Russian oil boss Sechin declares Opec effectively extinct May 10, 2016 The head of Russia's biggest oil firm declared the Organisation of Petroleum Exporting Countries (Opec) effectively extinct. Igor Sechin, a close ally of Russian president Vladimir Putin, told Reuters that internal strife is killing the cartel and its ability to steer the oil market has all but evaporated. Read more: Oil and gas execs flag Opec policy as biggest [...]
Before the bell: What you need to know before the US market open May 10, 2016 Stock futures in the US are up on the back of a good day in Asia and a strong start across Europe. The S&P is up by 0.34 per cent, while the Nasdaq is up by 2.5 per cent. The Dow has added 0.35 per cent in the pre-market. The day's big news so far Germany's current [...]
Saudi Aramco says it’s likely to ramp up production to meet rising demand May 10, 2016 Saudi Aramco is likely to ramp up oil production to meet rising demand, at a time when global oil markets are already awash with crude. Speaking in a news briefing today, Amin Nasser, the chief executive of Saudi Arabia's state-owned oil company, Saudi Arabian Oil, known as Saudi Aramco, said: "We're seeing an increase in global demand. We're meeting [...]
Electric car owners can sell electricity back to the grid in Nissan trial May 10, 2016 Electric vehicle owners could soon make money from selling electricity back to the grid. Nissan, which builds some of its electric cars in its Sunderland factory, has launched a new trial in the UK which it claims could revolutionise energy supply. Owners of the Nissan Leaf will be able to charge their cars during low demand times and then [...]
Hotel Chocolat’s on a sugar high as share price jumps on its first day of trading May 10, 2016 It's a pretty sweet day for Hotel Chocolat founders Angus Thirlwell and Peter Harris, after shares in the company jumped on its first day of trading today. After the company priced shares at 148p last week, valuing the company at £167m, they jumped to 175p as the market opened, and were hovering 8.5 per cent higher at 193p in mid-morning trading. Hotel [...]
Goldman Sachs says this will give the oil market recovery legs May 10, 2016 Goldman Sachs said that stable declines in non-Opec production will be key to whether oil markets recover in a sustainable fashion. The bank's base scenario predicts a sustained deficit in the third quarter of the year, until which crude prices are expected to hover around current levels. Read more: Oil major Total makes near €1bn wager on [...]
Brent crude and WTI: Oil steadies as traders look through supply outages May 10, 2016 Oil prices steadied this morning as the millions of barrels of crude stored in tankers across the world offset supply disruptions. Brent crude, the global benchmark, rose 0.3 per cent to $43.7 per barrel, while West Texas Intermediate, the US benchmark, dipped 0.2 per cent to $43.4 per barrel. The Canadian wildfires provided temporary support to [...]
The case for buying emerging markets on dips May 10, 2016 The beautiful magnolia trees are blossoming, and we all know what that means. Bluer skies over London, happy dogs in the parks, and speculation picking up about whether we’ll see a repeat of the “sell in May” strategy. Last week ended with a thud after a much weaker-than-expected US April jobs report. As soon as [...]
At the close: FTSE 100 slips on the falling oil price as poor China data weighs heavy May 9, 2016 The FTSE 100 has managed to erase all its earlier gains to close down, adding to the worst weekly performance since February and marking the third straight week of losses. The blue-chip index finished 0.2 per cent lower at 6,114.81 after falling 1.9 per cent last week. The index is down around two per cent so far this year and 15 per [...]
Brent crude and WTI: Oil prices give up gains from Canada wildfires May 9, 2016 Oil prices gave up earlier gains from a huge wildfire in Canada's oil and gas region to trade lower this afternoon. Brent crude, the global benchmark, fell two per cent to $44.7 per barrel, while West Texas Intermediate crude, the US benchmark, slumped 1.6 per cent to $44. Read more: Low oil prices pushes Saudi Arabia into [...]