Market News - Gold, Oil & Forex

The tentative U.S.-Iran deal and the expected drop in oil prices amid increasing flows from the Middle East are set to help narrow India’s trade deficit, which held at relatively high levels in April and May due to the crude price shock. Higher refined petroleum products helped India’s trade deficit narrow slightly to $28.21 billion in May from $28.38 billion in April, but the crude import bill nearly doubled compared to the same month last year.   India’s petroleum imports jumped to $22.7...

The U.S.-Iran agreement to reopen Hormuz and lift the maritime blockade has pushed oil below $80, though risks remain if tensions in Lebanon escalate. China Slams the Brakes on Crude Refining - China’s crude throughput has plunged by a hefty 9.1% year-over-year to 12.7 million b/d, according to the country’s National Bureau of Statistics, marking one of the most substantial instances of demand destruction on the heels of the US-Iran conflict.- Refinery runs in China plunged to their lowest...

The extended disruption caused by the US-Iran conflict highlights a need for diversifying energy export routes to reduce dependency on shipping via the Strait of Hormuz. A new initiative launched by the Washington, DC-based New Lines Institute seeks to develop Syria and Turkey into major energy distribution hubs. The Four Seas Initiative outlines an expansive framework for redirecting energy export flows in ways that can lessen European dependence on Russian and Iranian oil and gas while...

Gold has surged at its fastest pace in two months following reports that Donald Trump has called off strikes against Iran. The precious metal extended its rally on news of a deal between Washington and Tehran. With tensions easing, the outlook for Gold is improving. After dropping 18% from its highs and hitting its lowest […] The post Gold Is Finding Its Footing appeared first on ActionForex.

The ongoing strike action at Australian LNG facilities of Inpex is expected to disrupt operations significantly, a senior official at the Japanese energy firm told Bloomberg on Tuesday. Workers at Inpex’s Ichthys LNG facilities last week voted to escalate the strike action at all three sites to work stoppages of up to 8 hours per day, up from 4 hours previously.   “We anticipate imminent disruption to production at both onshore and offshore Ichthys LNG facilities,” Bill Townsend, senior vice...

Markets Oil prices are correcting lower again today, with Brent crude testing the USD 80/bbl level for the first time since the Middle East conflict erupted in early March. Markets are still repositioning following the interim agreement reached between the US and Iran. We would caution against excessive optimism, as many issues still need to […] The post Sunset Market Commentary appeared first on ActionForex.

The benchmark crude grades of the Middle East have slumped this week as the U.S.-Iran deal raises hopes that supply from the top oil-exporting region would begin to recover soon.    As a result of the eased concerns about prompt crude supply from the region, the key benchmark crudes, Dubai and Murban, saw their futures curve structure on Tuesday flip to contango for the first time since the war began on February 28, according to data

The biggest move in global markets is still happening in oil. The most important move may come tomorrow. Brent crude plunged below USD 80 today, extending a dramatic collapse that began after the United States and Iran reached a provisional peace agreement over the weekend. The decline accelerated after President Donald Trump arrived at the […] The post Oil Crashes Below $80, But Markets Hold Fire Ahead of Fed Decision appeared first on ActionForex.

Over the past three months, oil markets have witnessed something extraordinary. The largest supply shock in history has - this time - failed to trigger a deep energy crisis. With only slight exaggeration, one could say that oil shocks are no longer what they used to be. Following the US-Iran agreement, it is now increasingly […] The post Oil Shocks Are Not What They Used to Be. Prices May Have Further to Fall appeared first on ActionForex.

Qatar prepares to quickly restart and restore liquefied natural gas output within weeks after the eventual reopening of the Strait of Hormuz, Bloomberg reported on Tuesday, citing anonymous sources with knowledge of the plans.   State firm QatarEnergy, which curtailed LNG output in early March before an LNG facility was hit by Iranian missiles in mid-March, has now told its customers that it could restore about 50% of its production capacity within a month after safe navigation through the...