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Oil futures inch higher on supply concerns - MarketWatch

Oil futures inch higher on supply concerns - MarketWatch | Energy and Metals | Scoop.it
Oil futures inch higher on supply concerns
MarketWatch
Oil futures inch higher on supply concerns. 0 Comments. Tweet. Share. Digg; Yahoo! Buzz; MySpace; del.icio.us; Reddit. LinkedIn; Fark; StumbleUpon; Newsvine.
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Oil futures settle back above $96 - MarketWatch

Oil futures settle back above $96 - MarketWatch | Energy and Metals | Scoop.it
Wall Street Journal- India (blog) Oil futures settle back above $96 MarketWatch SAN FRANCISCO (MarketWatch) -- Oil futures on Monday settled back above $96 a barrel for the first time in nearly a week, with tensions in the Middle East providing...
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Saudi Arabia May Become Oil Importer by 2030, Citigroup Says

Saudi Arabia May Become Oil Importer by 2030, Citigroup Says | Energy and Metals | Scoop.it

Saudi Arabia, the world’s biggest crude exporter, risks becoming an oil importer in the next 20 years, according to Citigroup Inc.


Saudi Arabia, the world’s biggest crude exporter, risks becoming an oil importer in the next 20 years, according to Citigroup Inc.
Oil and its derivatives are used for about half of the kingdom’s electricity production, which at peak rates is growing at about 8 percent a year, the bank said today in a an e-mailed report. A quarter of the country’s fuel production is used domestically, more per capita than other industrialized nations, as the cost is subsidized, according to the note.
“If Saudi Arabian oil consumption grows in line with peak power demand, the country could be a net oil importer by 2030,” Heidy Rehman, an analyst at the bank, wrote. The country already consumes all its natural-gas production and plans to develop nuclear power, which pose execution risk amid a lack of available experts, safety issues and cost overruns, Rehman said.
Saudi Arabia, which depends on oil for 86 percent of its annual revenue, is accelerating exploration for gas and is planning to develop solar and nuclear power to preserve more of its valuable crude for export. The kingdom has refused to import gas, unlike neighboring producers such as Kuwait, and the United Arab Emirates that also lack fuel for power generation.


Young Population


Saudi Arabia’s per capita consumption in 2011 is higher than most industrialized nations, including the U.S., according to the report. The nation’s 10-year historical consumption compound annual growth rate may increase 6 percent, double its projected population growth, Rehman wrote. Saudi Arabia’s population was 28 million as of the end of 2011, International Monetary Fund data compiled by Bloomberg show.

The IMF forecasts a 10 percent rise in gross domestic product per capita this year to $22,635 and may climb to $23,936 by the end of 2017, the data show. Saudi Arabia’s $600 billion economy, the largest in the Arab world, may expand 5 percent this year, according to the median estimate of 12 economists surveyed by Bloomberg.
The country produced 11.2 million barrels a day of oil and natural-gas-liquids last year, 13 percent of the world’s supply and more than any other nation, according to BP Plc (BP/)’s statistical review. It was the eighth-largest gas producer, providing 9.6 billion cubic feet a day to the domestic market, according to the report.


Saudi Arabian power providers pay $5 to $15 a barrel for its fuel from state-owned Saudi Arabian Oil Co., according to the report. Brent crude, the benchmark for more than half the world’s oil, traded at $116 a barrel today on the London-based ICE Futures Europe Exchange.
“As a result of its subsidies we calculate ‘lost’ oil and gas revenues to Saudi Arabia in 2011 to be over $80 billion,” Rehman wrote. “At the domestic level, we believe the only real way to rationalize energy consumption would be to reduce subsidy levels.”

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Oil prices rise ahead of key European bank meeting - Boston.com

Oil prices rise ahead of key European bank meeting - Boston.com | Energy and Metals | Scoop.it

Oil prices rise ahead of key European bank meeting


The ECB is expected to announce a bond-buying program to reduce high borrowing costs in Spain and Italy.

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Conservative Group Plans to Push Republicans Toward Action on Climate, Cleaner Energy

Conservative Group Plans to Push Republicans Toward Action on Climate, Cleaner Energy | Energy and Metals | Scoop.it

by CORAL DAVENPORT

 

In a campaign season where energy and climate change have become partisan lightning rods, a small but growing group of Republicans are pushing back against their party’s orthodoxy on both issues.

 

Leading members of the Christian Coalition and the Young Republicans on Monday will launch nationwide the Young Conservatives for Energy Reform, a grassroots group aimed at engaging Republicans on the goals of cutting oil use, backing alternative energy and clean-air regulations, and fighting climate change.

 

The announcement comes less than a month after the rollout of a new conservative-run campaign and think tank, the Energy and Enterprise Institute, aimed at winning Republicans over to the idea of using the tax code to cut carbon pollution and fossil fuel use.

 

Both groups have an uphill battle. Over the past two years, the Republican Party has galvanized around the fossil fuel industry, drifting far away from its position in 2004 when presidential nominee Sen. John McCain of Arizona actually campaigned on the promise to address climate change... [MORE]


Via Michael Charney
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ICE: Net long Brent futures, options positions up

ICE: Net long Brent futures, options positions up | Energy and Metals | Scoop.it

LONDON--Money managers increased their net long position in Brent crude oil futures and options in the week ended July 31, according to the IntercontinentalExchange Inc.'s (ICE) weekly Commitment of Traders report published Monday.

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Oil Could Be The Focus Of The Next Manipulation Scandal

Oil Could Be The Focus Of The Next Manipulation Scandal | Energy and Metals | Scoop.it

Now that the Libor manipulation scandal has been revealed, it looks like oil prices could be the focus of the next search for misreporting...

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Weekly Gold Futures Report

Weekly  Gold Futures Report | Energy and Metals | Scoop.it

Gold Settles $30.50 Lower … ($1578.90)

Today’s August Gold futures traded a very wide $34.20 range as mediocre Unemployment data fueled today’s sell-off. After the U,S Department of Labor is still adding jobs- 80,000 not earth shattering but not disappointing either...


Precious Metals Market Comments

by Mike Daly, PFGBEST


The fact that the U.S is adding jobs may have signaled to traders and investors alike that QE 3 may pushed back once again during the next FOMC meeting Tuesday July 31st. The U.S Dollar traded a 2 year high versus the Euro following the Unemployment number. It is evident that traders and investors alike are choosing the Dollar and U.S Treasuries as there safe haven investment choice. Lower Crude Oil prices added to Gold’s price drop...

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OIL FUTURES: Crude Tumbles Following Weak U.S. Jobs Report

OIL FUTURES: Crude Tumbles Following Weak U.S. Jobs Report | Energy and Metals | Scoop.it

NEW YORK--Crude oil futures fell nearly 3% after a weak U.S. jobs report reignited concerns about global economic growth.


U.S. light, sweet crude futures were trading at $84.68, down $2.54, or about 2.9%, after the U.S. Labor Department released June nonfarm payrolls figures that fell short of expectations for job creation.


"It's a horrendous number," said analyst Stephen Schork. "It's extremely bearish for oil prices, with the impression being the economy is sucking wind."


Jobs data are closely watched by the oil market because of the importance of global economic expansion to oil demand. However, recent jobs reports have disappointed the market, sowing anxiety about future growth.


Nonfarm payrolls grew by 80,000 last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, was unchanged at 8.2%. Economists surveyed by Dow Jones Newswires had forecast a gain of 100,000 in payrolls and the steady June jobless rate.

Brent oil futures, which have garnered support in recent days due to an oil-field strike in Norway, also fell after the jobs report. Brent futures were recently trading at $98.64, down $2.06, or about 2%.


Walter Zimmermann, chief technical analyst at the brokerage United-ICAP, said the latest jobs numbers underscored the weakness of the current global economic recovery.


Analysts and traders say the only potentially bullish factor for oil would be an escalation of the Iran situation. Iran has threatened to blockade the Strait of Hormuz due to tensions with Western powers over Tehran's alleged nuclear program.


"We don't see a case for oil strengthening on the back of the global economy," Mr. Zimmermann said. "If there's no escalation in Iran, we expect oil to get sucked down by the same deflationary trend that is hitting the global economy."

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U.S. filing trade complaint against China for auto tariffs

U.S. filing trade complaint against China for auto tariffs | Energy and Metals | Scoop.it
Automotive News China reports the United States is set to file a complaint with the World Trade Organization against China for tariffs on American-built vehicles. The duties cover around 80-percent of the vehicles imported from the U.S. and are expected to cost U.S. automakers $3.3 billion. Interestingly enough, General Motors and Chrysler vehicles face higher tariffs than those of other automakers due to the government bailout those manufacturers received under presidents George W. Bush and Barack Obama.


Models like the Jeep Wrangler and Grand Cherokee face tariffs of around 15 percent, while the Buick Enclave and Cadillac CTS face duties of nearly 22 percent. For comparison, the Acura TL, which is built in Marysville, Ohio, gets away with a 4.1 percent tariff. Even so, The Detroit News reports the duties are somewhat symbolic, since vehicles assembled in the U.S. are already expensive to purchase in China.


The White House, meanwhile, said it is filing the complaint because "China must play by the rules of the global trading system."

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Copper slips as euro slumps to one-month low - Reuters

Copper slips as euro slumps to one-month low - Reuters | Energy and Metals | Scoop.it

Copper slips as euro slumps to one-month low

ReutersLONDON/NEW YORK (Reuters) - Copper prices fell on Thursday as the euro slumped to a one-month low against the dollar and interest rate cuts in Europe and China reinforced concerns...

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Daily Commodity Overview

Dow Jones-UBS Precious Metals Subindex Total Return – commodity group subindex composed of gold and silver; the index reflects return on underlying commodity futures price movement. Dow Jones-UBS Industry Metals ...
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Renewable trade wars: green mercantilism and the threat to innovation | Ars Technica

Renewable trade wars: green mercantilism and the threat to innovation | Ars Technica | Energy and Metals | Scoop.it
Other countries undercutting the US on PV sales complicates a renewable future.


The US renewable energy industry is suffering at the hands of overseas competitors who are refusing to play fair, the Information Technology & Innovation Foundation claims in a new report. By using "unfair" practices, countries including China, India, and Brazil are threatening both the USA's renewable technology sector and the future of renewable energy at large.


Protectionist policies such as import tariffs are just one type of "green mercantilism" described in the report, with IP theft, currency manipulation, export dumping (flooding the export market with discount goods) and forced technology transfer (the handing over of advanced technology to another country in exchange for access to its domestic market) are among other methods employed.

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Gold futures rise as risk appetite fades - MarketWatch

Gold futures rise as risk appetite fades - MarketWatch | Energy and Metals | Scoop.it
Gold futures rise as risk appetite fades
MarketWatch
The rebound comes as U.S. stock-index futures point to a weaker start for Wall Street. U.S. stocks ended slightly lower Monday.
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Oil falls as traders weigh China data, 2013 demand

Oil falls as traders weigh China data, 2013 demand | Energy and Metals | Scoop.it
Business Recorder Oil falls as traders weigh China data, 2013 demand Seattle Post Intelligencer The price of oil slipped to near $95 a barrel Friday but remained near four-month highs after new data showed China's economy rebounded in the final...
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Gold trades at six-month high before ECB comments - Reuters

Gold trades at six-month high before ECB comments - Reuters | Energy and Metals | Scoop.it

Gold trades at six-month high before ECB comments


ReutersLONDON (Reuters) - Gold rallied to six-month highs on Thursday, ahead of a European Central Bank news conference that could outline the bank's plans to tackle the debt crisis and...

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METALS-Copper falls on euro zone disappointment, China worry - Reuters

METALS-Copper falls on euro zone disappointment, China worryReutersChina house prices rise in July, inflation curbs seen

  • Euro falls to session low, dollar recoups losses
  • Copper open interest at multi-year lows ...


By Susan Thomas LONDON, Aug 20 (Reuters)


Copper fell on Monday on disappointment over a
lack of progress in solving the euro zone crisis and fears that top commodities
consumer China will step up a campaign to curb inflation in the metals-intensive
housing sector.
Comments from German Chancellor Angela Merkel, supporting European Central
Bank efforts to address the euro zone crisis, had helped lift risk sentiment on
Friday, boosting prices of base metals.
But any optimism that flowed from those remarks soon faded as euro zone
leaders failed to follow up with any concrete plans at the weekend.
In China, the world's top consumer of copper, home prices ticked up in July
from June, a second month of modest rises that raised the risk Beijing may seek
to ratchet up a two-year campaign to curb housing inflation.
Commodities markets were also disappointed that China, which accounts for 40
percent of the world's copper demand, held off on much hoped for monetary easing
last weekend.
"The focus of the market is back on Europe and China," said Standard Bank
analyst Leon Westgate.
"The housing data on the surface suggests that property controls are going
to continue. In Europe, we've got a week of shuttle diplomacy and a lot of
talking but not much action."
Three-month copper on the London Metal Exchange was $7,450 per tonne
in official rings, from $7,539 at the close on Friday, when it rose 1.2 percent.
Copper open interest , or contracts that are 'live' - having not
yet come to expiry or closed out - is languishing at the lowest level in around
five years. Volumes were slim, with around at 5,403 lots of copper changing
hands.
LME copper, which has dropped more than 27 percent from a record of $10,190
in February 2011, has been stuck in a narrow trading range between $7,300 and
$7,600 since July 20.
To break out of the range, "you really need something to entice the guys on
the sidelines to come in. What you needs is a significant improvement or
deterioration", Westgate said. "At the moment it's status quo, drifting along."


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Crude gains as Israeli-Iranian tensions heat up anew By Forexpros

Crude gains as Israeli-Iranian tensions heat up anew By Forexpros | Energy and Metals | Scoop.it

Crude oil futures traded higher in Asian trading on Monday on talk Iran may be stepping up its nuclear program, which sent investors buying on possible supply concerns and ignoring otherwise bearish Japanese ...

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Gold seesaws as traders gauge payrolls - MarketWatch

Gold seesaws as traders gauge payrolls - MarketWatch | Energy and Metals | Scoop.it

Gold seesaws as traders gauge payrolls...


MarketWatchFRANKFURT (MarketWatch)

Gold futures posted minor gains Monday in thin trading conditions, as investors continued to weigh the implications of last week's stronger-than-expected rise in U.S.

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Copper Traders Most Bearish in Six Weeks on Demand: Commodities

Copper Traders Most Bearish in Six Weeks on Demand: Commodities | Energy and Metals | Scoop.it

Copper traders are the most bearish in six weeks on concern demand will slow in China, Europe and the U.S. at a time when hedge funds are betting on lower prices...


Copper traders are the most bearish in six weeks on concern demand will slow in China, Europe and the U.S. at a time when hedge funds are betting on lower prices.
Thirteen analysts surveyed by Bloomberg said they expect prices to drop next week and nine were bullish. A further six were neutral, making the proportion of bears the highest since June 1. Speculators have been wagering on a price drop since May and held a net-short position of 1,749 contacts on July 3, U.S. Commodity Futures Trading Commission data show.

More than $1.2 trillion has been wiped from the value of global equities since early July amid concern growth is stalling. Federal Reserve policy makers said at their June meeting that strains from Europe’s debt crisis may spill over into the U.S. Copper imports to China, which accounts for about 40 percent of demand, slid to a 10-month low in June.
“People are quite concerned about slowing growth in China which leads to slowing demand for industrial metals,” said Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt. “We should know about almost all the risks in Europe for now, but it’s definitely not positive. At the moment everything is sentiment driven.”
Copper fell 1.1 percent to $7,515 a metric ton this year on the London Metal Exchange after slumping 21 percent last year. The MSCI All-Country World Index (MXWD) of equities gained 1.6 percent since the start of January and the Standard & Poor’s GSCI gauge of 24 commodities slid 5.6 percent. Treasuries returned 2.5 percent, a Bank of America Corp. index shows.
Lower Forecasts
Analysts at Credit Suisse Group AG, JPMorgan Chase & Co. and Barclays Plc reduced their forecasts for 2012 copper prices this week. “More moderate” copper demand means supply shortages will be needed for significant price gains, Barclays wrote in a report yesterday. The International Monetary Fund will cut its estimate for global growth of 3.5 percent this year, Managing Director Christine Lagarde said July 6.
Chinese imports of refined copper, alloy and products slid 18 percent to 346,223 tons in June from a month earlier and were the least since August, General Administration of Customs data show. Slower demand would help contribute to a 54,000-ton surplus this quarter that Barclays estimates will climb to 139,000 tons in the final three months of this year. ...

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Oil Futures falls as tepid US jobs growth disappoints

Oil Futures falls as tepid US jobs growth disappoints | Energy and Metals | Scoop.it

NEW YORK, July 6 (Reuters) - Brent crude prices fell sharply on Friday after a report showing tepid U.S. jobs growth in June reinforced concerns that a sluggish global economy will curb demand for petroleum.
U.S. crude fell more than 3 percent and posted a 51-cent weekly loss, while an oil-workers strike in Norway and rising tensions over Iran's disputed nuclear program allowed Brent crude prices to record a 39-cent weekly gain, based on settlement.,.

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U.S. cash crude-diffs stable as futures fall

U.S. cash crude-diffs stable as futures fall | Energy and Metals | Scoop.it
NEW YORK, July 6 (Reuters) - U.S. cash crude grades were
little changed on Friday as oil futures fell and the
transatlantic arbitrage widened.
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Memo to Draghi: Dead Central Banks Don't Have Credibility - Forbes

Memo to Draghi: Dead Central Banks Don't Have Credibility - Forbes | Energy and Metals | Scoop.it

Mario Draghi today uttered what I think was perhaps the most depressing sentence of the euro crisis so far. Draghi dismissed out of hand the idea that Europe’s bailout fund, the European Stabilisation Mechanism, could be given a banking license that would allow it to borrow from the ECB, declaring: 

"I don’t think there is anything to gain destroying the credibility of an institution by asking it to behave outside the limits of its mandate"


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Oil falls as economy and demand growth sputter

Oil falls as economy and demand growth sputter | Energy and Metals | Scoop.it

From the oil complex perspective a slowing economy will result in slowing in oil demand growth and likely underperform the forecasts, including the latest one by the EIA discussed here...

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Microsoft's Surface brings old Mac-vs.-PC war home again

Microsoft's Surface brings old Mac-vs.-PC war home again | Energy and Metals | Scoop.it

I'm becoming more and more convinced that Microsoft 's Surface might just be a home wrecker...


When Microsoft on Monday unveiled its long-rumored, arguably overdue entry to the tablet market, what really surfaced in my household was a battle that had been put to rest by the lack of true competition in tablet computing.


Call it what you will -- the war of the OS, platform pugilism or just good ol' Mac vs. PC -- now it's back under my roof. The gentle truce is threatened by that Office-running, keyboard- and trackpad-having little number dangling her wares -- hard and soft -- before my husband.


Now, the Surface threatens to shatter that, in a way no even slightly sexy Android tablet had before.

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