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☆ Oil prices fall on U.S. crude reserve release
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: +2 min

OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices. Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be canceled or delayed. Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel by 0256 GMT, while U.S. crude futures fell by 93 cents, or 1.16%, to $79.21 per barrel. "Any higher-than-expected data may cause a renewed sell-off in risk assets, including oil," Tina Teng, an analyst at CMC Markets said. "Oil is on the defensive and it could get uglier if inflation proves to be harder to tame," OANDA's Moya said.

☆ 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 rises on China outlook, supply worries after Turkey earthquake
▼ + stars: | 2023-02-07 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. Operations at Turkey's 1 million barrel per day (bpd) oil export terminal in Ceyhan were halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. The oil markets will closely watch the U.S. Federal Reserve's chair Jerome Powell's speech on Wednesday, analysts said.

☆ 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.

☆ U.S. layoffs surged in January as tech slashed thousands of jobs - report
▼ + stars: | 2023-02-02 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

Feb 2 (Reuters) - Layoffs in the United States hit a more than two-year high in January as technology firms cut jobs at the second-highest pace on record to brace for a possible recession, a report showed on Thursday. The push to correct pandemic excesses has been most evident in the tech sector, which slashed 41,829 jobs last month, the highest across industries. Reuters GraphicsRetailers, second after tech, cut 13,000 positions in January, compared with virtually no layoffs a year earlier. Financial firms, meanwhile, shed 10,603 jobs last month, up from 696 roles a year earlier. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar falls to nine-month low as Powell notes progress in disinflation
▼ + stars: | 2023-02-01 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 1 (Reuters) - The dollar extended losses on Wednesday and fell to a nine-month low against a basket of currencies after Federal Reserve Chair Jerome Powell spoke of making progress in bringing down inflation pressures, even as the U.S. central bank warned of further monetary policy tightening. He also noted progress on disinflation, which he said is in its early stages, and said the Fed will continue to make decisions on a meeting-by-meeting basis. The Fed's last "dot plot" in December showed that Fed officials expected the rate to rise above 5%. The dollar fell as low as 101.03 against a basket of currencies , the lowest since April 22. (USAVGE=ECI), (USAVHE=ECI)The European Central Bank (ECB) and the Bank of England are both expected to raise interest rates by 50 basis points on Thursday.

The Jan. 24 report has triggered an $86 billion erosion in market capitalisation of seven listed Adani Group companies. "To go through this exercise of a share sale and to call it off raises more questions." After the share sale was pulled, yields of dollar-denominated bonds issued by Adani companies rose on Wednesday. Adani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

☆ Instant View: India's Adani calls off $2.5 bln share sale
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises (ADEL.NS) on Wednesday called off its $2.5 billion share sale, citing market conditions, a week after a U.S. short-seller's critical report unleashed a rout in the wider Adani Group's stocks. COMMENTARYDEVEN CHOKSEY, MANAGING DIRECTOR, KR CHOKSEY SHARES AND SECURITIES"In the given situation, when the entire environment has become negative, it is good that the share sale is withdrawn. GURMEET CHADHA, CHIEF INVESTMENT OFFICER AND MANAGEMENT PARTNER OF COMPLETE CIRCLE WEALTH"It was the right thing to do. It must have been a hard decision but it was the right thing to do. To go through this exercise of a share sale and to call it off raises more questions."

☆ Oil prices advance on U.S. growth, Chinese recovery hope
▼ + stars: | 2023-01-27 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

Jan 27 (Reuters) - Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month's peak levels. Brent futures gained 30 cents, or 0.34%, to $87.77 a barrel by 0321 GMT, while U.S. crude rose 34 cents to $81.35 per barrel, a 0.42% gain. OPEC+ delegates will meet next week to review crude production levels, amid steady support for crude prices from strong demand for jet fuel and diesel. Gains on U.S. crude were limited by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, earlier this week. "The short-term bullish factor is that the recent outage in the U.S. refineries helped push up gasoline prices, though the U.S. crude inventories hit a 16-month high," Teng said.

REUTERS/Todd Korol/File Photo/File PhotoNEW YORK, Jan 26 (Reuters) - Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01. "Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break," said Edward Moya, senior market analyst at data and analytics firm OANDA. China has been easing stringent COVID-19 restrictions this month, with Beijing reopening borders for the first time in three years. The OPEC+ ministerial panel meeting on Feb. 1 is likely to endorse the oil producer group's current output levels, OPEC+ sources said.

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers' interest. However, Musk, who has missed his own ambitious sales targets for Tesla in recent years, said 2023 deliveries could hit 2 million vehicles, absent external disruption. He said he expected a "pretty difficult recession this year," but demand for Tesla vehicles "will be good despite probably a contraction in the automotive market as a whole." CYBERTRUCKThe company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Musk dismissed surveys that suggest his political comments on Twitter are damaging the Tesla brand.

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers' interest. Deep price cuts this month have positioned Tesla as the initiator of a price war, but its forecast of a 37% rise in car volume for the year, to 1.8 million vehicles, was down from 2022's pace. Musk, who has missed his own ambitious sales targets for Tesla in recent years, said that deliveries in 2023 could hit 2 million vehicles, absent external disruption. The company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Net profit for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.

☆ Gold steadies near nine-month peak with spotlight on U.S. data
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: +1 min

Gold prices hit a nine-month high on Thursday before trading steady, as investors hunkered down for U.S. economic data that could influence the Federal Reserve's policy tightening path. Spot gold was flat at $1,944.96 per ounce, as of 0244 GMT, after hitting its highest since April 2022. "The key question for investors will be how much dollar will strengthen and how this will impact gold prices in near-term." Investors will also scan the U.S. weekly initial jobless claims data due later in the day and U.S. personal consumption expenditures (PCE) data on Friday. Spot silver fell 0.2% to $23.85 per ounce, platinum lost 0.4% to $1,035.16, and palladium was down 0.2% to $1,695.29.

☆ Oil falls $2/barrel on economic jitters, U.S. crude stock build
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The U.S. economy "still could roll over and some energy traders are still sceptical on how quickly China's crude demand will bounce back this quarter," OANDA analyst Edward Moya said in a note. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil dips $2 on global economic concerns
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at Feb. 1 meetingComing up: API inventory data at 2130 GMTHOUSTON, Jan 24 (Reuters) - Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and an expected build in U.S. oil inventories. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Yet British private sector economic activity fell at its fastest rate in two years. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.

☆ Oil dips $1 on global economic concerns
▼ + stars: | 2023-01-24 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at Feb. 1 meetingComing up: API inventory data at 2130 GMTHOUSTON, Jan 24 (Reuters) - Crude oil prices dipped on Tuesday on concerns about a global economic slowdown and expected build in U.S. oil inventories. Euro zone business activity made a surprise return to modest growth in January, S&P Global's flash Composite Purchasing Managers' Index (PMI) showed. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply. U.S. oilfield services firm Halliburton Co (HAL.N) said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling. Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn have eased.

☆ Oil steady as China reopening is balanced by economic concerns
▼ + stars: | 2023-01-24 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China. This week traders are watching for more business data as corporate earnings season gathers momentum, offering clues to the health of economies around the globe. On the inventory side, U.S. stocks of crude oil and gasoline were expected to have risen last week while distillate stocks were forecast to fall, a preliminary Reuters poll showed on Monday. Goldman Sachs analysts expect commodities such as crude oil, refined petroleum products, LNG, and soybeans to rise on the back of a rebound in Chinese demand. Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply.

☆ Oil mixed as investors weigh China demand and U.S. outlook
▼ + stars: | 2023-01-24 | by ( Mohi Narayan | ) www.reuters.com time to read: +3 min

Jan 24 (Reuters) - Crude oil prices edged higher in Asian trade on Tuesday amid hopes of a fuel demand recovery from top importer China, although concerns about a slowdown in the U.S. economy capped gains. Brent crude was down 5 cents to $88.14 per barrel by 0436 GMT after rising to a session high of $88.36. Commodities like crude oil, refined petroleum products, LNG, and soybeans are set to benefit from China's demand tailwind, analysts at Goldman Sachs said. "Besides, the greenback hovering around a multi-month low is buttressing oil prices," independent oil market expert Sugandha Sachdeva said. This week traders are watching for more business data that could indicate the health of global economies during an earnings reporting season.

Jan 24 (Reuters) - Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel. However, crude prices are wavering as the dollar stabilizes and over exhaustion from China-reopening headlines, according to OANDA analyst Edward Moya. Demand for products has lifted the oil market and refining margins. This week traders are watching for more business data that could indicate the health of global economies during an earnings reporting season.

☆ Oil rises, posts second week of gains on China demand outlook
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: +2 min

Oil rose by about $1 a barrel on Friday and posted second straight weekly gain, spurred largely by brightening economic prospects for China and resulting expectations of a boost to fuel demand in the world's second-biggest economy. "The oil market has been down on global recession fears, but it is still showing signs it can remain tight a little while longer," he said. Oil rose despite U.S. inventory figures this week showing crude stockpiles rose by 8.4 million barrels in the week to Jan. 13 to about 448 million barrels, the highest since June 2021. A price cap on Russian oil, which has been rippling through the global market, is helping to boost crude prices, said Jim Ritterbusch of consultancy Ritterbusch and Associates. "Sanctions and caps on Russian crude are gradually acquiring some price impact and will become more of a bullish factor when last month's influx of Russian crude cargoes is absorbed into the global market," Ritterbusch said.

U.S. West Texas Intermediate (WTI) crude rose $2.29, or 3.1%, to settle at $77.41. Global equities were up on hopes that U.S. inflation and earnings figures due on Thursday will indicate a resilient economy and result in a slower pace of interest rate hikes. Oil demand is coming back and expectations are high that China’s demand is about to skyrocket," said Edward Moya, senior market analyst at data and analytics firm OANDA. Analysts polled by Reuters had forecast a 2.2 million-barrel decline in crude stocks, and industry data from the American Petroleum Institute (API) showing a 14.9 million-barrel build. ,EIA this week forecast U.S. crude production will reach all-time highs in 2023 and 2024.

☆ Gold rises, set for weekly gain with spotlight on U.S. jobs data
▼ + stars: | 2023-01-06 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% to $1,838.38 per ounce, as of 0238 GMT. The market's focus shifts to the U.S. Labor Department's closely watched nonfarm payrolls (NFP) data due at 1330 GMT. "Higher-than-expected job gains and more persistent wage pressures may be catalysts to add pressure on gold," said IG Market strategist Yeap Jun Rong. "Gold prices have been finding its way higher since November as bullish bets in dollar and yields unwind. For 2023, gold prices may continue to draw in buyers but it might face some risk from hawkish pushback from policymakers."

☆ Asian equities rise, dollar sways as focus firmly on Fed minutes
▼ + stars: | 2023-01-04 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.91%, set for a third straight day of gains for the year. The index fell 20% in 2022. Japan's Nikkei (.N225) lost 1.12% in early trade, while Australia's S&P/ASX 200 index (.AXJO) rose 1.28%. The dollar index , which measures the greenback against six other currencies fell 0.162% after rising 1% overnight. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 3.7 basis points at 4.368%.

☆ Economic weakness set to weigh on oil price in 2023 - Reuters poll
▼ + stars: | 2022-12-30 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

A survey of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey. U.S. crude is projected to average $84.84 per barrel in 2023, versus the previous month's $87.80 consensus. Brent has fallen more than 15% since early November and was trading around $84 a barrel on Friday as surging COVID-19 cases in China depressed the outlook for oil demand growth in the world's largest crude oil importer. The impact of Western sanctions on Russian oil is expected to minimal, the poll showed. Moscow this week signed a decree that bans the supply of oil and oil products to nations participating in the Group of Seven (G7) price cap from Feb. 1 for five months.

☆ Elon Musk's vow to hold on to Tesla stock fails to soothe investors
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

Dec 23 (Reuters) - Tesla Inc shares (TSLA.O) touched a fresh two-year low in volatile trading on Friday as boss Elon Musk's promise to not sell his shares for at least two years did little to reassure investors. "I won't sell stock until I don't know probably two years from now. Definitely not next year under any circumstances and probably not the year thereafter," Musk said on Thursday. Known for tweeting about his plans extensively, Musk most recently asked in a Twitter poll if he should quit as the head of Twitter. "Musk looks rattled, vowing not to sell more stock and floating the idea of share buybacks.

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