Next commodities report on Thursday 29 October

Headlines

  • Crude oil falls due to stronger dollar and profit taking

  • Lack of incentives to test new highs weights on gold

  • Copper tries to return to 6500$/t level


Brent and Distillates

Commodities



Commodities

Crude oil fell for the third day, as dollar strengthened and investors continued to take profit from last week's one-year high on renewed concerns about the strength of the global economy.
Today, crude steadies pausing after three straight days of decline, as investors awaited fresh leads from the equities market as well as more economic data to gauge the pace of the global economic recovery.

China exported 505 kt of gasoline in September, customs data showed on Monday, some 70 % above traders' estimates. Exports of diesel were 294 kt last month, easing off August level near 400kt.

China's demand for refined oil products was expected to increase 10-13 % in the fourth quarter.

Iran has always adhered to its implied output target under OPEC's existing output curbs and has not violated its commitments, its OPEC governor Mohammad Ali Khatibi said. It was his reaction to the most recent Reuters survey of oil firms, OPEC officials and analysts showed Iran pumped 430 kb above its OPEC target in September, the most in absolute terms of any member.

Nigeria's main militant group reinstated a ceasefire on Sunday in the oil-producing Niger Delta to allow for peace talks with the government. The Movement for the Emancipation of the Niger Delta (MEND), whose attacks have battered the country in the last three years, said the government expressed a readiness last week to engage in serious talks to address their concerns.

Iran launched its international oil exchange on Monday to buy and sell crude, oil products and petrochemical products, Iran's student news agency ISNA reported.

Sudan's oil production averaged 470 kb/d in 2008/09 below estimates of 500 kb/d, the oil minister said on Sunday. He also confirmed that country’s plans to build a new refinery in Port Sudan have been shelved indefinitely.

The U.S. Senate Banking Committee will vote Thursday on legislation that would impose sanctions on Iran's gasoline suppliers in order to pressure Tehran to give up its nuclear program. The sanctions would affect companies exporting gasoline to Iran or helping to expand the country's oil refinery capacity. The sanctions would also extend to companies that build oil and gas pipelines in Iran and provide tankers to move Iran's petroleum.

U.S. oil refiners may have to pay 100 bln $/y to cap their greenhouse gas emissions under climate change legislation being considered by Congress, an industry consulting group warned.