Crude oil 1 lot

Share to Twitter Share to Linkedin As a group of invited oil company CEOs prepare for Thursday’s scheduled meeting with Energy Secretary Jennifer Granholm and other Biden administration officials, the heads of two U.S. majors, ExxonMobil XOM and Chevron CVX , made stage-setting public remarks on Tuesday. In a public letter to President Biden, Chevron CEO Mike Wirth detailed investments his company has made to raise both production levels and refinery throughputs in the U.S. in recent months. Wirth pointed to the fact that, in the Permian Basin alone, Chevron expects its crude oil output to reach 750,000 barrels of oil per day (bopd), an increase of 15% over its 2021 levels. Wirth also pointed to the fact that “Chevron’s U.S. refinery input grew to 915,000 barrels per day on average in the first quarter of this year from 881,000 in the same quarter last year.” Acknowledging that high prices for oil, natural gas and gasoline have been impacted by … [Read more...] about Chevron, ExxonMobil CEOs Set The Stage For Thursday Meeting With Biden Officials

- A + A (June 23): Oil erased a second consecutive sharp decline as wider markets continue to price in the risks of a global economic slowdown. West Texas Intermediate sank toward US$102 earlier Thursday before paring losses to trade near US$106. The US benchmark has lost more than 13% since June 8, as warnings about the world’s economy grow steadily louder, overshadowing signals that the oil market remains tight. Crude’s recent swings have been accompanied by a renewed liquidity malaise exacerbating market volatility. Open interest across the main futures contracts has fallen to the lowest since 2015 in recent days. Over the past two weeks, oil has been rapidly giving up earlier gains in what’s been a volatile quarter as investors attempt to gauge the trajectory of the global economy and its impact on raw materials. There’s about a 50% chance the world economy will succumb to a recession, according to Citigroup Inc and Deutsche Bank AG. “Lots of focus is … [Read more...] about Oil wipes out drop as recession fears spur market volatility

Share to Twitter Share to Linkedin Drivers across the United States are suffering unprecedented pain at the pump, with national average prices spiking above $5 per gallon . Fortunately an inflation-busting option is ready to go – modeling shows electric vehicles save drivers thousands per year compared to internal combustion engines in most states. But these consumer-protection economics hinge upon the U.S. Senate passing legislation that has languished for months after passing the House of Representatives. The existing $7,500 federal EV tax credit cap of 200,000 vehicles sold has been surpassed by GM and Tesla TSLA while Ford, Nissan, and Toyota will likely exceed it this year. Without those extremely valuable incentives, EVs and billions in annual savings will slip out of reach for many families. If the Senate passes reconciliation legislation extending the EV tax credit cap for automakers and increases the federal tax credit to $10,000, it will … [Read more...] about Americans Are Suffering Record Pain At The Pump. Will Congress Provide Electric Vehicle Relief?

Representative image A characteristic of the ongoing market correction has been heavy selling by foreign investors. Since October last year, they have withdrawn about net Rs 2.08 lakh crore equities, as per NSDL data. Not surprisingly, indices are trading lower by about 18 percent from their highs. Apparently the nine month long winter is likely to get even longer now. Commentaries from foreign money managers and expectations from domestic analysts suggest that it will take a lot of factors to culminate for them to come back. A couple of major reasons why foreign investors have been bearish on Indian markets are rising US dollar which has also led to more yields on bonds, and monetary tightening that is likely to have a negative impact on the economy. Concerns over near-term risks including tightening monetary conditions, a slowing economic outlook, likely earnings cut for the Nifty and headwinds from higher crude oil prices will likely keep them away, say analysts. BofA … [Read more...] about Long winter on the Street set to get longer! FIIs don’t seem to be coming back anytime soon

- A + A KUALA LUMPUR (June 22): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower for the sixth consecutive day on Wednesday (June 22) on subdued demand due to weak market sentiment. “(The benchmark) CPO plunged below RM4,500 a tonne today, the lowest for this year as bearish sentiment continues to grip the market. “Losses in the soya bean oil market during Asian hours also exacerbated the situation. The prospects of higher supply coming into the market continue to pressure the market,” palm oil trader David Ng told Bernama . He said the support level is now located at RM4,200 a tonne while resistance is at RM5,000 a tonne. Another dealer said concerns over the production season coupled with weak export figures for the first 20 days of this month also weighed on sentiment. At the close, the CPO futures contract for the spot month of July 2022 fell RM522 to RM4,688 a tonne, August 2022 decreased RM499 to RM4,566 a tonne, the … [Read more...] about CPO futures fall below RM4500 per tonne on June 22

- A + A KUALA LUMPUR (June 23): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its six-day losing streak to close higher Thursday as bargain hunting emerged. “CPO ended higher as the recent sharp sell-down attracted buying interest. We locate support level at RM4,500 a tonne and resistance at RM5,100 a tonne,” palm oil trader David Ng told Bernama. The benchmark contract month ended at a six-month low on Wednesday pressured by bearish market fundamentals including lower soya bean oil prices, expectations of high supply and weak export figures during June 1-20. At the close, the CPO futures contract for the spot month of July 2022 rose RM180 to RM4,870 a tonne, August 2022 increased sharply by RM234 to RM4,800 a tonne, the benchmark September 2022 surged RM245 to RM4,744 a tonne and October 2022 advanced RM262 to RM4,731 a tonne. Total volume decreased marginally to 91,214 lots today from 91,898 lots on Wednesday, while open … [Read more...] about CPO futures rebound on bargain hunting

- A + A (June 24): US President Joe Biden’s political fortunes have changed dramatically since his first Group of Seven (G7) summit last summer, or even his last visit to Europe in March. It couldn’t come at a worse time for his international allies as Russia settles into a long war with Ukraine. German Chancellor Olaf Scholz, who will welcome G7 leaders in the Bavarian Alps, views Biden as a driving force in sustaining pressure on Moscow and believes that unity among allies could fray once again if Republicans win back the White House in 2024, according to a German government official who requested anonymity to discuss internal thinking. It was only a year ago, on a sandy English beach in Cornwall, when European leaders celebrated that Donald Trump was gone and that the US had returned to the multilateral orbit. Now, that relief has been replaced with a sense of foreboding about whether Biden’s Democrats survive midterm elections and the president’s political … [Read more...] about Biden limps to G7 as allies fret over his troubles at home

- A + A KUALA LUMPUR (June 24): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed Thursday’s gains to close lower on Friday as weak sentiment continued to weigh on demand for the golden fruit. “Additional export permit approvals from Indonesia, weak Malaysian exports against rising production coupled with a massive sell-off in the benchmark soya bean oil market on Chicago Board of Trade and Dalian Commodities Exchange depressed CPO futures,” Singapore-based Palm Oil Analytics’ owner and co-founder Sathia Varqa told Bernama. He noted that weaker export figures of Malaysian palm oil from June 1 to 25, down 10 to 12%, also influenced market sentiment. At the close, CPO futures contract for the spot month of July 2022 fell RM72 to RM4,798 a tonne, August 2022 decreased RM98 to RM4,702 a tonne, the benchmark September 2022 lost RM80 to RM4,664 a tonne and October 2022 reduced RM63 to RM4,668 a tonne. Total volume shrank to 76,254 lots today … [Read more...] about Weak market sentiment drags CPO futures lower

Despite the recent selldown of CPO, planters were still making profits given the cost of production which ranged between RM1,600 and RM1,800 per tonne, said a senior palm oil trader. (Photo by Mohd Suhaimi Mohamed Yusuf/The Edge) - A + A KUALA LUMPUR (June 25): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to experience a technical correction next week with high supply in the market weighing on prices. Interband Group of Companies senior palm oil trader Jim Teh said higher stocks in Malaysia and Indonesia, which together stood at more than six million tonnes, coupled with production season in the domestic market, would put pressure on prices. “Export data for June 1-20 is not that encouraging and we are heading into [a possible] recession where people would only buy what they need. “Because of inflation, buyers would be very cautious about pricing,” he told Bernama. Teh said despite the recent selldown of CPO, planters … [Read more...] about CPO futures market expected to see technical correction next week