Latest news with #commoditymarkets
Yahoo
3 days ago
- Business
- Yahoo
Trump-Putin Talks Put Oil Markets on Edge
The anticipated Trump-Putin meeting has become the dominant storyline in commodity markets this week, as traders and analysts weigh the chances of a sweeping geopolitical deal. August 8, 2025 The Trump-Putin meeting has become the main commodity market news of this week, with analysts speculating about the likelihood of a comprehensive deal and the impacts this could have on oil markets. ICE Brent has been gradually sliding closer to $65 per barrel as lower sanction risks on Russia could further erode the market's in-built risk premium, however a potential failure in the talks could spark another price rally above $70. Saudi Arabia Hikes September Prices. Saudi Aramco (TADAWUL:2222) hiked its formula prices for September-loading cargoes, raising Asia-bound OSPs by 1.20 per barrel for both its light grades and by 0.90 per barrel for its largest export stream Arab Light, in line with changes in the Dubai M1-M3 spread. US Crude Exports Dip on Tightly Shut Arbitrage. US crude exports fell to 3.1 million b/d last month, a 0.5 million b/d drop compared to June and the lowest monthly rate since October 2021, mostly driven by Asia's weakening appetite for light sweet WTI with China continuing to boycott US crude imports. Iraq Flaunts Imminent Kurdish Pipeline Restart. Iraq's oil minister Hayan Abdul Ghani announced this week that 80,000 b/d of oil exports through the Kirkuk-Ceyhan pipeline (shut since February 2023) are poised to begin this week, even though most of Kurdish production remains offline after drone attacks. Exxon Launches Fourth Guyanese FPSO. Four months ahead of schedule, the Stabroek consortium led US oil major ExxonMobil (NYSE:XOM) began production at the One Guyana FPSO, its fourth project in the country that adds 250,000 b/d in capacity and develops the Yellowtail-Redtail fields. Indian Refiners Go Big on Spot Tenders. India's state-owned oil refiner IOC bought 5 million barrels of crude from Brazil, US and Libya in its second spot tender organized this week, taking the total volume of spot crude bought this week in avoidance of Russian supply shocks to a whopping 22 million barrels. Israel Signs Giant Gas Deal with Egypt. Israel and Egypt have signed a 25-year natural gas supply deal worth 35 billion that would see gas output from the offshore Leviathan field delivered by pipeline to Egyptian customers, totalling 130 bcm by 2040 at an average assumed price of 7.75 per mmBtu. Argentina Consolidates Its Oil Assets. Argentina's state-controlled oil firm YPF (NYSE:YPF), already the country's largest producer with oil output soaring to 270,000 b/d lately, has agreed to sell TotalEnergies' (NYSE:TTE) oil-weighted assets in the Vaca Muerta shale basin for 700 million, adding 51,000 net acres. Mexico Mulls Lifting Fracking Ban. Pemex's new 10-year strategic plan envisages a thorough evaluation of Mexico's potential for hydraulic fracturing, a practice banned by former President Lopez Obrador but now tacitly greenlighted by Claudia Sheinbaum, to stop the collapse in oil production rates. Chevron Tankers Start Returning to Venezuela. According to Reuters, at least three tankers chartered by US oil major Chevron (NYSE:CVX) are returning to Venezuela as flows to the United States will resume as early as this month with Chevron also reactivating its supply agreement with refining giant Valero. Chinese Rare Earth Exports Slide Back Again. Rare earth exports from China dropped by 23% month-over-month in July, quashing hopes that the temporary truce between Beijing and Washington could keep supplies afloat, with most of the supplied 5,994 metric tonnes sent to Western carmakers. BP's Giant Brazil Find Might Be Problematic. Bumerangue, the much-lauded discovery in Brazil's offshore presented by BP last week, might go undeveloped as there might be no scalable technologies to deal with 'elevated levels of carbon dioxide' found in the 500m deposit, just as Petrobras' Jupiter field. Beijing Doubles Down on Steel Exports. China's steel exports rose to an all-time high of 9.84 million metric tonnes in July, according to Chinese customs data, defying protectionist measures recently introduced by top trading partners Vietnam and South Korea, sending more semi-finished steel instead. World Food Prices Hit 2-Year High. The UN's Food and Agriculture Organization warned that global food commodity prices rose to their highest since February 2023, with the FAO index averaging 130.1 points, as soaring vegetable oil and meat prices more than offset falling cereal and sugar prices. By Tom Kool for More Top Reads From this article on
Bloomberg
6 days ago
- Business
- Bloomberg
The Bullish Case for Oil Is Real — But Far, Far Away
When a bet goes wrong, investors are often tempted to hold on, convincing themselves that their short-term trade was always meant to be a long-term position. The self-delusion is easiest in commodity markets: Their cyclical nature means that, inevitably, what's high will eventually be low and vice versa. It just takes patience — and the stomach to withstand losses for as long as it takes. With oil benchmarks down almost 20% over the last two years, upbeat investors are, out of necessity, waiting. The meme 'We remain bullish' even trends on social media, defying the fact that almost every Wall Street bank remains resolutely bearish for 2026. For what it's worth, I'm similarly bearish short-term. But that doesn't mean oil prices — and the equities associated with the energy market — won't eventually rebound.
Yahoo
01-08-2025
- Business
- Yahoo
Crude Oil and the US Dollar Index Are Heading Higher, and Commodity Traders Are Taking Note
There are two key 'outside markets' that commodity traders monitor closely to help them determine the daily price direction of their own markets: crude oil (CLU25) and the U.S. dollar index ($DXY). Lately, both crude oil and the USDX have been trending up. September Nymex crude oil futures today hit a five-week high. The U.S. dollar index today hit a two-month high. Most market watchers agree that when oil prices are trending up, it is a rising tide that lifts all commodity market boats. Crude oil is arguably the leader of the raw commodity market sector. The impact on raw commodity markets' prices from an up-trending U.S. dollar index is a bit murkier. More News from Barchart Threats of Additional Sanctions on Russian Energy Exports Support Crude Oil Crude Prices Surge as President Trump Threatens Sanctions on Russian Energy Exports Hot US Weather Forecasts Push Nat-Gas Prices Higher Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Let's dig a little deeper into these two key outside markets, including their likely price trajectory in the coming weeks and months. U.S. Dollar Index Showing Early Signs That a Price Bottom Is in Place The U.S. dollar index (a basket of six major currencies weighted against the greenback) bulls are gaining technical strength after prices today hit a two-month high and are trending higher on the daily bar chart. The Euro currency (E6U25), a major component in the U.S. dollar index mix, today hit a nearly six-week low. Generally upbeat U.S. economic data recently, including today's second-quarter gross domestic product report, as well as U.S. trade deals with other countries that are starting to fall into place, have boosted the USDX to begin to suggest it has put in a price bottom. It has been argued an appreciating U.S. dollar is bearish for U.S. commodity markets. Most major commodities are priced in U.S. dollars. An appreciating dollar means those commodities are more expensive to purchase in non-U.S. currency. To counter that notion, I would argue a stronger dollar suggests a stronger U.S. economy, therefore meaning better domestic demand. And a healthy U.S. economy also helps other major global economies, who export to the U.S. Better exports to the U.S. from those other countries mean they, too, have stronger economies and have better demand for global goods and services. A higher USDX on any given trading day may be an excuse for traders to give when commodity markets are trading lower on that day. However, it's my bias that a stronger U.S. dollar, overall, is more bullish for commodity markets than it is bearish. Price trends in the currency markets tend to be stronger and longer-lasting than price trends in other markets. It appears the USDX is embarking on a price uptrend that is going to last quite a while, mainly due to a strong U.S. economy. Crude Oil Technicals Are Bullish, But Fundamentals Are a Mixed Bag With September Nymex crude oil futures today hitting a five-week high, a price uptrend on the daily bar chart that has been in place since the April low, is being extended. There is strong chart resistance at the June high of $75.98, which will be a tough nut to crack on the upside. Fundamentally, solid U.S. economic growth and an improving Chinese economy suggest more demand for energy from the world's two largest economies. That's bullish. On the potentially bearish side, any improvement in U.S. relations with Iran, such as a deal on monitoring Iran's nuclear program, could put significantly more barrels of Iranian oil into the world market — up to 500,000 more barrels a day. Iran's crude oil exports have been heavily sanctioned, led by the U.S. It's my bias that crude oil prices may challenge the June spike high of $75.98 in the coming months but are not likely to stay above that level for long. More likely is a trading range between $62.50 and $72.50 in Nymex crude oil futures. Of course, a major and unexpected geopolitical shock, especially in the Middle East, would throw my estimation right out the window. Tell me what you think. I really enjoy getting emails from my valued Barchart readers all over the world. Email me at jim@ On the date of publication, Jim Wyckoff 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
Globe and Mail
31-07-2025
- Business
- Globe and Mail
TC Energy posts higher second-quarter profits, raises full-year forecast
TC Energy Corp. TRP-T says its second quarter profits rose from a year earlier despite a complex macroeconomic backdrop. The Calgary-based pipeline producer says it had a net income of $862-million, or 83 cents per share in the quarter, up from $804-million or 78 cents per share last year. Revenues totalled $3.74-billion, up from $3.33-billion last year. Norway's Marinvest Energy pitches LNG project in Quebec The company says that despite volatility in commodity markets, the company is raising its expected earnings before certain deductions this year. It says it now expects between $10.8-billion to $11-billion in comparable earnings before interest, taxes, depreciation and amortization, up by $100-million from its earlier guidance. The company also increased its expected capital spending for the year to between $6.1-billion and $6.6-billion, a $600-million increase.
CTV News
31-07-2025
- Business
- CTV News
TC Energy reports $862 million second quarter profit
CALGARY — TC Energy Corp. says its second quarter profits rose from a year earlier despite a complex macroeconomic backdrop. The Calgary-based pipeline producer says it had a net income of $862 million, or 83 cents per share in the quarter, up from $804 million or 78 cents per share last year. Revenues totalled $3.74 billion, up from $3.33 billion last year. The company says that despite volatility in commodity markets, the company is raising its expected earnings before certain deductions this year. It says it now expects between $10.8 billion to $11 billion in comparable earnings before interest, taxes, depreciation and amortization, up by $100 million from its earlier guidance. The company also increased its expected capital spending for the year to between $6.1 billion and $6.6 billion, a $600 million increase. This report by The Canadian Press was first published July 31, 2025. Companies in this story: (TSX: TRP) The Canadian Press
