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BY BARANI KRISHNAN | Reuters | Oil prices rose on Tuesday as investors anticipated a weekly drawdown in U.S. crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. “We’re gearing up on expectations that the wildfires in Canada may finally be showing […]

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Investor’s Business Daily via Bloomberg News | Oil dropped for a fourth day, the longest stretch of declines in more than a month, as producers in Canada worked to resume operations after wildfires and Iran continued to increase exports. July crude fell 0.7% in New York. Cooler weather is helping to control a blaze in […]

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By Mark Shenk | Bloomberg | Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to increase exports. July crude fell as much as 2.1 percent in New York. Cooler weather is helping to control a blaze in Canada’s oil-sands region and allowing Suncor Energy […]

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By TIMOTHY PUKO | The Wall Street Journal | Warmer weather forecasts boost expectations for demand. Natural-gas prices jumped to a 10-day high overnight as warmer weather forecasts boost expectations for demand. Natural gas for June delivery is up 3.5 cents, or 1.7%, at $2.097 a million British thermal units on the New York Mercantile […]

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GILLIAN RICH | Investor’s Business Daily | Despite a decline in U.S. output, oil stockpiles keep rising — thanks to unabated production overseas — but a “serious” supply drop will be seen soon. On Wednesday, the Energy Information Administration reported a surprise inventory increase of 1.3 million barrels vs. forecasts for a decline of 3 […]

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BY DEVIKA KRISHNA KUMAR | Reuters | A rally in U.S. crude oil prices recently has put the market on its firmest footing since the rout started in 2014, with the spread between prices for near-term delivery and future delivery narrowing, suggesting the worst of the supply glut may be over. Oil prices in global […]

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Myra P. Saefong | MarketWatch Oil futures rallied Monday as Goldman Sachs said that the market is now in a supply shortfall, boosting a sector that has suffered from a severe glut for almost two years. June West Texas Intermediate crude CLM6, +3.12% added $1.27, or 2.8%, to $47.48 a barrel on the New York […]

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Wildfires continue to cut back Canadian production | By GEORGI KANTCHEV and NICOLE FRIEDMAN | The Wall Street Journal | Oil prices rose Tuesday on expectations that supply outages from Canada to Nigeria would help to alleviate the global glut of crude. Light, sweet crude for June delivery settled up $1.22, or 2.8%, to $44.66 […]

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USDA Reaction

On May 10, 2016 - 11:45 AM By

Comments by Jack Scoville | USDA Report May 10, 2016 The big bullish news came in the beans and has been in the beans all day.  In Brazil, CONAB cut the soybeans production more than expected to just under 97 million tons.  It also cut corn production in a big way, but this was pretty […]

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GILLIAN RICH | Investor’s Business Daily Saudi Arabia’s oil behemoth Aramco is planning a three-way foreign listing of shares, with Exxon Mobil (XOM), BP (BP) and China’s Sinopec among those being courted to buy stakes in the company, reports said. Saudi Arabia is making an initial public offering of the shares, offering the oil companies […]

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Forbes via Trucks.com | Rising diesel costs likely will curb trucking company profits at least until the companies can tack on surcharges to catch up with the 14% fuel price jump over the last three months. Diesel prices last week hit an average of $2.27 per gallon, up from $1.98 in mid-February, according to the […]

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By Barbara Kollmeyer | MarketWatch   He was known to some as the Alan Greenspan of the oil world. That is Ali al-Naimi, Saudi Arabia’s powerful oil minister, who was fired from his post on Saturday. He will be replaced by Khalid-al Falih, the chairman of the country’s state oil company, Saudi Aramco. “This is […]

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