Dow futures rise as oil prices surge on tanker incident in the Gulf of Oman

U.S. stock index futures were slightly higher Thursday, after President Donald Trump declined to set a deadline on levying tariffs on another $325 billion of Chinese goods.

Around 6 a.m. ET, Dow futures indicated a positive open of more than 60 points. Futures on the S&P and Nasdaq were both seen slightly higher.

Oil prices pared some of their recent losses on Thursday, following a sharp sell-off in the previous session. Crude futures tumbled as much as 4% on Wednesday, slipping to near five-month lows amid continued increases in U.S. crude stockpiles and concerns about lower demand growth.


— RECOMMENDED —

Learn How You Could DOUBLE or TRIPLE Your Account in One Week!

Find Out How With The #1 Selling Trading Guide: Now Yours For FREE!


Oil prices rebounded more than 2% Thursday morning amid reports of a tanker incident in the Gulf of Oman.

International benchmark Brent crude traded at around $61.58 during early morning deals, up nearly 3%, while U.S. West Texas Intermediate (WTI) stood at $52.38, up more than 2%.

On the data front, import prices for May and the latest weekly jobless claims figures will both be released at around 8:30 a.m. ET.

Broadcom is expected to report its latest quarterly earnings results after market close.

Market focus is largely attuned to global trade developments, amid intensifying tensions between the world’s two largest economies.

Expectations that trade officials from the U.S. and China will clinch a deal on the side-lines of a G20 meeting in Osaka on June 28-29 have been fading in recent days.

Trump, who has said he still has plans to meet with Xi later this month, has repeatedly threatened to escalate an already months-long trade war by putting tariffs on almost all of the remaining Chinese imports that are not already impacted by U.S. charges.

Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

Source: cnbc.com | Original Link

Posted in Top Trading Advice | Best Investment Opportunities | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Oil jumps more than 3% on reports of tanker incident in the Gulf of Oman off Iran coast

Brent crude spiked more than 3% on Thursday on reports of tanker explosions in the Gulf of Oman near the Iranian coastline.

In the early hours of European trading, the benchmark commodity went up as much as 4% before paring gains later in the day to trade at $61.97 a barrel.

Tankers the Front Altair and the Kokuka Courageous have sustained significant fire damage and its crews have been evacuated, according to multiple shipping agents and chartering sources. The Kokuka Courageous, a chemical tanker that loaded in Saudi Arabia and was en route to Singapore, caught fire at the same time as the Front Altair just before 6:00 a.m. local time.


— RECOMMENDED —

Three Simple Trend Lines

Tranquil Trading: “All You Need is 3 Simple Trend Lines”


The cause of the fire remains unclear, but has sparked fears of attack and comes just weeks after alleged ship sabotage in the region.

A representative for BSM Ship Management, the Kokuka’s Singapore-based manager, said 21 crew had abandoned ship due to the “security incident”, which damaged the ship’s starboard hull. They were rapidly rescued from a lifeboat by a nearby vessel, according to the company’s spokesman.

“The Kokuka Courageous remains in the area and is not in any danger of sinking. The cargo of methanol is intact,” the spokesman said in a statement.

The ship is roughly 14 nautical miles off the coast of Iran and 70 nautical miles from the coast of the United Arab Emirates’ Fujairah, which was the site of alleged sabotage attacks on four tankers in mid-May that U.S. authorities have blamed on Iran. Iran denies any involvement.

When four tankers sustained damage in the attacks of May 12 — two Saudi-owned, one from the UAE and one from Norway — crews did not have to abandon ship, indicating that today’s attack is much more serious.

Brent crude trading just before 9:00 a.m. London time on June 13, 2019.

Fujeirah Port operations are normal, according to a Platts Global Alert citing shipping sources.

The Front Altair, chartered by Taiwan’s state-owned CPC Corp, was scheduled to carry a cargo of naptha, a petrochemical feedstock, from the Persian Gulf to Japan, Platts said. Its owner, Frontline, could not be immediately reached for comment.

Neither ship was under Saudi charter, and the Front Altair and Kokuka Courageous were bearing Marshall Islands and Panama flags, respectively.

United Kingdom Maritime Trade Operations, a division of the U.K. Royal Navy, said it is currently investigating the incident and has urged “extreme caution” amid mounting tensions between Iran and the U.S.

Iranian state media has reported that two oil tankers were targeted in explosions, without providing evidence.

CNBC has reached out to maritime authorities for more details.

A spokesman for the US Navy’s Fifth Fleet in Bahrain told the Associated Press that his command was “aware” of the incident and was seeking further details. U.S. Naval ships are in the area and are “rendering assistance” after forces in the region received two separate distress calls, the Fifth Fleet said.

Source: cnbc.com | Original Link

Posted in Investment Advisor | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment