Oil prices dropped more than 5% on Friday briefly after it was reported that Russia will not change its stance and further reduce its oil production to comply with the OPEC proposal of a 1.5 million barrels per day cut. Moscow is said to be only willing to greenlight pre-existing reductions as it feels that …
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Oil markets have focused on a drop in crude demand due to the COVID-19 epidemic, but shipments of oil into China show a year-on-year climb last month and tankers don’t sit idle at the coast for long, according to experts who monitor crude-oil shipments. “After a lull in mid-February, Chinese waterborne crude imports have rebounded …
Continue reading “Oil shipments to China rebound in February as congestion at the coast clears”
The 1.5 million barrels per day cut proposed earlier by the Organization of the Petroleum Exporting Countries (OPEC) would run until the end of the year, according to an unnamed OPEC delegate. The delegate who spoke to Bloomberg on Thursday added that the cartel would be responsible for taking 1 million b/pd off the market, …
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) agreed on Thursday to cut crude oil output by 1.5 million barrels per day (bpd), media reports suggested. Russia is believed to have also agreed in the last minute to the output cut despite initial skepticism on such a major production reduction. Nick Note: as …
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Big banks’ demand for central bank cash remained very strong on Wednesday, leading the Federal Reserve Bank to add a fresh $100 billion to the financial system. The Fed added the money via what’s called an overnight repurchase agreement operation, or repo. Eligible banks, called primary dealers, sought $111.48 billion from the central bank, exceeding …
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The OPEC meeting of ministers from OPEC, Russia, and other non-OPEC producers ended its meeting day without agreeing on a solution to the coronavirus problem, with Russia holding out, an OPEC source told Reuters on Wednesday afternoon, raising doubts that the group will get a bigger cut deal done after all. While Saudi Arabia and …
Wall Street traders are pegging stock-market gains on Wednesday to Biden’s Tuesday night victories in the Democratic primary vote for a U.S. presidential candidate.. …. Nick Bit! Bullshit this is a excuse since they got it so wrong yesterday….. Its all about global central bank coordinated quantum easing U.S. stocks rebounded on Wednesday after results …
Continue reading “Dow rises nearly 500 points a day after Fed’s surprise interest rate cut”
Nick Bit: So not so stupid after all after all! Some of you shit in your pants on yesterdays drop where i put you net long. Some of you were running around in your cage like a LIZARD with its head cut off. FOR THE RECORD I KNOW WHAT I AM DOING! Dow Jones futures …
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OPEC and its Russia-led non-OPEC allies could push Brent Crude prices back to $60 a barrel if the coalition agrees to deepen the cuts by up to 1 million bpd, a senior executive at Russia’s second largest oil producer, Lukoil, told Reuters on Tuesday. OPEC and its allies meet in Vienna later this week to …
The United States Federal Reserve announced on Tuesday that it decided to cut the target range for the federal funds rate by 50 basis points to the 1%-1.25% due to coronavirus concerns. “The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the central bank said in a …
Continue reading “Fed cuts rates by 50 bp over coronavirus concerns”