British Petroleum (LON: BP) slashed its long-term price forecasts for oil and gas on Monday as it warned of a lasting impact of the Coronavirus pandemic on the energy sector. The company also said that the virus outbreak will accelerate a global shift to renewable energy. In the current…
Crude oil prices are down significantly today as investors worry about global demand after China confirmed a new cluster of coronavirus cases in Beijing. The price of Brent, the international benchmark, declined by 1.30% while the West Texas Intermediate (WTI) fell by 1.85%. Similarly, other commodities declined, with the Bloomberg…
Exxon Mobil’s (NYSE: XOM) plans of selling its assets in the British North Sea were previously delayed due to the Coronavirus pandemic and a sharp slump in global oil prices. In an announcement on Thursday, however, industry sources highlighted that the U.S. oil major has now decided to restart…
Crude oil price dropped today after the Energy Information Administration (EIA) released the weekly inventory data. International Brent is trading at $40.60, down more than 1.3% from a day ago while West Texas Intermediate is trading at $38.28. Crude oil price declines as inventories jump Crude oil price as US…
In a statement on Friday, Premier Oil (LON: PMO) said that British Petroleum (LON: BP) has agreed to lower the price of its assets in the North Sea that it is selling to Premier. BP released its Q1 financial results in the last week of April that…
In an announcement on Thursday, Eni (BIT: ENI) said that it has decided in favour of establishing a separate division that will focus entirely on renewable energy. The Italian oil major has been committed to corporate reorganisation in recent months. Shares of the company climbed more than 1% on…
In the first five months of this year, a series of frauds have rocked the commodities markets across the globe, and particularly in Singapore. Fingers have been pointed at the crisis in the oil market triggered by the virus pandemic. But what is interesting is that the modus…
Gold prices are trading more than 1% lower on the day as the price action approaches the key short-term support around the $1700 mark. Two weeks ago, the price of yellow metal reached its highest levels since 2012. Fundamental analysis: Profit taking pushes prices lower Gold prices have lost around…
Silver sparkled in May, adding a solid gain of about 24%. It was the precious metal’s best monthly performance over nine years, as it played catch up with richer cousin gold amidst a macroeconomic environment strewn with risk-off factors. July silver futures closed May at $18.499 per ounce.
Crude oil price is trading above the $35 mark for the first time since the first half of March as rising U.S.-China tensions weighed on risk sentiment. Fundamental analysis: An escalation in tensions between the United States and China Crude oil prices are trading around 1% higher today to hit the levels near the…
Oil prices have rebounded north of $30 per barrel but the commodity is still deep in the red as WTI crude is down 30% over the past three months and Brent Crude is down more than 32% over the same time period. Oil rebounded from negative territory It wasn’t too…
June gold futures closed Tuesday lower by 1.7% at $1705.60 an ounce. A confluence of factors forced gold traders to assume a bearish view on gold. Higher supplies from mines and scrap, vaccine development, and a rising stock market combined to weaken gold bulls’ resolve. Gold is…
May could turn out to be WTI crude’s best month ever, having rallied over 70% this month, and the key driver could be expectations that the crude oil market may be near rebalancing. Russia’s oil ministry expects demand and supply for the pandemic-stricken commodity to rebalance by July. “For…
Following the month when the largest monetary and fiscal packages in history were unveiled, the U.S. banking giant JPMorgan Chase & Co (NYSE: JPM) believes there’s only one winner going forward, and that’s gold prices. Fundamental analysis: Currency debasement coming In the latest report published by JPMorgan, the bank’s…
The US commodities regulator, the Commodity Futures Trading Commission (CFTC), issued Wednesday a rare, and rather a blunt reminder to market participants of the risk of negative oil pricing. The advisory also reminded them of their responsibility to maintain orderly trading and pricing in commodities. The CFTC’s letter on…
The world’s most precious metal, gold, is an excellent way to hedge the tail risk from COVID-19, according to a research report by Matthew Miller, CFRA. Further, gold’s fundamentals have strengthened following the massive amount of quantitative easing unleashed across the globe to combat the economic damage from…
Jeff Currie, head of commodities research at Goldman Sachs (NYSE: GS) says livestock is the only other commodity market “looking as precarious as oil.” Speaking to reporters on a video call, Currie was referring to the major market imbalance in the U.S. food industry following the coronavirus…
Saudi Aramco announced its net profit in the first quarter to have declined by 25% on Tuesday. The company’s quarterly dividend, however, matched its plan of paying £60.74 billion to its shareholders in base dividends in 2020. Analysts had anticipated Aramco to slash government payout but maintain its dividend for…
Silver, whose price is generally joined at the hip with that of gold, is struggling to catch up with its wealthier cousin. There is a yawning gap in the pricing ratio between the two precious metals. So much so that, as on Monday, the gold-silver ratio traded at around 109.
Data from the U.S. Labor Department showed that April nonfarm payrolls declined by 20.5 million jobs, while the unemployment rate surged to 14.7%, the highest level since the early 1930s. Contrary to expectations, as markets are wont to do, the dismal data sparked a rally in stocks with the S&P…
The coronavirus pandemic has turned the U.S. food supply chain on its head. Meat, produce, or dairy is sitting in farms, becoming a huge overhead for farmers, even as shortages mount on supermarket shelves. As a result, beleaguered farmers are having to give away produce, euthanize livestock, or in the…
Barrick Gold Corp (NYSE: GOLD) doesn’t want to be known as a gold mining company, rather a provider of a hedging tool for investors to protect their other assets against a global financial crisis, CEO Mark Bristow said Wednesday during a CNBC interview. ‘Pressure on paper money’ The…
Global oil prices have rebounded strongly in the past two weeks as investors bet on an uptick in demand, as nations around the globe prepare for a gradual reopening for business. The national lockdowns imposed by governments to fight the spread of COVID-19 are likely to cause the biggest economic…
Oil prices are on a rally as producer supply cuts kick in and hopes rise of a gradual normalisation as lockdowns are lifted across the globe. Crude oil prices fell to record lows amidst a destruction of demand due to the coronavirus pandemic, while OPEC plus producers could only agree…
Smithfield Foods Inc, reopened a massive pork plant at Sioux Falls, South Dakota on Monday, according to a union representing plant employees. A spokeswoman for the United Food and Commercial Workers said the plant started operating its ground seasoned pork and night cleanup departments, according to Reuters. The pork…
