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Oil Market Could See Long Term Contango

9 hours 53 minutes ago
The oil market could stay in a state of contango for longer after supply and demand finally balance due to the vast amount of crude and products in storage, Reuters reported on Friday, citing analysts and investment banks. Contango is the state of the market in which prices for delivery at later dates are higher than prompt prices—a market situation signaling oversupply and one which traders use to store oil for delivery at a later date. The opposite market situation—backwardation—typically occurs at times of market deficit and…
Tsvetana Paraskova

U.S. Regulators Probe Investor Risk Disclosure Of World’s Top Oil ETF

11 hours 23 minutes ago
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating the most popular exchange-traded fund tracking crude oil prices, the United States Oil Fund, to ascertain if the fund has managed to properly disclose to investors the risks, Bloomberg reported on Friday, citing three sources familiar with the issue. The United States Oil Fund LP (NYSEARCA: USO), one of the most popular oil-tracking ETFs for retail investors, was said to be one of the reasons for the historic plunge…
Tsvetana Paraskova

Oil Prices Slide As U.S.-China Tensions Return

12 hours 53 minutes ago
The recent move by China to pass a national security law in Hong Kong has reignited tensions between Washington and Beijing. Those tensions are now threatening over $52 billion in energy sales and have brought an end to the oil price rally.For investors looking to take advantage of today's historically volatile oil markets, make sure you reserve your place at tonight's live lecture on buying oil stocks. There are limited spots available at this free event so sign up now to ensure you don't miss out!Friday, May 29th, 2020 Oil prices have held onto…
Tom Kool

Oil And Gas Rig Count Falls For Ninth Straight Week

14 hours 29 minutes ago
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 301, with the total oil and gas rigs sitting at 683 fewer than this time last year—a near 70% drop off in a single year. The number of oil rigs decreased for the week by 15 rigs, according to Baker Hughes data, bringing the total to 222—compared to 800 active rigs in play this time last year. The total number of active gas rigs in the United States fell by 2 to 77 according to the report. This compares to 184 rigs a year…
Julianne Geiger

The Next Big Wildcard For Oil Markets

14 hours 53 minutes ago
U.S. West Texas Intermediate crude oil is edging lower at the end of the week with prices being dragged down by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea and a worsening in U.S.-China relations. Nonetheless, the markets remain on track for a hefty monthly gain. The WTI contract is also in a position to post its first weekly loss after four consecutive weeks of gains that leaves it set for its biggest monthly gain in years thanks to production cuts and optimism over Chinese-led demand recovery, analysts said.…
Editorial Dept

Iranian Oil Reaches Crisis-Stricken Venezuela

14 hours 53 minutes ago
- Much to Turkey’s dismay, the EastMed gas pipeline project has been approved by the Cypriot cabinet, and studies are currently in progress. The consortium comprises Cyprus-Greece-Israel for the 1300-mile underwater pipeline project that will carry gas from the southeast Mediterranean to continental Europe. The consortium will now begin the process of lining up buyers for the Israeli gas. The project is expected to cut into Russian gas supplies and cut Turkey out of the deal (which is what makes Libya so important to Erdogan). - The fourth…
Editorial Dept

Three Key Events In The Global Oil Patch

14 hours 53 minutes ago
Three Events to Watch in the Global Oil Patch First, while the markets are again overly obsessed with OPEC news (particularly in the aftermath of an oil price war), all eyes will be on OPEC production, which in April rose to 30.412 million bpd, though signs point to major cuts in May. Still, the tension between Saudi Arabia and Russia is manifesting in the public arena, with calls this week between the two indicating that while the Saudis may push for the deeper cuts to be extended through the end of the year, Russia may be leery of doing so--dragging…
Editorial Dept

Shareholders Vote Down Climate Resolution At French Oil Major Total

15 hours 23 minutes ago
Most of the shareholders of Total SA voted on Friday against a resolution put forward by a group of investors demanding the French oil and gas supermajor amend its by-laws to do more under the Paris Agreement goals. Total’s shareholders approved all resolutions put forward by the company’s board of directors, while a vast majority, or 83.2 percent, of shareholders rejected a resolution that was proposed by a group of shareholders and that the Board of Directors recommended not to approve, Total said in a statement. Earlier this month,…
Tsvetana Paraskova

Shareholders Vote Down Climate Resolution At French Oil Major Total

15 hours 23 minutes ago
Most of the shareholders of Total SA voted on Friday against a resolution put forward by a group of investors demanding the French oil and gas supermajor amend its by-laws to do more under the Paris Agreement goals. Total’s shareholders approved all resolutions put forward by the company’s board of directors, while a vast majority, or 83.2 percent, of shareholders rejected a resolution that was proposed by a group of shareholders and that the Board of Directors recommended not to approve, Total said in a statement. Earlier this month,…
Tsvetana Paraskova

Russian Activists Detained For Protesting Against Jailing Of Journalist

15 hours 59 minutes ago
Activists were detained in Moscow and St. Petersburg on May 29 after protesting against a 15-day jail sentence handed down to prominent Russian journalist Ilya Azar. He was arrested for holding a one-person protest in support of activist Vladimir Vorontsov, who has worked to expose alleged violations within Russia's law enforcement agencies.

Oil Prices Are Unlikely To Break $40 This Year

16 hours 53 minutes ago
Despite production cuts from OPEC+ and North America and slowly improving demand, oil prices are not expected to average much higher than current prices in 2020 because of renewed U.S.-China tensions, the monthly Reuters poll of dozens of oil analysts showed on Friday. According to 43 analysts surveyed by Reuters, the U.S. benchmark WTI Crude is set to average $32.78 a barrel in 2020, which is roughly where the contract was trading early on Friday. Brent Crude prices are expected to average $37.58 per barrel this year, the analysts in the Reuters…
Tsvetana Paraskova

Azerbaijani Foreign Minister's Son Bought New York Properties Worth $4.2 Million

17 hours 19 minutes ago
The son of Azerbaijan's foreign minister bought New York real estate worth more than $4.2 million in 2015. The details are contained in documents at the New York City finance department's office of the city register. They also show that the properties were purchased without a mortgage. The deals have raised questions about how the purchases were financed.

Azerbaijan confirms 230 new COVID-19 cases

17 hours 36 minutes ago
Azerbaijan has confirmed 230 new COVID-19 cases, while 103 patients have recovered and two patients have died, Trend reports citing the Operational Headquarters under the Cabinet of Ministers of Azerbaijan.

Oil Price Rally Breaks Records In May

17 hours 53 minutes ago
Early signs of growing demand for crude oil have prompted a market optimism that has led to increased WTI buying, setting the stage for the benchmark’s best-ever monthly performance, Bloomberg reports--even though the contract’s rally has been somewhat uneven. According to Bloomberg, West Texas Intermediate has increased by nearly 80 percent this month--the highest increase since 1983. Still, this month’s price rise has not been enough to offset the losses that the benchmark, along with all other benchmarks, suffered…
Irina Slav

Mercati di Traiano monumental complex of Ancient Rome lit with colors of Azerbaijani flag

18 hours 3 minutes ago
On the occasion of the celebration of Republic Day in Azerbaijan on May 28, the grandiose Mercati di Traiano monument complex located in the oldest historical center of Rome, has been illuminated with the colors of the Azerbaijani flag to the accompaniment of the country's national anthem, Azerbaijan's Foreign Ministry told Trend.

Azerbaijani oil prices go up

18 hours 10 minutes ago
The price of Azeri LT CIF Augusta, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, reached $35.84 per barrel on May 28, which is 71 cents more compared to previous price, Trend reports with reference to the source from the country's oil and gas market.

The Week In Russia: Pens, Polls, And A Glaring Exception To Putin’s Rule

18 hours 35 minutes ago
Putin tosses a pen -- and state media outlets pick it up. The murky story of Ramzan Kadyrov’s illness underscores the compromises the Kremlin has made with the Chechen leader. Russia arrests journalists at home and lashes out at Western media over reports on the COVID-19 numbers and the president’s poll ratings. A dogged activist dies at 66 after spending part of the past decade behind bars.

Azerbaijan extends closure of state border

19 hours 1 minute ago
The closure of the state border of Azerbaijan has been extended until June 15, 2020, Trend reports on May 29 citing the Operational Headquarters under the Cabinet of Ministers of Azerbaijan.

Azerbaijani oil prices go up

19 hours 16 minutes ago
The price of Azeri LT CIF Augusta, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, reached $35.84 per barrel on May 28, which is 71 cents more compared to previous price

Iran’s annual tea output expected to rise 10%

19 hours 19 minutes ago
TEHRAN – Tea production in Iran is expected to rise 10 percent in the current Iranian calendar year (started on March 20), Head of Iran's Tea Organization (ITO) Habib Jahansaz said.