of trading. U.S. West Texas Intermediate Crude rose 0.36% or 30 cents to $84.64 during low volume trades. The oil price settled at its highest level in five weeks on Tuesday, after U.S. forces struck targets in western and southern Iran. Iran also attacked...

The Nasdaq, chipmaker shares and major stock indexes all rose on Tuesday amid the rising tensions over the Iran conflict. Oil prices also reached a five-week high. Benchmark 10-year U.S. Treasury Yields hit a two-month peak as traders pondered whether the new spike in oil prices would affect consumer prices, and increase the likelihood of Federal Reserve rate hikes. Two oil tankers transporting Saudi crude from the Red Sea to Asia have reversed their course after being threatened by Yemen's Iran aligned Houthis. U.S. Crude?rose by 2.32%, to $85.16, and Brent rose by 2.08% to $91.08 a barrel. Bruce Zaro...

What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets The start of another volatile week for the markets is aided by a pause in the Iran conflict, and the significant decline in crude oil prices from the $100 mark. Calendar is packed with events, including the Federal Reserve meeting, a third?of?the 'S&P 500?reporting earnings - such as Apple, Microsoft, Meta, and Qualcomm?and second-quarter U.S. Gross Domestic Product estimates. Below, I'll go into more detail. Listen to the Morning Bid podcast to get a preview of the coming week and the oil market's...

Prices of copper rose on Monday as oil prices fell following the U.S.-Iran pause in their two-week long conflict, which eased concerns about inflationary risks for?global growth. The benchmark three-month 'copper' on the London Metal Exchange gained 0.32% to $13,688.5 per metric tonne by 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was up 0.31% to 105,050 Yuan ($15.523.64) per metric ton. The U.S. announced that it was halting its airstrikes against Iran after 13 nights of attacks. Tehran also said it would cease its attacks. Brent crude dropped more than 6% on Monday, after reaching $100 per...

Prices of copper rose on Monday as a result of a tentative?halt to fighting between the U.S.A. and Iran, and relief in the oil market. Benchmark three-month Copper on the London Metal Exchange gained 0.26% to $13,681 per metric ton at 0300 GMT. The most traded copper contract at the Shanghai Futures Exchange rose 0.27% to 105,010 Yuan ($15.515.43) per metric ton. After 13 nights of airstrikes, the U.S. announced that it was stopping its attacks on Iran. Tehran also said that it would cease its retaliatory strikes. Oil prices were able to recover a little from the?tentative ceasefire. Brent...

Can India do the same for Asia's refined fuels market as China did with crude oil? China drastically cut its crude oil imports in June to a 10-year-low in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to source cargoes due the the effective closing of the 'Strait of Hormuz. India is taking a different approach, purchasing 'Russian crude' and increasing exports of refined goods to offset the lower shipments coming from Middle East refineries and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected...

Mike Dolan: What's important in U.S. markets and the global economy today? By Mike Dolan. Editor-at-Large for Finance & Markets. With the World Cup hoopla this weekend, many may have missed the fact that the Iran conflict has once again descended into full-blown warfare. As Tehran retaliated on U.S. bases and gulf shipping, Iranian attacks now have killed at least three U.S. troops. The traffic through the Strait of Hormuz is now a trickle. Brent crude has also risen above $90 a barrel for the first since early June. All that and more will be discussed below. Listen to the...

China's refined oil product exports in June improved over May but fell from the same period in last year, amid export restrictions that began in mid-March in order to protect domestic supply after the Iran War. China is Asia's biggest fuel exporter, and the increased export allowance will ease tight supplies because regional refiners have curtailed production due to war-related oil shortages. China's refined product exports to Hong Kong and Macau, including gasoline and diesel, totaled 643,712 tons. This is a slight increase of 4% from last June. Exports of refined oil products from China to other regions than Hong...

Want some inspiration? Weekend Reads is a weekly roundup of what the Open Interest team has read, watched and listened to. This week, the Open?Interest team has chosen to focus on the 'race to reinvent critical mineral resources,'?oil benchmarks that are under pressure and great-power geopolitics. This weekend, we are reading... MIKE DOLAN is a columnist for ROI Finance & Markets. The Pew Research Center’s Global Attitudes Survey found that China was viewed as more favorable than the United States in 36 countries. The U.S. Department of Energy released this release by ROI Metals columnist ANDY HOME. It details five...

Equities around the globe fell Thursday, as investors sold off heavy-weight chips stocks. Meanwhile, the U.S. Dollar and Treasury yields increased after the latest economic releases as well as as the Middle East war intensified. Chip stocks fell from Asia to the U.S., as ?higher-than-expected 77% ?earnings growth from Taiwanese chip manufacturing giant TSMC was not enough to impress investors who have heavily leaned into technology stocks related to artificial intelligence. According to LSEG, the U.S. reporting season for the second quarter started well. Analyst expectations for quarterly earnings increased to 24,8% on Wednesday, from 23,7% last week. Tony Welch...

Investors sold off chip stocks on Thursday, while oil futures lost earlier gains as U.S. and Iranian attacks intensified. Chip stocks?fell - from Asia to the U.S. - as investors who had heavily invested in technology stocks related artificial intelligence were not impressed by TSMC's 77% higher than expected earnings growth. This tells you that the AI trade no longer is priced on growth. The price is based on perfection. Gene Goldman is the chief investment officer of Cetera, a California-based company. "Any earnings report that is merely good, rather than flawless, will be sold," he said. Retail sales in...

?Asian stocks fell on Thursday, as a selloff in chipmakers obscured stellar earnings by industry leader TSMC. Meanwhile,?bonds benefited again from a benign reading of?U.S. Inflation that reduced the likelihood of a rate hike. As the U.S. finished its latest attacks on Iran, oil prices dropped. In recent days, the Middle East has been rife with hostilities. Washington launched attacks against Iran while Tehran targeted U.S. bases located in Kuwait and Jordan. Brent crude futures last fell 0.5% to $84.5 per barrel, but rose 11% in the past week. Taiwan Semiconductor Manufacturing Co. (TSMC), world's biggest contract manufacturer of advanced...

Officials at the company said that 'Sinopec' is undertaking a major restructuring within its own organization, establishing new business units, and moving hundreds of staff in order to re-establish profits amid a slumping Chinese demand for oil, petrochemicals, and other products. Sinopec, a state-owned company, has lagged behind its peers PetroChina Ltd and CNOOC Ltd in recent years. These companies benefit from a greater focus on oil production. Sinopec's reorganisation, which began in early this year, is aimed at focusing more on the needs of customers and efficiency. Chairman Hou Qijun was a geologist, and former general director at Chinese...

Two sources with knowledge of the matter confirmed on Wednesday that China's Zhenhua Oil had booked to load 2 million barrels in Saudi crude for August. This is a sign that a new?joint venture? refinery between China and Saudi Arabia will soon begin operations. The crude will be supplied to the newly built 300,000-barrel-per-day Huajin Aramco Petrochemical Co (HAPCO) refinery in northeastern China's Liaoning province, the sources said. HAPCO was formed by Saudi Aramco, Norinco Group (a Chinese state-owned conglomerate) and Panjin Xincheng Industrial Group. HAPCO has delayed its start-up to September or even October due to disruptions in Middle...