DIRS.INFO The most relevant business & tech news

☆ Oil slumps $5/bbl to lowest in more than a year as banking fears mount
▼ + stars: | 2023-03-15 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"Nobody wants to go home with a big position on anything today ... you have nowhere to hide really." Both crude benchmarks hit their lowest since December 2021 and have fallen for three straight days. U.S. West Texas Intermediate crude (WTI) was down $4.51, or 6.3%, at $66.84, breaking through technical levels of $70 and $68 and extending the sell off. Wednesday's monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023. "We definitely have seen the oil market separate themselves from oil inventories and we’re more focused on a larger meltdown of the global economy," said Phil Flynn, an analyst at Price Futures Group.

☆ Oil prices fall 2% in choppy trade as banking fears rattle markets
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell over 2% in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures settled down $2.01, or 2.4%, to $80.77. U.S. West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5%, to $74.80 a barrel. Worries about further Fed monetary tightening have been exacerbated by high U.S. crude oil inventories. Crude oil production in the seven biggest U.S. shale basins is expected to rise in April to its highest since December 2019, the Energy Information Administration said.

☆ Plastic entering oceans could nearly triple by 2040 if left unchecked -research
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Antonio BronicSINGAPORE, March 8 (Reuters) - Plastics entering the world's oceans have surged by an "unprecedented" amount since 2005 and could nearly triple by 2040 if no further action is taken, according to research published on Wednesday. Marine plastic pollution could rise 2.6 fold by 2040 if legally binding global policies are not introduced, it predicted. "We need a strong legally binding U.N. global treaty on plastic pollution that stops the problem at the source," he added. Experts said the study showed that the level of marine plastic pollution in the oceans has been underestimated. Environmental group Greenpeace said that without a strong global treaty, plastic production could double within the next 10 to 15 years, and triple by 2050.

☆ New 'Lord of the Rings' films in the works at Warner Bros
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

LOS ANGELES, Feb 23 (Reuters) - The Warner Bros movie studio is developing new installments in the blockbuster "The Lord of the Rings" and "The Hobbit" franchises based on the J.R.R. Warner Bros, owned by Warner Bros Discovery , said it had reached a multi-year agreement to collaborate on new films with Middle-earth Enterprises, a unit of Embracer Group AB (EMBRACb.ST). "The Lord of the Rings" film trilogy, which began in 2001, won 17 Oscars. Three "Hobbit" films were released starting in 2012. Tolkien remains largely unexplored on film," Warner Bros. Pictures Group co-chairs Michael De Luca and Pam Abdy said in a statement.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Oil prices steady after smaller-than-expected U.S. crude build
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Smaller-than-expected build in U.S. crude stocksBroader markets weighed by economic slowdown concernsU.S. business activity contracts in JanuaryOPEC+ unlikely to tweak oil policy at Feb. 1 meetingBENGALURU, Jan 25 (Reuters) - Oil prices were largely unchanged on Wednesday, after government data showed a smaller-than-anticipated build in U.S. crude inventories, countering weak economic data from Tuesday. Brent crude was up 25 cents, or 0.3%, to $86.38 a barrel by 1:41 p.m. EST (1841 GMT) after declining 2.3% in the previous session. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.6%, to $80.62 a barrel, after a 1.8% drop on Tuesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. On Wednesday, oil prices and broader financial markets were weighed down by data published on Tuesday showing U.S. business activity contracted in January for the seventh-straight month, raising concerns about an economic slowdown.

Jan 25 (Reuters) - U.S. crude inventories rose last week as demand for fuels tapered off, and while the increase was less than expected, crude stocks reached the highest level since June 2021, the Energy Information Administration (EIA) said on Wednesday. U.S. crude futures rose by more than $1 to a session high of $81.23 on Wednesday morning, before paring gains. Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day to 19.4 million bpd, EIA data showed. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 4.3 million barrels in the last week, the EIA said. Net U.S. crude imports (USOICI=ECI) fell by 1.79 million barrels per day, the EIA said.

☆ Oil edges up after less-than-expected U.S. inventories rise
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate crude futures were up 39 cents, or 0.5%, to $80.52 a barrel, after a 1.8% drop on Tuesday. U.S. crude inventories (USOILC=ECI) rose by 533,000 barrels in the last week to 448.5 million barrels, the Energy Information Administration (EIA) said on Wednesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

Brent crude was up $1.29, or 1.6%, at $79.80 a barrel by 1:29 p.m. EST (1829 GMT). "The gradual reopening of the Chinese economy will provide an additional and immeasurable layer of price support," said Tamas Varga of oil broker PVM. The rally followed a drop last week of more than 8% for both oil benchmarks, their biggest weekly declines at the start of a year since 2016. As part of a "new phase" in the fight against COVID-19, China opened its borders over the weekend for the first time in three years. "The NY Fed data should be supportive for oil prices, as it suggests that inflation is peaking," said Phil Flynn, analyst at Price Futures group.

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

☆ Oil up $2 a barrel on supply risks amid ongoing Keystone outage
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +3 min

U.S. West Texas Intermediate crude settled at $73.17 a barrel, rising $2.15, or 3%. The potential of a prolonged outage of TC Energy Corp's Canada-to-U.S. Keystone crude oil pipeline helped turn prices around. Traders worried about how long it would take to clean up and restart the Keystone oil pipeline after more than 14,000 barrels of oil leaked last week, the largest U.S. crude oil spill in nearly a decade. The outage is expected to shrink supplies at the Cushing, Oklahoma storage hub, and delivery point for benchmark U.S. crude oil futures. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). read moreThe news caused oil and stock markets to pare gains. The data challenges hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID curbs over the weekend.

☆ Oil dips 1.5% ahead of OPEC+ meeting, EU Russian oil ban
▼ + stars: | 2022-12-02 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures settled down $1.31, a 1.5% drop, at $85.57 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.24, or 1.5%, to $79.98 per barrel. Russian oil output could fall by 500,000 to 1 million bpd early in 2023 due to the European Union ban on seaborne imports from Monday, two sources at major Russian producers said. European Commission President Ursula von der Leyen said the Russian oil price cap will be adjustable over time so that the union can react to market developments. The cap was designed to limit revenues to Russia while not resulting in an oil price spike.

☆ U.S. crude turns positive, Brent pares losses on output on OPEC+ rumors
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil turns positive in output rumours ahead of OPEC+ meeting
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

☆ Oil falls to near year's lows on China demand worries
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

ET (1548 GMT), having slumped more than 3% to $80.61 earlier in the session for its lowest since Jan. 4. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Cost-of-living crisis casts shadow over Britain's Black Friday
▼ + stars: | 2022-11-25 | by ( James Davey | ) www.reuters.com time to read: +3 min

LONDON, Nov 25 (Reuters) - Britain's retailers are hoping Black Friday discount day will get shoppers spending, though it takes place against a backdrop of a worsening cost-of-living crisis and the distraction of the soccer World Cup. And they have begun their Christmas shopping early this year to help budget their finances. In France, 70% plan to shop on Black Friday and Cyber Monday, according to research by PwC France. More than a decade since being brought to the UK by Amazon, Black Friday's worth to retailers still divides opinion. Naysayers argue the discounts suck forward Christmas sales with reduced profits and undermine consumers' willingness to pay full price again before the festivities.

Summary Brent, WTI fall for third consecutive weekEU delays talks on Russian oil price cap until next weekPoland seeks German support for EU sanctions on pipelineNEW YORK, Nov 25 (Reuters) - Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. This is starting to hit fuel demand, with traffic drifting down and implied oil demand around 1 million barrels per day lower than average, an ANZ note showed. Meanwhile, G7 and European Union diplomats have been discussing a Russian oil price cap between $65 and $70 a barrel, but an agreement has still not been reached.

☆ Oil slides over 3% on Russian price cap talks, U.S. gasoline build
▼ + stars: | 2022-11-23 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. gasoline stocks rose by 3.1 million barrels, according to the Energy Information Administration, far exceeding the 383,000 barrel build that analysts had forecast. Prices were hit further by reports that the G7 price cap on Russian oil could be above the level it is trading. G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official on Wednesday. A senior U.S. Treasury official said on Tuesday that the price cap will probably be adjusted a few times a year. The news added to concerns about demand from top crude oil importer China, which has been grappling with a surge in COVID-19 cases, with Shanghai tightening rules late on Tuesday.

ETNEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday along with major stock indexes, after U.S. data signaled that inflation could be starting to subside, which would be a positive for oil demand. U.S. West Texas Intermediate crude rose $1.18, or 1.4%, to $87.05. "The inflation data was positive in a way. In U.S. supply, crude oil stocks are expected to have dropped by about 300,000 barrels in the week to Nov. 11, a Reuters poll showed on Monday ahead of reports from the American Petroleum Institute due at 4:30 p.m. Investment bank JPMorgan cut its quarterly and full-year forecasts for economic growth in China.

Mandatory credit Kyodo/via REUTERSSummarySummary Companies Oil prices rise to highest levels since late AugustWSJ: China weighs gradual Zero-COVID exit without timelineChina's crude oil imports rebound amid refinery rolloutsNEW YORK, Nov 7 (Reuters) - Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions. Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31. However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures. Meanwhile, China's imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

Benchmark Brent crude futures were up 35 cents to $93.61 a barrel by 12:59 p.m. EDT (1659 GMT), while U.S. West Texas Intermediate crude futures rose by 71 cents to $85.29. The U.S. dollar index fell during afternoon trade, making dollar-denominated oil less expensive for other currency holders and helping to push prices higher. Further support came from comments by Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, that energy stocks were being used as a mechanism to manipulate markets. U.S. crude oil inventories are expected to rise this week, which could limit price gains. Analysts polled by Reuters estimated on average that crude inventories rose by 200,000 barrels in the week to Oct. 21.

☆ Oil prices ease on Chinese demand data, stronger dollar
▼ + stars: | 2022-10-24 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com Register"The recent recovery in oil imports faltered in September," ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas as ongoing COVID-related lockdowns weighed on demand. Ongoing strength in the U.S. dollar, which was up again for part of the trading session following another suspected foreign exchange intervention by Japan, also posed problems for oil prices. read more A stronger dollar makes oil more expensive for non-U.S. buyers. Oil prices regained some ground after data that showed U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand. "Such a release is likely to have only a modest influence (<$5/bbl) on oil prices", the bank said in a note.

☆ Oil prices steady on U.S. business activity, Chinese demand data
▼ + stars: | 2022-10-24 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity weakens again in October -S&P GlobalChina's Sept crude imports fall, fuel exports hit 15-mth highNEW YORK, Oct 24 (Reuters) - Oil prices steadied in choppy trade on Monday, as weakening U.S. business activity data eased expectations for more aggressive interest rate hikes, while data showing demand from China remained lacklustre in September limited prices. U.S. West Texas Intermediate crude for December delivery lost 34 cents, or 0.4%, to $84.71 a barrel. Register now for FREE unlimited access to Reuters.com Register"The recent recovery in oil imports faltered in September," ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas as ongoing COVID-related lockdowns weighed on demand. Oil prices regained some ground after data that showed U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand. "Such a release is likely to have only a modest influence (<$5/bbl) on oil prices", the bank said in a note.

Search resuls for: "RES Group"

25 mentions found