SINGAPORE, Sept 16 — Oil prices surged nearly 20 per cent at one point today, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom’s…
SINGAPORE, Sept 16 — Asian refiners and traders said they are expecting Saudi Arabia to import large volumes of refined oil products and curb exports of light crude oil after attacks on Saturday that forced it to shut down more than half of its…
NEW YORK, Sept 16 — Attacks on Saudi oil plants have boosted concerns about supply security in the Middle East and should raise the risk premium in the global crude market, shifting focus from a gloomy economic backdrop, S&P Global Platts said…
KUALA LUMPUR: Malaysia’s total palm oil stocks fell 5.31% to 2.25 million tonnes in August 2019 from 2.38 million tonnes recorded in the previous month, according to the Malaysian Palm Oil Board (MPOB).
In a statement today, MPOB said crude palm oil (CPO) stocks decreased by 3.55% to 1.29 million tonnes from 1.34 million tonnes while processed palm oil stock decreased by 7.57% to 961,266 tonnes from 1.04 million tonnes previously.
It also said CPO production rose 4.64% to 1.82 million tonnes versus 1.74 million tonnes in July.
Palm kernel output was higher by 8.31% at 446,625 tonnes from 412,353 tonnes.
Palm oil exports increased by 16.37% to 1.73 million tonnes from 1.49 million tonnes in July, while exports of oleochemical rose 4.57% to 302,011 tonnes against last month’s 288,802 tonnes.
Biodiesel exports in the month under review decreased by 40.43% to 47,012 tonnes from 78,920 tonnes, while exports of palm kernel cake decreased 34.06% to 144,090 tonnes from 218,501 tonnes.
Meanwhile, palm kernel oil exports slightly decreased by 0.19% in August 2019 to 86,696 tonnes vis-a-vis 86,865 tonnes in the preceding month. – Bernama
KUALA LUMPUR, Sept 10 — Malaysia’s total palm oil stocks fell 5.31 per cent to 2.25 million tonnes in August 2019 from 2.38 million tonnes recorded in the previous month, according to the Malaysian Palm Oil Board (MPOB). In a statement…
KUALA LUMPUR, Sept 4 — Malaysia’s exports growth is expected to ease further to 1.5 per cent in 2020 from the 2.2 per cent estimated for this year, according to RHB Research. The escalation of the US-China trade friction had posed greater…
NEW YORK, Aug 29 — US stocks leapt higher today, with investors taking heart after Chinese authorities suggested they may break the cycle of tit-for-tat retaliations in the trade war with the United States. The gains put Wall Street in the green…
WASHINGTON, Aug 29 — The world’s largest economy grew a little more slowly in the second quarter than previously thought, the government reported today, with new data showing weaker oil exports and local government spending. GDP expanded in the…
MOSCOW, Aug 23 ― Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to buyers in China and India and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching US…
SINGAPORE: Oil prices edged higher on Thursday after a drawdown in U.S. crude inventories, but lingering concerns over the global economy and a build-up in U.S. refined product stocks kept a lid on gains.
Brent crude futures climbed for a fifth consecutive session on Thursday, rising 6 cents, or 0.1%, to $60.36 a barrel by 0242 GMT on Thursday.
West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2%, to $55.78 per barrel.
U.S. crude inventories fell more than expected last week as refineries hiked production, but gasoline and distillate stockpiles showed bigger-than-expected builds, the Energy Information Administration said on Wednesday.
Crude inventories fell by 2.7 million barrels in the week to Aug. 16, compared with analysts’ expectations for a drop of 1.9 million barrels. However, gasoline stocks rose by 312,000 barrels and distillate supplies grew by 2.6 million barrels.
“Amid mounting market concerns about a slowdown in economic and oil-demand growth, it might come as a surprise that crude oil inventories have actually been plunging,” analysis firm Kayrros said in a note.
Traders were worried on the prospects of global oil demand especially amid lingering trade tensions between U.S and China, the world’s two major economies.
“If trade uncertainties persist it will be difficult for oil to shrug off concerns about the threat to global demand,” said Stephen Innes, a managing partner at Valour Markets.
U.S. President Donald Trump on Wednesday said he was “the chosen one” to address trade imbalances with China, even as congressional researchers warned that his tariffs would reduce U.S. economic output by 0.3% in 2020.
Asian shares edged ahead on Thursday after Wall Street got a boost from strong retail results, but minutes of the Federal Reserve’s July meeting showed policymakers were deeply divided over whether to cut interest rates as sharply as markets were wagering.
Meanwhile, oil markets were also supported by simmering tensions between the United States and Iran, with Iranian President Hassan Rouhani cautioning Washington against tightening pressure on Tehran.
If Iran’s oil exports are cut to zero, international waterways will not have the same security as before, Rouhani said on Wednesday.
Echoing Rouhani’s tone, Iranian Foreign Minister Mohammad Javad Zarif said Tehran might act “unpredictably” in response to U.S. policies under President Donald Trump. – Reuters