Tag Archives: Oil

By Mei Mei Chu and Naveen Thukral PERAK, Malaysia/SINGAPORE (Reuters) – In a sprawling oil palm plantation in the Malaysian state of Perak, watermelon seedlings are sprouting from freshly ploughed earth between palm saplings while rented cows graze in overgrown areas of the estate. A coronavirus pandemic-induced labour crunch has forced managers of the 2,000-hectare estate in Slim River to find creative ways to upkeep their fields, even as prices of the world’s most consumed edible oil are… Source link

(Bloomberg) — Oil flipped between small gains and losses as U.S. offshore producers assess damage from Hurricane Ida and as investors focus on an OPEC+ meeting that will likely lead to a further output revival. Futures in New York earlier fell as much as 1.6% Monday. Gasoline futures spiked more than 4% earlier in the session before paring its advance. While Gulf of Mexico producers had shut in about 1.7 million barrels a day of crude output ahead of the storm, refineries in Louisiana may be… Source link

Stock futures gained Monday morning, steadying after last week’s volatility as investors looked ahead to a key event from the Federal Reserve later this week. S&P 500 futures rose by more than 0.3%, led by gains in energy stocks as oil prices advanced. U.S. West Texas intermediate crude oil futures (CL=F) topped $64 a barrel, and Brent crude (BZ=F) jumped above $67 per barrel after suffering its longest losing streak since early 2018 as of last week.  Contracts on the Dow were set to open… Source link

Big Oil is coming off yet another blockbuster season, posting the second consecutive quarter of stellar top-and-bottom line growth. According to the latest FactSet data, the energy sector’s Q2 2021 revenue growth rate of 24.9% came in way higher than Wall Street’s estimate of 19.4% while the sector reported earnings of $15.9 billion compared to a loss of -$10.6 billion in Q2 2020 marked the biggest Y/Y improvement of any of the S&P 500‘s 11 market sectors.  Interestingly, the Big Oil duo of… Source link

Stocks fell Monday, losing some steam after rising to all-time highs late last week. Commodity prices tumbled as concerns over the coronavirus’s spread resurged, with crude oil prices moving sharply to the downside. The S&P 500 fell as shares of oil companies including Occidental Petroleum (OXY), Apache Corporation (APA) and Diamondback Energy (FANG) dropped. The Dow also dipped, weighed down by a decline in shares of Chevron (CVX).  U.S. West Texas intermediate crude oil futures (CL=F)… Source link

As the global oil and gas markets are recovering from the steep sell-off last Monday, threats in the market are not just linked to demand-supply concerns. Cybersecurity specialists reported this week that hackers managed to get access to a large amount of data from Saudi oil giant Aramco. The company has confirmed that around 1TB of (confidential) data was stolen from its servers. According to AP sources, the data has been put on offer on the darknet for a price of $50 million. It is at… Source link

The UAE’s awarding last week of a slew of huge drilling contracts aimed at increasing its crude oil output capacity from around 4 million barrels per day (bpd) to 5 million bpd underlines that the principal market risk from an oil trader’s perspective is still skewed towards further supply against a backdrop of an uneven bounce back in demand following the height of the global COVID-19 crisis in 2020. In the short- and medium-term, significant supply increases are likely to come from… Source link

The latest OPEC standoff that is keeping oil prices at lofty levels opens the door for investors to potentially profit from several oil-related stocks, according to Goldman Sachs energy analyst Neil Mehta.  Mehta outlined 10 oil stocks he is bullish on in a new piece of research on Tuesday: (1) Occidental Petroleum (OCY); (2) ExxonMobil (XOM); (3) Ovintiv (OVV); (4) Diamondback Energy (FANG); (5) ConocoPhillips (COP); (6) EQT Corporation (EQT); (7) Pioneer Natural Resources (PXD); (8) Devon… Source link

(Bloomberg) — European and U.S. equity futures slipped Monday and Asian stocks were steady as investors mulled the outlook for Federal Reserve stimulus support and OPEC+ tension over oil. Shares dipped in Japan and Hong Kong and fluctuated in China, where cybersecurity probes into ride-hailing giant Didi Global Inc. as well as some other online platforms highlighted Beijing’s push to curb the influence of the nation’s internet companies. Chinese technology firms fell in Hong Kong. The S&P… Source link

Russia’s online retailer Ozon’s logistics center outside the town of Tver. Ozon is Russia’s pure-play e-commerce stock. KIRILL KUDRYAVTSEV/AFP via Getty Images Text size Vladimir Putin has worked long and hard to foster the impression that he is Russia. Investors believe him. Russian stocks wax and wane with… Source link