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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Oil extended its run today, while metals took it on the chin. Traders are watching Bernanke for indications that he'll taper sooner rather than later.
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Once ranked No. 2 in OPEC behind Saudi Arabia, Iran's production has plunged by 1 million barrels per day to 2.6 million bpd as harsh measures imposed early last year by the United States and Europe make it ever harder for Tehran to sell crude and fund its vital oil sector.
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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Natural gas rebounded today, ahead of tomorrow's storage report.
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*OPEC to keep pumping more oil than output target. NEW YORK/ LONDON, June 12- Crude oil prices were marginally higher on Wednesday, supported by worry over global supply disruptions but capped by an unexpected jump in oil inventories in the United States and a cut in estimates for oil demand growth.
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*OPEC to keep pumping more oil than output target. LONDON, June 12- Brent crude oil steadied around $103 on Wednesday, buoyed by a rally in global stock markets despite an unexpected jump in oil inventories in the United States and a cut in estimates for oil demand growth by the world's big oil market forecasters.
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Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas, expects the oil market to be "much tighter" in the second half of the year due to "multiple risks" on the supply side.
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*OPEC to keep pumping more oil than output target. *OPEC, EIA lower world demand outlooks. PERTH, June 12- Brent futures dropped toward $102 on Wednesday after an unexpected jump in oil inventories in the world's largest consumer, the United States, while producer cartel OPEC and the U.S. government both trimmed global demand forecasts.
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*OPEC to keep pumping more oil than output target. *OPEC, EIA lower demand outlooks. PERTH, June 12- Brent futures dropped toward $102 on Wednesday, after an unexpected jump in oil inventories in the world's largest consumer, the United States, while producer cartel OPEC and the U.S. government both trimmed demand forecasts.
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CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Concerns over central bank policies drove down commodities prices today. Rising interest rate environments put pressure on gold, as well.
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.160x105.jpg?v=1369754258 "Oil Demand Will Pick Up and We'll Satisfy It: OPEC")
OPEC predicted world oil demand will grow more quickly in the rest of 2013, indicating the group can keep pumping more oil than the ouptut target it set out last month.
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LONDON, June 11- OPEC predicted world oil demand will grow more quickly in the rest of 2013 and indicated the group can keep pumping more oil than the ouptut target it retained at a May 31 meeting without over-supplying the market.
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LONDON, June 11- Brent crude fell below $103 per barrel on Tuesday after the world's largest consumer, the United States, nearly doubled the estimate of its shale oil reserves, while prospects of a slowdown in Chinese demand sapped prices. "Non-OPEC supply looks set to climb by more than 1 million barrels per day this year," said Carsten Fritsch of Commerzbank.
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LONDON, June 11- World oil demand will grow more quickly in the rest of 2013 than during the first half due to economic recovery and higher seasonal consumption, OPEC said on Tuesday. OPEC's own production rose by 106,000 bpd in May to 30.57 million bpd, according to secondary sources cited by the report, led by higher output in Saudi Arabia.
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*Coming up: OPEC monthly oil market report at 1040 GMT. LONDON, June 11- Brent crude edged further below $104 per barrel on Tuesday after the world's largest consumer, the United States, nearly doubled an estimate of its shale oil reserves, while prospects of a slowdown in Chinese demand sapped prices.
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Mixed data out of China drove oil prices down today. The metals were down across the board during the trading day, but settled slightly higher.
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CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Energy and metals traded in opposite directions. Energy rose with stocks and precious metals were down on the day.
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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Oil continued its climb. Nat gas prices plummeted on a 111bcf build. And gold rose on the weak dollar.
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CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Traders are unsure of the economy and the Fed's intent. The big question is, how soon will the Fed start talking about raising rates.
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CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Oil inventory numbers come in tomorrow and it's the 80th anniversary of the end of the gold standard in the U.S., while the precious metal continues to see downward pressure.
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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. A major oil outage in the North Sea could impact oil prices. And a lot of shorts in the gold market are causing prices to rise.
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Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas, explains why there is a "good basis" for oil prices to be moving higher in the second half of the year.
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