Oil Prices Rise As Brexit Shock Fades and Norway Strike Looms

Published: 29 June, 2016 07:06

Oil rose on Wednesday (June 29) as financial traders poured money back into commodities following the initial shock of Britain’s vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.

Brent crude futures were trading at $48.84 per barrel at 0422 GMT, up 26 cents from their last settlement. U.S. crude was up 35 cents at $48.20 a barrel.

Both oil benchmarks had climbed on Tuesday (June 28) after markets shook off some of the initial shock from the referendum in Britain in which most voters elected to exit the EU.

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Oil Prices Steady Following Brexit Vote but Worries Over Refined Products Glut Looms

Published: 27 June, 2016 10:44


Oil prices steadied on Monday (June 27) as market participants better absorbed the shock of last week’s vote in Great Britain to leave the European Union and as analysts said Brexit would have a limited impact on global fuel demand.

Brent crude futures were up 17 cents at $48.58 a barrel by 0844 GMT and U.S. crude was up 2 cents at $47.66 a barrel.

Both crude benchmarks closed down around 5 percent on Friday (June 24) amid plunging global financial markets as results from a referendum defied bookmakers’ odds to show a 52 percent to 48 percent victory for the campaign to take Britain out of the EU.

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Oil Rallies as Fears Over Brexit Cool Down

Published: 20 June, 2016 15:22

Oil rallied on Monday (June 20), lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week.

August Brent crude futures were up 85 cents at $50.02 a barrel by 5.55am New York time, set for a gain of 6 per cent in two trading days. NYMEX crude for July delivery, which expires on Tuesday (June 21), was up 80 cents at $48.78 a barrel.

Campaigning for Britain’s vote on EU membership resumed on Sunday (June 19) after a three-day hiatus prompted by the brutal killing of Batley & Spen MP Jo Cox of  the ‘Remain’ camp.

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Gold Hits 4-week High as Cenbank Meets and Brexit Vote Shakes Stocks

Published: 13 June, 2016 12:03

Gold hit its highest since mid-May today, Monday (June 13), driven higher by a retreat of the dollar and as stocks were knocked by rising risk aversion before key central bank meetings this week and a June 23 vote on whether Britain should leave the European Union.

The pound fell to a two-month low against the dollar, pushing gold denominated in sterling to its highest in nearly three years at 909.83 pounds an ounce, up 1.9 per cent.

Spot gold was up 0.8 per cent at $1,283.66 an ounce at 09.40 GMT, off an earlier peak of $1,284.50. U.S. gold futures for August delivery were up $11.10 an ounce at $1,287.00.

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Saudi Aramco Oil Price Hike Amid Robust Demand

Published: 6 June, 2016 16:14

Saudi Arabia, the world’s largest crude exporter, raised pricing on most oil grades for sale to Asia and the U.S. in July after the nation’s energy minister said demand was robust.

State-owned Saudi Arabian Oil Co. increased its official selling price for Arab Light crude by 35 cents a barrel to 60 cents more than the regional benchmark for sales to Asia, it said in an e-mailed statement.

The company, known as Saudi Aramco, was expected to raise the premium for shipments of Arab Light crude by 40 cents a barrel to 65 cents a barrel more than the benchmark for buyers in Asia, according to the median estimate in a survey by Bloomberg of five refiners and traders in the region last week.

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Urals Drop in Price But Strong in Crude Oil Fight for Europe

Published: 30 May, 2016 14:05

An increasing flow of Middle East crude to Europe has forced Russia’s Urals to fight for its place on the market. The Russian grade has dropped in price but managed to preserve its position in the region as one of the most popular.

Urals differentials have been surprisingly stable since the end of 2015, despite negative events, such as seasonal refinery turnarounds, resumed loadings from Iran and the start of Arabian and Iraqi supplies to northwest Europe, which would be expected to affect prices.

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Iran Won’t Freeze Oil Output Ahead of OPEC Meeting

Published: 23 May, 2016 12:56

Iran, which is due to meet with OPEC partners on June 2, has no plan to join any freeze in crude output as the country won’t be done ramping up oil exports to pre-sanctions levels before the second half of the year, the head of the state oil company said.

The Persian Gulf state’s oil exports will likely surpass 2.2 million barrels a day by the middle of the summer, Rokneddin Javadi, managing director of National Iranian Oil Co., told Mehr news agency.

Iran last exported at this level before sanctions were imposed on the country for its nuclear program more than four years ago.

Sanctions were eased in January, and Iranian officials said they won’t discuss any output freeze or cut before reaching pre-sanctions levels.

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Goldman Surprised by Sudden Oil-Market Turn

Published: 16 May, 2016 12:00

The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected.

A decline in production driven by unexpected supply disruptions, as well as sustained demand have led to a “sudden halt” to the market surplus, Goldman wrote in a report dated May 15.

The bank’s report, written by analysts including Damien Courvalin and Jeffrey Currie, prompted Goldman to raise its U.S. crude price forecast to $50 a barrel for the second half of 2016 from a $45 estimate in March.

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Oil Isn’t the Only Commodity Threatened by Rise of Electric Cars

Published: 9 May, 2016 10:56

The rise of electric cars and fall of diesel technology threatens an industry from South Africa to Siberia.

The bold plan by Tesla owner Elon Musk to produce 500,000 electric cars every year starting in 2018, promise to disrupt yet another market – platinum.

But it’s not just Tesla. More or less every car manufacturer is rushing to introduce electric cars to end use of petrol and diesel.

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Gold Keeps Shining in the Best Rally in Two Months

Published: 2 May, 2016 13:00

Nothing seems to be slowing down the gold market, even when speculators take a step back.

Bullion has been on a tear, with futures last week posting the biggest advance in two months. Hedge funds missed the party, reducing their wagers on a rally by the most since they turned bullish in January.

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