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."
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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.
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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.
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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.

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Strong dollar equals weak P&G earnings

A strong U.S. dollar added up to a weak earnings report for Dow component Procter & Gamble, which  blamed the negative impact from foreign currency exchange for its quarterly earnings miss.

The maker of household goods, including well-known brands such as Bounty paper towels, Tide detergent and Crest toothpaste, posted adjusted fourth-quarter earnings per share of $1.06,  below the $1.13 investors forecast and the $1.15 earned in the final quarter of 2013. The consumer products maker posted revenue of $20.2 billion, which was inline with expectations.

P&G (PG) shares were down $2.17, or 2.4%, to $87.35 in premarket trading Tuesday.

But the story of the quarter was how big a chunk currency exchange took out of the company’s earnings. The company said that core earnings per share would have increased 6% if currency impacts were not taken into account. However, P&G also said that its sales suffered a “five percentage point (negative) impact from foreign exchange.”

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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."
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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.
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Gold prices flat in Asia as euro concerns wane, eyes on U.S.

Gold prices traded mosstly flat on Tuesday in early Asia as immediate concerns about Greece's exit from the euro zone waned and investors looked ahead to the Federal Reserve and U.S. data this week.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.01% to trade at $1,281.90 a troy ounce.

Also on the Comex, silver futures for March delivery rose 0.12% to trade at $17.930 a troy ounce.

Elsewhere in metals trading, copper for March fell 0.07% to trade at $2.541 a pound.

Overnight, gold fell more than 1% on Monday, as appetite for safe-haven assets weakened after jitters over the Greek election diminished.

Greek leftist party Syriza formed a coalition government with the right-wing Independent Greeks party on Monday. Syriza won 149 seats in Greece’s 300-seat parliament, while the Independent Greeks took 13 seats, giving them a comfortable governing majority.
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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.
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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.
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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.
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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.

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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. 

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FXCM considers exiting some countries, is seeking negative balances

The Wall Street Journal reports that FXCM is considering sales of non-core assets to help repay the $300 million loan it was forced to accept under distressed conditions last week.

Shares of the company are down 85% since mid-month and declined nearly 30% on Friday.

They said FXCM is “reviewing countries where it offers currency trading, with an eye toward possibly lopping off jurisdictions where capital requirements and other costs are too onerous, one of the people said.”

There is nowhere where capital costs are higher than the US.

The WSJ reports that a leading contender to be sold is FXCM’s minority stake in FastMatch Inc., a separate company that operates an electronic currency-trading platform. FastMatch matches buy and sell orders among banks, hedge funds and other asset managers. The company estimates its share is worth roughly $70 million.

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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.
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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.
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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.
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Crude oil trading outlook: futures slide ahead of ECB decision, EIA supply data

Both West Texas Intermediate and Brent crude fell on Thursday amid an outlook for a stronger dollar and as projections for another weekly jump in US crude oil inventories exacerbated concerns of a global supply overhang.
On the New York Mercantile Exchange, WTI for delivery in March fell 0.80% to $47.40 per barrel by 9:42 GMT, having shifted in a daily range of $47.69-$47.10. The contract rose 2.8% on Wednesday to $47.78.
Meanwhile on the ICE, Brent for settlement in the same month was down 0.22% to $48.92 a barrel, ranging between $49.15 and $48.50 during the day. The European benchmark crude added 2.17% yesterday to settle at $49.03. Brent was at a premium of $1.52 to its US counterpart, down from Wednesday’s close at $1.55.
Oil prices pared overnight gains as investors eyed the upcoming ECB policy decision, which is broadly expected to initiate a bond-buying program that would further devalue the euro against the US dollar, weighing on dollar-denominated commodities.
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U.S. soybeans extend bounce from 3-month low

U.S. soybean futures rose for the second consecutive session on Thursday, as investors returned to the market to seek cheap valuations in wake of recent losses which took prices to the lowest level in almost three months.

On the Chicago Mercantile Exchange, US soybeans for March delivery inched up 3.67 cents, or 0.37%, to trade at $9.8788 a bushel during U.S. morning hours.

A day earlier, US soybeans for March delivery tacked on 1.4 cents, or 0.15%, to settle at $9.8340.

Prices of the oilseed touched $9.7220 on Tuesday, a level not seen since October 23, amid concerns over weakening demand from China and as optimism over crop prospects in Brazil and Argentina underlined worries over ample global supplies.

Meanwhile, US corn for March delivery rose 0.97 cents, or 0.25%, to trade at $3.8938 a bushel.

On Wednesday, corn prices lost 2.2 cents, or 0.58%, to close at $3.8800, after hitting a session high of $3.9240, the most since January 13, as investors booked profits amid indications of plentiful global supplies.

The U.S. Department of Agriculture said on January 12 that the U.S. harvest totaled 14.216 billion bushels last year on yields of 171 bushels an acre, both record-highs.
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Oil prices slip ahead of ECB bond buying decision

LONDON (Reuters) - Brent crude oil dipped towards $48 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move which could push the dollar to new highs and put downward pressure on commodities.
The ECB's Executive Board has proposed a program that would allow it to buy 50 billion euros ($58 billion) of bonds a month starting in March, a euro zone source said. The expected stimulus program has pressured the euro and sent the dollar, seen as a safe haven, soaring.
A strong dollar, buoyed by an expected U.S. interest rate hike and an American economy that is growing while Europe and Asia slow, dents demand for dollar-priced commodities by making them expensive for holders of other currencies.
Oil prices have already more than halved since June last year due to oversupply and a fall in global demand.
Brent crude futures traded at $48.75 a barrel by 0910 GMT, down 28 cents. U.S. crude was down 50 cents at $47.28.
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