- Oil prices recovered after the retreat yesterday as the market paid attention to Tropical Storm Isaac which caused disruption of oil production facilities. Yet, prices remained capped the worries over global economic slowdown as Japan revised lower its GDP growth forecast. This week's focus is mainly on the Jackson Hope Symposium. In 2010, the Fed announced QE2 after Fed Chairman Ben Bernanke indicated further quantitative easing in his speech at the same event. The market thus hoped to get s...
- Brent oil futures were steady above $112 a barrel on Tuesday, supported by supply concerns after U.S. companies slashed crude production in the Gulf of Mexico as Tropical Storm Isaac threatened to strengthen into a hurricane. Gains may be limited by worries that hurricane damage could prompt refiners to cut crude oil purchases in coming weeks and on heightened expectations that U.S. government may release some of its strategic oil reserves to rein in prices.
- Financial markets firmed most of the day before receiving gloomy Chinese data showing continued weakness in the country's economy. In the commodity sector, crude oil prices initially climbed higher but then reversed gains amid news that Iran would allow inspection of suspected nuclear sites. This upstaged reports that Tropical Storm Isaac was heading towards the Gulf of Mexico. The front-month contract for WTI crude oil contract slipped -0.71% while the Brent crude contract dipped -1.17%. Gol...
- After targeting the U.S. Gulf coast Monday with ponderous rains and strong winds, tropical storm Isaac's path is now directed toward New Orleans with threats of a projected landfall Tuesday night, nearly seven years to the day since Hurricane Katrina wrecked the city.
- Though Isaac is still being classified as a tropical storm, many are comparing it to Hurricane Katrina considering it is expected to make landfall near New Orleans and on the seventh anniversary of the devastating storm.
- As residents are deciding whether to evacuate Louisiana, Mississippi and Alabama, Tropical Storm Isaac is forecast to strengthen into a hurricane over the eastern Gulf of Mexico. Here are some ways you can prepare for the storm.
- At least one major refiner, BP PLC (NYSE: BP), has said it is shutting down production in the region. Production shutdowns can lead to price spikes at the pump fairly quickly.
Tropical Storm Isaac 2012: Evacuations Ordered In Three Gulf Coast States, Hurricane Path 'Identical To Katrina'Resident in Louisiana, Mississippi and Alabama were told to evacuate their Gulf Coast homes on Monday in the midst of Hurrican Isaac. The governors of the three states each declared an emergency, with Alabama Gov. Robert Bentley ordering mandatory evacuations for residents who live along the coast and for those in some low-lying areas inland.
Tropical Storm Isaac’s Path Across Southern Florida Cancels 1,000 Flights, Keeps Cruise Ships At SeaTropical Storm Isaac’s path across Southern Florida and into the Gulf of Mexico has wreaked havoc in the skies, forcing more than 1,000 cancellations and counting.
- December corn is trading 2 1/2 cents higher near 7:30 am CST. The corn market bounced at the 5 pm, Sunday night open after soybeans surged to new contract highs following Friday's release of lower than expected soybean yields by a large crop tour last week. Grain markets are also seeing support from higher energy markets and fears that Tropical Storm Isaac will damage row crops in the southeast and Delta. European and Asian stock markets were flat to slightly lower after worse than expected e...
- December Chicago wheat is trading 1/2 cent higher near 7:30 am CST. Kansas City and Minneapolis wheat are slightly higher. The November Matif Milling wheat contract is trading 1.50 Euros higher. Grain markets are seeing support from higher energy markets and fears that Tropical Storm Isaac will damage row crops in the southeast and Delta. The wheat market is struggling to keep up with corn and soybeans after another purchase of Russian wheat was announced by Egypt over the weekend. European and ...
- November soybeans are trading 16 cents higher near 7:30 am cst. Soybean meal edged higher overnight and oil posted another new high for the move. Malaysian Palm Oil prices were stronger and posted a new 6-week high. Exports of Malaysian palm oil products for August 1-25 rose 6.6%. Chinese stocks saw significant weakness overnight as the trade was disappointed in the lack of fresh easing hints from the Chinese Premier. European stocks were also softer off revived slowing fears and also because of...
- October crude oil prices traded higher Sunday evening, fueled in part by Tropical Storm Isaac making its way through key Gulf of Mexico oil and gas operations. The latest from the US Bureau of Safety and Environmental Enforcement indicates that nearly 25% of the regions' oil output has been shut in.
- October natural gas prices traded higher Sunday evening, supported by reports that Tropical Storm Isaac shuttered an estimated 8% of natural gas output in the Gulf of Mexico. Another source of support for the market could be coming from the latest six to 10 day weather maps that forecast normal to above normal temperatures across most of the US out in into September 5, and that is a force supporting air-conditioning demand for natural gas.
- A refinery fire in Venezuela and Tropical Storm Isaac gaining strength in the Gulf of Mexico are forces supporting heating oil prices this morning. The Commitments of Traders Futures and Options report as of August 21st showed non-commercial traders were net long 14,754 contracts, an increase of 3,159. Non-commercial and nonreportable traders combined held a net long position of 33,313 contracts, for an increase of 6,409 during the report week.
- RBOB prices rallied nearly 3.5% higher overnight on reports of a fire at a Venezuela refinery that has halted about 645,000 barrels per day of production. Some traders indicated that the fire could cut as much is 350,000 barrels per day of gasoline imports into the Eastern US, making for even tighter supply conditions.
- Winds and rain and Isaac have taken a nasty turn right into the heart of Gulf Oil Production. States of emergency and evacuation orders are in place along the Gulf oil and refining areas. Prices started to soar shortly after Weather Analyst Dave Tolleris of WXRISK told me that Isaac may miss Florida completely and turn into a Category 2 Hurricane and head directly into refineries and production near Alabama and Louisiana. Dave said that we are rapidly approaching that point of landfall with Isa...
- Gold, silver and copper are treading water in European hours as markets wait for the first bit of stage-setting economic data ahead of Friday's much-anticipated speech from Ben Bernanke at the Jackson Hole central bank symposium, which many hope will bring an announcement of QE3. Crude oil is outperforming amid supply fears as Hurricane Isaac nears the Gulf of Mexico.
- As the Republican National Convention (RNC) grapples with revised schedule of events owing to Tropical Storm Isaac that struck Florida Sunday and is heading toward Gulf of Mexico, the convention venue, Tampa seems have revised fortunes for Mitt Romney in several ways.
- Oil futures rose more than a dollar on Monday, with Brent climbing above $115 per barrel, on supply worries as Tropical Storm Isaac threatened to interrupt most U.S. offshore oil production in the Gulf of Mexico. Oil prices got a further boost from hopes of more U.S. stimulus measures, which would improve the outlook for demand from the world's top consumer of oil.