High-Speed Trader Gets High-Speed Guilty Verdict In Spoofing Case

commodities

New Jersey-based high-speed commodities trader Michael Coscia has been found guilty of six charges of spoofing and six of commodities fraud in a case brought by the Commodities and Futures Trading Commission. The jury took less than an hour to convict him. Coscia manipulated the market by placing huge orders which he never intended to […]

Crude Sinks In Asia On Gloomy News From China

oil

Crude oil prices slipped in early trade Monday in Asia on receipt of gloomy news from China. The Caixin China Manufacturing Purchasing Managers Index for October was 48.3 in October which was actually an increase from September’s 47.2. However, any figure below 50 shows contraction while above 50 shows expansion. Eighth Month In Succession This […]

Could There Be Light At The End Of The Tunnel For Oil Prices?

oil

It seems possible that there could be light at the end of the tunnel for oil prices. According to oil services firm Baker Hughes, the US oil rig count dropped by a further ten last week, and now stands at just 595. The fact is that all drilling companies are losing money with oil at […]

Has Copper Hit Rock Bottom?

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While it appears that on the face of it some commodities have reached the bottom for now, that may not be true of all of them, especially copper. The news from China on Monday was not of the best. Analysts had been expecting a GDP figure of 6.8% growth for the third quarter, and most […]

Oil Headed For $70 A Barrel?

oil

UBS Wealth Management commodities analyst Giovanni Staunovo is convinced that oil is heading for the $70 a barrel mark. He points out that last week the price of West Texas Intermediate exceeded $50 a barrel for the first time since July, and that he expects that, although there may be short term drops, that in […]

Rig Count Falls. Oil Price Rises

oil

Oil prices climbed higher in early trading on the Asian markets on Monday on the back of a further fall in the rig count in the US. Baker Hughes reported that US drillers have mothballed another 11 rigs in the last week, bringing the total taken out of service in the last six weeks to […]

Commodities Best Rally For Three Years

zinc

Commodities jumped in price on Friday, posting the biggest weekly gain for three years. This was driven by news from Glencore that it intends to cut production of zinc by ½ million tonnes which reduces total global output by some 4%. Zinc prices immediately shot up by up to 12%, which was the largest increase […]

Crude Thoughts: Time To Lift The Export Ban?

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A bill in the House of Representatives is due to go to the floor this week, which could mean that the US is a step closer to lifting the crude oil export ban. This was introduced in 1974 in response to the Arab oil embargo. The only exceptions to crude oil export are to Canada, […]

The Cannibals Are Out In The Oilfields

oil

There is something new going on in the oilfields of the US. Cannibalism. If you ran a fleet of trucks to deliver goods to your customers, you would normally take them to a truck repair workshop when something broke, and have a new part fitted. It’s just the way things are. But not out in […]

Good News About Oil – For Once

oil

Energy shares climbed in Asia on Wednesday on the back of some good news about oil. Following the revelation on Friday that the oil rig count was the lowest that it has been for years, the US Energy Information Administration forecast that demand for oil in 2016 would surge to the highest for six years, […]