Archive for August, 2016

Oil Prices Fall on Rising Iraq Output and Doubt Over Producer Prospects

Monday, August 29th, 2016

Oil prices fell early on Monday (August 29) as output from Iraq rose and as Iran said it would only cooperate in upcoming producer talks to freeze output if fellow exporters recognised its right to fully regain market share.

International Brent crude oil futures LCOc1 were trading at $49.54 per barrel at 00.43 GMT, down 38 cents from their previous close.

U.S. West Texas Intermediate (WTI) crude futures were down 43 cents at $47.21 a barrel.

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Anger in the Delta Keeps Nigeria’s Crude Oil Offline

Monday, August 22nd, 2016

Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation’s oil output, casting doubt on a production recovery in what is typically Africa’s largest oil exporter.

In the six months since the first major attack on Nigeria’s oil – a sophisticated bombing of the subsea Forcados pipeline – dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.

Talk in the country has shifted from ceasefire optimism, and oil companies’ assurances that repairs were under way, to hedged comments from the government and radio silence from oil majors.

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Oil Rises on Talk of Producer Action, but Excess Looms

Monday, August 15th, 2016

Oil prices rose on Monday (August 15) to their highest in nearly a month, with benchmark Brent crude trading more than 10 per cent above the start of August, as speculation intensified about potential producer action to support prices in an oversupplied market.

Brent crude oil futures rose to a high for the month of $47.67 a barrel on Monday (August 15) before dipping back to $47.10 per barrel at 0943 GMT, up 13 cents from their last settlement, and 11.3 per cent above the last close in July.

US West Texas Intermediate (WTI) crude futures rose to a high of $45.15 a barrel before dipping to $44.63 a barrel, still up 14 cents from their last close. WTI has gained more than 7 per cent in August.

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Indonesia to Hold Coal Output Steady Despite Price Rally

Monday, August 8th, 2016

Indonesian thermal coal miners will be unable to ramp up output this year due to logistical and debt constraints, despite a strong price rally in recent months, the Indonesian Coal Mining Association said.

Global thermal coal prices have risen sharply on an unexpected jump in imports from top consumer China as it curbs local capacity, as well as demand from other emerging Asian markets and even developed economies, particularly South Korea.

However, Indonesian coal producers that slashed output in recent years due to slumping prices are not expected to be in a position to quickly boost output, association chairman Pandu Sjahrir told news agency Reuters.

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Strategie Grains Cuts EU Rapeseed Crop Estimate Once Again

Monday, August 1st, 2016

Consultancy Strategie Grains cut its estimate for the European Union’s rapeseed harvest for the third month in a row on Monday (August 1) due to lower than expected yields in major producing countries where harvesting is in full swing.

It said the EU should harvest 20.7 million tonnes of rapeseed this year, a forecast revised down by 570,000 tonnes from last month, and now nearly 6 per cent below 2015.

Strategie Grains mainly cut its estimates for France, Germany and Poland due to lower yields. The cuts were only partly compensated by smaller rises in Hungary, Bulgaria, the Czech Republic, Denmark and Lithuania.

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