Author Topic: Spot Brent Oil Price  (Read 167335 times)

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Re: Spot Brent Oil Price
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« Reply #4257 on: August 10, 2017, 07:20:25 AM »




Thursday, 10 August 2017 | MYT 6:51 AM
Oil inches higher after data points to declining US inventories
image: http://www.thestar.com.my/~/media/online/2017/03/08/22/51/oil-refinery-march17.ashx/?w=620&h=413&crop=1&hash=2BA7DEEBEE2559C326424CBBF146F219B86403B5
Brent crude, the global benchmark, ended the session up 56 cents, or 1.1 percent, at $52.70, after two days of declines. U.S. West Texas Intermediate (WTI) crude gained 39 cents, or 0.8 percent to settle at $49.56
Brent crude, the global benchmark, ended the session up 56 cents, or 1.1 percent, at $52.70, after two days of declines. U.S. West Texas Intermediate (WTI) crude gained 39 cents, or 0.8 percent to settle at $49.56
 
NEW YORK: Oil prices were about 1 percent higher on Wednesday after a report showed U.S. refineries processed record amounts of crude in the latest week, eating into inventories, although a surprise jump in gasoline stockpiles limited price gains.

U.S. crude inventories <USOILC=ECI> fell 6.5 million barrels last week, government data showed, steeper than the expected decrease of 2.7 million barrels. Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the U.S. Department of Energy started keeping data in 1982. [EIA/S]

Brent crude, the global benchmark, ended the session up 56 cents, or 1.1 percent, at $52.70, after two days of declines. U.S. West Texas Intermediate (WTI) crude gained 39 cents, or 0.8 percent to settle at $49.56.

"A drop in crude oil imports and another step up in refinery utilization accounts for the bulk of the decline in crude inventories," said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington, D.C..

"Demand for both gasoline and distillate fuels remains strong but it's worth noting that gasoline demand should be strong at this time of year and we are drawing closer to the end of summer driving season."

The data showed gasoline stocks <USOILG=ECI>, rose by 3.4 million barrels, confounding expectations in a Reuters poll for a drop of 1.5 million barrels as imports into the East Coast region picked up. Gasoline futures <RBc1> fell about 1 percent to the lowest in nearly two weeks.

"Whilst the upside to imports into the U.S. East Coast remains limited amidst refinery issues in Europe, interest in shipping gasoline from the U.S. Gulf Coast into PADD 1 appears to have picked-up as we move into the transitioning period between summer and winter specifications," Energy Aspects said in a note.

From a technical perspective, $48.16-$48.37 a barrel region is a key zone of support for front-month WTI futures, Thompson said.

The drop in U.S. crude stocks also raised hopes that OPEC-led output cuts were helping wipe out a three-year global supply glut.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) under a deal set to run until March 2018.

The deal has supported prices but an output recovery in Libya and Nigeria, OPEC members exempt from the cut, has complicated the effort. U.S. shale oil drillers have also ramped up production.

OPEC officials met this week in Abu Dhabi to boost adherence to the supply cuts. In a statement after the meeting, OPEC said the conclusions reached would boost compliance. Still, some analysts remained skeptical.

"The statement on the OPEC website following the Abu Dhabi meeting was short on substance," Vienna-based JBC Energy said.

Top OPEC exporter Saudi Arabia, keen to get rid of the glut, will cut crude allocations to customers in September by at least 520,000 bpd, an industry source said on Tuesday. - Reuters
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Re: Spot Brent Oil Price
« Reply #4258 on: August 10, 2017, 10:48:30 AM »




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Re: Spot Brent Oil Price
« Reply #4259 on: August 10, 2017, 06:44:51 PM »




Market Close
KLCI weighed down by Malaysia election cue, US-North Korea tension
Samantha Ho
/
theedgemarkets.com

August 10, 2017 17:46 pm MYT
-A+A
KUALA LUMPUR (Aug 10): The FBM KLCI closed 0.17 point lower at 1,777.77 points as the US-North Korea geopolitical tension and speculation on Malaysia's 14th General Election's (GE14) timing turned investors cautious.

The cautious sentiment was apparent across Bursa Malaysia where decliners significantly outpaced gainers at 585 to 248 respectively. The bourse saw a volume of 1.35 billion shares valued at RM1.5 billion.

“Investors could also be waiting for the release of upcoming financial results before making decisions,” Hong Leong Investment Bank Bhd retail research head Loui Low said.

He said the trade volume across Bursa Malaysia at 1.35 billion shares today was "quite thin" as Malaysia's GE14 theme took centre stage in local markets. The nation held its GE13 on May 5, 2013.

Today, cautious sentiment was reflected across Asia as stocks fell on the US-North Korea geopolitical tension. Japan's Nikkei 225 dropped 0.05%, South Korea's Kospi fell 0.38% while Hong Kong’s Hang Seng was down 1.13%.

Reuters reported that Asian stocks turned lower on Thursday as investors fretted about the simmering tensions between the US and North Korea, sending Seoul shares skidding to two-month lows even as the previous day's rush into safe-haven assets appeared to slow.

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Re: Spot Brent Oil Price
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Re: Spot Brent Oil Price
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Business NewsHome > Business > Business News
Friday, 11 August 2017 | MYT 6:49 AM
Oil slides on worries about global crude glut, Wall Street slump
image: http://www.thestar.com.my/~/media/online/2017/08/07/02/41/oil.ashx/?w=620&h=413&crop=1&hash=2103120DE33BDB96D8F015E01CCAD0525BB1804B
U.S. West Texas Intermediate crude settled down 97 cents or 1.96 percent to $48.59 a barrel. Brent crude futures were down 80 cents or 1.52 percent to $51.90 a barrel.
U.S. West Texas Intermediate crude settled down 97 cents or 1.96 percent to $48.59 a barrel. Brent crude futures were down 80 cents or 1.52 percent to $51.90 a barrel.
 
NEW YORK: Oil prices fell more than 1.5 percent on Thursday, as a bruising day on Wall Street bolstered fears of slowing demand amid lingering concerns over a global oversupply of crude.

U.S. West Texas Intermediate crude settled down 97 cents or 1.96 percent to $48.59 a barrel. Brent crude futures were down 80 cents or 1.52 percent to $51.90 a barrel.

U.S. stock indexes fell sharply on Thursday, with the Dow and the Nasdaq posting triple-digit point declines, as investors fretted over escalating tensions between the U.S. and North Korea.

The falling U.S. stock market translated to weakness in the oil market, said Phil Flynn, analyst at Price Futures Group in Chicago.

"That raised concerns about demand," he said, "The demand picture gets murky as stocks go down. Gold has stayed up so that confirms my suspicions it’s a fear trade."

On the supply side, Russian oil producer Gazprom Neft <SIBN.MM> considers it "economically feasible" to resume production in mature fields after a global agreement among OPEC and non-OPEC countries expires, a representative of the company said.

And while the Organization of the Petroleum Exporting Countries raised its outlook for oil demand in 2018 and cut its forecasts for output from rivals next year, yet another increase in the group's production suggested the market will remain in surplus despite efforts to limit supply. [nL5N1KW3S0]

OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia, citing figures it collects from secondary sources.

Crude prices are down nearly 7 percent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut.

"$50 seems to be a formidable foe for the crude bulls," said Flynn.

Global crude stocks remain above their longer-term averages and with the U.S. summer driving season nearly at an end, Wednesday EIA data showed gasoline inventories rose for the first time in eight weeks.

EIA data also showed inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks.

While prices rose on Wednesday after the lower U.S. inventory numbers, Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut said that information was not enough to sustain a rally.

"It seems like the market wants to go higher," he said, "The market is searching for it, the question is will it get it."- Reuters
TAGS / KEYWORDS:
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Read more at http://www.thestar.com.my/business/business-news/2017/08/11/oil-slides-on-worries-about-global-crude-glut-wall-street-slump/#yx2EmRbqw2IA9wK2.99

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Re: Spot Brent Oil Price
« Reply #4262 on: August 11, 2017, 07:41:38 AM »




Friday, 11 August 2017 | MYT 6:53 AM
Malaysian palm oil prices at highest level for more than a week despite data
image: http://www.thestar.com.my/~/media/online/2017/07/02/23/40/palm-oil.ashx/?w=620&h=413&crop=1&hash=C5B5FB17C8528E22B61A0D0A659C760E8BAC3079
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.3 percent to 2,663 ringgit ($620.75) on Thursday evening. It earlier climbed to an intraday high of 2,672 ringgit, its highest level since August 1.  Traded volumes stood at 66,765 lots of 25 tonnes each at the close of trade.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.3 percent to 2,663 ringgit ($620.75) on Thursday evening. It earlier climbed to an intraday high of 2,672 ringgit, its highest level since August 1. Traded volumes stood at 66,765 lots of 25 tonnes each at the close of trade.
 
KUALA LUMPUR: Malaysian palm oil futures rose to their highest level in over a week on Thursday evening on expectations of soyoil gains, despite the earlier release of bearish industry data.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.3 percent to 2,663 ringgit ($620.75) on Thursday evening. It earlier climbed to an intraday high of 2,672 ringgit, its highest level since August 1.

Traded volumes stood at 66,765 lots of 25 tonnes each at the close of trade.

"The market could be up on overseas strength and in anticipation of bullish U.S. Department of Agriculture reports, which could announce a trimming in soy crops and yields in a report tonight," said a Kuala Lumpur-based futures trader.

Another trader added that the market had earlier forecast a drop in prices due to bearish data reports from the Malaysian Palm Oil Board.

Malaysia's palm oil stocks at end-July rose 16.8 percent to 1.78 million tonnes from the previous month, versus a Reuters poll which forecast a 6.5 percent rise in inventory levels.

Official data also showed July output rising 20.7 percent to 1.83 million tonnes, compared with a forecast for a 11 percent gain to 1.68 million tonnes.

"Perhaps the market had taken into consideration the production rise," said the second trader.

Palm was up in early trade as well, supported by a weaker ringgit and overnight gains in soyoil on the Chicago Board of Trade. The ringgit, palm oil's trading currency, fell against the dollar to its  weakest level in nearly a month onThursday morning.

It was last down 0.1 percent at 4.29 per dollar. A weaker ringgit makes palm oil cheaper for holders of foreign currencies.

Meanwhile the October soybean oil contract on the Chicago Board of Trade, which gained 0.9 percent on Wednesday, was last up 0.4 percent on Wednesday.

The January soybean oil contract on the Dalian Commodity Exchange rose 0.6 percent, while the January palm olein contract was up 0.1 percent. - Reuters

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Re: Spot Brent Oil Price
« Reply #4263 on: August 11, 2017, 10:55:47 AM »




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Re: Spot Brent Oil Price
« Reply #4264 on: August 11, 2017, 07:22:57 PM »




Opec pumped more oil in July despite global glut
Updated one hour ago · Published on 11 Aug 2017 5:59PM · 0 comments
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Opec pumped more oil in July despite global glut
Opec and a number of other producers including Russia agreed late last year to cut production to ease oversupply and support the price of crude. In May, they extended those cuts into 2018. – EPA pic, August 11, 2017.

OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said today, giving figures that cast further doubt on the cartel’s pledge to cut output to raise prices.

In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.

“There would be more confidence that rebalancing is here to stay if some producers party to the output agreements were not... showing signs of weakening their resolve,” the IEA said.

Opec and a number of other producers including Russia agreed late last year to cut production to ease oversupply and support the price of crude. In May, they extended those cuts into 2018.


However, the effort has been undermined by a number of countries failing to honour their pledges to reduce output.

“The compliance rate with OPEC’s output cut fell again in July to a new low of 75% from June’s revised figure of 77%,” said the IEA.

For the non-Opec countries that joined the pact, the compliance rate edged up to 67%, the IEA said.

It found that the 22 countries bound by the pact are producing about 470,000 barrels per day in excess of their commitment, while global output was around 500,000 barrels higher in July than one year ago.

Saudi Arabia and Iraq, OPEC’s top two producers, vowed yesterday to strengthen their commitment to the production cuts.

While Saudi Arabia met its production limits in July, Iraq only made one-third of the cut it had pledged, according to the IEA report.

The IEA found that global oil supply rose by nearly half a billion barrels per day in July to 98.16 million barrels per day (mbd). – AFP, August 11, 2017.

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Re: Spot Brent Oil Price
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Re: Spot Brent Oil Price
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Saturday, 12 August 2017 | MYT 6:42 AM
Oil prices up amidst higher global demand, Nigeria instability
image: http://www.thestar.com.my/~/media/online/2017/02/01/03/06/oilrig24a-jan2017.ashx/?w=620&h=413&crop=1&hash=336D7401264BE59ABB376AA1D1C32AF5E9DB7F0D
Brent crude settled up 20 cents or 0.39 percent to $52.10 a barrel.  U.S. West Texas Intermediate crude was up 23 cents or 0.47 percent to $48.82 a barrel.  U.S. crude was down 1.5 percent on the week, while Brent was down 0.6 percent.
Brent crude settled up 20 cents or 0.39 percent to $52.10 a barrel. U.S. West Texas Intermediate crude was up 23 cents or 0.47 percent to $48.82 a barrel. U.S. crude was down 1.5 percent on the week, while Brent was down 0.6 percent.
 
NEW YORK: Oil prices rose slightly on Friday in volatile trading as the market weighed lower U.S. crude stocks, Nigerian instability and strong global demand growth against a persistently slow rebalancing.

Brent crude settled up 20 cents or 0.39 percent to $52.10 a barrel.

U.S. West Texas Intermediate crude was up 23 cents or 0.47 percent to $48.82 a barrel.

U.S. crude was down 1.5 percent on the week, while Brent was down 0.6 percent.

The International Energy Agency said it had revised historic demand data for 2015-2016, meaning a lower demand base in 2017-2018 combined with unchanged high supply numbers could lead to lower stock draws than initially anticipated.

On Friday Baker Hughes data showed U.S. drillers added oil rigs for a second time in the last three weeks. However, the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices.

Drillers added three oil rigs in the week to Aug. 11 bringing the total count to 768, the most since April 2015.

U.S. crude inventories <USOILC=ECI> fell 6.5 million barrels last week, according to the Energy Information Administration.

"As long as we continue to see declining inventories the more we’ll continue to think the OPEC-led cuts are tightening the supply-demand balance," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

However market watchers caution that declining inventories for gasoline coincide with seasonal draws.

"We may see some headwinds ahead of us with slowing demand as summer driving comes to an end," said Mark Watkins, regional investment manager at U.S. Bank.

"We're slowly taking supply out of the marketplace. It isn’t at an accelerated pace," he said, "This rebalancing is going to take an extremely long time."

Money managers cut their net long U.S. crude futures and options positions in the week to Aug. 8, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

In Nigeria hundreds stormed a crude oil facility and gas plant owned by Royal Dutch Shell Plc <RDSa.L> in the Niger Delta on Friday demanding jobs and infrastructure development, a Reuters witness said.

Nigerian oil exports were scheduled to hit a 17-month high in August, but fell back under 2 million barrels per day (bpd) after Shell declared force majeure on Bonny light.

In the United States, President Donald Trump again stepped up his rhetoric against North Korea again, saying what he called U.S. military solutions were "locked and loaded" as Pyongyang accused him of driving the Korean peninsula to the brink of nuclear war. - Reuters
TAGS / KEYWORDS:
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Read more at http://www.thestar.com.my/business/business-news/2017/08/12/oil-prices-up-amidst-higher-global-demand-nigeria-instability/#vJOMt2U28vcQ8ZiR.99

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Re: Spot Brent Oil Price
« Reply #4269 on: August 14, 2017, 10:44:53 AM »





Oil markets steady as strong demand is met by ample supplies
Reuters
/
Reuters

August 14, 2017 09:14 am MYT

-A+A
SINGAPORE (Aug 14): Oil prices were steady early on Monday, supported by strong demand and falling inventories, but still under pressure from high output.

Brent crude futures, the international benchmark for oil prices, were at $52.08 per barrel at 0048 GMT, down 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $48.85 a barrel, up 3 cents.

ANZ bank said prices were being supported by a report from the International Energy Agency (IEA) that crude oil stockpiles were now below 2016 levels.

Despite this, the IEA said that stocks remained 219 million barrels above a 5-year average - a level that producer club OPEC is targeting with its output cuts.

The agency also raised its 2017 demand growth forecast to 1.5 million barrels per day (bpd) from 1.4 million bpd in its previous monthly report and said it expected demand to expand by a further 1.4 million bpd next year.

Despite the strong demand, markets remain well supplied thanks to strong output.

Shale production in the largest U.S. oilfield should rise by as much as 300,000 bpd by December, according to industry forecasts.

Oil production from the Permian Basin of West Texas and New Mexico is closely watched because its low costs and rapid growth have pressured efforts by the Organization of the Petroleum Exporting Countries to drain a global crude supply glut.

U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices.

Drillers added 3 rigs looking for new oil in the week to Aug. 11 bringing the total count up to 768, the most since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. - Reuters

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Re: Spot Brent Oil Price
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rude Oil
Oil stable as market conditions tighten despite rising US output
Reuters
/
Reuters

August 21, 2017 09:59 am MYT

-A+A
SINGAPORE (Aug 21): Oil markets were stable early on Monday, holding on to Friday's big gains even though rising U.S. output weighed on hopes the market will tighten with crude inventories down 13 percent since March.

Brent crude futures, the international benchmark for oil prices, were at $52.72 per barrel at 0139 GMT, unchanged from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $48.54 a barrel, up 3 cents form their last settlement.

This came after an up-to-3 percent increase in prices on Friday.

Traders said the market was somewhat held back by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015. <C-OUT-T-EIA>

But the rise in U.S. output may soon slow, as energy firms cut rigs drilling for new oil for a second week in three, the Baker Hughes energy services firm reported on Friday. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker Hughes said. <RIG-OL-USA-BHI>

"The rig count suffered its biggest fall since January, adding to signs that the market is tightening," ANZ bank said on Monday.

Also, U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels. <C-STK-T-EIA>

Analysts said that falling crude inventories, despite rising output, indicate the market is already tightening.

"The rebalance of the oil market is well under way according to inventory data, however the market is heavily focused on the fact that shale supply continues to increase," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

"The trajectory of crude inventories is clearly down and it will be surprising if the market will be able to ignore continued drawdowns," he added.

Outside the United States, an outage of the Sharara oilfield in Libya might dampen flows in the short-term, traders said. - Reuters

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Re: Spot Brent Oil Price
« Reply #4292 on: Yesterday at 11:53:56 PM »
 :D :D :D............nanma poon sirup siluppp...KanaNaikManyak,this cummingg above 30sen and reach the sky!!! :thumbsup: :clap: :clap: :clap: :cash: :cash: :cash: :cash:


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Re: Spot Brent Oil Price
« Reply #4293 on: Today at 05:06:26 AM »



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Re: Spot Brent Oil Price
« Reply #4293 on: Today at 05:06:26 AM »