OPEC oil output rises in January as key members stand firm: survey

LONDON (Reuters) - OPEC's oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices.
The Organization of the Petroleum Exporting Countries at a November meeting decided to focus on market share rather than cutting output, despite concerns from members such as Iran and Venezuela about falling oil revenue.
Supply from OPEC has averaged 30.37 million barrels per day (bpd) in January, up from a revised 30.24 million bpd in December, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
At the Nov. 27 meeting, OPEC retained its output target of 30 million bpd, sending oil prices to a four-year low close to $71 a barrel. Crude since fell to a near six-year low of $45.19 on Jan. 13 and was trading above $49 on Friday.
OPEC Secretary General Abdulla al-Badri, speaking in London on Monday, defended the no-cut strategy and said prices may have reached a floor, despite oversupply. Other OPEC delegates have since echoed this message.
"Prices are stabilizing," said a delegate from a Gulf producer. "But the world economy is not very strong and stocks are too high."
Read more Click here / www.trade4x.net

Crude oil rallies over 1% but supply glut worries still weigh

Crude oil futures rallied over 1% on Friday, on the back of a weaker dollar but the commodity still remained within close distance of a nearly six-year low as ongoing concerns over a glut in global supplies continued to weigh.
On the New York Mercantile Exchange, U.S. crude oil for delivery in March traded $0.56 or 1.26% higher to $45.10 a barrel during European early afternoon trade.
Prices rose $0.08 or 0.18% on Thursday to settle at $44.53.
Futures were likely to find support at $43.58, Thursday's low and a nearly six-year low and resistance at $46.55, the high from January 27.
Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.27% to 94.71, moving away from last Friday's more than 11-year highs of 95.77.
Read more Click here / www.trade4x.net

FXCM set to sell FXCMPro – LeapRate Exclusive

LeapRate Exclusive… LeapRate has learned that embattled retail forex broker FXCM Inc (NYSE:FXCM) is very close to effecting a sale of its institutional brokerage arm FXCMPro.
M&A discussions around FXCMPro began virtually immediately after FXCM received a $300 million lifeline from Leucadia National Corp (NYSE:LUK) just under two weeks ago. FXCM stated at the time that it intended to sell non-core assets to help repay the loan from Leucadia. We (and most in the industry) understood ‘non-core assets’ to mean that everything will go except FXCM’s core retail forex brokerage franchise.
Another Leucadia company, investment banking firm Jefferies LLC, is acting as adviser and doing most of the work in finding a buyer for FXCMPro.

Read more at Click here / www.trade4x.net

Crude oil trading outlook: futures head for seventh monthly loss amid glut

West Texas Intermediate and Brent crude were headed for the longest monthly losing streak since January 2009 as rising US crude oil output and inventories exacerbated worries of a global supply overhang at times of slowing economic growth. A firm dollar also weighed.
US crude for delivery in March rose 0.22% to $44.63 per barrel by 8:30 GMT, having shifted in a narrow daily range of $44.74-$44.43. The contract rose 0.18% yesterday to $44.53, but not before it fell to $43.58, the lowest since March 2009.
Meanwhile on the ICE, Brent for settlement in the same month slid 0.22% to $49.02 a barrel, ranging between $49.24 and $48.76 for the day. The European benchmark crude rose by 1.36% to $49.13 on Thursday, settling at a premium of $4.60 to its US counterpart. The gap narrowed to $4.39 on Friday.
Oil prices extended losses for a seventh month after US production surged to the highest in more than three decades, while OPEC stood firm and denied an obligation to normalize prices by cutting its own output. Saudi Arabia’s King Salman, who earlier in January succeeded the deceased King Abdullah, kept Oil Minister Ali Al-Naimi at his post, signaling he will adopt no change to the kingdom’s oil policy. Saudi Arabia, OPEC’s leading producer, steered the group into retaining its production quota at 30 million bpd at a November 27th meeting in Vienna, in a push to defend market share and curb US shale supply.
US crude output jumped by 27 000 barrels per day to 9.213 million bpd in the week ended January 23rd, a record for weekly statistics tracked since January 1983. The Energy Information Administration also reported that US crude supplies surged by 8.874 million barrels in the week ended January 23rd to 406.7 million, the highest on weekly data spanning back to August 1982.
Inventories at the Cushing, Oklahoma storage hub rose to 38.9 million barrels, from 36.8 million during the preceding period. This was an eight consecutive weekly jump, pushing supplies to the highest since January 2014.
Read more Click here / www.trade4x.net

Tel Aviv Stock Exchange Weekly Review: 25-29 January 2015

Trading on the Tel Aviv Stock Exchange (TASE) during the last week of January was characterized by a mix trend in all the leading share indices; TA-Oil and gas Index made notable increase of 6.0%; Trading commences in derivatives on the TA-100 Index

TEL AVIV, Israel, January 29, 2015 /PRNewswire/ --

TA-25  

The TA-25 index decreased 0.5% over the week and decreased 1.2% since the beginning of the year, after an increase of 10.2% for the whole of 2014.

     (Logo: http://photos.prnewswire.com/prnh/20130117/588933 )

TA-100  

The TA-100 index decreased 0.1% over the week and decreased 1.5% since the beginning of the year, after an increase of 6.7% for the whole of 2014.

Read More at Click here / www.trade4x.net

Oil ETFs in demand but beware of the contango trap

When looking at the performances of commodities, which are all traded as futures contracts requiring a regular roll, the true performance is often not shown correctly due to the inability of charts to take into account the positive or negative roll yield between an expiring contract and the next. In this we take a closer look at crude oil which has become a hot investment topic during the past few months.

Following the drop of over 50% in the price of crude oil since July, crude oil has increasingly been attracting interest from investors who see the current low prices as unsustainable in the long run. As a result, according to data from Bloomberg, we've seen net flows of more than four billion US dollars into energy ETFs since the beginning of November. The 40% collapse in the price since then has left many investors nursing losses but net-flows have remained positive. 

 

Read more at Click Here / www.trade4x.net 

 

 

Crude oil trading outlook: futures hold near 6-year lows despite OPEC comments

West Texas Intermediate and Brent crude extended weekly losses as OPEC comments that prices may have bottomed out failed to shift focus from the imminent signs of a global supply overhang. Expectations for a jump in US crude inventories to a record level further dragged on prices.
US crude for delivery in March fell 0.24% to $45.04 per barrel by 7:50 GMT, having shifted in a daily range of $45.35-$44.88. The contract slid 0.97% to $45.15 yesterday, the lowest close since March 2009, after it earlier slid to a near 6-year low of $44.35. Prices fell 7.2% last week, an eight weekly decline in nine.

Read more at Click Here / www.trade4x.net

Gold prices set to rise on financial markets uncertainty

Gold prices are set to rise next week, buoyed by the uncertainty in the financial markets following the Canadian and European central bank actions.
But the gold markets could witness some consolidation following a strong start to the year, analysts said.
Traders will be tracking the US Federal Reserve's monetary policy decision, due on 28 January, and its impact on the US dollar next week.
The demand for dollar-denominated commodities such as gold typically weakens on a stronger greenback as it makes the metal more expensive for holders of other currencies, lowering its hedge appeal.
Analysts' take
Capital Economics said it was bullish on gold heading into next week, stating that recent global central banks' moves had sparked some uncertainty in the financial markets.
The firm added that lower bond yields, and negative bond yields in Europe, will continue to support the gold market next week.
Howard Wen, commodity analyst from HSBC, told Kitco News that because of its strong momentum, gold prices do have room to climb higher, but that he expects the market to see a bit of consolidation after a rally in prices this year.
Ole Hansen, head of commodity strategy at Saxo Bank, told Kitco that the metal should maintain its momentum as long as it holds above the 200-day moving average, which comes in at $1,256.40 an ounce.
Read more Click here / www.trade4x.net

 

Nigeria: 'Economy - Financial Markets At Risk in 2015'

Lagos — United Capital Plc, formerly UBA Capital, has said the Nigerian economy is to face one of the most difficult times in history as global crude oil prices, a key anchor for fiscal and macroeconomic stability, continue on a downward trajectory this year.
Group Chief Executive Officer of United Capital Plc, Mrs. Oluwatoyin Sanni, stated this while unveiling the firm's research work on the Nigerian economy and financial markets for 2015 titled 'A Tale of Two Halves' in Lagos yesterday.
Sanni who said the financial markets are likely to be more challenging relative to 2014, itemised four major factors to shape the markets this year.
The factors, according to her, are post-election scenarios, aggressive tightening by the Central Bank of Nigeria (CBN), variability in foreign portfolio flows and the downward trajectory of crude oil prices.
She said, the factors are largely expected to dictate movements in both equity and fixed income markets though in different degrees during the year.
The report believed that the Nigerian fixed income market mirrored sentiment's that impacted emerging markets fund flow in 2014.
The report submitted that: "With the US Fed's tapering in full gear, foreign portfolio inflows into the fixed income market receded sharply in first quarter pressuring yields to the upside. However, the stability witnessed in the Naira/USD as well as the sustained single digit inflation level ensured sizeable amounts of foreign investors' portfolio flow into naira fixed income assets."
Read  more Click here / www.trade4x.net

WTI, Brent oil futures turn higher after bullish El-Badri comments

Crude oil futures erased losses to hit the highest levels of the session on Monday, as investors reacted to bullish comments made by OPEC Secretary-General Abdalla El-Badri.

On the New York Mercantile Exchange, crude oil for delivery in March tacked on 35 cents, or 0.78%, to trade at $45.95 a barrel during U.S. morning hours.

Nymex oil fell by as much as $1.23 to hit a session low of $44.36 earlier, a level not seen since March 2009.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery inched up 27 cents, or 0.55%, to trade at $49.06 a barrel. Earlier in the day, Brent touched a low of $47.59, down $1.20.

Oil prices erased losses after El-Badri said he is open to meeting with non-OPEC producers to balance the market.
Read more Click here / www.trade4x.net

NYMEX crude gains slightly in early Asia with U.S. stockpile data ahead

Crude oil prices rose in early Asia on Tuesday with U.S. industry petroleum stockpile data scheduled later in the day a focus.

The American Petroleum Institute will release its estimates of U.S. crude, distilalte and gasoline stoocks on Tuesday, followed by more closely watched U.S. Department of energy data on Wednesday.

Last week, API reported a crude build of 5.7 million barrels for the previous week, and the Department of Energy said stocks rose by 10.07 million barrels in the same time frame.

On the New York Mercantile Exchange, crude oil for delivery in March gained 0.08% to trade at $45.13 a barrel.

Crude oil futures erased losses to hit the highest levels of the session on Monday, as investors reacted to bullish comments made by OPEC Secretary-General Abdalla El-Badri.

On the ICE Futures Exchange in London, Brent oil for March delivery inched up 27 cents, or 0.55%, to trade at $49.06 a barrel. Earlier in the day, Brent touched a low of $47.59, down $1.20 on Monday.
Read more Click here / www.trade4x.net

 

Natural gas futures drop 3% despite Northeast blizzard

U.S. natural gas prices fell sharply on Monday, despite forecasts for heavy snowfall in the heavily populated Northeast region over the next two days.

On the New York Mercantile Exchange, natural gas for delivery in March tumbled 6.8 cents, or 2.3%, to trade at $2.890 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.821.

On Friday, natural gas surged 13.1 cents, or 4.63%, to settle at $2.958.

Futures were likely to find support at $2.762 per million British thermal units, the low from January 22, and resistance at $2.967, the high from January 23.

The National Weather Service said that the storm would bring heavy snow, powerful winds and widespread coastal flooding through Tuesday.

A blizzard warning was issued for a 250-mile stretch of the Northeast. The storm is centered just north of New York City but will extend from Philadelphia to Canada.
Read more Click here / www.trade4x.net

Oil climbs ahead of U.S. storm following Saudi transition

NEW YORK (Reuters) - Oil prices were up for a second straight day on Monday ahead of the first major snowstorm expected this year in the U.S. Northeast.
Gains were limited, however, by the absence of any market disruption in top oil exporter Saudi Arabia after King Abdullah's death.
An 11-year high in the U.S. dollar <=USD> against other major currencies, and fears of fresh instability in the euro zone after a decisive Greek election victory by the left-wing Syriza party also capped oil's potential for rebound, traders said.
Light snow began falling on the U.S. East Coast on Monday morning, the first signs of a potentially historic blizzard that officials predicted could dump up to 3 feet of snow in the coming day, snarling transportation for millions of people.
The National Weather Service (NWS) issued a blizzard warning for New York City and surrounding areas between coastal New Jersey and Connecticut, beginning 1:00 p.m. EST (1800 GMT) on Monday and worsening overnight into Tuesday morning. It warned of two days of winter storms across the East Coast, from Pennsylvania to Maine.
"Crude is getting some help from supportive heating oil ahead of the blizzard, although with all the flight cancellations, it might end up being a bearish event on oil demand," said Phil Flynn, analyst at Chicago's Price Futures Group.
Read more Click here / www.trade4x.net

 

Ignorance bliss for those blind to Swiss crisis

A DECISION by Switzerland to finally give up its three-year fight to defend its currency not only sent shockwaves through some of the world’s biggest investment banks, it exposed a gnawing vulnerability in one of the fastest-growing corners of Australia’s investment markets.

Many of Australia’s 51,000 retail foreign exchange investors may not ­realise how close they came to being wiped out by moves in a ­currency they never bet on.

Australia is one of the few places in the world — along with Cyprus and Mauritius — where brokers can use client funds on deposit as collateral for potential losses incurred by the firm on other currency bets. It’s a quirk in Australia’s corporations law that’s been exploited by brokers in a flourishing retail foreign exchange and contract-for-difference industry. It has allowed mostly online brokers to boost their growth without having to risk much of their own capital.

Read More..... Click Here / http://www.trade4x.net/

Rupee strengthens against dollar for fourth consecutive week

Rupee continued to rule firm for the fourth consecutive week, surging another 45 paise to end at 61.42 against the US dollar.

Persistent selling of dollars by banks and exporters amid sustained foreign capital inflows into equity market helped the domestic currency strengthen against the greenback. 

Banks and exporters preferred to reduce their dollar position on hopes of further capital inflows as foreign portfolio investors (FPIs) infused $733.98 million during the week. 

Read More....Click Here / http://www.trade4x.net/

Standard Bank's metals chief Coupland goes on temporary leave

Standard Bank Plc's charismatic co-head of commodities Jim Coupland is on temporary leave for personal reasons, his counterpart Mark Buncombe to take over day-to-day reins of one of the world's top metals banks, the bank said on Friday.
A bank representative did not specify a date for the return of Coupland, 57, who started Standard's base metals futures trading business two decades ago and made it one of the first Western banks to break into China.
Coupland goes on leave at a challenging time for Standard Bank as it seeks to recoup millions of dollars in losses from a metal financing scandal in China's Qingdao port that rocked markets last year.
Standard Bank's exposure to the purported fraud was about $170 million worth of aluminium, but the co-chief executive has said it was "too early" to tell whether or not further writedowns were needed. The bank is a subsidiary of Standard Bank Group, Africa's largest lender.
Coupland did not return calls seeking comment.
Emails sent to his work address came back with an out of office reply saying: "I am currently on leave and have limited access to email".
Read more Click here / www.trade4x.net

Crude oil remains supported by news of Saudi King's death

Crude oil futures rose on Friday, pulling away from nearly six-year lows as news of Saudia Arabia King Abdullah's death lent support to the commodity, although sustained concerns over a supply glut continued to weigh.
On the New York Mercantile Exchange, U.S. crude oil for delivery in March traded $0.12 or 0.25% higher to $44.43 a barrel during European early afternoon trade.
Prices plummeted $1.47 or 3.08% on Thursday to settle at $46.31.
Futures were likely to find support at $44.78, the low from January 13 and a nearly six-year low and resistance at $49.09, Thursday's high.
Oil prices rallied following reports of the death of Saudi Arabia's King Abdullah amid growing speculation over a possible shift in the kingdom’s policy of allowing crude prices to fall.
The 90-year-old monarch, who was admitted to hospital in December with pneumonia, will be succeeded by his half-brother, Crown Prince Salman.
Read more Click here / www.trade4x.net

Saudi King Abdullah dies, new ruler is Salman

RIYADH (Reuters) - Saudi Arabia's King Abdullah died early on Friday and his brother Salman became king, the royal court in the world's top oil exporter and birthplace of Islam said in an official statement.
King Salman has named his half-brother Muqrin as his crown prince and heir, rapidly moving to forestall any fears of a succession crisis at a moment when Saudi Arabia faces unprecedented turmoil on its borders.
The rise of Islamic State in war-torn Syria and Iraq has brought to the kingdom's frontiers a militant group that vows to bring down the Al Saud dynasty.
In Yemen, the Iran-allied Shi'ite Houthis have all but seized power and plunged the country to the brink of total chaos, opening space for al Qaeda, which waged an insurgency in Saudi Arabia from 2003-06 and nearly killed a top prince in 2009.
The problems in all those countries are being played out against an overarching backdrop of bitter rivalry between Sunni Muslim Saudi Arabia and its arch regional foe Shi'ite Iran and bumps in Riyadh's key relationship with the United States.
Read more Click here / www.trade4x.net

Oil jumps as Saudi king's death feeds market uncertainty

SINGAPORE (Reuters) - Oil prices jumped on Friday as news of the death of Saudi Arabia's King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades.
Abdullah died early on Friday and his brother Salman became king in the world's top oil exporter.
Salman named his half-brother Muqrin as heir, moving to forestall any succession crisis at a moment when Saudi Arabia faces unprecedented turmoil on its borders and in oil markets.
Brent crude futures rose to $49.70 a barrel by 0808 GMT, up $1.18 a barrel. U.S. WTI crude futures were at $47.31, up one dollar.
"This little spike in prices is understandable. But this is a selling opportunity in our view. It should be sold off quickly and it won't last long at all," said Mark Keenan of French Bank Societe Generale.
After seeing strong volatility and price falls earlier in January, oil markets have moved little this week, with Brent prices range-bound between $47.78 and $50.45 a barrel.
Read more Click here / www.trade4x.net

 

Summary of Venezuelan President Nicolás Maduro's Annual Report

Application of a three-pronged forex system was part of the announcements made by President Nicolás Maduro on Wednesday evening

EL UNIVERSAL ,

During his speech before the Parliament on Wednesday evening, Venezuelan President Nicolás Maduro presented his Annual Report and Accounts. Maduro announced several measures grounded on the country's economic indicators, which have been subject to the oil price plunge, access to foreign currency, and other issues adversely affecting the population to get food and priority services.

The following are some of the most important aspects outlined by the President:

- A 15% increase of the minimum wage as of February 1. The move entails adjusting the wage from VEB 4,899.54 – VEB 5,634.47 (USD 779 – USD 896), and the food benefit from VEB 1,905 – VEB 2,857 (USD 303 – USD 454) monthly.

- Incorporation of a health bonus for pensioners. The amount of the bonus was not unveiled, though. 

Read more Click here / www.trade4x.net