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Summer crop sowing lags in India on slow monsoon progress

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MUMBAI (Reuters) – Planting of summer-sown crops in India such as soybean, cotton, rice and corn has been delayed by at least two weeks because of the slow progress of monsoon rains in central and western parts of the country, raising concerns over lower production. Lower production of soybeans could force India to raise imports Read More

Tighter oil market could be ‘short-lived’ on 2020 non-OPEC supply: IEA

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Singapore — OPEC will have an uphill battle if it wants to keep oil markets balanced next year as a potentially tighter oil market in the second half of 2019 starts to wash away on a wave of non-OPEC supply. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The Read More

U.S. blames Iran for oil tanker attacks as Gulf tensions climb

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By Glen Carey, Verity Ratcliffe and Margaret Talev on 6/13/2019 WASHINGTON and DUBAI (Bloomberg) — The Trump administration blamed Iran for attacks on two oil tankers near the entrance to the Persian Gulf, escalating tensions between the two rivals despite denials from officials in Tehran that they were behind the incidents. “The United States will Read More

Oil surges on Gulf tanker attacks, Treasury yields fall

4 days ago DieselGasoil Comments Off on Oil surges on Gulf tanker attacks, Treasury yields fall
NEW YORK (Reuters) – Oil futures jumped on Thursday after suspected attacks on two tankers off the coast of Iran, while U.S. Treasury yields edged lower as economic data seemed to strengthen the case for the Federal Reserve to cut interest rates this year. Wall Street’s major stock indexes climbed after falling for two days Read More

OPEC warns that trade tensions are hurting global oil demand

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By Grant Smith on 6/13/2019 LONDON (Bloomberg) — OPEC said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead. The organization, due to meet in the coming weeks to set production levels for the second half, said demand increased by less Read More

Thousands evacuated as cyclone batters Indian coast

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Almost 300,000 people have been evacuated after a cyclone in the Arabian Sea battered an Indian fishing hub. Cyclone Vayu, the season’s second major storm, has moved west, skirting the coast of Gujarat. Officials took precautions after Cyclone Fani hit India’s eastern coast in May, killing 34 people in India and 15 in neighbouring Bangladesh. Read More

Suspected attack on oil tankers near Hormuz fans conflict fears

4 days ago DieselGasoil Comments Off on Suspected attack on oil tankers near Hormuz fans conflict fears
By Verity Ratcliffe, Anthony DiPaola and Bruce Stanley on 6/13/2019 DUBAI (Bloomberg) –Two oil tankers were damaged on Thursday in a suspected attack near the entrance to the Persian Gulf, stoking fears that high-stakes diplomatic efforts won’t avert a military confrontation between the U.S. and Iran. Oil prices surged. The incidents, including an attack on Read More

Oil surges after Gulf tanker attacks, stocks claw higher

4 days ago DieselGasoil Comments Off on Oil surges after Gulf tanker attacks, stocks claw higher
LONDON (Reuters) – Suspected attacks on two tankers off the coast of Iran saw oil markets erupt out of their recent slump on Thursday and kept traders gobbling up ultra-safe government bonds, gold and the Japanese yen. People walk past the London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. Read More

Cyclone Vayu spares Indian west coast a direct hit, to skirt coast

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MUMBAI (Reuters) – A powerful cyclone that threatened the western Indian state of Gujarat, has changed course and it is now expected to just brush past the coast, authorities said on Thursday, although ports and coastal airports remained shut. Cyclone Vayu, with wind speeds equivalent to those of a Category 1 hurricane, is moving in Read More