|Day's range||62.58 - 63.81|
Energy Update for the Week Ending May 17US crude oil last weekLast week, US crude oil June futures rose 1.8% and closed at $62.76 per barrel on May 17—the first weekly gain since April 19. The S&P 500 Index (SPY) fell 0.8% last week. The fall
Russia suffered a $1 billion shortfall in export revenues in the first two weeks of May after the discovery of contaminated oil disrupted pipeline flows to Europe, a Reuters calculation showed. Crude export flows have been disrupted since April, when high levels of organic chloride were found in oil pumped via Russia's Druzhba pipeline, which serves Germany and some eastern European states. In mid-May, Energy Minister Alexander Novak put the overall damage caused by dirty oil at below $100 million, but it was not clear exactly what he was referring to.
SINGAPORE/MOSCOW (Reuters) - Trading companies Vitol and Unipec are sending around 700,000 tonnes of contaminated Russian oil to Asia in an attempt to place the barrels rejected by buyers in Europe, according to trading sources and ship tracking data. Vitol and Unipec are mainly targeting Chinese independent refiners, or teapots, which have shown interest in taking the oil, traders said. According to Reuters sources with Chinese refiners, they have been recently shown cargoes of Urals crude that contain organic chloride ranging from 30-50 parts per million (ppm) to 200 ppm without mentioning prices.
Total and ENI have stopped payments to the Russian firms who sold them contaminated oil and said they will only pay when compensation is agreed, trading sources said, upping the stakes in what they say is the worst disruption to Russian oil supply. The French and Italian oil majors told their suppliers, including Russia's Rosneft and Surgut, that they would be ready to make payments when the extent of damages is clear and would pay for clean oil when supplies resume, the sources said. "Why would anyone want to pay for this oil?
Greenpeace activists blocked the entrance to BP's London headquarters on Monday, demanding one of the world's biggest energy companies ends all new oil and gas exploration or goes out of business. Greenpeace activists arrived at the building in St James' Square in central London at 0200 GMT and encased themselves in specially designed containers to block all of the main entrances. "BP is fuelling a climate emergency that threatens millions of lives and the future of the living world," said Paul Morozzo, a Greenpeace activist.
FEATURE Renewable energy is remaking how countries generate power, with solar and wind adoption growing much faster than fossil fuel generation. But the world still has a stubborn “oil addiction” that shows little sign of slowing down, writes Bernstein analyst Oswald Clint, who tracked the growth in oil production against the growth in gross domestic product.
Crude prices rallied on Monday after key producer Saudi Arabia said supplies were “plentiful” and signalled it would back sustained output cuts, boosting the currencies of oil producing countries. The Saudi comments, delivered on Sunday, came ahead of a meeting of oil officials in Jeddah to discuss the effectiveness of the deal.
Based on last week’s price action and the close at 1.1157, the direction of the EUR/USD this week is likely to be determined by trader reaction to the major Fibonacci level at 1.1185. Watch the price action and read the order flow on a test of 1.1235 this week because strong buying volume on a rally through this level could launch the start of a very strong rally.
Based on last week’s price action and the prolonged move down in terms of price and time, the direction of the NZD/USD this week is likely to be determined by trader reaction to last week’s low at .6513. Taking out .6513 then recovering last week’s close at .6514 will put the NZD/USD in a position to form a potentially bullish closing price reversal bottom.
Iran’s strategy to avoid U.S. sanctions is getting more complex by the day, with its cooperation with Iraq providing the Islamic Republic with one major advantage
Professional currency money managers just like most hedge fund managers, follow “The Herd Theory”. So when one starts to exit shorts aggressively, others tend to follow first then ask questions later. Therefore, we expect to see a solid short-covering rally over the near-term.
(Reuters) - Saudi Arabia and Russia are discussing two main scenarios for a meeting of OPEC and its oil-producer allies in June and both frameworks propose increased crude output from the second half of 2019, two sources familiar with the matter said.
The world’s last coal plant could be built soon as most of the world’s large economies are looking to retire existing plants and move to lower-carbon solutions
Venezuelan Oil Minister Manuel Quevedo said on Sunday his country's economy and oil industry was under economic and financial siege by the U.S. government. "This therefore generates disturbances in the flow of oil supply to the world market as well as serious economic damage and suffering to the Venezuelan people," he said in Jeddah, Saudi Arabia, ahead of a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia.
JEDDAH, Saudi Arabia (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Sunday that recent attacks on Saudi energy assets had put security of oil supply at risk but not affected his country's output.
JEDDAH, Saudi Arabia (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday that oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not "the right decision".
JEDDAH, Saudi Arabia (Reuters) - Russian Energy Minister Alexander Novak said on Sunday that different options were available for the OPEC and non-OPEC oil output deal, including a rise in production in the second half of the year.
Bank of America Merill Lynch remains bullish on crude and has stated that Brent prices could hit $90 on new IMO regulations and a de-escalation of the U.S., China trade war
Growing tensions in the Middle East have led tanker insurance providers to weigh risks, potentially resulting in higher rates for oil shipments
Crude oil was supported primarily by worries over a possible supply disruption amid physical attacks on Saudi Arabian assets and US-Iran tensions. Natural gas rose as late spring/early summer heat became a new concern. Gold traders were burned by chasing headlines as the dollar regained strength on improving U.S. economic conditions.
Nigeria has traditionally been one of Africa’s energy heavyweights, and while regional conflicts and corruption have held its development back, private investors are driven to exploit the sector’s full potential
BASRA, Iraq (Reuters) - Iraq's oil exports from its southern ports have reached 3.5 million barrels a day (bpd) crude oil as of Saturday, South Oil Company chief Ihsan Abdul Jabbar told Reuters.
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet. Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are "excellent" and that he was happy with the UAE's compliance level.
Iran has adopted new tactics and new destinations in shipping its oil exports following the re-imposition of U.S. sanctions, a senior Iranian maritime official was quoted as saying on Saturday by the semi-official ILNA news agency. "The Oil Ministry's tactics in exporting oil and petroleum products have changed, ... and perhaps the destinations of oil cargoes from our ports have changed," Hadi Haqshenas, maritime affairs deputy director at Iran’s Ports and Maritime Organization, told ILNA.