Oil prices were steady on Friday, with focus shifting to the G20 summit where a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping has stirred hopes that trade tensions could ease.
Showing posts with label Brent Crude Led Oil. Show all posts
Showing posts with label Brent Crude Led Oil. Show all posts
Friday, 28 June 2019
Friday, 5 October 2018
U.S. oil exports fall as India turns to Iran ahead of sanctions
Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler.
U.S. oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 percent from a record high of 347,000 bpd in June, Kpler data showed. India accounted for 12 percent of U.S. crude exports in June.
Last month, Indian buyers lifted purchases of Iranian crude to 502,000 bpd, up 111,000 bpd over August, in "a last gasp" of purchases "before sanctions actually hit," a U.S.-based trader said, adding that those additional barrels displaced U.S. crude.
Overall U.S. exports also fell 917,000 bpd to 1.7 million bpd in the last week of September, according to the Energy Information Administration, as a stronger U.S. dollar and Brent's premium to WTI fell, making U.S. crude less affordable.
India, which has become a key Asian destination for U.S. crude this year, has been one of the top two buyers of Iranian crude. However, the country's refiners since June have cut purchases of Iranian crude ahead of U.S. sanctions.
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Tuesday, 18 September 2018
Oil prices drop as escalating trade war clouds demand outlook
Oil markets dropped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support.
Brent crude futures had declined 27 cents, or 0.35 percent, to $77.78 per barrel by 0054 GMT.
U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.46 percent, to $68.59 per barrel.
U.S. President Donald Trump on Monday said he would impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports.
U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks on the dispute, but thus far nothing has been scheduled.
"The growing trade dispute has hurt trading sentiment. The impact on economic growth is slowly dripping in, which again hurts oil prices," Wang Xiao, head of crude research at Guotai Junan Futures, said on Tuesday.
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Saturday, 15 September 2018
Oil mixed as China tariff talk scotches early rally
Oil prices pulled back on Friday on concerns additional U.S. tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.
Crude futures ended the week up more than 1.6 percent.
Traders said an early rally on Friday was sparked by reports U.S. Secretary of State Michael Pompeo was going to announce new sanctions on Iran.
"It increases the odds that there will be less oil coming out of there," said Phil Flynn, an analyst at Price Futures Group.
The gains were curbed though by reports U.S. President Donald Trump instructed aides to proceed with tariffs on about $200 billion more of Chinese products.
Brent crude oil futures pulled back on the reports of additional tariffs, dropping 9 cents a barrel to settle at $78.09. The global benchmark fell 2.0 percent on Thursday after rising on Wednesday to its highest since May 22 at $80.13.
U.S. West Texas Intermediate (WTI) futures settled up 40 cents at $68.99 a barrel after dropping 2.5 percent on Thursday.
After a volatile week, Brent was set for a 1.6 percent weekly rise and WTI 1.8 percent.
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Wednesday, 22 August 2018
Russian firms, vessels hit with U.S. sanctions over North Korea oil transfers
The United States on Tuesday announced sanctions on two Russian shipping companies and six vessels it said were involved in the transfer of refined petroleum products to North Korean vessels in violation of United Nations. restrictions.
Russian Deputy Foreign Minister Sergei Ryabkov called the sanctions as well as other U.S. steps over alleged hacking, groundless, and promised a response.
The U.S. Treasury identified the shipping firms as Vladivostok-based shipping companies Primorye Maritime Logistics Co Ltd (Primorye) and Gudzon Shipping Co LLC (Gudzon). It also named six Russian-flagged vessels: Bella, Bogatyr, Neptun, Partizan, Patriot and Sevastopol.
"Ship-to-ship transfers with North Korea-flagged vessels from Russia or elsewhere of any goods being supplied, sold, or transferred to or from (North Korea) are prohibited under the U.N. Security Council resolutions on North Korea and are sanctionable under U.S. law," U.S. Treasury Secretary Steven Mnuchin said in a statement.
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Thursday, 26 July 2018
Oil rises after Saudi Arabia suspends shipments through Red Sea lane following attack
Brent crude led oil prices higher, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low.
Brent crude futures had risen 66 cents, or 0.9 percent, to $74.59 a barrel by 0019 GMT, after gaining 0.7 percent on Wednesday.
U.S. West Texas Intermediate crude futures were up 22 cents at $69.52 a barrel, after climbing more than 1 percent in the previous session.
Saudi Arabia, the world's biggest oil exporter, said on Thursday that it was "temporarily halting" all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen's Iran-aligned Houthi movement.
Saudi Energy Minister Khalid al-Falih said in a statement that the Houthis had attacked two Saudi Very Large Crude Carriers (VLCCs) in the Red Sea on Wednesday morning, one of which sustained minimal damage.
"Saudi Arabia is temporarily halting all oil shipments through Bab al-Mandeb Strait immediately until the situation becomes clearer and the maritime transit through Bab al-Mandeb is safe," the minister said.
Most exports from the Gulf that transit the Suez Canal and the SUMED Pipeline also pass through Bab al-Mandeb strait.
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