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Energy Markets

Fossil Fuels

Fossil Fuels

7-Eleven's owner says he will have to cut costs because US tariffs are hitting consumer confidence

Seven & I Holdings is the owner of 7-11 convenience stores. It said that it expected to have to look closely at its supply chain in order reduce costs, as U.S. customers grappled with the impact of U.S. Tariffs. Stephen Dacus, the new CEO of the Japanese retail conglomerate, told reporters that he believes they will be faced with a more challenging retail environment. Retailers will face a difficult challenge as tariffs are imposed or in the process of being imposed by President Donald Trump to reshape world trade. U.S. consumer confidence declined in April, and 12-month inflation expectations soared...

Coal

Chairman of India's NMDC says that the company is exploring coal assets in Indonesia and Australia.

Amitava Mukherjee, chairman of the Indian miner NMDC, said that it is looking for coking coal assets in Indonesia and Australia. Coking coal is a key ingredient used to make iron ore and styrene. India, which is the second largest producer of crude iron and steel in the world, imports 85% of coking coal. More than half of Australia's coking-coal imports are accounted for by the country. Mukherjee stated that the company views this as an opportunity for business. The negotiations (for explorations) are at different stages. Due to confidentiality, he did not reveal the specifics of these discussions. NMDC,...

Fossil Fuels

S&P lowers Bahrain's outlook from 'positive' to 'negative,' due to weak financing conditions

S&P Global, the global ratings agency, downgraded Bahrain’s outlook from “stable” to “negative” on Wednesday. It cited ongoing market volatility as well as weaker financing conditions which could increase government interest burden. Fiscal deficits are expected to remain high due to lower oil prices, maintenance of the Abu Sa'fah field, volatility in the market affecting financing costs, and increased social spending. Bahrain's reserve currency position is still weak, and fiscal reform may not be enough to reduce Bahrain's debt-to GDP ratio. Bahrain's non oil revenue measures have been offset by increasing social spending and interest rates, as the economy is...

Fossil Fuels

Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk

Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday. Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes. Unipec's decision to resume purchases was not immediately apparent. Sinopec didn't immediately respond to an inquiry for comment. Sources claim that the number of cargoes purchased...

Fossil Fuels

IMF lowers Saudi Arabia's growth forecast for 2025, citing a slower oil recovery as a drag in the region

The International Monetary Fund lowered on Tuesday its GDP growth forecasts for Saudi Arabia and the region as a whole, citing headwinds such as a gradual return to oil production. The lowest crude oil prices since the COVID-19 epidemic are putting pressure on oil-dependent governments. Officials are preparing policies to deal with the drop in revenues, such as increasing debt or reducing expenditure. IMF's World Economic Outlook reduced the IMF's forecast for Saudi Arabia’s GDP growth to 3% in 2025, compared with a January estimate that predicted a 3.3% rise. IMF has also reduced its projection of growth in 2026...

Environment

Saudi Aramco signss development deal with China’s electric vehicle giant BYD

Aramco, the Saudi oil giant, announced on Monday that it had signed a joint-development agreement with BYD, a Chinese manufacturer of electric vehicles (EVs), to explore collaborations in the development and production of new energy vehicle technology. The agreement signed by Aramco's Saudi Aramco Technologies Company aims to improve vehicle efficiency and environmental performance as the Kingdom intensifies its efforts to transition to cleaner mobility. The deal was announced after the U.S. electric vehicle maker Tesla officially launched its presence in Saudi Arabia on April 10 with an event held in Riyadh. The company wants to boost global sales which...

Fossil Fuels

The US tariffs continue to affect the Gulf market.

The Gulf's major stock exchanges fell early on Monday, in line with Asian markets as U.S. president Donald Trump's aggressive trade tariffs and criticism of the Federal Reserve Chief continued to undermine investor confidence. Last week, Trump attacked Fed chair Jerome Powell. This fueled speculation about his possible removal and raised questions about U.S. financial security and the central bank’s autonomy. Credibility of the Fed as the most powerful central banking institution in history is largely based on its historical independence, which has allowed it to act without political influence. Saudi Arabia's benchmark stock index dropped 0.2% on Sunday, mainly...

Refined Products

Progress in US-Iran negotiations eases supply concerns, lowering oil prices

The oil prices dropped by about 1% after the nuclear talks between Iran and the United States progressed. This eased concerns that this dispute would reduce the supply of the Middle Eastern major producer. Brent crude futures fell 70 cents or 1.03% to $67.26 per barrel at 0030 GMT, after closing 3.2% higher on Thursday. U.S. West Texas Intermediate Crude was trading at $64, down 68 cents or 1.05% after closing up 3.54% the previous session. Last week, Thursday was the final settlement day due to the Good Friday holiday. Iran's Foreign Minister said that the U.S. had agreed to...

Fossil Fuels

Why one Eastern European nation was slow to give up its Russian oil addiction: Vladimirov

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic has continued to delay a strategic shift despite viable alternatives. According to a Center for the Study of Democracy analysis, Czechia imported Russian crude oil worth 1.5 billion euros in 2024. The volume was down 30% compared to 2023. However, this wasn't due to a proactive strategy to phase out Russian crude. It was mainly the result of 3 major disruptions in...

Fossil Fuels

Saudi Defence Minister arrives in Tehran before Iran-US talks

Saudi Defence Minister Prince Khalid bin Salman landed in Tehran, Iran on Thursday to meet with officials ahead of the weekend talks between Iran & the United States about the Iranian Nuclear Programme. Iran's official media reported that the defence minister had delivered to the Supreme Leader Ayatollah Ayatollah Khamenei a message sent by Saudi King Salman bin Abdulaziz on Thursday. However, the Iranian state media did not provide any further information about the message. Iran and the U.S. will hold a second round in Rome this weekend Tehran's controversial uranium-enrichment programme. Khamenei said in the meeting that he believed...

Fossil Fuels

Putin's envoy to Russia says that Witkoff's contacts with the Russians are extremely productive

Putin's investment representative said that the meeting between Russian President Vladimir Putin and U.S. president Donald Trump's Special Envoy Steve Witkoff, was very productive. However, various countries were trying to disrupt dialogues between Moscow Washington. Putin and Witkoff spoke for nearly five hours in St. Petersburg, the former imperial city. Yuri Ushakov and Kirill Dmitriev, Putin's investment envoy, were also present. Kirill Dmitriev, a reporter in the Kremlin at the time of a visit to Moscow by Qatari Sheikh Tamim Bin Hamad al-Thani, said that "the meeting was extremely fruitful." Dmitriev added that a variety of unidentified media spread misinformation....

Fossil Fuels

Shortsellers target a wider range of companies before Trump's "Liberation Day"

Hazeltree, a data and technology firm, said that shortsellers had targeted a broader range of equity sectors before President Donald Trump announced his "Liberation Day", or April 2, tariff announcement. They also raised negative bets against a group of large tech stocks. Super Micro Computer was the most popular security. It knocked oil and gas producer Chevron from the top spot it held for two months. Prior to this, tech stocks dominated the top 10 list of most-shorted U.S. Large Caps. Hazeltree reported that only five of the top 10 stocks most shorted in March were tech shares, compared to...

Crude Oil

Crude Oil

Stocks rise with tech shares, dollar falls after recent gains

The major stock indexes rose Thursday as investors awaited more developments in the U.S. China trade dispute, and the dollar fell after recent gains. Alphabet is expected to release its quarterly results after the closing bell. Alphabet has been up by 1.9%. S&P's technology sector led all other sectors in the S&P index with gains of about 3%. Donald Trump, the U.S. President, said that on Thursday trade talks were underway between the U.S.A. and China. This was in response to Chinese claims that there had been no discussion about easing the ongoing trade conflict. Beijing said that earlier, the...

Crude Oil

Markets take stock of Trump’s U-turns as the relief rally fades away

Investors struggled to sort through the noise of the Trump administration, its erratic stance on tariffs, and the Federal Reserve leadership. In the past week, U.S. president Donald Trump has attacked Fed chair Jerome Powell, then retracted his calls for resignation. Investors are still unsure about the final state of tariffs against China, despite the many headlines surrounding it. A source said on Wednesday that, in the absence of talks with Beijing, the Trump administration was looking at lowering tariffs for imported Chinese goods. This follows a Wall Street Journal article that suggested that Trump's White House might consider reducing...

Refined Products

Taiwan offers another $10 billion in aid to help deal with US tariffs

Taiwan's Premier proposed on Thursday another $10 billion as a budget special to help the economy cope with the impact U.S. Tariffs. Taiwan was due to receive 32% U.S. Tariffs in two weeks, but President Donald Trump suspended his "reciprocal Tariffs" for 90-days. At a press conference held in Taipei on Tuesday, Premier Cho Jung Tai said that the initial T$88.9 billion ($2.71billion) aid package will be increased up to T$410.9 billion ($12.61billion), which includes financing assistance for businesses, measures to stabilize the job market, and subsidies for electric. The special budget must be approved by the parliament. Opposition parties,...

Mining

Mineral Resources

Mineral Resources

China's premiums soar as Asia gold-discounts in India reach a near-nine-year-high

This week, gold discounts in India reached their highest level in nine years, as record prices discouraged buyers. Premiums in China also rose to an all-time high, leading to increased shipment to the largest bullion buyer in the world. This week, Indian dealers offered a discount The largest discount since July 2016 is up to $80 per ounce, including 6% import duties and 3% sales taxes. The discount last week was up to $74. Prices have increased and jewellery sales are down. Jewellers across the country feel the slowdown as shoppers are not buying the same amount of jewelry they...

Mineral Resources

Copper prices near 3-week high in hopes of tariff relief

The copper price hovered at a three-week high on Friday, and was headed for a gain of about 5% on the week on signs that tensions between China and the United States may be easing. This is despite President Donald Trump’s comments creating confusion and volatility on global markets. By 0422 GMT, the benchmark copper price on London Metal Exchange (LME), was up 0.6% to $9,445 per metric tonne. The metal reached a high of $9,481.50 in the first half of this week, its highest level since April 3. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by...

Mineral Resources

Copper prices near 3-week high in hopes of tariff relief

The copper price hovered at a three-week-high on Friday, and was headed for a gain of about 5% on the week on signs of potential de-escalation of U.S. China trade tensions. Meanwhile, President Donald Trump’s slew of comments caused confusion and volatility on global markets. By 0334 GMT, the benchmark copper price on London Metal Exchange was up 0.3% to $9,418 per metric tonne. Metals reached a high of $9,481.50 in the first half of this week, their highest level since April 3. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 0.2%, to $10,664.95. LME copper prices...

Mineral Resources

USTR holds productive commercial meeting with Vietnam

In a Thursday statement, the U.S. Trade Rep Jamieson Greer said that he and his Vietnamese counterpart had a productive meeting in which they both agreed to make rapid progress in reciprocal trade. Greer and Vietnam’s Minister of Industry and Trade Nguyen Han Dien spoke Wednesday and "instructed [their] teams to engage in technical discussion in the coming days in order to discuss efforts on expanding market access and addressing unfair trade practices," according to the statement. The statement stated that "Both sides agreed it is important to make rapid progress toward reciprocal and equal trade between the United States...

Mineral Resources

The gains in copper on a softer dollar are capped by uncertainty about tariffs

The copper price hovered just below its three-week peak on Thursday. A weaker dollar boosted the prices, but continued uncertainty about U.S. tariffs kept them in limbo. By 1000 GMT, the benchmark copper price on the London Metal Exchange was up 0.4% to $9,418 per metric tonne, after hitting a high of $9,481.50 the previous session, its highest level since April 3. LME copper is up more than 15 percent since it hit a low of $8.105, a level not seen in 17 months. It's difficult to predict what will happen from day to day. "There is no doubt that...

Mineral Resources

JSW Steel CEO: India's steel safeguard tariff will help control imports

Jayant Acharya said on Thursday that India's decision to impose a temporary 12% tariff on certain steel imports would help reduce imports in some cases. India, the world's second largest crude steel producer, has imposed temporary tariffs, or a provisional safeguard duty on certain steel imports. The duty will last for 200 days. The country's imports for finished steel products increased for the second consecutive year in fiscal 2025, with imports reaching an all-time high amid increased shipments from China. The influx of steel cheaper from China has forced Indian mills into reducing their operations and considering job cuts. Acharya,...

Mineral Resources

The gains in copper on a softer dollar are capped by uncertainty about tariffs

The copper price hovered just below its three-week peak on Thursday. A weaker dollar boosted the prices, but continued uncertainty about U.S. tariffs kept them in a limbo. By 0840 GMT, the benchmark copper price on the London Metal Exchange was up 0.2% to $9,400.50 per metric tonne. It had previously reached a high of $9,481.50, its highest level since April 3. LME copper is up more than 15 percent since it hit a low of $8.105, a level not seen in 17 months. The stocks in Asia fell as traders digested Wednesday's latest news about the trade war between...

Mineral Resources

Tesla sales drop 28.2% in March as European car sales increase

According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face...

Mineral Resources

Dalian iron ore's rally of three days is broken by stronger supply outlook

Iron ore futures dropped on Thursday, ending a three-day gain, due to a better supply outlook from increased shipments. However, seasonal demand for this key ingredient in steelmaking limited the decline. The September contract for iron ore on China's Dalian Commodity Exchange closed 0.28% down at 720.5 Yuan ($98.76). As of 0703 GMT, the benchmark May iron ore traded on Singapore Exchange dropped by 0.99% to $99,25 per ton. Hexun Futures, the broker, reported that shipments to China increased by 178,000 tonnes this week and that port inventories increased slightly on Monday. Mysteel, a consultancy, reported that the volume of...

Mineral Resources

Source in the government says that India expects the imports of steel from China, S.Korea, and Japan to slow down.

A government source who is directly familiar with the situation said on Thursday that India expects steel imports to slow down after temporary tariffs are imposed this week. India, the second largest producer of crude iron and steel in the world, announced a temporary duty or safeguard provision of 12% on certain steel imports. This duty will last for 200 days. India's imports for finished steel products increased for the second consecutive year in fiscal 2025, with shipments reaching an all-time high. This trend has continued as shipments from China and South Korea have also been increasing. The government source...

Mineral Resources

Mining group Eramet keeps 2025 output targets despite Q1 setbacks

Eramet, a French mining company, maintained its full-year production targets on Thursday despite lower manganese and Nickel volumes which contributed to flat sales in the first quarter. The company reported quarterly sales adjusted to 742 million euros (842 million dollars) and said that sales volumes at its manganese mining in Gabon were down 15% on an annual basis due to a strike by workers and logistical issues at Owendo Port. Eramet, the Indonesian nickel ore miner, attributed this decline to destocking of local processing plants. The Chairwoman and CEO Christel Bories also attributed the "more difficult" than expected first quarter...

Mineral Resources

Albanese, an Australian company, pledges to establish a strategic reserve for critical minerals

The Australian centre-left Labor Government pledged on Thursday an initial investment A$1.2 billion (roughly $763 million) in order to establish a strategic reserve for critical minerals. It is looking to create a different supply chain within a Chinese dominated market. The Prime Minister Anthony Albanese said that the reserve, which is expected to be established in nine days, would use the mineral deposits of the country and increase its economic resilience. Albanese stated in a press release that "we need to do more" with the natural resources needed by the world, which Australia can provide. After President Donald Trump imposed...