CL=F - Crude Oil Sep 19

NY Mercantile - NY Mercantile Delayed price. Currency in USD
56.11
-0.10 (-0.18%)
As of 6:45PM EDT. Market open.
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Pre. SettlementN/A
Settlement date2019-08-20
Open56.10
Bid56.13
Last price56.21
Day's range56.10 - 56.16
Volume39
Ask56.15
  • Oilprice.com

    U.S. In Secret Talks With Maduro’s Socialist Party Leader

    The United States has started secret preliminary talks via intermediaries with Diosdado Cabello, the leader of Venezuela’s Socialist party

  • Oilprice.com

    Houthi Drone Attack Sets Saudi Oil Field On Fire

    A drone attack by the Yemeni Houthis caused fire at an oil and gas field in Saudi Arabia, the Kingdom’s Energy Minister said as quoted by the Saudi Press Agency

  • Will Seplat Petroleum Development Company Plc's (LON:SEPL) Earnings Grow In The Next 12 Months?
    Simply Wall St.

    Will Seplat Petroleum Development Company Plc's (LON:SEPL) Earnings Grow In The Next 12 Months?

    On 30 June 2019, Seplat Petroleum Development Company Plc (LON:SEPL) announced its earnings update. Overall, analysts...

  • What Kind Of Investor Owns Most Of Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564)?
    Simply Wall St.

    What Kind Of Investor Owns Most Of Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564)?

    If you want to know who really controls Zhengzhou Coal Mining Machinery Group Company Limited (HKG:564), then you'll...

  • Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Chief Powell’s Speech on Thursday
    FX Empire

    Price of Gold Fundamental Weekly Forecast – Traders Bracing for Fed Chief Powell’s Speech on Thursday

    Gold could be under pressure this week if recession fears continue to subside. There aren’t many major economic events this week so if there is volatility, it will likely be fueled by unexpected events by China or the United States. The key market moving event could take place on Thursday when Federal Reserve Chairman Jerome Powell delivers opening remarks at the Jackson Hole Economic Policy Symposium.

  • Oil Price Fundamental Weekly Forecast – Easing of Recession Fears Could Underpin Prices
    FX Empire

    Oil Price Fundamental Weekly Forecast – Easing of Recession Fears Could Underpin Prices

    Traders are focusing on two things:  Possible OPEC production cuts and lower demand due to a weakening global economy. They don’t seem to be too worried about U.S. growth at this time. However, they are expressing concerns about the rising U.S. production.

  • Coal-Loving Australia Is Third Biggest Emissions Exporter
    Bloomberg

    Coal-Loving Australia Is Third Biggest Emissions Exporter

    (Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.Australia’s booming coal industry has made it the world’s third-biggest exporter of potential carbon dioxide emissions locked in fossil fuels, placing it only behind oil giants Russia and Saudi Arabia.Australia makes up 7% of all global fossil fuel exports by carbon dioxide potential, as it accounts for almost one-third of the world coal trade, according to a report Monday from The Australia Institute, which has been critical of the federal government’s efforts to combat global climate change.While China and the U.S. are the world’s top greenhouse gas emitters in absolute terms, the report highlights the role relatively smaller polluters play in selling fossil fuels to other nations. Australia, which is also one of the biggest gas exporters, supplies economies throughout Asia, including Japan, China and South Korea.Exports of fossil fuels and supply infrastructure play a crucial role in locking in increased emissions, and their impact is often ignored in climate change policy, The AI said in the report.“Australia has a unique opportunity, and obligation, to face up to the climate crisis through policies to limit its carbon exports, starting with a moratorium on new coal mines,” it said. “The scale of exports from countries like Australia bring into stark relief why efforts to reduce world emissions must limit both demand and supply.”In terms of its own greenhouse gas pollution, Australia generates 1.2% of the world’s emissions while having just 0.3% of the population, according to the report. Domestic emissions have been rising in recent years as a number of giant gas export projects come on stream, while coal-fired power is still the mainstay of its electricity grid.‘Red Line’Prime Minister Scott Morrison has consistently said that Australia will meet the 2030 targets to reduce carbon emissions it made under the Paris Agreement, but has no clear policy agenda to reach them. His government has been a strong supporter of the coal industry, including backing Adani Group’s controversial Carmichael project, which could open up a new mining region in the country.His government last week rebuffed calls by leaders from its island nation neighbors for a commitment to phase out coal, and watered down language on climate change and coal in the communique that followed the Pacific Islands Forum in Tuvalu. Australia’s Pacific Minister, Alex Hawke, had earlier told local media that the coal industry is a “red line issue” for the nation that it needs to stand behind.“Many argue Australia’s emissions are small on a global scale, but this research shows the complete opposite,” Richie Merzian, the institute’s climate and energy program director, said in a statement. “Our domestic emissions are large and our exported emissions are even larger.”The AI based its analysis on data from the International Energy agency, with coal and gas figures for 2017 and oil for 2016. Emission factors for the fuels are from the United Nation’s Intergovernmental Panel on Climate Change.(Updates with details from Pacific Islands Forum in eighth paragraph.)To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Saudi Arabia Can’t Save the Oil Market
    Bloomberg

    Saudi Arabia Can’t Save the Oil Market

    (Bloomberg Opinion) -- Saudi Arabia isn’t as willing to do whatever it takes to support oil prices as it would have us believe. That’s the only conclusion one can draw from what we’ve learnt since a government official said the kingdom wouldn’t tolerate a continued price slide.After crude fell to a seven-month low earlier this month, Saudi Arabia got on the phone to other members of the OPEC+ group of nations to discuss possible policy responses. It doesn’t appear to have got very far.Russia – the key non-OPEC member of the extended producer group – made all the right noises. An emailed statement from its energy ministry said it was “utterly important to act responsibly” by giving the market only as much oil as was needed. You might think that would mean Russia sticking to the production target it agreed with OPEC in December. You’d be wrong.The Russians pumped 11.32 million barrels a day in the first half of August, according to Interfax. That’s up by 180,000 barrels from July and above its pledged daily level of 11.19 million barrels. While the country did produce less than required for three months in a row through to July, that was mainly the result of the Druzhba pipeline contamination crisis.Indeed, Moscow may be better able to weather lower prices than Riyadh. U.S. President Donald Trump’s sanctions on exports from Iran and Venezuela have boosted Russia’s oil income by about $1 billion dollars since November. Russian Urals grade is a pretty good substitute for Iranian crude for European refiners and its value has risen relative to that of the benchmark Brent.So what about Saudi Arabia’s OPEC partners? The biggest of those, Iraq, doesn’t seem to be helping much either. Tanker-tracking data compiled by Bloomberg suggest that its crude exports in the first half of August were the highest in three months. Flows out of West Africa also appear to have been robust in August.Will the kingdom go it alone? Perhaps not.Having already cut more than twice as much oil output as it promised in December, Riyadh has signaled its unwillingness to keep shouldering the burden alone. Its energy minister Khalid Al-Falih insisted at OPEC’s last meeting in July that the Saudis had already cut “deep enough.”They did manage to generate a brief bump in prices by that suggestion of doing whatever it takes. But the market recovery is already running out of steam. And the promise was never quite as meaningful as some thought.As part of the pledge, Saudi officials said the kingdom would keep oil exports below 7 million barrels a day in September and supply customers with 700,000 barrels a day less than they’d asked for. That looks like a big number, but it rather depends on what potential buyers asked for. Dig a bit deeper and the commitment starts to look less bullish.Saudi Arabia didn’t actually say it would cut exports by 700,000 barrels a day next month. Instead, the officials pointed to the 10.3 million barrels a day that they could theoretically produce in September to meet demand, and that the reduction would come from that figure. (It’s worth noting that this 10.3 million figure is more than the Saudis have produced in any other month this year, according to data from the kingdom). So the upshot is that Saudi Arabia’s actual production next month may be about 9.6 million barrels a day. It says it produced 9.58 million last month, so this doesn’t look like a cut at all. And then there’s the issue of where the cuts will come from. Saudi Aramco, the national oil company, has allocated full volumes of contractual crude supply for September sales to at least six buyers in Asia. So the U.S. and Europe will have to bear the brunt of reductions. Supplies to U.S. buyers will be about 300,000 barrels a day less than they’d asked for, according to the officials, while cuts to European buyers will need to be bigger still to hit the 700,000 target.That’s going to be a stretch. The kingdom has only shipped about 530,00 barrels a day to North America so far this year, while deliveries to Europe have averaged just 210,000 barrels, according to Bloomberg tanker tracking. So to be in a position to make the sort of cuts being talked about, buyers must have been asking for a lot more oil than they’ve bought from Saudi Arabia in the recent past.The numbers just don’t stack up. If you’re waiting for a big output cut from Saudi Arabia to rescue oil prices – don’t.To contact the author of this story: Julian Lee at jlee1627@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50
    FX Empire

    Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50

    Based on Friday’s price action and the close at $1523.60, the direction of the December Comex gold futures market on Monday is likely to be determined by trader reaction to the 50% level at $1517.50.

  • E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75
    FX Empire

    E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75

    Based on Friday’s price action and the momentum into the close, the direction of the September E-mini S&P; 500 Index on Monday is likely to be determined by trader reaction to the main 50% level at 2881.00.

  • E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone
    FX Empire

    E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone

    Based on Friday’s price action and the close at 25907, the direction of the September E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the main 50% level at 26012.

  • Oilprice.com

    Iraq Moves To Upgrade Oil Export Capacity

    Iraq is very close to using its oil export infrastructure at full capacity and is busy expanding its pipeline network in order to sell more crude abroad

  • Why the Offshore Drilling Recovery Is Real
    Motley Fool

    Why the Offshore Drilling Recovery Is Real

    After a few challenging years, activity in this corner of the energy market has finally started bouncing back.

  • EUR/USD Forex Technical Analysis – Closed on Weak Side of Short-Term Retracement Zone, 1.1027 Next Downside Target
    FX Empire

    EUR/USD Forex Technical Analysis – Closed on Weak Side of Short-Term Retracement Zone, 1.1027 Next Downside Target

    Based on Friday’s price action and the close at 1.1090, the direction of the EUR/USD on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1112.

  • Oilprice.com

    U.S. Sanctions Backfire, Lead To Boost In Russian Oil Exports

    U.S. sanctions against Venezuela and Iran have had an unplanned side effect: they have increased exports of heavy, sour crude from Russia

  • Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97
    FX Empire

    Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97

    Based on last week’s price action and the close at $57.67, the direction of the December Brent crude oil market on Monday is likely to be determined by trader reaction to the minor pivot at $57.97.

  • Woodside Petroleum Ltd (ASX:WPL): Will The Growth Last?
    Simply Wall St.

    Woodside Petroleum Ltd (ASX:WPL): Will The Growth Last?

    Looking at Woodside Petroleum Ltd's (ASX:WPL) earnings update on 30 June 2019, analysts seem cautiously optimistic...

  • Oil Rebounds After Economic Data Dampens Recession Fears
    Oilprice.com

    Oil Rebounds After Economic Data Dampens Recession Fears

    Oil prices rebounded on Friday morning on the back of some positive U.S. crude data, but the rebound doesn’t look likely to last as the world economy struggles

  • EUR/USD Forex Technical Analysis – Close Over 1.1110 Forms Closing Price Reversal Bottom
    FX Empire

    EUR/USD Forex Technical Analysis – Close Over 1.1110 Forms Closing Price Reversal Bottom

    Based on the early price action and the current price at 1.1100, the direction of the EUR/USD into the close is likely to be determined by the short-term Fibonacci level at 1.1112.

  • Oilprice.com

    US Threatens Sanctions On Anyone Dealing with Iran’s Oil Tanker

    The United States threatened to slap sanctions on any ports or banks or virtually anyone trying to make deals with Iranian oil tanker Grace 1

  • U.S. Oil Supplies Up for 2nd Week, Adds to Bearish Sentiment
    Zacks

    U.S. Oil Supplies Up for 2nd Week, Adds to Bearish Sentiment

    A U.S. government report reveals that crude inventories rose by 1.6 million barrels for the week ending Aug 9, very different to the 2.7 million barrels drawdown that energy analysts had expected.

  • Oilprice.com

    OPEC Oil Production Continues To Slide As Saudis Cut Deeper

    OPEC’s crude oil production fell by another 246,000 bpd in July compared to June, as Saudi Arabia deepened its cuts

  • Bloomberg

    OPEC Sees ‘Somewhat Bearish’ Oil Outlook Even as Market Tightens

    (Bloomberg) -- Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth and the long-running trade war, even though supplies will be tighter than previously thought, OPEC said.The Organization of Petroleum Exporting Countries, which pumps about a third of the world’s oil, increased estimates for world demand this year and next, and lowered forecasts for production from its rivals. Nonetheless, its monthly report -- which doesn’t typically give a view on prices -- warned that the market may weaken.That increases pressure on Saudi Arabia, the cartel’s de facto leader, which has shouldered most of the burden in production cuts aimed at bolstering oil prices amid faltering demand and a relentless flood of new shale supplies from the U.S.Crude prices have fluctuated this week, following twists and turns in the clash between Washington and Beijing as President Donald Trump imposed steeper tariffs on Chinese goods and then touted further negotiations to resolve the impasse. At just under $60 a barrel in London, crude is below the levels most OPEC nations need to cover government spending.A coalition of oil producers composed of OPEC members and allies such as Russia has curtailed supply this year to try and keep global markets in balance. Riyadh has reduced output by far more than it initially promised, reporting to the OPEC secretariat that it cut production again in July to 9.58 million barrels a day.The report released by OPEC’s Vienna-based research department on Friday indicated that -- in theory -- the cartel’s efforts should be sufficient to prevent any surplus this year.The global balance of supply and demand is tighter than it appeared a month ago. OPEC raised its assessment of consumption for this year and next by 50,000 barrels a day, and trimmed projections for non-OPEC supplies by 40,000 barrels a day for 2019 and by 90,000 a day for 2020.As a result, even though oil inventories in developed nations have risen above average levels, global stockpiles should decline this quarter by an average of 2.1 million barrels a day. OPEC is pumping about 29.6 million a day, compared with a daily requirement of 30.28 million.Nevertheless, the focus in crude futures markets remains squarely on the outlook for demand, which is being soured by the growing risk of recession and the protracted dispute between the U.S. and China.A Saudi official speaking anonymously said last week that the kingdom had sounded out its partners on potentially stepping up their efforts and is open to all options. The Saudis, Russia and other key members of the coalition will meet to review their strategy in Abu Dhabi on Sept. 12.“The outlook for market fundamentals seems somewhat bearish for the rest of the year, given softening economic growth, ongoing global trade issues and slowing oil-demand growth,” OPEC said in the report. “It remains critical to closely monitor the supply-demand balance and assist market stability in the months ahead.”To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • A Burning Question for Coal’s Brightest Star
    Bloomberg

    A Burning Question for Coal’s Brightest Star

    (Bloomberg Opinion) -- If India is such a bright hope for global coal demand, why can’t investors see it?The country will experience the largest increase in coal burning through 2023, according to the International Energy Agency, with a 3.9% annual pace of growth that should be enough to offset falling consumption in developed countries. BloombergNEF, whose forecasts tend to be less bullish than the IEA’s on fossil fuel demand, is not far behind: Coal-fired generation will increase about 48% by 2030 to hit 1,512 terawatt-hours, more than all of Europe, Africa, the Middle East and Latin America.The curious thing is that when you look at the Indian power sector, there are few signs it’s on the brink of a boom. Quite the opposite: As many as 65 gigawatts of the 90GW of private-sector generators connected in India are under financial stress, according to a parliamentary report last year. As my colleague Andy Mukherjee has written, the resulting 1.8 trillion rupees ($26 billion) in bad loans is contributing to a nonperforming asset crisis that risks undermining the Indian financial system.Furthermore, activity to increase coal-fired generation is overwhelmingly dependent on state support. Out of 48GW of coal generators planned to be built by 2027 under the country’s current electricity plan, just 14% is being developed by the private sector; a matching 48GW of generation is already slated for retirement by the same date.  Even that modest level of private investment appears to be retreating now, according to a report published Friday by the Centre for Financial Accountability, a Delhi-based group pushing for better standards of development finance. Lending to coal-fired power fell 90% in 2018, to 60 billion rupees from 608 billion rupees the previous year, the CFA said. The vast majority of that total was refinancing of existing plants: Just 12 billion rupees was dedicated to new generation, all of it to just one state-backed plant in Uttar Pradesh. If you still think wind and solar are the energy sectors most dependent on state support, you’ve not been paying attention to how the landscape has changed. In India, 65% of funding to coal-fired projects in 2018 came from government-controlled institutions, whereas three-quarters of loans to renewables came from the private sector, according to the CFA. Even a sixfold increase in renewables subsidies to 150 billion rupees in 2018 left that sector shy of the 160 billion rupees directly supporting the coal mining and generation sector, according to a separate report last year.There are several reasons that India’s coal sector is struggling. The vast expansion of generation over the past decade has left the country oversupplied with electricity capacity. Making matters worse, the slump in the price of renewables means that even existing coal plants struggle to compete on cost, let alone newly built ones. The average power tariff for state-owned NTPC Ltd. in the June quarter was 3.63 rupees per kilowatt-hour, or around $51 per megawatt-hour. New wind can currently be built for around $43/MWh in India and solar comes in at $37/MWh, according to BloombergNEF.On top of that, generators are struggling to be paid because of the finances of the electricity distribution companies owned by India’s states, while shortages of water and coal itself mean plants often have to switch off even at times when they can make money. State-owned mining giant Coal India Ltd. may miss full-year production targets if output doesn't pick up from rates seen in the June quarter, Bloomberg Intelligence analyst Michelle Leung wrote Friday.The bullish argument for Indian coal over the next decade is that the government bails out the distribution companies who will in turn bail out the generators; and that the grid simply won’t be able to integrate the 175GW of wind and solar that the government is targeting to be built by 2022, let alone the 500GW envisioned by 2030. As a result, state support will continue to prop up expensive, polluting soot as the only technology capable of keeping up with growing electricity demand.An alternative scenario is that India meets most of its renewables expansion targets and lifts the efficiency of wind and solar plants closer to those seen elsewhere in the world. In that future, coal-fired electricity may already be within a few percentage points of its peak. With renewable power growing, fossil-fired plants would gradually be reduced to back-up generation to supply electricity after the sun has set, rather than providing the bulk of power through the day. In truth, there’s not enough investment in either form of generation at the moment to make a sure-fire bet. Still, as we’ve argued, the collapse of financing for fossil fuels should give pause to anyone making bullish predictions for the future of carbon-intensive electricity, including the governments that are increasingly its main backers. Coal-fired power has long failed in terms of human health and climate impacts, but its raw economics are now collapsing, too. Even the might of the state can’t keep flogging this dead horse much longer.(Adds Coal India production targets in the eighth paragraph. An earlier version of this column was corrected to fix figures for wind and solar costs in the seventh paragraph. )To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.