Page 19 - Crude Oil

Markets may ignore West Asia events till there's no invasion: Chris Wood

Over the past few weeks, equity markets have reacted sharply to the developments in West Asia with most frontline indices across the globe slipping 1 per cent to 7 per cent.

Markets fall for 5th day; Sensex sheds 523 pts, Nifty ends near 19,100

Closing Bell on October 25, 2023: In the broader market, the BSE MidCap index slipped 0.52 per cent and the BSE SmallCap 0.77 per cent as against the frontline indices' 0.8 per cent decline

Gaza has oil markets on edge, could build more urgency to transition: IEA

Tensions from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said. Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Put these two things together, and no one can convince me that oil and gas are safe and secure energy choices for countries or consumers, Birol told The Associated Press in an interview ahead of the publication Tuesday of the IEA's annual world energy outlook, which analyzes the global picture of energy supply and demand. This could further accelerate the energy transition around the world," .

Chevron to buy Hess for $53 bn as biggest US oil firms get even bigger

Chevron is buying Hess Corp. for USD 53 billion as the biggest U.S. oil companies use a recent windfall in profits to buy up smaller competitors. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said it would acquire Pioneer Natural Resources for about USD 60 billion. Chevron said in a press release Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Chevron is paying for Hess with stock. Including debt, Chevron valued the deal at USD 60 billion.

Crude oil futures slip as investors watch diplomatic moves in Gaza war

Brent crude futures fell 24 cents, or 0.26%, to $91.92 a barrel, as of 0837 GMT. U.S. West Texas Intermediate crude futures were down 36 cents, or 0.41%, at $87.72 a barrel

Russian oil freight rates jump by 50% as US boosts scrutiny of price cap

G7 imposed sanctions in last Dec prohibiting shippers or insurers domiciled in member countries from offering services to facilitate Russian oil exports when the price is above $60 a barrel

Crude oil fall below $90 per barrel on report of US-Venezuela deal

Brent futures were down 59 cents, or 0.67%, at $90.27 a barrel at 10:30 CDT (1532 GMT). U.S. West Texas Intermediate (WTI) crude fell by 0.29 cents, or 0.37%, to $87.30 a barrel

Rupee hits fresh closing low of Rs 83.28 due to rise in crude oil prices

Brent crude oil prices crossed $90 per barrel on Monday, a 6 per cent increase from Friday, amid escalating geopolitical tensions in West Asia

India and Indonesia risk the biggest fallout from geopolitical shocks

Economists are fretting over the fallout on developing Asia from a widening of the Israel-Hamas war, with policymakers struggling to assess the consequences for oil supply

Crude oil falls after Saudi pledge, investors keep wary eye on Israel

Brent futures fell $2.10, or 2.4%, to $85.55 a barrel by 10:41 a.m. EDT (1441 GMT). U.S. West Texas Intermediate (WTI) crude fell $2.55, or 3.0%, to $83.42

Russian oil price to India for August hits highest since December

Refiners in India largely buy Russian oil on a delivered basis, with sellers arranging for shipping and insurance

Oil prices surges more than 2% as Middle East turmoil roils markets

Brent crude was up $2.28, or 2.7%, to $86.86 a barrel by 0859 GMT, while U.S. West Texas Intermediate crude was at $85.23 a barrel, up $2.44 or nearly 3%

HPCL aims to cut diesel purchase from other cos following output boost

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said

BSE to launch options on WTI crude oil, Brent crude oil futures on Oct 9

Leading stock exchange BSE on Friday said it will launch options contracts on underlying WTI crude oil and Brent crude oil futures from October 9. In addition, the exchange will introduce Futures contracts on base metals such as copper, zinc, aluminium. These commodity contracts will provide market participants, particularly corporates, value chain participants and foreign portfolio investors, an efficient way to manage their commodity price risk against volatility, BSE said in a statement. Earlier, the stock exchange introduced Brent crude oil futures contracts in the commodity derivatives segment. Earlier in the day, the National Stock Exchange (NSE) announced that it will launch options contracts on underlying WTI crude oil and natural gas futures in the commodity derivatives segment from October 9. Separately, BSE said that Investor Risk Reduction Access (IRRA) has been made accessible to trading members across exchanges from October 3. The platform will help investors in cas

Crude oil prices hold steady, Russia rolls back diesel export ban

On Friday, Brent futures were down 11 cents, or 0.13%, at $83.96 at 1203 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents, or 0.16%, at $82.18

NSE to launch options contracts on WTI Crude Oil, Natural Gas from Oct 9

The National Stock Exchange (NSE) on Friday said it will launch options on NYMEX WTI Crude Oil and Natural Gas futures contracts in its commodity derivatives segment from October 9. "The exchange has received approval from Sebi (Securities and Exchange Board of India) for launching options contracts on underlying WTI Crude Oil and Natural Gas Futures. The contracts would be available for trading from October 9," NSE said in a circular. On September 26, the exchange announced the launch date as October 16 and now it has been rescheduled to October 9. The addition of options on futures contracts will further boost NSE's product offering in the overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their commodity risk, the NSE had stated. Earlier, the exchange launched rupee denominated futures contracts on underlying NYMEX WTI crude oil and natural gas in its commodity derivatives segment. The NSE witnessed a ..

Crude oil falls $1 on demand fears, Saudi confirms cuts to year-end

Brent crude oil futures were down $1.58, or 1.74%, to $89.34 a barrel at 1045 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.60, or 1.79%, to $87.63 per barrel

Govt invites France's TotalEnergies to bid for oil exploration rights

India buys more than 84% of the oil it needs from overseas and is seeking to quickly develop its hydrocarbon reserves to reduce import dependence

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30

Inflation drops sharply in Europe, but higher crude oil prices loom

Inflation that has been plaguing Europeans declined sharply in September, strengthening hopes that consumers will eventually get relief from costlier groceries, vacations and haircuts and that the European Central Bank won't have to further restrict the economy by raising interest rates from already-record highs. The annual rate was 4.3% this month, a drop from 5.2% in August. But recently higher oil prices are casting a shadow over prospects for beating inflation back down to the central bank's target of 2%. Core inflation, which excludes volatile fuel and food prices, fell more than analysts expected to 4.5% from 5.3%, according to data released Friday by the European Union's statistics agency, Eurostat. The ECB closely watches this figure to assess how inflation is coming down. The fall in core inflation reinforces our view that the ECB has finished raising interest rates, said Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics. He predicted that the ...