Archive for the ‘usa’ Category

G20 Pledges to Tackle Global Steel Glut

Monday, September 5th, 2016

G20 leaders have pledged to work together to address excess steel capacity that has punished the global industry with low metal prices for years while raising tensions between China and other major producers.

A statement from the White House said that leaders at the G20 summit in Hangzhou, eastern China, on Monday (September 5) accepted that overcapacity in steel and other industries is a global issue that requires a collective response.

Proposals for the formation of a global forum that would seek a global solution and report back to the G20 next year underscore the growing resolve to support a sector that has long been grappling with chronic oversupply and sluggish demand.

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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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Oil Price is Stabilising Even as Iran Plans to Boost Crude Exports

Monday, July 11th, 2016

Oil markets will remain stable this year even as Iran plans to keep boosting crude exports to regain the market share it lost due to sanctions, according to a senior official at state-run National Iranian Oil Co.

Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. The country has regained about 80 percent of the market share it held before the U.S. and European Union tightened sanctions on its oil industry in 2012, he said.

Sanctions were eased in January, and Iran plans to double crude exports.

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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.

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Oil Rallies as Fears Over Brexit Cool Down

Monday, June 20th, 2016

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

Monday, June 13th, 2016

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

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.

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Goldman Surprised by Sudden Oil-Market Turn

Monday, May 16th, 2016

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

Monday, May 9th, 2016

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

Monday, May 2nd, 2016

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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