Tuesday, 25 September, 2018

Oil prices oscillate in jittery market as US-China trade war begins

An aerial view of an Iranian floating oil export terminal in the Persian Gulf An aerial view of an Iranian floating oil export terminal in the Persian Gulf
Laurie Berry | 09 July, 2018, 23:48

If Beijing does impose tariffs on American oil, it could put downward pressure on the price of West Texas Intermediate crude, the USA benchmark, and may weaken its spread to Brent oil, the global market standard. Although there is some general nervousness over the U.S.

Baker Hughes reported an increase in the number of active oil rigs in the United States today.

TAIFEX's Brent Crude Oil Futures contract is 200 barrels (31,797.46 liters), and available for trading in both regular and night session (8.45am to 1:45pm and 3.00pm to 5.00am of the next day). Brent, the global benchmark, rose 1.3% to $78.13.

This news was generally thought of as bearish because traders had been pricing-in a 4.4 million barrel decline. Traders were looking for a decrease of 2.5 million barrels for gasoline, and 250,000 barrels for distillate stocks. USA crude futures added 29 cents, or 0.4 percent, to $74.09, Reuters reports.

The outage at the 360,000 barrels per day (bpd) Syncrude facility in Canada has contributed to a sharp reduction in the discount for USA crude versus Brent crude over the past month.

Tariffs would make USA oil uncompetitive in China.

"If China imposes tariffs, their refineries won't buy United States crude since it would cost more", Reuters quoted Sandy Fielden, director of research for commodities and energy at Morningstar Inc, as saying over telephone.

Gal Gadot Dazzles Children’s Hospital In Full ‘Wonder Woman’ Regalia
She wears round eyeglasses, a baggy red sweatshirt and olive-green skirt while surrounded by taxidermied creatures. Lucas Collazo wrote: 'Thank you [Gal Gadot] for visiting us Inova Health Children's Hospital.

But as is the case with any geopolitical conflict, the smart money always identifies opportunities, and Lee Dal-seok, senior researcher at the Korea Energy Economic Institute pointed out that "If China retaliates with tariffs on US crude, that could improve South Korea's terms of buying USA crude.because the USA would need a market to sell to".

Oil prices seesawed on Friday in a nervous market as the United States implemented a raft of tariffs on Chinese goods, which should prompt Beijing to retaliate, potentially including a duty on USA crude imports.

The cancellations mean South Korea will import no Iranian oil in August, the first month of zero imports since August 2012 when South Korean buyers put Iranian oil purchases on hold before getting a waiver to import limited amounts of Iran crude, Reuters added.

"Venezuela.will lose another 400,000 bpd by year-end with production going to below 1 million bpd", FGE said, adding that another 300,000 bpd of Libyan capacity was disrupted.

"Mr. Trump sends every day a new message that creates uncertainty in the market", said Iranian Oil Minister Bijan Zanganeh stated in an interview.

Energy consultancy FGE warned on Friday of looming supply shortages due to United States sanctions against Iran, and because of disruptions elsewhere. By some estimates, about 1.7 to 2 million bpd of crude and condensate would be cut out of markets once the sanctions are implemented. "On the bearish side both Saudi Arabia and Russian Federation are living up to their promise to increase output", said Tamas Varga of oil broker PVM.

Recommended

Travis Pastrana successfully recreates Evel Knievel stunts in Las Vegas Travis Pastrana successfully recreates Evel Knievel stunts in Las Vegas He concluded the event by sailing 149 feet (45 meters) over the fountains at Caesars Palace. The stunts air live Sunday as part of " Evel Live " beginning at 8 p.m.

Get 4 months of Amazon Music Unlimited for just $0.99 Get 4 months of Amazon Music Unlimited for just $0.99 Love to read? Right now Amazon has a great deal for you! It's also the month when Amazon Prime Day 2018 is going to happen. When does Prime Day 2018 start? Amazon Prime Day will feature deals on all the most in-demand items of the year so far.

West Ham United must wish they had got Harry Maguire now West Ham United must wish they had got Harry Maguire now The Sheffield-born centre back has enjoyed a terrific World Cup campaign with England this summer and recently scored the opening goal in the Three Lions' win over Sweden to reach the semi finals of the tournament.

Antonio Conte takes Chelsea training amid uncertain club future Antonio Conte takes Chelsea training amid uncertain club future Chelsea are also expected to play Inter Milan, Arsenal, Man City and Lyon in the International Champions Cup after playing in Australia.

Wimbledon glance: Federer, Nadal, Williams start Week 2 Wimbledon glance: Federer, Nadal, Williams start Week 2 The blow appeared to suck the life out of Mannarino and he was broken in the next game before Federer served out for the match. Nishikori will either face three-time champion Novak Djokovic or Karen Khachanov in the last eight.

West Ham to snap up Jack Wilshere and two others West Ham to snap up Jack Wilshere and two others Wilshere's contract expired last month. 'Many people know that I've had a special bond with this club growing up. Jack Wilshere has signed a three-year contract with West Ham, the club confirming his signing on Twitter.

Meghan radiates sunshine alongside Prince Harry at Commonwealth event Meghan radiates sunshine alongside Prince Harry at Commonwealth event The brunette turned heads in a canary sleeveless high-neck shift by Brandon Maxwell , complete with her go-to nude pumps. We are aware of the tough time Meghan is going through in order to get adjusted to all the royal rules.

"Sacha Baron Cohen Stars in 'Who Is America?" for Showtime Baron Cohen burst onto the comedy scene with 2000's Da Ali G Show , which received six Emmy nominations during its four-year run. Now the actor has shared a second video which teases what has been reported to be a new series for Showtime.

Trade war begins between China, US as tariffs kick in Trade war begins between China, US as tariffs kick in President Trump said that the US tariffs on Chinese goods will take effect just after midnight on Friday in Washington . The reality is that trade wars are damaging to everyone, not just the participants, and no one will "win".

Dana White: Brock Lesnar will fight Daniel Cormier Dana White: Brock Lesnar will fight Daniel Cormier The loss was equally devastating for Miocic, who was hoping to extend his record for most consecutive title defenses to four. Bear in mind, Cormier still has Light Heavyweights knocking at the door for their shot as well.

Starbucks is eliminating plastic straws from all stores Starbucks is eliminating plastic straws from all stores The announcement from McDonald's followed an April proposal by the United Kingdom government to ban plastic straws in the country. The company said it will make a strawless lid available at 8,000 stores in the United States and Canada for certain drinks.

Nirbhaya case: SC dismisses review plea - will the accused be hanged now? Nirbhaya case: SC dismisses review plea - will the accused be hanged now? Badrinath Singh, the victim's father, said his daughter has "finally got justice". "Faith in the judiciary has been reinstated". She later succumbed to her injuries in a hospital in Singapore on December 29, 2012 after she was taken there for treatment.

UK's top Brexit minister quits govt, cites policy differences with PM May UK's top Brexit minister quits govt, cites policy differences with PM May Now some Conservatives who are pushing for a hard Brexit threaten that the prime minister could soon face a no-confidence vote. But by appointing Brexit campaigner Dominic Raab as Davis's replacement, May might hope to quell some of that anger.

Robin Wright saved 'House of Cards': Patricia Clarkson Robin Wright saved 'House of Cards': Patricia Clarkson Netflix has unveiled an Independence Day promo for the sixth and final season of House of Cards . We have lovely showrunners... and they killed themselves to rethink the whole show.

India’s Mohammad Kaif, Aakash Chopra congratulate Pakistan on tri-series win India’s Mohammad Kaif, Aakash Chopra congratulate Pakistan on tri-series win D'Arcy Short, Finch's opening partner, entered the top 10 rankings for the first time. In the Champions Trophy, in the final, he got that hundred.