Brent crude fell a third day amid speculation that Saudi Arabia will cut the price of barrels it sells to Asia. West Texas Intermediate in New York also slipped.

Futures slid as much as 0.8 percent in London. Saudi Arabia is set to announce crude-export prices for next month after applying the biggest discount in almost six years for some November shipments to Asia.

“We’re all anticipating the Saudi announcement,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone. “If they announce another big discount the market will take it hard and prices will move a lot lower.”

West Texas Intermediate fell for a third day, the longest losing streak in more than two weeks, as an official gauge from China showed factory output slowed in the world’s second-largest oil consumer. Brent slid in London.

“We saw better-than-expected industrial production and exports data last month but China’s economy may be showing its weakness again,” Hong Sung Ki, a commodities analyst at Samsung Futures Inc. in Seoul, said by phone today. “The market consensus is still very much split on whether OPEC will cut its output, as there’s a speculation that low prices may have been intended by the group to protect its market share.”

When it comes to oil, it’s all about money politics. Who are the main players in the game? Saudi Arabia, the United States, Canada, China and Iran. Maybe the US needs to weaken Russia now. Low oil prices will definitely hurt Russia, as half of its budget money comes from O&G exports

A Credit Suisse analyst suspects the heavy selling seen in SapuraKencana is partly due to some syariah funds exiting before the removal of the stock from the compliant list in November.

Petroleo Brasileiro SA (PETR4)’s auditor PricewaterhouseCoopers is demanding that the Rio de Janeiro-based producer fire a top executive who is cited in a corruption investigation before it approves the third-quarter earnings, said a person with direct knowledge of the issue.

Petrobras discussed dismissing Sergio Machado, the head of the Transpetro transport unit, for four hours at a board meeting yesterday without reaching a decision because some members said they were concerned it would cause friction in President Dilma Rousseff’s ruling coalition, said the person, who declined to be named because the information isn’t public. PwC may have additional demands apart from Machado’s dismissal before it approves the earnings report, the person said.

Machado has denied any irregularities and says the accusations are absurd, Transpetro said in an e-mailed response from its press department. Machado has no knowledge about discussions at Petrobras’s board meeting or any recommendations from PwC, according to the response. Petrobras and PwC didn’t immediately respond to phone calls and e-mails requesting comment after normal business hours. Rousseff’s press office directed all questions to Petrobras when contacted by phone.

The state-controlled oil company is at the center of a wide-ranging, multi-billion dollar money laundering and bribery investigation that has put Rousseff, who was the company’s chairwoman from 2003 to 2010, on the defensive. It was a major theme in elections last month that Rousseff won by a small margin.

Petrobras’s former head of refining Paulo Roberto Costa, who is currently under house arrest under a plea bargain agreement with prosecutors, said in videotaped testimony he received 500,000 reais ($202,000) in payments from Machado. Machado is the only Petrobras executive cited by Costa for alleged bribing who still works at the company.

路透調查顯示，市場預估油價還會再維持低迷至少兩年，預測的油價減幅更創金融危機以來最大降幅

WTI Crude Set for Biggest Monthly Drop Since 2012; Brent Falls

West Texas Intermediate headed for the biggest monthly decline in more than two years on signs that OPEC boosted output to a 14-month high even as crude slumped into a bear market. Brent slid in London.

Futures fell as much as 0.3 percent in New York, bringing October’s drop to 11 percent. Production from the 12-member Organization of Petroleum Exporting Countries climbed by 53,000 barrels a day to 30.974 million, a Bloomberg survey shows, while the U.S. pumped oil at the fastest pace since at least January 1983. The Federal Reserve said this week the U.S. labor market has strengthened enough to withstand an end to its unprecedented asset-purchase program.

WTI for December delivery declined as much as 27 cents to $80.85 a barrel in electronic trading on the New York Mercantile Exchange and was at $80.99 at 9:52 a.m. Seoul time. The contract decreased $1.08 to $81.12 yesterday. The volume of all futures traded was about 80 percent below the 100-day average. Prices are down 18 percent this year.

Brent for December settlement slid as much as 32 cents, or 0.4 percent, to $85.92 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a $4.96 premium to WTI, compared with $5.12 at the end of last week.

WTI may extend losses next week, a separate Bloomberg survey shows. Twelve of 30 analysts and traders, or 40 percent, forecast futures will decline through November 7, while 11 predict a price gain.

Petrobras, as Petroleo Brasileiro is known, trades at 0.52 times its book value, which compares The 0.85-point gap is the biggest since at least 1998. The producer’s shares have slumped 42 percent to 14.24 reais from this year’s high Sept. 2 as investors pared bets on a new government winning election in the Oct. 26 presidential vote. Incumbent Dilma Rousseff secured another four-year term.

“Petrobras was the stock affected the most by all the speculation we saw before the election,” Fausto Gouveia, who helps manage 850 million reais ($350 million) of assets at Azimut Holding SpA’s AZ Legan unit, said by phone from Sao Paulo.

WTI Falls From One-Week High on Fed Stimulus Halt

“It’s another negative factor for the oil market and for commodities in general, coming on top of an already oversupplied oil market,” Hans van Cleef, energy economist at ABN Amro Bank NV in Amsterdam, said by phone of the Fed’s move. “When you pull money out of the market, normally the first thing you’d sell is riskier assets.”

the giant collapsed ???

WTI Crude Retreats From Week-High as U.S. Crude Stockpiles Gain

West Texas Intermediate retreated from the highest price in more than a week after a government report showed crude inventories increased in the U.S., the world’s biggest oil consumer.

Futures fell as much as 0.3 percent in New York after rising yesterday to the highest level since Oct. 21. Crude stockpiles rose by 2.06 million barrels last week to the most in almost four months, the Energy Information Administration said yesterday. Oil supply and demand will return to equilibrium and members of the Organization of Petroleum Exporting Countries aren’t waging a price war, the group’s secretary-general, Abdalla El-Badri, said at the Oil & Money conference in London yesterday.

“Expanding stockpiles are putting downward pressure on oil,” Kang Yoo Jin, a commodities analyst at Woori Investment & Securities, said by phone from Seoul. “Oversupply concerns in the market are not easing because OPEC is not making any comments so far on a possible production cut.”

WTI for December delivery lost as much as 31 cents to $81.89 a barrel in electronic trading on the New York Mercantile Exchange, and was at $81.90 at 9:02 a.m. Seoul time. The contract gained 78 cents to $82.20 yesterday. The volume of all futures traded was about 55 percent below the 100-day average. Prices are down 17 percent this year.

Employees Provident Fund Board Disposed 3,022,300 units on 24/10/2014

strongly rebound, 3.50 already, well done, : )

rebound as expected, closing above 3.50 is possible, : )

WTI Crude Rises From Three-Day Low Before U.S. Data

West Texas Intermediate rose from its lowest closing level in three days before data that will gauge the strength of the economic recovery in the U.S., the biggest oil consumer. Brent gained in London.

Futures advanced as much as 0.8 percent in New York, reversing an earlier loss. U.S. durable goods orders and consumer confidence probably rose, economists said before reports today. Prices slipped earlier on forecasts that U.S. crude inventories increased last week and speculation that OPEC will refrain from clearing a supply glut.

WTI for December delivery gained as much as 61 cents to $81.61 a barrel in electronic trading on the New York Mercantile Exchange, trading for $81.55 as of 11:26 a.m. London time. Yesterday’s closing price of $81 was the lowest since Oct. 22. The volume of all futures traded was about 27 percent below the 100-day average for the time of day. Prices have declined 17 percent this year.

Brent for December settlement advanced 43 cents to $86.26 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $4.72 to WTI on ICE.

crude oil price stabilizes above 80, market overreact, 2morow sure rebound

oversold !

WTI Falls for Third Day as U.S. Supply Seen Rising; Brent Drops

West Texas Intermediate fell for a third day amid speculation crude inventories increased to near a four-month high in the U.S., the world’s biggest oil consumer. Brent slid in London.

Futures dropped as much as 0.7 percent in New York. Crude stockpiles are forecast to have expanded by 3.8 million barrels to 381.5 million last week, a Bloomberg News survey shows before government data tomorrow. OPEC is unlikely to reduce its production target when it meets next month, said Mohsen Qamsari, a director for international affairs at National Iranian Oil Co., according to the Oil Ministry’s news service.

“It’s clear that the supply situation is at a record in terms of stockpiles, so it’s going to take some time to clear that excess,” Michael McCarthy, a chief strategist at CMC Markets in Sydney, said by phone today. With OPEC, “the expectation is that they will announce a cut but the question is whether or not they will deliver on them.”

WTI for December delivery declined as much as 55 cents to $80.45 a barrel in electronic trading on the New York Mercantile Exchange and was at $80.70 at 1:06 p.m. Seoul time. The contract lost 1 cent to $81 yesterday. The volume of all futures traded was about 54 percent below the 100-day average. Prices are down 18 percent this year.

Goldman Sachs has slashed its 2015 oil price forecasts, making it the most bearish among major financial institutions, following a near 25 per cent fall in crude prices over the past five months.

The United States investment bank said rising output would outstrip demand - with its forecast weighing further on benchmark Brent crude prices - as forecasters generally pare back estimates for oil due to global growth, a strengthening dollar and ample supplies.

Goldman analysts said in a report released late on Sunday that it expected US benchmark West Texas Intermediate (WTI) crude to fall to US$75 (RM245.80) a barrel and Brent to US$85 a barrel in the first quarter of next year, both down US$15 a barrel from its previous forecast.

WTI could fall as low as US$70 in the second quarter and Brent as low as US$80 when oversupply would be the most pronounced, before returning to first-quarter levels, it said.

Goldman's projections contrast with those of Standard Chartered Bank's oil analyst Paul Horsnell, known for having called the market's long rally a decade ago, who is sticking with a more bullish bias. Reuters

oooop, panic selling again ?

immediate support 3.54, next will be 3.45

Oil Speculators Bet Wrong as Rebound Proves Fleeting

Hedge funds rushed back into oil too quickly, boosting bullish bets amid a rebound last week, only to then watch surging U.S. crude supplies push prices right back down to a two-year low.

After rising as analysts speculated prices had reached a floor, WTI sank again after stockpiles climbed nationally and at Cushing, Oklahoma, the delivery point for New York Mercantile Exchange futures. It fell to $80.52 on Oct. 22, the lowest settlement since June 2012, and ended the week down 24 percent from the year’s high. The U.S. benchmark, which slipped into a bear market Oct. 9, may dip to $75 by the end of year, Bank of America Corp. said Oct. 23.

油價至6月來重挫約25%，原油供應過剩，加上需求疲軟，導致全球原油市場失衡，部份產油國不斷呼吁減產以扭轉油價頹勢，但減產也可能面臨市場占有率被侵蝕的風險。

針對各大產油國對是否減產的爭議，前科威特最高石油委員會成員、分析師瑪拉菲說：“至少近期內，沙地和大部份波斯灣國家仍將維持穩定，不至於屈從壓力減產、把市占拱手讓人。”

根據國際能源總署（IEA）的數據，沙國9月原油產量不減反增，產能達每日973萬桶，展現其捍衛市占的決心。

前GCC官員、沙國經濟學家艾爾庫威茲表示，波斯灣國家擬定預算的基準油價都定在每桶80美元或以下，“大部份GCC成員國的財政緩衝都很充足，足以抵禦低油價的影響”。

根據國際金融研究所（IIF）的數據，由於過去10年來油價大漲，GCC成員國的財政準備金總額已攀抵2.45兆美元，去年總收入也從2009年的3千660億美元，升至7千290億美元。紐約西德州原油價格已跌每桶81美元左右，是2012年中來低點。

高盛下調了明年的布蘭特原油和西德克薩斯中質油（WTI）的價格預期，並表示，隨著美國頁岩油產量的增加，油盟正在逐漸喪失對原油價格的掌控權。

Jeffrey Currie等高盛分析師在報告中稱，明年第一季度的布蘭特原油均價料為每桶85美元，低於此前每桶100美元的預估；同時WTI的均價料為每桶75美元，低於原先90美元的預測值。

高盛指出，鑒於北美和油盟以外地區加速增長的產量超過了需求，因此原油市場將出現供過於求狀況。

Brent fell for a second day as Goldman Sachs Group Inc. cut its crude price forecasts, predicting supply growth from non-OPEC producers will outpace demand. West Texas Intermediate was steady in New York.

Futures dropped as much as 0.5 percent in London, extending losses after a fifth weekly decline. Accelerating output from producers outside of North America including Brazil and Azerbaijan will result in an oversupply in 2015, Goldman Sachs said. The Organization of Petroleum Exporting Countries, scheduled to meet in Vienna next month, should let the market balance itself instead of trying to intervene, according to Hasan Qabazard, a former head of the group’s research division.

“Oil prices may decline further until we get some comments from OPEC that they will cut production,” Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said by phone today. Supply is increasing faster than demand, he said.

當油價潰跌、尤其當跌破成本價時，槓桿比例一般相對偏高的油氣公司或面對來自金融機構和債權人的壓力，導致資金週轉不靈，其連鎖效應將蔓延至其他證券和股票，禍及其他投資產品，引起全方位賣壓。

“不是說當油價一跌破成本價時，油氣公司就會立即陷入困境，而是只有當產油活動被認為會在中期內無利可圖、導致相關投資大幅減少時，油氣公司才會遭麻煩纏上，因這行業的固定開銷和資金需求極高，許多公司只要無法達到特定產能使用率，就會面臨營運困難。”

With the U.S. on track to become the world’s largest oil producer by next year, it’s become popular in Washington and on Wall Street to call America the new Saudi Arabia. Yet the real Saudi Arabia hasn’t relinquished its role as the producer with the most influence over oil prices. Its reserves of 266 billion barrels, ability to pump as many as 12.5 million barrels a day, and, most important, its low cost of extracting crude still make it a formidable rival to the U.S., whose shale wells are hard to exploit. “Saudi Arabia is the only one in the position of putting more oil on the market when they want to and cutting production when they want to,” says Edward Chow, a senior fellow at the Center for Strategic and International Studies in Washington. The Saudis are also the most powerful member of OPEC, the 12-member group that’s increasingly facing off against Russian, U.S., and Canadian production.

In September, despite a global oil glut developing largely because of China’s slowdown and the rapid increase in U.S. production, the Saudis boosted production half a percent, to 9.6 million barrels a day, lifting OPEC’s combined production to an 11-month high of almost 31 million barrels a day. Then, on Oct. 1, Saudi Arabia lowered prices by increasing the discount it offered its major Asian customers. The kingdom might just as easily have cut production to defend higher prices. Instead, the Saudis sent a strong signal that they were determined to protect their market share, especially in India and China, against Russian, Latin American, and African rivals. Iraq and Iran followed Saudi Arabia’s example.

The news set off a bear market in oil: Brent crude, the international benchmark, fell from $115.71 a barrel on June 19 to $82.60 a barrel on Oct. 16, the lowest price in almost four years, as investors realized that the big oil states were not going to cut production. “OPEC appears to be gearing up for a price war,” Eugen Weinberg, head of commodities research at Commerzbank (CBK:GR), wrote on Oct. 2. The Saudi government wouldn’t comment for this story.

WTI Heads for Weekly Drop as Saudi Policy Seen Unchanged

West Texas Intermediate retreated from the biggest gain since September amid speculation a drop in Saudi Arabian oil supplies isn’t a signal that OPEC’s largest producer has decided to cut production. Brent slid in London.

Futures fell as much as 1.3 percent in New York and are poised for a fourth weekly decline.

Oil Futures Climb After Saudi Arabia Supply Said to Fall

Brent gained and West Texas Intermediate rose from a two-year low after market supplies from Saudi Arabia, the world’s biggest crude exporter, were said to have dropped last month.

Saudi Arabia supplied 328,000 barrels a day less to 9.36 million in September, according to a person familiar with the country’s policy. Oil, which has collapsed into a bear market on concerns over rising production, also advanced on improved economic reports ranging from manufacturing in Germany and China to U.S. jobs.

“The Saudis are limiting the amount of crude oil available to the market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The market is using that as a bullish reason. Whether or not there will be a significant production cut from Saudi Arabia remains to be seen.”

Brent for December settlement rose $1.64, or 1.9 percent, to $86.35 a barrel at 11:32 a.m. New York time on the London-based ICE Futures Europe exchange. The volume of all futures was 16 percent above the 100-day average.

WTI for December delivery climbed $1.31, or 1.6 percent, to $81.83 a barrel on the New York Mercantile Exchange. Volume was 18 percent above the 100-day average. WTI dropped $1.97 to $80.52 yesterday, the lowest close for a front-month contract since June 28, 2012. Brent traded at a premium of $4.52 to WTI on ICE, compared with $4.19 yesterday.

Construction outfit Ahmad Zaki Resources Bhd (AZRB) said it has received a notice of arbitration from its sub-contractor Cobrain Holdings Sdn Bhd, which is seeking a full payment of the final claim totalling SAR14.37 million (RM12.46 million), arbitration cost and other reliefs for a project in Riyadh, Saudi Arabia.

very strong selling pressure, immediate resistance at 3.60

go go go, huray huray huray, go go go, ha ha ha

crude oil WTI up 0.37, good

will break 3.60 1st resistance soon, :)

profit taking activity is the main concern now, 1st resistance at 3.60, immediate support at 3.55

“We are almost at the floor,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London, said by phone yesterday. He estimates that Brent will be supported at $80 to $85 a barrel and could rebound to $95 by year-end. “It’s not in OPEC’s interest to see prices too low for too long a period.”

powerful rebound, good

will break 3.50 soon, huat ah !!! ha ha ha

oil price will never drop below 80, share price will never drop below 3.00

3.44 already, huat ah, ha ha ha

good company is a good company, skpetro !!!

3.41 already, hehehe, ho sei liao !

WTI crude oil up 0.75 at 83.45, Brent crude oil up 0.79 at 86.61, : )

stop buying, but if fall below RM2, i will mortgage my property to buy more, :)

look like ipo price not something impossible if they r going clear the 28%

selling pressure very strong, 28% foregn holdings, are they going to clear all ???

as long as oil price above usd80, capex wouldn't be affected

wao, down 4 cts, 0.95 already

EPF will make a lot !!! cash is king

yes, Maybank analysis is good

every morning hv to call the clients top up top up or force selling !!!