Crude Oil

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

On Monday, oil prices fell for the fourth consecutive day as a result of expectations that a Russia-Ukraine agreement would ease sanctions disrupting supplies and concerns about global tariff wars slowing economic growth and reducing energy demand. Brent crude futures fell 20 cents or 0.2% to $74.59 per barrel at 0112 GMT. Brent crude futures have fallen 3.1% over the last four sessions since U.S. president Donald Trump and officials from his administration announced that they were in talks with Russia about ending the war in Ukraine. U.S. West Texas Intermediate Crude was trading at $70.51 per barrel, down by...

Benchmark global stock indexes hit record highs on Friday, while U.S. Treasury Yields fell as soft U.S. Data and the recent tariff announcements raised hope that the Federal Reserve could be more aggressive about cutting interest rates. Retail sales fell 0.9% in January, the largest drop since March 2023. This follows a 0.7% rise in December that was upwardly reviewed. It is also well below the 0.1% estimate by economists. Federal Reserve data showed that factory output fell 0.1% in January, below the 0.1% estimate, following a 0.5% decline in December. This was due to a drop in motor vehicle...

The global stock index rose on Friday, while U.S. Treasury Yields fell. A round of weak U.S. economic data and the recent tariff announcements sparked hopes that the Federal Reserve could be more aggressive about cutting interest rates. Commerce Department stated retail sales dropped After an upwardly-revised 0.7% increase in Decembre, 0.9% was the largest decrease since March 2023. This is well below the 0.1% decline estimated by economists polled, which suggests that rising prices and tariff uncertainties may have led consumers to reduce spending. The Federal Reserve also reported that factory output was up. output dipped After a rebound...

Presidents Day, a federal holiday that falls on Monday, 17th February, will impact the release of major economic, energy, and commodities reports filed or originating in Washington for the week ending February 16. The schedule is below. The times are in GMT/EST. Certains Treasury announcements may change. Monday, February 17, 2019 Presidents Day is a holiday. Closed federal government offices, Federal Reserve and International Monetary Fund. Stock and bond markets also closed. Tuesday, February 18, 2019 The U.S. Department of Agriculture releases weekly U.S. Export inspections for grain, oilseeds at 1100/1600. Due to the holiday, this week's inspections are delayed....

The global stock markets were near record highs Friday, and European indexes are set to make their eighth consecutive weekly gain after U.S. president Donald Trump announced that reciprocal tariffs will not be immediately implemented, suggesting there is room for negotiation. Trump's plan to impose tariffs against every country that taxes U.S. imports has stoked concerns of a broad-ranging trade conflict, driving gold prices up to a new record high this week. Gold prices were set to rise for the seventh consecutive week. Trump's directive on Thursday did not impose new tariffs. Instead, it sparked an investigation that could last...

Viktor Orban, the Prime Minister of Hungary, said on Friday that Russia would be "reintegrated into" the global economy and European energy system after a peace agreement is reached and the conflict in Ukraine ends. Orban, a close ally of Donald Trump, stated that "if the U.S. President comes and creates a peace deal, then there will be a deal. I believe Russia will be reintegrated in the world economy...the European security system, and even the European energy and economic system, which will give a big boost to the Hungarian's economy." We will gain a lot from a peace agreement....

The dollar shook on Friday as investors enjoyed a temporary respite from the uncertainty of tariffs imposed by U.S. president Donald Trump. Trump's plan to impose reciprocal duties on all countries taxing U.S. imported goods has stoked concerns of a broad-ranging trade conflict, driving gold prices up to a new record high this week. Gold prices were set to rise for the seventh consecutive week. Trump's directive on Thursday did not include new tariffs. Instead, it sparked an investigation that could last weeks or even months into levies placed on U.S. products by other trading partners. Then a response was...

The oil prices in Asian trade rose on Friday. They were poised to end a three-week decline. This was boosted by the rising fuel demand, and expectations that U.S. tariffs for reciprocal global tariffs will not be implemented until April. This would give more time to avoid trade wars. Brent futures rose 23 cents (0.3%), or to $75.25 per barrel, by 0505 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), gained 16 cents (0.2%), or to $71.45. Brent and WTI both rose by 0.5% this week. U.S. president Donald Trump ordered officials from the Department of Commerce and Economics to...

Asian stocks followed Wall Street's gains on Friday. The dollar fell as investors reacted to the fact that President Donald Trump did not immediately implement his reciprocal tariffs, and also because U.S. inflation data eased investor concerns. Trump's plan to impose reciprocal duties on all countries taxing U.S. imported goods has stoked fears of a trade war and pushed gold prices up to a new record high this week. Gold prices were set to rise for the seventh consecutive week. Trump's directive on Thursday did not include new tariffs. Instead, it sparked an investigation that could last weeks or even...

The U.S. Treasury yields fell on Thursday as a reading of inflation fueled hope that the Federal Reserve's preferred price measure might be lower than expected. The Labor Department reported that the Producer Price Index (PPI) of final demand increased 0.4% in January after an upwardly-revised 0.5% increase in December. This was higher than the 0.3% estimate by economists polled. The consumer price index (CPI) for Wednesday showed the largest increase in almost 1-1/2 years. The PPI data, which is part of personal consumption expenditures(PCE), the Fed Chair Jerome Powell stated on Wednesday as the preferred target inflation measure by...

On Thursday, U.S. Senators reintroduced bipartisan legislation that would allow year-round nationwide sales of gasoline containing a higher percentage of ethanol. The plan has the backing of an influential oil trade group. Senator Deb Fischer from Nebraska introduced the bill along with Tammy Duckworth from Illinois. She said that it would eliminate patchwork regulations which would restrict the availability of E15 blends in some areas. Biofuel producers and corn farmers have long sought year-round E15 sales. They would both benefit from a larger market. Fischer and Democratic senator Amy Klobuchar of Minnesota introduced the first bill in 2023. The government...

Kojiro Higachi, the president of Tohoku Electric Power in Japan, said that Tohoku Electric Power should review its LNG procurement strategy if it is to stop buying from Russia. Under a contract that runs for 20 years, the utility will import 420,000 metric tonnes of LNG per year from Russia's Sakhalin-2 Project. Higuchi stated that this accounted for approximately 10% of the LNG produced by his company. He said at a press conference that "we must think about (our future procurement plans) assuming we will eventually stop purchasing from Russia." Later, the company stated that no decision had been made...

Asia's crude markets are quickly adjusting to the new sanctions against Russia, grabbing cargoes as they come and looking for alternatives to deliver in the coming months. According to LSEG Oil Research, the top oil-importing continent Asia is expected to receive approximately 3.23 million barrels of Russian crude per day in February. India and China both bought less, but this is a decrease of 7.4% compared to January's 3,49 million bpd. In Asia, there are only two major buyers of Russian crude oil by sea, namely India and China. Myanmar does also take a small amount. LSEG expects India's imports...

Asia's crude markets are quickly adjusting to the new sanctions imposed against Russia, grabbing cargoes as they come and looking for alternatives to deliver in the coming months. According to LSEG Oil Research, the top oil-importing continent Asia is expected to receive approximately 3.23 million barrels of Russian crude per day in February. India and China both bought less, but this is a decrease of 7.4% compared to January's 3,49 million bpd. In Asia, there are only two major buyers of Russian crude oil by sea, namely India and China. Myanmar does also take a small amount. LSEG expects India's...

Trade sources reported on Tuesday that Saudi Arabia's crude supply to China will decline in March compared to the previous month after the kingdom raised its prices to their highest level in over two years. A tally of Saudi Aramco's allocations to Chinese refiners revealed that the company will ship around 41 million barrels in March. This is down from 43.5 million barrels in February. This is the second consecutive month that Aramco has seen its allocation to China drop. The sources stated that Sinopec, a joint venture between Aramco and the Chinese state-owned company, and Aramco’s joint venture Fujian...

Amanda Cooper gives us a look at what the U.S. market and global markets will be like today. Donald Trump has surprised us with another set of tariffs. The latest surprise is a 25% tariff on all U.S. steel and aluminum imports, on top of existing tariffs. Investors have sold off their shares in major steelmakers. However, the process has been relatively orderly. Prices are also fairly stable. Tariffs are now part of "Trump 2.0's" operating manual. Although they can cause volatility, the market is less sensitive to headlines. In the commodities market, where raw materials are actually traded, there...

Wayne Cole gives us a look at what the future holds for European and global markets. The week began with the now-common bang of President Trump using a scrum in front of the media on Air Force One, to announce 25% tariffs for steel and aluminum imports into America. He also promised more reciprocal tariffs by Tuesday or Wednesday. The new Chinese retaliatory duties on the U.S. also came into force at the same time. German Chancellor Scholz stated that the EU would be ready to respond "within one hour" to any levies. Investors have sold the usual suspects, with...

Wayne Cole gives us a look at what the future holds for European and global markets. First of all, no one knows what to think of Donald Trump's suggestion that the United States should take over the Gaza Strip and transform it into the Riviera for the Middle East, once the Palestinians have been relocated elsewhere. This proposal is not clear. It sounds like the idea that Trump's son in law Jared Kushner floated last summer, saying that Gaza's waterfront could be valuable and Israel should remove civilians while the strip is cleaned up. The oil price has not reacted...

Mike Dolan gives us a look at what the U.S. market and global markets will be like today. After a four day guessing game, and financial turmoil, it appears that the United States has resumed its tit-fortat trade battle with China. Meanwhile Mexico and Canada have a minimum of a month breathing space. This leaves the markets a little shaky and unsure about the next step. Mexico's peso and Canada's currency are now higher than when the latest round of threats, counter-threats and deferrals started on Friday. They have risen from their respective lows of two and 22 years. The...

After Beijing retaliated to President Donald Trump’s tariffs by imposing its own measures, the trade between China and the United States in crude oil and liquefied gas is now effectively dead. China, which is the largest importer of three energy commodities in the world, imposed import duties on Tuesday of 15% for U.S. coal and LNG, and 10% for crude oil and farm machinery. Beijing made its move after the Trump administration imposed a 10% additional tariff on all Chinese imports into the United States. The 10% tax was less than the 60% Trump had threatened during his last-year campaign...

The prices of agricultural and industrial products fell on Monday, as the tariffs imposed by U.S. president Donald Trump on Canada and Mexico sparked concern over global economic growth and raw material demand. Analysts said that gold prices have eased off their record highs due to a stronger dollar. However, trade tensions will likely push the prices of precious metals, which are considered safe-havens, higher. Fears of disruptions in supply pushed up the price of crude oil. ANZ stated that if the tariffs were kept in place indefinitely as announced, it would be a huge blow to the Canadian and...

Asian shares were impacted by the return from holiday of South Korean tech stocks, but the relatively high earnings of U.S. technology giants maintained risk sentiment, while tariff fears pushed up the dollar and gold. Investors also considered central bank actions in this week. The Federal Reserve kept rates unchanged on Wednesday in line with expectations. Fed Chair Jerome Powell said that there was no rush to reduce them again. On the other hand, the European Central Bank cut interest rates on Friday. South Korea's return to the Asian spotlight was a big deal, as markets in China, Hong Kong,...

China Petroleum & & Chemical Corp, or Sinopec Corp, stated on Friday it processed 2.03% less crude oil in 2024 versus 2023 and its diesel output tumbled 10.27% over the previous year. The information, which Sinopec said is unaudited, mirrored a fall in the country's overall refinery throughput last year for the very first time in more than twenty years barring the pandemic-hit year of 2022 amidst a sputtering economy, stagnant fuel demand and dampened margins. The refining giant processed 252.3 million metric tons of crude oil in 2024, or about 5.05 million barrels per day, down from 257.52 million...