Woodside Profit Slides 24 Percent Despite Oil and Gas Production Boom
The energy company attributed this fall to lower oil and gas prices, and depreciation of its Sangomar oil project in Senegal.
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Oil prices gain as US inventory withdrawals point to strong demand
By Katya Golubkova TOKYO (Reuters) -Oil prices gained slightly on Thursday as larger-than-expected declines crude oil and fuel inventories in the U.S., the world's biggest oil user, supported expectations for steady demand. Brent crude futures were up 13 cents, or 0.19%, to $66.97 a barrel at 0055 GMT, after gaining 1.6% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.24%, to $62.86, after climbing 1.4% on Wednesday. U.S. crude inventories fell by 6 million barrels last week to 420.7 million barrels, the U.S. Energy Information Administration said on Wednesday, versus analysts' expectations in a Reuters poll for a 1.8 million-barrel draw. Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019. "Crude oil prices rebounded as signs of strong demand in the U.S. boosted sentiment," Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday. Still, Hynes cautioned that some "bearish sentiment remains evident as traders continue to monitor negotiations to end Russia's war against Ukraine." Russia said on Wednesday attempts to resolve security issues relating to Ukraine without Moscow's participation were a "road to nowhere," as U.S. and European military planners have begun exploring post-conflict security guarantees for Ukraine. The drawn-out efforts to secure peace in Ukraine mean that Western sanctions on Russian oil supply continue to remain in place. The possibility of further U.S. sanctions and tariffs on Russian oil buyers also hang over the market. Russia, however, remains adamant it will keep providing crude to willing buyers, with Russian diplomats in India saying on Wednesday the country expects to continue supplying oil to India despite warnings from the U.S. U.S. President Donald Trump has announced an additional tariff of 25% on Indian goods from August 27 because of their Russian crude purchases. The European Union has also sanctioned Indian private refiner Nayara Energy, which is backed by Russian oil company Rosneft. Indian refiners initially backed off their Russian buying but company officials at state-run Indian Oil and Bharat Petroleum have bought Russian oil for September and October delivery, resuming purchases after discounts widened. Sign in to access your portfolio
Yahoo
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Corn Falling Back on Tuesday
Corn futures are trading with 2 to 3 ½ cent gains across most contracts on Tuesday. The CmdtyView national average Cash Corn price is down 2 3/4 cents at $3.62. Monday afternoon's weekly Crop Progress report showed the US corn crop at 97% silking, with 72% in the dough stage, both 1% back of normal. The crop was also listed at 27% dented as of Sunday, with 3% mature. Conditions slipped 1 point this week, to 71% gd/ex and 382 on the Brugler500 index. More News from Barchart Coffee Prices Give Up Early Gains on Comments From Brazil's Ag Minister Below-Average Rainfall in Brazil Supports Arabica Coffee Prices Soybeans Are Heating Up. Here's What Could Take Them Much Higher. Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! The annual ProFarmer crop tour started on Monday, with the Ohio crop pegged at 185.69 bpa, up from 183.29 bpa last year and the 180.47 3-year average. USDA is looking for a 19 bpa increase yr/yr. Yield in South Dakota was estimated at 174.18 bpa, which is up 17.67 bpa from last year's tour total and well 30.05 bpa above the 3-year average. USDA was looking for a 4 bpa increase from last year in last Tuesday's report. Brazil's corn exports are pegged at 8.05 MMT for August according to ANEC, which is up 0.08 MMT from last week's estimate. Sep 25 Corn is at $3.80, down 3 cents, Nearby Cash is at $3.62 1/1, down 2 3/4 cents, Dec 25 Corn is at $4.03 1/4, down 3 1/4 cents, Mar 26 Corn is at $4.20 3/4, down 3 1/2 cents, New Crop Cash is at $3.58 1/4, down 3 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
Bloomberg Daybreak Asia: Stocks Stall on Fed Caution; HKEX CEO Bonnie Chan
Asian markets looked set for a cautious open Thursday, as US stocks pulled back and bond prices climbed ahead of a key Fed gathering in Jackson Hole. The Nasdaq and S&P 500 slipped, while Treasuries rallied on tempered inflation concerns. Meanwhile, Chinese shares listed in the US bucked the trend with gains. All eyes now turn to Fed Chair Jerome Powell's upcoming remarks for clues on the September rate path. For more on the markets, we check in with Tim Pagliara, Chairman and Chief Investment Officer at CapWealth. Plus - Hong Kong Exchanges and Clearing CEO Bonnie Chan is upbeat that the return of international investors will help sustain momentum amid a boom in listings and trading. Hong Kong's stock market has boomed this year, with its benchmark index surging and share sales posting a strong recovery as Chinese firms flock to raise capital. That in turn has boosted trading volumes, one of the main drivers of earnings for the exchange. We bring you part of Chan's conversation with Bloomberg's Yvonne Man.
