Latest news with #HelimaCroft
CNBC
09-07-2025
- Business
- CNBC
Here's the key takeaways from OPEC's Vienna seminar
Helima Croft, RBC Capital Markets global head of commodity strategy, joins CNBC's 'Power Lunch' to share takeaways from OPEC's seminar in Vienna, Austria.
Business Recorder
08-07-2025
- Business
- Business Recorder
Oil prices gain as strong demand offsets big OPEC+ output hike
HOUSTON: Oil rose 1% on Monday as signs of strong demand outweighed the impact of OPEC+ hiking output more than expected for August, as well as concern about the potential impact of US tariffs. Brent crude futures rose 91 cents, or 1.3%, to $69.20 by 12:20 p.m. ET (1620 GMT). US West Texas Intermediate crude was at $67.57, up 57 cents, or 0.8%. The benchmarks had fallen to $67.22 and $65.40, respectively, earlier in the session. 'The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well,' Dennis Kissler, senior vice president of trading at BOK Financial. A record number of Americans had been set to travel for the Fourth of July holiday by road and air, travel industry statistics showed. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000-bpd hikes they made for the earlier three months. The OPEC+ decision will bring nearly 80% of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. The actual month-on-month rise in OPEC+ output is generally smaller, because overproducers Iraq and Kazakhstan are unlikely/unable to significantly raise their output compared with the recent heights reached during the first quarter, analysts at research firm FGE wrote in a note. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3. Oil had also come under pressure as US officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The United States will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. 'Concerns over (US President Donald) Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now,' said Priyanka Sachdeva, a senior market analyst at Phillip Nova. Meanwhile, geopolitical uncertainties continued. Yemen's Iran-aligned Houthis said on Monday that a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year.
The Star
08-07-2025
- Business
- The Star
Oil prices up; strong demand outweighs surprisingly big Opec+ output hike
HOUSTON: Oil prices rose nearly 2% on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs. Brent crude futures settled up $1.28, or 1.9%, at $69.58. U.S. West Texas Intermediate crude settled up 93 cents or 1.4%, at $67.93. Early in the session, Brent had fallen as low as $67.22 and WTI's session low was $65.40. "The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well," said Dennis Kissler, senior vice president of trading at BOK Financial. Travel industry statistics released last week showed that a record number of Americans had been set to travel for the Fourth of July holiday by road and air. On Saturday, the Organization of the Petroleum Exporting Countries and allies in OPEC+ agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months. The OPEC+ decision will bring nearly 80% of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3. Oil had also come under pressure as U.S. officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The U.S. will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. "Although U.S. trade policy is still unfolding, the U.S. is extending deadlines and backing away from punitive tariffs, helping to lift some of the demand gloom in place since April," said Jeffrey McGee, managing director of advisory firm Makai Marine Advisors. Meanwhile, Yemen's Iran-aligned Houthis said on Monday a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year. Israeli Prime Minister Benjamin Netanyahu was due to meet with Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas aimed at reaching a U.S.-brokered Gaza ceasefire and hostage-release deal. Iranian President Masoud Pezeshkian said he believes Iran can resolve its differences with the U.S. through dialogue, but trust would be an issue after U.S. and Israeli attacks on his country, according to an interview released on Monday. - Reuters
New Straits Times
08-07-2025
- Business
- New Straits Times
Oil prices up, strong demand outweighs surprisingly big OPEC+ output hike
HOUSTON: Oil prices rose nearly 2 per cent on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of US tariffs. Brent crude futures settled up US$1.28, or 1.9 per cent, at US$69.58. US West Texas Intermediate crude settled up 93 cents or 1.4 per cent, at US$67.93. Early in the session, Brent had fallen as low as US$67.22 and WTI's session low was US$65.40. "The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well," said Dennis Kissler, senior vice president of trading at BOK Financial. Travel industry statistics released last week showed that a record number of Americans had been set to travel for the Fourth of July holiday by road and air. On Saturday, the Organization of the Petroleum Exporting Countries and allies in OPEC+ agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months. The OPEC+ decision will bring nearly 80 per cent of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000-bpd increase for September at the next meeting on August 3. Oil had also come under pressure as US officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The US will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. "Although US trade policy is still unfolding, the US is extending deadlines and backing away from punitive tariffs, helping to lift some of the demand gloom in place since April," said Jeffrey McGee, managing director of advisory firm Makai Marine Advisors. Meanwhile, Yemen's Iran-aligned Houthis said on Monday a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year. Israeli Prime Minister Benjamin Netanyahu was due to meet with Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas aimed at reaching a US-brokered Gaza ceasefire and hostage-release deal. Iranian President Masoud Pezeshkian said he believes Iran can resolve its differences with the US through dialogue, but trust would be an issue after US and Israeli attacks on his country, according to an interview released on Monday.
Business Times
07-07-2025
- Business
- Business Times
Oil prices up; strong demand outweighs surprisingly big Opec+ output hike
[HOUSTON] Oil prices rose nearly 2 per cent on Monday as signs of strong demand more than offset the impact of a higher-than-expected Opec+ output hike for August and fresh concerns about the potential impact of US tariffs. Brent crude futures settled up US$1.28, or 1.9 per cent, at US$69.58. US West Texas Intermediate crude settled up 93 cents or 1.4 per cent, at US$67.93. Early in the session, Brent had fallen as low as US$67.22 and WTI's session low was US$65.40. 'The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well,' said Dennis Kissler, senior vice-president of trading at BOK Financial. Travel industry statistics released last week showed that a record number of Americans had been set to travel for the Fourth of July holiday by road and air. On Saturday, the Organization of the Petroleum Exporting Countries and allies in Opec+ agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months. The Opec+ decision will bring nearly 80 per cent of the 2.2 million-bpd voluntary cuts from eight Opec producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said. In a show of confidence about oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect Opec+ to announce a final 550,000-bpd increase for September at the next meeting on Aug 3. Oil had also come under pressure as US officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand. The US will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, adding his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. 'Although US trade policy is still unfolding, the US is extending deadlines and backing away from punitive tariffs, helping to lift some of the demand gloom in place since April,' said Jeffrey McGee, managing director of advisory firm Makai Marine Advisors. Meanwhile, Yemen's Iran-aligned Houthis said on Monday a cargo ship they struck with gunfire, rockets and explosive-laden remote-controlled boats had sunk in the Red Sea, after their first known attack on the high seas this year. Israeli Prime Minister Benjamin Netanyahu was due to meet with Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas aimed at reaching a US-brokered Gaza ceasefire and hostage-release deal. Iranian President Masoud Pezeshkian said he believes Iran can resolve its differences with the US through dialogue, but trust would be an issue after US and Israeli attacks on his country, according to an interview released on Monday. REUTERS
