After Alberta cut 325,000 barrels per day starting this month, the discount on Canadian heavy oil compared to benchmark U.S. crude oil shrank to less than $7 per barrel from more than $40 in October, providing relief for producers. "As soon as we heard this curtailment was taking place, we shifted our capital to Saskatchewan from Alberta," said Grant Fagerheim, chief...
*Surging U.S. stocks may undermine OPEC efforts. NEW YORK, Jan 16- Oil prices edged lower on Wednesday after data showed growing U.S. refined product inventories and record crude production, which could undermine global efforts to support prices. Brent crude futures fell 44 cents, or 0.7 percent, to $60.20 a barrel by 11:03 a.m. EST.
Goldman Sachs is bullish on commodities oil and gold for several reasons.
*OPEC- led supply cuts have supported crude prices. *Surging U.S. stocks may undermine OPEC efforts. The forecast could undermine oil markets which have been receiving support from supply cuts by the Organization of the Petroleum Exporting Countries, including top exporter Saudi Arabia, and major non- OPEC producer Russia.
KUALA LUMPUR, Jan 16- Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the U.S. Chicago Board of Trade and crude oil prices. Trading volumes stood at 31,538 lots of 25 tonnes each at the end of the trading day. "Palm is down tracking overnight losses in the CBOT and lower crude oil," said a Kuala...
*OPEC- led supply cuts support crude prices. *Surging U.S. stocks may undermine OPEC efforts. LONDON, Jan 16- Oil prices steadied on Wednesday after climbing about 3 percent in the previous session on expectations that OPEC- led production cuts will tighten supply and that possible Chinese stimulus might help the global economy.
Oil prices struggled for direction in choppy trade on Wednesday, under pressure from data showing growing U.S. refined product inventories and record crude production.
*Signs of economic slowdown in Asia, U.S. and Europe. *Surging U.S. production could erode OPEC efforts. SINGAPORE, Jan 16- Oil prices were steady on Wednesday as signs of a global economic slowdown were countered by OPEC- led supply cuts which helped support Brent crude futures above $60 per barrel.
*Surging U.S. production could erode OPEC efforts. SYDNEY/ SINGAPORE, Jan 16- Oil prices dipped on Wednesday on increasing signs of a global economic slowdown, although OPEC- led supply cuts helped support Brent crude above $60 per barrel. Adding to the trade woes, the U.S. economy is taking a larger-than-expected hit from a partial government shutdown, White House...
West Texas Intermediate crude futures were at $51.82 per barrel at 0024 GMT, down 29 cents, or 0.5 percent, from their last settlement. Oil prices jumped around 3 percent on Tuesday when China's National Development and Reform Commission signalled a willingness to offer more fiscal stimulus following weaker-than-expected trade figures earlier in the week.
The U.S. will make major strides towards energy independence in the next two years as oil production and exports hit new highs,.
The State Department's envoy to Iran is declining to say whether Washington will force oil buyers to cut off purchases of Iranian crude later this year.
Jan 15- Canada's main stock index rose on Tuesday, as a more than 1.5 percent rise in crude prices lifted shares of energy companies. *At 9:50 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 12.1 points, or 0.08 percent, at 14,987.63. *The Canadian dollar edged higher against its broadly stronger U.S. counterpart, as oil prices rebounded and China...
*March raw sugar was up 0.11 cents, or 0.9 percent, at 12.86 cents per lb by 1140 GMT. *Oil prices rose on Tuesday on supply cuts by producer club OPEC and Russia, though a darkening economic outlook could soon weigh on growth in fuel demand. *March white sugar rose $4, or 1.2 percent, to $347.50 a tonne.
Oil prices rose on Tuesday, along with world stock markets, supported by China's plan to introduce policies to stabilize a slowing economy.
LONDON, Jan 14- Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted. Oil prices have bounced off their recent lows, the U.S. dollar has weakened against most other major currencies and expectations of a trade deal...
Natural gas prices spiked on Monday on forecasts showing the severe cold gripping the United States will persist longer than previously thought.
The blocks are the first to be awarded as part of Abu Dhabi's first-ever competitive open block licensing round.
OIL PRICES PARE LOSSES, WTI TURNS POSITIVE AFTER PREVIOUSLY FALLING.
LONDON, Jan 14- Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted. Oil prices have bounced off their recent lows, the U.S. dollar has weakened against most other major currencies and expectations of a trade deal...
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