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Falling oil prices are often seen as good news for world markets, signaling weaker inflationary pressures as well as a boost to households' purchasing power and corporate profit margins. Oil slid to a 10-month low on Monday, accelerating a decline that has now reached around 15% in the last two weeks. The S&P 500 energy sector index slid almost 3% to a four-week low before recovering. China's pandemic plight is also fueling safe-haven demand for the dollar - which rose strongly on Monday - and a stronger dollar tends to weigh on commodity and energy prices. All else equal, a stronger dollar tightens financial conditions, which may be what policymakers want in the fight against inflation, but growth and risk appetite will suffer.

☆ Morning Bid: Bucking the trend
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +4 min

With an anxious look at China's worsening COVID surge, the U.S. dollar appears revitalized just as speculators turn against it for the first time this year. Peak interest rates, peak COVID, peak energy all get discussed as themes for 2023, along with recession risks, a return of bonds and a cresting of the supercharged dollar - which has already given back almost half its near 20% surge this year. With one eye on Federal Reserve meeting minutes later in the week, futures markets continue to nudge peak Fed rates next year further above the 5% level. Also anxious about the unfolding property bust, China's central bank and banking and insurance regulator said domestic banks should step up credit support for the economy. The dollar also got a lift from the widening crypto shock, with bitcoin falling back below $16,000 on Monday.

☆ LUKOIL's Bulgarian refinery may shut down if it cannot export
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

The European Union has agreed to a ban on Russian crude oil imports as part of its sanctions against Russia for its invasion of Ukraine in February. The ban takes effect next month, but Bulgaria has been given an exemption and is allowed to import Russian crude until the end of 2024. The Bulgarian caretaker government plans to allow the LUKOIL Neftochim refinery to continue importing Russian crude once the ban takes effect and give it permission to export its output. LUKOIL Neftochim, which has switched to only Russian crude since the spring, expects to process a record high 7.1 million tonnes of crude oil this year, Sharafutdinov said. "The refinery cannot work if the exports are curtailed," Sharafutdinov told a joint news conference with Bulgarian deputy Prime Minister in charge of economic policy, Hristo Alexiev.

☆ The big new Exxon Mobil climate change deal that got an assist from Joe Biden
▼ + stars: | 2022-11-19 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

The law may help oil companies like ExxonMobil build profitable businesses to replace some of the revenue and profit they'll lose as EVs proliferate. Maybe, if carbon capture and storage is indeed as big a deal as ExxonMobil's first-of-its-kind deal to extract, transport and store carbon from other companies' factories implies. Could it be that Big Oil's next big thing got a big assist from Joe Biden? An industrial facility on the Houston Ship Channel where Exxon Mobil is proposing a carbon capture and sequestration network. And big oil and gas companies are where the expertise is."

☆ Exclusive: Texas producer Ranger Oil explores sale
▼ + stars: | 2022-11-18 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Ranger Oil Corp (ROCC.O) is exploring a potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options, people familiar with the matter said on Friday. Shares in Ranger, which operates in the Eagle Ford shale basin, jumped over 5% on Friday after Reuters reported the company's sale efforts. Ranger Oil did not immediately respond to a request for comment. Ranger had gained around 58% this year, prior to news of its sale efforts. Last year, Penn Virginia Corp bought Lonestar Resources US Inc in an all-stock deal valued at $370 million, and later rebranded the combined company as Ranger Oil.

☆ Saudi Aramco to pump $7 bln into biggest petchem investment in South Korea
▼ + stars: | 2022-11-16 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 17 (Reuters) - Saudi Aramco (2222.SE) plans a $7-billion investment at a South Korean affiliate's factory in the port city of Ulsan to turn out more high-value petrochemical products, the company said on Thursday. The project, named Shaheen, is the Saudi firm's biggest investment in the Asian nation to develop one of the world's largest refinery-integrated petrochemical steam crackers, Aramco said in a statement. Saudi Aramco owns more than 63% of South Korean refiner S-Oil Corp (010950.KS). It will have production capacity of up to 3.2 million tonnes a year, along with a facility to produce high-value polymers, Aramco said. The news came in conjunction with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday.

REUTERS/Antonio ParrinelloROME, Nov 8 (Reuters) - Italy's efforts to secure financing to keep an Italian oil refinery owned by Lukoil up and running despite new sanctions on Russia kicking in next month have hit obstacles, three people close to the matter said. Lukoil is not under sanctions, but ISAB suppliers and lenders had been wary of dealings with a Russian entity following the Ukraine conflict. A sale to non-Russian buyers would avert the closure of the ISAB plant, which directly employs some 1,000 workers. Lukoil could provide temporary funding for ISAB, based on the minutes of a ministerial meeting held on Oct. 17 to discuss ISAB financing. Rome is also considering buying a minority stake in the refinery to protect Italian interests, one of the sources said.

☆ Russia's Lukoil rejects U.S. private equity firm's offer to buy its Sicily refinery - FT
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

The report added that Lukoil remains reluctant to sell its Italian refinery to Crossbridge, a decision that could risk thousands of jobs as well as potentially bankrupt the refinery. Lukoil's ISAB refinery in Sicily accounts for around 20% of Italian refining capacity. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers. Lukoil and Crossbridge Energy did not immediately respond to Reuters' request for comment. ($1 = 1.0063 euros)Reporting by Rishabh Jaiswal in Bengaluru; Editing by Chris Reese and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Oil slips as dollar firms, but supply worries check losses
▼ + stars: | 2022-11-03 | by ( Arpan Varghese | ) www.reuters.com time to read: +2 min

A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said. read more"With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil's futures markets," Teng added. But global supply risks still loom large. The European Union's embargo on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February. Also likely to keep supply tight in coming months, OPEC producers may struggle to hit previously set output quotas, ANZ analysts said in a note.

☆ Oil prices up on demand hopes after U.S. crude stocks drawdown
▼ + stars: | 2022-11-02 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 2 (Reuters) - Oil prices rose on Wednesday after industry data showed a surprise drop in U.S. crude stocks, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude rose 54 cents, or 0.6%, to $95.19 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude rose 72 cents, or 0.8%, to $89.09 a barrel. In a further positive sign for demand, U.S. crude oil stocks fell by about 6.5 million barrels for the week ended Oct. 28, according to market sources citing American Petroleum Institute figures. At the same time, gasoline inventories fell more than expected, with stockpiles down by 2.6 million barrels compared with analysts' forecasts for a drawdown of 1.4 million barrels. China's zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world's second-largest economy.

☆ Claude Monet, Larry Fink, and Ted Cruz: Climate stunts grab headlines but can they get results?
▼ + stars: | 2022-10-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +7 min

That was an improvement over the previous year, but still not nearly enough given the threat the climate crisis presents for humanity, Hu told Insider. "I could spend 20 minutes talking about the destruction from climate change. "More people are aware of this climate crisis and that we have to do something about it because of our actions," Harris said. "Journalists don't report on the climate crisis like it is an emergency. Ridiculous stunts like the art action gets the climate crisis into the headlines and millions of people talking."

Lukoil's ISAB refinery in Sicily stands to be hit by an embargo on seaborne Russian oil that comes into force on Dec. 5, putting at risk jobs in Italy's poorer south and the country's refining capacity. Although Lukoil is not affected by the sanctions, the ISAB plant has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees the refinery needs to buy oil from alternative suppliers. The sources said the government was trying to find ways to ensure the plant can receive financing from lenders and remain operational. The goal is to allow ISAB to buy elsewhere the oil it needs, two of the sources said. A sale to non-Russian buyers would avert the closure of the ISAB plant, which accounts for around 20% of Italian refining capacity and directly employs some 1,000 workers.

☆ EXCLUSIVE Rosneft moves into tanker chartering as EU ban looms
▼ + stars: | 2022-10-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

Some of the G7 countries are working to introduce a price ceiling on Russian oil though it is not yet clear how this will work in practice. FIRST CHARTER The three sources said Rosneft is using its Rosnefteflot subsidiary to handle the shipping costs for buyers. The volumes have steadily increased and in October Rosneft chartered almost 1 million tonnes, mainly via Rosnefteflot, based on trade sources and Refinitiv Eikon data. That represents nearly 40% of the planned 2.5 million tonnes of Rosneft Urals crude tanker exports scheduled for October, according to Refinitiv Eikon and traders' data. Unlike Russia's second biggest oil company, Lukoil, and oil producer Gazpromneft, Rosneft does not have a chartering arm.

☆ What to watch for this earnings season: Inflation, consumer health, dollar strength, oil prices
▼ + stars: | 2022-10-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +11 min

Inflation Health of the consumer The strong dollar Commodity volatility Inflation Inflation remains top of mind for investors, as rising prices continue to weigh on demand for many goods and services. On the other hand, Bank of America analysts highlighted P & G's scale, innovation, and portfolio strength as "key advantages." In an encouraging research note from UBS last week, analysts said iPhone demand is holding up. By reviewing iPhone delivery wait time data, UBS analysts gauged consumer demand for the latest iPhone series. Meta has already forecasted third quarter total revenue in the range of $26 billion to $28.5 billion, reflecting weak advertising demand.

☆ Malaysia end-Sept palm oil stocks hits highest in nearly 3 years
▼ + stars: | 2022-10-11 | by ( Mei Mei Chu | ) www.reuters.com time to read: +2 min

Stockpiles rose 10.54% from August to 2.32 million tonnes, the highest since October 2019, according to the Malaysian Palm Oil Board (MPOB) . That is higher than a Reuters' forecast of 2.27 million tonnes. Register now for FREE unlimited access to Reuters.com RegisterCrude palm oil output grew for a fourth consecutive month amid the peak harvest season, up 2.6% to 1.77 million tonnes . Exports rose 9.25% to 1.42 million tonnes, the highest since September 2021, as key buyer India accelerated purchases ahead of the Diwali festival in late October. "However, palm oil's discount over competing oils would still attract destination buying from China, European Union, Pakistan, Bangladesh and Middle eastern countries," he said, adding that prices have to retain its the wider discount against soy oil and sun oil.

☆ The real danger with OPEC production cut is oil's short-term supply, says Stan Majcher
▼ + stars: | 2022-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe real danger with OPEC production cut is oil's short-term supply, says Stan MajcherStan Majcher, Hotchkis & Wiley Mid-Cap Value Fund portfolio manager, joins 'The Exchange' to discuss why OPEC+ decided to cut production, what happens to oil and gas in the long-term and more.

☆ As the 3rd-quarter reporting season begins, markets are bracing for signs of a recession that could send stocks into a deeper bear market
▼ + stars: | 2022-10-11 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

The Fed's aggressive tightening is setting off more warnings about a recession and fallout for the stock market. Ahead of JPMorgan's quarterly report, CEO Jamie Dimon said the economy is on the verge of a recession, and the stock market could fall another 20%. But most importantly, it's Russia's war against Ukraine that is most unsettling to markets and poses a great risk. Meanwhile, billionaire hedge fund manager Paul Tudor Jones said a "recession playbook" could see stocks fall 10% further. PayPal stock fell after a botched roll-out of an acceptable use policy update that included big fines for the promotion of misinformation.

☆ Crude oil bulls have 'lost their will to fight,' says CIBC senior energy trader
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrude oil bulls have 'lost their will to fight,' says CIBC senior energy traderRebecca Babin, senior energy trader at CIBC Private Wealth U.S., joins CNBC's 'Squawk Box' to explain why she believes crude oil's break below $80 a barrel feels like the "stage of death" in a bullfight.

Oil prices climbed past $100 a barrel after Russia, the world's largest exporter of crude and fuels, invaded Ukraine in February. But prices have come off their peaks by nearly 40% amid fears that an economic slowdown would weaken demand. That's the elephant in the room," Fereidun Fesharaki, founder and chairman of energy consultancy FGE, told Reuters on the sidelines of the conference, as bans on Russian oil loom. But when we get to Dec. 5, if Russian oil gets shut in, prices will be $120 or more." Such a move would add to global supplies and depress fuel prices but could support China's crude demand.

She likened the climate contributing to the couple's decision to leave Texas to "death by a thousand paper cuts." The business risks to recruiting is especially high for oil companies, already unpopular with graduates of engineering programs, said Jonas Kron, chief advocacy officer at Trillium Asset Management. Texas Governor Greg Abbott has acknowledged the state is losing workers, but does not regret the departures. Oil companies contribute to politicians who advocate for free trade, tax and energy policies through political action committees (PACs). Dawn Seiffert, 52, and her husband, an oil company employee, returned to Texas in 2012 and planned to stay.

☆ 3 takeaways from our daily meeting: Bonds vs. stocks, oil's plunge, a small buy in tough market
▼ + stars: | 2022-09-23 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Bonds vs. stocks Energy stocks Constellation buy 1. Energy stocks Oil prices on Friday tumbled to eight-month lows, with WTI crude down 6%, at $78.45 a barrel. Constellation buy Jim answered a question from a Club member, Mario, on Friday about what professional money managers should do in this tough market. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ A Kremlin ally died falling down the stairs, report says — the latest in a series of unexplained deaths among prominent Russians
▼ + stars: | 2022-09-22 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

The Moscow Aviation Institute's former rector died in an accident on Wednesday, the facility said. Local media said Anatoly Gerashchenko, 72, died falling down several flights of stairs. It's the latest in a string of accidental or untimely deaths of top Russian figures. The Moscow Aviation Institute (MAI) university announced the death of Anatoly Gerashchenko, 72, saying he died "as a result of an accident." An unnamed source told Russian newspaper Izvestia that he died on the university's grounds, by falling "from a great height" down several flights of stairs.

Venezuela's oil ministry, PDVSA and Maroil did not reply to requests for comment. PETCOKE MOUNTAINSIn Jose, two heavy oil upgrading projects controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petroleum coke. SANCTION SCRAMBLEIndian firms this year have been big buyers of Venezuelan petcoke as the Asian nation looks for inexpensive fuel to power industries amid high coal prices. read moreShimsupa GmBH, a Germany-headquartered trading firm, has an exclusive arrangement with Maroil to sell Venezuelan petcoke in India, Pakistan and Bangladesh, the company said. Resellers of Venezuelan petcoke originally supplied by Maroil say the cargoes are free of penalties since, as opposed to PDVSA, Maroil has not been blacklisted by the U.S. Treasury Department.

☆ Chevron's TCO to divert 200,000 t of oil to Batumi in October amid CPC maintenance - sources
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermidMOSCOW, Sept 20 (Reuters) - Chevron-led Tengizchevroil (TCO), Kazakhstan's Tengiz oilfield operator, plans to divert 200,000 tonnes of oil to Georgia's Batumi port in October via rail as it seeks alternative routes for its exports due to CPC terminal maintenance, two sources familiar with the company's plans said on Tuesday. The Caspian pipeline Consortium (CPC), the main export route for Kazakhstan's oil, shut two of three loading facilities in its terminal for maintenance, leading to a sharp decrease in loading capacity. Register now for FREE unlimited access to Reuters.com RegisterTCO diverted some oil to Batumi earlier this year, when the CPC terminal also carried out unplanned maintenance. The TCO consortium is owned by Chevron (50%), Exxon Mobil Corp (XOM.N) (25%), Kazmunaigaz (20%) and Lukoil's Lukarco (5%). Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ OPEC+ supply shortfall now stands at 3.5% of global oil demand
▼ + stars: | 2022-09-20 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahCompanies Saudi Arabian Oil Co FollowLONDON, Sept 20 (Reuters) - OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Nigeria's crude oil production fell below 1 million bpd in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines and years of underinvestment. read more"It has been struggling for months to fulfil its quota and Saudi Arabia has made it abundantly clear that they would only use thinning spare capacity in case of real emergency," PVM Oil's Tamaz Varga said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Ghaddar; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

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