Crude Oil

Long/short hedge fund results prove that fundamentals are still important, and Europe continues underestimating its global power. In this midweek article, I will highlight some key stories that caught me eye?this week and may have been lost in the daily flood of market news. The pump doesn't work The late U.S. John McCain said in 2014 that "Russia is just a gas station posing as a nation." If that's the case, reports of Russia's people running out of fuel in the 4.5 year long war with Ukraine seem both absurd and very significant. The attacks on Russia's infrastructure have led...

On Wednesday, oil prices rose as U.S. sanctions against Iranian oil and renewed fighting in the Middle East threatened the ceasefire. Stocks were shaky because the record-breaking AI rally is running out of buyers. Brent crude futures rose 3.2% to $76.54 per barrel, which is still a far cry from the wartime peaks above $120, but it's enough to cause a stir in the bond markets by increasing inflation risks. This is especially true since months of conflict has reduced global inventories. Jason Wong is a senior strategist with BNZ Wellington. He said: "Obviously, the market does not like these...

U.S. Oil Prices jumped by?nearly 3 percent in early trade Wednesday, continuing the previous session’s gains. This was after a series of strikes launched by the U.S. Military against Iran. The U.S. military's actions raised concerns about a fragile ceasefire. U.S. Central Command said on Tuesday that the strikes against Iran were a response to Iranian attacks on commercial vessels that were?transiting the Strait of Hormuz?. As of 2215 GMT, U.S. West Texas Intermediate Crude was up $1.95 or 2.8% at $72.39 per barrel. WTI closed 2.8% higher on Tuesday, before continuing to rise?in the post-settlement trading after the U.S....

The price of oil rose on Tuesday as traders' anxiety over a lack of progress in peace talks between?the United States?and Iran?overrode any price impact of the slight improvement in shipping through Strait of Hormuz. Brent crude futures rose $1.02 or 1.42% to $73.01 per barrel. U.S. West Texas intermediate crude gained 93 cents or 1.36% to $69.48 per barrel at 0748 GMT. Ole Hansen, analyst at Saxo Bank, said: "The deal has not been signed yet. So something could still go wrong. And?any comments by either side can raise concerns which helps to underpin the prices. It's also removing...

Asian stocks fell on Tuesday, despite the fact that South Korea's Samsung Electronics had forecast a 19-fold increase in its second-quarter profits. Meanwhile, the Japanese yen was still pinned at a 40-year low amid speculation about intervention. Samsung Electronics,?the world's largest memory-chip maker, has estimated its operating profit for April-June at 89.4 trillion won ($58.44billion), marking the third consecutive quarter of record profits. South Korean shares fell by 4.1% while MSCI's broadest Asia-Pacific share index outside Japan dropped by 0.73%. Japan's Nikkei shed 1.08%. Investors are seeking refuge in this sector due to concerns about the economy, inflation and the...

The oil prices rose on Tuesday but the gains were modest as traders focused their attention on supply and demand. Brent crude futures rose 28 cents or 0.39 percent to $72.29 and U.S. West Texas?Intermediate crude climbed to $68.84 per barrel at 0046 GMT. This is up 29 cents or 0.26 percent after having settled down on Monday to levels similar to those seen before the Iran war. Tim Waterer is the chief market analyst for KCM Trade. He said that although the steps taken towards recovering supply have reduced the immediate risk premium the market still remains cautious about...

Wall Street surged Monday, and oil prices settled at pre-Iran War?levels as investors awaited new developments in the AI and chipmaker sectors ahead of corporate earnings. The three major U.S. stock indexes all ended the day in positive territory. The Dow Jones Industrial Average closed the day up by 0.29%. Meanwhile, the S&P 500 rose 0.72% while the Nasdaq Composite increased 1.12%. MSCI's global index of stocks rose by 0.41%. Global AI continued to dominate the markets. South Korean chipmaker SK Hynix 00660.KS launched a U.S. shares sale on Monday to raise 43 trillion won (28.07 billion dollars) and received...

Brent crude for "prompt" delivery traded below contracts that were due to be delivered up to six months in the future this week, the latest indication that increased shipments through Strait of Hormuz has caused a glut near-term. On Friday, the first-month Brent futures contract for September traded below the five subsequent contract months. Last week it was trading at a discount to the second contract month. Brent Spreads for the Six-Month Period On Wednesday, oil prices slid to a discount. They dropped to minus 56 cents per barrel on Thursday and then recovered to a small premium on Friday....

Global stocks continued to rise on Friday, after a lackluster U.S. employment report tempered expectations of an imminent rate hike by the Federal Reserve. Meanwhile, regional activity gauges indicated an economic expansion in June. Europe's broadest index reached a new record and was on track for its largest weekly gain in more than a month. The pan-European STOXX600 reached 651,77 before stabilizing at 650.29. The DAX in Germany rose by 0.4%. The French index was stable and the UK index fell 0.2%. The broadest MSCI index of world stocks rose by 0.4%. Dan Coatsworth of investment platform AJ Bell said...

Stocks rose in the Asian session on Friday, after a lukewarm U.S. jobs report cast doubts over the prospects of a Federal Reserve rate hike. Regional activity gauges also pointed to an expansionary economy during June. MSCI's broadest Asia-Pacific share index outside Japan, which had been in decline for two days straight, rose 2.2% after a shaky beginning. South Korea's Kospi fluctuated between gains and losses before surging by more than 6%, as buyers snapped up battered chipset stocks. S&P 500 futures rose by 0.4% while Japan's Nikkei reversed its early losses and traded 1.2% higher. The latest data from...

The price of oil rose slightly Friday, just before the long holiday weekend here in the United States. As cautious optimism held on efforts to bring peace between the United States and?Iran in the Middle East. Brent futures rose 17 cents or 0.24% to $72.10 per barrel at 0155 GMT. West Texas Intermediate rose 14 cents or 0.20% to $68.83 per barrel. The U.S. market will be closed on Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks reached their lowest levels in the previous session since the U.S./Israeli war against Iran started late...

What is important in the U.S. and international markets today by Mike Dolan Editor-at-Large of Finance and Markets The?U.S. The?U.S. It's not wise to read too much into the market movements this week due to the short week, the quarter-end trading quirks, and the looming payrolls reports, but there does seem to be some profit-taking going on, as well as portfolio reshuffling. Below, I'll go into more detail. Check out my column about the seemingly unstoppable growth of the U.S. economic over the last 17 years, and how it has affected the bull market in equity. Listen to the Morning...

ADNOC, the state-owned oil company of the UAE, announced on Wednesday that it had entered into a long-term partnership with South Korea for energy security. The agreement aims to increase cooperation in areas such as crude supply and emergency supply coordination. The partnership extends existing agreements. This includes a pledge made by the United Arab Emirates in March that they would supply South Korea up to 24,000,000 barrels of crude oil. It was announced at a visit to South Korea by Sultan al-Jaber. ADNOC Group CEO and UAE Minister of Industry and Advanced Technology. ADNOC stated that both parties would...

The global stock market fell on Tuesday, as investors remained concerned about the sustainability if the AI-driven rally. Oil prices also rose due to renewed Middle East tensions. In early trading on Tuesday, the tech-heavy Nasdaq composite fell 0.97% while the S&P500 dropped 0.32%. The Dow Jones Industrial Average remained flat. The stock market took a hit despite Samsung Electronics' forecast of a 19-fold increase in operating profit from April to June, which reached 89.4 trillion dollars ($58.4billion), the third consecutive quarter that it had achieved a record operating profit. The results did not reassure investors but rather sparked heavy...

Saudi Aramco slashed crude oil prices in Asia for August-loading shipments, a move which appeared to indicate an intention?to recover market share and volumes after the Iran War. Even the record-breaking cut in the official?selling prices (OSPs) for August may not be sufficient, since crude oil from other Middle East producers and exporters from Africa and the Americas will likely remain more competitive than Saudi grades. Aramco, world's largest?oil exporter set its OSP at a $1.50 discount per barrel compared to the regional benchmark of Oman/Dubai for August. It was a drop of $11 per barrel from the OSP for...

Wall Street gained in the midday trade on Monday, largely due to continued optimism about chip stocks. Oil fell as a result of an expected surge in supply. All three major U.S. indexes rose in the early afternoon after European stocks had flirted earlier with'record peaks' before retreating, ahead of the crucial earnings season for AI. The Dow Jones Industrial Average climbed 0.07% to 52,938.04, while the S&P 500 rose by 0.73% to 7,537.75, and the Nasdaq Composite gained 1.25% to 26,155.56. The MSCI index of global stocks rose 0.45% to 1,128.87. Global AI continued to dominate the markets. South...

Yonhap News Agency, citing the prosecution, reported that South Korean prosecutors indicted four oil refiners for alleged collusion over fuel prices, which was estimated to have caused anti-competitive damage worth $17 billion. Yonhap reported that the companies are HD Hyundai Oilbank GS Caltex S-Oil and SK Energy. The 'Seoul Central District Prosecutors' Office spokesperson did not reply to my phone call and text message seeking confirmation of the report. A phone call or text message asking for confirmation of the report was not answered. Yonhap reported that the prosecutors alleged pricing managers from HD Hyundai Oilbank, SK Energy and other...

Asian shares were mostly higher on Monday as Wall Street futures started the week on a positive note on the back of a good earnings season. Meanwhile, oil prices are dropping, which will ease inflationary pressures. Although there have been no developments in the U.S. Iran peace talks, 160 ships were reported passing through the Strait of Hormuz from Monday to last Saturday. OPEC+ agreed to increase output targets for August by 188,000 barrels a day, in addition to the increases made in June and July. Brent crude fell 0.6%, to $71.70 per barrel, a level near the four-month low....

Global stocks reached their best performance in the past two months after a lukewarm U.S. employment report dampened expectations of a rate hike by the Federal Reserve. This slowed down?the dollar and gave gold an extra boost. STOXX 600 in Europe hit another record and traded up 0.6% last time, heading for a gain of 2.6% per week, its highest since mid-May. The broadest MSCI index of world stocks rose by 0.4%. It is expected to gain 2% in the coming week, which would be the highest increase in two months. The tech-lite European indexes are in high demand again....

After a lukewarm U.S. The jobs report has thrown cold water on the 'prospect' of an imminent rate increase by the Federal Reserve. MSCI's broadest Asia-Pacific share index outside Japan fluctuated in gains and losses. It gained 0.1% following two days of consecutive declines. The sharp declines in U.S. chipmakers trading weighed heavily on South Korea's Kospi. S&P 500 and Nasdaq futures both rose by 0.1% while Japan's Nikkei was down by 1%. According to data released Thursday, the U.S. employment growth slowed dramatically in June, and payroll gains from the two previous months were'revised down.' This indicates a cooling...

What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets Investors are in a cautious mood as we begin the new quarter, month and second half. U.S. Treasury rates have risen overnight, ahead of the June jobs report, and they're already anticipating the second-quarter earnings season. The jump in Treasury yields was not triggered by a specific event, but it came after news of a'surprise' increase in U.S. jobs for May. It also comes before Federal Reserve Chair Kevin Warsh speaks at the European Central Bank annual forum later today in Portugal. Below,...

Wayne Cole gives us a look at what the future holds for European and global markets. The 'new quarter' in Asia has been marked by a lack of confidence, partly because the market is digesting the gains from the previous quarter and partly because the U.S./Iran talks have not progressed. Tehran has reportedly refused to meet with President Donald Trump's son in law?Jared Kushner or his envoy Steve Witkoff, who arrived for high-level talks at Doha. The Strait of Hormuz is a very difficult issue. It's unclear how to resolve it. Asian stock markets have been mixed. This follows a...

On Tuesday, global stocks were on track to achieve their best performance in the second quarter of six years. Meanwhile, a resurgent US dollar drove the yen down to its lowest level in four decades and?on course for a fourth consecutive quarterly increase. In the past three months the Strait of Hormuz reopened haphazardly and gradually as the hostilities between Iran and the U.S. waned, resulting in a fragile ceasefire that knocked 20% off of the price of crude oil. A dramatic shift has also occurred in the expectations of U.S. interest rate, against a backdrop that is dominated by...

Tom Westbrook gives us a look at what the future holds for European and global markets. This session is the first day of buying for the next quarter, as trades settle on the following day. The 'biggest supply shock in history' has barely left a mark on the financial markets as China cut demand, producers and alternative shipping routes filled the shortfall. The oil prices have dropped to the levels they were before the U.S., Israel and Iran conflict began in February. Skirmishes that strain the ceasefire draw little attention. Even the bond markets seem to be changing. The bond...