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Crude Oil

Stocks rise in a tepid response to US-China talks

U.S. stocks futures jumped and the dollar rose Wednesday, on news of a meeting between top U.S.-China trade officials. However, Asian markets were cautious on prospects for a tariff deal ahead of a Federal Reserve rate decision. The U.S. Treasury secretary Scott Bessent stated that the weekend meeting in Switzerland would be about deescalation. China, on the other hand, sounded more cautious and cited the proverb "actions speak louder than words" to explain its caution. S&P 500 futures and Hong Kong's Hang Seng both rose by about 0.6%, after both reversing earlier gains during the Asia session. Japan's Nikkei remained...

Crude Oil

Stocks rise on US-China talks, China rate reduction

U.S. stocks futures and Chinese stock markets both rose on Wednesday as investors welcomed news of a high-level meeting between U.S. officials and Chinese counterparts as an opportunity to reduce tariffs. China also cut interest rates and promised to support the stock market. Scott Bessent, U.S. Treasury secretary, said that the meeting scheduled for this weekend in Switzerland would be a de-escalation. S&P 500 futures were up about 0.9%, and Hong Kong's Hang Seng rose 1.7% at mid-morning. China blue chips were up 0.5%, while Japan's Nikkei index was largely flat. Ray Attrill, head of Foreign Exchange Research at National...

Energy Markets

Dollar slips as stocks fall on lack of progress in trade

The dollar fell against other major currencies on Tuesday as worries about tariffs and the impact they have on the economy continued to linger. Meanwhile, the focus was on the Federal Reserve policy announcement scheduled for Wednesday. Investors have been focused on the possibility that trade tensions could be eased between the U.S. Donald Trump, the U.S. president, said on Sunday Washington was meeting with many nations, including China. His main priority in dealing with China is securing a fair agreement. Lars Skovgaard is senior investment strategist for Danske Bank. He said, "We have seen a backpedaling and the trade...

Oil & Gas Exploration

Coterra Energy, a producer of shale gas, reports higher quarterly profits and cuts its spending target

Coterra Energy, a U.S. producer of shale gas, reported an increase in its first-quarter profits on Monday. However, it said that due to the macroeconomic uncertainty they would reduce their annual budget for capital expenditures. The U.S. Energy Sector is preparing for possible fallout due to President Donald Trump's sweeping trade tariffs and a fierce trade war with China - factors that could decrease demand for oil and gas. Diamondback Energy, earlier today, also reduced its annual capital budget as well as production forecasts due to macroeconomic uncertainties affecting the global energy demand. Coterra CEO Tom Jorden said: "As we...

Crude Oil

OPEC+’s 'healthy crude oil market' looks like catching a flu: Russell

The OPEC+ group's increased supply is not the reason for which they claim it is. On May 3, the eight OPEC+ member countries who have agreed to voluntary production cuts decided to relax their curbs for June. This time, they added back 411,000 barrels a day (bpd). Calculations show that the June increase will bring the combined April, May, and June increases to 960,000 bpd. This represents a 44% reduction of the 2.2million bpd decrease. In a statement posted on the website of the Organization of the Petroleum Exporting Countries, the eight stated that the decision to increase output was...

Fossil Fuels

Saudi Arabia increases Arab Light June OSP in Asia

Saudi Arabia, which is the largest oil exporter in the world, has increased its prices to Asian buyers despite the fact that crude prices fell on Monday, after the producer group OPEC+ agreed over the weekend to another accelerated increase in output. Saudi Aramco, the state oil company, raised its official June selling price of its flagship Arab Light crude from $0.20 to $1.40 per barrel over the average Oman and Dubai price. The increase in price follows two consecutive months of decreases, and is despite the downward pressure on crude oil prices due to concerns over more supply entering...

Energy Markets

Oil falls, Taiwan dollar soars at the start of a central bank-heavy weekend

Oil prices dropped on Monday, after the oil-producing group OPEC+ decided to increase oil production. Meanwhile, Taiwan's dollar surged up to nearly three-year-highs as world markets began a week of central banks. The world's stocks are mostly flat, with European shares just below their one-month highs while U.S. stock futures have dropped. Public holidays in Japan and China slowed down trading. Brent crude and U.S. West Texas Crude futures both fell by more than 1% following a decision made by OPEC over the weekend to increase oil production. This sparked concerns about the possibility of more supply entering a market...

Energy Markets

Barclays lowers Brent crude forecasts for 2025 and 2026 as OPEC+ increases output.

Barclays lowered their Brent oil forecast by $2 per barrel for 2026 and $4 for 2025, citing OPEC+'s decision to increase oil production. Barclays stated in a note dated Sunday that "Tariff related developments have been a drag, but the OPEC+'s pivot has also played a major role in the recent decline in oil prices." OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia - agreed on Saturday to increase oil production for a second month in a row, increasing output by 411,000 barrels / day in June. OPEC+ sources claim...

Crude Oil

Sources say that OPEC+ will meet on Saturday in order to decide the output policy for June.

Two sources familiar with the situation said on Friday that eight OPEC+ nations will meet on July 7 to decide whether they want to increase oil production by a greater amount or if they prefer to do it at a slower pace. Originally, the meeting was scheduled for Monday. The reason for the early start was not immediately apparent. Saudi Arabia demanded a higher-than-planned increase in output from the eight member countries for May. This decision helped to lower oil prices below $60 per barrel, reaching a four-year low. The group now expects to increase output by 411,000 barrels a...

Energy Markets

Canada's Imperial Oil reports a rise in profit for the quarter on higher refining margins

Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues...

Energy Markets

US sanctions fuel theft network in Mexico that it links with CJNG cartel

The U.S. Treasury Department imposed sanctions Thursday on two entities and on three Mexican citizens it claimed are involved in a network of drug trafficking, oil smuggling and gang activity linked to Cartel Jalisco Nueva Generacion. Authorities in the United States say that CJNG, along with Sinaloa Cartel is one of two major Mexican drug cartels responsible for bringing fentanyl to U.S. streets during the last few years. The Treasury Department imposed sanctions against the hazardous materials transport companies Servicios Logisticos Ambientales (SLA) and Grupo Jala Logistica (GJL), claiming that they transported fuel and crude between Mexico and the United...

Energy Markets

Trump threatens secondary sanctions against purchasers of Iranian oil after he says that the purchase must cease.

U.S. president Donald Trump has said that all purchases of Iranian oil and petrochemicals must cease. Any country or individual buying from Iran will be subject to immediate secondary sanctions. He wrote Thursday on Truth Social that "they will not be permitted to do business with United States of America, in any shape or form." Trump's remarks follow the postponement by the U.S. of the latest talks between the U.S. and Iran on its nuclear program that were scheduled to take place on Saturday in Rome. A senior Iranian official said a new date would be determined "depending on what...

Europe

Energy Markets

Markets retrench as they focus on US-China talks and Fed rate decision

The world stock market fell on Wednesday, while Treasury yields dipped. This was after the news that top U.S. officials would be meeting with Chinese counterparts soon and before a Federal Reserve statement about its monetary policy at the conclusion of their two-day meeting. After three days of declining against the yen, the dollar index has risen. Gold, the safe-haven asset, fell after a two day rally. The Fed is expected to maintain interest rates at their current level. The U.S. Treasury secretary Scott Bessent, and the chief trade negotiator Jamieson Grer will meet China's highest economic official at the...

Crude Oil

US futures rise on China trade talks

U.S. stocks futures rose and Asian currencies rose as investors welcomed the news that a top-level meeting between U.S. officials and Chinese officials is scheduled for this weekend in Switzerland. This could be a chance to calm down the trade conflict. Scott Bessent, U.S. Treasury secretary, said on Fox News that he believes the goal is to de-escalate. S&P futures gained about 0.9%. This was a recovery from a drop in the cash session, when U.S. president Donald Trump seemed to have struck a more confrontational note. The stock markets of Japan and Australia have both edged up. The dollar...

Crude Oil

Oil prices stabilize after dropping to a four-year low in the previous session

The price of oil was stable on Tuesday, after it hit four-year lows the previous session. This was due to a decision by OPEC+ to increase output. This decision stoked fears of an oversupply during a period when U.S. Tariffs are causing concern about demand. Brent crude futures increased 10 cents, to $60.33 per barrel at 0050 GMT. U.S. West Texas intermediate crude also rose 10 cents, to $57.23 per barrel. On Monday, both benchmarks reached their lowest levels since February 2021. OPEC+ decided on Saturday to accelerate oil production increases for a second month in a row, increasing output...

East Asia

Middle East

Fossil Fuels

Oil prices rise as the market looks at US-China trade negotiations and lower US output

Investors focused on U.S. China trade talks and signs that U.S. oil production is declining. Brent crude futures rose 44 cents a bar, or 0.7% to $62,59 a bar by 0400 GMT. U.S. West Texas Intermediate crude gained 50 cents or 0.9% at $59.59 a gallon. The benchmarks fell to a 4-year low after OPEC+ decided to increase output. This fueled fears of an oversupply, at a time that U.S. Tariffs are increasing concerns about demand. Brent crude is trading higher on news that the U.S. will begin trade talks with China this weekend, extending a rally in oil, said...

Energy Markets

Oil prices rise on signs that Europe and China are increasing their demand and US production is decreasing

Prices rose on Wednesday as buyers returned to the market after the prices had fallen to new lows the previous week. Brent crude futures rose 37 cents a bar, or 0.6% to $62.52 a bar by 1215 GMT. U.S. West Texas Intermediate Crude was at $59.53 a bale, up 44 cents or 0.74%. The benchmarks fell to a 4-year low following OPEC+’s decision to accelerate output increases. This stoked concerns of an oversupply, at a time that U.S. Tariffs are causing concern about demand. The lower oil prices of recent weeks have led some U.S. companies like Diamondback Energy, Coterra...

Crude Oil

Oil prices drop, causing buyers to buy more; concerns about oversupply weigh

The oil price rebounded by over 1% Tuesday, with technical rebounding and dip-buying after a previous session's drop due to OPEC+'s decision to increase output. However, concerns about the outlook for a market surplus persisted. Brent crude futures rose by 92 cents a barrel to $61.15 at 0309 GMT. U.S. West Texas intermediate crude gained 89 cents a barrel to $58.02 The OPEC+ decision to increase oil production for a second month in a row, made over the weekend, pushed both benchmarks down to their lowest levels since February 2021. Yeap Jun Rong is a market analyst at IG. He...

Crude Oil

Saudi Arabia reports a first-quarter loss of $15.65 billion

Saudi Arabia's first-quarter 2025 deficit increased to $15.65bn from $3.30bn a year earlier as oil revenue fell 18%, to 149.810bn riyals (about $39.95bn), the finance ministry reported on Monday. In the first quarter of this year, Saudi Arabia's total revenue dropped 10% to 263.616 riyals. However, its public expenditure rose 5% to 3222.317 riyals. Saudi Arabia's revenue has been affected by declining oil prices in recent years, as well as voluntary production cuts. Riyadh is pushing ahead with projects that are part of Vision 2030, its ambitious plan to revamp its economy and reduce its dependency on oil. Non-oil revenue...

Energy Markets

PMI data shows that Saudi Arabia's growth in the non-oil sector slowed down in April.

A survey released on Monday showed that Saudi Arabia's private sector non-oil activity expanded at a slower pace in April due to a sharp slowdown in the growth of new orders, while hiring rates were at their highest level in over a decade. The Riyad Bank Saudi Arabia Purchasing Managers' Index slid from 58.1 to 55.6, its lowest reading since August last year, down from 58.1. It is still firmly in the growth zone. The third consecutive month of decline in the new orders subindex, from 63.2 to 58.6, reflected the global economic uncertainty and the competitive pressures. Naif Al...

Crude Oil

Four sources claim that OPEC+ will continue to increase oil production.

OPEC+ will increase oil production and may unwind the voluntary cuts of 2.2 million barrels a day by the end October if the members don't improve their compliance with their production quotas. OPEC+ surprised the oil market by releasing cuts faster than expected in April, despite low prices and weak demand. Sources have claimed that the move was intended by OPEC+'s leader Saudi Arabia as a punishment for some members who failed to meet their quotas. On Saturday, the group, including the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia agreed to another major output...

Energy Markets

Source: OPEC+ will agree to another accelerated increase in oil production for June

A source said that eight OPEC+ nations will meet on Saturday and agree to a new accelerated oil production increase for June, of 411,000 barrels a day. This was shortly before a meeting online of the countries. The eight countries increased their output in May by 411,000 barrels per day more than they had planned. This, combined with the U.S. tariffs on trade, drove oil prices to a record low of $60 a barrel. Sources made the comment just before countries began an online meeting to determine June output after bringing the meeting forward by one day. Four other sources...

Energy Markets

Rubio: Iran must stop all uranium enrichment.

Marco Rubio, the U.S. secretary of state, said that Iran must 'walk away from' uranium-enrichment and missile development for long ranges and should allow inspections of military installations. The nuclear talks were postponed on Thursday. Rubio's remarks highlight the remaining major divisions in the talks between the two countries to resolve the longstanding dispute over Iran’s nuclear program. U.S. president Donald Trump has threatened to bomb Iran without an agreement. Rubio stated in an interview with Fox News that "they have to stop sponsoring terrorists and stopping helping the Houthis" (in Yemen). They also have to stop building long-range rockets...

Fossil Fuels

India's BPCL expects to gain $20-30/ton by swapping Middle East LPG for cheaper US supplies

Bharat Petrol Corp. Ltd., an Indian fuel retailer, expects to make a net profit of $20 to $30 per metric ton when it delivers U.S. LPG through a swap agreement with Middle Eastern suppliers. Its head of finance stated this on Friday. Analysts were told by Vetsa Ramakrishna that BPCL, India’s second largest state refiner, was in discussions with suppliers about swapping Middle Eastern cargo for U.S. supplies. The U.S.-China trade war has increased the gap in price between Middle Eastern LPG and U.S. LPG, and disrupted trade routes. China imposed tariffs on U.S. goods in response to the U.S....

Oil & Gas

Saudi Arabia's GDP expanded 2.7% in the first quarter

Saudi Arabia's economy expanded in the first quarter thanks to activity in non-oil sectors as the country continues its diversification away from hydrocarbons. Flash estimates released by the government's statistics authority on Thursday showed that the kingdom's real Gross Domestic Product (GDP), as measured in dollars, increased 2.7% from the previous year. The government agency updated and expanded their data collection, and stated that its nominal and real GDP series had been revised accordingly. When we met with people, they always wanted more information, more statistics and more data. The local demand for more data is what drives this, said...

Oil & Gas

IMF lowers its 2025 Middle East and North Africa growth forecast by 2.6% due to global risks

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

Refined Products

After a selloff, oil prices are now easing up as supply concerns take hold

The oil prices rose slightly on Thursday after sharp drops the day before, driven by signs that Saudi Arabia can produce more and the fact that the U.S. economic contraction in the first quarter. Brent crude futures increased 16 cents OR 0.3% to $61.22 per barrel. U.S. West Texas Intermediate Crude Futures rose 6 cents, or 0.1% to $58.27. The two contracts closed Wednesday at their lowest levels in four years. Sources say Saudi Arabian officials have informed allies and experts in the industry that the kingdom does not want to support the oil market by cutting further supplies and...