Posts Tagged ‘crude oil’

Oil Prices Rise As Brexit Shock Fades and Norway Strike Looms

Wednesday, June 29th, 2016

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.

(more…)

Saudi Aramco Oil Price Hike Amid Robust Demand

Monday, June 6th, 2016

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.

(more…)

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

Monday, May 30th, 2016

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.

(more…)

Iran Won’t Freeze Oil Output Ahead of OPEC Meeting

Monday, May 23rd, 2016

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.

(more…)

High oil stocks while gold trading price remains subdued

Sunday, April 26th, 2015

Oil pumps in Saudia Arabia
This week, the crude oil price tag has fluctuated a few cents around the $57 per barrel level, while gold futures have been trading at a disappointingly low level for some – in the region of $1,175 to $1,177 per ounce.

Small fluctuations around $57 per barrel

Crude oil stocks are currently at an eighty-year high, this being attributed to Saudi Arabia curbing its military campaign against Yemen.

While there no longer seems to be the threat of oil price crashes, prices have dropped from around $58 to $57, which is a minor fluctuation when considered in the context of thirty-day movements, between $40 and $58.
(more…)

Oil prices plummet amid high US Supplies and easing tensions in the Middle East

Wednesday, November 6th, 2013

Price of oil and gold forecastLast month saw the price of crude go up to a little over £70 per barrel amid concerns over the possibility of war breaking out in Syria. However, easing tensions in the region, thanks to significant diplomatic strides being made on Syria’s chemical weapons and Iran’s nuclear program, along with high US supplies have led to the price of crude plummeting to slightly over £58 per barrel.

The declining geopolitical risk in the Middle East has played a significant role in the fall of the price of crude oil. The likelihood of Iranian oil flowing back into the market has increased significantly as the country’s leaders declared they want to come to an agreement quickly with the major powers regarding their nuclear program.
(more…)

Why is the oil price up and down?

Wednesday, April 10th, 2013

Commodities and North KoreaIn the latest roundup of commodity trading news, oil and gold have once again attracted the attention of many traditional and online traders. One newsworthy story is the rebounding of global oil prices after last week’s sharp knee-jerk reaction over the release of rather poor United States employment data.

Despite the fact that crude futures dropped sharply last Wednesday and Thursday, we have seen many investors buy on the dip and therefore prices have become more buoyant during the first half of this week. Whether this upward momentum continues is uncertain, for one of the factors affecting the weaker prices previously seen is the fact that a strong supply of crude in the States has helped push prices downward.
(more…)