Oil prices are factored into the economic growth of most nations because it is used as a basic energy source in the production of a majority of goods and services. The international price of oil and the global oil market are both complicated. Based source FXDailyReport.com The oil price is dependent on a multitude of factors and some of them that affect international oil prices are detailed briefly in the paragraphs below. Continue reading
The market for coking coal exploded on Monday with the steelmaking raw material surging more than 15% to $175.70 (Australia free-on-board premium hard coking coal tracked by the Steel Index), an 11-week high. Continue reading
Oil rose Wednesday morning after the U.S. Energy Information Agency (EIA) reported significant drawdowns in product inventories for the week ending March 24. Gasoline inventories fell by 3.7 million barrels, and distillate inventories (including diesel and heating oil) dropped by 2.5 million barrels. Continue reading
Low oil prices on international markets will lead Angola’s state budget to continue to show significant deficits between 2017 and 2021, although 5.7% of GDP projected for this year is expected to fall to 4.3% in 2021, according to the Economist Intelligence Unit (EIU). Continue reading
This weekend the representatives of OPEC and several other major oil producers outside of this group, including Russia, are meeting in Vienna for their first meeting to monitor compliance with the oil output cut agreement. Continue reading
Some analysts see demand for metallurgical coal slackening off once China eases limits on production but those policies will still impact prices this year. Clarksons Platou Securities analyst Jeremy Sussman told Bloomberg this week metallurgical coal was still his pick of commodities. Continue reading
A greater-than-expected decline in global mine production, predominately in China, has prompted Fitch group company BMI Research to forecast higher coal prices. The research group now calculates that Newcastle coal will average $53/t this year, up on its previous forecast of $51/t.