The Trump administration is pleased with initial results of its actions to secure crude oil for the national stockpile while easing storage pressures on the struggling oil companies, and might conduct similar operations in the near future, Energy Secretary Dan Brouillette said Thursday. Speaking during a virtual meeting of the Secretary of Energy Advisory Board, […]
Following the chaos in oil markets on April 17 as the US price went negative thanks to over-supply and a lack of sufficient storage facilities, IS Prime says it has developed two new indices to which will mean clients do not need to be stopped out if and when the price goes negative again. Many […]
This week’s podcast features Colin Lambert and Julie Ros taking a look at the week’s event, along with a bit of inter-office banter. Lambert kicks off by asking a question of Ros and the audience and, when he eventually gives the answer later in the podcast, the latter is quick to claim she was going […]
Another week another meltdown in a market – this time oil, which, as I am sure you all know, went negative this week in the US as yet again the world was shocked by something that they really should have seen coming. This is becoming quite a regular feature of markets in the data-driven, automated […]
A divided Texas Railroad Commission Tuesday postponed its vote on limiting oil production in the nation’s largest oil-producing state, with the majority preferring to conduct additional due diligence and avoid potential legal minefields. “We need to get information correct before we make a move,” TRRC chairman Wayne Christian said, a stance backed by fellow commissioner […]
It’s the night of the living dead in Houston, where the unthinkable happened, oil became worthless. In fact, oil became even worse than worthless. It was a day so bad that you had to pay people to take it. If you were a trader who never took delivery, only bought and sold futures contracts, the […]
As US cases of the coronavirus now double every two and a half days, more than 84 million Americans are spending a bleak Sunday night facing a week – and maybe months – ahead, either off the job or teleworking, separated from relatives and friends, seeing paralysing discord on Capitol Hill where the virus is […]
The furious governmental efforts at all levels to cope with the increasing spread of the coronavirus as a disease and as a crippler of the economy Friday did not seem to be keeping up with the steepening curve of infection. As more governors close down non-essential business in their states to keep individuals separated as […]
FX volatility jumped again overnight in Asia with volumes also leaping higher as dealers report activity across the region surpassing recent highs. The latest bout of activity was triggered by a 30% collapse in the oil price as Saudi Arabia responded to Russia’s decision on Friday to increase oil output rather than agree with OPEC […]
The biggest issue facing the Russian ruble in 2017 is the price of oil, according to a Bloomberg survey of FX executives released today.
Of those polled, the majority (or 51%), say oil prices will have the biggest effect on the currency, with 83% of the executives saying that they feel that the ruble will be more correlated to oil than emerging markets currencies this year.
Of less concern in relation to the ruble were Russian Central Bank policies and geopolitics, which only 22% said they were concerned about, and just 5% of respondents said that they are concerned about US interest rate hikes.