Oil price opec today

- A + A KUALA LUMPUR (May 19): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Thursday despite the weakness in soybean oil futures on the Chicago Board of Trade, said a dealer. Palm oil trader David Ng said, however, sentiment was cautious as the expectation that the largest palm oil producer, Indonesia, may lift palm oil export ban from May 23 also weighed on prices. “It will be bad for Malaysian CPO prices because importers can now also purchase from Indonesia if the republic lifts the ban. Definitely, there will be competition. We locate support at RM5,850 and resistance at RM6,400 per tonne,” he told Bernama. At the close, the CPO futures contract for spot month June 2022 increased RM30 to RM6,694 a tonne, July 2022 went up RM19 to RM6,364 a tonne, August 2022 rose RM18 to RM6,134 a tonne, and September 2022 improved RM15 to RM6,021 a tonne. October 2022 was RM14 higher at RM5,960 a tonne and November 2022 climbed RM12 … [Read more...] about CPO futures end higher despite decline in soybean oil prices

HPCL Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × State run- Hindustan Petroleum Corporation Ltd (HPCL) reported robust topline growth on the back of high crude oil prices, but the company was unable to pass on the higher cost to the customers, leading to a decline in its net profit in the fourth quarter of 2021-22. Despite the volatility in the crude oil prices, HPCL plans to spend about Rs 15,000 crore in capital expenditure in 2022-23, as against Rs 16,500 crore spent in the year 2021-22. HPCL reported a 34 percent decline in consolidated net profit in January-March to Rs 2,019 crore . The company’s revenue for the quarter was at Rs 106,533.84 crore, up 24% from a year ago. The company’s downstream petroleum business reported revenue of Rs 105,236 crore in Q4FY22, up almost 24% on year. But the business saw its … [Read more...] about HPCL’s Q4 net takes hit due to retail fuel price freeze; firm plans Rs 15,000 crore capex in FY23

Representational Image. Wholesale inflation in the country surged to 12.5 percent in October, up from 10.6 percent in September mainly due to a rise in prices of fuel, food and metals. Wholesale inflation was at 11.6 percent in August and 11.5 percent in July. Measured by the Wholesale Price Index (WPI), wholesale inflation in India strengthened after remaining low for four straight months till September, government data released on November 15 said. Economists had earlier said the September reading was reaching an inflexion point. Wholesale inflation reached record high levels in May after prices continued to rise for five straight months. The primary reason behind overall inflation having moderated in the past few months is that the rise in fuel prices was slower. While fuel inflation has not fallen to 2020 levels, the volatility had gone down. But in October, fuel inflation again rose to 37.2 percent, up from September's 24.8 percent, August's 26 percent and July's 27 … [Read more...] about October wholesale price inflation rises to 5-month high of 12.5%

- A + A (May 19): Indonesia, the world’s biggest shipper of edible oils, lifted a ban on palm oil exports in a move that will bring relief to the global market after the war in Ukraine choked off critical supplies. Palm oil exports can resume from May 23, President Joko Widodo said in an online briefing on Thursday. This is after considering improvements in local supply and prices, as well as the 17 million workers in the industry, he added. Indonesia’s ban, which was imposed since April 28, was one of the biggest acts of crop protectionism since Russia’s invasion of Ukraine, which stymied exports of sunflower oil and worsened a global shortage. Palm oil is used in everything from food to soap to fuel, and the move by Indonesia threatened to push up costs even more across multiple supply chains at a time of rampant inflation. “Consumers can breathe a sigh of relief now,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari … [Read more...] about Indonesia lifts palm oil export ban in relief to global market

Indonesia Finance Minister Sri Mulyani Indrawati (Bloomberg filepix) - A + A The government sees a 392 trillion rupiah (US$27 billion) boost to total expenditure to reach an estimated 3,106 trillion rupiah this year. (May 19): Indonesia is increasing state spending to fund subsidies that would keep energy prices steady despite the global surge in fuel cost, helping quell inflationary pressures that risk derailing its economic recovery. The government sees a 392 trillion rupiah (US$27 billion) boost to total expenditure to reach an estimated 3,106 trillion rupiah this year. That’s partly to account for a 56% jump in subsidies to the 208.9 trillion rupiah meant to absorb increases in energy costs for Indonesians, said Finance Minister Sri Mulyani Indrawati on Thursday. Payments to compensate state-owned oil company PT Pertamina and state utility PT Perusahaan Listrik Negara also surged 15-fold from the initial estimate to 293.5 trillion rupiah to help keep … [Read more...] about Indonesia adds US$27 bil of spending to absorb price shocks

Representational Image. Wholesale prices in India rose 15.1 percent in April from a year earlier, the most in three decades, increasing cost pressures on producers and likely affecting growth, economists said. Inflation as measured by the Wholesale Price Index was at the highest level on record in the current 2011-12 series. Prices of food, fuel and manufacturing registered an exponential spike in April, with the sharpest increases in fuel and power prices. While WPI has risen considerably since 2015, the 13 percent jump between FY21 and FY22 was the highest. Global factors Close The index is dominated by manufactured products, which have a weight of 64 percent and are influenced significantly by global factors such as the pandemic and geopolitical tensions. Consequently, an increase in global prices gets reflected more in the WPI, according to economists. “The key factors behind the increase in the WPI are elevated global commodity prices and … [Read more...] about Wholesale price increases can threaten growth recovery, say economists

Republican Florida Sen. Marco Rubio said Wednesday on “America’s Newsroom” that Democrats “want” inflation and high gas prices to cause the public to transition to electric vehicles. Gas prices soared Tuesday to a record-high of $4.523 per gallon for regular, while diesel and premium continued to exceed $5 per gallon after inflation skyrocketed 8.3% in April. Rubio told Fox News host Bill Hemmer that President Joe Biden’s administration has worsened soaring prices, arguing they are not taking steps to increase domestic oil production. “This has to do with the fact that we have far-left extremists inside of that White House who are sympathizers not just to the Cuban regime, but the one in Nicaragua, the one in Venezuela, obviously they sympathize with these people,” the senator said. “They hated the sanctions and they just thought oil was a good excuse so they could get people to support them on. But this is nothing to do with oil because Venezuela can’t provide us oil. The oil … [Read more...] about Sen. Rubio Says Democrats ‘Want’ Inflation And High Gas Prices

- A + A (May 19): The worsening gasoline crunch looks set to buoy Asian refiners — particularly those in India — as sky-high US prices encourage more exports. US pump prices have now risen above US$4 a gallon in all states for the first time ever as the summer driving season approaches. JPMorgan Chase & Co forecast this week that American gasoline could surge to as high as US$6.20 a gallon by August, which would be more than double the price a year ago. Motor fuel is taking over from diesel as the major focus of oil-product supply fears, with the tightening market stretching a global refining system that was hit by closures over the last couple of years due to Covid-19. In Asia, gasoline margins jumped to almost US$35 a barrel this week, and are now near those for diesel, which have eased from a peak in early May. “The tightness in the Atlantic Basin, especially in the US, should continue to see Asian gasoline barrels pulled West,” said Dylan Sim, an … [Read more...] about Sky-high US gasoline prices to lure more imports from Asia

- A + A KUALA LUMPUR (May 19): Southern Acids (M) Bhd posted a 313% surge in its fourth quarterly net profit ended March 31, 2022 (4QFY22) to RM26.68 million, from As a result, earnings per share rose to 19.48 sen, from 4.72 sen previously. Quarterly revenue jumped 63.82% to RM364.42 million against RM222.45 million a year earlier, on better performances in its core business segments. Southern Acids told the local bourse that its board of directors had recommended a final dividend of 5 sen per share, amounting to a total payout of RM6.85 million. “This dividend proposal is subject to the approval by shareholders at the forthcoming Annual General Meeting of the Company. The date of entitlement and date of payment in respect of the aforesaid dividend will be determined and announced in due course,” said the company in its filing. According to Southern Acids, the oleochemical segment’s revenue increased 48.8% to RM153 million from RM102.8 million, on higher … [Read more...] about Southern Acids 4Q net profit up four times, driven by strong commodity prices; proposes 5 sen final dividend

For the year 2021-22, IOCL sold 86.407 million tonnes of products, including exports. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Indian Oil Corporation Ltd (IOCL) Ltd reported a 31.4 percent decline in the fourth quarter of 2021-22 (Q4FY22) to Rs 6,022 crore even as the company reported the highest ever net profit in the year ended March. The state-run oil marketing company reported revenue of Rs 2,06,461 crore during the quarter under review, as compared to Rs 1,63,733 crore logged in the corresponding quarter of the previous financial year. For the year 2021-22, the company reported a record high revenue of Rs 728,460 crore as against Rs 5,14,890 crore in the previous financial year, riding high on the surge in crude oil prices. The fourth quarter's bottomline was dented by a margin squeeze in petrochemicals and a loss … [Read more...] about IOC Q4FY22 net profit declines due to petrochemical margin squeeze, loss in auto fuel sale