According to recent reports, Venezuela plans to start allowing people to purchase its oil through its own oil-backed national cryptocurrency, Petro. The country’s own president, Nicolas Maduro, confirmed this, adding that precious and industrial metals will also be added to the offer.In fact, according to El Nacional, the South…
The end of 2019 is marked with another stock market rally as the biggest indexes are hitting record highs. The S&P 500, a major US stock market index that is considered one of the best representations of the U.S. stock market, has increased in value by nearly 33% this…
According to Xinhua news, Chinese Sinochem Energy that deals in the exploration and production of oil, is to sell $1.65 billion of stake to five firms that are wholly owned by the state. A subsidiary of Sinochem Group, the amount makes up 20% of Sinochem Energy’s stake. Prominent Investors To…
In 2019, commodities globally enjoyed decent growth. The S&P 500 and the Invesco DB Commodity Index Tracking Fund DBC are up 27.2% and 10.5% this year, respectively.However, experts believe that 2020 could be one of commodities’ best trading years, thanks to the just concluded phase one trade deal, OPEC supply…
Experts told CNBC that the crude market has become highly volatile these past few months, making it virtually impossible to predict future prices. Throughout the year, oil prices have been affected by several things, including OPEC’s supply cuts, China-US trade war, and US sanctions to oil exporters.Apart from a…
Last week the world was treated to one of the most anticipated trade deals between China and the US. The world’s two most robust economies agreed to sign a ‘phase one’ agreement that is expected to ease tension in global markets. In the “Phase One” deal, Washington slashed some…
If last week’s rally after the US-China Phase One trade deal is anything to go by, then it means that investor confidence is starting to build in a market that just days ago was on a downward trend. While the effects of the 18-months long trade war could slowly…
2019 has been one of the most “unusual” financial years, from the China-US trade war to last week’s UK election and then the Brexit uncertainty… As the investment space remains fuzzy, investors are looking for better ways to shield their capital. Commodities such as gold and silver have become a…
Oil prices on Friday almost hit a new record high in three months following news of progressive Phase One trade agreement between China and the US as well as the just concluded UK Premiership election. Beijing and Washington on Friday reached a “Phase One” deal that would see…
Thursday was an exciting day for the global markets following US President Donald Trump’s tweet saying China and the US had reached a trade deal. But just hours later, when the agreement was finally made public, the excitement started dying down due to the modesty of the deal.Gold, which…
The world is going through an industrial recession, thanks to the ongoing US-China trade war. Since the intrinsic demand is not sufficient enough to sustain the economy’s liveliness, equity banks are relying more on central banks to restore the balance. Monetary authorities worldwide are initiating easing mechanisms that will offset…
The Serious Fraud Office (SFO) of the UK has officially launched an investigation into alleged bribery offense by Glencore, the world’s largest commodity trader. In a statement, the SFO said: “We are investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents, and…
For the past thirty years, the commodities pricing structure has remained unchanged. For some of the high-value and most liquid commodities like gold, oil, and gas, the pricing regime has been opaque for decades.And even for the few technological and methodological changes that have taken place, only a handful…
Together with partners Barry Stimpson and Jessica Kenworthy, Squire Patton Boggs has officially launched a Commodities and Shipping Group that will operate globally. The other two partners will be stationed in the new company’s Singapore branch.“This is an area in which we already have strong capabilities in London, Australia,…
Persian Gulf officials said that Saudi Arabia would be vouching for augmentation of oil supply cuts through to the end of June 2020 in a stakeholder meeting set to be held this Thursday and Friday. As we approach this week’s OPEC+ meeting, the oil market has been stalling as…
With the growing unrest over the details of OPEC+’s 5th & 6th December meeting in Vienna, the oil market stalled for the better part of last week. For the bullish investors, the noise surrounding the possible outcome of the meeting is not the most effective. Russian oil companies are…
Citadel’s commodities business value is up at least $1 billion this year, this is according to three sources who spoke to Reuters. The gain is expected to boost the hedge fund’s performance even as it looks to maintain its already-great industry reputation.According to its website, Citadel works relentlessly to…
A recent industry report showed that the US Crude Oil inventories had been boosted by a pending US-China trade deal that may bring to end months of standoffs between the two states. Following reports of growing inventories, the oil price stabilized above $64 on Wednesday.At the same time, gasoline stocks…
According to several forecasts, there’s likely going to be an oil surplus in 2020. But most of the outlooks are only based on the shale growth of the US next year, an assumption that may be unrealistic.The dominoes keep falling but financial restraints are well-known. In its recent report,…
All exporters of scrap commodities to Indonesia will now be subjected to new regulations set by the government. A report released by the Institute of Scrap Recycling Industries (ISRI), in Washington, stated that the regulation is still crafted in the Indonesian language. Nonetheless, ISRI’s contacts have been issued with…
SSE, one of UK’s top six energy suppliers entered into a deal with Ovo Energy to offload to them its entire domestic energy line of business for £500 million. Close handlers of the deal said that Ovo will be taking over SSE’s household energy business in the United Kingdom,…
Crude oil dropped 0.10% on Thursday, bringing its cumulative dip this week to about 4.7%. The markets are likely to experience further movements in the US after the Federal Reserve Bank published the FOMC minutes.But even with a series of slides, Crude has been on a recovery path (somewhat)…
Exxon Mobil is set to sell $25 billion worth of its oil and gas fields located in Africa, Asia, and Europe. The move entitled the greatest asset sales by Exxon Mobil in the past few decades is aimed at collecting sufficient investment to focus entirely on a few mega-projects. The…
The latest commodities market outlook from World Bank shows that energy stocks took a hit in November dropping 3.7%. Other commodities, however, jumped 0.9%, with precious metals recording the highest growth margin of 19.4%.To put all that into perspective, here’s an overview of how major commodities are performing during…
Hedge-fund managers unwound bets that crude oil would fall at the fastest pace in 16 months. Prospects for a trade war deal and a slowdown in Shale drilling helped futures rebound. According to the Friday data, oil short-sellers cut their bearish positions on West Texas Intermediate crude by 41% in…
