Latest news with #EnergyDaily
Mint
21 hours ago
- Business
- Mint
Oil Edges Higher With Progress of US Trade Talks in Spotlight
Oil edged higher as investors monitored progress on tariff talks between the US and its key trade partners. Brent rose toward $69 a barrel after a three-day decline, while West Texas Intermediate was near $66. President Donald Trump unveiled an agreement with the Philippines setting a 19% tariff and a deal with Japan that sets a 15% rate, fueling a rally in Asian shares and US stock futures. US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts for trade talks in Stockholm next week, and will 'be working out what is likely an extension' to the current Aug. 12 deadline for negotiations. He also said that the discussions with China can now take on a broader array of topics, potentially including Beijing's continued purchases of 'sanctioned' oil from Russia and Iran. Crude has traded in a relatively narrow range this month after a volatile June, when prices were jolted by the conflict between Israel and Iran. Brent is still down about 8% this year on concerns Trump's tariff war will stifle consumption and as OPEC brings back production. 'I expect continued mild downward pressure on crude as uncertainty grips markets and economic sentiment wobbles ahead of the Aug. 1 deadline for US tariff deals,' said Vandana Hari, founder of consultancy Vanda Insights, adding that prices may swing between gains and losses in the near term. Some market metrics point to softness. The prompt spread for Brent — the difference between the nearest two contracts — is trading near the weakest since June 10, narrowing a bullish structure known as backwardation. In the US, meanwhile, the American Petroleum Institute said nationwide crude inventories fell slightly last week, while distillate stockpiles rose. Official data is due later on Wednesday. To get Bloomberg's Energy Daily newsletter in your inbox, click here. This article was generated from an automated news agency feed without modifications to text.
Bloomberg
7 days ago
- Business
- Bloomberg
These US Sites Are ‘Prime Real Estate' for the Next Nuclear Reactors
Newsletter Energy Daily The land parcels already have federal approval for new atomic plants, potentially speeding up future construction. By Save Welcome to our guide to the commodities markets powering the global economy. Today, reporter Will Wade discusses the sites available right now in the US for building nuclear reactors. If you're looking for somewhere in the US to build a nuclear reactor, a good place to start would be land that previously won government support.
Mint
14-07-2025
- Business
- Mint
Oil Rises on Strong Chinese Data, US Moves on War in Ukraine
Oil rose after China's economy showed signs of strength, while traders await US President Donald Trump's next steps on the war in Ukraine. Global benchmark Brent rose above $71 a barrel, after gaining 3% last week. China ended the first half of the year with a record trade surplus, with factories riding out the tariff roller-coaster that upended global commerce. Trump promised a 'major statement' later on Monday that could see him outline measures to address the war in Ukraine, including potential updates to US sanctions policy. Ahead of that, the president told reporters in the US on Sunday that Washington would send Kyiv more weapons. Meanwhile, official Chinese trade data showed crude imports have risen so far this year. The country's purchases of Iranian barrels jumped in June, according to data from Vortexa. 'Chinese crude imports were very solid, so it seems there is a demand for barrels,' said Giovanni Staunovo, an analyst at UBS AG in Zurich. 'Secondly, everyone is awaiting Trump's announcement on Russia.' Still, concerns over impediments to global growth may be tempering gains. Trump threatened 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand. Oil is still almost 5% lower this year as traders and investors balance geopolitical tensions in the Middle East, which stoked concern over supplies, with the US-led trade war threating to crimp global demand. OPEC is relaxing supply curbs, which could lead to a crude glut in the second half of the year. To get Bloomberg's Energy Daily newsletter in your inbox, click here. With assistance from Sarah Chen. This article was generated from an automated news agency feed without modifications to text.
Mint
06-07-2025
- Business
- Mint
Oil Drops as Larger OPEC Supply Increase Raises Glut Concerns
(Bloomberg) -- Oil declined after OPEC agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook. Brent slid as much as 1.6% toward $67 a barrel after falling 0.7% on Friday, and West Texas Intermediate was near $66. The group led by Saudi Arabia decided on Saturday to increase supply by 548,000 barrels a day, putting OPEC on track to unwind its most recent output cuts a year earlier than planned. Alliance officials cited summer demand as one reason for their optimism that the extra barrels could be absorbed by the market, with the move answering President Donald Trump's calls for lower fuel costs. The oil market has been volatile in recent weeks following the conflict between Israel and Iran, with a fragile truce now in place and focus shifting to OPEC supply and US trade policy. Trump's country-by-country tariffs will take effect Aug. 1, Commerce Secretary Howard Lutnick said, signaling some breathing room for trading partners ahead of a previous deadline of July 9. OPEC previously announced hikes of 411,000 barrels a day for May, June and July — already three times faster than scheduled — and traders had expected the same amount for August. The increase amplifies a dramatic strategy pivot, from years of output restraint to reopening the taps to reclaim market share. The boost was based on 'a steady global economic outlook and current healthy market fundamentals,' the group said in a statement on Saturday. Saudi Arabia followed with a price increase to its main crude grade for Asia next month, signaling confidence the market can withstand the extra OPEC supplies. The alliance will consider adding another roughly 548,000 barrels a day in September at the next meeting on Aug. 3, according to delegates who asked not to be identified, which would complete the revival of 2.2 million barrels a day of supply shuttered in 2023. To get Bloomberg's Energy Daily newsletter in your inbox, click here. More stories like this are available on
Mint
02-07-2025
- Business
- Mint
Oil Holds Gains With US Stockpiles and OPEC Decision in Focus
Oil edged higher for a second day as traders turn their focus to key supply and economic indicators over the course of the week. Brent crude traded above $67 a barrel, with West Texas Intermediate near $66. A slew of inputs are expected in the coming days, from official US inventory data later Wednesday to a jobs report Thursday and an OPEC output decision at the weekend. The American Petroleum Institute reported a 1.4 million barrel drop for last week at the Cushing oil storage hub — the pricing point for WTI. The decline would be the biggest since January if confirmed by government data, and would bring stockpiles at the hub to their lowest seasonal level since 2005. Trading activity in crude futures has declined since the truce between Israel and Iran led prices to plunge early last week, with volatility returning to levels seen before the war. Concerns are likely to return to a glut forecast for later this year, with an OPEC meeting this weekend expected to deliver another substantial increase in production quotas. 'Crude oil prices remained roughly unchanged week-on-week as the market focus shifts from the ceasefire in the Middle East to this Sunday's virtual OPEC meeting,' Goldman Sachs analysts including Yulia Zhestkova Grigsby wrote in a note. 'We do not expect a large market reaction if OPEC decides to increase production on Sunday as consensus has already shifted towards this outcome.' To get Bloomberg's Energy Daily newsletter in your inbox, click here.
