Crude oil stock chart

- A + A KUALA LUMPUR (Aug 12): The ringgit opened easier against the US dollar on Friday due to mixed sentiments and falling crude oil prices, said an analyst. At 9 am, the local currency fell to 4.4450/4495 versus the greenback from Thursday’s close of 4.4445/4460. The analyst said with the worries on inflation and global growth, as well as tighter financial conditions for the greenback, the local note is not expected to strengthen in the near term. He said the increase in US interest rate would put pressure on the ringgit. Meanwhile, the ringgit traded higher against a basket of major currencies. It rose against the Singapore dollar to 3.2441/2478 from 3.2456/2469 and gained versus the British pound to 5.4162/4217 from 5.4307/4326 previously. The local currency improved vis-a-vis the Japanese yen to 3.3351/3387 from 3.3516/3529 on Thursday and appreciated against the euro at 4.5846/5892 from 4.5934/5949 at yesterday’s closing. … [Read more...] about Ringgit depreciates versus US dollar on mixed sentiments, weak crude oil

(Representative Image) Oil India Ltd (OIL) , the nation's second-largest state explorer, reported a tripling of its net profit in the June quarter on record oil and gas price realisation. Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement. The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to USD 67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to USD 6.1 per million British thermal unit from USD 1.79. Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia's invasion of Ukraine. Turnover nearly doubled to Rs 6,029.86 crore in the first quarter of the current fiscal year that began on April 1. The earnings were also aided by a 4 per cent rise in crude oil production at 0.78 … [Read more...] about Oil India net profit triples on oil in June quarter, gas price boost

- A + A HOUSTON (Aug 12): U.S. offshore oil producers Shell, Chevron and Equinor on Thursday halted operations pumping hundreds of thousands of barrels per day, citing an onshore pipeline leak that a local official said should take about a day to fix. The shut-ins are not expected to last but the number of facilities affected by the leak offered another example of how a relatively minor failure can affect a swath of U.S. energy infrastructure. The shut-ins could halt about 600,000 barrels per day of oil production, a person familiar with offshore operations said. A flange connecting two pipelines onshore in Louisiana failed and caused about two barrels of oil to spill onto the ground, said Chett Chiasson, executive director of Greater Lafourche Port Commission. A fix is expected to take about a day, he added. The spill halted operation of the Mars and Amberjack Pipelines that serve several oil production platforms off the Louisiana coast. It occurred at a booster … [Read more...] about Oil output halted at 7 U.S. Gulf platforms on pipeline outage

- A + A KUALA LUMPUR (August 12): China’s state-run China Petrochemical Group, Sinopec, says it has discovered a massive oilfield in the Tarim Basin, containing 1.7 billion tons of oil reserves. In a report on Wednesday (Aug 10), state controlled Global Times said the discovery is the result of exploration in the Shunbei oil and gas field, touted to be one of the deepest commercial fields in the world, in the country’s Xinjiang region. The repory said Sinopec’s exploration program at Shunbei includes 117 wells, one of which strikes 9,300 meters in depth. Citing the director of China's Center for Energy Economics Research at Xiamen University, the Global Times said the newest discovery could supply the country’s oil demand for two years. Shunbei is estimated to have the capacity to produce 244 tonnes of crude oil and 970,000 cubic meters of natural gas per day, according to Sinopec. The Chinese are targeting the Tarim Basin as having the potential overall to … [Read more...] about China’s Sinopec makes oilfield discovery with 1.7 billion tonnes of oil reserves – state media

- A + A LONDON (Aug 11): Global shares edged higher on Thursday as investors bet on the pace of interest rate hikes slowing after data pointed to inflation peaking, leaving the US dollar struggling after its biggest fall in five months. Oil prices languished below US$100 a barrel in search of direction, while better-than-expected earnings from Zurich lifted the insurer's shares. Figures on Wednesday showed that US consumer prices were unchanged in July compared with June, a two-year rise in inflation stopped in its tracks by a drop in gasoline prices. Investors now turn to US producer prices data, along with the latest jobless claims numbers, ahead of Wall Street's open. Michael Hewson, chief markets analyst at CMC Markets, said peaking inflation could mean less aggressive interest rate hikes from the US Federal Reserve when it meets in September. The Bank of England and European Central Bank also meet next month. "Markets are getting ahead of themselves, and … [Read more...] about Peak inflation bet lifts stocks, US dollar in doldrums

- A + A (Aug 11): Russia’s oil output is set to fall roughly 20% by the start of next year as a European Union import ban comes into force, according to the International Energy Agency. Gradual monthly declines will start as soon as this month as Russia cuts back refining, and will quicken as the embargo takes effect, the IEA said in a market report. The agency expects to see close to two million barrels a day shut in by the start of 2023, despite a healthy recovery in production in recent months. The EU is set to halt most crude purchases from Russia from Dec 5 in a bid to cut off revenue streams that the Kremlin uses to finance its war in Ukraine. From Feb 5, an EU ban on Russian oil-product shipments takes effect. Some one million barrels per day of Russian products and 1.3 million barrels per day of crude would have to find new homes due to the planned EU restrictions, according to the IEA estimates. Russia’s oil output has risen in the past three months, … [Read more...] about IEA sees Russia oil output down 20% when EU ban takes effect

- A + A NEW YORK (Aug 12): The S&P 500 and Nasdaq finished in the red while Treasury yields rose as investors digested signs of cooling U.S. inflation and hopes the Federal Reserve could slow interest rate hikes against warnings that the battle with rising prices was far from over. Thursday's data showed U.S. producer prices (PPI) unexpectedly fell in July amid a drop in the cost of energy products. This followed Wednesday's surprise news that consumer prices (CPI) were unchanged in July due to a drop in gasoline prices. U.S. Treasury yields rallied after dropping sharply earlier. Two straight days of slower inflation data gave investors some hope that soaring prices were finally "peaking and heading in the right direction," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. But Saluzzi cautioned that this was a "one month data point." "You'd still like to see a trend next month and see it's not necessarily just energy. You … [Read more...] about Stocks lose ground, Treasury yields climb after inflation data

Share to Twitter Share to Linkedin Nvidia NVDA gapped lower this morning on a negative reaction to a partial earnings report. The stock closed last week at $189.89 and traded as low as $172.42 this morning, down 9.2%. Nvidia is above its 50-day simple moving average at $170.18 and above its value level for this week at $169.35. The stock set its all-time intraday high of $346.47 on November 22, 2021 and traded as low as $140.55 on July 5, 2022. This was a bear market decline of 59.4%. From this low Nvidia rebounded by a bull market 37.1% rise to $192.74 below its annual pivot at $195.84. The Daily Chart for Nvidia Shares of Nvidia fell below a death cross on April 21, 2022, when the 50-day simple moving average moved below the 200-day simple moving average. The stock remains below this death cross. Its above the 50-day SMA at $170.17 and below its 200-day SMA at $231.41. There are four horizontal lines. At the top is the quarterly risky … [Read more...] about Nvidia Gapped Lower Monday On Partial Earnings Results. How To Trade This Stock Now

Share to Twitter Share to Linkedin Tesla TSLA tried to breakout above its 200-day simple moving average last week but broke below it on Monday as CEO Elon Musk reduced his holdings. Musk sold nearly $7 billion shares between Friday and Tuesday according to regulatory disclosures. He must be protecting his need to own shares of Twitter. It is not surprising that demand for Tesla automobiles is being hurt by inflationary pressures. Rising inflation is starting to cut consumer spending. Credit card balances are said to be at the highest level in more than 20 years. Consumer confidence is starting to decline as Americans begin to live paycheck to paycheck. The stock set its all-time intraday high of $1,243.49 on November 4, 2021 and traded as low as $620.57 on May 24, 2022. This was a bear market decline of 50%. From this low Tesla rebounded by a bull market 51.6% rise to $940.82 on August 4, above its semiannual pivot at $900.00. The Daily Chart … [Read more...] about Tesla Shares Failed To Hold Its 200-Day Simple Moving Average. Here’s How To Trade The Stock Now.

Large oil and gas producers are lauding the Senate Democrats’ climate bill due to its green incentives and regulations on fossil fuels; however, smaller producers argue that the new taxes and fees included in the bill will kill their operations. Big oil is hailing the $369 billion climate bill for its steps to regulate the fossil fuel industry and promote green energy, according to Bloomberg. However, smaller, independent oil and gas companies are arguing that the bill’s numerous, costly regulations will threaten their industry’s development, according to an industry letter that was sent Tuesday night to the House Ways & Means Committee. (RELATED: ‘The Little Guys Get Swept Up’: Taxes In Senate Dems’ Climate Bill Threaten Independent Oil, Gas Producers) Exxon’s Darren Woods said the Democrats’ bill was “a step in the right direction” and Occidental’s Chief Executive Officer Vicki Hollub called the bill “very positive,” according to Bloomberg. BP and Shell also cheered … [Read more...] about Big Oil Is Backing Dems’ Climate Bill — Here’s Why