Crude Oil

After four consecutive sessions of declines, oil prices rose by 1% on Friday following a fire at one of the biggest refineries in the U.S. West Coast. However, they were still on course for their steepest week-long fall since late June. Brent crude futures rose 61 cents or 1% to $64.73 per barrel at 0658 GMT. U.S. West Texas Intermediate Crude climbed by 62 Cents, or 1% to $61.10 per barrel. According to a county official, the fire was contained to just one area at Chevron’s El Segundo Refinery. The U.S. Energy Major also reported a flare-up emergency at its...

Ankur Banerjee gives us a look at what the future holds for European and global markets. The U.S. government shutdown and political gridlock are not likely to end any time soon. Stocks and gold have still reached new record highs as investors focus on the Federal Reserve's rate-cutting path. Markets are taking a more risky approach, despite the possibility of a prolonged shutdown. Due to the shutdown, traders don't need to wait for Friday's U.S. employment report. However, manufacturing data across Europe could influence the markets and highlight the impact of tariffs. We have said that for some time, but...

Crude oil prices have been driven primarily by the unwinding OPEC+ production cut, China storage flows, and geopolitical tensions this year. This is likely to continue for the foreseeable. It is important to understand the factors that influence the market. It is impossible to predict with accuracy the future of these factors. Forecasting the market is a difficult task for the crude oil industry because all three factors are unpredictable and can change rapidly. The Energy Markets Forum, held in Fujairah (the hub for oil storage and shipping in the United Arab Emirates) this week, was a place where participants...

Taiwan's government announced on Thursday it would cooperate if "international allies", imposed further restrictions on Russian imports of energy, following criticism from a group non-governmental organizations about the island's business relationship with Russia. Taiwan, along with the United States, major Western allies, and other countries, put broad sanctions against Russia in 2022 after its invasion of Ukraine, but it did not ban explicitly imports, which are a major source of hard currency for Russia. Taiwan's Foreign Ministry responded to criticism on Tuesday from a group NGOs, including the Centre for Research on Energy and Clean Air, about Taiwan's continued use...

The oil prices increased on Thursday, after three sessions of losses due to concerns about market oversupply. Also, the possibility of tighter sanctions against Russian crude gave some support. Brent crude futures rose 37 cents or 0.57% to $65.72 per barrel at 0401 GMT. U.S. West Texas Intermediate Crude climbed by 34 Cents, or 0.5%, to $62.12 per barrel. Analysts attributed the increase to a technical recovery, after Brent lost about 1% and WTI lost about 1% the previous session. Brent closed at its lowest level since June 5, and WTI was the lowest it had been since May 30....

Oil prices rose Thursday, ending a three-day loss streak and recovering from 16-week-lows, on the prospect of tighter sanctions against Russian crude. However, expectations of a higher supply due to an OPEC+ production boost next month capped the gains. Brent crude futures rose 15 cents or 0.2% to $65.50 per barrel at 0116 GMT. U.S. West Texas Intermediate Crude climbed by 14 Cents, or 0.2% to $61.92 per barrel. Brent and WTI lost about 1% on Wednesday. Brent closed at its lowest level since June 5, and WTI reached its lowest level since May 30. As WTI approached its $60...

The dollar and U.S. stock market were inchoate on Wednesday as the U.S. shutdown its major operations. This delayed the release of important jobs data that could affect the outlook for interest rates. The U.S. payroll data showed that employment in the private sector fell by 32,000, contrary to expectations of a 50,000 increase. This fueled fears that the U.S. labour market may be weakening. In the past, weak employment numbers would have led to increased bets that interest rates could be cut in order to support equity markets. However, with this week's shutdown of the government, it is less...

The dollar and U.S. stock market were inchoate on Wednesday as the U.S. shutdown its major operations. This delayed the release of important jobs data that could affect the outlook for interest rates. The U.S. data on private payrolls showed that employment in the U.S. fell by 32,000, contrary to expectations of a 50,000 increase. This added to fears that the U.S. labor market may be weakening. The government shutdown has muddied the outlook this week. While weak employment numbers would normally add to bets for interest rate reductions that could support the equity markets, it is not uncommon to...

According to documents and shipping data from the state-run PDVSA, Venezuelan oil exports in September averaged 1,09 million barrels a day, which is the highest level since February of 2020. Data and documents show that the country has been struggling to stabilize its oil production and exports after coming under U.S. sanction in 2019. However, rising crude production, sales of stocks accumulated and increased imports of diluents for exportable crude grades have all contributed to a boost in oil shipments. The average for September was 13% higher than the previous month, and 39% higher than a year earlier. Around 84%...

Wall Street and dollar fell on Wednesday. Gold reached a new record high. The U.S. Government shut down most of its operations delaying the release crucial employment data that could cloud the outlook for interest rates. The U.S. data on private payrolls showed that employment in the U.S. fell by 32,000 jobs last month. This was against expectations of a 50,000 increase. It added to fears that the U.S. labor market could be weakening. The government shutdown has muddied the outlook this week. While weak employment numbers would normally add to bets for interest rate reductions that could support the...

Wall Street futures dropped, gold reached a new record high, and the dollar weakened on Wednesday, as the U.S. Government shut down most of its operations. This could delay the release of important jobs data, which may muddy interest rate forecasts. The government shutdown is not expected to end soon, as there's no way out of the funding impasse. Furloughs of 750,000 federal employees at $400 million per day are also likely. S&P 500 and Nasdaq Futures both fell by about 0.6% on Wednesday. Gold prices rose to $3,895 per ounce in a third consecutive session, reaching a new record....

Kuwait, the world's largest oil producer, has raised $11.25bn from a three part bond issue, which attracted a large number of investors for its first U.S. Dollar issue since 2017. This marks a strong return on global debt markets following years of political gridlock in Kuwait. The Gulf State was the last sovereign in the region to tap into the bond market. Strong global appetite for bonds and low borrowing costs enable governments to diversify their funding sources and plug budget deficits, as well as invest in economic diversification. Kuwait sold $3.25bn in a portion of three years at 40...

As markets assessed the likelihood of a U.S. shutdown, which would delay release of closely-watched jobs data, shares in Asia rose on Tuesday. Gold also maintained its record rise. As widely anticipated, the Australian dollar gained after the central banks held rates at their current levels. Oil prices fell due to expectations of increased production by OPEC+. Meanwhile, China's manufacturing activity declined for a sixth consecutive month in September. After little progress was made in budget negotiations between Donald Trump and Democratic opposition, U.S. vice president JD Vance stated that the government "seemed to be headed for a shutdown". The...

Exxon Mobil Corp. has begun production at its Singapore oil refining complex at new facilities to produce base stock from residue fuel. It said on Tuesday that this would increase the plant's intake high-sulfur crude. Exxon released a statement that said the technology uses a combination of processes to transform fuel oil and other crude products at the bottom of barrels into more valuable lubricant base stocks and distillates. Exxon said that the new facilities will increase its Group II base stock production capacity by 20 000 barrels per day. According to Kpler data, Crude imports from Exxon Singapore's refinery...

The dollar and Asian stocks both steadied Monday as markets assessed the Federal Reserve's policy after last week's rate cut. Meanwhile, President Donald Trump's crackdown on immigration for worker visas held back sentiment. India's benchmark stock index fell after the Trump Administration announced on Friday that it would require companies to pay $100,000 to obtain new H-1B visas. This is a blow for the tech sector, which relies heavily on skilled workers in India and China. U.S. Stock Futures eased, with S&P Futures down by 0.1%. European Futures showed a subdued opening. The broadest MSCI index of Asia-Pacific stocks outside...

On Friday, Asian shares rose on the back of hopes for further rate cuts in the global economy. Meanwhile, the Nikkei fell from its record highs as the Bank of Japan signaled a further winding down of its massive stimulus policy. The EUROSTOXX futures were little changed, indicating that European stocks would open flat. S&P 500 and Nasdaq Futures are both flat after Wall Street closed overnight at record highs. The BOJ maintained its Friday position. Short-term interest rates Two members voted to increase the rate. The company also decided to begin selling its large holdings in exchange-traded fund (ETF)...

The global stock markets were choppy Thursday, after the Federal Reserve announced its first rate reduction this year. However, the Fed signaled a measured approach for further monetary policy ease. This left investors uncertain about the pace of future movements. MSCI's broadest Asia-Pacific share index outside Japan fell 0.1%, as the benchmark was impacted by declines in New Zealand and Australia markets. Chinese stocks fluctuated between gains and losses. However, there were signs of strength on some markets. U.S. stock futures rose 0.4% following a mixed session overnight on Wall Street, while South Korean shares soared by 0.8%, and Taiwanese...

The global stock markets rose on Thursday, after the Federal Reserve lowered interest rates. However, investors were cautious after the world's largest central bank indicated a measured approach towards further monetary policy ease. U.S. equity contracts advanced by 0.3% after an uneven session overnight on Wall Street. Shares in Korea and Taiwan, which opened around 0.7% higher, led the gains in Asia. Japan's Nikkei 225 tacked on 0.3%. The MSCI broadest Asia-Pacific share index outside Japan edged down 0.1% as the declines in Australian markets and New Zealand weighed on this benchmark. The global stock market fell on Wednesday, after...

Investors bought U.S. stocks futures, assuming that the Federal Reserve will likely lower rates this week. They sold equities, however, in Europe where it is less likely that borrowing costs will fall further. The MSCI all-country index rose 0.15% and reached new record highs. Meanwhile, the pan-European STOXX 600 fell 0.15%. This was mainly due to the decline of rate-sensitive insurers and banks, who will lose if the European Central Bank doesn't cut euro zone interest rates any further. James Rossiter is the head of global macro-strategy at TD Securities, London. He said that markets are realizing there won't be...

Rae Wee gives us a look at what the European and global markets will be like tomorrow. On Tuesday, the U.S. Federal Reserve will begin its two-day meeting where a rate cut has been all but priced into the market. This is at a moment when the White House is putting unprecedented pressure on the central bank to change the direction of the monetary policy. On Monday, the U.S. Senate narrowly confirmed Stephen Miran as a member of the Board of Governors of the Federal Reserve. This gave President Donald Trump's chief economic adviser one of twelve votes to set...

U.S. Treasury secretary Scott Bessent stated on Monday that the Trump administration will not impose any additional tariffs on Chinese products to stop China's purchase of Russian oil, unless European countries impose steep duties on China and India. Bessent and Bloomberg agreed in a joint-interview that European countries should play a greater role in cutting Russian oil revenue and ending its war in Ukraine. Bessent replied, "We expect Europeans to contribute now and we cannot move forward without them." Bessent was asked if the U.S. will impose Russian oil tariffs on Chinese products after President Donald Trump imposed an additional...

A government spokesperson announced that Japan had decided to reduce its price cap for Russian crude oil from $60 per barrel to $47.60 starting Friday to punish Moscow's continued war in Ukraine. This move follows the European Union's decision in July to lower its cap on Russian crude oil to $47.60, as part of their 18th package of sanctions against Moscow. Yoshimasa Haiashi, the Chief Cabinet Secretary, said at a regular press briefing that Japan would also impose further asset freezing and export control restrictions on entities in Russia as part of an international effort to bring peace to Ukraine....

Wayne Cole gives us a look at what the future holds for European and global markets. It was good to hear that. The CPI in the U.S. was a little firmer, but not enough to notice. The prices that feed core PCE were surprising benign. This led analysts to reduce their forecasts from +0.2%m/m to a steady 2,9% for the year. The Federal Reserve is set to begin its easing cycle next week with 25 basis point, but the markets only see a 7% probability of a 50bps. The magnitude of the decline in labour market data would lead you...

EU sources say that the European Union will not impose tariffs on India and China, which are the two main buyers of Russian crude oil, as the U.S. president Donald Trump has asked the bloc to. This week, an EU delegation including the EU's Russia sanction chief flew to Washington to discuss the ways in which the two sides could coordinate sanctions against Russia for its full-scale invasion into Ukraine. Officials have said that Trump has urged the EU, to hit India and China up to 100% with tariffs to put pressure on Russian president Vladimir Putin who depends on...