Total (EPA: FP) said on Tuesday that its net quarterly profit saw a decline ascribed to historically low oil prices as Coronavirus swept off demand. At £1.44 billion, Total’s net profit in the first quarter came in 35% lower than £2.25 billion in the same quarter last year. It…
Canada’s oil and gas industry is still reeling from the double whammy of demand destruction from the coronavirus and the overwhelming supply from warring producers such as Saudi Arabia and Russia. With storage likely to brim by mid-May, the outlook for global crude prices is still grim, though WTIC futures,…
After gaining nearly 7% in April, gold prices are consolidating near highs. The price action is forming a bullish pennant chart formation that can extend the current uptrend to $1,900 in the coming weeks. Fundamental analysis: Gold mines to start running soon The COVID-19 outbreak has caused a halt in…
Shares of Exxon Mobil (NYSE:XOM) plunged more than 4% on Friday after the oil giant posted a first quarterly loss in years amid the collapse in oil prices. Fundamental analysis: Significant impact on near-term demand Excluding a $2.9 billion charge, Exxon reported a non-GAAP earnings of $0.53 cents per…
Chevron Corp. (NYSE: CVX) released its quarterly financial results on Friday and warned that its performance is expected to keep under pressure unless oil prices recover. The company also slashed its 2020 capital expenditures further on Friday. In the first quarter, Chevron generated £25.14 billion in revenue as compared…
British Petroleum (LON: BP) announced its net profit to have significantly plunged in the first quarter on Tuesday. The company cited low oil prices attributed to the Coronavirus and shrinking storage capacity for downbeat results.The London-headquartered oil and gas company recorded its underlying replacement cost profit at £642 million…
At the time of writing the London gold spot price is trading at $1,705 per ounce while the Comex June future is at $1,719, showing a spread of $14. However, last month this spread had ballooned to as much as $100.According to one analyst, the futures price is being…
British Petroleum (LON: BP) announced a few changes in the financial terms of its Alaska deal on Monday. The oil major is seeking to sell its Alaska business to Hilcorp Energy for £4.5 billion. BP cited the recent crash in global oil prices for the changes that may result…
Palladium prices have come off their February highs sharply as car sales slide amidst the unprecedented coronavirus pandemic. Palladium is extensively used in catalytic converters in gasoline vehicles to limit emissions from their combustion engines. Demand for palladium has declined even as mines that produce the metal are shut due…
Shares of Chevron (NYSE:CVX) have surged 3% today as oil prices continue a sharp rebound following a collapse on Monday and Tuesday. Fundamental analysis: Chevron stock jumps, ignores a row with TrumpChevron stock price has surged higher despite an order from President Trump to halt oil production in Venezuela.
When the coronavirus first hit China, initial concerns centered around its impact on the supply of commodities. But the virus went on to roil global economies as they locked down to limit its spread and impact. For all commodities, the disaster then snowballed into the biggest demand collapse in history,…
The energy market is trashing the record books. On Monday, when oil prices closed in negative territory for the first time, there came another statistic from the U.S. Energy Information Administration (EIA): the U.S. had turned a net exporter of energy in 2019, the first time this happened in…
After a historic day in which crude oil prices (May future contracts) were pushed into the negative territory, the selloff in oil continues as the price of “black gold” – the June contract – trades around the $16 mark, around 22% lower today. Fundamental analysis: Catching a falling knife Crude…
Crude oil prices are on track to post the worst day on record as the June contract for WTI, the benchmark for U.S. crude prices, trades almost 50% lower amid worries about a lack of storage.“Price discovery is complicated, more so than usual, by the soon-to-expire WTI NYMEX front-month contract…
Crude oil price trades around 27% lower to trade at levels below the $14 mark for the first time since early 1999 as supply is hitting record highs, while demand may reach the lowest levels since 1985, according to the International Energy Agency (IEA). Fundamental analysis: Storage runs outCrude oil…
President Trump announced an aid package worth $19 billion to America’s agriculture sector amidst the unprecedented economic trauma from the coronavirus epidemic.The aid package will be financed out of the $2.2 trillion coronavirus rescue package, as well as by the USDA.Pandemic succor: Relief to farmers and the deprivedThe aid…
The COVID-19 outbreak has seen many investors running for the exits. In the space of just a few days, the Dow Jones stock index printed a series of huge one-day losses on March 09, 12, and 16, when the Dow plummeted 12.93% in a single day, topping the…
Crude oil price hit a new 18-year low this week as investors continue to punish OPEC+ countries for failing to meet their expectations in the size of the production cut. A claim from a group of analysts that Saudi Arabian oil exports to the U.S. more than doubled made waves…
Jim Rogers, the legendary investor famous for co-founding the Quantum Fund with George Soros, dwelt on COVID-19, QE, and commodities on a call co-promoted by ETF Strategy.The event coincided with the relisting of the Market Access Rogers International Commodity Index UCITS ETF (LON: RICI) on the London Stock Exchange.The…
South African mines, which produce 70% of the world’s platinum, are set to emerge from a coronavirus lockdown that commenced March 27. Though the nationwide lockdown has been extended to end-April, mines may operate up to 50% of capacity during that time. Many of the country’s platinum miners, including Anglo…
Livestock farmers in the U.S. are in trouble as major meat processing plants across the country suspend operations due to rising cases of coronavirus. Without ongoing, just-in-time slaughter, livestock animals are gaining weight and piling up on farms. Farmers are staring at the twin, grim realities of financial losses…
Gold price has been on a tear in April, trading 9% higher in the first two weeks of the month. A respected market analyst now believes that the yellow metal can go as high as $2,000 this year on a specific bullish chart pattern that it had developed over the…
Meat plants in the U.S. and Canada are reeling from the impact of the deadly coronavirus. Employees are staying away from work that is usually performed close to other workers in near “elbow-to-elbow” conditions. They are required to debone chickens, chop beef or slice hams, often without virus-protective gear which…
After all the machinations and drama the group of countries known as OPEC+ finally got their act together and announced over the weekend a crude oil output cut of historic proportions. They agreed to reduce their production by 9.7 million barrels per day (BPD), the single-largest cut ever. Unfortunately, it…
Gold ended on a high note on Thursday, reacting to dismal jobs data and the Fed’s announcement of a $2.3 trillion additional stimulus package. The unemployment data prompted fears of economic distress, while the Fed action raised concerns of additional liquidity – both supportive of gold prices.Comex gold futures for…
