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Markets

Volatile oil market most likely to improve says analyst 

Israel-Gaza war, Red Sea attacks having less impact than expected

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As the global oil market continued to ready itself for 2024, one analyst stated it’s more likely prices will increase than to drop further. Phil Flynn of the Price Futures Group in Chicago said one’s outlook on crude oil is predicated on their economic view. 
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Machinery, Markets

Canada to boost carbon tax rebate for rural areas

Will also pause carbon tax on home heating oil for three years

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Ottawa | Reuters — Canadian Prime Minister Justin Trudeau on Thursday announced a three-year carbon tax exemption for home heating oil and higher carbon tax rebates for people in rural areas, measures he said were intended to bring relief amid soaring costs of living. Trudeau’s Liberal government has implemented a price on carbon to combat […] Read more
NYMEX August 2023 West Texas Intermediate crude oil, with August 2023 Brent crude oil (black line). (Barchart)
Crops, Machinery, Markets

Extent of Saudi oil production cut unclear

Reported tensions within OPEC limit price gains

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MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more
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Crops

Oil content of Canada’s canola well below average in 2021

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MarketsFarm — The average oil content of Canada’s canola crop came in well below normal in 2021-22, according to the final quality report for the year from the Canadian Grain Commission (CGC). The average oil content came in at only 41.3 per cent for the year, which compares with 44.1 per cent the previous year […] Read more
People queue up outside a public supermarket’s doors in Ciudad Bolivar, Venezuela, in April 2015. (iStock/Getty Images)
Crops

World Food Programme starts distributing food in Venezuela

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Reuters — The U.N. World Food Programme (WFP) said Wednesday it had begun distributing school meals to children in Venezuela, where some seven million people require humanitarian assistance after years of economic collapse in the once-prosperous OPEC nation. The WFP’s first take-home rations were distributed for children under six years old at some 277 schools […] Read more
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Crops, Machinery

U.S. oil industry seeks unusual alliance with Farm Belt against electric vehicle agenda

'We weren't born yesterday'

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New York | Reuters — The U.S. oil industry is seeking to forge an alliance with the nation’s corn growers and biofuel producers to lobby against the Biden administration’s push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions. The effort marks an unusual attempt […] Read more
The Big River Resources ethanol plant at West Burlington, Iowa, about 120 km southwest of Davenport. (Steven Vaughn photo courtesy ARS/USDA)
Crops, Machinery, Markets

Trump administration mulls industry-wide biofuel waiver

Comment period would end after Trump's exit

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New York | Reuters — The Trump administration is considering requests from the oil refining industry and its backers for a sweeping nationwide waiver to exempt them from their obligations to blend biofuels, a measure they argue would help them weather the economic impact of the coronavirus pandemic. U.S. President Donald Trump’s Environmental Protection Agency […] Read more
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Crops

U.S. Supreme Court agrees to hear biofuel waiver case

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Reuters — The U.S. Supreme Court on Friday agreed to review a lower court ruling that severely limited the government’s powers to exempt small refineries from the nation’s biofuels law, rekindling a long-running dispute between the oil and corn industries. The decision came after appeals by refining companies that argued the 10th Circuit Court’s decision […] Read more
Canola seed, oil and meal. (Photo courtesy Canola Council of Canada)
Crops, Markets

October crush numbers up, canola record set

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MarketsFarm — Canadian oilseed processors crushed a record amount of canola during October 2020, according to the latest data from Statistics Canada. Increases were reported throughout the canola and soybean crushes when comparing this October with October 2019. October 2020 saw 931,060 tonnes of canola crushed, which bested the previous record of 899,331 tonnes set […] Read more
A view of Anchorage, Alaska from Cook Inlet. (RobsonAbbott/iStock/Getty Images)
Crops

Trump issues permit for Alaska-to-Alberta railway

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Washington | Reuters — U.S. President Donald Trump has issued a presidential permit for a private-sector proposal to build a railway from northeastern Alberta’s oil sands to ports in Alaska, a project that still faces numerous hurdles. Trump said over the weekend on Twitter he would issue the permit, which he signed on Monday but […] Read more

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