Saturday, 20 October, 2018

Oil steady as concern over Iran sanctions offset weak Chinese imports

Prepare for $90 oil after sanctions against Iran take effect – analyst China Stringer Network Reuters
Orlando Vargas | 09 August, 2018, 03:30

At the end of the week, WTI settled at 68.49 USA dollars, while Brent settled at 73.21 dollars.

An even bigger surprise can come from Washington later today regarding the Iranian sanctions.

The implication that the decision to increase production was taken and started to be implemented well before the OPEC+ meeting is consistent with movements in hedge fund positioning, spot prices and spreads.

Futures in NY were little changed after a 0.8-percent increase on Monday. The average North Sea Brent mix at the Intercontinental Exchange (ICE) in London reached US$74.95 per barrel, down by US$0.99 only compared with previous month's trading.

Syncrude Canada's nameplate capacity stands for roughly 10 percent of the Canadian crude oil supply.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 590,000 barrels, EIA said. He added that he expects prices to remain "well-supported" in the near term.

Front-month U.S. West Texas Intermediate (WTI) crude futures were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement.

Lombok quake: Facebook 'regrets' natural disaster balloons
Model and television presenter Chrissy Teigen was also caught up in the natural disaster while holidaying with her family. A 6.9 magnitude quake struck Lombok, killing at least 98 people and injuring hundreds, on Sunday.


Chinese exports accelerate as fresh United States tariffs loom
July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.


Mass protests over traffic deaths paralyze Dhaka for 5 days
A Bangladeshi student enact as a dead while others shout slogans a during a protest in Dhaka . The Bangladesh Telecommunications Regulatory Commission said it would comment later Sunday.


The crude oil imports maintained the same levels during the last two weeks. Financial markets settled down Wednesday following the previous day's big moves when an easing of concerns over an imminent USA -led military strike on Syria sent stocks sharply higher and oil prices down.

India's imports from Iran could start to slow from August as some big Indian refiners worry that their access to the US financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.

Saudi Arabia pumped around 10.29 million barrels per day (bpd) of crude in July, two sources at the Organization of the Petroleum Exporting Countries said on Friday, down about 200,000 bpd from June.

Europe is an important outlet for the OPEC member, and the region was taking around 600,000-700,000 b/d, or a third, of Iranian crude exports until May this year.

"You can not order 2 million barrels like ordering a coffee somewhere", Beat Wittmann, a partner at financial consultancy Porta Advisors, told CNBC recently.

"Even before their implementation, these proposed (Chinese) tariffs are starting to have an impact, with Chinese imports of USA crude falling by 70 percent from April to July", Goldman Sachs said in a note on Wednesday.

He noted that: "Anyone doing business with Iran will NOT be doing business with the United States". They managed to shrug off early wobbles caused by a decline in German industrial production which followed closely on a fall in the country's industrial orders yesterday.

Recommended

Nintendo Announces Four New Characters For "Super Smash Bros. Ultimate'" Nintendo Announces Four New Characters For He attacks with a blunderbuss that can fire cannonballs at opponents, and throws his crown, which acts like a boomerang. Sadly, Simon Belmont didn't show up to save the day until after Luigi's soul had been thoroughly reaped.

Hurricane on track to skirt past Hawaii's erupting volcano Hurricane on track to skirt past Hawaii's erupting volcano Hector is now about 1,130 miles (1,820km) east of South Point, Hawaii, and is forecast to cross into the central Pacific today. However, forecasters still expect the storm to pass south of the Hawaiian Islands and gradually weaken over the next few days.

First West Nile death of 2018 in Dallas County reported, officials confirm First West Nile death of 2018 in Dallas County reported, officials confirm In a small number of cases, especially among those with pre-existing medical risk factors, West Nile can be life threatening. In North America, that means that mosquito season - extending from the late spring through the fall - is West Nile season.

Infant’s Body Pulled From East River Near Brooklyn Bridge, Cops Say Infant’s Body Pulled From East River Near Brooklyn Bridge, Cops Say "It just doesn't seem real.it's just, I don't know, I didn't expect this when I came here", Austin Campbell said. Her husband, Monte, waded into shallow water near the Manhattan shoreline, retrieved the baby and started CPR.

Brown dwarf or massive exoplanet detected with powerful magnetic field Brown dwarf or massive exoplanet detected with powerful magnetic field Brown dwarves have long stumped scientists: they're too huge to be considered planets and not big enough to be considered stars. Scientists using a radio-telescope array have spotted a big roaming cosmic body with an abnormally strong magnetic field.

Tesla shares dip after Elon Musk proposes going private Tesla shares dip after Elon Musk proposes going private But they did not reveal who or what institution Musk may have been referring to when he posted "funding secured". Tesla said on Wednesday the discussions had addressed the issue of how to fund such a deal, but gave no details.

Carrie Underwood pregnant with second baby Carrie Underwood pregnant with second baby The news comes after a Redbook interview in which the singer suggested more biological children might not be in her future. She also shared why she's not touring until May 2019 even though the Cry Pretty album will be released in September.

New Speculation On Setting For Jon Favreau's Star Wars TV Series New Speculation On Setting For Jon Favreau's Star Wars TV Series But when Disney announced the launch of its own streaming service, it effectively severed ties with Netflix . Due to prior licensing deals, Disney's initial offerings will pale in comparison to those of Netflix .

Engine flaw delays Boeing test of crew capsule to 2019 Engine flaw delays Boeing test of crew capsule to 2019 Boeing's second Starliner launch and first bona-fide NASA mission will send astronauts John Cassada and Suni Williams to the ISS. The space enthusiast said that, should the two Crew Dragon test flights perform well, the hardware will be ready.

Buck a beer by Labour Day weekend, Doug Ford announces Buck a beer by Labour Day weekend, Doug Ford announces Tweeted Great Lakes Beer: "You definitely won't see #FreshGLB take part in this". "We believe in our brands, take pride in our quality and firmly feel that are current prices are very fair".

New York Congressman Chris Collins Indicted on Insider Trading Charges New York Congressman Chris Collins Indicted on Insider Trading Charges Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock. This led to three trades, it is alleged, that helped the defendants avoid $768,000 United States in losses.

Six bombshells from Rick Gates' testimony in the Paul Manafort trial Six bombshells from Rick Gates' testimony in the Paul Manafort trial In one email, Manafort wrote "WTF" and "not happy" about tax payments he was going to have to make, Gates said. Gates noted that all such payments were income earned via Manafort's political consulting work in Ukraine.

Pentagon restricts fitness trackers, after apps revealed secret bases Pentagon restricts fitness trackers, after apps revealed secret bases There was little clarity Monday on how the new policy banning USA troops from using geolocation will be enforced. At the time, the map showed activity from 2015 through September 2017.

China ready to levy new duties if USA escalates trade war China ready to levy new duties if USA  escalates trade war Such sentiment may weigh on business investment, which contributed last quarter to the fastest pace of growth in four years. Amid the more heated rhetoric, USA stocks ended the week up about 0.8 per cent, the fifth straight week of advances.

Polls open for Kansas primary Polls open for Kansas primary Democrats, meanwhile, have been attacking Balderson by casting his support of tax cuts as threats to Social Security and Medicare. In Michigan, three mainstream Democrats in suburban Detroit were among those vying for a chance at retiring Republican Rep.