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Reuters
4 days ago
- Business
- Reuters
Nigeria's Dangote refinery continues WTI buying spree in July
LONDON, May 30 (Reuters) - Nigeria's Dangote oil refinery will import at least five million barrels of U.S. WTI crude oil in July, three trading sources told Reuters, continuing its buying spree after a potential record tally in June. The giant new 650,000 barrel per day (bpd) capacity oil refinery is set to import around 161,000 barrels bpd of WTI in July after awarding tenders in recent days, the sources said, off the back of a record 300,000 bpd booked in its June tenders. Final totals for the month could change should the refinery make more purchases. The buying spree highlights the increasing competition oil exporters face as the OPEC+ producer group increases output, with U.S. crudes struggling to compete in Asia against six-month low in spot premiums for UAE Murban crude, traders said. Commodity trader Vitol supplied a two million barrels for July delivery in the latest Dangote tender, Azeri state-owned Socar another two million barrels, and miner and trader Glencore (GLEN.L), opens new tab sold the remaining one million barrels, the sources said. The Dangote refinery, Vitol and Socar did not immediately respond to Reuters' request for comment on the tender result, while Glencore declined to comment. The sellers of the nine million barrels Dangote was heard to have bought for June arrival in an earlier tender were not confirmed by Reuters. Tender details are not made public. Dangote's previous record for U.S. crude imports was 173,000 bpd in April, data from global shipping analytics firm Kpler show. The Dangote refinery's crude diet comprises mainly Nigerian grades, though it has been purchasing semi-regularly WTI since March 2024 according to Kpler. In 2025 it has also bought spot cargoes from Angola, Equatorial Guinea, Algeria, and Brazil, the data show. The refinery is expected to operate at reduced rates through to October due to a series of issues in recent months, according to industry monitor IIR. The refinery is now ramping up towards 85% operating capacity, a spokesperson for the refinery told Reuters. It had been running at around 80% since mid-March, IIR said.
Business Insider
7 days ago
- Business
- Business Insider
Closing Bell Movers: Okta slips 12% despite earnings beat
In the opening hour of the evening session, U.S. equity futures are little changed, with S&P 500 at 5,937, Nasdaq 100 at 21,462, and Dow Industrials up a marginal 0.1% at 42,442. In energy, WTI Crude is up slightly above $61 per barrel while Gold is off Tuesday's lows at $3,300. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Stocks staged a broad based rally upon returning from Memorial Day holiday, erasing nearly all of last week's correction, as President Trump again backed away from threatening Europe with a trade war starting next month. Treasury yields also retreated as inflation fears abated, while investors further cheered a much better Consumer Confidence readout from the Conference Board, boosting shares of Cyclicals. Airlines and Cruise stocks were especially strong performers within the S&P. In this evening's earnings, cybersecurity name Okta traded down by over 10% despite a beat on Q1 earnings and a lift in guidance as the management signaled 'potential risks related to the uncertain economic environment for the remainder of FY26.' Tomorrow, afterhours results out of Nvidia mark the book-end to the Mag-7 earnings season, while Software investors will also watch the quarterly update from Salesforce. Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGS – Vail Resorts (MTN) up 10.4% Box (BOX) up 10.4% ALSO HIGHER – Brooge Energy (BROG) up 83.4% after $884M asset sale to Gulf Navigation Holding Joby (JOBY) up 3.9% as Toyota closes $250M investment DOWN AFTER EARNINGS – Okta (OKTA) down 12.1% Semtech Corporation (SMTC) down 2.1% ALSO LOWER –
Khaleej Times
27-05-2025
- Business
- Khaleej Times
UAE: Will petrol prices drop in June after inching up in May?
Petrol prices in the UAE could see a small cut when new rates are announced for June 2025 at the end of this month. Brent oil mostly traded in the low $60s a barrel range in May 2025, which is slightly lower than last month. On Tuesday, WTI Crude and Brent were trading slightly lower at $61.44 and $64.68 per barrel, respectively. For the month of May, the UAE inched up prices by just one fils per litre, pricing Super 98, Special 95 and E-Plus 91 at Dh2.58, Dh2.47 and Dh2.39 per litre, respectively. In the UAE, petrol prices have been revised at the end of every month ever since the country deregulated fuel prices in 2015. For the month of June, prices could be revised down slightly as the average closing price of Brent was $63.6 a barrel compared to previous months' $66.6 per barrel. However, an official announcement about new rates for June will be made at the end of this month. Oil prices are likely to come under further pressure as energy-producing group Opec+ is likely to increase output further in its meeting this week. 'Crude oil has declined sharply this year amid concerns that US President Donald Trump's import tariffs could dent economic growth and curb demand, just as Opec+ accelerates output increases to protect market share. Oil opened the year near $74.93 and surged to $82.63 by mid-January, only to reverse course sharply, tumbling to $58.40 by April 9. A modest rebound followed, lifting prices to around $65 by late May — but that still leaves oil nearly 20 per cent below its early-year peak,' said Vijay Valecha, chief investment officer at Century Financial.
Business Insider
23-05-2025
- Business
- Business Insider
Closing Bell Movers: Deckers falls 15% on weak guidance; Nuclear names rally
In the opening hour of the evening session, U.S. equity futures are down marginally – S&P 500 is off by 0.1% at 5,852, Nasdaq 100 is off by 0.2% below 21,150, and Dow Industrials are off by a fraction just above 41,900. In commodities, global growth concerns have further pressured energy, with WTI Crude slipping below $61 per barrel, while Gold is little changed just below $3,300 level. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Among key afterhours earnings, Intuit was a bright spot, with a Q3 beat on top and bottom lines – along with better than expected Q4 guidance – sending the stock to 2025 highs above $700. Discretionary retail saw fresh evidence of tariff-related uncertainty as both Deckers and Ross Stores offered weaker than expected guidance after better than expected results while deferring on longer-term outlook, sending shares of both names lower. Elsewhere, uranium/ nuclear stocks rallied following a Reuters report that President Trump is preparing to sign executive orders tomorrow streamlining the use of nuclear power. Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGS – ALSO HIGHER – Merus N.V. (MRUS) up 20.9% after Petosemtamab+Pembrolizumab data Uranium Energy (UEC) up 8.7%, Oklo (OKLO) up 12.2%, NuScale Power (SMR) up 9.8%, Energy Fuels (UUUU) up 13.3%, ASP Isotopes Inc. (ASPI) up 12.8% after Reuters report that Trump will sign executive order boosting nuclear power use on Friday DOWN AFTER EARNINGS – Deckers Outdoor (DECK) down 15.5% Ross Stores (ROST) down 11.0% Workday (WDAY) down 6.4% Webull Corporation (BULL) down 5.6% ALSO LOWER –
Yahoo
20-05-2025
- Business
- Yahoo
Oil Prices Drop as U.S. Loses Top AAA Rating
Oil prices fell on Monday after the last of the big three credit rating agencies, Moody's, downgraded its rating on the United States from AAA to Aa1, reigniting concerns about America's economy and bond markets. Moody's Ratings on Friday downgraded the long-term issuer and senior unsecured ratings of the U.S. to Aa1 from Aaa and changed the outlook to stable from negative. The one-notch downgrade 'reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,' said Moody's, which was the last agency to hold the top triple A rating on the U.S. As a result of the downgrade, market sentiment soured on Monday with a broad pullback from U.S. assets and riskier assets including crude oil. As of 7:27 a.m. EDT on Monday, the U.S. benchmark, WTI Crude, was down by 1.23% at $ 61.75, while the international benchmark, Brent Crude, traded 1.19% lower at $64.64 per barrel. 'Moody's downgrade, adding renewed focus on US fiscal debt problems, and Scott Bessent's warning that some tariffs may return to "Liberation Day" levels, have hurt risk sentiment in early Monday trading with USD and crude oil falling,' Ole Hansen, Head of Commodity Strategy at Saxo Bank, commented on Monday. 'Crude's rollercoaster ride to nowhere continues within an established wide range as traders' focus continues to alternate between ample supply and tariff-related demand worries, and the prospect of lower production from high-cost producers, US-Iran talks, and other geopolitical tensions,' Saxo Bank said in a note today. The U.S.-Iran nuclear talks and the expected Trump-Putin call later on Monday are also drawing the attention of the oil market early this week. The U.S.-Iran talks on a nuclear deal 'will lead nowhere' if the United States continues to insist that Iran halt uranium enrichment, Majid Takht Ravanchi, Iran's Deputy Foreign Minister for Political Affairs, said on Monday, after U.S. special envoy Steve Witkoff told ABC News this weekend that Iran's enrichment activity is 'one very, very clear red line' for the United States. By Tsvetana Paraskova for More Top Reads From this article on
