OPEC may not be what it once was, but in concert with non-OPEC countries like Russia the cartel is showing it can still influence prices to its advantage. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook After extensive negotiations behind the scenes, Saudi Arabia and Russia have agreed to reduce […]
Tag: Oil
Oil Has Hit $60 Per Barrel — How Much More Can it Drop?
Brent crude has hit a new low for 2018, with the international benchmark down 3% last week to its lowest level in 13 months. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook West Texas Intermediate, the main U.S. contract, fell 4.5% to $52.09. Investors have taken fright in a relatively […]
Oil Price Slide Potentially Bearish for Aluminum, Other Energy-Intensive Metals
We should state from the outset that it’s not that energy costs are directly dependent on the oil price — very little electricity generation around the world, Saudi Arabia being an exception, is generated from crude oil. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook But with power making up […]
Not All Oil Shocks Are the Same
Drawing from an Economist article, there are at least two kinds of oil shock and they can have a distinctly different impact on the economics of the day. Arguably, what we have seen this last 18 months represents the first kind oil shock. We have adjusted to price rises as the months have gone by, […]
Is Oil Heading for $100/Barrel?
Oil prices have been quietly rising for the last six weeks. The Brent crude benchmark has now breached the U.S. $80/barrel level to $81.20 this week, a level not seen since late 2014, the Financial Times reports. In the U.S., ample shale oil supply and constrained infrastructure remains a drag on the West Texas Intermediate price, […]
This Morning in Metals: $80 Oil and Energy Infrastructure Investment
This morning in metals, Shell’s chief executive says $80 oil is good for energy infrastructure investment, China’s Baowu is reportedly in talks to acquire a rival and base metals prices dropped on Tuesday. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook $80 Oil? Shell CEO Says It’s Not Unreasonable In […]
This Morning in Metals: AIIS Seeks Funds for Section 232 Lawsuit
This morning in metals news, a trade association looks to raise money to support its lawsuit against the Section 232 steel tariff, Honda’s quarterly earnings hit a 12-year high and the oil price’s recent dip may just be temporary. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook American Institute for International […]
This Morning in Metals: Canada Mulls Blanket Steel Tariff
This morning in metals news, Canada could respond to the U.S. steel tariff with a broad global tariff of its own, the governor of Texas says the metals tariffs could harm the oil and gas sectors, and India could be the recipient of a flood of redirected Chinese steel. Need buying strategies for steel? Try […]
The Oil Price Is at a Crossroads
After a sharp run up from the middle last year, the oil price is hovering below U.S. $80 per barrel. The market is finely balanced in terms of threats to supply and still has robust demand growth. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Capacity cuts implemented by Russia, OPEC […]
This Morning in Metals: Saudi Arabia Seeks $100/Barrel Oil Price, Chinese Iron Ore Rebounds from 10-Month Low
This morning in metal news, Chinese iron ore futures rebound from a 10-month low, Saudi Arabia emerges as OPEC’s leading supporter for further reducing oil supply, and researchers discover a major supply of rare earth minerals in the seabed near a remote Japanese island. Need buying strategies for steel? Try two free months of MetalMiner’s […]
