FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post

Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» LAUGFS GAS PLC (LGL.N0000)
by Wickyz Today at 2:06 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by EPS Today at 1:16 pm

» Sri Lanka’s 213 billion rupee money printing to repay foreign debt: Treasury Secretary explains
by CITIZEN Today at 11:25 am

» Oman shows interest in SLAF HQ land and Chalmer’s Granary
by dayandacool Today at 11:03 am

» HVA FOODS PLC (HVA.N0000)
by prabath Today at 10:05 am

» EXPOLANKA HOLDINGS PLC Interim Financial Statements quarter ended 30th June 2021
by mah2903 Today at 2:59 am

» ලාභ ගන්න කොටස් වලින් මේක සම්පූර්ණයෙන්ම කියවන්න
by ColomboCSE Today at 12:37 am

» Shares to Buy
by Cma Today at 12:02 am

» Successful investment strategies require an understanding of the forces of stock market nature, and disciplined rules of portfolio management.
by Asoka Samarakone Sat Jul 31, 2021 9:12 pm

» LANKA ALUMINIUM INDUSTRIES PLC (LALU.N0000)
by Niwa Sat Jul 31, 2021 8:53 pm

» Directors' Dealings today
by SAGA Sat Jul 31, 2021 6:02 pm

» Top Foreign Trading today
by SAGA Sat Jul 31, 2021 5:59 pm

» CHEVRON LUBRICANTS LANKA PLC (LLUB.N0000)
by Antonym Sat Jul 31, 2021 5:37 pm

» Boga unusual Collection....
by Wickyz Fri Jul 30, 2021 1:14 pm

» MILLENNIUM HOUSING DEVELOPERS PLC (MHDL.N0000)
by jehan008 Fri Jul 30, 2021 1:11 pm

» Sri Lanka FOB prices for black tea highest in the world
by samaritan Fri Jul 30, 2021 12:18 pm

» DPL Take over
by Vishwanarth Fri Jul 30, 2021 12:12 pm

» INDUSTRIAL ASPHALTS (CEYLON) PLC (ASPH.N0000)
by dayandacool Fri Jul 30, 2021 10:09 am

» CITIZENS DEVELOPMENT BUSINESS FINANCE PLC(CDB.N0000)
by engineer Fri Jul 30, 2021 7:06 am

» RENUKA CAPITAL PLC . KZOO.N
by Pbv Fri Jul 30, 2021 12:22 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Brent Oil Sinks to 13-Month Low as Global Supplies Climb

Brent Oil Sinks to 13-Month Low as Global Supplies Climb

Go down  Message [Page 1 of 1]

VALUEPICK

VALUEPICK
Expert
Expert
http://www.bloomberg.com/news/2014-08-12/brent-crude-falls-to-9-month-low-as-iea-sees-supply-glut.html

By Moming Zhou Aug 13, 2014 6:13 AM GMT+1200

Brent crude fell to the lowest in 13 months as the International Energy Agency said a supply glut was shielding the market against threats in the Middle East. West Texas Intermediate also declined.
Brent headed for the biggest loss in four weeks. The IEA cut projections for demand growth this year and next and estimated that output from the Organization of Petroleum Exporting Countries rose to a five-month high. Libya prepared to export crude from a key port for the first time in a year.
“The IEA report knocked the market pretty hard today,” said Bill Baruch, a senior market strategist at Iitrader.com in Chicago. “Demand worry has really been moving the market. There is really no reason for WTI to push above $100 unless there is a major supply disruption.”
Brent for September settlement dropped $1.49, or 1.4 percent, to $103.19 a barrel at 1:58 p.m.New York time on the London-based ICE Futures Europe exchange after falling to $102.65, the lowest intraday level since July 1, 2013. The volume of all futures traded was about 44 percent above the 100-day average.
The September Brent contract traded more than 3,100 times from 12:58 p.m. to 1 pm as prices fell below $102.98, the intraday low from Nov. 8. In the prior three minutes, 475 lots changed hands.
WTI for September delivery decreased 40 cents, or 0.4 percent, to $97.68 a barrel on the New York Mercantile Exchange. Volume was 2.8 percent below the 100-day average. The European benchmark crude was at a premium of $5.71 to WTI on the ICE, compared with $6.60 yesterday.
Slower Growth
WTI hit an intraday low of $96.81 at 12:59 p.m. as volume jumped. Approximately 4,037 September contracts changed hands in one minute, according to data compiled by Bloomberg.
Brent also fell as Libya loaded the first oil cargo from the port of Ras Lanuf since it was closed by rebels a year ago. A tanker will soon leave port with 680,000 barrels of crude and head to Italy, Ibrahim Al-Awami, the Oil Ministry’s Director of Measurement, said by phone today from Tripoli.
The Paris-based IEA reduced estimates for global oil demand growth by 180,000 barrels a day in 2014 and by 90,000 barrels in 2015. The annual expansion in fuel consumption slowed to 700,000 barrels a day in the second quarter, the lowest level since early 2012.
“Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic Basin,” said the agency, which advises 29 nations on energy policy.
Political Conflict
In Iraq, OPEC’s second-largest supplier after Saudi Arabia, the political crisis deepened as embattled Prime Minister Nouri al-Maliki refused to hand power to designated successor Haidar al-Abadi. Maliki called Abadi’s appointment by President Fouad Masoum “legally worthless” and defied pressure from some fellow Shiite political figures and U.S. President Barack Obama to step aside.
The U.S. and some Iraqi leaders have blamed Maliki’s divisive policies for the success of the Sunni insurgents, an al-Qaeda offshoot. Obama, who authorized air attacks against Islamic State in northern Iraq over the weekend, has tied expanded U.S. strikes to the formation of a more inclusive government capable of easing sectarian and ethnic divisions.
Ample Supplies
“None of the geopolitical developments impact short-term supplies,” Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd. in London, said in a report. “Crude inventories are plentiful.”
The U.S. and European Union sanctions against Russia aren’t supporting the oil market because the impact is “questionable” in medium term, the IEA said. Neither set of sanctions will have any tangible near-term impact on oil supplies.
“The market may have expected geopolitical issues to impact production, but the larger issue is the conflict between Russia and Ukraine has had an impact on the Russia economic picture and also on the European economic picture,” said Michael Cohen, an analyst at Barclays Plc in New York. “Both European and Russian demand growth will be impacted by the conflict

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum