|Day's range||39.88 - 39.88|
Stocks rose, tracking advances in global equities as investors eyed stabilizing economic data alongside ongoing protests across the country, which spurred some concerns of a ramp-up in coronavirus cases following a deescalation in the outbreak.
Marshall Islands-based Afranav Maritime Ltd, Adamant Maritime Ltd and Sanibel Shiptrade Ltd, as well as Greece-based Seacomber Ltd, all own tankers that lifted Venezuelan oil between February and April of this year, the Treasury Department said. "These companies are transporting oil that was effectively stolen from the Venezuelan people," Secretary of State Mike Pompeo said in a statement.
Investors need to pay close attention to Whiting Petroleum (WLL) stock based on the movements in the options market lately.
Investors need to pay close attention to Callon Petroleum (CPE) stock based on the movements in the options market lately.
The world's biggest oil producers are close to extending output cuts as part of a battle to shore up prices following a collapse in demand. Russia and Saudi Arabia are inching closer to a deal which will keep production low as much of the world slowly emerges from lockdown. Talks between the two sides sent the Brent crude benchmark rallying to almost $40 a barrel, its highest since early March. Oil prices rise if less of the fossil fuel is being sold on the market because buyers are forced to outbid each other. A conference call between Moscow and nations in the Saudi-led Opec cartel which was originally planned for June 9 has been brought forward to this Thursday in a bid to secure agreement. Riyadh is said to be pushing for bigger production cuts to support oil prices, but other nations are keen to increase output to bring in more revenue. Under the current deal, agreed in April, a reduction of 9.7m barrels a day - about a tenth of global production - will fall to 8m from July 1. Friction has emerged between Russia and Saudi Arabia, the two countries responsible for triggering a price war in March that along with the pandemic sent oil prices crashing. They were later the driving force behind the cuts as part of a bid to repair relations. The Saudis are keen to maintain the current level of cuts until the end of the year, while Russia is said to be pushing for gradual output hikes. The pair are discussing a compromise that would see cuts maintained until September 1.
The direction of the July WTI crude oil futures contract is likely to be determined by trader reaction to the 50% level at $36.07.
Essentially, the current rally lacks the momentum to continue as bullish traders await the next catalyst to drive gold prices higher.
China is reviving a $20 billion petrochemical project in eastern Shandong province as part of efforts to dial up infrastructure spending to support an economy struggling with the impact of the coronavirus pandemic, two China-based industry sources said. The 400,000 barrel-per-day (bpd) refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, the country's hub for independent oil refineries, was proposed years ago but approval has been slowing in coming because of China's struggle with excess refining capacity. China's state planner, the National Development & Reform Commission (NDRC), gave initial approval on Monday for the project, allowing Shandong province to start planning for construction, said the sources with knowledge of the approval.
The Commitments of Traders report covering positions held and changes made by money managers in the week to May 26 found that speculators maintained strong buying interest in crude oil while selling was most noticeable in natural gas, gold and the three major crops.
Investing.com - Oil markets traded higher Tuesday, with traders looking ahead to the next meeting of the major producers amid expectations they will agree to extend record production cuts.
Russia is likely to be the key obstacle in any extension. Furthermore, they are unlikely to agree to an extension which goes beyond two months.
Russian oil and gas condensate production fell to 39.7 million tonnes (9.39 million barrels per day) in May, near its target under a deal within the OPEC+ group, Interfax news agency reported on Tuesday, citing energy ministry data. The figure was in line with data from sources, reported by Reuters on Monday, and down from 11.35 million barrels per day (bpd) in April. Under the agreement between Russia and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, Moscow has pledged to reduce its output by around 2.5 million bpd to 8.5 million bpd to help support oil prices.
With the RBA holdings policy unchanged, the focus returns to the key risk drivers. Continued unrest in the U.S and tensions between the U.S and China are in focus.
Oil prices climbed about $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns. Brent crude <LCOc1> rose 3.1%, or $1.00, to $39.32 a barrel by 1:32 p.m. EDT (1732 GMT). The Organization of the Petroleum Exporting Countries and others including Russia, a grouping known as OPEC+, are considering extending their production cuts of 9.7 million barrels per day (bpd), or about 10% of global production, into July or August, at a meeting expected to be held on Thursday.
Stocks turned positive Monday morning, steadying against a backdrop of protracted protests in some of the nation’s largest cities, many of which had already been struggling to reopen amid the coronavirus outbreak.
The S&P; 500 has continued to go back and forth during the trading session on Monday. Between the 3000 and the 3100 levels, there is clearly a lot of fighting.
Coal India's sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lockdown to curb the spread of the coronavirus. Offtake by customers, such as power generators, fell to 39.95 million tonnes in May, down 23.3% year on year, though that represented a slight improvement from the 25.5% fall in April. More than three quarters of the electricity generated in India is derived from coal, with Coal India - the world's largest coal miner - accounting for more than four fifths of India's domestic production.
China's refiners have purchased a quarter of Russia's Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output cuts, traders said and shipping data showed. Rising demand for Russian barrels will likely make oil firms more reluctant to extend the record oil cuts in tandem with OPEC+ for a prolonged period of time. Russia has to decide shortly as OPEC+ countries may meet this week.
Russian oil production, excluding gas condensate, fell to 8.59 million barrels per day (bpd) in May, near country's target under a an OPEC+ pact, the energy ministry said on Tuesday. The Interfax news agency, citing ministry data, had earlier said that Russian oil and gas condensate production declined to 39.7 million tonnes (9.39 million bpd) in May. That was in line with data from sources, reported by Reuters on Monday, and down from 11.35 million bpd in April. Under the agreement between the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, Moscow has pledged to reduce output by about 2.5 million bpd to 8.5 million bpd to support oil prices.
Oil prices rose early on Tuesday as market participants hope that the OPEC+ group may decide in the coming days to roll over the record output cut deal
Venezuelans awoke to new petrol prices on Monday — and the realisation that for the first time in decades they will have to pay close to market rates if they want to fill up their tanks more than a few times a month. The revolutionary socialist government unveiled its pricing regime over the weekend, risking the ire of people who are already suffering terrible hardships, and who for years have taken free petrol for granted in one of the most oil-rich nations on earth. In the past, fuel price rises have triggered outrage and protests, most notably during the infamous “Caracazo” riots of 1989 in which hundreds died.