Oil Slump Catches Funds Off Guard in Longest Bull Run Since 2012 - Bloomberg:
Oil’s sudden slump seems to have caught optimists by surprise.
Hedge funds increased wagers on rising Brent crude prices for an eighth straight week, the longest streak since 2012, according to ICE Futures Europe data for the seven days through Feb. 26.
But the enthusiasm has proved to be misplaced, at least for now. The international benchmark posted a weekly loss for the first time since early February as President Donald Trump warned OPEC to “take it easy" in cutting supplies and U.S. economic data fell short of expectations. Brent lost 3.1 percent for the week, after rising 25 percent to start the year.
Saturday, 2 March 2019
Dubai's Gold and Commodities Exchange to launch new base metals futures contracts | ZAWYA MENA Edition
Dubai's Gold and Commodities Exchange to launch new base metals futures contracts | ZAWYA MENA Edition:
Dubai's Gold and Commodies Exchange (DGCX) is to launch new two new base metals futures contracts covering the aluminium and zinc markets.
The exchange, which already offers a copper futures contract, several gold futures contracts and a shariah-compliant spot gold contract, said that trading in the new base metals contracts will begin trading on March 22.
At 5 million tonnes, contract lot sizes will be smaller than the typical London Metal Exchange contract of 25 tonnes, and will be financially settled, as opposed to involving any physical delivery.
Dubai's Gold and Commodies Exchange (DGCX) is to launch new two new base metals futures contracts covering the aluminium and zinc markets.
The exchange, which already offers a copper futures contract, several gold futures contracts and a shariah-compliant spot gold contract, said that trading in the new base metals contracts will begin trading on March 22.
At 5 million tonnes, contract lot sizes will be smaller than the typical London Metal Exchange contract of 25 tonnes, and will be financially settled, as opposed to involving any physical delivery.
Russian oil output down in February, misses global deal target | Reuters
Russian oil output down in February, misses global deal target | Reuters:
Russian oil output stood at 11.34 million barrels per day (bpd) in February, down some 75,000 barrels per day from the October level, the baseline for a global deal, but still missing the accord target, Energy Ministry data showed on Saturday.
This was also down from 11.38 million bpd in January. In tonnes, oil output reached 43.303 million versus 48.113 million in January. The production data was in line with what a source told Reuters on Friday.
All the Russian majors reduced their output. Russia’s largest oil producer Rosneft and No.2 Russian oil company by output, Lukoil, cut their output by 0.6 percent and 0.5 percent month-on-month, respectively.
Russian oil output stood at 11.34 million barrels per day (bpd) in February, down some 75,000 barrels per day from the October level, the baseline for a global deal, but still missing the accord target, Energy Ministry data showed on Saturday.
This was also down from 11.38 million bpd in January. In tonnes, oil output reached 43.303 million versus 48.113 million in January. The production data was in line with what a source told Reuters on Friday.
All the Russian majors reduced their output. Russia’s largest oil producer Rosneft and No.2 Russian oil company by output, Lukoil, cut their output by 0.6 percent and 0.5 percent month-on-month, respectively.
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