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Tag: exports

Markets News Oil 

U.S. says global oil surplus aiding its plan to cut Iranian exports

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“The United States surprised global oil markets in November last year by allowing eight countries to keep importing Iranian oil” writes Midwest Communications Inc for 95kqds.com. HOUSTON (Reuters) – A global oil surplus is allowing the United States to accelerate its plan of bringing Iranian crude exports to zero, a U.S. State Department official said on Wednesday.The global oil market is looking for signs that Washington may extend sanctions waivers for Iran’s key customers in early May.”When you have a better supplied oil market it enables us to accelerate our…

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News Oil 

Oil firms as Saudis trim exports and US output forecast is reduced

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“U.S. crude oil production is expected to average about 12.30 million bpd in 2019, the U.S. Energy Information Administration (EIA) said on Tuesday” writes unknown author for cnbc.com. Markets have been further tightened by the implementation of U.S. sanctions against oil exports from OPEC-members Iran and Venezuela.International Brent crude oil futures were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.”Failures in the electrical system … (are) likely to accelerate the loss of 700,000 barrels per day” in oil supply, Barclays bank…

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News Oil 

Exclusive: Pompeo to meet oil executives, push U.S. crude exports, Iran policy – sources

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“The effort has won success in convincing nations including China, Poland, Japan and South Korea to purchases more U.S. oil and natural gas” writes Midwest Communications Inc for 95kqds.com. It has expanded sales of fuels, crude oil and liquefied natural gas (LNG) to Asian customers, including China in a bid to dominate worldwide energy trade after a four-decade ban on crude exports was ended by President Obama in 2016.Dubbed ‘Asia Edge’ by the administration, it aims to grow Asian energy security by further expanding U.S. oil and gas exports to…

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News Oil 

Venezuelans scramble for food and water as oil exports hit by blackout

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“The blackout, which began Thursday afternoon, has heightened frustration among Venezuelans already suffering widespread food and medicine shortages, as the once-prosperous nation’s economy suffers a hyperinflationary collapse” writes Midwest Communications Inc for 95kqds.com. CARACAS/SAN CRISTOBAL, Venezuela (Reuters) – Much of Venezuela, including parts of the capital Caracas, remained without power on Monday for a fifth day, crimping vital oil exports and leaving people struggling to obtain water and food.The opposition-controlled congress called an emergency session to discuss the power cuts, blaming negligence by Maduro’s socialist government. Source: 95kqds.com

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News Oil 

Occidental Emerges as Heavy Hitter in U.S. Oil Export Boom

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“Oxy later sold the terminal to Moda Midstream but has retained a 10-year contract for 450,000 bpd of exports at the oil export terminal” writes Devika Krishna Kumar for reuters.com. Given the country consumes several million barrels more than that daily, many analysts had assumed exports would grow more slowly.Occidental stands out among the myriad trading houses, oil producers and shippers with operations in the Permian, as it currently exports about 300,000 bpd of oil, roughly 10 percent of U.S. crude exports.In 2017, Occidental was the largest exporter of crude…

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News Stocks 

Trump’s trade war is hammering Chinese exports, and it’s driving a global sell-off

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“It is understandable why investors have been so worried about the outlook for global growth when you see figures like these.”” writes Finanzen Net Gmbh for businessinsider.com. New data showing a 21% decline in Chinese exports in February — partially driven by the US-China trade war — didn’t help matters.The bad news from China appeared to be helping a global sell-off in stocks. Source: businessinsider.com

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Futures News 

Dow futures point to lower open after China’s exports plummet

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“U.S. stock index futures were lower Friday morning, amid escalating concerns about a global economic slowdown” writes Sam Meredith for cnbc.com. ET, Dow futures slipped 76 points, indicating a negative open of more than 80 points.Market focus is largely attuned to economic data, after shockingly weak export figures from China exacerbated concerns about a global economic downturn.Stateside, market participants are likely to closely monitor a fresh round of economic data. Source: cnbc.com

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News 

China’s exports fall more than 20% in February

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“Economists polled by Reuters had expected the overall trade balance to come in at $26.38 billion” writes Huileng Tan for cnbc.com. China’s February trade balance was also significantly weaker than expected at $4.12 billion.Dollar-denominated imports fell 5.2 percent in February from a year ago, missing economists’ forecast of a 1.4 percent fall. China’s politically sensitive trade surplus with the U.S. narrowed sharply to $14.72 billion in February from $27.3 billion in January.The country’s trade balance in January had been $39.16 billion. Source: cnbc.com

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News 

Chinese exports slump as slowdown deepens

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“BEIJING–China’s exports fell sharply last month, adding to headwinds for the world’s second-largest economy as officials struggle to arrest a slowdown” reports marketwatch.com. China’s total trade surplus stood at $4.12 billion, narrowing sharply from the $39.16 billion surplus in January.In a sign of worsening domestic demand, imports fell 5.2%, extending January’s 1.5% drop.And despite officials’ efforts to ease trade tensions, China’s trade outlook doesn’t look rosy. Source: marketwatch.com

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News 

U.S. trade gap with China reaches all-time high under Trump

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“Both the goods trade deficit and the services trade surplus individually set records” writes Doug Palmer for politico.com. U.S. goods exports to China totaled $120.3 billion last year, dropping from nearly $130 billion in 2017.The resulting overall trade deficit of $621 billion was the highest since 2008.The U.S. trade deficit tends to rise when the economy grows because American businesses and consumers increase purchases of all goods, including imports. Source: politico.com

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