Latest news with #LouisianaLight
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Oil Prices Fall to Three-Week Low
Taarek Refaat Oil prices dropped on Friday to their lowest settlement levels in three weeks, pressured by signs of weakening economic momentum in both the United States and China, as well as growing indications of increased supply. However, optimism surrounding potential trade deals and policy shifts helped limit the decline. Brent crude futures fell by 74 cents, or 1.1%, to settle at $68.44 per barrel, while U.S. West Texas Intermediate (WTI) dropped 87 cents, or 1.3%, to $65.16 per barrel. Latest Oil Prices: WTI Crude • 65.16 -0.87 -1.32% Brent Crude • 68.44 -0.74 -1.07% Murban Crude • 71.20 -1.13 -1.56% Louisiana Light • 68.65 -1.51 -2.15% Bonny Light • 78.62 -2.30 -2.84% Mars US • 71.56 -1.02 -1.41% Gasoline • 2.097 -0.007 -0.34% Natural Gas • 3.110 +0.016 +0.52% These closing prices mark the lowest for Brent since July 4, and for WTI since June 30. For the week, Brent declined approximately 1%, while WTI posted a 3% loss. Economic data released on Friday painted a picture of slowing industrial activity. In the U.S., new orders for capital goods, a key indicator of business investment, unexpectedly declined in June, pointing to softening equipment spending in the second quarter. Meanwhile, the Chinese Ministry of Finance reported a 0.3% year-on-year decline in fiscal revenues during the first half of 2025, extending a months-long downward trend. These developments sparked renewed concerns about global oil demand just as seasonal factors typically drive consumption higher. On the supply side, markets are watching closely as the U.S. moves to ease restrictions on partners of Venezuela's state oil firm, potentially allowing a modest increase in exports from the heavily sanctioned OPEC member. Analysts at ING estimate Venezuelan exports could rise by over 200,000 barrels per day if the measure is enacted. Iran, another OPEC member under sanctions, also returned to talks with European powers in what it described as 'serious, candid, and detailed' discussions, a sign that further diplomatic engagement could eventually pave the way for increased Iranian crude in global markets. Both countries remain subject to international restrictions, but any shift in their production capacity or export volumes could swell global supply, undermining prices. Meanwhile, European Commission President Ursula von der Leyen confirmed she will meet U.S. President Donald Trump in Scotland on Sunday to discuss trade ties. EU officials expressed hope that a framework agreement could be reached, potentially boosting economic activity and long-term oil demand. Adding to market speculation, Trump said Friday he had a 'good meeting' with Federal Reserve Chair Jerome Powell, and hinted that the Fed may be open to cutting interest rates. A rate cut would reduce borrowing costs, potentially stimulating growth, and energy consumption. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
16-07-2025
- Business
- See - Sada Elbalad
Oil Prices Dip Amid Surprise Surge in US Inventories
Taarek Refaat Oil prices saw a slight decline on Wednesday, as a surprise increase in U.S. fuel inventories overshadowed signs of rising demand. The news also coincided with growing concerns over broader economic impacts from U.S. tariffs, which continued to weigh on the markets. Brent crude closed down by 19 cents, or 0.3%, at $68.52 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped 14 cents, or 0.2%, ending the day at $66.38 per barrel. Latest Oil Prices: WTI Crude $66.62 +0.10 +0.15% Brent Crude $68.69 -0.02 -0.03% Murban Crude $69.93 -0.17 -0.24% Louisiana Light $70.89 -1.54 -2.13% Bonny Light $78.62 -2.30 -2.84% Mars US $71.88 -1.03 -1.41% Gasoline $2.153 -0.017 -0.78% Natural Gas $3.565 +0.042 +1.19% Despite the ongoing expectations for increased demand, the unexpected inventory rise sent a ripple through the oil markets. According to the Energy Information Administration (EIA), U.S. gasoline stocks surged by 3.4 million barrels last week, while market analysts had forecast a decrease of 1 million barrels. The data further showed that distillate inventories, which include diesel and heating oil, jumped by 4.2 million barrels—vastly surpassing expectations of a mere 200,000 barrel increase. These figures are notable, as they could signal an oversupply in the short-term, affecting global oil prices. Conversely, commercial crude oil stocks fell by 3.9 million barrels to 422.2 million barrels, a larger drawdown than the forecasted 552,000 barrel reduction. This drop in crude reserves could signal stronger demand or more effective supply chain management, balancing out some of the negative signals from the fuel inventories. Geopolitical Tensions and Trade Concerns Loom Amid these market shifts, the broader geopolitical climate remains a significant influence on oil prices. The threat of escalating trade wars, particularly from U.S. President Donald Trump's policies, continues to cloud market forecasts. Trump recently warned of imposing heavy tariffs on Russia in the coming 50 days unless a resolution to the ongoing Ukraine conflict is reached, adding to investor uncertainty. Additionally, the European Commission is preparing for potential countermeasures should talks with Washington fail. These tensions have raised concerns about possible disruptions in global trade, which could further strain energy markets. In the U.S., reports that President Trump might seek to remove Federal Reserve Chairman Jerome Powell led to a sharp rise in short-term U.S. interest rate futures, prompting investors to bet on potential rate cuts beginning as soon as September. Looking forward, the Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly report projected that the global economy would improve in the second half of the year, driven by stronger growth in China, India, and Brazil, alongside recovery in the U.S. and the European Union. In China, state-run refineries ramped up production after completing maintenance, responding to surging demand in the third quarter. Barclays estimates that China's demand for oil grew by 400,000 barrels per day in the first half of the year, reaching 17.2 million barrels per day. However, the oil market faces ongoing disruptions from geopolitical tensions in the Middle East. Drone attacks on oil fields in Iraq's Kurdistan region, now continuing for the third consecutive day, have caused a loss in production of approximately 140,000 to 150,000 barrels per day. This supply shortfall, along with other regional instability, continues to impact the overall balance of supply and demand. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
25-06-2025
- Business
- See - Sada Elbalad
Oil Caught in Crossfire: Markets React to Fragile Iran-Israel Ceasefire
Taarek Refaat Amid escalating tensions and fragile diplomatic efforts, global oil markets have once again found themselves at the center of geopolitical turbulence. On Wednesday, oil prices climbed modestly, rebounding from sharp losses earlier this week, as investors assess the stability of a fragile ceasefire between Iran and Israel. This is not just a price shift—it's a reflection of how tightly energy markets are interwoven with Middle East tensions, strategic waterways, and nuclear brinkmanship. Market Reaction: Oil Prices Edge Up Brent crude futures rose by 1.3%, reaching $68.01 per barrel U.S. West Texas Intermediate (WTI) climbed 1.37% to $65.25 per barrel Latest Oil Prices: WTI Crude • 65.11 +0.74 +1.15% Brent Crude • 67.86 +0.72 +1.07% Murban Crude • 68.30 +0.46 +0.68% Louisiana Light • 71.86 +0.00 +0.00% Bonny Light • 78.62 -2.30 -2.84% Opec Basket • 68.71 -7.48 -9.82% Mars US • 71.88 -1.03 -1.41% Gasoline • 2.086 +0.001 +0.03% Natural Gas • 3.389 -0.148 -4.18% Both benchmarks had plunged to multi-week lows earlier this week—Brent to levels unseen since June 10, and WTI to June 5 prices—erasing much of the premium built after Israel's surprise airstrike on Iranian nuclear and military facilities on June 13. Now, with a ceasefire in place, however tentative, oil traders are recalibrating their risk assessments. A Ceasefire Brokered by U.S. President Donald Trump, the current ceasefire has paused direct aerial warfare between Iran and Israel. But 'paused' is the operative word. Intelligence assessments from U.S. agencies suggest that the strikes did not destroy Iran's nuclear capabilities, but rather delayed them by a few months. The underlying conflict—one rooted in existential distrust, regional rivalry, and nuclear fears—remains unresolved. One senior analyst noted, 'This isn't peace; it's just a moment to reload.' Strait of Hormuz: The Pressure Point Markets are particularly sensitive to any threat around the Strait of Hormuz, the world's most critical oil chokepoint. Between 18 and 19 million barrels of oil pass through the narrow corridor between Iran and Oman daily—about 20% of global consumption. Even rumors of disruption in this vital passage can send oil prices soaring. With the U.S. now militarily involved, investors are pricing in geopolitical risk that goes far beyond mere headlines. What's Next for Oil? Much hinges on two critical factors: Will the ceasefire hold? If even one retaliatory strike occurs, prices could spike dramatically. What do inventories say? Later today, the U.S. government will release official data on domestic oil and fuel stockpiles. Preliminary figures from the American Petroleum Institute show a drawdown of 4.23 million barrels last week—potentially tightening supply further. These dual forces—geopolitical uncertainty and shifting inventory data—create the perfect storm for volatility. A Market on the Edge This moment in the oil market isn't just about barrels and charts. It's about how energy continues to be both a weapon and a lifeline, a reflection of the world's volatility, and a driver of its stability. For investors, analysts, and policymakers, the message is clear: as long as conflict brews in the Middle East, oil will remain a battlefield of its own. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
16-06-2025
- Business
- See - Sada Elbalad
Oil Prices Surge amid Escalating Israeli-Iranian Conflict
Taarek Refaat Oil prices rose sharply in early Asian trading on Monday, driven by renewed attacks between Israel and Iran. The exchange of strikes has heightened concerns that the growing conflict could disrupt critical oil exports from the Middle East, a region that remains essential to global energy supply. Brent crude futures increased by $1.70, or 2.3%, reaching $75.93 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $1.62, or 2.2%, to $74.60. Both benchmarks had surged more than $4 earlier in the session, reflecting the heightened market volatility. Latest Oil Prices: WTI Crude • 73.63 +0.65 +0.89% Brent Crude • 74.79 +0.56 +0.75% Murban Crude • 74.31 +0.79 +1.07% Louisiana Light • 71.63 -0.13 -0.18% Bonny Light • 78.62 -2.30 -2.84% Opec Basket • 69.15 +1.68 +2.49% Mars US • 72.21 -1.06 -1.45% Gasoline • 2.250 +0.022 +1.00% Natural Gas • 3.680 +0.099 +2.76% The latest round of attacks between Israel and Iran comes amid fears of a broader regional conflict. Both sides have exchanged fire, resulting in civilian casualties and raising fears of further escalation. Each side has urged civilians to take safety precautions, signaling that more attacks may be imminent. On Friday, oil prices surged by 7% at settlement, reaching their highest levels since January after rising more than 13% during the session. Experts are now forecasting further price increases, especially with concerns about potential disruptions in the Strait of Hormuz, a key chokepoint for global oil transportation. The Strait of Hormuz sees the passage of about 18 to 19 million barrels of oil per day, representing around one-fifth of global oil consumption. Any disruption to this critical shipping lane could have severe consequences for both oil prices and global supply chains. U.S. President Donald Trump expressed hope on Sunday that Israel and Iran might reach a ceasefire, but also stated that sometimes "countries must fight to the end." While the United States has continued to show support for Israel, Trump declined to comment on whether he had asked Israel to halt its strikes on Iran. German Chancellor Friedrich Merz noted that he hopes the upcoming G7 summit in Canada could help find a diplomatic resolution to the conflict and prevent its escalation. On the other hand, Iran has made it clear to mediators in Qatar and Oman that it is unwilling to negotiate a ceasefire while it is still under attack from Israel. Iran, a member of OPEC, produces approximately 3.3 million barrels per day of oil, with over 2 million barrels per day of that oil being exported. As the region's tensions escalate, concerns about potential disruptions to Iran's oil output and export capacity grow. OPEC analysts suggest that the organization, alongside its partners such as Russia, has enough spare production capacity to absorb any short-term disruptions in Iranian oil exports. However, the growing geopolitical tensions continue to put upward pressure on oil prices, with markets remaining volatile and uncertain about the duration of the conflict. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
13-06-2025
- Business
- See - Sada Elbalad
Oil Prices Surge 9% After Israeli Strikes on Iran Spark Fears of Regional Escalation
Taarek Refaat Oil prices spiked sharply on Friday following Israel's announcement of a large-scale military operation targeting Iran, heightening fears that a broader conflict could disrupt energy supplies from the region. Brent crude futures rose $4.35, or 6.19%, reaching $74.60 a barrel, while U.S. West Texas Intermediate (WTI) crude jumped $5.33, or 7.83%, to $73.37 a barrel by 00:29 GMT—pushing both benchmarks to their highest levels in over two months. Latest Oil Prices: WTI Crude $74.35 +9.27% Brent Crude $75.57 +8.95% Murban Crude $75.07 +8.40% Louisiana Light $71.76 +4.39% Bonny Light $78.62 -2.84% Opec Basket $67.47 +0.18% Mars US $72.21 -1.45% Gasoline $2.259 +5.43% Natural Gas $3.544 +1.49% The surge came hours after Israeli military officials confirmed a series of airstrikes targeting what they described as 'dozens of military and nuclear-linked facilities' across Iran. A senior Israeli source stated that the strikes were aimed at weakening Tehran's military capabilities and undermining its nuclear infrastructure. 'We believe Iran has the capability to strike Israel at any moment,' the source warned. According to Israeli officials, several of the targets included nuclear facilities, though no details have yet been released about the extent of the damage. Iranian state media has confirmed the deaths of senior Revolutionary Guard commanders, but Tehran has not yet commented publicly on the alleged strikes against nuclear infrastructure. The developments have added new urgency to diplomatic efforts. A sixth round of nuclear talks between U.S. and Iranian officials is scheduled for Sunday in Oman, with mediation from Omani diplomats. U.S. Special Envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araqchi to discuss Iran's potential response to Washington's latest proposal on nuclear compliance. Former U.S. President Donald Trump has reportedly reiterated his stance that military action remains an option if talks collapse. Iran has responded by warning that any aggression would be met with retaliatory strikes on U.S. military bases in the region. The risk of military escalation has raised alarms over global energy security, particularly regarding the Strait of Hormuz—a critical shipping chokepoint for global oil supplies. The UK Maritime Trade Operations issued a warning earlier this week that rising tensions could impact maritime traffic in key Middle Eastern waterways. Analysts at JPMorgan warned that oil prices could spike to $120–$130 per barrel if the Strait of Hormuz were to be closed, though they currently view the likelihood of that scenario as low. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
