By Jessica Jaganathan

SINGAPORE (Reuters) – Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks.

U.S. West Texas Intermediate (WTI) crude <CLc1> oil futures fell 87 cents, or 2.1%, to $39.80 a barrel by 0104 GMT while Brent crude <LCOc1> futures fell by 74 cents, or 1.7%, to $41.91 a barrel.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the U.S. presidential election only weeks away.

Price were also pressured by data from the American Petroleum Institute showing U.S. crude oil stocks rose by 951,000 barrels last week – more than expected. <API/S>

“(This was) not exactly what the recovery doctor ordered as the oil market was already tanking from a two-week high after President Trump quashed hope for a pre-election stimulus deal,” said Stephen Innes, chief market strategist, at online brokerage AxiCorp.

But losses were limited by restrictions on the supply side.

Energy companies were busy securing offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as Hurricane Delta took aim at U.S. oil production in the Gulf of Mexico, which accounts for 17% of total U.S. crude oil output.

In Norway, meanwhile, the Lederne labour union said on Tuesday it will expand its ongoing oil strike from Oct. 10 unless a wage deal can be reached in the meantime. Six offshore oil and gas fields shut down on Monday as Lederne ramped up its strike, cutting the country’s output capacity by 8%.

(Reporting by Jessica Jaganathan; Editing by Kenneth Maxwell)

Source Article

– Europe is the second largest producer of tall oil fatty acid and is anticipated to be the fastest growing market as far as demand is concerned over the coming few years

– Notable increase in paper and pulp production is set to support growth in global tall oil fatty acid market

ALBANY, N.Y., Oct. 5, 2020 /PRNewswire/ — An increase in number of applications of tall oil fatty acid is being noted in the world. This is set to drive growth in the global tall oil fatty acid market over the coming few years. Additionally, a shift is also observed in consumer preference towards this product from tallow oil fatty acid and it is anticipated to be a notable growth factor.

Transparency Market Research Logo
Transparency Market Research Logo

As per Transparency Market Research, “The compound annual growth of the market over the forecast period of 2019 to 2027 will be 4.2%. The market worth would grow as a result of this robust growth projection. From USD 882.15 million in 2018, the market valuation will grow up to USD 1.2 billion by the end of the forecast period.”

Request for Covid-19 Impact Analysis on Tall Oil Fatty Acid Market: https://www.transparencymarketresearch.com/Covid19.php

Key Findings of Global Tall Oil Fatty Acid Market Study:

  • Increase in research and development (R&D) and growing applications of tall oil fatty acid market will lead to growth

  • North America and Europe will be notable regional market over the forecast period of 2019 to 2027

  • Renewable fuels are seeing an increase in demand and that is leading to tall oil fatty acid market’s growth

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Key Drivers of Growth in Global Tall Oil Fatty Acid Market:

  • Opportunities in the global tall oil fatty acid market are being created by the increasing demand for renewable fuels world

September was another rough month for crude oil, as the futures closed down 5.6% for the month. The year-to-date analysis shows that it is down 34.1% in 2020. Energy stocks in general have not been a positive sector for investors in 2020. The Energy Sector Select (XLE)
XLE
was down 14.6% for September and has dropped 45.5% so far this year.

This decline was not really a surprise. Using seasonal analysis, I noted in February that crude oil futures have a tendency to top and bottom during certain times of the year. Crude oil typically tops in July while a bottom typically forms between December 14 and February 8 (see chart).

So what is the crude oil outlook for the rest of 2020?

For the past three months, the crude oil futures have been stalled below the 20-month exponential moving average (EMA) which is now at $43.06. This also corresponds to the former support, now resistance in the $43.55 area (line b). There is first monthly support at $36.13, which was the September low.

Crude’s monthly On Balance Volume (OBV) closed above its weighted moving average (WMA)— currently flat—in August, but then closed back below it in September. The OBV had previously broken support from the 2017 and 2018 lows (line c), which makes this OBV rally failure a negative development. The monthly volume over the past five months has been low (line e), which is consistent with a rebound but not a new uptrend.

The monthly Herrick Payoff Index (HPI), uses volume, open interest, and prices to measure money flow. The HPI tested the downtrend (line d) early in 2020, and then closed below the zero line in February. The rebound from the April lows has taken the HPI back to



a close up of a logo: FILE PHOTO: Logo of BP is seen at a petrol station in Kloten


© Reuters/Arnd Wiegmann
FILE PHOTO: Logo of BP is seen at a petrol station in Kloten


SINGAPORE (Reuters) – BP has terminated four trading and operations staff responsible for Chinese crude oil sales as a result of an internal investigation into trades with Singapore’s Hontop Energy, three people familiar with the matter said.

The decision was made this week, the people said. The staff had been placed on leave in early July while BP conducted its probe.

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The staff worked in crude trading and operations roles in Singapore and Shanghai, they said.

The improper use of the WeChat messaging platform as a tool for commercial discussions with counterparties was cited as a factor behind the terminations, one person said.

BP said the company does not comment on personnel matters or on its WeChat usage policy.

BP trading staff, including some of those terminated this week, were named in a court document filed by Malaysian lender CIMB as part of the bank’s request to the Singapore High Court to place Hontop Energy under judicial management.

The bank claimed it had agreed to provide financing to Hontop to purchase oil that would be sold on to BP, and Hontop provided the names of specific traders at BP as proof of the contract.

When CIMB sought payment from BP in February, the oil major told the bank that the contract and payment had been subject to a separate agreement between BP and Hontop. Since it had not received payment from Hontop, it was not obliged to pay Hontop or CIMB for the cargo, the affidavit said.

BP has not been implicated in any wrongdoing in the court proceedings.

Hontop is the Singapore-based trading arm of independent refiner China Wanda Holding Group Co Ltd.

(Reporting by Chen Aizhu and Florence Tan; Editing

Oil prices are falling sharply again, with both Brent and West Texas Intermediate (WTI) crude futures down more than 4% on Sept. 29. At this writing, Brent November deliveries are priced at $40.63 per barrel, while WTI November deliveries have fallen to $38.67 per barrel. While there isn’t one single thing behind today’s sharp decline, there’s a lot of uncertainty driving traders’ decisions. Global cases of COVID-19 are on the rise, and the global death toll has now surpassed 1 million people.

In recent weeks, most of the news in the oil patch hasn’t been particularly good for oil prices, and volatility and worries about continued oversupply and weakening demand are pushing crude lower. Oil stocks are taking a beating, with the Energy Select Sector SPDR ETF (NYSEMKT:XLE) down 3.1%. Oil producers and oilfield service and equipment providers, in particular, are taking it on the chin, with the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEMKT:XOP) and the SPDR S&P Oil & Gas Equipment & Services ETF (NYSEMKT:XES) down 3.9% and 4.2%, respectively.

Global heavyweights resetting the market

Earlier this month, Saudi Arabia shifted its focus back toward the U.S. and Asia, lowering crude prices for refining customers in both markets. This was the first time since before the coronavirus pandemic the petro giant discounted crude to the U.S. — a clear salvo at U.S. shale producers to hold off on boosting output. China soaked up an enormous amount of heavily discounted crude in the second quarter, but purchases fell off in the second quarter as Chinese ports filled with oil tankers waiting for weeks to offload shipments.

Libya also recently returned to the international oil market. Most of its oil industry has been shuttered this year due to internal strife, but a recent agreement has reopened its