|Day's range||58.01 - 59.54|
The Zacks Analyst Blog Highlights: Pioneer Natural Resources, Concho Resources, Callon Petroleum, Parsley Energy and Diamondback Energy
Silver has posted gains on Thursday, but remains shy of the $18 level. The Federal Reserve lowered rates on Wednesday, but was more hawkish than expected in its assessment of the U.S. economy.
Based on the early price action and the current price at 1.1067, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to the Fibonacci level at 1.1073 and the downtrending Gann angle at 1.1074.
Saudi Arabia's ability to avert a global oil supply crunch will only become clear in a few weeks, because for now its crude held in storage can fill the gap and mask the scale of damage to its facilities, traders and analysts say. Riyadh says production will be back to normal levels in two to three weeks, which means restoring output to about 10 million barrels per day (bpd), after Saturday's attacks on two sites that usually process and clean up about 5.7 million bpd. While it carries out repairs, the world's biggest oil exporter has promised to keep the physical crude market supplied from its inventories held in the kingdom and abroad, estimated to have been about 180 million barrels in July.
Before the market can really become stable, Saudi inventories are going to have to return to pre-attack levels, the damaged facilities are going to have to be repaired and working at full capacity and further threats will have to be prevented.
Today, the EIA plans to report natural gas inventories for the week ended September 13. A negative inventories spread could support natural gas prices.
Brent crude oil prices rose more than 1% on Thursday on fears of longer-than-expected supply shortfalls following Saturday's attacks on a key Saudi Arabian oil processing facility and escalating tensions in the Middle East. Global benchmark Brent settled 80 cents, or 1.3%, higher at $64.40 a barrel, while U.S. West Texas Intermediate (WTI) crude pared earlier gains and ended largely steady at $58.13 a barrel, just 2 cents firmer. Saturday's attacks knocked out around half of Saudi Arabia's crude production and severely limited the country's spare capacity, a cushion for oil markets in any unplanned outage.
The palm oil industry was responsible for at least 39% of forest loss in biodiversity-rich Borneo island between 2000 and 2018, data from an Indonesia-based research firm shows. The Center for International Forestry Research (CIFOR) data, published this month via its Borneo Atlas tool, comes as a smoky haze has spread across Southeast Asia from fires in Borneo and others parts of Indonesia, causing a drop in air quality to unhealthy levels in neighbouring Singapore and Malaysia. Some palm oil farmers have been accused of using slash-and-burn methods to clear land for planting.
Production from the Permian Basin of Texas and New Mexico is set to climb by 71,000 barrels per day to a record of about 4.485 million barrels per day in October.
Based on the early price action and the current price at $1497.10, the direction of the December Comex gold market into the extended close is likely to be determined by trader reaction to the main 50% level at $1489.10.
The premier of Canada's main oil-producing province Alberta said on Wednesday he is hopeful of more progress this month on talks between his government and producers about easing oil curtailments, as long as extra output is shipped by rail. Alberta introduced mandatory production curtailments, effective Jan. 1 2019, to ease congestion on export pipelines and support crude prices. Last month Premier Jason Kenney's government extended those curtailments into 2020 because of slow progress in building new pipelines.
The statement sent oil prices plunging after a steep rise early in the week triggered by fears a return to full production would take months. Saudi Arabia is the world's biggest oil exporter, normally shipping more than 7 million barrels every day.
After its sudden spike following attacks on Saudi oil infrastructure, crude oil benchmarks retreated on the announcement production will return to normal rates by the end of the month
Investing.com - Crude stockpiles rose unexpectedly last week, the U.S. Energy Information Administration said Wednesday.
Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly. Tension in the Middle East remained elevated, however, after the Saudi Defence Ministry held a news conference, displaying drone and missile debris it said was "undeniable" evidence of Iranian aggression. U.S. President Donald Trump on Wednesday said he ordered a major increase in sanctions on Iran in the latest U.S. move to pressure Tehran.
India plans to invite bids from global firms for the first time for coal mining blocks before end-2019, sources familiar with the matter said, a move that would end Coal India Ltd's near-monopoly for the fuel as the nation tries to cut imports. Coal is among the top five commodities imported by India, one of the world's largest consumers of the fuel. Coal imports are surging after the government failed to open the industry to competition, despite having passed a liberalization policy 19 months ago.
Crude oil prices plunged on Tuesday after the Saudi energy minister said the kingdom’s oil supply will soon be back online. The drop in crude oil prices spread weakness throughout the Asia Pacific region on Wednesday.
The weekend attacks on vital oil infrastructure in OPEC’s largest producer and the world’s top oil exporter Saudi Arabia could be a boon to Brazil