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US yields are easing; stocks jump after key earnings reports
The major stock indexes rose sharply Monday, as investors anticipated more quarterly results this week from big U.S. corporations. U.S. Treasury rates also fell ahead of the upcoming U.S. China trade talks. Gold prices increased by more than 2% as investors awaited further U.S. rate cuts, and demand for safe havens remained strong. Investors also monitor the U.S. government shutdown which is now in its twentieth consecutive day. Government agencies haven't published key economic reports as a consequence. However, the September U.S. Consumer Price Index is expected to come out on Friday. Investors are eager to hear this week's reports from Tesla, IBM and other major companies. Wall Street saw the three main U.S. stock indices all rise by more than 1%. Nasdaq led this increase. The benchmark S&P 500 sector led the way with technology. Jake Dollarhide is the chief executive of Longbow Asset Management, located in Tulsa. "Ofcourse, if there are some disappointing earnings that could negatively affect the market." Investors are looking forward to the week wearing rose-colored lenses, and feeling good about how far we've come this year. The Dow Jones Industrial Average grew by 551.32 points or 1.19% to 46,741.93, while the S&P 500 gained 76.89 or 1.15% to 6,740.90, and the Nasdaq Composite rose 338.08 or 1.49% to 23,018.06. Some market watchers believe that tighter credit terms could reduce some of the froth on the market as U.S. regional bank earnings continue to roll in. The MSCI index of global stocks rose by 12.27 points or 1.25 percent to 996.17. European shares closed higher after initial concerns about the stability of U.S. banks eased. The pan-European STOXX 600 Index rose by 1.03%. Japan's Nikkei index rose 2.8%, setting a new record. A coalition agreement paved the way for Sanae Takaichi, a pro-stimulus politician to become Prime Minister. U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia to prevent an escalation in U.S. Tariffs on Chinese Goods, which U.S. president Donald Trump has said is unsustainable. Trump confirmed that he will meet Chinese President Xi Jinping next week in South Korea, and expressed his admiration for him. The yield on the benchmark 10-year U.S. notes dropped 2.3 basis points from 4.009% at late Friday to 3.986%. The dollar's value against the yen, and other currencies was not much changed. The odds of Bank of Japan raising its rate this month were reduced by the markets to just under 20%. Meanwhile, in France, tensions on the political front eased. Federal Reserve is still widely expected to reduce interest rates next month by a quarter point and again in December. The dollar index (which measures the greenback in relation to a basket currencies) rose by 0.03%, while the euro fell 0.03%, at $1.1648. The dollar rose 0.02% against the Japanese yen. Spot gold increased 2.7% to $4363.34 per ounce. Oil prices The price of oil has dropped to its lowest level since early May, amid fears about an upcoming supply glut. Brent crude futures dropped 28 cents or 0.46% to settle at $60.01 a barrel. U.S. West Texas Intermediate Futures fell 2 cents or 0.03% to $57.52.
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The top cases in the US Supreme Court docket
The U.S. Supreme Court will be deciding a number of cases during the new nine-month session that begins Monday. These include issues like presidential powers, trade tariffs, transgender sportspeople, guns, race laws, campaign finance laws, gay "conversion therapies", religious rights, and capital punishment. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases in several cases that involved challenges to President Donald Trump’s policies. LOUISIANA ELECTORAL DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, the 1965 landmark law enacted to prevent racial bias in voting. This was during arguments in a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without proof of racism. The lower court found that the Louisiana electoral map, which divided the six U.S. House of Representatives district into two districts with a majority of Black people instead of one before, violated the Constitution promise of equal treatment. The ruling is expected to be made by the end June. TRUMP TARIFFS A court has agreed that it will decide on the legality Trump's global tariffs. This is a major test for one of Trump's most bold assertions of executive authority, which has been at the heart of his economic and trading agenda. The Justice Department appealed the lower court ruling that Trump had overstepped his power in imposing his tariffs, which were imposed under a federal emergency law. This case could result in trillions of dollars worth of customs duties within the next decade. The lower court ruled Trump had overreached by invoking the 1977 International Emergency Economic Powers Act in order to impose tariffs. This ruling was made in response to challenges from five small businesses as well as 12 U.S. States. A toy manufacturer will also be bringing a separate case. Arguments will be held on November 5. TRUMP'S FIRE OF FED OFFICIAL Justices will hear arguments about Trump's bid to remove Federal Reserve governor Lisa Cook. This is the first time a president has attempted to fire a Fed officer, as he questions the independence of the central bank. The court refused to decide immediately on a Justice Department's request to put a judge’s order temporarily blocking Trump from removing Cook. Congress created the Fed in 1913 and passed the Federal Reserve Act, which included provisions that shielded the central bank against political interference. The law required governors to only be removed "for cause" by the president, though it did not define this term or establish a procedure for removal. The arguments are set for January but the exact date is not yet known. FIRE OF THE FEDERAL TRADE COMMISSION The Justices will hear arguments about Trump's firing a Democratic member from the Federal Trade Commission. This is a significant test of presidential authority over government agencies that Congress intended to be independent. The court allowed Trump to remove Rebecca Slaughter while the case is still pending. Slaughter filed a lawsuit after she was dismissed from the Consumer Protection and Antitrust Agency before her term expired in 2029. This case offers the court the chance to overturn a 90-year-old precedent that upholds job protections put into place by Congress in order to give heads of federal agencies some independence from presidential control. The judge rejected the argument of the administration that tenure protections illegally infringe on presidential powers. Arguments will be held on December 8. LGBT 'CONVERSION THERAPEUTY' On October 7, the conservatives of the court appeared to be ready to support a challenge to a Colorado statute that prohibits psychotherapists from performing "conversion therapy," which aims to alter a minor's gender or sexual orientation. The law was challenged by a Christian licensed counselor under the First Amendment's protections from government abridgment. Colorado said that it regulates professional conduct and not speech and has the legal power to prohibit a healthcare practice they deem unsafe and ineffective. A lower court upheld this law. The ruling is expected to be made by the end June. TRANSGENDER SPORTS PARTICIPATION The court will hear Idaho and West Virginia's bid to enforce state laws that ban transgender athletes in female sports teams within public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled. HAWAII GUNS LAW The court took up the challenge of a Hawaii gun law that restricts the carrying handguns in public places, such as businesses. This gave the court the opportunity to expand gun rights. Three Hawaii residents who hold concealed carry licenses, and a gun rights group based in Honolulu appealed the lower court's ruling that Hawaii's measure is likely to comply with the U.S. Constitution Second Amendment right of keep and bear arms. Hawaii's concealed carry law requires that licensees obtain the owner's permission before bringing their handguns onto public property. The arguments have not been scheduled. Drug Users and Guns The Justices will hear from the Trump Administration in a case that involves a dual American/Pakistani in Texas, to defend a Federal Law that prohibits users of illegal drugs owning firearms. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a lower court ruling which found that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. Gun Control Act 1968 included a prohibition against gun ownership by illegal drug users. The arguments have not been scheduled. CAMPAIGN FUNDING The court agreed to hear the Republican-led challenge, on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. This case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that upheld the restrictions on how much money political parties could spend on campaigns, with the input of candidates they supported. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments are scheduled for the 9th of December. CRISIS PREGNANCY COUNTER The court will examine whether to revive a New Jersey operator of a crisis pregnancy center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women into thinking it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court first before filing a federal suit. The crisis pregnancy centers offer services to pregnant woman with the aim of preventing abortions. They do not promote their anti-abortion views. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. Arguments will be held on December 2. RASTAFARIAN INMATES The justices heard a Rastafarian's case to sue Louisiana prison officials for shaven him bald and holding him down in violation of religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the lower court decision to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by local and state governments. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined to institutions like prisons and jails. The arguments are scheduled for 10 November. DEATH ROW INMATES The court will hear the appeal of Alabama officials against a ruling that an intellectually-disabled man who was convicted of murder in 1997, but spared from death penalty. They are pressing ahead with their bid to execute the Republican-governed State. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court decision from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments are scheduled for 10 December. EXXON CLAIMS CUBA COMPENSATION Justices will hear ExxonMobil’s bid to get compensation from Cuban state owned firms for oil assets seized by Cuban communists in 1960. The law allows Americans to sue foreign companies or individuals for property that was confiscated. Exxon appealed the ruling of a lower court that undermined its legal efforts to obtain compensation from Cuban companies who allegedly profited by stolen property. The lawsuit invoked a 1996 U.S. Law called Helms-Burton Act. The court also heard a similar request by a Delaware registered company that had built port facilities at Havana that were seized by Cuba in 1960. It wanted to reinstate $440 million of judgments against Carnival Cruise Line, Norwegian Cruise Line, and two other cruise companies that used the terminal. The arguments have not been scheduled.
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US Business Lobby urges Trump to stop new export curbs to China
The National Foreign Trade Council, whose members include U.S. companies like Oracle, Amazon.com, and Exxon Mobil on its board of directors urges the Trump administration suspend an immediate rule that it claims has halted U.S. billions in exports. It also says this will cause China and other countries drop U.S. businesses from their supply chain. The National Foreign Trade Council, in a letter to President Donald Trump, takes issue with the Affiliates Rule which prohibits American companies from shipping technology and goods to companies that are part-owned or controlled by sanctioned companies. In a letter dated October 3, NFTC president Jake Colvin criticized the rule for causing an immediate halt to U.S. Exports. This is in direct opposition to the President's desire to reduce the U.S. trade deficit and to increase U.S. Exports worldwide. If the rule is left in place, it will encourage other countries to switch to non-U.S. made goods. "This would weaken U.S. security, as the rest the world led by China removes American nodes" from their supply chains. Requests for comments were not answered by the White House or the Commerce Department (which oversees export control). NFTC declined comment. The letter shows the level of opposition from the private sector to the controversial rule that has been sought for years by China hawks at Washington in order to clamp down on Chinese companies using subsidiaries not sanctioned to bypass export restrictions and access prized technologies. The rule was implemented on 29 September and adds firms to the Entity List that are owned at least 50% by a parent company listed in this list. The list is updated when companies take actions that are detrimental to U.S. national security or foreign policy. China has strongly opposed the rule. NFTC accused the Commerce Department as well of "significantly slowing" and "even temporarily" halting export license processing, especially for Chinese customers. "Thousands" of licenses, worth billions, were accumulating in the Commerce Department. In August, it was reported that the near-paralysis and turmoil at the agency had left thousands of license requests by U.S. firms to export goods and technologies around the world, including to China. (Reporting and editing by Chris Sanders, Andrea Ricci and Alexandra Alper)
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US business lobby calls on Trump to remove new export restrictions to China
A lobbying group, whose board of directors includes U.S. companies like Oracle.com, Amazon.com and Exxon Mobil, is calling on the Trump administration suspend an executive order that it claims has halted U.S. exports worth billions of dollar and will lead China and other countries drop U.S.-based firms from their supply chain. The National Foreign Trade Council, in a letter to President Donald Trump, and seen by, takes aim at what is known as the Affiliates Rule. This rule prohibits American companies from supplying goods and technology, to companies that are part-owned, by sanctioned companies. In a letter dated October 3, and never before reported, NFTC President Jake Colvin stated that the rule had "caused an immediate pause in billions of U.S. Exports." This was contrary to the desire by the NFTC to reduce the deficit in trade and increase U.S. Exports worldwide. If the rule is left in place, it will encourage other countries to switch to non-U.S. made goods. "This would weaken U.S. security, as the rest the world led by China removes American nodes" from their supply chains. Requests for comments were not answered by the White House or the Commerce Department (which oversees export control). NFTC declined comment. The letter shows the level of opposition from the private sector to the controversial rule that has been sought for years by China hawks at Washington in order to clamp down on Chinese companies using subsidiaries not sanctioned to bypass export restrictions and access prized technologies. The rule was implemented on 29 September and adds firms to the Entity List that are owned at least 50% by a parent company listed in this list. The list is updated when companies take actions that are detrimental to U.S. national security or foreign policy. China has strongly opposed the rule. NFTC accused the Commerce Department as well of "significantly slowing" and "even temporarily" halting export license processing, especially for Chinese customers. "Thousands" of licenses, worth billions, were accumulating in the Commerce Department. In August, it was reported that the near-paralysis and turmoil at the agency had left thousands of license requests by U.S. firms to export goods and technologies around the world, including to China. (Reporting and editing by Chris Sanders, Andrea Ricci, and Alexandra Alper)
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Investors are watching US-China trade negotiations as gold prices rise on bets of rate cuts and broader uncertainty
Gold prices increased by more than 2% on Sunday, boosted by the expectation of continued U.S. rate cuts, and by the demand for safe-haven assets. Investors were also awaiting this week's U.S. inflation data and upcoming U.S. China trade talks. As of 1:47 pm, spot gold was up by 2.3%, at $4,346.39 an ounce. ET (1746 GMT). U.S. Gold Futures for December Delivery settled 3.5% higher, at $4.359.40 an ounce. Gold prices reached a record-high of $4,378.69, but they closed lower by 1.8% -- the steepest decline since mid-May. This was after Donald Trump's comments eased concerns about U.S.-China tensions. After Friday's steep sell-off, CPM Group managing director Jeffrey Christian said that political and economic concerns have driven prices higher. He added, "We expect the price to increase over the next few weeks and months. We wouldn't be shocked if it reached $4,500/oz very soon." After senators failed to resolve the impasse for the 10th time last Monday, the U.S. shutdown reached its 20th date on Monday. The shutdown also delayed the release of key economic data, leaving investors and policymakers with a data vacuum before next week's Federal Reserve policy meeting. The U.S. Consumer Price Index data that was delayed because of the shutdown is due on Friday. The traders have priced in a 99% probability that the Federal Reserve is going to cut interest rates in December. Gold is a non-yielding investment that tends to perform well in low interest rate environments. Investors will also be looking for updates on U.S. China trade talks after Trump announced on Friday that a meeting planned with Chinese President Xi Jinping will go ahead. "I wouldn't be surprised if gold reaches $5,000/oz next year." Christian stated that the price of gold would rise if political issues continue to worsen. Silver spot rose by 0.6%, to $52.17 an ounce. After hitting a record-high of $54.47 on Thursday, the metal dropped 4.4% to $52.17 per ounce. Palladium rose 1.5% and platinum 1.9%, respectively, to $1.496.59 an ounce. Reporting by Noel John in Bengaluru, Pablo Sinha, Kavya Baliaraman, and Alan Barona. Editing by Susan Fenton and Shakesh Kuber.
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US yields drop as stocks jump ahead of key earnings reports
The major stock indexes rose on Monday, as investors anticipated more quarterly results this week from big U.S. corporations. U.S. Treasury rates also fell ahead of the upcoming U.S. China trade talks. Gold prices increased by more than 2% as investors awaited further U.S. rate cuts, and a sustained demand for safe havens. Investors also monitor the U.S. government shutdown which is now in its twentieth consecutive day. Government agencies haven't published key economic reports as a consequence. However, the September U.S. Consumer Price Index is expected to come out on Friday. Investors are eager to hear this week's reports from Tesla, IBM and Netflix. They also want to know what Procter & Gamble and Coca-Cola have in store. Nasdaq was the leader on Wall Street and gained more than 1%. S&P 500's technology sector led gains in the benchmark. Jake Dollarhide is the chief executive of Longbow Asset Management, located in Tulsa. "Ofcourse, if there are some disappointing earnings that could negatively affect the market." Investors are looking forward to the week wearing rose-colored lenses, and feeling good about how far we've come this year. The Dow Jones Industrial Average climbed 362.24 points or 0.79% to 46,553.87. The S&P 500 gained 61.30 or 0.92% to 6,725.42 while the Nasdaq Composite rose 298.30 or 1.32% to 22,978.27. Some market watchers believe that tighter credit conditions may help to reduce some of the froth on the market as U.S. regional bank earnings continue to roll in. The MSCI index of global stocks rose 10.95 points or 1.11% to 994.85. The pan-European STOXX 600 Index rose by 1.03%. Japan's Nikkei index soared 2.8%, reaching a new record. A coalition agreement paved the way for Sanae Takaichi, a pro-stimulus politician to become Prime Minister. U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia to prevent an escalation of U.S. Tariffs on Chinese Goods, which U.S. president Donald Trump has said is unsustainable. Trump confirmed that he will meet Chinese President Xi Jinping next week in South Korea, and expressed his admiration for him. The yield on the benchmark 10-year U.S. notes dropped 1.7 basis points from Friday's 4.009% to 3.992%. The dollar's value against the yen, and other currencies was not much changed. The odds of a Bank of Japan interest rate hike in this month were reduced by the markets to just under 20%. Meanwhile, political tensions in France eased. Federal Reserve is still widely expected to reduce interest rates next month by a quarter point and again in December. The dollar index (which measures the greenback in relation to a basket of currency) was down by 0.02%, at 98.51. Meanwhile, the euro rose by 0.03%, at $1.1655. The dollar fell 0.06% against the Japanese yen to 150.53. Spot gold increased 2.29%, to $4346.16 per ounce. U.S. crude dropped 0.83% to $57.06 per barrel. Brent fell to $60.62 a barrel, down by 1.09% for the day.
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Brazil's Petrobras receives green light for drilling near the mouth of Amazon River
The Brazilian environmental agency Ibama has given the green light to state-owned oil company Petrobras for exploratory research, including drilling wells in the Foz do Amazonas area, near the mouth the Amazon River, according to a firm statement released on Monday. Petrobras has said that the drilling will begin immediately and should last for around five months. They also added that at this time, they won't be producing oil. Petrobras considers the area in deep water off the coast of Amapa to be its most promising oil frontier. It shares geology with the nearby Guyana where Exxon Mobil has developed huge fields. Petrobras said it aims to gain more geological data through exploratory research, and assess if there is oil or gas in the region on a commercial basis. Petrobras has conducted an environmental impact assessment as part of its bid for drilling in this environmentally sensitive area. Emergency response Test in August to evaluate its readiness Last month, Documents shown Petrobras failed a part of the test and had to submit its plan for animal rescue again. Petrobras' statement on Monday said that it "fully complied with the environmental licensing processes" and met all the requirements set by Ibama. Magda Chambriard, CEO of Petrobras, celebrated the grant of the license with a press release. She called it "a success for Brazilian society." She said, "We hope to achieve excellent results in our research and prove that there is oil in the Brazilian part of this new global frontier of energy," Ibama made his decision as Brazil prepared to host the global summit on climate change COP30 in November this year, which will be held in the Amazonian town of Belem. Brazil is expected call for the international community's acceleration away from fossil-fuels. Environmentalists have been harshly critical of Brazil's energy policy and climate leadership ambitions. (Reporting and editing by Sarah Morland, Brendan O'Boyle and Isabel Teles)
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Gold Reserve: Citgo auction is threatened by fees of $170 million
Gold Reserve, a Toronto-listed company, accused the firms that advised a U.S. Court on the auction for Citgo Petroleum parent's parent that they received $170 million from parties who would receive proceeds and a bidder recommended as the winning party. These accusations are just the latest twist to an auction which has been dragging on for almost two years. They could also threaten to slow down further. The Delaware court began to discuss the fees on Monday following Gold Reserve's Motions earlier this month. Gold Reserve wanted to disqualify a judge and court officer overseeing the auction, as well as advising firms Weil Gotshal & Manges and Evercore for the alleged conflicts of interest. Michael Bowe's counsel, Gold Reserve, said that "normal people would question the impartiality" of advisors, who had received $170,000,000 in fees from Gold Reserve, the party whose bids were being evaluated in the auction process. Robert Pincus, a court officer, changed his recommendation in August for the winner of the auction to Elliott Investment Management’s Amber Energy. Gold Reserve subsidiary Dalinar Energy was no longer recommended. This prompted objections from other bidders and creditors. Gold Reserve now claims that Weil was representing Elliott during the Citgo sale, and that both advising firms were in contact with holders of Venezuelan debt who would be eligible to receive auction proceeds if Amber's proposal went through. Weil Gotshal & Manges (WGM), Evercore, and Elliott have not responded to our requests for comment. The auction of Venezuelan-owned PDV Holdings, parent company of Houston-based refiner Citgo Petroleum aims to compensate 15 or more creditors for debt defaults in Venezuela and expropriations. The court has yet to select a final winner. This month, lawyers representing Venezuela filed a motion to disqualify Pincus as well as the two advisory firms. Gold Reserve has requested a temporary halt to all bids pending the resolution of disqualification motions.
Brent Oil Market Structure: Physical markets reflect concerns about supply glut
The discount between the Prompt Brent futures and six-month contracts reached its highest level since December 2023, Monday. This reflects a growing belief that there is enough supply as OPEC+ producers and others increase their output.
According to traders and LSEG, weakness was also seen on the physical crude oil market in Europe and Africa as a result of a plentiful supply and a cooling season demand in preparation for winter in the northern hemisphere.
Brent's first-month contract was as low as 56 cents per barrel below the contract to deliver in six months
The spread between the WTI Crude Futures Contract and its major U.S. counterpart
MARKET WEAKENS ON SURPLUS
A market structure called contango, which is characterized by a lower price for immediate delivery than for later deliveries, indicates that the perception is that supply will be abundant in the near term and demand will weaken.
The weaker Brent/WTI structure is due to the decisions of OPEC+ to increase oil production more quickly, and the resilient production by the U.S., and other non-OPEC+ nations, according Tamas Varga. Analyst at brokerage PVM.
Bjarne Schieldrop, SEB, said that "more weakness is to come" as oil from the sea arrives in ports. The Middle East OPEC countries are boosting exports, along with lower consumption after the summer.
Both contracts spent most of the year with the opposite structure. This is called backwardation. In this case, the prices for the futures are higher than the current price. This reflects the perception of a tight supply in the near term and solid demand.
Brent's 6-month spread briefly sat in contango during May. After Israel's attack on Iran's nucleotide facilities, it reversed and climbed to $7.50, its highest level since October 2023. It was in positive territory until last week as supply risks were supportive.
Contangos encourage traders to store oil in order to sell it at a higher price later.
PHYSICAL MARKET ALSO SHOWS WEAKNESS
Also, the North Sea physical oil markets, which support the Brent futures contracts and the Brent physical benchmark used for pricing about two thirds of world oil, are weakening.
Brent swaps for short-term, also known as contracts for differences (CFDs), entered contango Friday in the first three weeks of contract. This was a sign that there is more supply.
Price differential between North Sea Forties and Brent dated
West African crude markets are experiencing a decline in grades due to a weakening of demand from Europe and Asia, and fierce competition from Latin American crudes.
The traders said that November loading programs have already begun to appear for the 21-35 Angolan cargoes and 35 Nigerian cargoes that remain unsold.
West African grades are typically traded a month ahead of most other grades, giving traders a good indication of the future of the physical market. (Reporting and editing by Alex Lawler in London and Jan Harvey.
(source: Reuters)