More pain is ahead for this year's worst-performing sector, according to strategists who see oil prices dragging energy stocks even lower.
With crude near $47 after starting off the year above $54, Stephen Schork, founder and editor of The Schork Report, says the commodity will not get back above $50 per barrel anytime soon.barrel continue crude demand energy Gilbert month oil refineries Schork
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories dropped by 8.9 million barrels last week, maintaining a total U.S. commercial crude inventory of 466.5 million barrels. The commercial crude inventory remained in the upper half of the average range for this time of year.barrel crude distillate gasoline inventories past production report traded week
Canada's benchmark index looked set to open higher on Wednesday after oil prices returned to the positive territory, following good news from the American Petroleum Institute (API). Traders are anticipating the minutes of the Federal Open Market Committee's monetary policy meeting and will look for hints when the bank might raise key rates again.API barrel benchmark Canada crude higher index looked report Wednesday
Asian shares rallied and the dollar firmed on Tuesday after North Korea 's leader signalled that he would delay plans to fire a missile near Guam, further easing tensions and prompting investors to move back into riskier assets. MSCI 's broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent, with South Korea up 0.6 per cent and Australia 0.7 per cent.Japan's Nikkei stock index rose 1.2 per cent, with a tailwind from a weaker yen.cent crude Guam Korea leader missile Monday North shares Tuesday
Prices of oilseeds and edible oils jumped by up to 3.5 per cent in spot and futures on Monday, due to apprehension of lower supply after an increase in the Customs duty, to curb cheaper import.
The strengthening rupee and low international prices, combined with a duty differential favouring import of refined edible oils, had led to immense pressure on the domestic industry, with many crushing and refining facilities on the verge of closure.cent crude crushing duty edible oil import oil refined refining seed
IOC bought 1.9 million barrels of US crude in its second import tender seeking oil from the Americas, company Director (Finance) A K Sharma told PTI here.
India, the world's third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy US crude after production cuts by OPEC drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.IOC had last month sealed a deal to import 1.6 million barrels of Mars crude from the US and 400,000 barrels of Western Canadian Select oil for delivery at its Paradip refinery in Odisha -- the first ever such purchase of US crude by an Indian state-run refiner.barrels bought crude delivery foreign Indian IOC oil refiner shipping
The on Friday announced increase in on both crude and refined edible oil, a demand that the domestic seed crushing and refining industry had been making over the past several months.
But, a marginal increase is unlikely to make a difference for consumers.cent crude crushing domestic duty edible import oil refined seed
In the week ended August 11, 2017, the number of rigs drilling for oil in the United States totaled 768, up by three compared with the prior week and up by 372 compared with a total of 396 a year ago. Including 181 other rigs drilling for natural gas, there are a total of 949 working rigs in the country, down by five from a week ago and up by 468 year over year.barrel count crude drilling effort natural gas oil released rig Texas
In its monthly Oil Market Report for August released Friday morning, the International Energy Agency (IEA) said that global crude supplies rose by 520,000 barrels per day in July, the third consecutive month that output has risen.
Organization of Petroleum Exporting Countries (OPEC) crude oil production rose by 230,000 barrels a day to 32.84 million barrels in July, led by a strong recovery in Libyan production.barrel countries crude cut July OECD oil OPEC production quarter
In its Monthly Oil Market Report for August, released Wednesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel’s price for its reference basket rose to $46.93 a barrel (up 3.8%) in July.
The cartel said OPEC production in July, as reported by secondary sources, rose by 173,000 barrels a day to a daily average of 32.87 million barrels.barrel cartel crude demand growth July non OPEC production rose
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories dropped by 6.5 million barrels last week, maintaining a total U.S. commercial crude inventory of 475.4 million barrels. The commercial crude inventory remained in the upper half of the average range for this time of year.barrel crude distillate gasoline inventories past production report traded week
The benchmark indices have hit multiple records highs this year on prospects of improving earnings and economic and fiscal reforms from the government.
Brent crude, the global benchmark, was unchanged at $52.14 after two days of decline.BSE crude index lower market profit reported Rs crore stock trading
TOKYO: Asian shares and US stock futures slipped on Wednesday and investors piled into havens such as US Treasuries, gold and the yen as tensions on the Korean peninsula escalated, with Pyongyang saying it is considering plans to attack Guam.A spokesman for the Korean People's Army said in a statement that it was "carefully examining" plans for a missile attack on the US Pacific territory, which has a large US military base.The comments came just hours after US President Donald Trump told North Korea that any threat to the United States would be met with "fire and fury", rattling global financial markets Financial markets have tended to quickly shake off North Korea's periodic sabre-rattling in the past, dismissing it as bluster, but tensions have lingered this year amid signs that it is making progress in its ballistic missile programme and on Trump's growing frustration with Pyongyang.North Korea "has no intentions of backing down. Tensions will continue to mount and could eventually develop into a 'black swan' event that the markets are not prudently considering," Steve Hanke, professor of Applied Economics at the Johns Hopkins University, told the Reuters Global Markets Forum on Wednesday.Though Hanke said he did expect a sustained sell-off in riskier Asian assets, he added "safe assets, as a class, are probably underpriced at present.Asian barrel cent crude futures markets North Korea tensions Wednesday yen
In the week ended August 4, 2017, the number of rigs drilling for oil in the United States totaled 765, down by one compared with the prior week and up by 384 compared with a total of 381 a year ago. Including 189 other rigs drilling for natural gas, there are a total of 954 working rigs in the country, down by four from last week and up by 490 year over year.barrel count crude natural gas North oil released rig Texas Venezuela
Global benchmark Brent futures were up 39 cents, or 0.8 percent, at $52.40 a barrel by 11:45 a.m. EDT (1545 GMT), while U.S. West Texas Intermediate crude was up 43 cents, or 0.9 percent, at $49.46.
Prices were around 18 percent above the lows hit in June, as strong summer demand for transport has buoyed benchmark contracts.barrel benchmark bpd Brent crude demand hit July oil quarter
New Delhi: Hindustan Petroleum’s first quarter profit has slumped 56% to Rs 925 crore on inventory losses.Revenue for the April-June period rose 16% to Rs 59,891 crore. The shares, valued at Rs 65,775 crore, closed up 8.65% at 431.65 on Friday when the benchmark sensex ended up 0.27%.“The profit fell primarily on account of inventory losses due to decrease in crude prices as against inventory gains during the corresponding quarter of 2016-17,” said Mukesh Surana , Chairman of HPCL.The company suffered an inventory loss of Rs 1,595 crore for the quarter compared to an inventory gain of Rs 1,935 crore in the year-ago quarter.ago crude gain HPCL inventory losses margin quarter Rs crore Surana