Latest news with #TaarekRefaatOil
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Oil Prices Dip Amid Surprise Surge in US Inventories
Taarek Refaat Oil prices saw a slight decline on Wednesday, as a surprise increase in U.S. fuel inventories overshadowed signs of rising demand. The news also coincided with growing concerns over broader economic impacts from U.S. tariffs, which continued to weigh on the markets. Brent crude closed down by 19 cents, or 0.3%, at $68.52 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped 14 cents, or 0.2%, ending the day at $66.38 per barrel. Latest Oil Prices: WTI Crude $66.62 +0.10 +0.15% Brent Crude $68.69 -0.02 -0.03% Murban Crude $69.93 -0.17 -0.24% Louisiana Light $70.89 -1.54 -2.13% Bonny Light $78.62 -2.30 -2.84% Mars US $71.88 -1.03 -1.41% Gasoline $2.153 -0.017 -0.78% Natural Gas $3.565 +0.042 +1.19% Despite the ongoing expectations for increased demand, the unexpected inventory rise sent a ripple through the oil markets. According to the Energy Information Administration (EIA), U.S. gasoline stocks surged by 3.4 million barrels last week, while market analysts had forecast a decrease of 1 million barrels. The data further showed that distillate inventories, which include diesel and heating oil, jumped by 4.2 million barrels—vastly surpassing expectations of a mere 200,000 barrel increase. These figures are notable, as they could signal an oversupply in the short-term, affecting global oil prices. Conversely, commercial crude oil stocks fell by 3.9 million barrels to 422.2 million barrels, a larger drawdown than the forecasted 552,000 barrel reduction. This drop in crude reserves could signal stronger demand or more effective supply chain management, balancing out some of the negative signals from the fuel inventories. Geopolitical Tensions and Trade Concerns Loom Amid these market shifts, the broader geopolitical climate remains a significant influence on oil prices. The threat of escalating trade wars, particularly from U.S. President Donald Trump's policies, continues to cloud market forecasts. Trump recently warned of imposing heavy tariffs on Russia in the coming 50 days unless a resolution to the ongoing Ukraine conflict is reached, adding to investor uncertainty. Additionally, the European Commission is preparing for potential countermeasures should talks with Washington fail. These tensions have raised concerns about possible disruptions in global trade, which could further strain energy markets. In the U.S., reports that President Trump might seek to remove Federal Reserve Chairman Jerome Powell led to a sharp rise in short-term U.S. interest rate futures, prompting investors to bet on potential rate cuts beginning as soon as September. Looking forward, the Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly report projected that the global economy would improve in the second half of the year, driven by stronger growth in China, India, and Brazil, alongside recovery in the U.S. and the European Union. In China, state-run refineries ramped up production after completing maintenance, responding to surging demand in the third quarter. Barclays estimates that China's demand for oil grew by 400,000 barrels per day in the first half of the year, reaching 17.2 million barrels per day. However, the oil market faces ongoing disruptions from geopolitical tensions in the Middle East. Drone attacks on oil fields in Iraq's Kurdistan region, now continuing for the third consecutive day, have caused a loss in production of approximately 140,000 to 150,000 barrels per day. This supply shortfall, along with other regional instability, continues to impact the overall balance of supply and demand. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
16-06-2025
- Business
- See - Sada Elbalad
Oil Prices Surge amid Escalating Israeli-Iranian Conflict
Taarek Refaat Oil prices rose sharply in early Asian trading on Monday, driven by renewed attacks between Israel and Iran. The exchange of strikes has heightened concerns that the growing conflict could disrupt critical oil exports from the Middle East, a region that remains essential to global energy supply. Brent crude futures increased by $1.70, or 2.3%, reaching $75.93 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $1.62, or 2.2%, to $74.60. Both benchmarks had surged more than $4 earlier in the session, reflecting the heightened market volatility. Latest Oil Prices: WTI Crude • 73.63 +0.65 +0.89% Brent Crude • 74.79 +0.56 +0.75% Murban Crude • 74.31 +0.79 +1.07% Louisiana Light • 71.63 -0.13 -0.18% Bonny Light • 78.62 -2.30 -2.84% Opec Basket • 69.15 +1.68 +2.49% Mars US • 72.21 -1.06 -1.45% Gasoline • 2.250 +0.022 +1.00% Natural Gas • 3.680 +0.099 +2.76% The latest round of attacks between Israel and Iran comes amid fears of a broader regional conflict. Both sides have exchanged fire, resulting in civilian casualties and raising fears of further escalation. Each side has urged civilians to take safety precautions, signaling that more attacks may be imminent. On Friday, oil prices surged by 7% at settlement, reaching their highest levels since January after rising more than 13% during the session. Experts are now forecasting further price increases, especially with concerns about potential disruptions in the Strait of Hormuz, a key chokepoint for global oil transportation. The Strait of Hormuz sees the passage of about 18 to 19 million barrels of oil per day, representing around one-fifth of global oil consumption. Any disruption to this critical shipping lane could have severe consequences for both oil prices and global supply chains. U.S. President Donald Trump expressed hope on Sunday that Israel and Iran might reach a ceasefire, but also stated that sometimes "countries must fight to the end." While the United States has continued to show support for Israel, Trump declined to comment on whether he had asked Israel to halt its strikes on Iran. German Chancellor Friedrich Merz noted that he hopes the upcoming G7 summit in Canada could help find a diplomatic resolution to the conflict and prevent its escalation. On the other hand, Iran has made it clear to mediators in Qatar and Oman that it is unwilling to negotiate a ceasefire while it is still under attack from Israel. Iran, a member of OPEC, produces approximately 3.3 million barrels per day of oil, with over 2 million barrels per day of that oil being exported. As the region's tensions escalate, concerns about potential disruptions to Iran's oil output and export capacity grow. OPEC analysts suggest that the organization, alongside its partners such as Russia, has enough spare production capacity to absorb any short-term disruptions in Iranian oil exports. However, the growing geopolitical tensions continue to put upward pressure on oil prices, with markets remaining volatile and uncertain about the duration of the conflict. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
13-06-2025
- Business
- See - Sada Elbalad
Oil Prices Surge 9% After Israeli Strikes on Iran Spark Fears of Regional Escalation
Taarek Refaat Oil prices spiked sharply on Friday following Israel's announcement of a large-scale military operation targeting Iran, heightening fears that a broader conflict could disrupt energy supplies from the region. Brent crude futures rose $4.35, or 6.19%, reaching $74.60 a barrel, while U.S. West Texas Intermediate (WTI) crude jumped $5.33, or 7.83%, to $73.37 a barrel by 00:29 GMT—pushing both benchmarks to their highest levels in over two months. Latest Oil Prices: WTI Crude $74.35 +9.27% Brent Crude $75.57 +8.95% Murban Crude $75.07 +8.40% Louisiana Light $71.76 +4.39% Bonny Light $78.62 -2.84% Opec Basket $67.47 +0.18% Mars US $72.21 -1.45% Gasoline $2.259 +5.43% Natural Gas $3.544 +1.49% The surge came hours after Israeli military officials confirmed a series of airstrikes targeting what they described as 'dozens of military and nuclear-linked facilities' across Iran. A senior Israeli source stated that the strikes were aimed at weakening Tehran's military capabilities and undermining its nuclear infrastructure. 'We believe Iran has the capability to strike Israel at any moment,' the source warned. According to Israeli officials, several of the targets included nuclear facilities, though no details have yet been released about the extent of the damage. Iranian state media has confirmed the deaths of senior Revolutionary Guard commanders, but Tehran has not yet commented publicly on the alleged strikes against nuclear infrastructure. The developments have added new urgency to diplomatic efforts. A sixth round of nuclear talks between U.S. and Iranian officials is scheduled for Sunday in Oman, with mediation from Omani diplomats. U.S. Special Envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araqchi to discuss Iran's potential response to Washington's latest proposal on nuclear compliance. Former U.S. President Donald Trump has reportedly reiterated his stance that military action remains an option if talks collapse. Iran has responded by warning that any aggression would be met with retaliatory strikes on U.S. military bases in the region. The risk of military escalation has raised alarms over global energy security, particularly regarding the Strait of Hormuz—a critical shipping chokepoint for global oil supplies. The UK Maritime Trade Operations issued a warning earlier this week that rising tensions could impact maritime traffic in key Middle Eastern waterways. Analysts at JPMorgan warned that oil prices could spike to $120–$130 per barrel if the Strait of Hormuz were to be closed, though they currently view the likelihood of that scenario as low. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
02-06-2025
- Business
- See - Sada Elbalad
Oil prices rise after OPEC+ agrees to further production increases.
Taarek Refaat Oil prices rose in early trading on Monday after OPEC+ agreed to a new production increase of 411,000 barrels per day in July. Brent crude futures rose more than $1 to $64 a barrel. US crude futures also rose more than $1 to $62.12 a barrel. Latest Oil Prices: WTI Crude $62.46 +2.75% Brent Crude $64.27 +2.37% Murban Crude $63.77 +2.67% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Opec Basket $63.78 +0.00% Mars US $72.21 -1.45% Gasoline $2.044 +1.45% Natural Gas $3.525 +2.26% In a move aimed at supporting oil market stability, eight OPEC+ countries announced a gradual increase in production levels starting next July, while affirming their full commitment to previous agreements. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman met via video conference today, May 31, 2025, to review the global oil market situation and future prospects. The eight countries indicated that the decision was based on strong market fundamentals, low global oil inventories, and the continued positive outlook for the global economy. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
30-05-2025
- Business
- See - Sada Elbalad
Oil Prices Head for Second Weekly Loss ahead of OPEC+ Decision
Taarek Refaat Oil prices are set for a second consecutive weekly loss ahead of an anticipated OPEC+ meeting on production policy, which is expected to result in a further increase in supply. Brent crude fell below $64 a barrel after falling 1.2% on Thursday, while West Texas Intermediate (WTI) crude traded near $61. Latest Prices: WTI Crude $60.64 -0.49% Brent Crude $63.84 -0.48% Murban Crude $63.35 -0.30% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.039 -0.97% Natural Gas $3.543 +0.60% Producers are scheduled to meet on Saturday to set July production levels, after preliminary discussions last week covered a third consecutive increase in supply. The faster-than-expected resumption of production disruptions by OPEC+ has raised concerns of a supply glut, contributing to pressure on prices. Fears of a global economic slowdown due to President Donald Trump's tariffs and retaliatory measures have also increased pressure on oil prices. Although Trump's sweeping tariffs have rattled global markets, they now face legal challenges. A US trade court ruled this week that some of them were illegal, while a federal appeal granted a temporary reprieve before the ruling is implemented. Meanwhile, US crude inventories fell by 2.8 million barrels last week, the largest decline in about two months, according to Energy Information Administration data released Thursday. Gasoline inventories also declined. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks
