Crude oil futures steady amid greater United States rig count, US-China tension
Singapore-- Crude oil futures were mostly secure in mid-morning sell Asia Monday as the market digested a higher United States gear count and a weekend uptick in profession stress between the US and also China.
At 10:34 am Singapore time (0234 GMT), November ICE Brent unrefined futures were down 2 cents/b (0.03%) from Friday's settle at $78.07/ b, while the NYMEX October light pleasant crude agreement was 4 cents/b (0.06%) lower at $68.95/ b.
iro biocide reported the biggest week-on-week increase in the United States oil rig matter in a month, up 7 to 867 in the week finished September 14. The matter has actually jumped between the high 850s to 869 given that late May.
In the Permian Container, the United States' most active oil and also gas generating location, the gear matter dropped by one to 483, Baker Hughes said.
This came as United States tension with China appeared to ratchet up over the weekend break.
" Professions tension in between the United States and also China is readied to escalate this week after the Wall Street Journal reported Saturday that Head of state Trump intends to reveal within days brand-new tolls on an additional $200 billion of Chinese products, and also to go into impact within weeks," UOB said in a note.
" This comes in advance of top-level arranged trade talks with Beijing later this month. The tariffs will certainly be evaluated 10%, according to individuals familiar with the matter, below the initial 25% degree revealed in very early August," UOB added.
OCBC Bank commodity economist Barnabas Gan claimed: "With US President Trump intimidating to wage the next tranche of $200 billion of tariffs on Chinese imports, this is likely to place a dampener on Treasury Assistant Mnuchin's advances to the reactivate US-Sino trade talks. China is additionally considering turning down the US trade talk deal later on this month, according to a Wall surface Street Journal record."
"One more bout of buck strength left greenback-denominated products trending lower right into the previous trading day, equally as market-watchers most likely sight the uptick in threat hunger to be temporal after the buzz over further US-Sino trade talks faded," Gan added.
Since 0234 GMT, the US Dollar Index was 0.27% greater at 94.805.
At 10:34 am Singapore time (0234 GMT), November ICE Brent unrefined futures were down 2 cents/b (0.03%) from Friday's settle at $78.07/ b, while the NYMEX October light pleasant crude agreement was 4 cents/b (0.06%) lower at $68.95/ b.
iro biocide reported the biggest week-on-week increase in the United States oil rig matter in a month, up 7 to 867 in the week finished September 14. The matter has actually jumped between the high 850s to 869 given that late May.
In the Permian Container, the United States' most active oil and also gas generating location, the gear matter dropped by one to 483, Baker Hughes said.
This came as United States tension with China appeared to ratchet up over the weekend break.
" Professions tension in between the United States and also China is readied to escalate this week after the Wall Street Journal reported Saturday that Head of state Trump intends to reveal within days brand-new tolls on an additional $200 billion of Chinese products, and also to go into impact within weeks," UOB said in a note.
" This comes in advance of top-level arranged trade talks with Beijing later this month. The tariffs will certainly be evaluated 10%, according to individuals familiar with the matter, below the initial 25% degree revealed in very early August," UOB added.
OCBC Bank commodity economist Barnabas Gan claimed: "With US President Trump intimidating to wage the next tranche of $200 billion of tariffs on Chinese imports, this is likely to place a dampener on Treasury Assistant Mnuchin's advances to the reactivate US-Sino trade talks. China is additionally considering turning down the US trade talk deal later on this month, according to a Wall surface Street Journal record."
"One more bout of buck strength left greenback-denominated products trending lower right into the previous trading day, equally as market-watchers most likely sight the uptick in threat hunger to be temporal after the buzz over further US-Sino trade talks faded," Gan added.
Since 0234 GMT, the US Dollar Index was 0.27% greater at 94.805.
Petroleum futures secure in the middle of greater US rig count, US-China tension
Singapore-- Crude oil futures were greatly stable in mid-morning sell Asia Monday as the marketplace absorbed a higher US rig count and also a weekend uptick in trade stress between the United States and also China.
At 10:34 am Singapore time (0234 GMT), November ICE Brent crude futures were down 2 cents/b (0.03%) from Friday's settle at $78.07/ b, while the NYMEX October light sweet crude agreement was 4 cents/b (0.06%) lower at $68.95/ b.
Baker Hughes Friday reported the biggest week-on-week increase in the United States oil rig matter in a month, up 7 to 867 in the week ended September 14. The count has actually bounced between the high 850s to 869 since late Might.
In biocide products , the United States' most active oil and also gas creating location, the rig count dropped by one to 483, Baker Hughes stated.
This came as United States stress with China showed up to ratchet up over the weekend.
" Trades stress in between the United States and China is readied to intensify this week after the Wall Street Journal reported Saturday that President Trump plans to introduce within days brand-new tolls on an additional $200 billion of Chinese items, and to enter into result within weeks," UOB said in a note.
" This comes ahead of top-level set up profession talks with Beijing later this month. The tolls will certainly be evaluated 10%, according to people knowledgeable about the matter, listed below the original 25% degree introduced in early August," UOB added.
OCBC Bank product financial expert Barnabas Gan claimed: "With US Head of state Trump threatening to proceed with the following tranche of $200 billion of tolls on Chinese imports, this is likely to put a dampener on Treasury Assistant Mnuchin's overtures to the reboot US-Sino profession talks. China is also thinking about declining the US trade talk offer later this month, according to a Wall surface Street Journal record."
"One more round of buck toughness left greenback-denominated commodities trending lower right into the previous trading day, equally as market-watchers likely view the uptick in risk hunger to be temporal after the hype over additional US-Sino trade talks discolored," Gan included.
As of 0234 GMT, the United States Dollar Index was 0.27% higher at 94.805.
At 10:34 am Singapore time (0234 GMT), November ICE Brent crude futures were down 2 cents/b (0.03%) from Friday's settle at $78.07/ b, while the NYMEX October light sweet crude agreement was 4 cents/b (0.06%) lower at $68.95/ b.
Baker Hughes Friday reported the biggest week-on-week increase in the United States oil rig matter in a month, up 7 to 867 in the week ended September 14. The count has actually bounced between the high 850s to 869 since late Might.
In biocide products , the United States' most active oil and also gas creating location, the rig count dropped by one to 483, Baker Hughes stated.
This came as United States stress with China showed up to ratchet up over the weekend.
" Trades stress in between the United States and China is readied to intensify this week after the Wall Street Journal reported Saturday that President Trump plans to introduce within days brand-new tolls on an additional $200 billion of Chinese items, and to enter into result within weeks," UOB said in a note.
" This comes ahead of top-level set up profession talks with Beijing later this month. The tolls will certainly be evaluated 10%, according to people knowledgeable about the matter, listed below the original 25% degree introduced in early August," UOB added.
OCBC Bank product financial expert Barnabas Gan claimed: "With US Head of state Trump threatening to proceed with the following tranche of $200 billion of tolls on Chinese imports, this is likely to put a dampener on Treasury Assistant Mnuchin's overtures to the reboot US-Sino profession talks. China is also thinking about declining the US trade talk offer later this month, according to a Wall surface Street Journal record."
"One more round of buck toughness left greenback-denominated commodities trending lower right into the previous trading day, equally as market-watchers likely view the uptick in risk hunger to be temporal after the hype over additional US-Sino trade talks discolored," Gan included.
As of 0234 GMT, the United States Dollar Index was 0.27% higher at 94.805.
UK fracking 'incompatible' with emissions targets
The commercial removal of shale gas in the UK must be put on hold as the hydraulic fracturing, or fracking, process is "incompatible with our environment change targets and could pose considerable localised environmental risks to public wellness," a report by the Environmental Audit Board launched Monday early morning said.
biocides said: "Ultimately fracking can not be compatible with our lasting dedications to cut climate transforming emissions unless complete- scale carbon capture as well as storage technology is rolled out rapidly, which presently looks not likely. There are likewise substantial uncertainties around the effect that fracking can have on water products, air quality and also public health."
The EAC will try to amend the federal government's Facilities Bill in parliament Monday mid-day, with the current federal government recommending changes to trespass laws that would give companies automated right of accessibility to land listed below 300 meters (1,000 feet) without the land owner's authorization, regardless of public opposition to the strategy.
The EAC additionally urges that fracking licenses and also authorizations should not be issued if commercial operators can not show adequate resources as well as insurances to cover complete obligation in occasion of pollution events, full containment of methane should be mandated in all fracking allows, and also a "minimum separation distance" between groundwater and also exploration sites.
Ineos, a chemical manufacturing firm that has actually bought fracking licenses near to its Grangemouth center in Scotland, banged the EAC record nevertheless.
" The UK requires shale gas ... without shale gas, UK production will certainly begin to collapse so we require to commence the shale gas industry, not put it on hold," Ineos Supervisor Tom Crotty stated.
" Ineos thinks that fracking can be done securely in the UK which the benefits will profit the whole nation," Crotty added.
Recently, Lancashire Area Council advised rejecting oil and gas business Cuadrilla's applications for building and also operation of two websites for speculative fracking in northwest England be declined due to "noise pollution."
biocides said: "Ultimately fracking can not be compatible with our lasting dedications to cut climate transforming emissions unless complete- scale carbon capture as well as storage technology is rolled out rapidly, which presently looks not likely. There are likewise substantial uncertainties around the effect that fracking can have on water products, air quality and also public health."
The EAC will try to amend the federal government's Facilities Bill in parliament Monday mid-day, with the current federal government recommending changes to trespass laws that would give companies automated right of accessibility to land listed below 300 meters (1,000 feet) without the land owner's authorization, regardless of public opposition to the strategy.
The EAC additionally urges that fracking licenses and also authorizations should not be issued if commercial operators can not show adequate resources as well as insurances to cover complete obligation in occasion of pollution events, full containment of methane should be mandated in all fracking allows, and also a "minimum separation distance" between groundwater and also exploration sites.
Ineos, a chemical manufacturing firm that has actually bought fracking licenses near to its Grangemouth center in Scotland, banged the EAC record nevertheless.
" The UK requires shale gas ... without shale gas, UK production will certainly begin to collapse so we require to commence the shale gas industry, not put it on hold," Ineos Supervisor Tom Crotty stated.
" Ineos thinks that fracking can be done securely in the UK which the benefits will profit the whole nation," Crotty added.
Recently, Lancashire Area Council advised rejecting oil and gas business Cuadrilla's applications for building and also operation of two websites for speculative fracking in northwest England be declined due to "noise pollution."
European corn-to-ethanol crush margin at 7-month highs
The earnings of transforming corn crops right into ethanol in Europe rose to seven-month highs today adhering to a jump in the area price of the biofuel, according to information put together by Platts.
The corn-to-ethanol crush margin, a sign of gains or losses from transforming the starch in corn plants into biofuel, rose to Eur55.45/ cubic meter ($73/cum) Tuesday, the highest possible given that September 19, prior to being up to Eur51.45/ cu m Wednesday.
The crush margin is computed by gauging the Platts FOB Rotterdam fuel ethanol area price against front-month Euronext grains futures.
The European ethanol place price surged to a close of Eur640/cu m Tuesday, the greatest since April 9, while June-delivery corn futures worked out at Eur216.50/ mt.
Some 2.7 mt of starch grains are essential to produce one cubic meter of ethanol, according to resources.
Likewise on this webiste , the feed wheat-to-ethanol crush margin climbed to Eur22.67/ cum, the highest possible because March 13. On the other hand, the milling wheat-to-ethanol crush margin dropped even more right into unfavorable territory to minus Eur41.08/ cu m, the lowest given that April 17.
Ethanol supplies in Europe have actually been cut in current months by a mix of plant shutdowns in the Netherlands as well as in the UK too the charge of anti-dumping tasks on United States ethanol cargoes in February, which slammed the import arbitrage home window shut.
Ethanol producers' net profit margins additionally depend on cash money generated from sales of distillers dried out grains, a high-protein animal feed product that can make up to 30-40% of an ethanol distillery's functional earnings.
One producer claimed that DDGs loading in May are presently priced at Eur285/mt, or Eur256.50/ cu m, FOB Rotterdam.
Spain's Abengoa, one of Europe's largest ethanol producers with 6 ethanol plants in the continent, said today that operating margins in its biofuels sector climbed to 2% in the very first quarter from 0.2% a year earlier as a result of "enhanced margins." The Seville-based manufacturer additionally claimed it expects production to return to "normal levels" as the market conditions rebound, without offering more information.
The corn-to-ethanol crush margin, a sign of gains or losses from transforming the starch in corn plants into biofuel, rose to Eur55.45/ cubic meter ($73/cum) Tuesday, the highest possible given that September 19, prior to being up to Eur51.45/ cu m Wednesday.
The crush margin is computed by gauging the Platts FOB Rotterdam fuel ethanol area price against front-month Euronext grains futures.
The European ethanol place price surged to a close of Eur640/cu m Tuesday, the greatest since April 9, while June-delivery corn futures worked out at Eur216.50/ mt.
Some 2.7 mt of starch grains are essential to produce one cubic meter of ethanol, according to resources.
Likewise on this webiste , the feed wheat-to-ethanol crush margin climbed to Eur22.67/ cum, the highest possible because March 13. On the other hand, the milling wheat-to-ethanol crush margin dropped even more right into unfavorable territory to minus Eur41.08/ cu m, the lowest given that April 17.
Ethanol supplies in Europe have actually been cut in current months by a mix of plant shutdowns in the Netherlands as well as in the UK too the charge of anti-dumping tasks on United States ethanol cargoes in February, which slammed the import arbitrage home window shut.
Ethanol producers' net profit margins additionally depend on cash money generated from sales of distillers dried out grains, a high-protein animal feed product that can make up to 30-40% of an ethanol distillery's functional earnings.
One producer claimed that DDGs loading in May are presently priced at Eur285/mt, or Eur256.50/ cu m, FOB Rotterdam.
Spain's Abengoa, one of Europe's largest ethanol producers with 6 ethanol plants in the continent, said today that operating margins in its biofuels sector climbed to 2% in the very first quarter from 0.2% a year earlier as a result of "enhanced margins." The Seville-based manufacturer additionally claimed it expects production to return to "normal levels" as the market conditions rebound, without offering more information.
Iron ore rates to edge down in Feb on lower steel result
China Iron & Steel Organization expected iron ore prices to border down again for the rest of month on minimized usage from reduced steel output amid the Lunar New Year celebration, according to its month-to-month evaluation report released Wednesday.
"Steel mills have essentially completed iron ore restocking ahead of the Lunar New Year holiday, and also this will certainly result in an end of the recent rebound in iron ore rates since mid-December," CISA claimed.
As well as amid iro biocide , iron ore costs will, once again, show moderate decreases after the recent healing, it included.
Meanwhile, iron ore prices have actually been on a moderate uptrend, with the Platts 62% Fe IODEX rising 75 cents/dry metric load day on day to be evaluated at $44.75/ dmt CFR North China on February 3.
Iron ore supply in China is showing signs of an accumulation, and the added tonnage will possibly enforce descending pressure on costs, according to data launched by CISA.
For 2015, China ended up with a surplus of about 180 million mt of iron ore, when it imported 950 million mt of iron ore as well as locally created 370 million mt of iron ore concentrates. But real iron ore usage totaled up to just 1.14 billion mt in 2014, based upon calculations from the nation's pig iron production at 690 million mt, according to CISA.
At the very same time, iron ore supplies at the Chinese ports had gotten on a constant surge, striking a 10-month high of 95.58 million mt by the end of January, or up by an additional 2.54% month on month.
On the various other hand, China's everyday crude steel output has actually gotten on a consistent decline given that last November.
Most recent data from CISA showed that the country's ordinary everyday steel outcome over January 1-20 decreased 2.1% month on month to 1.61 million mt, as well as the whole month of January will most likely show a month-on-month decrease too when the figures are readily available.
China will be formally closed over February 8-13 for the Lunar New Year party but the majority of steel operations and also sales will normally slow down for at least 2 weeks from February 8, market sources kept in mind.
"Steel mills have essentially completed iron ore restocking ahead of the Lunar New Year holiday, and also this will certainly result in an end of the recent rebound in iron ore rates since mid-December," CISA claimed.
As well as amid iro biocide , iron ore costs will, once again, show moderate decreases after the recent healing, it included.
Meanwhile, iron ore prices have actually been on a moderate uptrend, with the Platts 62% Fe IODEX rising 75 cents/dry metric load day on day to be evaluated at $44.75/ dmt CFR North China on February 3.
Iron ore supply in China is showing signs of an accumulation, and the added tonnage will possibly enforce descending pressure on costs, according to data launched by CISA.
For 2015, China ended up with a surplus of about 180 million mt of iron ore, when it imported 950 million mt of iron ore as well as locally created 370 million mt of iron ore concentrates. But real iron ore usage totaled up to just 1.14 billion mt in 2014, based upon calculations from the nation's pig iron production at 690 million mt, according to CISA.
At the very same time, iron ore supplies at the Chinese ports had gotten on a constant surge, striking a 10-month high of 95.58 million mt by the end of January, or up by an additional 2.54% month on month.
On the various other hand, China's everyday crude steel output has actually gotten on a consistent decline given that last November.
Most recent data from CISA showed that the country's ordinary everyday steel outcome over January 1-20 decreased 2.1% month on month to 1.61 million mt, as well as the whole month of January will most likely show a month-on-month decrease too when the figures are readily available.
China will be formally closed over February 8-13 for the Lunar New Year party but the majority of steel operations and also sales will normally slow down for at least 2 weeks from February 8, market sources kept in mind.
