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Crude Oil

Credit risk is still alive at MORNING BID AMERICAS

What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend. Hello Morning Bid readers! The weakness of U.S. banks stocks is weighing down global equities this morning. Credit risks are on the rise following recent bankruptcies and negative announcements by two regional banks. Gold is on course for its best 17-year week, with an early Friday rise above $4,300. Mike Dolan, editor-at-large at ROI, asks if gold's incredible rise is the bubble that investors should worry about. The dollar index has moved in the opposite direction. Expectations of further Federal Reserve...

Energy Markets

Sources say that Indian refiners rarely purchase Guyanese grades

Sources in the trade said that two Indian refiners bought 4,000,000 barrels of Guyanese oil from Exxon Mobil, a U.S.-based major, to be delivered by the end of 2025, or early 2026. This is a rare import from the South American producer. Indian Oil Corp., the largest refiner in the country by capacity, purchased 2 million barrels (or a grade of crude oil called Golden Arrowhead) for its first purchase. The shipment will arrive late December or early January. Sources said that Hindustan Petroleum Corp., another refiner, had purchased Liza and Unity Gold for the first time. 2 million barrels...

Fossil Fuels

Sources say bidders have radically different visions of Citgo's future.

Five sources said that an affiliate of Elliott Investment Management wanted to cut costs in Citgo Petroleum, a Venezuelan-owned refiner, while a unit from Gold Reserve was mainly focused on maintaining the statusquo. This is as the long auction which will determine the refiners' future approaches its end. The details of the competing visions of Citgo were revealed ahead of an auction to select the winner of PDV Holding, Citgo's parent. The Delaware court ordered the auction of shares to be held to pay for Venezuelan debt defaults, expropriations and other damages. The judge will decide next week who wins...

Refined Products

India's MRPL hopes to continue buying Russian oil despite US pressure

Mangalore Refineries and Petrochemicals in India is looking for alternative oil sources that are sold at a discounted price, while still hoping to buy Russian oil. This was the statement made by its managing director Mundkur S. Kamath on Wednesday. Donald Trump said on Wednesday that Prime Minister Narendra modi assured him that India would stop purchasing oil from Russia. Russia is India's largest source of oil imports. Washington hopes to end the war in Ukraine by reducing revenue going to Moscow. Indian refiners are taking advantage of the reduced prices Russia is forced to accept after sanctions were imposed...

Energy Markets

Gold reaches record levels on the back of trade anxiety, as Asia stocks rally with Wall Street

The stock market rose in most of Asia, and the chip sector was buoyant after a strong overnight rally by U.S. counterparts. Wall Street's strong start to earnings season also lifted the mood. The simmering trade tensions between Beijing, Washington and Tokyo increased the appeal of safe-havens such as gold (which reached a new record high) and the Japanese yen while undercutting dollar. Crude oil prices rose after U.S. president Donald Trump announced that Indian Prime minister Narendra Modi had promised to stop purchasing oil from Russia. This country supplies around one-third its imports. Nikkei gained 0.8% in Japan, as...

Refined Products

Oil prices rise 1% after Trump claims India has promised to stop purchasing Russian oil

The oil prices increased by about 1% on Thursday morning after U.S. president Donald Trump announced that Indian Prime Minister Narendra modi had promised to stop purchasing oil from Russia. Russia supplies around one-third the country's imports. Brent crude futures increased 57 cents or 0.9% to $62.48 per barrel at 0046 GMT. U.S. West Texas Intermediate futures (WTI) also gained 0.9% or 54 cents to trade at $58,81. The two contracts reached their lowest levels since early May, in the previous session due to the U.S.-China tensions. Also, the International Energy Agency had warned that a large surplus would be...

Environment

Kuwaiti Minister: OPEC will hire consultant to evaluate member's capacity

Kuwait's Oil Minister Tareq al-Roumi announced on Wednesday that the Organization of Petroleum Exporting Countries is planning to appoint one of the "top consultants" in the near future to assess the production capacities of member countries. OPEC+ Ministers requested OPEC headquarters to develop a method to determine the maximum sustainable production capability for each member. This will be used to establish their production baselines for 2027. The determination of the maximum production capability for each OPEC member or OPEC+ is controversial because some members, like the United Arab Emirates have increased their capacity and pushed the case for higher quotas....

Crude Oil

OPEC Secretary general says that oil and gas industry requires more investment

Haitham Al Ghais, Secretary General of OPEC, reiterated Wednesday that oil and gas will continue to make up about 30% in the global energy mix until 2050. He said that a growing economy, population increase and urbanisation are all signs "that the world will require much more energy than what it consumes today", in his remarks at the Russian Energy Week Conference in Moscow. He predicted a 23% increase in the primary energy demand between 2050 and 2050. "Yes, the world is turbulent and there's much going on. But that's constant." "For us at OPEC, the constant is our ability...

Crude Oil

Oil prices drop as investors consider a surplus supply outlook and US-China tensions

The oil prices dropped in the early trading on Wednesday. This was a continuation of the losses made in the previous session. Investors weighed the warning from the International Energy Agency about a surplus supply in 2026, and the trade tensions between the U.S. and China that could affect demand. Brent crude futures dropped 12 cents or 0.19% to $62.27 a bar by 0021 GMT. U.S. West Texas intermediate futures also fell by 10 cents or 0.17% to $58.60. The previous trading session saw both contracts close at lows of five months. The International Energy Agency (IEA) said that the...

Energy Markets

US stocks finish mixed; gold surges amid positive IMF forecast and trade tensions

Wall Street ended Tuesday with mixed results and gold reached a new record high, as investors took into account the positive economic outlook from the International Monetary Fund Jerome Powell, Federal Reserve Chair, against a resurgence of U.S.-China Trade Tensions The stock market lost momentum in the late session following U.S. president Donald Trump He posted on social media about his decision. Trade ties can be cut off The Dow recovered from an early sell-off and managed to make modest gains. Crude prices dropped, and the benchmark U.S. Treasury Yields eased. The S&P and Nasdaq ended the session in the...

Energy Markets

US stocks are mixed and gold is up as economic forecasts outweigh trade tensions

Wall Street stocks were mixed Tuesday, and Treasury yields fell as investors weighed the upbeat economic outlook from the International Monetary Fund (IMF) and Federal Reserve Chairman Jerome Powell with renewed U.S. China trade tensions. S&P 500, Dow and crude prices all fell sharply after the opening of the three major U.S. indexes. Gold prices, a safe haven, also jumped above $4,100 for the first time. The Nasdaq, which is dominated by tech stocks, remained modestly lower. Powell warned that the U.S. overall economy may be "on a slightly firmer trajectory than anticipated" in a speech he gave on Tuesday....

Crude Oil

Bowman anticipates two additional interest rate reductions this year

Federal Reserve Governor Michelle Bowman said on Tuesday that she still expects the U.S. Central bank to deliver rate cuts at its two final policy meetings in 2025. Bowman told an audience in Washington that he still expects two more rate cuts by the end of the year. Last month, the Fed cut its benchmark rate by a quarter percentage point. This was its first decrease in borrowing costs since December. The Fed's recent policy announcement showed that a small majority of policymakers believe more rate cuts are appropriate this year in light of the softening of the job market....

Europe

Fossil Fuels

Trump says he will keep imposing'massive tariffs' on India until Russian imports of oil cease

U.S. president Donald Trump said on Sunday that Indian prime minister Narendra Modi had told him India would stop buying Russian crude oil. He also warned that New Delhi will continue to pay "massive tariffs" if it does not. Trump told reporters on Air Force One: "I spoke to Prime Minister Modi from India and he said that he would not be doing anything about the Russian oil." When asked about India's claim that it wasn't aware of any conversations between Modi and Trump's response was: "But, if they say that, they'll continue to pay massive duties, and they don’t...

Crude Oil

Oil prices drop on worries about US-China trade tensions

Oil prices fell on Monday as a result of concerns over a global surplus. The escalating U.S. China trade tensions also added to worries about an economic slowdown. Brent crude futures dropped 24 cents or 0.4% at $61.05 a bar at 0032 GMT. U.S. West Texas intermediate futures were also down 21 cents or 0.4% at $57.33, erasing Friday's gains. The International Energy Agency has forecast a growing glut of supply in 2026, which is partly responsible for the declines. Toshitaka Takawa, an economist at Fujitomi Securities, said that fears of a slowdown in the economy due to escalating U.S....

Crude Oil

Morning bid Europe- News overload splits the markets

Kevin Buckland gives us a look at what the future holds for European and global markets. Investors are unable to find the right information with so much information. Investors are now looking in multiple directions simultaneously, and this is creating a clear split between asset classes. The stock markets in Asia are rallying on Thursday. From Taipei to Seoul, and Sydney to Sydney, they have all reached new highs. This is due to the AI euphoria, which has been a driving force in the tech-heavy North Asian market. The SOX semiconductor index also rose 3% over night. ASML, a Dutch...

Western Europe

East Asia

Energy Markets

The Takaichi Trade makes a Comeback in the Morning Bid Europe

Wayne Cole gives us a look at what the future holds for European and global markets. Since the Liberal Democratic Party and the Japan Innovation Party formed a coalition to form a government, the Takaichi Trade has been in full flow. This brings Japan closer to the first female Prime Minister. Analysts believe Sanae Takaichi will be in favor of stimulus and against any further interest rate hikes. This is a negative for the Japanese yen, but positive for stocks. The Nikkei jumped to an all-time record high of 2,9%, and the yen fell modestly. Even the ultra-long JGBs attracted...

Mining

China's crude steel production in September hits a 21-month low due to sluggish consumer demand

China's crude output of steel fell to a 21-month low last September as mills struggled with a sluggish market and declining margins. Data from the National Bureau of Statistics revealed that the world's biggest producer of crude steel produced 73.49 millions metric tons of it last month. This is the lowest level recorded since December 2023. This was a 4.6% decrease from the previous year and a 5% drop compared to August's 77.37 millions tons. Calculations based on data show that the average daily production in September was 2,45 million tons. This is down from 2.5 millions tons in August....

Crude Oil

Stocks and the euro rise as France votes on confidence

The stock market retreated to all-time highs on Friday as strong corporate earnings offset the simmering U.S. China trade tensions. Meanwhile, the euro edged up as France's Prime Minister passed the first crucial vote of confidence. Gold's appeal as a safe haven showed no sign of waning, as it continued its record-breaking run. The dollar fell for a third consecutive day and oil climbed from soaring lows of five months after U.S. president Donald Trump announced that India had promised to stop purchasing oil from Russia. Europe's bond market cooled meanwhile after a rally lasting four days that drove regional...

Energy Markets

Gold extends its record high due to trade anxiety, as Asia stocks rally with Wall Street

Stocks were up across Asia on Thursday. The chip sector was buoyant after a strong overnight rally by U.S. counterparts, and the start of Wall Street's earnings period also lifted the mood. Meanwhile, trade tensions between Beijing & Washington grew and the dollar was undercut. After U.S. president Donald Trump announced that Indian Prime Minister Narendra Modi pledged to stop purchasing oil from Russia - which supplies around one-third its imports - the price of crude oil soared from a five-month low. Nikkei gained 1.2% in Japan, as shares related to chip and artificial intelligence boosted the index. The index...

Energy Markets

The MORNING BID brings Europe-Fed to the forefront for now

Rae Wee gives us a look at what the European and global markets will be like tomorrow. Investors are choosing to ignore the simmering U.S. China trade tensions for now and instead take comfort from Federal Reserve Chairman Jerome Powell’s remarks that hint at future rate cuts. The global stock market was once again optimistic on Wednesday. European futures pointed to a sharply increased opening, following a volatile session yesterday due largely to the trade whiplash. Powell may be to blame for the market's reprieve. His comments on Tuesday reaffirmed expectations of more easing in the coming year and a...

Crude Oil

Asian markets struggle to recover as Wall Street recovers

Asian stocks recovered in the early trading on Tuesday. There was a mixed recovery across regional equity markets, following signs that trade talks between the U.S. MSCI's broadest Asia-Pacific share index outside Japan rose 0.5% last, while S&P 500 Futures gained 0.3%. This extended the recovery from Monday's Wall Street session after U.S. Treasury Sec. Scott Bessent stated that U.S. president Donald Trump is still on track to meet Chinese President Xi Jinping at the end of October in South Korea. Wall Street's major indexes After Trump's more conciliatory remarks about the U.S. China trade tensions, chipmakers led to a...

Energy Markets

Dollar and stocks fall after Trump's threat to increase tariffs on China

The Nasdaq fell more than 2% on Friday, Treasury yields dropped and the U.S. Dollar weakened after President Donald Trump announced that he would be considering a "massive" increase in tariffs for Chinese goods. Trump stated that there is no need to meet China's President Xi Jinping as scheduled in South Korea in two weeks. He added in a Truth Social posting that the U.S. calculates a massive increase of tariffs on Chinese goods. Robert Pavlik is a senior portfolio manager with Dakota Wealth, Fairfield, Connecticut. He said, "He caught the market by surprise again and has thrown more questions...

Energy Markets

Russell: The China crude storage conundrum sets a price floor and ceiling

Does China's crude oil stockpile have a positive or negative impact on the price of crude? There is no easy answer, because much of the information that the market relies on is simply unavailable. This leads to speculation and uncertainty. China doesn't disclose how much crude oil it stores in strategic and commercial reserves. It also doesn't state its ultimate goal for inventory. The market must rely on anonymous sources in the Chinese oil industry to provide a steady drip of information. While useful, this is not definitive about what China, the largest crude buyer, is doing. The number of...

Energy Markets

Asian stocks are choppy after commodities rally as they catch their breath. The yen is in focus

The Asian stock market limped into the weekend on a weak footing, as Wall Street's declines continued through early trading. Commodity markets also took a break after their recent surge. The regional markets are on track to have one of the best years they've had in a decade. They outpace their U.S. counterparts, as President Donald Trump’s economic policies and tariffs trigger a surge of order across the region. Chris Weston of Pepperstone Group Ltd, Melbourne, said that the U.S. session was the moment when a number "well-subscribed and high-momentum" trades, including gold, cryptocurrency, silver, and a large part of...

Crude Oil

Dollar gains against the yen and euro; stocks decline

Investors weighed the prospects for Japan's fiscal policy as major stock indexes slid on Thursday. The S&P 500 closed at a record high on Wednesday despite the ongoing U.S. shutdown, political risks in Japan and France, and other factors that have made investors nervous. On Thursday, the euro fell again against dollar. Investors weighed the potential impact of a Gaza ceasefire agreement on Middle East tensions with the stalled peace negotiations in Ukraine. Gold prices rose above $4,000 per ounce this week for the first. Last week, spot gold fell 0.41% to $4,021.19. Sanae Takaichi said that she didn't want...

Crude Oil

Gold holds above $4,000, European stock rally stops

On Thursday, the rally in European shares paused, as the FTSE 100 was dragged lower by banking stocks, and investors weighed the risks of a correction. Wall Street reached new record highs during the previous session as investors bet gains in technology shares, despite a U.S. shutdown that left traders without key economic data. Investors have been nervous about the U.S. government shutdown, political risks in Japan, and France this week. This has created a safe-haven market, which along with a weaker US dollar has pushed gold to $4,000 for first time. STOXX Down 0.2% On The Day At 1059...

Energy Markets

Gold gains above $4,000 in anticipation of rate cuts

Investors waited to see minutes of the Federal Reserve's last meeting on Wednesday, and gold continued its recent rally over $4,000 per ounce. A prolonged U.S. shutdown coupled with expectations for further U.S. rate cuts drove the demand for this safe-haven investment. Gold, traditionally seen as an investment during periods of uncertainty, has gained 54% this year, after having gained 27% in 2024. Gold spot was up last 1.41%, at $4,039.81 per ounce. U.S. gold contracts for December delivery were up 1.5%, to $4,063.70. Gold Fields shares, listed in the United States, rose 3.8%. The Japanese yen fell to its...