Market Pulse - Commodities
Russia might be forced to close some oil production
Low oil prices for longer forced the Russian government to cut its budget and might even lead to a cut in oil production, government officials said on Wednesday.
Commodities: Oil market rout continues as Brent tests $30
Oil markets faced up to another bearish session on Tuesday with Brent and WTI futures staying at 12-year lows and heading lower still, as oversupply concerns continued to dominate market chatter.
Commodities: WTI dips below $32 for first time in 12 years
Oil markets saw yet another bearish session on Monday, with the WTI front-month futures contract falling to a fresh 12-year low as oversupply concerns continued to dominate market chatter.
SocGen lowers Brent and WTI oil price forecasts for 2016
Oil would be significantly lower than previously expected in 2016 after the Organisation of the Petroleum Exporting Countries eliminated its production target and with Iranian exports possibly returning to the market sooner than had been anticipated, analysts at SocGen said.
Oil could fall to high $20s due to dollar strength, Morgan Stanley says
The price of oil may fall to $20 a barrel, but as a result of US dollar strength, not because of any other changes in the fundamentals of oil, Morgan Stanley told clients on Monday.
US economy created more jobs than expected in December
Job growth in the US in December outstripped economists' forecasts, although hourly wages again lagged behind projections.
Commodities: Oil endures tepid session, gold falls on profit taking
Oil futures went through a tepid session on Friday with gains in early morning calls followed by another round of declines, while gold shed some froth as traders booked profits on recent price rises.
Bowleven pleased with gas test results at Bomono Permit
Bowleven was pressing on with development of its activities at the onshore Bomono Permit in Cameroon this week, after positive results from its most recest testing.
JP Morgan adds Tullow Oil to Analyst Focus List
European oil exploration and production companies bore the most collateral damage from last year's "devastating" market share battle between the world's two top producers, but better times might lie ahead, JP Morgan said, if the oil market began to rebalance.
Commodities: Oil market turmoil continues as WTI falls to 12-year low
Oil markets endured another bearish session on Thursday, with the WTI front-month futures contract falling to a 12-year low as concerns over China's economy and crude oversupply continued to dominate market discourse.
Pound drops to five-year low, markets off sharply after yuan weakens for second day
A second consecutive day of weakness in China’s currency saw another wave of risk aversion sweep over all asset classes, with commodities and equities bearing the brunt of selling and the pound moving to five-year lows following remarks by the Chancellor.
Commodities: Brent plummets to fresh 11-year low
Oil markets endured another bearish session on Wednesday, with the Brent front-month futures contract falling to a fresh 11-year low as oversupply concerns continued to dominate market sentiment despite geopolitical flare-ups in the Middle East.
Tullow Oil well hedged for 2016 UBS says, reiterates buy
Tullow Oil is in a better position than some of its peers to withstand low oil prices thanks to its oil price hedges and current UK corporate tax legislation, a top broker said on Wednesday.
Weekly US gasoline stockpiles jump sharply, oil slumps
US crude stockpiles fell sharply in the latest reference week, according to fresh estimates from the Energy Information Administration, but those of distillates and gasoline easily dwarfed that contraction.
Brent falls below $35, analysts eye Iranian exports and gepolitical tensions
Oil futures were again probing their 2015 lows on Wednesday with an unexpected move by China’s central bank to weaken their currency a tad – amid recent ructions in the country’s stock markets – apparently acting as a catalyst.
Commodities: Oil drops further but gold holds gains
The oil market registered further declines on Tuesday as oversupply concerns trumped geopolitical tension in the Middle East, but gold futures held on to overnight gains in the European session.
Commodities: Oil sheds gain, but gold up on Middle East tensions
Gold futures rallied on Monday amid growing tensions between Iran and Saudi Arabia over the execution of a prominent Shia cleric Sheikh Nimr al-Nimr by the latter, but an uptick in oil futures stalled later in the European session on inventory data.
Mexico optimistic for oil output amid mixed results to opening up
As it opens up its oil sector, Mexico's energy ministry has calculated that the Latin American country could reverse the last decade of declining output, with a best-case scenario that predicts a 45% rise over the next 15 years.
Trading in Chinese stocks halted after prices plunge
Trading in Chinese stocks was halted on Monday following a plunge in share prices.
Saudi Arabia breaks diplomatic relations with Iran
Saudi Arabia pulled its diplomats from Tehran and announced it would cease diplomatic relations with its neighbour after its embassy was attacked.