FxWirePro: Uphold WTI hedging via call spreads and Brent via time spreads on trade tariffs, sanctions and geopolitical
08 May, 2018, 00:56
Meanwhile, Brent crude futures, the benchmark for oil prices outside the USA, tacked on 56 cents, or 0.8%, to $75.42 a barrel, after climbing to $75.89 earlier in the session, its highest since November 2014.
Additionally, U.S. energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.
"The focus of oil markets is now on the United States president's pending decision on the fate of the Iran nuclear deal", said Victor Shum, an oil industry analyst at research firm IHS Markit.
Saudi Arabia is the OPEC member that wants higher prices as it prepares for the listing of state oil giant Aramco.
Oil prices face a day of reckoning as the USA decides whether it will remain in the Iranian nuclear accord, and the realization is that due to underinvestment in oil it might be hard to replace Iranian oil if it is taken off the market. Member nations of OPEC and Russian Federation earlier engineered a large output cut lead by Saudi Arabia, which is seeking to push oil prices up to $80 a barrel to help fund its planned economic overhaul.
Iran, a member of the Organization of the Petroleum Exporting Countries, re-emerged as a major oil exporter in January 2016 when some global sanctions against Tehran were lifted in return for curbs on Iran's nuclear programme.
Analysts said a crisis in Venezuela, a major oil exporter, underpinned prices.
We now know who will walk Meghan Markle down the aisle Prince George and Princess Charlotte are likely to be included in the bridal party, though newborn Prince Louis will stay at home. The couple have invited 2,640 members of the public to the 19 May wedding at St George's Chapel at Windsor Castle.
"If ConocoPhillips is successful, then it will limit the revenues PDVSA will have and give them even more problems paying their bills and producing their oil", said Gene McGillian, manager of market research at Tradition in Stamford. Venezuela's oil output has halved since the early 2000s to just 1.5 million bpd, as the country has failed to invest enough to keep its production and refinery facilities maintained.
Shannon Rivkin, investment director of Australia's Rivkin Securities, said that oil prices had been driven up "thanks to growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration".
Iran has come out against higher prices, after a rally of over 12% this year on output cuts by the Organization of Petroleum Exporting Countries and its allies as well as rising geopolitical risks in the Middle East.
Goehring expects the oil market to lose at least several hundred thousands barrels a day if the US decides to end the Iran deal. This is contrary to the global reflation trade that so many have been betting on over the past year and perhaps a warning sign on the sustainability of higher oil prices.
In other data, the U.S. rig count increased by nine to a total of 834 producing oil rigs. Looming over markets, however, is surging U.S. output, which has soared by more than a quarter in the last two years, to 10.62 million bpd.
However, a rise is expected in this year as the energy firms are keeping on drilling.
Fun and quite irreverent, Ranveer and Ryan's Deadpool banter is nothing short of fabulous and adds tons of appeal to the film. Ranveer's witty and edgy personality resonates with Deadpool's personality, the studio claimed.
The Versa even offers fitness guidance via Fitbit Coach and allows for swim tracking, boasting a water-resistance up to 50 meters. The " female health tracking " tool, available through the Fitbit app on the compatible smartwatches, will roll out this month.
When two earthquakes rocked Hawaii's Big Island on Friday, May 4, Tammy Wolbers of Monmouth, Illinois says she felt them both. People reported almost constant ground shaking in the area due to the frequency of temblors in the past several days.
The third weekend of Amy Schumer's " I Feel Pretty " secured the fourth slot with $4.9 million from 3,232 theaters. Through Sunday, it generated $1.16 billion worldwide, a rapid ascent, even before it opens in China on May 11.
No matter what you think of her music, her voice and her heart is always turned to 11, with just a little bit of a wink. Dion has performed Ashes , a song from the film's soundtrack, with Deadpool as her backup dancer and apparent director.
Carlos Carvalhal's men spurned several chances but their failings in front of goal meant they remained very much in the mire. In Swansea's first seven games under Carvalhal, they conceded six goals and faced 89 shots.
This now means that Brighton & Hove Albion have now claimed their first ever victory against Manchester United in history. Meanwhile, Ashley Young told MUTV that United's performance against Brighton wasn't acceptable.
Mumbai Indians have six frontline bowlers, yet for the second game in a row, Rohit Sharma used part-time offspinner JP Duminy. The Jamaican was slow to begin with; he was two from nine balls, before exploding and adding 48 off the next 31 balls.
Since his arrest, Tramaglini has taken a paid leave from his position, which pays an annual salary of $147,504. Fox News reports that Tramaglini was arrested while running on the athletic fields' track just before 6 a.m.
The Portrait mode is also known as Bokeh effect, which is often marketed on the phones with dual rear camera setup. If you thought all four major US wireless carriers planned to offer LG's latest smartphone, think again.
Lava from Hawaii's Kilauea volcano destroyed 9 homes
He later saw a video on social media showing lava splashing and bubbling a few feet from his home, he told CNN affiliate KITV . That brings the total of fissures to 10 since the eruption began late Thursday afternoon, but a scientist with the U.S.
Golovkin knocks out Martirosyan
A attractive combo sent his opponent crashing to the canvas, bringing his record to a stellar 38-0-1 (34 KO's). So Martirosyan took the fight of his life on short notice.
LeBron breaks Toronto's heart once more
Kyle Korver made four 3-pointers while scoring 18 points, George Hill had 12 points and Jeff Green tallied 11 for the Cavaliers. The Raptors went with a small lineup, giving Fred VanVleet his first career start in place of the slumping Serge Ibaka.
Tiger Woods cards 3-under 68, now 1 under at Wells Fargo
Phil Mickelson shot a 64 to move up to 10th while Tiger Woods had a 68 at Quail Hollow to be tied for 31st at one under. Aaron Wise also battled with Day for the top spot for portions of the back nine before struggling down the stretch.
Swinging Pelicans blow out Warriors, trim series to 2-1
Stephen Curry returned to the starting lineup with 19 points, although he only made six of his 19 attempts from the floor. Rockets guard Eric Gordon had it going off the bench, leading all scorers with 25 points to go with two rebounds.