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☆ Palm oil's rare premium leads to 'wash out' in India -dealers
▼ + stars: | 2023-04-19 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Palm oil usually trades at a discount to soft oils, but import restrictions by top producer Indonesia have helped to push palm oil to a premium, making sun oil and soyoil more attractive to buyers. This has prompted some Indian buyers to reduce purchases of palm oil for May shipments and increase soft oil imports. Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could weigh on Malaysian palm oil prices , but support soyoil and sunflower oil prices. But palm oil has moved to a premium at the same time as soft oil prices have dropped, partly due to a record rapeseed crop. Palm oil's discount to rival oils was much as $500 in the December quarter, but now it is holding a rare premium of more than $30 per tonne over sunoil for May shipments, dealers said.

☆ Oil falls as weak U.S. economic data stokes recession fears
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. The slew of soft economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk aversion strategies. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ Oil prices ease as weak economic data clouds demand prospects
▼ + stars: | 2023-04-05 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

TOKYO, April 6 (Reuters) - Oil prices eased in early Asian trade on Thursday after weak U.S. job openings data signalled cooling economic conditions which may hit demand. The data offset market's reaction to earlier OPEC+ cuts and the recent reduction of U.S. crude and fuel stockpiles. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

The unpaid invoices originated with dozens of little-known companies acting as middlemen for Venezuela's oil exports since U.S. sanctions in 2020 halted deals with international trading firms and customers. Venezuela's Attorney General's office in October began a probe after oil tankers absconded without full payment to PDVSA. Venezuela's oil ministry and PDVSA did not reply to a request for comment. Maroil boosted Venezuela's petcoke exports following a commercial pact with PDVSA in 2016. In Venezuela, two heavy oil upgrading facilities controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petcoke.

☆ Oil markets steady as investors weigh banking crisis, Russia
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil markets are closely watching the sentiment in financial market, while oil fundamentals remain sidelined, said Vandana Hari, founder of oil market analysis provider Vanda Insights. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on demand for oil. Despite lowering output, Russia is expected to maintain crude oil exports by cutting refinery output in April, data from industry sources and Reuters calculations showed on Friday. Exports of Russian oil products have to date been more affected than crude exports by a recent European Union embargo, with tonnes of diesel stuck on ships awaiting buyers. Analysts said Russian crude inventories have been rising since September last year, and the country would likely want to avoid further stockbuilds during refinery maintenance season from March to June.

☆ Goldman Sachs says buy oil-stock pullbacks, highlighting a Club name to purchase
▼ + stars: | 2023-03-23 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Goldman Sachs said in a research note Thursday the recent energy sector pullback should be viewed as a reason to buy since that strategy has worked well since late 2020. West Texas Intermediate crude and energy stocks have been under intense pressure in recent weeks on the back of heightened recession fears. Based on that criteria, Goldman has Pioneer Natural Resources (PXD) on its "Americas Conviction List" with a buy rating. Recognizing the ups-and-downs of owning energy stocks, we still believe they should be part of any diversified portfolio. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ This could be Big Oil's last surge
▼ + stars: | 2023-03-19 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +12 min

The era of Big Oil could end sooner than its massive profits suggest, analysts told Insider. But the worst-case scenario for the environment — that oil and gas companies reinvest all their extra money to keep growing — isn't happening, Logan said. The role of oil and gas companies in the energy transition is an ongoing debate, analysts told Insider. The UK company cited the need for an "orderly" energy transition. And while Big Oil's finances may begin to show some cracks over the next decade, he doesn't expect them to "suffer financially" for another 25 to 35 years.

☆ Tech leaders remain oblivious to the true lessons of Silicon Valley Bank
▼ + stars: | 2023-03-19 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Insider's Madeline Renbarger shares what happened at the SXSW Festival in Texas as tech founders and entrepreneurs learned about the implosion of Silicon Valley Bank. The festival began just as the FDIC announced it was taking control of Silicon Valley Bank to stop the catastrophic, social media-instigated bank run that was in full swing. Silicon Valley's blame gameiStock; Rebecca Zisser/InsiderIn the wake of Silicon Valley Bank's collapse, there's been plenty of finger-pointing but little self-reflection on the part of Silicon Valley, writes Insider's Linette Lopez. But in recent weeks, as companies like Meta and Twitter braced for tougher times ahead, the assault on middle managers has picked up new steam. But middle managers move the needle on a company's overall performance far more than senior executives do — and make a bigger difference to the bottom line.

☆ Biden administration tells Supreme Court Big Oil climate cases belong in state court
▼ + stars: | 2023-03-17 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

SummarySummary Companies Solicitor general urged SCOTUS to reject Big Oil's appealFive appeals courts have supported state jurisdictionMarch 16 (Reuters) - A lawsuit filed by several Colorado municipalities accusing ExxonMobil Corp and Suncor Energy Inc. of exacerbating climate change belongs in state court where it was filed, the Biden administration told the U.S. Supreme Court on Thursday. The administration urged the justices to reject the oil companies’ petition for review of a February 2022 appeals court's ruling that sent the case back to state court, a venue generally considered more favorable to the municipal plaintiffs. The oil companies have denied the local and state governments' allegations and argued that despite the municipalities only raising state law claims, the cases clearly raise federal questions. The Supreme Court first considered the jurisdiction question in 2021 in case brought by the city of Baltimore. Circuit Court of Appeals to reconsider arguments for removal raised by the oil companies in that case, but didn't weigh in directly on which courts were proper.

Brent crude futures were down 76 cents, or 0.9%, to $82.02 per barrel by 11:51 a.m. EDT (1551 GMT). U.S. West Texas Intermediate crude futures (WTI) fell 75 cents, or 1%, to $75.93 a barrel. Fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week, while state regulators closed New York-based Signature Bank (SBNY.O) on Sunday. A weaker greenback makes oil cheaper for holders of other currencies and typically supports oil prices. Worries about further monetary tightening by the Federal Reserve have been exacerbated by high U.S. crude oil inventories.

☆ Crude prices rise slightly on China recovery, weaker dollar
▼ + stars: | 2023-03-13 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

BEIJING, March 13 (Reuters) - Oil prices ticked up in Monday's Asian trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases. After initially slipping in early trading, Brent crude futures were up 25 cents, or 0.30%, to $83.03 per barrel by 0700 GMT. West Texas Intermediate crude futures (WTI) ticked up by 23 cents, or 0.30%, to $76.91 a barrel. A weaker dollar makes oil cheaper for holders of other currencies, lending support to oil prices. Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.

☆ Oil prices tick up on China demand and weaker dollar
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

BEIJING, March 13 (Reuters) - Oil prices ticked up in Monday Asian late morning trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases. West Texas Intermediate crude futures (WTI) ticked up by 20 cents, or 0.26%, to $76.88 a barrel. "From an oil trader's perspective, the U.S. dollar should pull back as traders give up on a re-acceleration of Fed hikes; this, in turn, clears a path for more robust Chinese fundamentals to dominate commodity trading," Innes added. A weaker greenback makes oil cheaper for holders of other currencies, lending support to oil prices. Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.

☆ Oil prices slip as concerns over rate hikes rattle investors
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 13 (Reuters) - Oil prices slipped in Monday Asian morning trade as concerns about possible further U.S. interest rate hikes continue to rattle investors, though a recovery in Chinese demand and a weaker dollar provided some support. Market sentiment was fragile as worries about further monetary tightening by the Fed have been exacerbated by high crude oil inventories in the U.S., analysts from ANZ Bank observed in a note on Monday morning. A weaker greenback , which makes oil cheaper for holders of other currencies, helped lend support to oil prices. The dollar index was down 0.2% in Asian morning trade on Monday. Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.

Hefty Chinese buying, alongside robust Indian demand, has been spurred by steep price discounts but is providing Moscow much-needed revenue after the Group of Seven imposed a $60 price cap on Russian crude. Tanker tracking consultancies Vortexa and Kpler estimated nearly 43 million barrels of Russian crude oil, comprising about at least 20 million barrels of ESPO Blend and 11 million barrels of Urals, are set to reach China in March. The previous high for Russian seaborne crude imports was 42.48 million barrels in June 2020, shiptracking data showed. The data also pointed to record arrivals of rarely bought oil from Russia's Arctic, with three tankers carrying about 3.15 million barrels due to reach China this month, after 2.7 million barrels landed in February. Most of these cargoes were bought by China's independent refiners, which are larger customers of seaborne Russian oil than the state importers.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

☆ Morning Bid: Powell confesses 'This time it's different'
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +5 min

Any fear of a radical Fed rethink on the back of the jobs numbers seemed wide of the mark. "This cycle is different from other cycles...it has just confounded all sorts of attempts to predict," Powell admitted. And many think last week's jobs report should similarly be treated with care. They included a minimum tax for billionaires and a quadrupling of the tax on corporate stock buybacks. Brands, Eaton Corp, etcUS terminal rateReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Raissa Kasolowsky <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
▼ + stars: | 2023-02-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Exxon Mobil's 2022 haul of $56 billion marked a historic high for the Western oil industry. Chicago Tribune | Tribune News Service | Getty ImagesThe West's five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes. Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries. His comments came shortly after Shell reported its highest-ever annual profit of nearly $40 billion, comfortably surpassing its previous record of $28.4 billion in 2008. watch nowThe CEO of Saudi Aramco, the world's largest energy company, has previously warned about the dangers of pressuring oil companies through higher taxes.

/USThe dollar index fell 0.21% from one-month highs, while the Japanese yen gained 1.21% to 131.08 per dollar after unusually strong Japanese wage data. The Australian dollar bolted 1.02% higher after its central bank reiterated further increases would be needed. Asian stocks stabilized overnight after they, like most global share markets, suffered steep losses following that U.S jobs data. Oil prices climbed more than 3% after Powell eased market concerns over rate hikes, while recovering demand in China also boosted prices. Gold eked out gains, tracking a slight pullback in the dollar, as investors mulled comments by Powell and the outlook for the Fed's rate-hike policy.

U.S. and European equity markets were mixed to lower, with the euro and pound lower against the dollar. The broad pan-European STOXX 600 index (.STOXX) was up 0.04% and MSCI's gauge of global stock performance (.MIWD00000PUS) shed 0.12%. "What's been really important is that the market sees a lower likelihood of rate cuts by the end of the year." Asian stocks stabilized overnight after they, like most global share markets, suffered steep losses following that U.S jobs data. "Sentiment in markets is dominated by central banks and the repricing of rates yet again," Kerry Craig, JPMorgan Asset Management's global market strategist, said.

☆ BP posts record 2022 earnings to join Big Oil profit bonanza
▼ + stars: | 2023-02-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. Analysts polled by Refinitiv had expected net profit of $27.6 billion for full-year 2022. BP said its previous annual profit record was $26.3 billion in 2008. For the fourth quarter, BP posted net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion. Before that, U.S. oil giant Exxon Mobil reported a $56 billion profit for 2022, marking a historic high for the Western oil industry.

☆ I tried 25 of Trader Joe's award-winning foods, and would buy at least 21 of them again
▼ + stars: | 2023-02-07 | by ( Savanna Swain-Wilson | ) www.businessinsider.com time to read: +42 min

I hit up my local Trader Joe's and bought as many award-winning foods as I could to see which ones deserved their hype. In other words, I agree with the many customers who have dubbed this their favorite Trader Joe's snack. As long as I live within reasonable driving distance of a Trader Joe's, I will continue to buy this loaf. Trader Joe's butter chicken with basmati rice is a satisfyingly spicy comfort meal for oneTrader Joe's butter chicken with basmati rice had a delicious sauce. Trader Joe's cheddar with caramelized onions offers a memorable balance of savory, salty, and sweetThe cheddar smelled like caramelized onions.

Persons: —, Monterey Jack, burrito, Savanna, Wilson, didn't, I've, It's, Joe's, I'm, they're, chorizo, I'd, Butter, they'd, Joe's cashiers, who's, fryer, Swain Wilson Organizations: Service, of Fame, Business, I'd, Wilson, panini Locations: Monterey, Monterey Jack, skillet, Savanna, Peru, treacly, San Francisco

☆ Oil heads for weekly loss awaiting China recovery signs
▼ + stars: | 2023-02-03 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

Brent crude futures rose 16 cents, or 0.2%, to $82.33 a barrel at 0110 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to $76.06 a barrel. So far this week, Brent has dropped by 4.8%, extending a 1.1% loss from the previous week. Mixed signs of a fuel demand recovery in China, the world's top oil importer, have kept a lid on the market. "The crude demand outlook needs a clear sign that China's reopening will be smooth, and that the U.S. economic growth momentum does not deteriorate quickly," OANDA analyst Edward Moya said in a note. Reporting by Sonali Paul in Melbourne; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

The trade also provides a way to get Russian oil to market and bring much-needed export earnings to Moscow. "We've been looking at Russian fuel oil since December. China's total fuel oil imports surged to about 1.76 million tonnes in December, highest since September 2021, official customs data showed. Fuel oil imports from blending hubs trend higher"The deep discounts offered are driving the trend as independent refiners are price sensitive. Asia will continue to soak up cheaper Russian (fuel oil) barrels on top of crude," Jamil said.

☆ More than 13,000 Nigerian residents take Shell to court over oil spills
▼ + stars: | 2023-02-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Residents fetch water from a well contaminated by oil pollution at Ogale Town, Eleme in southeast Nigeria, on June 13, 2015. Afp Contributor | Afp | Getty ImagesOver 13,000 residents from two Nigerian communities are seeking damages from Shell in the High Court in London, calling for the energy giant to clean up residual oil and compensate devastating environmental damage. Shell, which reported its highest-ever annual profit of nearly $40 billion on Thursday, argues that the communities have no legal standing to enforce clean-up of the oil spills. Shell said in 2021 that it plans to leave the Niger Delta and sell its onshore oilfields and assets after 80 years of operations. "It appears that Shell is seeking to leave the Niger Delta free of any legal obligation to address the environmental devastation caused by oil spills from its infrastructure over many decades," Leader said.

Still, its shares fell more than 5% to $111.79 on weaker oil prices on the day and a fourth-quarter profit miss. It also anticipates it will invest about $2 billion in Sempra's Port Arthur LNG facility, of which ConocoPhillips has a 30% stake. "ConocoPhillips finished 2022 on a solid note with production volumes exceeding consensus forecasts by 1.5%," said Third Bridge analyst Peter McNally. First quarter production is expected between 1.72 million and 1.76 million boepd, with full-year output of between 1.76 million to 1.8 million boepd, representing growth of 1% to 4%. On an adjusted basis, the company posted quarterly profit of $2.71 per share, missing expectations of $2.81, according to Refinitiv data.

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