LONDON/NEW YORK/TOKYO/SINGAPORE (Sept 30): Oil prices rose on Wednesday on concerns of an escalation in the Syrian war after Russia started air strikes against Islamic State and the approach of a hurricane on the U.S. East Coast kept investors wary.
Russian warplanes carried out several air strikes against Islamic State targets in Syria on Wednesday, shortly after the Russian parliament approved military action.
The U.S. National Hurricane Center said the 2015 Atlantic season's third hurricane, Joaquin, was expected to reach the Bahamas on Wednesday night.
"Hurricane Joaquin may be having an effect on the market. High seas along the East Coast have been forecast and that could affect barges carrying refined products," said David Thompson, executive vice-president at Washington-based commodities broker Powerhouse.
U.S. crude, also known as West Texas Intermediate or WTI, was 21 cents higher at US$45.44 a barrel by 1458 GMT, on course to end September down 7%.
Brent crude oil was up 32 cents at US$48.55 a barrel, heading for a 9% fall this month.
The market defied bearish news of a larger-than-expected build in U.S. crude oil stockpiles. Inventories rose by 4 million barrels to 457.92 million barrels last week, U.S. government data showed, much less than a forecast of a 1 million barrel rise.
Problem now is sona still cant secure any oilfield. Their plan a and b have failed. Now for the final plan c (high chance will fail as well + old oilfield). Looks like going for early liquidation soon.
LONDON (Oct 1): Oil rose above US$49 a barrel on Thursday as an emerging risk premium over the situation in Syria countered further signs of an economic slowdown in Asia and rising US inventories.
Russia launched air strikes in Syria on Wednesday in its biggest Middle East intervention in decades. The attacks raised the spectre of Washington and Moscow running air strikes in the same region, but without coordination.
Brent crude was up 97 cents at US$49.34 a barrel as of 1048 GMT and earlier reached US$49.47, its highest since Sept 23. US crude gained US$1.10 to US$46.19.
"Russia's military intervention in the Syrian conflict has increased the geopolitical risks, which is giving tailwind to the prices," Carsten Fritsch, analyst at Commerzbank, said.
There was also some support to prices from Hurricane Joaquin, which was gaining strength as it moved toward the Bahamas, the National Hurricane Center said, although forecasts were inconclusive on whether the storm would hit the US.
Energy traders watch Atlantic hurricanes because they can lead to precautionary shutdowns of Gulf of Mexico oil and gas platforms or, in exceptional cases, damage energy infrastructure.
Signs of economic slowdown in Asia and brimming US oil stocks limited the rally. Surveys on Thursday showed activity in China's factories shrank and manufacturers' confidence worsened in Japan.
"Given the international tension, the oil market did remarkably well not to rally several dollars yesterday," oil broker PVM said in a report. "Perhaps it was the US oil inventory data which capped gains."
US crude inventories rose by 4 million barrels to 457.9 million in the week to Sept 25, more than expected, a government report said on Wednesday.
Brent has almost halved in the past year because of excess supply and a 2014 strategy shift by the Organization of the Petroleum Exporting Countries to defend market share against higher-cost supplies, rather than cut output to prop up prices.
There are signs that OPEC's strategy to curb growth in higher-cost production such as US shale is starting to deliver, analysts say.
US crude output rose 94,000 barrels a day in July to 9.358 million bpd, US data showed on Wednesday, as higher Gulf of Mexico output offset a decline in key shale-producing states.
Analysts at Energy Aspects noted that the rate of growth year-on-year had slowed, and expect US output to fall to 8.8 million bpd by year-end as low prices slow activity.
now the selling volume for mother and son is much reduced no more big selling volume those want to sell already sold eg michael - cannot tahan, dy sold sold any good news from now, will be good for the price
SINGAPORE: Oil's holding near $45 while the bad news keeps coming. For investor Jim Rogers, that's usually a sign a rebound's round the corner.
The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, CHINA'S IMPORTS have slowed and U.S. crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, U.S. benchmark prices have held steady for more than four weeks since plunging to a six- year low at the end of August.
“When there's bad news and something doesn’t decline, it usually means it's at a bottom and will be turning,” Rogers, who correctly predicted a commodities rally in 1999, said in an interview in Singapore on Thursday. “Whether we’re at a turning point or not, I don’t know yet and I’m watching this very closely.”
LONDON/SEOUL (Oct 5): Oil rose on Monday after Russia said it was ready to meet other producers to discuss the market, where prices have more than halved from last year's highs due to a supply glut.
A report showing a fifth weekly fall in the number of oil rigs drilling in the United States also underpinned prices.
Brent was 55 cents higher at US$48.68 a barrel by 1130 GMT, after ending up 44 cents on Friday. U.S. crude was 45 cents higher at US$45.99 a barrel, after settling up 80 cents.
Russia, one of the world's top three oil producers, has been unwilling to cut output to support prices and last November declined to cooperate with the Organization of the Petroleum Exporting Countries in order to defend its market share.
But Moscow is now prepared to meet OPEC and non-OPEC oil producers to discuss oil markets if such a meeting is called, its energy minister said on Saturday. A separate meeting between Russian and Saudi officials was being planned for the end of October, he said.
Bro Michael, no worries. I think they have a back-up plan. When oil price dropped, everything seem like turning against Sona. But now for the 1st time, we see the turning point for oil prices and definitely this time, we will "huat huat"
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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