CL=F - Crude Oil Sep 19
| Pre. Settlement | N/A |
| Settlement date | 2019-08-20 |
| Open | 55.35 |
| Bid | 55.51 |
| Last price | 55.35 |
| Day's range | 55.28 - 55.60 |
| Volume | 32,359 |
| Ask | 55.52 |
- Reuters
China's coal demand to peak around 2025, global usage to follow: report
China's coal demand will start to fall in 2025 once consumption at utilities and other industrial sectors reaches its peak, a state-owned think tank said in a new report, easing pressure on Beijing to impose tougher curbs on fossil fuels. The world's biggest coal consumer is expected to see total consumption fall 18% from 2018 to 2035, and by 39% from 2018 to 2050, the CNPC Economics and Technology Research Institute, run by the state-owned China National Petroleum Corp (CNPC), forecast in a report on Thursday. Cutting coal consumption and replacing it with cleaner energy like natural gas and renewables has been a key part of China's energy strategy, but it has continued to approve new mines and coal-fired power plants and support new projects overseas.
- Reuters
Oil prices nudge higher, eyes on speech by Fed chair
Oil prices clawed back the previous day's losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth and investors await clues on the U.S. Federal Reserve's monetary policy. Brent crude rose 29 cents, or 0.5%, to $60.21 a barrel by 0629 GMT, while U.S. crude futures were at $55.53 a barrel, up 18 cents, or 0.3%. "Oil is set to trade quietly today as it's all about the Jackson Hole (meeting) tonight," said Jeffrey Halley, a Singapore-based senior market analyst at brokerage OANDA.
- Oilprice.com
LNG Upends Europe’s Gas Market
Low liquefied natural gas (LNG) spot prices amid abundant supply and weaker Asian spot demand this year have created the perfect buying opportunity for European gas buyers
- FX Empire
Gold Price Prediction – Prices Consolidate Ahead of Powell Jackson Hole Speach
The Jackson Hole symposium started on Thursday and although there were no speeches, which appears clear is that the Fed is unlikely to ease rates substantially. Gold prices moved sideways and appear to be forming a topping pattern. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
- FX Empire
Crude Oil Price Forecast – Crude oil markets roll over
The crude oil markets continued to show bearish pressure, as we have fallen on Thursday. This should not be much of a surprise considering the breakdown that we had later in the day on Wednesday.
- FX Empire
GBP/USD Price Forecast – British pound takes off on Thursday
The British pound took off to the upside during the trading session on Thursday as we pierced the 1.2250 level early in North American trading as Boris Johnson speaks in France. Ultimately, this is probably much to do about nothing.
- FX Empire
Gold Price Futures (GC) Technical Analysis – Direction Being Controlled by Pivot at $1517.50
Based on the early price action, the direction of the December Comex gold futures contract into the close is likely to be determined by trader reaction to the pivot at $1517.50.
- FX Empire
Global Equities Back to Key Levels
The S&P500; closed up over the key 20-day moving average for the first time in 16 trading days. What does this mean for the world’s most important equity market?
- Reuters
Canadian dollar rises as oil prices increase, Powell speech in focus
The Canadian dollar edged higher against its U.S. counterpart on Thursday, adding to the previous day's gains, as oil prices increased and investors awaited the Federal Reserve chairman's speech. The price of oil, one of Canada's major exports, rose on a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy capped gains. U.S. crude oil futures were up 1% at $56.11 a barrel.
- Reuters
Rosneft becomes top Venezuelan oil trader, helping offset U.S. pressure
Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to buyers in China and India and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching U.S. sanctions. Trading sources and Refinitiv Eikon data showed Rosneft became the biggest buyer of Venezuelan crude in July and the first half of August. It took 40% of state oil company PDVSA's exports in July and 66% so far in August, according to the firm's export programs and the Refinitiv Eikon data, double the purchases before sanctions.
- Reuters
OPEC's market share sinks - and no sign of wavering on supply cuts
OPEC's share of the global oil market has sunk to 30%, the lowest in years, as a result of supply restraint and involuntary losses in Iran and Venezuela, and there is little sign yet producers are wavering on their output-cut strategy. Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data. The decline in prices, should it persist, and erosion of market share could raise the question of whether continued supply restraint is serving producers' best interests.
- Reuters
Premier Oil shares jump on higher profits, Zama stake disposal
Shares in the London-listed oil company, which has struggled with its debt pile in recent years, were up 5% as of 0909 GMT following the news. The company reported a 10.4% rose in oil and gas output to 84,100 barrels of oil equivalent per day (boepd) in the first half of the year. Premier said it launched the sale process for its 25% stake in the Zama field in Mexico after raising its resource estimate in June.
- Reuters
Premier Oil to upgrade Catcher oilfield reserves again - CEO
Premier Oil will announce a second reserves upgrade for its Catcher oilfield in the North Sea at the end of the year, Chief Executive Officer Tony Durrant told Reuters on Thursday. The field has reached a plateau production rate of 70,000 barrels of oil equivalent per day, Durrant said in a telephone interview after Premier reported a rise in first-half profit.
- Financial Times
South32 to sell South African coal assets to Seriti Resources
Australian miner South32 said it was in “exclusive talks” to sell its South African coal mines to local miner Seriti Resources. The offer includes a “modest” up-front cash payment with a deferred payment mechanism to allow both companies to share in any coal price increase, the Australian miner said. The world’s largest mining companies are under growing pressure to sell their thermal coal assets because of coal’s contribution to global warming.
- Reuters
India's July petrol imports hit highest in at least eight years
Crude oil imports into the world's third-largest consumer declined 1.2% from a year earlier to 19.34 million tonnes, but increased 14.6% from the previous month. Petrol imports rose to 230,000 tonnes in July, the highest since PPAC data going back to 2011. Government data published earlier this month showed sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million tonnes.
- Reuters
Oil eases as Fed's Jackson Hole meeting gets underway
Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts. Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates. "The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritised in this regard," said Jim Ritterbusch, president of Ritterbusch and Associates.
Oilprice.comU.S. To “Drown The World” In Oil
New U.S. oil production is set to account for the vast majority of new crude supply as consolidation in the large basins, led by oil majors, ensures that drilling will continue at a steady pace
- Oilprice.com
The Downside Risk For Oil Prices Is Undeniable
From trade wars, to slowing industrial activity and a struggling global economy, oil markets are looking facing a worrying period of bearish sentiment
- Oilprice.com
The Fatal Flaw In The Ethanol Industry
The ethanol industry is extremely reliant on federal mandates, but the same regulation may be the industry’s biggest crutch
- Reuters
Alberta's smaller oil producers eye output boost after curbs lifted
WINNIPEG, Manitoba/CALGARY, Alberta (Reuters) - Small and mid-sized Alberta oil producers are looking to increase drilling as early as this autumn after the Canadian province exempted a dozen of them from government-mandated oil production cuts, boosting the struggling industry. Alberta's previous New Democratic Party government imposed production limits in January to drain an oil glut that built up due to congested pipelines. On Tuesday, the new United Conservative Party government extended curtailments through 2020, citing a delay to Enbridge Inc's Line 3 replacement that could swell inventories again unless the limits remained in place.
- Zacks
Will Canada's Extended Oil Cut Plan Boost the Energy Sector?
With pipeline crisis in Canada not likely to resolve anytime soon, the oil curtailment program has been extended through 2020-end.
- Oilprice.com
Alberta Extends Oil Production Cuts
Alberta has announced an extension of the obligatory oil production cuts approved by the previous government on the grounds that it is uncertain when new pipeline capacity would come on stream
- FX Empire
Crude Oil Price Forecast – Crude oil markets continue to be very noisy
The crude oil markets have been very noisy as of late, and as a result it’s very likely that we will continue to go back and forth quite violently. Looking at this market, it’s very likely that we see a lot of trouble determining the trend in the short term.
- Investing.com
U.S. Crude Slips Despite Inventory Draw; Fed Shows No Aggressive Rate Cut Plan
By Barani Krishnan
- Oilprice.com
Oil Prices Steady As EIA Reports Small Crude Draw
Oil prices were mostly unaffected by the weekly EIA crude inventory report
