The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.
]]>Futures on the Euro Stoxx 50 rose 0.7%, while in the United States, futures remained relatively static, with futures listed on the S&P 500 and Nasdaq 100 remaining unchanged. Nikkei futures rose by 0.3%, while Hong Kong’s Hang Seng slumped by 1.6%. The Shanghai Composite edged 0.2% higher.
Gold rose by 0.7% to hit a record value of $2,389.34 an ounce. As supply uncertainty rises due to Middle East tensions, with West Texas Intermediate crude rising by 0.8% to $85.69 per barrel. In cryptocurrencies, Bitcoin rose 0.6% to $70,940.49 while Ether was up 0.5% to $3,543.65.
The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.
]]>The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.
]]>Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”
Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.
The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.
]]>The post Oil Prices Slump By Over 1% Amid Rise in Output appeared first on theprimarymarket.com.
]]>Brent crude prices declined by 0.93%, or 73 cents, to $78.03 per barrel, while U.S. West Texas Intermediate crude futures slumped by 1.04%, or 77 cents, to $73.04 a barrel. This is a sharp turn after both contracts rose by over 2% during the first week of the new year.
“If we were just to focus on the fundamentals including, higher inventories, higher OPEC/non-OPEC production, and a lower-than-expected Saudi OSP, it would be impossible to be anything other than bearish crude oil,” IG analyst Tony Sycamore observed, suggesting that prices should continue to fall. Vandana Hari, founder of oil market analysis provider Vanda Insights, observed that rising output and market competition threaten to exceed demand, placing downward pressure on prices.
The post Oil Prices Slump By Over 1% Amid Rise in Output appeared first on theprimarymarket.com.
]]>The post OPEC Nations Remain Committed Following Angola’s Exit appeared first on theprimarymarket.com.
]]>Angola’s exit – following a 16-year tenure as an OPEC member – came as a result of a dispute over its production quota. Following the African nation’s departure OPEC now consists of 12 member nations. Now, the oil cartel is looking to implement output cuts in an effort to push oil prices upward. Over the past three months, oil prices have plummeted by almost 20%.
While Nigeria also took issue with OPEC+’s production quotas for 2024, they decided against taking any drastic steps against the organization in protest. It appears as if Nigeria resolved its issue with OPEC following its November 30 meeting.
The post OPEC Nations Remain Committed Following Angola’s Exit appeared first on theprimarymarket.com.
]]>The post Oil Rises as U.S. Output Nears Record Numbers appeared first on theprimarymarket.com.
]]>Brent crude prices rose 0.1%, or 13 cents, to $79.80 per barrel. West Texas Intermediate, the US benchmark, was up by 4 cents to $74.26. This is both benchmarks’ third consecutive daily price rise, pushed higher as observers worried about trade disruption as suppliers look to divert shipments away from the Red Sea, thereby incurring additional transport costs.
The U.S. Energy Information Administration (EIA) announced on Wednesday that U.S. crude inventories rose to 443.7 million barrels; a 2.9 million barrel increase from December 15. This figure significantly outpaced analysts’ expectations of a 2.3 million barrel drop. U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, exceeding the previous record daily output of 13.2 million bpd.
The post Oil Rises as U.S. Output Nears Record Numbers appeared first on theprimarymarket.com.
]]>The post Oil Steadies After Longest Losing Streak in Five Years appeared first on theprimarymarket.com.
]]>Contrasting the OPEC+ alliance’s decision, production in the US is being ramped up with the nation announcing plans to refill the Strategic Petroleum Reserve. The U.S. is also expected to face its busiest year-end travel season since 2000 which is also expected to drive a surge in demand.
This output rise has rendered attempts to drive prices upwards unsuccessful, with Russia and Saudi Arabia’s decision to prolong their output cuts have little effect on prices. “There is little doubt that the oil complex remains in a state of vulnerability,” John Evans, an analyst at brokers PVM Oil Associates Ltd. in London reflected on the current market climate.
The post Oil Steadies After Longest Losing Streak in Five Years appeared first on theprimarymarket.com.
]]>The post Oil Majors Pledge to Combat Methane Emissions at COP28 appeared first on theprimarymarket.com.
]]>“The world does not work without energy,” al-Jaber commented during a session on the oil industry. “Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” he continued before declaring “I know that much more can be done.”
Several environmentalist groups were quick to criticize the move by the oil corporations, claiming that the pledge was simply a smokescreen. More than 300 civil society groups signed a letter opposing the pledge, expressing their desire to phase out oil, coal, and gas in their entirety.
The post Oil Majors Pledge to Combat Methane Emissions at COP28 appeared first on theprimarymarket.com.
]]>The post Oil Slumps 4% as OPEC+ Meeting Delayed appeared first on theprimarymarket.com.
]]>Previously scheduled for Sunday 26 November, members of OPEC+ delayed their meeting until Thursday, November 30, with the cartel giving no reason for the decision. At the meeting, Saudi Arabian and Russia, along with its fellow OPEC+ allies, were set to discuss changes to a deal that limits supply going into 2024.
“The upcoming meeting has been the key central focus for oil prices for now, with sentiment shrugging off the sharp build in U.S. crude inventories,” Jun Rong Yeap, a market strategist at IG observed. While oil broker PVM explained that oil cuts must be extended and deepened, the International Energy Agency’s (IEA) oil markets and industry division confirmed that the global oil market will see a slight surplus heading into 2024.
The post Oil Slumps 4% as OPEC+ Meeting Delayed appeared first on theprimarymarket.com.
]]>The post European Futures Rise, Oil Down as Markets Wrap appeared first on theprimarymarket.com.
]]>Oil prices ended the week lower as West Texas Intermediate remained little changed on Friday morning. This comes as the commodity enters a bear market amid supply shortages.
Investors have turned their focus to the euro zone’s inbound consumer prices later in the day. European Central Bank President Christine Lagarde is also slated to speak, as are US counterparts Chicago Fed President Austan Goolsbee, Boston Fed President Susan Collins, and San Francisco Fed President Mary Daly.
The post European Futures Rise, Oil Down as Markets Wrap appeared first on theprimarymarket.com.
]]>The post Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts appeared first on theprimarymarket.com.
]]>A source at Saudi Arabia’s energy ministry revealed that the nation would maintain a cut of 1 million barrels per day (bpd) in December, bringing daily output down to around 9 million barrels. Russia is maintaining a cut of 300,000 bpd.
ING analysts believed that such cuts could continue next year. The analysts wrote in a note that the oil market will be in surplus during the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with cuts.” Observers are now looking to China, where refineries have eased their crude oil throughputs.
The post Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts appeared first on theprimarymarket.com.
]]>The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.
]]>Futures on the Euro Stoxx 50 rose 0.7%, while in the United States, futures remained relatively static, with futures listed on the S&P 500 and Nasdaq 100 remaining unchanged. Nikkei futures rose by 0.3%, while Hong Kong’s Hang Seng slumped by 1.6%. The Shanghai Composite edged 0.2% higher.
Gold rose by 0.7% to hit a record value of $2,389.34 an ounce. As supply uncertainty rises due to Middle East tensions, with West Texas Intermediate crude rising by 0.8% to $85.69 per barrel. In cryptocurrencies, Bitcoin rose 0.6% to $70,940.49 while Ether was up 0.5% to $3,543.65.
The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.
]]>The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.
]]>Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”
Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.
The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.
]]>The post Oil Prices Slump By Over 1% Amid Rise in Output appeared first on theprimarymarket.com.
]]>Brent crude prices declined by 0.93%, or 73 cents, to $78.03 per barrel, while U.S. West Texas Intermediate crude futures slumped by 1.04%, or 77 cents, to $73.04 a barrel. This is a sharp turn after both contracts rose by over 2% during the first week of the new year.
“If we were just to focus on the fundamentals including, higher inventories, higher OPEC/non-OPEC production, and a lower-than-expected Saudi OSP, it would be impossible to be anything other than bearish crude oil,” IG analyst Tony Sycamore observed, suggesting that prices should continue to fall. Vandana Hari, founder of oil market analysis provider Vanda Insights, observed that rising output and market competition threaten to exceed demand, placing downward pressure on prices.
The post Oil Prices Slump By Over 1% Amid Rise in Output appeared first on theprimarymarket.com.
]]>The post OPEC Nations Remain Committed Following Angola’s Exit appeared first on theprimarymarket.com.
]]>Angola’s exit – following a 16-year tenure as an OPEC member – came as a result of a dispute over its production quota. Following the African nation’s departure OPEC now consists of 12 member nations. Now, the oil cartel is looking to implement output cuts in an effort to push oil prices upward. Over the past three months, oil prices have plummeted by almost 20%.
While Nigeria also took issue with OPEC+’s production quotas for 2024, they decided against taking any drastic steps against the organization in protest. It appears as if Nigeria resolved its issue with OPEC following its November 30 meeting.
The post OPEC Nations Remain Committed Following Angola’s Exit appeared first on theprimarymarket.com.
]]>The post Oil Rises as U.S. Output Nears Record Numbers appeared first on theprimarymarket.com.
]]>Brent crude prices rose 0.1%, or 13 cents, to $79.80 per barrel. West Texas Intermediate, the US benchmark, was up by 4 cents to $74.26. This is both benchmarks’ third consecutive daily price rise, pushed higher as observers worried about trade disruption as suppliers look to divert shipments away from the Red Sea, thereby incurring additional transport costs.
The U.S. Energy Information Administration (EIA) announced on Wednesday that U.S. crude inventories rose to 443.7 million barrels; a 2.9 million barrel increase from December 15. This figure significantly outpaced analysts’ expectations of a 2.3 million barrel drop. U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, exceeding the previous record daily output of 13.2 million bpd.
The post Oil Rises as U.S. Output Nears Record Numbers appeared first on theprimarymarket.com.
]]>The post Oil Steadies After Longest Losing Streak in Five Years appeared first on theprimarymarket.com.
]]>Contrasting the OPEC+ alliance’s decision, production in the US is being ramped up with the nation announcing plans to refill the Strategic Petroleum Reserve. The U.S. is also expected to face its busiest year-end travel season since 2000 which is also expected to drive a surge in demand.
This output rise has rendered attempts to drive prices upwards unsuccessful, with Russia and Saudi Arabia’s decision to prolong their output cuts have little effect on prices. “There is little doubt that the oil complex remains in a state of vulnerability,” John Evans, an analyst at brokers PVM Oil Associates Ltd. in London reflected on the current market climate.
The post Oil Steadies After Longest Losing Streak in Five Years appeared first on theprimarymarket.com.
]]>The post Oil Majors Pledge to Combat Methane Emissions at COP28 appeared first on theprimarymarket.com.
]]>“The world does not work without energy,” al-Jaber commented during a session on the oil industry. “Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” he continued before declaring “I know that much more can be done.”
Several environmentalist groups were quick to criticize the move by the oil corporations, claiming that the pledge was simply a smokescreen. More than 300 civil society groups signed a letter opposing the pledge, expressing their desire to phase out oil, coal, and gas in their entirety.
The post Oil Majors Pledge to Combat Methane Emissions at COP28 appeared first on theprimarymarket.com.
]]>The post Oil Slumps 4% as OPEC+ Meeting Delayed appeared first on theprimarymarket.com.
]]>Previously scheduled for Sunday 26 November, members of OPEC+ delayed their meeting until Thursday, November 30, with the cartel giving no reason for the decision. At the meeting, Saudi Arabian and Russia, along with its fellow OPEC+ allies, were set to discuss changes to a deal that limits supply going into 2024.
“The upcoming meeting has been the key central focus for oil prices for now, with sentiment shrugging off the sharp build in U.S. crude inventories,” Jun Rong Yeap, a market strategist at IG observed. While oil broker PVM explained that oil cuts must be extended and deepened, the International Energy Agency’s (IEA) oil markets and industry division confirmed that the global oil market will see a slight surplus heading into 2024.
The post Oil Slumps 4% as OPEC+ Meeting Delayed appeared first on theprimarymarket.com.
]]>The post European Futures Rise, Oil Down as Markets Wrap appeared first on theprimarymarket.com.
]]>Oil prices ended the week lower as West Texas Intermediate remained little changed on Friday morning. This comes as the commodity enters a bear market amid supply shortages.
Investors have turned their focus to the euro zone’s inbound consumer prices later in the day. European Central Bank President Christine Lagarde is also slated to speak, as are US counterparts Chicago Fed President Austan Goolsbee, Boston Fed President Susan Collins, and San Francisco Fed President Mary Daly.
The post European Futures Rise, Oil Down as Markets Wrap appeared first on theprimarymarket.com.
]]>The post Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts appeared first on theprimarymarket.com.
]]>A source at Saudi Arabia’s energy ministry revealed that the nation would maintain a cut of 1 million barrels per day (bpd) in December, bringing daily output down to around 9 million barrels. Russia is maintaining a cut of 300,000 bpd.
ING analysts believed that such cuts could continue next year. The analysts wrote in a note that the oil market will be in surplus during the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with cuts.” Observers are now looking to China, where refineries have eased their crude oil throughputs.
The post Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts appeared first on theprimarymarket.com.
]]>