Asia

According to a statement posted on the website of the U.S. Treasury Department on Monday, "the United States extended a license protecting Venezuelan-owned refiner Citgo Petroleum against 'creditors until June '19." The Office of Foreign Assets Control issued the general license to boost investment in Venezuela and increase oil production. The U.S. also strengthens its protection of Houston's?Citgo, and its overseas parent companies which are the crowning jewels of Venezuela's foreign assets. Citgo is America's eighth largest refiner. The previous OFAC licence, issued in March, was set to expire on May 5. Citgo will be acquired by Amber Energy, a...

Reliance Industries, India's largest chemical company, is reducing output of alkylates while?diverting the feedstock in order to increase production of liquefied gas (LPG), as India struggles with shortages due to the Iran War. The operator of 'the world's largest refining complex runs its alkylation unit on a minimum rate, reducing exports of gasoline-blending components. Reliance exports alkylates primarily to the U.S., from its export-focused refinery that produces 704,000 barrels per day. The company claimed that LPG production had increased by'more than threefold compared to pre-war levels. The company stated in a press release that the move was made to fill...

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

On Monday, the leaders of Singapore signed an agreement with New Zealand to keep their supply chains open in times of crisis. They said they hoped that 'the agreement' would serve as a'model for other countries who want to build a trusted network. On his recent visit to Singapore, Prime Minister Christopher Luxon saw the signing between his Singaporean counterpart Lawrence Wong and himself. This is at a time when global energy supplies have been 'disrupted' by the Middle East war. Singapore refines a third of the fuel used in New Zealand. The Agreement on Trade of Essential Supplies was...

Saudi Energy Minister Prince Abdulaziz bin Salman is now facing a new OPEC challenge on top of 'the largest disruption in global oil supply ever. Saudi Arabia, along with other oil-producing countries in the group, are now unable to use the spare capacity that is usually used during times of crisis due to the Iran war. The sudden departure this week of OPEC’s fourth largest producer last year, United?Arab?Emirates,?taking along with it spare capacity that is second only to the Kingdom's, presents a formidable challenge for the first Saudi royal oil minister whose approach has shifted away from painstaking diplomatic...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated...

Exxon Mobil beat expectations for the first quarter adjusted earnings on a Friday. However, unadjusted 'profit' dropped to its lowest in five years because of disrupted shipments due to the U.S./Israeli war against?Iran. Also, a negative impact was caused by?timing issues related to financial derivatives. The adjusted earnings for the first 'three months' of the year came in at $1.16, which was above the consensus estimate by LSEG of $1.00. The adjusted figure excludes a $700m loss due to cargoes which were not delivered because of the war. Earnings per share were $2.09, excluding financial derivatives. Net income was $4.2...

Ukraine's Security Service (SBU) said that its drones struck an oil refinery near the Russian city of Perm on Thursday. This was the second attack in a row on oil facilities around the region as Kyiv tries to reduce the energy revenues Moscow uses to fund war. SBU: The Lukoil-owned refining plant, located over 1,500 km from Ukraine, is one of the largest refineries in Russia, with a capacity of 13 million metric tonnes per year. Lukoil did not respond immediately to a request for comment. The SBU reported that preliminary information indicated that the strike had hit a critical...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

Fertiglobe, a unit of the state oil giant ADNOC in Abu Dhabi, saw profits jump by 173% in the first quarter, as the fertiliser manufacturer benefited from the price spikes caused by the conflict in the Middle East. The Iran War, which began February 28, led to an effective closure of Strait of Hormuz. This is the route that carries a fifth of global oil and around a third of all seaborne fertiliser. This has caused a spike in the price of commodities such as energy and fertiliser. According to LSEG, Fertiglobe (which is 86.2% owned by ADNOC) reported an...

German semiconductor materials provider Siltronic reported lower-than expected quarterly sales on Tuesday, as the company continued to be affected by an?uncertain market environment. According to a LSEG poll, the average analyst's forecast was 317 million euro. The German company's EBITDA (earnings before interest, tax, depreciation, and amortization) was?65.1 million euros compared to 78.3 millions euros last year. This is below analysts' expectations of 67.4million euros. It is encouraging that the growth of AI-driven end market has continued to strengthen. But capacity constraints at our customers, particularly in the memory-chip sector, and persistently high inventories for 200 mm products are dampening...

Ambuja Cements, a cement manufacturer in India, reported on Monday a?threefold increase?in the fourth quarter profit. This was aided by?tax benefits and record sales of cement. Adani Group's cement maker reported a profit after tax of 16,44 billion rupees (173,06 million dollars) for the three months ended March 31. This is up from 5,55 billion rupees one year ago. The company recorded its highest quarterly volume ever, with a 10% increase in sales year-on-year, driven by demand for infrastructure. The company recorded a tax credit of approximately 14.6 billion rupees during the quarter ending March, which boosted its bottom line....

Gold prices were pushed lower on Monday in a thinly traded session, as inflation fears clouded U.S. monetary policies outlook. Meanwhile, markets waited for developments in U.S. Iran peace negotiations. As of 0655 GMT, spot gold was down 0.5% to $4,588.71 an ounce. U.S. Gold Futures for June Delivery fell 0.9% to $4,560.60. The markets in China, Japan, and the UK will be closed on holidays. Jerome Powell, the Federal Reserve chair, 'ended his eight-year tenure as head of U.S. Central bank on Wednesday. Interest rates were held and inflation concerns increased. Tim Waterer is the chief market analyst for...

On Monday, gold prices dipped a little in a thinly traded session, as inflation concerns?clouded the outlook for U.S. monetary policies, and markets waited to see what developments would come out of U.S. Iran peace negotiations. As of 0307 GMT, spot gold was down by 0.2%, at $4,606.38 an ounce. U.S. Gold Futures for June Delivery fell 0.6% to $4,517.40. The markets in China, Japan, and the UK will be closed on holidays. Jerome Powell, the Federal Reserve chair, completed eight years as head of U.S. Central bank on Wednesday. Interest rates were held and there was growing concern about...

Thyssenkrupp announced on Saturday that it had 'paused' talks with India's Jindal Steel International about a potential'sale' of the 'German industrial group's' steel unit. This is a setback to CEO Miguel Lopez’s restructuring efforts. Reports in March indicated that discussions may be canceled due to disagreements over pension liabilities, investments, and energy costs. Four people who are familiar with the issue were cited. Jindal Steel International made a bid indicative?for Thyssenkrupp Steel Europe in the past year. This led to months of due diligence, and negotiations on a possible purchase of Europe's?second-largest steelmaker. Thyssenkrupp stated that "the?original assumptions, and prerequisites...

The Danish FLSmidth, a supplier of mining equipment and cement technologies, said in a Friday statement that it was investigating whether or not it had violated'sanctions' after discovering it had supplied certain pre-contract materials to Russia. As part of a continuing internal investigation, the company found that it provided materials to Russians in connection with limited potential projects in Kazakhstan. It added that the company had ceased to pursue tenders. When asked about the sanctions FLSmidth may have violated, the company replied that it had sent an email to both the U.S. authorities and the Danish ones. The company stated...

Aluminum?prices rose on Friday as a result of fears that supply would be limited due to the ongoing standoff between Iran and the U.S., which has impacted shipments from the Gulf, where there are large smelters. Iran warned on Thursday that it would respond to any new attacks by the United States with "long, painful strikes". In official open-outcry trade, benchmark three-month aluminum on the London Metal Exchange increased 1.4% to $3.522 per metric ton, ending five sessions of losses. Metal used for construction, transportation and packaging reached $3,672 per?ton, its highest level in four years on April 16. This...

Gold prices dropped more than 1% on Friday, and are expected to drop a similar amount each week as high oil prices continue to fuel inflation fears that could discourage central banks from reducing interest rates. At 1149 GMT spot gold was down by 1.1%, at $4,573.33 an ounce, and is on course for a loss of 2.8% per week. U.S. Gold Futures for June delivery dropped 1% to $4585.20. UBS analyst Giovanni Staunovo said that gold remains negatively correlated with oil in the short-term, because it impacts interest rate expectations. Iran warned on Thursday that it would respond to...

Industry and government sources claim that India's gold imports in April are likely to drop to a low of 15 metric tonnes, a level not seen for 30 years, as banks were allegedly hit with an unexpected tax demand. Surendra Mehta is the secretary of the India Bullion and Jewellers Association. He said that since Indian customs started requiring a 3% integrated good and service?tax? on the metal, the banks have stopped importing it. When India introduced the IGST in 2017, gold-importing banks weren't required to pay the 3% levy. Tax demands are now being made on banks following a...

The copper price rose on Thursday, and was poised to 'crack a five-day decline after positive factory data from China. Nickel prices were 'heading towards their biggest monthly jump in two years due to tighter supply coming out of Indonesia. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.6% to $13,085 per metric tonne. Metal used in construction, manufacturing and power was expected to rise by 6% in April. This would be the best month in?2026, based on the hope that the Middle East conflict will be contained. A private survey revealed that China's...

Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency....

Gold prices jumped Thursday as oil prices slid and the 'dollar' eased. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1017 GMT spot gold rose 1.9%, to $4,630.03 an ounce. It had fallen to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June delivery increased 1.8% to $4642.90. Dollars fell by 0.3% making greenback bullion cheaper for holders of other currencies. Gold is recovering because of the uncertainty that...

China has exported large quantities of a rare earth used in chip-making and aerospace to the United States. Customs data showed that in March, tight controls, which caused shortages and record-high prices, could be loosening. The 60-ton shipment is 50 percent larger than the total yttrium shipped to the U.S. from China since April, when China implemented export controls on several rare earths at the height of the trade war. While rare earth exports were mostly resumed following a 'trade truce' late last year, the yttrium shipment was largely stuck. This caused shortages and production stops for aerospace and semiconductor...