Saturday, 21 July, 2018

Oil dips in nervous markets with U.S., China on brink…

Trump’s order for OPEC to reduce prices is insulting – Iranian oil minister Iran's oil minister has hit back at Trump over production demands
Jean Garcia | 09 July, 2018, 21:15

"Stringent sanctions on Iran will take both Saudi Arabia and the oil market into the unknown".

As part of the retaliatory response, Beijing has threatened a 25 percent tariff on US crude imports, although it has not specified an introduction date. US crude CLc1 was down 25 cents at $73.55.

Trump's trade war with China - which like the Iran conflict was predicated on the not entirely inaccurate argument that the US was getting the short end of the stick with regards to business relations - is another example in which pundits are predicting rough road ahead, despite compelling arguments from minority voices that the dispute will eventually resolve in the Americans' favour.

Global benchmark Brent was up 14 cents, or 0.2 per cent, at 77.25 a barrel by 0113 GMT.

Weighing on prices was a rise in U.S. crude inventories C-STK-T-EIA of 1.2 million barrels in the week to June 29, to 417.88 million barrels, the U.S. Energy Administration (EIA) said on Thursday.

The analysts estimate that every million barrel per day shift in supply and demand balances would push oil prices by $17 a barrel on average.

Additionally, gasoline stockpiles fell by 1.5 million barrels for the week, but distillate stockpiles were up by 100,000 barrels for the week, according to the EIA. The stoppage 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.

Things to look out for at the royal christening
Prince William and Kate Middleton have opted for friends, rather than immediate family members, as is custom for royal children. The Lily Font is a silver baptismal font which was made in 1840 and has been a fixture at royal christenings since then.

Crude oil inventories at Cushing, Oklahoma, the delivery point for USA crude futures, have fallen to their lowest in 3-1/2 years, data showed last week. This means China would begin buying more oil from the Middle East or West Africa. While OPEC is facing mounting pressure from Trump to do more, America's sanctions on group members Iran and Venezuela are adding uncertainties, just as USA tariffs on Chinese goods kick in on Friday.

USA energy companies last week increased the number of rigs drilling for oil by five to 863, up 100 year-on-year, General Electric Co's (GE.N) Baker Hughes energy services firm said in its closely followed report late on Friday.

He said his refinery had cancelled USA crude orders and would switch to Middle East or West African supplies instead.

In other news, potential supply shortages continue to be the hot topic.

"Looming U.S. sanctions on Iran, however, are causing serious concerns amongst market players".

"Iran's exports are some 2.7-million barrels a day, including condensate", it noted.

The United States says it wants to reduce oil exports from Iran, the world's fifth biggest oil producer, to zero by November, in a move that will oblige other big producers such as Saudi Arabia to pump more. At this time, there may not be enough spare capacity to cover the losses from Venezuela and Libya.

Recommended

  • Erdogan sworn in as Turkish president with sweeping new powers

    Erdogan sworn in as Turkish president with sweeping new powers

    There is a two-term limit on the office of the president, so he could effectively stay in power until 2028. The lira has also fallen by a fifth in value against the dollar this year.
    Timehop admits attacker stole 21 million users' data

    Timehop admits attacker stole 21 million users' data

    The breach also led to a loss of access tokens that the service uses to access users' posts on other social networks. Another thing the hackers got were the "keys" that allow the app to show you posts from the sources you've chosen.
    Eden Hazard lavishes praise on Kylian Mbappe

    Eden Hazard lavishes praise on Kylian Mbappe

    The diminutive winger is among the most-fouled players in the Premier League and the same has been true at the World Cup as well. Romelu Lukaku has been directly involved in 20 goals in his last 13 games for Belgium in all competitions (17 goals, 3 assists).
  • Dick Cheney Signs Waterboarding Kit For Sacha Baron Cohen's New Show

    Dick Cheney Signs Waterboarding Kit For Sacha Baron Cohen's New Show

    Joaquin Phoenix tried to do something similar all the way back in 2010 with I'm Still Here and got called on it in record time. Now, the first teaser for his new series for United States network Showtime has dropped, and it looks very promising, indeed.
    Starbucks is eliminating plastic straws from all stores

    Starbucks is eliminating plastic straws from all stores

    A plastic-straw ban in Seattle , Starbucks' hometown, took effect on July 1 , making it the first major city to take action. A number of local governments have recently passed legislation restricting the use and distribution of plastic straws.
    Mosquito surveillance in Monona County

    Mosquito surveillance in Monona County

    Residents should also make sure that their window and door screens are in good fix to prevent mosquitoes from getting inside. Empty buckets, flower pots, old tires from holding water. "That includes any place where there is standing water".
  • Justin Bieber & Hailey Baldwin engaged

    Justin Bieber & Hailey Baldwin engaged

    Or maybe Selena really is over her on-again, off-again, on-again, off-again, on-again, off-again flame... Selena and Bieber first got back together following her split from The Weeknd last fall.
    Watch Travis Pastrana Make History With Evel Knievel Tribute

    Watch Travis Pastrana Make History With Evel Knievel Tribute

    Pastrana ended the event by jumping into the fountain as hundreds of fans on the streets of Las Vegas cheered him on. After finishing with a few burnouts, Pastrana celebrated his triplicating feat by diving into the fountain.
    Roger Federer suggests Wimbledon organisers reconsider all-white playing gear rule

    Roger Federer suggests Wimbledon organisers reconsider all-white playing gear rule

    Her exit means eight of the top 10 seeded women have gone out before the end of Week 1. That leaves Serena as the only remaining woman to have won the tournament.
  • Amazon Offers Free Echo Dot Ahead Of Prime Day

    Amazon Offers Free Echo Dot Ahead Of Prime Day

    In the years since, Prime Day has grown into a shopping extravaganza in its own right, with deep discounts on all kinds of items. Amazon is offering Prime subscriptions in the Netherlands for €3.99 for the first month rising to €5.99 in September.
    Three Lions Is Officially Number 1 In The UK

    Three Lions Is Officially Number 1 In The UK

    Fans had descended at Clapham Junction and were clapping and cheering when the man chose to climb on top of the bus. Police have now confirmed that a woman suspected of having taken part in the vandalism has now been identified.
    Delhi gangrape case: SC to deliver verdict on convicts pleas tomorrow

    Delhi gangrape case: SC to deliver verdict on convicts pleas tomorrow

    The verdict has been recieved unanimously with approval by the general public who feel Nirbhaya has recieved justice atlast. The sixth, a minor, was sent to a correction home and has been released after serving his probation period.

EPA Head Scott Pruitt Resigns EPA Head Scott Pruitt Resigns According to The Washington Post , Pruitt pushed to find his wife a well-paying job with a politically connected group. In fact, he was the subject of multiple congressional and oversight inquiries; he denied wrongdoing in all cases.

Top UK diplomat Boris Johnson quits as Brexit tensions jolt government Top UK diplomat Boris Johnson quits as Brexit tensions jolt government For a long time it had been clear Boris Johnson was not happy with the prime minister's Brexit strategy. "I'm seeking Brexit. If Theresa May wants to break her manifesto pledges that is up to her [but] these things have consequences.

Leaders of bitter foes Ethiopia, Eritrea meet for historic peace talks Leaders of bitter foes Ethiopia, Eritrea meet for historic peace talks The two embraced again at the state dinner, hosted by Isaias and broadcast on both countries' state television. Full-blown fighting ended in 2000, but their troops have faced off across their disputed border ever since.

Trump administration takes another swipe at 'ObamaCare' Trump administration takes another swipe at 'ObamaCare' Still, insurers are grappling with changes that the Trump administration and Congress have made to Obamacare for 2019. The move is expected to add to premium increases next year.

Police arrest principal, 5 others in rape of student Police arrest principal, 5 others in rape of student The accused threatened to make the video viral if she reported the matter to anyone in the school or at her hom, she said. According to government records, 127 minors and women were subjected to rape in the first three months of 2018.

South Africa releases Zuma's son on bail after corruption charges South Africa releases Zuma's son on bail after corruption charges The young Zuma was nabbed by officials and questioned upon his arrival at OR Tambo International Airport from Dubai on Thursday. Zuma agreed to hand in his passport and will make arrangements with the investigating officer if he wants to travel overseas .

Disgraced Harvey Weinstein still wants to make movies, lawyer says Disgraced Harvey Weinstein still wants to make movies, lawyer says Vance Jr. said the 66-year-old Weinstein is charged with "some of the most serious sexual offenses" that exist under state law. Courthouse guards told people arriving for jury duty to wait or use a different entrance as Weinstein arrived on Monday.

Person Killed When Helicopter Crashes Into Virginia Home: State Police Person Killed When Helicopter Crashes Into Virginia Home: State Police The crash happened near the College of William and Mary Dillard Complex, prompting an alert from the university. Neighbors told local news outlets they saw a small, rickety helicopter crash and heard or felt the impact.

Conte returns for Chelsea preseason training as club continues to chase Sarri Conte returns for Chelsea preseason training as club continues to chase Sarri Chelsea are reportedly seeking to lure midfielder Jorginho from Napoli during their ongoing negotiations for manager Maurizio Sarri.

Michael Appleton on success of England's Harry Maguire Michael Appleton on success of England's Harry Maguire The Leicester centre-half has impressed in Russian Federation this summer, helping England reach the World Cup quarter-finals. England's quarter-final triumph over Sweden will have at least doubled Harry Maguire's value.

UK's Brexit Secretary David Davis has resigned UK's Brexit Secretary David Davis has resigned Other Brexit-supporting Conservative MPs have criticized the Chequers deal, saying May's plans offered Brexit in name only . Davis' resignation was followed by that of Exiting the EU Minister Steve Baker.

Federer, Serena aim to advance on Wimbledons Manic Monday Federer, Serena aim to advance on Wimbledons Manic Monday Below is a breakdown of each draw and a look at the four players with the best chances to advance to the men's and women's finals. Thirteen Wimbledon championships between them and 49 grand slam titles overall, it was quite the historic training run.

Jack Wilshere completes free transfer to West Ham on three-year deal Jack Wilshere completes free transfer to West Ham on three-year deal However, the club suits him down to the ground and he should settle in quickly, assuming he avoids injury. West Ham have been very active in the summer transfer window and have already made a number of signings.

Starbucks to ditch plastic straws globally by 2020 to help environment Starbucks to ditch plastic straws globally by 2020 to help environment Frappuccino drinks will still be served with dome lids, but with straws made from paper or compostable plastic. Plastic straws never completely decompose and can be harmful, even fatal, to animals that ingest them.

North Korea may have offered its clearest view yet of denuclearization North Korea may have offered its clearest view yet of denuclearization US Secretary of State Mike Pompeo yesterday brushed aside North Korea's accusation of "gangster-like" denuclearization demands.