Market Pulse - Commodities
Commodities: Crude sours below $50 a barrel amid output worries
Crude-oil futures were continuing to sour below $50 a barrel on Monday afternoon as traders remained rattled by non-Opec producers and their inability to agree an output cap over the weekend.
Commodities: OPEC meeting hits snag as Iraq and Iran refuse to cut
News that the US Federal Bureau of Investigation had reopened an investigation into the use of unauthorised electronic mail servers by ex-Secretary of State Hillary Clinton sent the green back rapidly lower and in turn put an unexpected bid into precious metals.
ExxonMobil suffers 38% profit reduction as it struggles with falling oil prices
ExxonMobil followed rivals Chevron on Friday by reporting a huge quarterly loss as oil corporations struggle to deal with the falling price of the commodity.
Chevron profit plummets but earnings trounce estimates
US oil corporation Chevron saw its quarterly profit plunge 35% from the corresponding quarter last year, but earnings were still well above analysts estimates for the period.
UBS upgrades Antofagasta after sharp share price falls
UBS upgraded Antofagasta, a Chilean copper mining company, from ‘sell’ to ‘neutral’ even after the company released a weaker than expected production target for fiscal year 2017, albeit at the same time lowering the price target from 520p to 500p.
Commodities: Moderate gains in bulk metals after volatility during Chinese session
Commodities were little changed overall in early afternoon trading despite sharp gains overnight in the prices for several key steel-making ingredients during Chinese trading hours.
Chinese iron ore, coking coal futures jump
Price for several key steel-making ingredients jumped overnight in Chinese trading.
Iraq balks at production cuts, cites war against IS
Iraq balked at cutting its levels of crude oil production following a meeting of Gulf producers and Russia over the weekend, raising fresh doubts among some market participants that the Organisation of Petroleum Exporting Countries would be able to decide on an output cut when it next met.
Commodities: Crude lower, clings to gains above $50 a barrel
Crude futures were heading lower on Friday afternoon but both West Texas Intermediate (WTI) and Brent managed to cling to prices above the $50 a barrel mark.
Commodities: Crude falls as Nigeria slashes prices to regain market share
Crude futures were lower Thursday afternoon as Nigeria slashed its oil prices in a bid to recover lost market share.
Commodities: Crude futures fly higher on surprise fall in US inventories
Crude futures are flying north on Wednesday afternoon as investors welcome a surprise fall in US crude inventories, soothing worries about a global supply glut.
IMF forecasts subdued growth for Middle East and North Africa region
Economic conditions in the Middle East and North Africa were set to improve only modestly in 2017 amid a slump in oil prices and conflicts in multiple countries, the International Monetary Fund said.
Halliburton ekes out Q3 profit thanks to cost management
Oilfield services provider Halliburton posted an unexpected profit in its third quarter earnings report on Wednesday, driven by higher capacity utilisation in North America and effective cost and working capital management.
Saudi Arabia prepares for debut international bond sale
The details of the terms offered by Saudi Arabia on its debut sale of foreign currency sovereign debt got out as the Kingdom prepared to tap global capital markets to help fund a budget deficit which had swelled to 15% of gross domestic product in 2015.
OPEC chief sees output cut deal in November
Discussions about individual countries' production quotas were unlikely to prove to be a insurmountable stumbling block, the head of the world's cartel of main oil-producing countries said, according to reports.
Commodities: Crude futures firm as market digests US, UK inflation data
Crude futures are firmly higher on Tuesday afternoon against a backcloth of consumer-price index (CPI) inflation gauges for September that are in-line for the US and ahead-of-expectations for the UK.
Fund managers go for cash, amid stagflation and bond-crash worries, BofA says
Fund managers pushed their cash positions to their highest level since 11 September amid angst about possible stagflation and a bond crash, according to the results of a widely-followed survey.
BP eyes break-even at oil prices slightly below $55/bbl - report
BP anticipates crude oil will trade in the range $50-$60 a barrel next year, said the company's chief executive, Bob Dudley.
S&P warns on GCC sovereigns' cumulative funding requirements
Gulf Cooperation Council (GCC) sovereigns' cumulative funding requirement could total up to $560bn between 2015 and 2019, creating uncertainty about coverage of their fiscal deficits, warns S&P Global Ratings.
Commodities: Crude southbound as US rig count, dollar encourage selling
Crude futures were southbound as rising rig counts in the US and some dollar strength encouraged a round of selling.