Oil soars near 5% on easing U.S.-China trade tensions - Reuters:
Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.
The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month.
“The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.
Brent LCOc1 futures were up $2.69, or 4.6%, at $61.26 a barrel by 1:33 p.m. EDT (1733 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 was up $2.07, or 3.8%, at $57.00.
That put Brent futures on track for their biggest daily percentage gain since December.
Tuesday 13 August 2019
Brent crude climbs above $60 a barrel on tariff delay | Financial Times
Brent crude climbs above $60 a barrel on tariff delay | Financial Times:
Oil prices jumped above $60 a barrel on Tuesday after the Trump administration said it would delay the imposition of a set of tariffs against China until December, easing trade tensions.
The price of Brent crude, the international oil benchmark, rose $2.37 a barrel to $60.80. West Texas Intermediate, the US marker, increased $1.93 a barrel to $56.89, as concerns about weakening oil demand fell.
Oil prices slumped by as much as 5 per cent last week in response to a fresh round of tariffs announced by President Donald Trump in an escalation of the trade war.
Oil prices jumped above $60 a barrel on Tuesday after the Trump administration said it would delay the imposition of a set of tariffs against China until December, easing trade tensions.
The price of Brent crude, the international oil benchmark, rose $2.37 a barrel to $60.80. West Texas Intermediate, the US marker, increased $1.93 a barrel to $56.89, as concerns about weakening oil demand fell.
Oil prices slumped by as much as 5 per cent last week in response to a fresh round of tariffs announced by President Donald Trump in an escalation of the trade war.
Oil soars on easing U.S.-China trade tensions - Reuters
Oil soars on easing U.S.-China trade tensions - Reuters:
Oil prices rose more than 3% on Tuesday after the United States said it will remove some products from its China tariff list, easing concerns over a global trade war that has pummeled the market in recent months.
Brent crude futures LCOc1 were up $1.75, or 3.1%, from the previous settlement at $60.32 a barrel by 1357 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.
U.S. West Texas Intermediate (WTI) CLc1 futures were up $1.38, or 2.5%, at $56.31.
The U.S. dollar index .DXY jumped and bond yields also turned higher after the U.S. Trade Representative said some products were being removed from the China tariff list.
Oil prices rose more than 3% on Tuesday after the United States said it will remove some products from its China tariff list, easing concerns over a global trade war that has pummeled the market in recent months.
Brent crude futures LCOc1 were up $1.75, or 3.1%, from the previous settlement at $60.32 a barrel by 1357 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.
U.S. West Texas Intermediate (WTI) CLc1 futures were up $1.38, or 2.5%, at $56.31.
The U.S. dollar index .DXY jumped and bond yields also turned higher after the U.S. Trade Representative said some products were being removed from the China tariff list.
Guyana Isn't Ready for Its Pending Oil Riches, But Exxon Is - Bloomberg
Guyana Isn't Ready for Its Pending Oil Riches, But Exxon Is - Bloomberg:
The Caribbean beats of reggae and soca ease into American hip-hop at a roadside bar in Georgetown, Guyana. Outside, teenagers hoot as they whiz past palm trees on mopeds. But for Gavin Singh, a 36-year-old investment banker, this is no time for play or relaxation. “People out there don’t really get it,” he says, pushing aside his mojito to emphasize his point. “We have a tsunami coming.”
A tsunami of what?
“Of cash. Of opportunity.”
This tiny nation on the north coast of South America is about to become the world’s newest petrostate—and potentially the richest. In 2015, Exxon Mobil Corp. made what one of its executives described as a “fairy tale” discovery in the vast Stabroek exploration block off the Guyanese coast. Since then, it’s found so much oil that by the mid-2020s Guyana, with a population of about 778,000, will probably produce more crude per citizen than any other country.
The Caribbean beats of reggae and soca ease into American hip-hop at a roadside bar in Georgetown, Guyana. Outside, teenagers hoot as they whiz past palm trees on mopeds. But for Gavin Singh, a 36-year-old investment banker, this is no time for play or relaxation. “People out there don’t really get it,” he says, pushing aside his mojito to emphasize his point. “We have a tsunami coming.”
A tsunami of what?
“Of cash. Of opportunity.”
This tiny nation on the north coast of South America is about to become the world’s newest petrostate—and potentially the richest. In 2015, Exxon Mobil Corp. made what one of its executives described as a “fairy tale” discovery in the vast Stabroek exploration block off the Guyanese coast. Since then, it’s found so much oil that by the mid-2020s Guyana, with a population of about 778,000, will probably produce more crude per citizen than any other country.
Oil rises on talk of more OPEC cuts, demand concerns linger - Reuters
Oil rises on talk of more OPEC cuts, demand concerns linger - Reuters:
Oil prices edged higher on Tuesday as expectations for major producers to further curtail output offset lingering concerns over global demand and rising U.S. production.
Brent crude futures LCOc1 were up 8 cents, or 0.14%, from the previous settlement at $58.65 a barrel at 1032 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.
U.S. West Texas Intermediate (WTI) CLc1 futures were at $55.02 per barrel, up 9 cents, or 0.1%.
Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries, said last week it planned to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories.
Oil prices edged higher on Tuesday as expectations for major producers to further curtail output offset lingering concerns over global demand and rising U.S. production.
Brent crude futures LCOc1 were up 8 cents, or 0.14%, from the previous settlement at $58.65 a barrel at 1032 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.
U.S. West Texas Intermediate (WTI) CLc1 futures were at $55.02 per barrel, up 9 cents, or 0.1%.
Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries, said last week it planned to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories.
#Saudi Aramco deepens Indian ties with Reliance partnership | Financial Times
Saudi Aramco deepens Indian ties with Reliance partnership | Financial Times:
When Saudi Arabia’s powerful crown prince Mohammed bin Salman visited India in February, he was greeted at the airport with a bear hug by prime minister Narendra Modi.
But Mr Modi, in some ways, was a third cog to another relationship — the one between Prince Mohammed and Mukesh Ambani, Reliance Industries’ chairman, that has culminated in Saudi Aramco’s plans to take a 20 per cent stake in the Indian company’s oil refining unit, which values the business at $75bn including debt.
Prince Mohammed is renowned for making people wait for hours. But in a sign of how important their first meeting during the two-day trip to Delhi was, it was the Saudi royal who had to bide his time after Mr Ambani’s flight from Mumbai was delayed.
When Saudi Arabia’s powerful crown prince Mohammed bin Salman visited India in February, he was greeted at the airport with a bear hug by prime minister Narendra Modi.
But Mr Modi, in some ways, was a third cog to another relationship — the one between Prince Mohammed and Mukesh Ambani, Reliance Industries’ chairman, that has culminated in Saudi Aramco’s plans to take a 20 per cent stake in the Indian company’s oil refining unit, which values the business at $75bn including debt.
Prince Mohammed is renowned for making people wait for hours. But in a sign of how important their first meeting during the two-day trip to Delhi was, it was the Saudi royal who had to bide his time after Mr Ambani’s flight from Mumbai was delayed.
#Saudi Aramco Springs No Surprises at Gentle First Results Call - Bloomberg
Saudi Aramco Springs No Surprises at Gentle First Results Call - Bloomberg:
Saudi Aramco’s senior executives can breathe a collective sigh of relief after the company’s first-ever earnings call with investors. The half-hour event was a pretty gentle affair with few questions that were likely to embarrass a company with a potentially lucrative share sale in the works.
Finance chief Khalid Al-Dabbagh took questions from nine participants -- some representing banks that had been advising on the sale -- and managed to say little that was new, without at any point appearing to stonewall his questioners. His performance wasn’t much different from that of executives from most large companies presenting their results, but those listening in will have gone away knowing little more about Aramco’s plans or prospects than they did before.
The questioners never really sought to dig too deeply into the company’s figures, strategy or plans for the future. The answers were either very general, or restatements of things that were already known. Perhaps that reflects the fact that Aramco remains the world’s most profitable company and biggest oil producer. Or maybe that nobody on the call wanted to be seen as difficult with that initial public offering looming.
Saudi Aramco’s senior executives can breathe a collective sigh of relief after the company’s first-ever earnings call with investors. The half-hour event was a pretty gentle affair with few questions that were likely to embarrass a company with a potentially lucrative share sale in the works.
Finance chief Khalid Al-Dabbagh took questions from nine participants -- some representing banks that had been advising on the sale -- and managed to say little that was new, without at any point appearing to stonewall his questioners. His performance wasn’t much different from that of executives from most large companies presenting their results, but those listening in will have gone away knowing little more about Aramco’s plans or prospects than they did before.
The questioners never really sought to dig too deeply into the company’s figures, strategy or plans for the future. The answers were either very general, or restatements of things that were already known. Perhaps that reflects the fact that Aramco remains the world’s most profitable company and biggest oil producer. Or maybe that nobody on the call wanted to be seen as difficult with that initial public offering looming.
#Saudi Aramco is ready for IPO: senior executive - Reuters
Saudi Aramco is ready for IPO: senior executive - Reuters:
Saudi Aramco is ready for its initial public offering, but a timing for the deal will be decided by its sole shareholder, the Saudi government, a senior executive said on Monday.
“We will announce (the IPO) depending on their (the government’s) perception on what would be the optimum market condition,” Khalid al-Dabbagh, senior vice president of finance, strategy and development, told an earnings call.
Saudi officials have said the government plans to list Aramco in 2020-2021, a deal seen as the centerpiece of the kingdom’s economic transformation drive to attract foreign investment and diversify away from oil.
Saudi Aramco is ready for its initial public offering, but a timing for the deal will be decided by its sole shareholder, the Saudi government, a senior executive said on Monday.
“We will announce (the IPO) depending on their (the government’s) perception on what would be the optimum market condition,” Khalid al-Dabbagh, senior vice president of finance, strategy and development, told an earnings call.
Saudi officials have said the government plans to list Aramco in 2020-2021, a deal seen as the centerpiece of the kingdom’s economic transformation drive to attract foreign investment and diversify away from oil.
Oil prices slip as demand concerns outweigh efforts to curb supply - Reuters
Oil prices slip as demand concerns outweigh efforts to curb supply - Reuters:
Oil prices slipped on Tuesday, offsetting narrow gains in the previous session, as sluggish demand forecasts countered expectations that major producers would prop up oil prices by limiting crude oil output.
International benchmark Brent crude futures LCOc1 were down 18 cents or 0.3%, from the previous settlement, to $58.39 a barrel by 0310 GMT.
U.S. West Texas Intermediate (WTI) CLc1 futures were at $54.81 per barrel, down by 12 cents, or 0.2%, from the last close.
“Although the outlook remains bleak, oil prices have remained anchored this week after a rapid response from Saudi Arabia, who is serious about stepping in to defend the oil price,” Stephen Innes, managing partner at VM Markets Pte Ltd said in a note.
Oil prices slipped on Tuesday, offsetting narrow gains in the previous session, as sluggish demand forecasts countered expectations that major producers would prop up oil prices by limiting crude oil output.
International benchmark Brent crude futures LCOc1 were down 18 cents or 0.3%, from the previous settlement, to $58.39 a barrel by 0310 GMT.
U.S. West Texas Intermediate (WTI) CLc1 futures were at $54.81 per barrel, down by 12 cents, or 0.2%, from the last close.
“Although the outlook remains bleak, oil prices have remained anchored this week after a rapid response from Saudi Arabia, who is serious about stepping in to defend the oil price,” Stephen Innes, managing partner at VM Markets Pte Ltd said in a note.
Subscribe to:
Posts (Atom)