NEW YORK (Reuters) - Oil prices rose more than 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further. After falling early in the session amid bearish jobs numbers and a ramp up in Gulf of Mexico oil output following Hurricane Sally, crude benchmarks reversed course to gain on the day, bolstered by comments from OPEC. "Although no amendments to the current supply-cut deal have been proposed by OPEC+ today, the producers group gave the impression that it does not sweep troubles under the carpet," said Rystad Energy's Head of Oil Markets, Bjornar Tonhaugen. Brent oil futures extended gains to settle up $1.08 or 2.56% at $43.30 a barrel. U.S. crude futures settled higher by 81 cents, or 2.02% at $40.97 a barrel. Both contracts rose more than 4% on Wednesday. The panel of major producers, including Saudi Arabia and Russia, did not recommend any changes to their current output reduction target of 7.7 million barrels per day (bpd), or around 8% of global demand, according to a draft press release and an internal report. The panel pressed laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction in May-July, while extending the compensation period from September to the end of December, according to three OPEC+ sources. "They were coming down hard on the UAE," said Phil Flynn, senior analyst at Price Futures Group in New York. The expectation that output could fall as the UAE and others trim production bolstered prices, he said. The OPEC news overshadowed the restart of U.S. offshore production after Hurricane Sally passed through the Gulf of Mexico and bearish U.S. economic news. U.S. energy companies were starting to return crews to offshore oil platforms in the Gulf of Mexico after Sally halted operations for five days, shutting down nearly 500,000 bpd of output. Prices were also under pressure from the slow economic recovery from the pandemic. Global coronavirus cases are expected to pass 30 million on Thursday, according to a Reuters tally. The U.S. Labor Department's report showed the number of Americans filing new claims for unemployment benefits fell last week, but remained at extremely high levels as the labor market recovery shifts into low gear and consumer spending cools. Even OPEC+ cautioned that the pandemic could continue to curb demand. An OPEC+ technical panel warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to an internal document seen by Reuters.
18/09/2020 7:25 AM
tkl88Walaoeh, oil price spike up like mad ! Today O and G counters will be spike up to sky high already ! Huat ah ! Heng ah ! Ong ah !
18/09/2020 7:52 AM
James Nghttps://klse.i3investor.com/blogs/general/2020-09-22-story-h1514243688.jsp [转贴] [Video:浅谈DIALOG GROUP BHD, DIALOG, 7277] - James的股票投资James Share Investing
22/09/2020 8:53 PM
tkl88Good news, perikatan nasional has won the Sabah election by 38 seats out of 73 seats ! So that our politic will be stable for another 3 years till 2023 election !
27/09/2020 11:38 AM
tkl88It’s good for our economy, like that next week KLSE will be spike up like mad already !
27/09/2020 11:39 AM
tkl88Wow, Dow Jones spike up to sky high ! As at 11.53pm, Dow Jones at=> 27,665.15 (+491.19) (+1.81 %) !
29/09/2020 12:06 AM
tkl88Walaoeh ! Dow Jones continue it’s bull run by spike up 400 over points !
Dow Jones closed at=> 28,148.64 (+465.83) (+1.68 percent) !
The U.S. Energy Information Administration (EIA) provides an outlook on oil and gas prices from 2020 to 2050. It predicts crude oil prices will average $44 a barrel in the fourth quarter of 2020 and $49/b in 2021 for Brent
The EIA predicted that, by 2025, a barrel of Brent crude oil's average price will rise to $79/b.
06/10/2020 8:08 PM
MabelOil prices are on course to climb 10 percent this week as Hurricane Delta shuts in over 90 percent of production in the Gulf of Mexico, leading some analysts to claim prices are set for a breakout.
tkl88As at 12.25pm, Joe Biden already have 209 votes leading Donald Trump's 118 votes by 91 votes, Joe Biden just need only another 61 votes then will won the US election !
Biden Wins Presidency, Ending Four Tumultuous Years Under Trump https://www.google.com.my/amp/s/www.nytimes.com/2020/11/07/us/politics/biden-election.amp.html
By Jonathan Martin and Alexander Burns * Nov. 7, 2020 Updated 12:48 p.m. ET
Joseph R. Biden Jr. achieved victory offering a message of healing and unity. He will return to Washington facing a daunting set of crises.
Joseph Robinette Biden Jr. was elected the 46th president of the United States on Saturday, promising to restore political normalcy and a spirit of national unity to confront raging health and economic crises, and making Donald J. Trump a one-term president after four years of tumult in the White House. Mr. Biden’s victory amounted to a repudiation of Mr. Trump by millions of voters exhausted with his divisive conduct and chaotic administration, and was delivered by an unlikely alliance of women, people of color, old and young voters and a sliver of disaffected Republicans. Mr. Trump is only the third elected president since World War II to lose re-election, and the first in more than a quarter-century. The result also provided a history-making moment for Mr. Biden’s running mate, Senator Kamala Harris of California, who will become the first woman to serve as vice president. With his triumph, Mr. Biden, who turns 78 later this month, fulfilled his decades-long ambition in his third bid for the White House, becoming the oldest person elected president. A pillar of Washington who was first elected amid the Watergate scandal, and who prefers political consensus over combat, Mr. Biden will lead a nation and a Democratic Party that have become far more ideological since his arrival in the capital in 1973.
08/11/2020 2:25 AM
izoklsebad news for oil market. Possible Brent will be push down further. Get ready guys.
08/11/2020 2:26 AM
tkl88Biden Victory ! Like that next Monday onwards world stock markets including our KLSE will spike up like mad already !
Huat ah ! Heng ah ! Ong ah !
08/11/2020 2:52 AM
tkl88President Biden is favours to world trade ! World economy will start booming from today onwards ! And asian stock markets including KLSE will be in bull market from today onwards !
09/11/2020 2:48 PM
tkl88As at 2.10pm, Hang Seng : 26,095.46 (+382.49) (+1.49 %) Shanghai composite: 3,380.38 (+68.23) (+2.06 %) Nikkei : 24,912.31 (+587.08) (+1.41 %) Taiwan Weighted : 13,127.47 (+153.94) (+1.19 %) Korea Kopsi : 2,449.96 (+33.46) (+1.38 %) Singapore STI : 2,611.34 (+32.66) (+1.27 %)
Huat ah ! Heng ah ! Ong ah !
09/11/2020 2:48 PM
tkl88Wow, oil price spike up like mad ! As at 9.50pm, Nymex at => $40.67 (+3.53) (+9.50 percent) Brent at => $42.77 (+3.32) (+8.42 percent)
Huat ah ! Heng ah ! Ong ah !
09/11/2020 10:00 PM
tkl88Oil Jumps by Most Since June on Covid Vaccine Progress Alex Longley and Matthew Martin Mon, November 9, 2020, 9:54 PM GMT+8·2 min https://finance.yahoo.com/news/oil-climbs-biden-win-spurring-105416567.html
(Bloomberg) -- Oil in London jumped by the most since June as Pfizer Inc. reported a potential Covid-19 vaccine breakthrough.
Crude futures spiked following news the vaccine, being developed by Pfizer and BioNTech SE, prevented more than 90% of infections in a study of tens of thousands of volunteers.
Markets globally surged. WTI climbed more than 10% in New York, while global equities soared. It led to broader strength in the oil futures curve, with timespreads also moving sharply higher.
A vaccine “would be the most meaningful type of mitigator to the situation,” Saudi Energy Minister Prince Abdulaziz Bin Salman said prior to the Pfizer announcement at a conference on Monday. “We’re still hopeful that vaccine is found and that vaccine or vaccines spread and hopefully mobility would be regained.”
Since Covid first emerged, oil markets have been steadily recovering from the biggest crash in consumption in a generation. Transport use in Asia has rebounded strongly, but the renewed resurgence of the virus in Europe has continued to weigh on demand in the region. The emergence of a vaccine would not only help regions suffering form renewed lockdowns, but could also help spur the return of aviation demand -- the hardest hit corner of the market.
The relief in the market was seen in the profits from turning crude into transport fuels. Gasoline cracks in the U.S. reached their highest since mid-October, while those in Europe also gained. Jet fuel was also gaining relative to the value of other transport fuels in Europe, Bloomberg fair value data show.
Prices had earlier rallied as Joe Biden declared victory in the U.S. presidential election and began preparations to navigate America’s pandemic-hit economy out of crisis, with potential shifts coming on a range of policies from fiscal stimulus to Iranian sanctions. At the same time, Saudi Arabia said that OPEC+ could extend oil cuts through 2022 as the group seeks to re-balance the glutted market.
09/11/2020 11:29 PM
tkl88Walaoeh, Dow Jones spike up to sky high ! As at 12.05am, Dow Jones at=> 29,425.57 (+1,102.17) (+3.89 %) !
tkl88Wow, oil price continue to spike up ! As at 1.20am, Nymex=> $41.29 (+1.00) (+2.48 percent) Brent => $43.44 (+1.04) (+2.45 percent)
Huat ah ! Heng ah ! Ong ah !
11/11/2020 2:10 AM
tkl88Walaoeh, Dow Jones continue it’s bull run ! Dow Jones closed at=> 29,420.92 (+262.95) (+0.90 percent) ! Huat ah ! Heng ah ! Ong ah !
11/11/2020 8:00 AM
tkl88Oil price continue to spike up like mad ! As at 7.02pm, Nymex=> $42.89 (+1.53) (+3.70 %) Brent => $45.16 (+1.55) (+3.55 %)
Huat ah ! Heng ah ! Ong ah !
11/11/2020 7:31 PM
BIOALPHAI don't know why oil prices will affect Dialog much. In fact, when oil prices go down, is better for Dialog as they need to store the oil for them. Dialog is an oil storage and refinery.
11/11/2020 8:04 PM
Lychien20operator start d engine liew. fast fast in
tkl88Dow Jones continue to spike up like mad ! Dow Jones closed at=>29,950.44 (+470.63) (+1.60 percent) Huat ah ! Heng ah ! Ong ah !
17/11/2020 7:48 AM
Patrick13This is amazing result. If 1Q20 excluding the FV gain on deemed disposal of JV ~ RM28.5mil, the net profit will be adjusted to RM140.6mil, slightly lower than latest profit despite the lower revenue. And profit margin is at high side eg. above 40% which is highest in recent years. That show how well they did in cost management, and the high profit margin on midstream business as now they're focus more on storage & terminals at this low crude oil pricing environment.
17/11/2020 8:09 AM
shocklimSince QR out Dialog share price dropped from a high of 3.95 to 3.63 A drop of 32 sen Or a drop of 8.1%
18/11/2020 4:55 PM
Lychien20CW C57 is expiring next week so IB will continue to press the price down
19/11/2020 12:25 PM
tkl88Malaysia in deal with China for Covid-19 vaccine development PUBLISHED : 18 NOV 2020 AT 19:40 WRITER: REUTERS
tkl88KUALA LUMPUR: Malaysia said on Wednesday it has signed an agreement with China to cooperate on the development of a safe and efficacious vaccine, as part of efforts to combat the Covid-19 pandemic.
Under the agreement, in force for an initial period of five years, the Southeast Asian nation will be given priority access to Covid-19 vaccines developed by China. Both will share knowledge and expertise and facilitate scientific and technological capabilities to advance vaccine development in their countries, Malaysia said in a joint ministerial statement. Science, Technology and Innovation Minister Khairy Jamaluddin signed the agreement with his Chinese counterpart Wang Zhigang in a virtual ceremony.
Cooperation between Malaysia and China under the agreement would be supervised by a committee chaired by the foreign affairs ministers of both countries that was formed in October to address post-pandemic challenges.
"Both countries will also support the participation of their public and private sectors including universities, institutions, societies and organisations in joint collaborative projects," the Malaysian ministries said.
20/11/2020 7:50 AM
tkl88Khairy: Malaysia to pay RM94mil upfront for vaccine under Covax plan
* NATION * Thursday, 19 Nov 2020 10:53 AM MYT By MARTIN CARVALHO, RAHIMY RAHIM and TARRENCE TAN
OldWiseMan100Will the market crash if budget 2021 cannot be passed this coming Thursday (26/10/2020)? These are the 4 possible scenarios:
1. Parliament will be dissolved and a snap election will be called 2. A state of Emergency in the whole country will be declared by YDPA 3. Muhyiddin will resign and YDPA will appoint an interim PM 4. YDPA will appoint a new PM who has majority MPs support. A new budget 2021 also will be tabled by the new appointed PM.
Will the market go down? Will it crash? Take profit now or wait?
