Oil prices fall as Saudi Arabia plans output increase

Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran. Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel. Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist J


Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran. Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel. Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist J
Oil prices fall as Saudi Arabia plans output increase Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: heinz-peter bader
Keywords: news, cnbc, companies, cents, crude, prices, plans, sanctions, barrel, kingdom, arabia, saudi, futures, output, oil, fall, increase, fell, brent


Oil prices fall as Saudi Arabia plans output increase

Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran.

Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel.

Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist Jamal Khashoggi, while the kingdom, the world’s largest oil exporter, has pledged to retaliate to any sanctions with “bigger measures.”

Saudi energy minister Khalid al-Falih told Russia’s TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: heinz-peter bader
Keywords: news, cnbc, companies, cents, crude, prices, plans, sanctions, barrel, kingdom, arabia, saudi, futures, output, oil, fall, increase, fell, brent


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Oil prices shrug off Khashoggi crisis, but US lawmakers and Turkey are turning up the heat on Saudis

The oil market has so far shrugged off rising U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi by agents of the kingdom in Turkey, but the saga appears to be far from over. A speech by Turkey’s president slated for Tuesday could give the lawmakers fresh ammunition by further undermining the kingdom’s narrative. Just one week ago, Saudi Arabia was denying any role in Khashoggi’s disappearance and vowing to retaliate against foreign countries that sought to hold the kingdom accou


The oil market has so far shrugged off rising U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi by agents of the kingdom in Turkey, but the saga appears to be far from over. A speech by Turkey’s president slated for Tuesday could give the lawmakers fresh ammunition by further undermining the kingdom’s narrative. Just one week ago, Saudi Arabia was denying any role in Khashoggi’s disappearance and vowing to retaliate against foreign countries that sought to hold the kingdom accou
Oil prices shrug off Khashoggi crisis, but US lawmakers and Turkey are turning up the heat on Saudis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, oil, khashoggi, kingdom, saudis, vowing, prices, turning, arabia, week, shrug, saudi, crisis, sanctions, weapons, far, heat, lawmakers, turkey


Oil prices shrug off Khashoggi crisis, but US lawmakers and Turkey are turning up the heat on Saudis

The oil market has so far shrugged off rising U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi by agents of the kingdom in Turkey, but the saga appears to be far from over.

A chorus of U.S. lawmakers is questioning Saudi Arabia’s official story about the murder, raising the prospect of sanctions or a ban on weapons sales to Riyadh. A speech by Turkey’s president slated for Tuesday could give the lawmakers fresh ammunition by further undermining the kingdom’s narrative.

Just one week ago, Saudi Arabia was denying any role in Khashoggi’s disappearance and vowing to retaliate against foreign countries that sought to hold the kingdom accountable. The veiled threat raised concerns that the Saudis would exact revenge on the United States and others by cutting oil supply and allowing crude prices to bubble higher.

The Trump administration is relying on Saudi Arabia to pump more oil to offset the effect of U.S. sanctions on Iran, OPEC’s third biggest producer.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, oil, khashoggi, kingdom, saudis, vowing, prices, turning, arabia, week, shrug, saudi, crisis, sanctions, weapons, far, heat, lawmakers, turkey


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Oil prices edge up, but set for weekly loss on stock build, trade row

Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity. Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close. The trade war concerns combined with surging U.S. oil stockpiles reported on Thursday are capping the day’s price gains. Meanwhile,


Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity. Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close. The trade war concerns combined with surging U.S. oil stockpiles reported on Thursday are capping the day’s price gains. Meanwhile,
Oil prices edge up, but set for weekly loss on stock build, trade row Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19
Keywords: news, cnbc, companies, trade, iranian, prices, data, barrels, row, crude, weekly, edge, stock, oil, week, war, set, loss, build, million


Oil prices edge up, but set for weekly loss on stock build, trade row

Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity.

Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 percent, at $68.84 a barrel.

For the week, Brent crude was 1.1 percent lower while WTI futures were down 3.5 percent, putting both on track for a second consecutive weekly decline.

Refinery throughput in China, the world’s second-largest oil importer, rose to a record high of 12.49 million barrels per day (bpd) in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories, government data showed on Friday.

The refinery consumption may rise through the fourth quarter as several state-owned Chinese refiners return to service after maintenance.

Undermining the strong refinery data, China did on Friday report its weakest economic growth since 2009 in the third quarter, with gross domestic product expanding by only 6.5 percent, missing estimates.

The weak economic data raised concerns that the country’s trade war with United States is beginning to have an impact on growth, which may limit China’s oil demand.

The trade war concerns combined with surging U.S. oil stockpiles reported on Thursday are capping the day’s price gains.

U.S. crude stocks last week climbed 6.5 million barrels, the fourth straight weekly build, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.

“EIA Weekly Petroleum Status Report was a complete shocker sending Oil markets spiralling lower amidst some concerning development for oil bulls,” said Stephen Innes, head of trading APAC at OANDA in Singapore.

Inventories rose sharply even as U.S. crude production slipped 300,000 barrels per day (bpd) to 10.9 million bpd last week due to the effects of offshore facilities closing temporarily for Hurricane Michael.

Meanwhile, Iranian oil exports may have increased in October when compared to the previous month as buyers rush to lift more cargoes ahead of looming U.S. sanctions that kick in on Nov. 4.

An unprecedented volume of Iranian crude oil is set to arrive at China’s northeast Dalian port this month and in early November before U.S. sanctions on Iran take effect, according to an Iranian shipping source and data on Refinitiv Eikon.

So far, a total of 22 million barrels of Iranian crude oil loaded on supertankers owned by the National Iranian Tanker Co (NITC) are expected to arrive at Dalian in October and November, the data showed. Dalian typically receives between 1 million and 3 million barrels of Iranian oil each month, according to data that dates back to January 2015.


Company: cnbc, Activity: cnbc, Date: 2018-10-19
Keywords: news, cnbc, companies, trade, iranian, prices, data, barrels, row, crude, weekly, edge, stock, oil, week, war, set, loss, build, million


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Japan inflation ticks up as oil rises but the central bank’s target remains elusive

Japan’s annual core consumer inflation ticked up in September but remained at half the pace of the central bank’s elusive 2 percent target, underscoring the challenge of meeting the price goal as escalating trade frictions cloud the economic outlook. Private spending needs to increase more for core consumer inflation to accelerate beyond 1 percent,” said Takeshi Minami, chief economist at Norinchukin Research Institute. BOJ Governor Haruhiko Kuroda on Thursday offered a slightly more upbeat view


Japan’s annual core consumer inflation ticked up in September but remained at half the pace of the central bank’s elusive 2 percent target, underscoring the challenge of meeting the price goal as escalating trade frictions cloud the economic outlook. Private spending needs to increase more for core consumer inflation to accelerate beyond 1 percent,” said Takeshi Minami, chief economist at Norinchukin Research Institute. BOJ Governor Haruhiko Kuroda on Thursday offered a slightly more upbeat view
Japan inflation ticks up as oil rises but the central bank’s target remains elusive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, banks, ticks, core, japan, central, elusive, trade, months, inflation, target, rises, boj, remains, price, costs, oil, slightly, prices, consumer


Japan inflation ticks up as oil rises but the central bank's target remains elusive

Japan’s annual core consumer inflation ticked up in September but remained at half the pace of the central bank’s elusive 2 percent target, underscoring the challenge of meeting the price goal as escalating trade frictions cloud the economic outlook.

While the rate of increase was the fastest in seven months, the gain was due mostly to higher oil costs with most other items rising only slightly, government data showed on Friday.

“We’re not seeing inflationary pressure build up. Private spending needs to increase more for core consumer inflation to accelerate beyond 1 percent,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“Inflation will probably stagnate around current levels for some time.”

The nationwide core consumer price index (CPI), which strips away the effect of volatile fresh food costs, rose 1.0 percent in September from a year earlier, matching a median market forecast and ticking up from 0.9 percent in August.

The so-called core-core CPI, a more closely watched gauge the Bank of Japan uses that excludes the effect of both fresh food and energy costs, stood at 0.4 percent in September, in line with the previous month.

The inflation data will be among factors the central bank examines at its rate review on Oct. 30-31, when it conducts a quarterly review of its growth and price projections.

BOJ Governor Haruhiko Kuroda on Thursday offered a slightly more upbeat view on prices than three months ago, saying that core consumer inflation was “moving around 1 percent.”

Rising energy costs may give the BOJ justification to slightly revise up its inflation forecasts, though the boost may be moderated by uncertainty over the fallout from escalating trade frictions, analysts say.

In a quarterly report scrutinizing Japan’s regional economies, the BOJ cut its assessment for two regions and warned that companies were becoming increasingly worried about the hit from the simmering Sino-U.S. trade frictions.

Under current projections made in July, the BOJ expects core consumer inflation to hit 1.1 percent in the year ending in March 2019, and accelerate to 1.5 percent the following year.

Stubbornly soft inflation has dashed the BOJ’s hopes that solid economic growth will translate into higher prices, and could delay the central bank’s exit from ultra-loose policy.

Japan’s economy rebounded in the second quarter from a contraction in the first three months of this year thanks to robust business spending.

But escalating trade frictions and a series of natural disasters that disrupted supply chains cloud the outlook for the export-reliant economy, with some analysts projecting a slight contraction in the July-September quarter.

Uncertainty over the economic outlook adds to challenges for the BOJ, which has struggled to fire up wages and prices despite years of heavy money printing.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, banks, ticks, core, japan, central, elusive, trade, months, inflation, target, rises, boj, remains, price, costs, oil, slightly, prices, consumer


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The aging tech unicorn’s dilemma: An IPO during rough market conditions

There’s plenty of talk that some aging unicorns might go public next year, including Palantir, Airbnb and maybe Uber. But if this market volatility continues into next year, they are either going to have to drop their prices dramatically, or postpone their IPOs. Simply put, the recent after-market performance of initial public offerings has been terrible. In the last 90 days, IPO after-market returns, which are the returns retail investors get after the first day of trading, have been down an av


There’s plenty of talk that some aging unicorns might go public next year, including Palantir, Airbnb and maybe Uber. But if this market volatility continues into next year, they are either going to have to drop their prices dramatically, or postpone their IPOs. Simply put, the recent after-market performance of initial public offerings has been terrible. In the last 90 days, IPO after-market returns, which are the returns retail investors get after the first day of trading, have been down an av
The aging tech unicorn’s dilemma: An IPO during rough market conditions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: bob pisani, chesnot, getty images
Keywords: news, cnbc, companies, going, tech, dilemma, aftermarket, returns, market, wellknown, unicorns, public, rough, recent, aging, including, conditions, ipos, manufacturer, ipo, prices


The aging tech unicorn's dilemma: An IPO during rough market conditions

There’s plenty of talk that some aging unicorns might go public next year, including Palantir, Airbnb and maybe Uber.

But if this market volatility continues into next year, they are either going to have to drop their prices dramatically, or postpone their IPOs.

Simply put, the recent after-market performance of initial public offerings has been terrible. In the last 90 days, IPO after-market returns, which are the returns retail investors get after the first day of trading, have been down an average of 5 percent, according to Renaissance Capital.

Of 55 IPOs in the last three months, about half are below their issue prices, including internet browser Opera (down 38 percent), speaker manufacturer Sonos (down 13 percent), real estate giant Cushman & Wakefield (down 4 percent) and lithium manufacturer Livent (down 4 percent). Recent Chinese IPOs have been a problem as well. Connected device maker Viomi is down 6 percent since going public in September.

Look at some well-known names that have gone public in the last year, like Roku, Spotify or Eventbrite, and many have dropped double digits just this month.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: bob pisani, chesnot, getty images
Keywords: news, cnbc, companies, going, tech, dilemma, aftermarket, returns, market, wellknown, unicorns, public, rough, recent, aging, including, conditions, ipos, manufacturer, ipo, prices


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StarKist admits fixing tuna prices, faces $100 million fine

Authorities say StarKist has agreed to plead guilty to price fixing as part of a broad collusion investigation of the canned tuna industry. Federal prosecutors announced the plea agreement Thursday and said the company faces a fine up to $100 million. Bumble Bee Foods last year pleaded guilty to the same charge and paid a $25 million fine. Chicken of the Sea has not been charged because prosecutors say the company exposed the scheme and co-operated with the investigation. Two former Bumble Bee e


Authorities say StarKist has agreed to plead guilty to price fixing as part of a broad collusion investigation of the canned tuna industry. Federal prosecutors announced the plea agreement Thursday and said the company faces a fine up to $100 million. Bumble Bee Foods last year pleaded guilty to the same charge and paid a $25 million fine. Chicken of the Sea has not been charged because prosecutors say the company exposed the scheme and co-operated with the investigation. Two former Bumble Bee e
StarKist admits fixing tuna prices, faces $100 million fine Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: danny johnston
Keywords: news, cnbc, companies, pleaded, guilty, bumble, tuna, say, bee, faces, 100, fixing, million, admits, prosecutors, price, fine, prices, starkist


StarKist admits fixing tuna prices, faces $100 million fine

Authorities say StarKist has agreed to plead guilty to price fixing as part of a broad collusion investigation of the canned tuna industry.

Federal prosecutors announced the plea agreement Thursday and said the company faces a fine up to $100 million. Bumble Bee Foods last year pleaded guilty to the same charge and paid a $25 million fine.

Chicken of the Sea has not been charged because prosecutors say the company exposed the scheme and co-operated with the investigation.

Two former Bumble Bee executives and a former StarKist executive also each pleaded guilty to price-fixing charges.

Former Bumble Bee chief executive Christopher Lischewski has pleaded not guilty to a price fixing charge.

The three companies are accused of conspiring to keep canned tuna prices artificially high between 2010 and 2013.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: danny johnston
Keywords: news, cnbc, companies, pleaded, guilty, bumble, tuna, say, bee, faces, 100, fixing, million, admits, prosecutors, price, fine, prices, starkist


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It’s the best time to book holiday travel

Here are her tips for holiday travelers:Know when to book: This season, a good rule of thumb is to book before Halloween because flight prices will likely fluctuate hundreds of times ahead of the holiday and get increasingly expensive 15 to 25 days prior to departure. Best days to travel: The cheapest day to travel is Tuesday, Dec. 18 and returning on Christmas Eve. However, if you don’t want to interrupt the actual Christmas holiday, the next least expensive day to return is Friday, Dec. 28. If


Here are her tips for holiday travelers:Know when to book: This season, a good rule of thumb is to book before Halloween because flight prices will likely fluctuate hundreds of times ahead of the holiday and get increasingly expensive 15 to 25 days prior to departure. Best days to travel: The cheapest day to travel is Tuesday, Dec. 18 and returning on Christmas Eve. However, if you don’t want to interrupt the actual Christmas holiday, the next least expensive day to return is Friday, Dec. 28. If
It’s the best time to book holiday travel Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: jessica dickler
Keywords: news, cnbc, companies, willing, flying, score, book, prices, days, best, youre, times, thumb, travel, holiday


It's the best time to book holiday travel

If your plans are flexible, you can save a lot of dough by setting fare alerts, avoiding peak days and even considering alternatives to flying, according to Jacqui Gifford, a senior editor at Travel + Leisure.

Here are her tips for holiday travelers:

Know when to book: This season, a good rule of thumb is to book before Halloween because flight prices will likely fluctuate hundreds of times ahead of the holiday and get increasingly expensive 15 to 25 days prior to departure.

Best days to travel: The cheapest day to travel is Tuesday, Dec. 18 and returning on Christmas Eve. However, if you don’t want to interrupt the actual Christmas holiday, the next least expensive day to return is Friday, Dec. 28. If you’re willing to fly on the holiday itself, you’ll save about 22 percent, according to Hopper’s data.

Set fare alerts: Flight prices can fluctuate dramatically, especially in busy markets like New York and Los Angeles. Apps such as Hopper, Hitlist and Skyscanner can monitor your desired trip and notify you as soon as seats become available on a route or airfares drop, so you can score last-minute deals.

Best times to travel for your budget: Fly at undesirable times — like 4 a.m., instead of 10 a.m. — to beat the holiday crowds and peak prices.

Alternatives for flying: Consider taking the train or driving to your destination rather than flying, but the same rule of thumb applies for alternative forms of travel: Leave extra early to avoid the rush.

Book over the phone: Sure, you can easily look up prices online, but if you’re booking a hotel, call and ask to speak to the manager or front desk to snag the best available rate. If you want to score a discount, a human might be more willing to work with you if they hear your story.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: jessica dickler
Keywords: news, cnbc, companies, willing, flying, score, book, prices, days, best, youre, times, thumb, travel, holiday


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Four market experts weigh in on the biggest risks to the oil market

“I realize that energy prices have been feeding through some of these inflation reads you’ve been getting. • John Kilduff, founding partner of Again Capital, warns that an imminent stand-off with oil producers in the Middle East could shoot crude prices higher. Our hope is that energy prices drift back lower.” Bottom Line: Crude prices will likely grind higher in the near term. Investors should continue to monitor talks with Saudi Arabia and oil production numbers out of the Middle East.


“I realize that energy prices have been feeding through some of these inflation reads you’ve been getting. • John Kilduff, founding partner of Again Capital, warns that an imminent stand-off with oil producers in the Middle East could shoot crude prices higher. Our hope is that energy prices drift back lower.” Bottom Line: Crude prices will likely grind higher in the near term. Investors should continue to monitor talks with Saudi Arabia and oil production numbers out of the Middle East.
Four market experts weigh in on the biggest risks to the oil market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: nia warfield, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, having, weigh, saudi, going, oil, risks, biggest, prices, energy, crude, seymour, experts, investors, higher, market


Four market experts weigh in on the biggest risks to the oil market

Crude is getting crushed.

The rally in the commodity appears to be losing steam as WTI crude falls below $70 and hits its lowest level in a month.

Here’s what four market experts have to say about the move:

• Helima Croft, global head of commodity strategy at RBC Capital, warns investors to keep a close eye on trade talk between the U.S. and Saudi Arabia. “The Saudis are already reaching probably the limits of what they can bring on in terms of easy oil, and so we’re going to have to see what happens as we approach Iran sanctions,” she cautioned. “We see WTI in the low- to mid-70s ending the year. We see Brent [in the] mid-80s. But again these are the type of political wild cards that could send oil much higher.”

• Tim Seymour, CIO of Seymour Asset Management, says investors shouldn’t count out the energy space looking into the fourth quarter. “I think you’re seeing actually the year-over-year comps look fantastic for all these [energy] companies that are being run differently,” Seymour explained. “I realize that energy prices have been feeding through some of these inflation reads you’ve been getting. But you strip them out like we did in retail sales … and you actually see that people are not giving any ground.”

• John Kilduff, founding partner of Again Capital, warns that an imminent stand-off with oil producers in the Middle East could shoot crude prices higher. “You’re going to hear stories about the Iranians smuggling [oil] out … and selling some of their oil effectively on the black market or having it turn up in Turkey and be, you know, washed,” he explained. “We’re going to grind higher. I’m not in the $100 camp but certainly $85-$90 for Brent.”

• Larry Fink, CEO of Blackrock, says that a strong dollar could put additional pressure on the oil markets. “Having a strong dollar in front of having rising commodity prices is really destabilizing for the world, and so we need to have proper diplomacy with Saudi. Our hope is that energy prices drift back lower.”

Bottom Line: Crude prices will likely grind higher in the near term. Investors should continue to monitor talks with Saudi Arabia and oil production numbers out of the Middle East.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: nia warfield, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, having, weigh, saudi, going, oil, risks, biggest, prices, energy, crude, seymour, experts, investors, higher, market


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Oil plunges 11% in just 2 weeks, shrugging off Iran sanctions and Saudi tension

The oil market has undergone a spectacular reversal, even against a backdrop of looming U.S. sanctions on Iran, OPEC’s third-largest crude producer, and rising tensions between Washington and Saudi Arabia, the world’s biggest oil exporter. That’s a remarkable 11 percent plunge from peak to trough over just two weeks. There are three reasons oil prices have fallen so far so fast, said Matt Smith, director of commodity research at tanker-tracking firm ClipperData. First, the supply of oil held in


The oil market has undergone a spectacular reversal, even against a backdrop of looming U.S. sanctions on Iran, OPEC’s third-largest crude producer, and rising tensions between Washington and Saudi Arabia, the world’s biggest oil exporter. That’s a remarkable 11 percent plunge from peak to trough over just two weeks. There are three reasons oil prices have fallen so far so fast, said Matt Smith, director of commodity research at tanker-tracking firm ClipperData. First, the supply of oil held in
Oil plunges 11% in just 2 weeks, shrugging off Iran sanctions and Saudi tension Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: tom dichristopher
Keywords: news, cnbc, companies, rising, tension, prices, storage, high, low, crude, shrugging, plunges, sanctions, 11, thats, tensions, iran, saudi, oil, market, weeks


Oil plunges 11% in just 2 weeks, shrugging off Iran sanctions and Saudi tension

Saudi-US tensions are rising — Four experts debate what that means for energy prices and investors 17 Hours Ago | 02:25

Talk of oil prices spiking to $100 has been replaced by another discussion: How low can crude futures go?

The oil market has undergone a spectacular reversal, even against a backdrop of looming U.S. sanctions on Iran, OPEC’s third-largest crude producer, and rising tensions between Washington and Saudi Arabia, the world’s biggest oil exporter.

U.S. crude futures fell to a nearly five-week low of $68.47 on Thursday, plunging more than $8 a barrel from this month’s four-year high at $76.90. That’s a remarkable 11 percent plunge from peak to trough over just two weeks.

Meanwhile, Brent crude bottomed out at $78.69 a barrel on Thursday, down $8, or 9.3 percent, from its four-year high at $86.74 on Oct. 3.

There are three reasons oil prices have fallen so far so fast, said Matt Smith, director of commodity research at tanker-tracking firm ClipperData.

First, the supply of oil held in U.S. storage tanks has risen sharply over the last four weeks. U.S. crude stockpiles are up by 22.3 million barrels through last week. That’s the biggest increase over that four-week period since 2015, when storage levels were rising toward all-time highs in a heavily oversupplied market.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: tom dichristopher
Keywords: news, cnbc, companies, rising, tension, prices, storage, high, low, crude, shrugging, plunges, sanctions, 11, thats, tensions, iran, saudi, oil, market, weeks


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Winnebago CEO: RV demand is healthy, but rate hikes and tariffs could add pressure

Winnebago CEO says company continues to see healthy demand for RVs 10 Hours Ago | 02:33There is still a healthy demand for recreational vehicles — but rate hikes and fallout from tariffs could wind up putting pressure on the sector, Winnebago CEO Michael Happe told CNBC on Wednesday. After a bounce higher at the open, Winnebago gave back some of those gains and ultimately closed up 4.57 percent. Happe said material prices are just one reason for the market pressure. On top of that, “we will moni


Winnebago CEO says company continues to see healthy demand for RVs 10 Hours Ago | 02:33There is still a healthy demand for recreational vehicles — but rate hikes and fallout from tariffs could wind up putting pressure on the sector, Winnebago CEO Michael Happe told CNBC on Wednesday. After a bounce higher at the open, Winnebago gave back some of those gains and ultimately closed up 4.57 percent. Happe said material prices are just one reason for the market pressure. On top of that, “we will moni
Winnebago CEO: RV demand is healthy, but rate hikes and tariffs could add pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: laura galligan
Keywords: news, cnbc, companies, hikes, healthy, weve, sector, add, stock, material, ceo, pressure, market, demand, tariffs, prices, winnebago, rate, rv


Winnebago CEO: RV demand is healthy, but rate hikes and tariffs could add pressure

Winnebago CEO says company continues to see healthy demand for RVs 10 Hours Ago | 02:33

There is still a healthy demand for recreational vehicles — but rate hikes and fallout from tariffs could wind up putting pressure on the sector, Winnebago CEO Michael Happe told CNBC on Wednesday.

The company reported better-than-expected earnings before the bell on Wednesday, sending shares higher. After a bounce higher at the open, Winnebago gave back some of those gains and ultimately closed up 4.57 percent.

The stock is down 40 percent year to date.

In a conference call, the company’s CFO said that aluminum and steel prices, which have risen thanks to tariffs, are squeezing margins. Winnebago has had to increase prices to offset some of the cost.

Happe said material prices are just one reason for the market pressure.

“We are an industry that’s had tremendous growth over the last 8 or 9 years, and we’ve been transitioning to a more moderate growth level in the single digits, and we’ve also seen some elevated dealer inventory levels,” he said on “Closing Bell.”

Winnebago will also keep a close watch on rising rates to see if there is any impact on demand or financing.

On top of that, “we will monitor fuel prices, the volatility of the stock market and consumer confidence,” Happe said.

Those things combined, along with “some elevated pressures due to some of the material cost increases … could put some weight on this sector,” he added.

However, he said right now there is still a healthy demand for the RV lifestyle.

“People are still flocking outside. They want to be active. They want to be healthy,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: laura galligan
Keywords: news, cnbc, companies, hikes, healthy, weve, sector, add, stock, material, ceo, pressure, market, demand, tariffs, prices, winnebago, rate, rv


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