Post Tagged with: "global economic slowdown"

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

From Reuters Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts. Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates. Brent crude LCOc1 settled down 38 cents, or 0.6%, at $59.92 a barrel by 12:34 p.m. ET (1634 GMT), while U.S. West Texas Intermediate crude CLc1 ended the session 33 cents, or 0.6% lower at $55.35. “The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates. “While we are not expecting any dramatic developments capable of swinging the equities either way by more than 1% or so,[Read More…]

Courtesy of Chesapeake

Oil Steadies as Hopes of Easing Trade Tensions Lend Support

From Reuters Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand. Brent crude LCOc1 settled 29 cents, or 0.5%, higher at $60.03 a barrel, while U.S. crude CLc1 rose 13 cents to $56.34 a barrel. U.S. crude turned lower in post-settlement trade after U.S. President Donald Trump said he was not ready to make a trade deal with China. The United States said it would extend a reprieve that permits China’s Huawei Technologies [HWT.UL] to buy components from U.S. companies, signaling a slight softening of the trade conflict between the world’s two largest economies. “It’s the ebbing and flowing of the U.S.-China trade war and some hope of economic stimulus that’s coming at these markets, including potential fiscal stimulus by the Germans,” said John[Read More…]

Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations

Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations

From Reuters Oil prices gained roughly 2% on Monday after a weekend attack on a Saudi oil facility by Yemen’s Houthi forces threatened crude supplies and as traders looked for signs that top economies would take measures to counteract a global slowdown. Brent crude LCOc1, the international benchmark for oil prices, settled at $59.74 a barrel, rising $1.10, or 1.88%. U.S. West Texas Intermediate (WTI) crude futures CLc1 settled at $56.21 a barrel, up $1.34, or 2.44%. Signs of a slight softening of the trade war between the United States and China, including Washington extending a reprieve that permits China’s Huawei Technologies HWT.UL to buy components from U.S. companies, also helped oil prices. A drone attack by the Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, adding to Middle East tensions, but state-run Saudi Aramco said oil production was not[Read More…]

Oil Deepens Slide on Recession Fears, China’s Trade Threats

Oil Deepens Slide on Recession Fears, China’s Trade Threats

From Reuters Oil prices fell more than 1% on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories. In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on Wednesday for the first time since 2007. China’s threat to impose counter-measures in retaliation for the latest U.S. tariffs on $300 billion of Chinese goods also weighed on oil prices. Brent crude LCOc1 fell as much as $1.81, or 3%, to $57.67 a barrel. The international benchmark was $1.23, or 2.1%, lower at $58.25 and West Texas Intermediate crude (WTI) CLc1 was down 75 cents, or 1.4%, to $54.48 by 12:32 p.m. ET (1632 GMT) “Oil is getting whacked again as risk-aversion again kicks in and fears of a trade war inflicted slowdown[Read More…]

Oil Drops 3% on Weak Global Economic Data, U.S. Crude Stocks Build

Oil Drops 3% on Weak Global Economic Data, U.S. Crude Stocks Build

From Reuters Oil prices shed 3% on Wednesday after fresh Chinese and European economic data revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row. Brent crude LCOc1 settled at $59.48 a barrel, shedding $1.82, or 3%, losing some of the previous session’s sharp gains after the United States moved to delay tariffs on some Chinese products. The global benchmark rose 4.7% on Tuesday, its biggest daily percentage gain since December. U.S. West Texas Intermediate (WTI) crude futures CLc1 settled at $55.23 a barrel, falling $1.87, or 3.3%, after having risen 4% the previous session, the most in just over a month. China reported disappointing data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies. The global economic slowdown, amplified by tariff conflicts[Read More…]

OPEC keeps curbs - Saudi Arabia Minister of Energy Khalid Al-Falih - Oil & Gas 360

Saudis to Limit Oil Exports in September to Stabilize Market

From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of 700,000 barrels a day next month, the officials said, asking not to be identified because the information isn’t public. The country’s production will be lower in September than in this month, they said. For North American customers, the kingdom will send about 300,000 barrels a day less than they nominated for oil scheduled to load in September, according to a person familiar with the matter. Reductions to European buyers will be larger, said the person, who is familiar with Saudi policy. There will also be modest cuts to Asian buyers.[Read More…]

China Continued Iran Oil Imports in July in Teeth of U.S. Sanctions: Analysts

China Continued Iran Oil Imports in July in Teeth of U.S. Sanctions: Analysts

From Reuters China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into China last month, or 142,000 to 360,000 barrels per day (bpd). The upper end of that range would mean July imports still added up to close to half of their year-earlier level despite sanctions. The imports are continuing at a precarious moment in U.S.-China relations: The flow is hampering U.S. President Donald Trump’s efforts to choke off oil exports vital to Iran through sanctions, just as tensions rise in the festering U.S.-China trade dispute that has cast a pall over the global economy. Senior Trump administration officials estimate that 50-70%[Read More…]

Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

From Reuters Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions. Brent crude LCOc1 ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of $58.01. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.45, or 2.8%, to settle at $52.54 a barrel after hitting a peak of $52.98. Prices rebounded after tumbling nearly 5% to their lowest since January on Wednesday after data showed an unexpected build in U.S. crude stockpiles after nearly two months of decline. Lending some support to prices on Thursday, inventories at Cushing, Oklahoma, the delivery point for WTI, fell about 2.9 million barrels in the week to Aug. 6, said traders, citing data from market intelligence firm Genscape.[Read More…]

Source: Sweetcrudereport.com

Global Economic Slowdown Reducing Oil Demand

By Tyler Losier, Energy Reporter, Oil & Gas 360 Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019 Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves. According to an International Energy Agency (IEA) report released July 12, worldwide oil supply for the first half of 2019 has exceeded demand by 900,000 BOPD. For Q2 2019, data shows a global surplus of 500,000 BOPD, a major departure from the previously predicted deficit of 500,000 BOPD. Even though OPEC+ leaders met earlier this month, agreeing to extend thei… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Will 2019 be Remembered for Layoffs in Global Economy?

Will 2019 be Remembered for Layoffs in Global Economy?

Asia, Europe could be hit hardest — corporations across multiple sectors worldwide tightening their belts, cutting workforces From Asia Times In a speech that displayed an uncharacteristic level of bearishness, Hong Kong’s richest billionaire tycoon Li Ka-shing has warned of a global economic slowdown in 2019. Hong Kong’s richest man, who stepped down last year from his sprawling conglomerate with an array of businesses all over the world, said almost every country will see low economic growth this year. Addressing CK Hutchison Holdings’ annual dinner last Friday, Li said that complex conditions will slow the global economy in 2019. He also told media that Hong Kong home buyers should only buy apartments for their own personal use, not for speculation, as Hong Kong’s property market will become volatile this year. Li’s view perhaps explains why dark shadows have fallen over global corporations, with many recently calling for corporate restructuring ahead[Read More…]

January 14, 2019 - 7:11 am Closing Bell Story, Energy News, Oil & Gas Jobs