U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by .8 million barrels from the previous week. At 447.9 millionbarrels, U.S. crude oil inventories are about 4% above the five year average for this time of year. U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week …
Continue reading “EIA Weekly Petroleum Data for the week ending December 6, 2019”
RIYADH/DUBAI (Reuters) – Saudi Aramco shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, in a move hailed by the government as a vindication of its towering $2 trillion valuation of the state oil company. The shares leapt to 35.2 riyals ($9.39) each, up from the …
Continue reading “Saudi Aramco IPO: Oil giant nears $2trn valuation on opening day”
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 1.4 million barrels for the week ended Dec. 6, according to sources. The API data also reportedly showed stockpile increases of 4.9 million barrels for gasoline and 3.2 million barrels for distillates. Inventory data from the Energy Information Administration will be released …
Continue reading “API data show an unexpected weekly climb in U.S. crude supply”
Boris Johnson has said an investigation is needed into the source of leaked documents on UK-US trade negotiations posted on Reddit. Labour says the documents show the NHS would be at risk under a post-Brexit trade deal with the US. On Friday, forum website Reddit said unredacted documents were uploaded as “part of a campaign …
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https://youtu.be/6L24A_rKs54 Washington — The September mayhem in the US repo market suggests there is a structural problem in this vital corner of finance and the incident was not just a temporary hiccup, according to a new analysis from the Bank for International Settlements (BIS). This market, which relies heavily on just four big US banks …
Continue reading “Repo Blowup Was Fueled by Big Banks, Hedge Funds, BIS Says”
Boris Johnson holds a double-digit lead in opinion polls ahead of a crucial vote to decide Brexit’s fate LONDON—British Prime Minister Boris Johnson holds a double-digit lead in opinion polls as Britain prepares to vote Thursday in a crucial general election that will determine Brexit’s fate. If reflected in the election, the lead would be …
Continue reading “Britain Gears Up for Its Most Divisive Election in Decades”
People watch a TV news program reporting North Korea’s announcement with a file footage of North Korean leader Kim Jong Un, at the Seoul Railway Station in Seoul, South Korea, Sunday, Dec. 8, 2019. North Korea said Sunday it carried out a “very important test” at its long-range rocket launch site that U.S. and South …
Continue reading “N. Korea conducts ‘important test’ at once-dismantled site”
The famed investor, who called it quits on his namesake “The Gartman Letter” last week after 30 years, said Donald Trump’s multiple trade wars and other threats mean it’s time to raise cash Dennis Gartman said he won’t give up TV, radio or print interviews, even as he ceases publication of his newsletter. Dennis Gartman …
Continue reading “Dennis Gartman ends newsletter after more than 30 years”
Saudi Arabia shocked the oil market on Friday, with its energy minister Prince Abdulaziz bin Salman pledging to voluntarily cut even more oil production than its new quota, according to S&P Global Platts. Under the existing oil production quota, Saudi Arabia had agreed to keep production under 10.311 million bpd—a cut of 322,000 bpd. But …
Continue reading “Saudi Arabia Voluntarily Pledges Even Deeper Cuts”
A ministerial committee of OPEC and its partners led by Russia recommended that the OPEC+ oil production cuts be deepened by 500,000 bpd, two sources told Reuters on the sidelines of the OPEC meeting in Vienna. The Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries with representatives of the leaders of the …
Continue reading “OPEC and allies agree to deepen oil output cuts”