DIRS.INFO The most relevant business & tech news

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsTOKYO/BEIJING, Sept 26 (Reuters) - Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Higher interest rates slow economic growth, which curbs oil demand. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Nick Oxford, Tina Teng, Moody's, Fitch, CMC's Teng, JP Morgan, Baden Moore, Katya Golubkova, Andrew Hayley, Sonali Paul Organizations: Midland , Texas U.S, REUTERS, Rights, Brent, U.S, West Texas, CMC Markets, U.S . Federal Reserve, European Central Bank, bbl, National Australia Bank, Thomson Locations: Midland , Texas, Rights TOKYO, BEIJING, Auckland, U.S, China, Russia, Saudi Arabia, Moscow, Tokyo, Beijing

A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. If there is still no deal by then, the unions will completely stop work for two weeks. Australia was the world's largest LNG exporter last year, shipping out 80.9 million metric tons of the fuel in 2022 versus 79 million tons in 2021, according to the International Gas Union. A prolonged strike could disrupt exports and raise prices of LNG, which is used for electricity generation. The same union alliance also secured agreements last year with Shell (SHEL.L) and Inpex (1605.T) at their LNG facilities in Western Australia.

Persons: Chevron, Wheatstone, Baden Moore, NAB's Moore, Emily Chow, Lewis Jackson, Florence Tan, Tony Munroe, Miral Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Rights, NEXT, Unions, International Gas Union, National Australia Bank, NAB, Woodside Energy Group, WHAT'S, Woodside, North West Shelf, Shell, Thomson Locations: Wheatstone, Western Australia, Rights SINGAPORE, SYDNEY, Australia, Japan, South Korea, China, Taiwan, Asia, Europe, Ukraine, Inpex, Woodside

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. Data this week also showed China's consumer prices fell into deflation and factory gate prices extended declines in July, raising concerns about fuel demand in the world's second-largest economy.

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of Petroleum Exporting, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices".

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of, Petroleum, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

☆ Gold heads for monthly gain on hopes for an end to rate-hike cycle
▼ + stars: | 2023-07-31 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices were bound for their biggest monthly gain in four on Monday as expectations grew that major global central banks may be nearing the end of current monetary policy tightening cycles. Spot gold was down 0.2% at $1,954.79 per ounce by 0431 GMT, while U.S. gold futures slipped 0.4% to $1,953.80 per ounce. Gold prices were set to end the month about 1.8% higher, the most since March, as expectations that U.S. interest rates could be nearing their peak put the dollar on track for its second straight monthly decline. Other precious metals also looked set to post monthly rises, with spot silver leading at 6.5%, but down 0.5% on the day at $24.22 an ounce.

Persons: Matt Simpson, Simpson, Baden Moore Organizations: Federal Reserve, Central Bank, National Australia Bank Locations: Moscow, Russia, China

July 28 (Reuters) - Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts. Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase. But recent interest rate increases from global central banks seeking to tame stubborn inflation raised questions about long term demand. Earlier this week oil fell after data showed U.S. crude inventories fell less than expected.

Persons: Brent, Jerome Powell's, Baden Moore, Jim Ritterbusch, Laura Sanicola, Andrew Hayley, Lincoln, Sonali Paul Organizations: . West Texas, Commerce Department, Federal, Organization of, Petroleum, bbl, National Australia Bank, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates, Thomson Locations: U.S, 3Q23, Saudi, Galena , Illinois, Washington, Beijing

☆ Gold near 9-week high on weaker dollar, hopes of Fed rate pause
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices climbed on Thursday to a near nine-week peak, amid a weaker dollar and bets that the U.S. Federal Reserve might soon pause its interest rate hiking cycle. Spot gold rose 0.4% to $1,984.29 per ounce by 0521 GMT, close to its highest since mid-May. Gold has been supported by the dollar weakening and inflation prints coming in lower, said Brian Lan of Singapore dealer GoldSilver Central. The dollar index was 0.2% lower, close to an over one-year low, making gold cheaper for holders of other currencies. Spot silver rose 0.2% to $25.21 per ounce, platinum was down 0.1% to $971.87 while palladium slipped 0.6% to $1,300.21.

Persons: Brian Lan, We've, Lan, Baden Moore Organizations: U.S . Federal, GoldSilver Central, Investors, National Australia Bank Locations: Brian Lan of Singapore, Asia

☆ Oil drops as economic growth concerns offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. "The failure to reach more solid ground above $80.50 in Brent points to continued selling interest amid the well known growth/demand concerns," said Ole Hansen, head of commodity Strategy at Saxo Bank. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said Baden Moore, head of commodity and carbon strategy at National Australia Bank. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil drops as US rate hike concern, weak China data offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. Weak economic data from China also weighed. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said NAB's Moore, who added that the bank expected the curbs plus higher demand to drive prices higher. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices drop as US rate hike fears, weak China data offset supply cuts
▼ + stars: | 2023-05-01 | by ( Katya Golubkova | ) www.reuters.com time to read: +3 min

The Fed is expected to increase interest rates by another 25 basis points this week. The U.S. central bank has raised its policy rate by 475 basis points since March of last year from the near-zero level to the current 4.75%-5.00% range. In the week ahead, the Reserve Bank of Australia is widely expected to extend a rate hike pause on Tuesday and the European Central Bank could surprise with an outsized half-point increase on Thursday. Brent crude has been tracking broader markets in recent sessions, with a slew of economic data creating more uncertainty about the outlook," ANZ Research said in a client note. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ 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 falls more than $2 on banking concerns, likely Fed rate hike
▼ + stars: | 2023-03-20 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures for May settlement fell $2.32, or 3.2%, to $70.65 a barrel at 0710 GMT. Last week, Brent fell nearly 12%, its biggest weekly fall since December. A slowdown in interest rate hikes could depress the greenback, making dollar-denominated commodities like crude oil more affordable for holders of other currencies. "Volatility is likely to linger this week, with broader financial market concerns likely to remain at the forefront. Separately, Goldman Sachs cut its forecasts for Brent crude after prices plunged on banking and recession fears.

The slide in oil comes despite a historic deal which will see UBS, Switzerland's largest bank, buying the country's No. "The market focus is on current banking sector volatility and the potential for further rate hikes by the Fed," said Baden Moore, National Australia Bank's head of commodity research. A slowdown in interest rate hikes could depress the greenback, making dollar-denominated commodities like crude oil more affordable for holders of other currencies. "The U.S. Fed will be most important institution to watch this week," said Commonwealth Bank of Australia analyst Vivek Dhar in a note. Separately, Goldman Sachs cut its forecasts for Brent crude after prices plunged on banking and recession fears.

☆ Oil hits lowest since 2021 on banking fears
▼ + stars: | 2023-03-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent and WTI earlier hit lows last registered in December 2021, with WTI sinking below $65 a barrel. After the deal was announced, The U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "The market focus is on current banking sector volatility and the potential for further rate hikes by the Fed," said Baden Moore, National Australia Bank's head of commodity research. However, some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

☆ Oil rises on China demand hopes and supply concerns
▼ + stars: | 2023-02-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply. Separately Russia plans to cut oil production by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. China and India have become major buyers of Russian crude since the European Union embargo. At the same time, future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes, concerns on supply outlook
▼ + stars: | 2023-02-20 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.78 a barrel, up 44 cents or 0.6%. Russia plans to cut oil production by 500,000 bpd, or around 5% of output, in March after the West imposed price caps on Russian oil and oil products. China is the world's largest crude oil importer. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand," they wrote.

☆ Oil dips but heads for weekly gain despite U.S. downturn fears
▼ + stars: | 2023-02-10 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Feb 10 (Reuters) - Oil prices fell in early trade on Friday but were headed for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world's top oil importer. Brent crude futures fell 28 cents, or 0.3%, to $84.22 a barrel by 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.5%, to $77.71. The latest U.S. oil inventory data this week also raised fears about a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021. The lower rate hike expectations drove the dollar down, which in turn supported oil prices. The market has also been buoyed by Saudi Arabia's move to increase its official crude sales prices to Asia, seen as signalling a demand recovery in China.

☆ Oil rallies on tight U.S. stocks as winter blast hits
▼ + stars: | 2022-12-22 | by ( Sonali Paul | ) www.reuters.com time to read: +1 min

MELBOURNE, Dec 22 (Reuters) - Oil prices rose for a fourth straight day on Thursday with U.S. crude, heating oil and jet fuel stocks seen tight just as a chilly blast hits the United States and travel is set to soar for the holiday season. At the same time there was a decline in distillate stocks, which include heating oil and jet fuel, which defied expectations for a build. Jet fuel consumption is also expected to pick up with a post-COVID boom in travel for the end-of-year holiday season. "On our numbers...the crude market is finely balanced," said National Australia Bank's head of commodity research Baden Moore. A softer U.S. dollar has also buoyed oil prices, as crude becomes cheaper for buyers holding other currencies.

☆ Oil prices fall as dollar climbs, but set for weekly gain on supply concerns
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 a barrel, paring about half the gains from the previous session. Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 3% and WTI more than 4%. Friday's declines came as the dollar index inched up to 110.57, making oil more expensive for buyers holding other currencies. "From an oil market perspective — despite the high interest rates — that's a direct driver into your demand outlook," said Baden Moore, head of commodities research at National Australia Bank.

Search resuls for: "Baden Moore"

19 mentions found