CL=F - Crude Oil Jan 20
| Pre. Settlement | N/A |
| Settlement Date | 2019-12-19 |
| Open | 58.13 |
| Bid | 55.40 |
| Last Price | 58.11 |
| Day's Range | 55.02 - 58.30 |
| Volume | 692,806 |
| Ask | 55.46 |
AFPCampaigners to occupy German coal mine in climate protest
Campaigners were preparing to occupy a vast opencast coal mine in eastern Germany on Saturday to put pressure on the government to phase out the fossil fuel -- a divisive issue in the country's rust belt. The mine produces 22 million tonnes a year of lignite, a low-grade type of brown coal that is also considered the most harmful to human health and the environment. "Despite all the nice speeches and promises, 2019 was another lost year for the climate," said Nike Malhaus, spokeswoman for the anti-coal group Ende Gelaende (Game Over) which is organising the protest action.
- Investor's Business Daily
OPEC Meeting May Be Moment Of Reckoning For These Oil Producers
During the OPEC meeting in Vienna on Thursday and Friday, several crosscurrents will be in play as members try to prop up crude oil prices.
- The Wall Street Journal
Oil Slides as Oversupply Fears Resurface
Oil prices fell in quiet trading following the Thanksgiving holiday, a signal that crude could struggle to extend its recent rally in the final month of the year.
- Oilprice.com
Is Today’s Oil Price Plunge A Sign Of Things To Come?
Oil prices fell significantly today as rumors that Saudi Arabia is unwilling to deepen the OPEC+ production cuts put markets on edge ahead of the upcoming cartel meeting
- Barrons.com
Oil Prices Drop After Iraq’s Prime Minister Resigns
The country’s oil infrastructure may now be restored to its prior capacity, should road-blocking unrest end, and global supply will rise.
- Reuters
UPDATE 1-U.S. crude output rises 66,000 bpd to record 12.5 mln bpd in Sept- EIA
U.S. crude oil production in September rose to a new record of 12.46 million barrels per day (bpd) from 12.397 million bpd in August, the U.S. government said in a monthly report on Friday. Oil output in Texas rose 72,000 bpd in September, while production in North Dakota and the Gulf of Mexico fell during the month. U.S. gasoline demand fell 652,000 bpd in the month to 9.2 million bpd.
- Oilprice.com
Saudis No Longer Willing To Compensate For OPEC+ Cheaters
As the highly-anticipated OPEC meeting rapidly approaches, Saudi Arabia’s patience with other members that have not met the production cut quota is wearing increasingly thin
- Reuters
OPEC November oil output slips before Aramco IPO, policy meeting
OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of state-owned Saudi Aramco, a Reuters survey found. The survey suggests Saudi Arabia, after resuming normal supply after attacks on facilities in September, is still pumping far less than an OPEC-led supply deal allows. OPEC meets to review the pact on Dec. 5, the same day Aramco is due to announce the final offer price.
- Oilprice.com
Oil Prices Are Going Nowhere Next Year
Uncertainty over global economic and oil demand growth will continue to weigh on oil prices next year as the oversupply in the market will likely persist
- Oilprice.com
Why Russia Wants To Renegotiate The OPEC+ Deal
Russia is growing more and more vocal about production cuts ahead of the OPEC+ meeting, signaling that many companies may be unwilling to cut production further
AFPCostly holiday tree scandalises Russian coal town
An expensive holiday tree installed in the centre of an industrial Siberian city has been ridiculed online and on national media as a symbol of corruption, though authorities defended the high-tech purchase. Russian comedian Ivan Urgant, who hosts a show on popular Channel One, ridiculed the Kemerovo tree as having "very expensive ornaments -- real rabbits, bears, cars and planes" and hinted at corruption in the city hall.
- Zacks
US to Become Net Oil Exporter in 2020: Shale Drillers to Gain
Despite the recent signs of moderation in American oil production growth, the country is poised to become energy independent by next year.
- Zacks
Here's a Look at the EIA's Weekly Petroleum Status Report
The federal government's EIA report revealed that crude inventories rose by 1.6 million barrels, compared to the 600,000 barrels decrease that energy analysts had expected.
- Reuters
Oil to be stuck in a rut in 2020 as slowing demand fuels glut: Reuters poll
"There is simply too much oil in the market," LBBW analyst Frank Schallenberger said. The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said this month, predicting non-OPEC supply growth to surge next year. OPEC's own outlook reflected a surplus of around 70,000 barrels per day (bpd) next year, building a case for the group to maintain supply curbs when it meets on Dec. 5-6 in Vienna.
- Bloomberg
Oil Posts Worst Decline in 2 1/2 Months on Bearish OPEC Signals
(Bloomberg) -- Oil fell the most in more than two months amid signals that OPEC and allied crude producers are averse to deepening output cuts when they convene next week.Futures dropped 5.1% in New York on Friday, closing the U.S. benchmark’s poorest weekly performance since early October. Saudi Arabia probably will indicate to the cartel next week that it’s no longer willing to compensate for excessive production by others, according to people familiar with the kingdom’s thinking.Meanwhile, Russia’s oil minister said it’d be better to postpone any new supply caps until April, the Tass news agency reported. In the U.S., futures-trading volume was suppressed on the day after the Thanksgiving holiday, increasing the potential for dramatic price moves.“The OPEC accord with Russia could be fraying a bit,” said John Kilduff, a partner at Again Capital. “It undercuts and undermines everyone’s perception of the commitment.”OPEC and allies including Russia are expected to extend the current supply pact, rather than make deeper reductions, when they meet in Vienna late next week, a Bloomberg survey showed.That comes as government data showed the U.S. was a net exporter of crude and refined products for a full month for the first time in at least seven decades. The milestone, which was only previously reached on a weekly basis, underscored the growing influence of American crude in foreign markets, a point that won’t be lost on OPEC.Despite Friday’s slump, New York-traded futures were on track for the biggest monthly advance since June amid optimism the the U.S. and China are closing in on a trade accord. As for OPEC, a special committee that analyzes market data before ministerial meetings didn’t consider steeper cuts, according to delegates who asked not to be named.West Texas Intermediate for January delivery slipped $2.94 to settle at $55.17 a barrel p.m. on the New York Mercantile Exchange. There was no settlement Thursday due to the U.S. holiday and all transactions will be booked Friday.Brent for January settlement, which expires Friday, dropped $1.44 to $62.43 on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $7.26 premium to WTI.See also: Ships Stuck Waiting for Fuel at Asian Hub on Rule-Shift ScrambleSaudi Arabia has largely turned a blind eye to cheaters within the OPEC+ alliance, making additional reductions to its own output to offset excesses by the likes of Iraq and Russia. Ministers from the Organization of Petroleum Exporting Countries and its partners will meet in Vienna on Dec. 5 to 6 to decide on policy going forward.\--With assistance from Alex Longley and Robert Tuttle.To contact the reporter on this story: Catherine Ngai in New York at [email protected] contact the editors responsible for this story: David Marino at [email protected], Joe Carroll, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Investing.com
Oil Prices Edge Lower as Russian Overproduction Continues
Investing.com -- Crude oil prices edged lower on Friday in quiet trading, amid signs of continuing quota-busting by Russia ahead of next week’s ‘OPEC+’ meeting to review the cartel’s existing deal on output restraint.
- Reuters
Malaysia's Sime Darby Q3 profit slumps, sees little boost from palm oil rally
Malaysia's Sime Darby Plantation Berhad, the world's largest oil palm planter by land size, on Friday posted a 75% slump in its third-quarter profit and said it sees minimal boost to its annual performance from the recent rally in palm prices. The plantation group said its third-quarter results slumped due to weaker palm oil and palm kernel prices and unpredictable weather conditions. Palm oil prices, however, witnessed a rally for more than a month.
- FX Empire
Oil Price Fundamental Daily Forecast – Drillers Reduce Number of Rigs, but Production Still Hits Record High
U.S. oil drillers reduced the number of drilling rigs for a record 12 months in a row, despite fresh production highs. According to the EIA, U.S. production hit a record high of 12.9 million barrels per day and refinery runs slowed.
- Rigzone.com
Oil Set for 4th Weekly Gain Ahead of OPEC+ Meeting
Oil is heading for a fourth weekly gain before a key OPEC+ meeting next week that will set the path for future production cuts.
- FX Empire
Crude Drift Lingers in Light Holiday Trade
U.S. markets are closed for Thanksgiving and crude oil continues to hover near the $58. Crude has been in this area all week and I expect the lack of movement to continue until next week.
- Reuters
Malaysia's FGV sees palm oil prices at 2,200-2,400 ringgit/T in Q4
Malaysia's FGV Holdings Bhd , the world's largest palm oil producer, on Thursday forecast crude palm oil (CPO) prices in the range of 2,200 to 2,400 ringgit in the fourth quarter due to sustained demand in key markets. FGV's forecast for the October-December period is higher than its estimated average price of 1,983 ringgit ($475.54) per tonne for the previous three months, but below current prices, which hit 2,726 ringgit at the market close. The company's exports will continue to be supported by firm demand from its three biggest markets of India, Pakistan and China, which have been "scrambling" to purchase cheap palm oil, FGV Group CEO Haris Fadzilah Hassan said.
- Reuters
Russia signals no change to its oil quotas at next week's OPEC+ meeting
Russian oil companies proposed on Thursday not to change their output quotas as part of a global deal until the end of March, when the current agreement expires, putting pressure on OPEC+ to avoid any major shift in policy when the group meets next week. The proposals to preserve the deal between the Organization of the Petroleum Exporting Countries and non-OPEC nations until the end of March were made at a gathering with Energy Minister Alexander Novak, who will attend next week's meetings in Vienna. OPEC and its allies have so far been expecting to extend output cuts until mid-2020, with non-OPEC producer Russia supporting Saudi Arabia's push for stable oil prices amid the listing of state oil giant Saudi Aramco.
- Reuters
VEGOILS-Palm oil reverses losses on tight supply, Indonesia biodiesel push
The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange traded 1.5% higher at 2,726 ringgit ($653.72) per tonne at closing, after falling to as low as 2,645 ringgit earlier in the session. Higher prices towards the end of the session were due to a tight supply outlook and on more details about Indonesia's biodiesel plans, a Kuala Lumpur-based trader told Reuters. Malaysian palm producer FGV Holdings said earlier on Thursday it expects its production of crude palm oil to increase by a marginal 0.5%-1% in 2020.
AFPS. Korea to suspend 25% of coal plants to fight pollution
South Korea will suspend up to a quarter of its coal-fired power plants in the next three months, even as demand for electricity peaks during the bitter winter, as it seeks to tackle air pollution, Seoul said Thursday. The world's 11th largest economy is struggling to address growing public concern over airborne particles and pollutants, known as "fine dust", that have raised public fears of omnipresent environmental harm. Air pollution is designated as a "social disaster" and many South Koreans blame China, the source of the prevailing winds and the world's biggest polluter, which is more frequently affected by choking bouts of filthy air.
- FX Empire
All Aboard The Rally Bus? Not Yet As The Hk Bill Could Be A Thorn In The Side Of The Market
Connecting the dots might be easy, but waiting for the Beijing headline is not so as traders sit precariously perched atop of this potential trade deal barrier.
