#brent oil price

[trader-sg112]

Oil Prices Inch Up Despite Mixed Signals

Oil prices edged slightly higher on Friday. Contracts for Brent crude oil expiring in August climbed 0.4%, reaching $86.73 per barrel. Similarly, West Texas Intermediate (WTI) crude futures, a key benchmark for North American oil, rose 0.4% to $82.09 per barrel.

This modest increase comes amidst conflicting forces in the oil market. While concerns about potential supply disruptions from the Middle East and ongoing geopolitical tensions provided some upward pressure, a strong U.S. dollar acted as a counterweight. A stronger dollar can make oil, priced in dollars, less attractive to buyers using other currencies.

The focus for investors has now shifted to upcoming U.S. inflation data, which could influence future decisions by the Federal Reserve on interest rates. Higher interest rates can strengthen the dollar and potentially dampen demand for oil.

[news-line-today]

Crude Oil Prices Advance Amid Rising Gaza Tensions and Saudi Arabia's Price Hike

In the world of oil trading, Monday saw a climb in futures prices as Saudi Arabia announced an increase in June crude prices for most regions. Concurrently, the possibility of a ceasefire deal in Gaza seemed distant, stirring concerns that the Israel-Hamas conflict might escalate further in this crucial oil-producing area.

Brent crude futures rose by 51 cents, marking a 0.6% increase to reach $83.47 per barrel, while US West Texas Intermediate crude futures also saw a rise, up by 53 cents to $78.64 per barrel, a 0.7% increase.

Last week, both Brent and WTI futures experienced their most significant weekly losses in three months. Brent fell over 7%, and WTI dropped by 6.8%. Investors grappled with weak US jobs data and speculated about the Federal Reserve’s potential interest rate adjustments.

As discussions around a Gaza ceasefire unfolded, the geopolitical risk premium on oil prices somewhat eased. However, hopes for an imminent agreement diminished on Sunday when Hamas reiterated its demand for war cessation in exchange for the release of hostages, a demand Israeli Prime Minister Benjamin Netanyahu swiftly rejected.

Monday brought further tension as Israel’s military urged Palestinian civilians to evacuate Rafah as part of a ‘limited scope’ operation. While the purpose behind this call remains unconfirmed, speculations arose about its relation to a possible ground assault.

Tony Sycamore, an analyst at IG markets, voiced concerns, stating, “News of Israel’s intentions to extend its operation into Rafah risks derailing a potential ceasefire agreement and reigniting Middle Eastern geopolitical tensions, which had shown signs of easing.”

With most long positions in oil cleared last week, the risks now seem tilted towards a rebound in WTI prices, possibly nearing the $80 mark early this week, as suggested by Sycamore.

Additionally, Saudi Arabia’s decision to raise the official selling prices (OSPs) for its crude in Asia, Northwest Europe, and the Mediterranean for June indicates expectations of robust summer demand, further bolstering prices.

Warren Patterson, Head of Commodities Research at ING, noted, “After a decline of more than 7.3% last week due to easing geopolitical tensions, ICE Brent has commenced the new trading week on a stronger note, opening higher.”

This development follows Saudi Arabia’s decision to increase June OSPs for most regions amidst a tightening of supplies this quarter.

In China, the world’s leading crude importer, service activity continued its expansionary trend for the 16th consecutive month. Growth in new orders and business sentiment surged, fueling hopes for a sustained economic revival.

In a potential sign of supply tightening, US energy companies reduced the number of oil and natural gas rigs operating for the second consecutive week. According to Baker Hughes, oil rigs fell by seven to 499, marking the most substantial weekly drop since November 2023.

[head-post]

Oil prices rose amid tensions in Middle East

Oil prices rose on Wednesday after industry data revealed an unexpected drop in US crude inventories last week, a positive signal for demand, Anadolu Ajansı reports.

As of 09:32 a.m. local time (0632 GMT), international benchmark Brent crude was trading at $88.21 a barrel, up 0.21 percent from the previous session’s closing price of $88.02 a barrel.

US benchmark West Texas Intermediate (WTI) was trading at $82.95 per barrel at the same time, up 0.17% from the previous session’s closing price of $82.81 per barrel.

A decline in commercial crude inventories in the US, the world’s largest oil consumer, and tensions in the Middle East were factors contributing to the price rise.

The US Energy Information Administration (EIA) reported that commercial crude oil inventories fell by about 6.4 million barrels to 453.6 million barrels last week, while the market had forecast an increase of 1.6 million barrels. Such a large reduction in inventories indicates strong demand, fuelling higher prices.

Read more HERE

[gazetteweekly]

“Oil Prices Slip on Increased Russian Supply and Jet Fuel Caution”

Oil prices faced a dip on Tuesday, driven by various factors including the anticipation of heightened supply from Russia and cautious trading ahead of the Federal Reserve’s decision on U.S. interest rates.

The Brent crude oil futures contract for May delivery edged down by 15 cents to $86.74 a barrel, while U.S. West Texas Intermediate (WTI) prices saw a decline of 14 cents to $82.02. Additionally, the WTI April contract, set to expire tomorrow, also fell by 15 cents to $82.57.

The previous session witnessed both benchmarks reaching four-month highs, propelled by lower crude exports from major producers like Saudi Arabia and Iraq, coupled with signs of robust demand and economic growth in China and the U.S.

However, concerns over Russian supply persisted, attributed to increased exports following Ukrainian attacks on the country’s oil infrastructure. Analysts from JP Morgan noted potential reductions in Russian crude runs due to these attacks, which could lead to higher crude oil exports as a result.

Russia’s decision to boost oil exports through its western ports in March further added pressure on prices. Daily shipments are expected to increase by 10% compared to the initial plan for March.

Uncertainty loomed over U.S. interest rates, with the Federal Reserve meeting scheduled for March 20. This uncertainty contributed to cautious trading, with analysts awaiting signals on rate cuts from the meeting.

Meanwhile, analysts expressed some caution regarding demand growth in the jet fuel sector ahead of the summer travel season. While global jet fuel prices are anticipated to rise, a potential global economic slowdown could temper consumption and limit price upside.

Overall, the oil market remains influenced by a delicate balance of supply dynamics, geopolitical tensions, and economic factors, highlighting the volatility inherent in the energy sector.

[tradermade]

Brent crude is preferred by refiners as it is light due to low density and sweet due to low sulphur content. It is less polluting. https://tradermade.com/cfds. Choose us as your data partners to obtain reliable and accurate Forex, CFD, and Crypto market data.

[news4nose]

Oil prices have seen a serious surge in recent days, driven by concerns related to the ongoing Israel-Hamas conflict and its potential repercussions on oil production in the Gulf region.  

[jameswilly98]

Crude oil:-

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[amniforn]

Oil markets are bearish but the decline is limited

Oil markets are bearish but the decline is limited

WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the US benchmark now at its lowest level in a year. First-month Nymex crude for January delivery closed the day -3.5% at $74.25/bbl, its lowest level in nearly a year, while February Brent crude ended at – 4% to $79.35/bbl, its weakest close since Jan. 3. It is now clear that the market selloff and concerns about…

[nahimjustfeelingit-writes]

A Night Forgotten

Part Four

Flashback: The Wedding

What a beautiful, heart-felt ceremony. Emoni had come back from the restroom within the beautifully appointed ballroom. Her friends had picked an exquisite mansion to hold their ceremony and reception. The grand chandelier situated high above them made Emoni feel as if she were a part of Beauty and The Beast. The ivory ball gown the bride wore reminded her of a princess.

As Emoni enters the vast ballroom, she makes a beeline for the bar, needing to start the evening off on the right foot. Everyone began to mingle after filling their bellies with the best food she’d ever had. As she made her way there, her ivory and gold satin bridesmaids gown annoying her, she made eye contact with her ex, Troy, instantly turning her gaze away with frustration. He’d been trying to get her attention the entire time. Emoni wanted nothing to do with his lying, cheating ass.

To her delight, the bartender is a good friend: Brent is dressed up as Cupid for tonight's event, complete with a silly bow and arrow set slung across his chest. Ivory, silk, button down shirt on with the buttons halfway secured, his skin is oiled and painted in golden fairy dust, and his matching satin pants hang low on his hips. He looks like a love slave with fairy-like wings, quite honestly, more fit for a BDSM dungeon than a fairytale wedding.

"Brent, I didn't know you were a bartender, too!" she says as she takes a stool in front of him, tucking a stray curl behind her ear that had fallen from her elegant updo that Brent had given her just that morning. "This hair is fantastic, by the way. I love how it makes me feel, so…"

"Naughty and free?" he suggests.

"Exactly."

She's been his client for the last three years, and over that time, their rapport has been growing by leaps and bounds. It's been a wonder to discover there is more to this silent, talented man than just his good looks and charm.

"The best hairdresser in all of California by day, moonlighting as a mixologist for the newlyweds?! How very mysterious you are, Mr. Clark!”

Brent shrugs one muscular shoulder and flashes a quick grin. "I'm a man of many talents," he reminds her with a wink. "We're always full of surprises, Ms. Daniels."

"Is that so?" she challenges him with a wicked grin. "Why don't you prove it by making me something as unique and unforgettable as this hair Ply me with a menu of drinks guaranteed to end with my socks being knocked off!"

With a mischievous gleam in his dark eyes, he accepts her challenge.

"I do believe I've got just the thing for you, Ms. Daniels…"

Brent sauntered over towards the end of the bar to make her the perfect drink. Emoni swayed in her seat, enjoying the music and refusing to be in a sour mood because of her ex. Fuck him. He doesn’t deserve to steal her joy.

Unfortunately for her, another man known to be a thorn in her side since High School was on his way over, dressed from head to toe in Sebastian Cruz—Italian fabric. It’s a black suit with gold accents, matching the colors of the wedding. He is a groomsmen after all. His tapered locs are braided back and he couldn’t go without wearing his gold canines. He begins as it always does between them: with an acknowledgement and an insult.

"Evening, Daniels," Erik Stevens greets her with a bow of his head, taking up his customary place at her side as she turns up her nose at him, attempting to fake her disgust of him, “How goes the dick hustling tonight?"

She glances over at him, amused. His eyes are shielded with a gold half-mask. Very sexy. She would never tell him that however. With a mouth like his, it was sure to piss her off quickly. he carries a glass tumbler that is filled with melting ice and the tiniest bit of cognac.

Where is Brent with her much needed drink?! She searched the bar and there was no sight of him.

Odd.

Emoni was determined not to give into the whim to kick this smug Prince in his priced jewels. It's far too early in the evening for that sort of a juvenile response, and really she needed a little liquid courage to be that bold.

And why would you kick him in the balls when you actually want to tea bag them? Her salacious thoughts intruded.

"Hello, Stevens," she unenthusiastically responded instead, refusing to call him by his first name. "Still seducing the ladies with a forked tongue, I see."

His serpentine smirk is chased by a sexually-suggestive leer. "You meant silver tongue, I'm sure. And if anyone's out to deceive…you're the one dressed like a seductress, Daniels. Since when do you seduce?” He noticed she didn’t have a drink in her hand, “I take it Brent is still working on your drink?”

Emoni parted her glossy lips to speak but was suddenly rendered speechless. A beautifully-crafted cocktail was situated in front of her, as if it had materialized from nowhere. A striking and vivid pink, tropical flower was placed over the edge of the glass as a garnish. A pretty pink egg-white mixture swirled inside of the glass. It was topped with an orange drizzle and edible glitter.

For the slightest moment, Emoni could have sworn the mysterious drink glowed like it was made of magic. Even Erik couldn’t tear his eyes away from the pretty concoction. Just then, the most alluringly sexy voice brought her gaze forward. Emoni was stunned by the woman’s undeniable beauty. Long, sleek brown hair, feline eyes, chiseled jaw, sculpted body with sinewy curves, and a full set of lips so tempting. She was hypnotic.

“One Aphrodite’s Love Potion for you…”

“Thank you,” Emoni’s eyes searched, “Did Brent leave?”

“He needed to take a quick break. I’m taking over until he gets back…”

Emoni brought the cocktail to her lips and then she paused.

“What’s in this?”

“Gin, triple sec, lemon juice…just to name a few. It looks delicious, doesn’t it?”

Her voice was so beautiful. Erik stood there speechless. As if he were in a trance.

“Go on, drink it. I already know you’ll love it.”

Emoni gave a one shoulder shrug before bringing her lips over the rim and taking a sip. As soon as it touched her tongue, she was immediately hit with a burst of flavor. It was the best drink she’d ever had. She instantly felt a rush, the drink coursing through her body and making her feel all warm and fuzzy.

“It’s delicious. Thank you?—”

“Just call me Dove. It’s a nickname of mine.”

“Thanks, Dove. I may need another one of these tonight!” Emoni said with a flirty grin.

“Oh, you’ll be back for more, trust me. Maybe your friend here might want one?”

Erik locked eyes with Dove, for a second unable to formulate words. Someone had accidentally bumped into him on their way to the bar. Erik blinked away from Dove, clearing his throat to speak.

“I’m all good. For now at least. Not my type of drink.”

“I see,” Dove gave Erik a once over, “Well, I’ll see you two around. Enjoy your evening…”

Dove sauntered away towards the end of the bar. Emoni could feel Erik’s eyes on her. She glared at him.

“What?”

“Fitting.” He looked at her drink before eyeing her up and down, his gaze taking time to admire the view. "My, my, but you do love to play naughty for me, don't you?”

Although she didn’t particularly like the dress—not that it was her idea to wear it in the first place—it made her slim-thick body stand out. Her breasts sat up invitingly. The back of the dress although a bit poofy made her plump ass sit out.

“Naughty for you? That's the funniest thing I've heard all evening, Erik, Thanks for the ha-ha.”

She turns to assess the crowd of eligible men. There are more than a few faces she already knows, but others she'd like to know a lot better, “Contrary to your absurd and quite comical belief, I didn't dress this way for you. I have a specific agenda tonight.”

Erik scuffed, dimples deep in his cheeks and lips rolled shut, fighting the urge to burst into laughter. She’s such a logistician. That’s one thing about Emoni that attracted him to her. That articulate voice and intellect. It was so damn sexy. Erik waved down Brent who appeared again at the bar. He strolled over with a big smile.

“Another one of these, homie!”

Brent gave Erik a thumbs up and then he glanced at Emoni with a sorry look. She waved him away, not even bothered that he had to step away from the bar for a bit. Brent returned within two minutes with a new glass of cognac on ice. Erik accepted the drink graciously.

“Don't you always at these things? Have an agenda?” He dryly asks, taking a quick sip of his drink to hide a frown. “Speaking of which—” He leans in as if to impart a secret to her, appearing solemn and earnest in his proposal. “Look, the truth is…I just came over here to offer you my services.”

She turns her head and gives him a flat stare. “What services would those be exactly—teaching a woman what not to want in a man? Because you excel at that.”

“You're the only one who thinks so,” he baldly points out, and she knows he's right. The fact is Erik’s got women crawling all over him, begging for a piece on a regular basis, despite his abysmal character. Apparently, having a boat-load of money and royalty status is the great cosmetic for a truly deplorable personality, “As I was saying…my services,” he continues. “Tonight I'm feeling magnanimous, Daniels, so I'm going to make you an offer you can't possibly refuse.”

Emoni sighs and waves at him to get on with what will, indubitably, be a scandalous and ridiculous proposition. The answering dimpled grin he gives her is delightfully boyish and positively enchanting, and if she had fewer brain cells in her head she'd fall for it hook, line, and sinker.

“Go on, Boss, I’m listening.”

“Alright, now listen up because I'm not repeating it,” he says, preening as a peacock before her, “For one night only, for absolutely no money down and no contract necessary, I'm willing to save you the embarrassment of having to find and hunt down the perfect man for your desired one night stand,” He crudely points at his crotch. "I've already got one right here that can fulfill your every fucking dream. Totally free. I'll even throw in all the pink cocktails you'll need to work up the nerve. Dove is around her somewhere…”

Enoni purses her lips, trying not to laugh in his face. As far as trying it on goes, that one is rather original.

“So, let me just understand your pitch,” she replies, affecting indifference. “You're offering to ply me with copious amounts of alcohol and once I'm too inebriated to think straight, you're going to allow me a shot at some other chick’s sloppy seconds…assuming I don't fall unconscious somewhere in between and make things that much easier for you.” She fakes a yawn. “Nice try, but why would I allow my boss and a womanizer the chance of fucking me?”

His frown indicates he’s pissed that she would even think that.

“Your back is so gahdamn rigid, Daniels. I’ll be glad when you get that stick out your fuckin’ ass. And aren’t you the one tryna find a man to fuck in your hotel bed? A random man at that,” Erik chuckles, “So, if anything…”

She was furious then. She wanted to slap him in that pretty face of his. He was so infuriating!

“Are you calling me a hoe? All I did was tell you the truth. And you know it’s the truth, don’t you?”

He blinks as if she's nailed him right in the gut, and gives a long-suffering sigh as if disgusted with her total lack of interest.

“Daniels, you really know how to stomp a man's grand plans into dust at the same time as grinding his balls into meat strips,” He tosses back the contents of his drink, finishing off the glass. “I’ll leave you alone and watch you stand here looking desperate when an opportunity is right in front of you.”

Now she laughs and turns her attention back to the crowd, eyeing the selection and seeing if there is anyone there who might even remotely catch her attention tonight.

“You can’t stand the fact that I don’t fall for your dimples and your raspy voice and your status. Your charm doesn’t work on me. If you can even call it that.”

“Plenty do,” he grouses, looking petulant by her refusal to be impressed, “I'm amazingly appealing, and we both know that you know that.”

"Sure I do,” Emoni replied sarcastically with a roll of her eyes.

He sniffs. "Your problem is you're too green…miss prim."

“No, I'm foxy and an excellent judge of character. Far from green and prudish, Stevens.” Emoni fired back.

“Yes, well…” He sighs, twirling his now empty glass in his hand, “I don't suppose you'd consider lowering your stuck-up standards for a night to aid a fellow charity-dodger deal with his dick?”

“Not for all the air to breathe.”

“Ah, well, your loss, love,” he says, sounding not in the least put-out by her rejection.

He is, after all, quite used to it by now. This is a familiar ritual for them, one they'd been having on and off for the last five years or so since his return from Wakanda. It always ends the same, too: he 'flirts' outrageously with her then ducks out with some random woman on his arm, and she, unwilling to be the brunt of jokes about a lack of a sex life come Monday morning, eventually leaves with one of her friends-with-benefits for a Saturday night of vigorous sex…followed by a Sunday morning filled with hollow excuses and quick goodbyes. That’s how Emoni ended up with her ex, Troy. A serious mistake that led her into a toxic relationship.

Really, the way she and Erik dance around each other at these events and in the office is comical, if it wasn't so fucking obvious that they both wanted a good, nasty, rough night with each other. The problem is that Emoni wants more than a one-off with her boss. Unfortunately, he's highly allergic to commitment.

Hence the sexual tension with the mean bite. Suddenly, Erik surprises her by taking her drink from her hand and sampling it. He held her gaze with a penetrating stare, daring her to do something. She stared back at him with her mouth agape and eyes wide.

He sits the drink down on the bar and licks his full, tempting lips, giving her a slow once-over, “Enjoy your cute, little drink,” he offers and heads off, a beautiful model-type following him with lustful eyes. That wasn’t the only woman there that wanted a piece.

As he walks away, Emoni tries not to let her disappointment overtly show, or derail her from the plan: she is going home with some man tonight and will lose herself in their sex. She’s horny and it’s been too long since she’d been full of dick. After all, that always helps her, at least temporarily, to forget her unrequited feelings for Erik Stevens.

She finishes off her drink, giving a surprised hum at how pleasant it tastes…and how light it makes her feel by the time she hits the bottom of the glass.

“When do you plan on admitting your feelings for him? I mean, it’s been over ten years…”

Startled, Emoni looked forward and met the eyes of that captivating bartender. She slid another pretty drink towards her with a mischievous grin. Emoni was mesmerized by her undeniable beauty with a slight trace of vanity.

But wait, how did she know it’s been over ten years?

[dilfl0v3rss]

NAH CUZ THIS ONE CAME OUTTA NOWHERE BUT-

painter!Onyankopon 🧐🧐🧐🧐wat do we thinkkkkkkkk

who wanna paint his pretty lil girlfriend up as a bday gift but thingz start escalating-

you ATEEEEE

“you done?” you asked excitedly as you laid naked on the bed. ony sitting in front of you with a chair and painting set while he gave you a petty eye roll. “mama you only been sitting here for ten minutes. what you think?” he sighed, pencil in hand as he sketched your pretty body onto his cavas. your boyfriend was a very talented and well known artist. he’s had his work shown in many different art museums around the world and you couldn’t be any prouder of him.

people have paid unbelievable prices for his beautiful paintings and even more for customs. you’ve been with him through it all and even though you never said it, ony could always see how entranced you’d look when he’d bring you with him as his “assistant” and decided there was no better time to finally let you shine than your birthday.

“m’almost done wit the first part sexy. just need you to stay still f’me so i get get it done and start mixing my colors for your pretty skin ‘kay?” you nodded your head, apologizing for the movement as you sat as still as you could on your knees. back facing him as you kept your head to the side so he could get your side profile. another ten minutes when by and ony was finally done with the sketch. quietly pulling his paints out to mix them together for your beautiful complexion. “red? maybe lighter like orange? ma you know the color of your undertones?” he asked, while holding up the red and orange paint bottles.

you turned your head a little more so he could see your face, quizzical look already telling him everything he needed to know. “can you put on some music tho? if ima be sitting here like this, i wanna at least have sum playing” ony nodded his head before opening your phone and going to the first playlist he saw, but you already know what he chose when poison by brent faiyaz began to play through the speaker on the bed. the sex playlist.

you didn’t mind it though, humming along to the music as ony continued to work behind his large canvas.

as your music played it was suddenly getting harder for your man to focus. hands beginning to sweat at just the slightest glance of your oiled back. ‘wonder if she oiled the front of her body too’ dirty thoughts clouded ony’s brain as he watched you mindlessly move your hips to the music. “stay still mama. you making this hard f’me” he mumbled as he eyed your neck, then your beautiful shoulders down to your smooth back, stopping at the sight of your beautifully brown ass.

before he knew it, ony was slowly walking up behind you. lightly pushing your back down before rubbing with the swell of your ass. “you changed your mind againnn? now how long is it gon take for you to sketch thissss?” you whined, not thinking anything of his actions until you felt his print brush against your bare pussy. “you so pretty mama” his hands rubbed all over your back, letting the oil spread to his fingers and clothes as he leaned down to kiss from your back to your neck. “wanna put my dick in you, jus the tip ‘cause i still got work t’do”

you nodded your head, already in a lust filled daze as you felt him continue to rub against you with his clothed dick. ony lifted you off the bed slightly by the front of your neck. “can i mama? you gon let me make you feel good?” his whispers went straight to your core. legs already growing weak as you moaned out a weak “yes”. with that ony lightly bent you back over, freeing his dick from his sweats before lining up with your wet entrance.

“j-just the tip right?” your voice was small as you looked back at him. a small smirk made its way to his face as he watched your pretty face contort, dick sinking deep into you before he started thrusting at a steady pace. “you know better than to be believing shit like that ma. pussy too good for me to only let my tip fuck” ony chuckled as he listened to you whine into the sheets. hips already moving hungrily so you can fuck him back.

“seems like you agree wit me, don’t you baby? pussy so fucking wet” his pace quickened, making your moans become louder and more frequent as you reached your arm back. not for him to stop, but for him to hold to keep you grounded while he pounded away at your pretty pussy. “feel so good daddyyy…fuck go harder” ony smiled at the action, eagerly holding your hand in his while he started fucking into you deeper.

the both of your voices harmonized with each other as you continued to fuck each other the way you liked. bodies working together so both of you can reach the orgasms you’ve been wanting since you laid your naked body on the bed. “you so fucking sexy mama. got the most beautiful body i swear” his inked hands ran all over your back, thighs and neck. massaging you as he gave you words of love. “no painting can ever be enough to portray how beautiful you are baby. so glad you mine.”

his dick curved just right, hitting all the places you needed to make you a blabbering mess below him. “l-love you so much…so much daddy. happy t’be yours….yours forever” ony couldn’t help but smile as he listened to you run your pretty mouth. your walls sucking him in as you spoke, like the fact that you were saying you were his turned you on even more. “love you more, h-happy..fuck…happy birthday princess. sorry i can’t finish your painting.”

your body was getting to him. strong arm pushing your back down as he squeezed your hand a little tighter. “want you to fill me up daddy” you moaned, the feeling of his dick twitching already telling you that he was going to cum. ony’s brown eyes rolled to the back of his head, hips pistonning into you even harder as he felt his release on the tip of his tongue.

“gotta show you how much i love you right now”

[darkmaga-retard]

Marking the inevitable demise of the world’s most important cartel.

Doomberg

Sep 03, 2024

“We don't have a monopoly. We have market share. There's a difference.” – Steve Ballmer

On November 27, 2014, the Organization of the Petroleum Exporting Countries (OPEC) gathered in Vienna, Austria, for one of its regular meetings. The outcome of this one would prove momentous. Although Brent crude had traded comfortably above $100 a barrel for most of the prior few years, a booming US shale sector had caused prices to dip to the high $70s as attendees arrived. Led by Saudi Arabia, OPEC made the fateful decision to engage in a price war with American producers, a move that shocked market observers: 

“The stated belief from some OPEC members at that time was that this would cause a dip in oil prices, and that would put a lot of the marginal shale oil producers out of business. Instead, oil prices plummeted, some shale oil producers went out of business, but the strategy indeed cost OPEC at least a trillion dollars of lost revenue as most shale producers held on. In late 2016 the cartel waved the white flag, abandoning this strategy and returning to making production cuts to boost prices. That strategy persists to this day.”

OPEC grossly underestimated both the willingness and the capacity of US shale companies to incinerate shareholder capital in the name of growth. Even as oil prices ground lower—eventually bottoming out in the upper-$20s in January of 2016, well below the estimated marginal cost of production for most shale upstarts—US production climbed inexorably higher. The few companies that did file for bankruptcy either kept producing or sold assets to others that could, using the courts as a shield to recapitalize in the hopes of exploiting firmer prices in the future.

[trader-sg112]

Market Update: Key Indices and Stocks Show Mixed Movements Amidst Economic Projections

Index Futures Overview

As the trading day commenced, the major U.S. stock index futures exhibited modest fluctuations. Dow Jones Futures traded largely unchanged, indicating a neutral market sentiment. Meanwhile, S&P 500 Futures edged up by 2 points, representing a 0.1% increase. The Nasdaq 100 Futures also climbed by 20 points, or 0.1%, reflecting slight optimism in the tech sector.

Economic Projections: Job Market Insights

Economists are keeping a close watch on the U.S. labor market data, anticipating the addition of 189,000 jobs in June. This follows a stronger-than-expected increase of 272,000 jobs in May. The employment figures are crucial as they provide insights into the health of the economy and can influence Federal Reserve policy decisions. A robust job market typically signals economic strength, while any shortfall could raise concerns about a potential slowdown.

Stock Movements: Highlights and Lowlights

Tesla (NASDAQ: TSLA): Tesla's stock saw a premarket boost of nearly 2%, continuing its trend of strong performance. This increase may be attributed to positive investor sentiment surrounding the company's ongoing innovations and expansion plans in the electric vehicle market.

Macy’s (NYSE: M): Macy’s stock surged by 4% premarket. This rise could be due to positive retail sector performance or specific company news that has bolstered investor confidence. Macy’s, as a major player in the retail industry, often reflects broader consumer spending trends.

Coinbase Global (NASDAQ: COIN): In contrast, Coinbase Global experienced a significant drop, with its stock falling 6.5% premarket. The decline in Coinbase's stock price may be linked to recent regulatory scrutiny or market volatility impacting the cryptocurrency sector.

Commodity Market Movements

Crude Oil: U.S. crude futures (WTI) rose slightly by 0.1% to $83.98 a barrel, suggesting steady demand despite global economic uncertainties. Conversely, the Brent crude contract saw a marginal decline, trading at $87.40 a barrel. These movements indicate mixed market sentiments influenced by factors such as supply concerns and geopolitical developments.

Cryptocurrency Update

Bitcoin: The world's leading digital currency, Bitcoin, faced a downturn, falling to its lowest level since February. This decline reflects broader market trends affecting cryptocurrencies, including regulatory pressures and changes in investor sentiment.

Conclusion

Today's market snapshot presents a mixed picture with minor gains in major indices and varied performances among prominent stocks. Economic projections, particularly job market data, will play a crucial role in shaping market movements in the near term. Investors are advised to stay informed about ongoing economic indicators and company-specific developments to navigate the dynamic market landscape effectively.

This article provides a comprehensive overview of the current market trends, highlighting key indices, stocks, and economic projections. It offers valuable insights for investors and market watchers looking to understand the factors driving today's financial landscape.

[head-post]

Crude oil prices fell almost 5% to a 4-month low

Crude oil prices dropped nearly 5 per cent amid rising US inventories, a rebound in US Treasury bond yields and concerns over global oil demand, NewsBytes reported.

Brent crude fell by 4.63% to $77.42 per barrel during the last trading session. Futures for West Texas Intermediate (WTI) crude oil fell by 4.9% to $72.90 per barrel.

The main reason for the decline in oil prices is a sharp rise in US crude oil inventories, which, according to analysts, has led to concerns over weak demand amid high production levels.  The International Energy Agency (EIA) reported that US crude inventories rose by 3.59 million barrels in the latest week to just over 439 million, the highest level since August after a 13.9-million-barrel increase in the previous week.

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[allthebrazilianpolitics]

Petrobras' new CEO upholds current pricing policy

The new CEO of Brazil's State-run oil company Petrobras Monday defended during a press conference the company's current pricing policies to preserve domestic market stability, Agência Brasil reported. Magda Chambriard had been on her post three days after a reshuffle ordered by President Luiz Inácio Lula da Silva.

“Petrobras has always worked in line with international price trends. Sometimes a little higher, sometimes a little lower. What is highly undesirable is that you bring price instability to Brazilian society every day. Petrobras has always ensured this stability,” Chambriard said.

“Recently, we had a scenario in which the prices of gasoline, diesel, and derivatives in general were extremely high. President Lula, in his election campaign, promised to lower prices. And how has this been done? Now, is it fair to charge the same price for a product that I don't import as for a product on the international market that pays for freight, insurance, import risk, and importer earnings? All of this is present in a great formulation that has made the price of fuel more Brazilian,” she added.

Petrobras' current fuel pricing policy was adopted in May last year and represented the end of the International Parity Price (PPI), which had been in place for more than six years. Since 2016, prices charged domestically were linked to the international market based on the price of a barrel of Brent crude oil, which is calculated in US dollars. This practice led to the distribution of record dividends to the company's shareholders. In the current model, Petrobras does not stop taking the international market into account but incorporates references from the domestic market, it was explained.

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[beardedmrbean]

The "Lukoil - Neftohim" refinery in Burgas has promised Bulgarian Prime Minister Nikolai Denkov to pay over 500 million leva (250 million euros) in taxes, and in return the state will keep the derogation (exception) from the European ban on the import of Russian crude oil. This was announced to the media by the co-chairman of the DPS parliamentary group, Delyan Peevski, after a meeting of MPs and members of the cabinet on the subject.

Cancellation of the derogation was requested by GERB last week, and DPS supported the idea. According to Peevski, Prime Minister Nikolai Denkov, the co-chairmen of the "We Continue the Change-Democratic Bulgaria" group Kiril Petkov and Atanas Atanasov attended today's meeting, and Finance Minister Asen Vassilev participated online.

The deputy added that if the money is not paid within a week, GERB and DPS will submit a proposal to parliament to cancel the derogation for the import of Russian oil. "Let Lukoil hear us clearly on this, not to think that they will not pay their taxes in Bulgaria," said Peevski.

The chairman of the energy commission, Delyan Dobrev (GERB), added that parliament will demand that the executive power collect another 1 billion leva from Lukoil, with which to compensate fuel consumers. He recalled that according to the law adopted in January, 70 percent of the difference between the price of Russian oil of the Urals type and the Brent type should enter the energy security fund and be returned to consumers in the form of compensation. Dobrev said that at the beginning of August, a calculation was made of how much leva Lukoil did not contribute, because the law was not implemented by two successive cabinets, and it turned out that the amount was 622 million leva. Divided by fuel consumption in the country it makes 0.73 cents, which people should have received for every liter of gasoline or diesel since January, Dobrev calculated, quoted by BTA.

Peevski announced that GERB and DPS will introduce a legal amendment to place Lukoil's fuel storage bases under the management of the State Agency "State Reserve and Wartime Stocks". "We want to free Bulgaria from the monopoly on Lukoil's storage facilities," commented Peevski.

In April, the Commission for the Protection of Competition fined the oil company 195 million leva for abuse of a dominant position, because it did not allow other companies to the fuel warehouses.

Until recently, "Lukoil Neftohim" did not pay taxes in Bulgaria, reporting a loss, and since the beginning of 2021, it has been working "at the customer's request", which made it profitable. At the beginning of last summer, it became known that the company had paid profit tax for the first time in 15 years.

[kudkund]

TOP PETROCHEMICAL STOCKS IN INDIA

As Crude Oil has been in focus lately with prices of Brent Crude Oil Futures fluctuating, the world is paying special attention to oil, petroleum, and petroleum products. Companies related to petroleum and petroleum products are currently in focus. Thus, this would be an excellent opportunity to take trades in the stocks of these companies. This requires a basic understanding of the current scenario of crude oil and some background on what the company does so we can take positions based on oil price movements. In this blog, we will be discussing the top petrochemical stocks in India.

The Organization of Petroleum Exporting Countries projected robust increase in crude oil demand for 2023 in their Monthly Oil Market Report. The International Energy Agency also mentioned that they expect crude oil demand to rise next year. These positive demand outlooks bode well for petrochemical stocks and might lead to higher revenues for the companies and better earnings per share for shareholders.

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