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Fossil Fuels

Oil & Gas

Pirelli will make Cyber Tyres for the US after Italy limits China's influence

Pirelli announced on Wednesday that it would begin producing Cyber Tyres for the United States after Italy curbed its influence with Sinochem, the Chinese investor of the premium tyre manufacturer, in an effort to aid the company's expansion across the Atlantic. Italy's government resolved a dispute last month over Sinochem’s stake in Pirelli by using "golden powers". Sinochem, Pirelli's largest shareholder with a stake of 34.1%, was the cause of the dispute. Sinochem fears that Pirelli may fall foul of U.S. regulations restricting use of Chinese technology within?the automotive sector. Pirelli announced that it would manufacture its connected Cyber Tyre...

Oil & Gas

Guinea pays EGA to resume bauxite trading, according to statements

Guinea and Emirates Global Aluminium have reached an agreement to settle a long-running disagreement over the seizure its local operations, allowing the resumption bauxite shipment. The two companies released separate statements on the matter. The deal is subject to certain conditions. Guinea will pay an upfront sum to Abu?Dhabi based miner, in exchange for the transfer of Guinea Alumina Corporation assets to state-owned Nimba Mining Company. Financial details were not revealed. Guinea, the top producer of aluminium feedstock in the world, took over GAC's Bauxite Operations last year after a disagreement about plans to build an Alumina Refinery. The assets...

Fossil Fuels

Portugal prepares draft bill for windfall tax on energy firms

Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in...

Oil & Gas

Sources: Trafigura is one of three bidders to buy a minority stake in South Africa’s Natref oil refining company.

Two sources familiar with the matter said that Trafigura, a global commodities trader, is "among" three companies competing for a 36.36 percent stake in Natref Refinery of South African petrochemical giant Sasol. After the British-based Prax group, which bought the minority stake in South Africa's sole inland crude oil refining plant from TotalEnergies two years ago for an undisclosed amount, went into bankruptcy in 2025, the remaining shares in the 108.500 barrels per daily plant are up for sale. South?African fuels are among the biggest in Africa, and analysts predict that it will continue to grow for?the near future. This...

Fossil Fuels

Indian shares fall, rupee falls to record low due to high oil prices

The rupee fell to a record low as the risk sentiment was impacted by high crude oil prices related to Middle East conflict. The Nifty 50 fell?0.36% - to 24,032.80, and the BSE Sensex dropped 0.33% - to 77.017.79. The rupee slid - to 95.4325 against the U.S. Dollar. Brent crude reached an intraday peak of $115.3 a bar on Monday, after Iran intensified its attacks against the UAE and other ships in the Gulf. This included several in the Strait of Hormuz. Oil prices fell to about $113 a barrel on Tuesday, as the U.S. Navy began to loosen...

Oil & Gas

Indian shares fall, rupee falls to record low due to high oil prices

On Tuesday, Indian shares dropped and the rupee reached a new low as investors assessed March-quarter earnings. As of 9:56 a.m. IST, the?Nifty 50 index was down 0.45% to 24,010.20 and the BSE Sensex fell 0.41% at 76.954.34. The rupee has reached a new low. Brent crude soared to an intraday peak of $115.3 per barrel on Monday, after Iran intensified?attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait of Hormuz. Oil prices remain high despite the fact that they have dropped to $113 early on Tuesday due to a'signal the U.S....

Oil & Gas

Indian shares open lower due to rising oil prices; rupee falls to record low

Indian shares opened lower on Tuesday, as investors assessed March quarter corporate earnings and a rise in 'crude oil' prices due to the Middle East conflict. As of 9:15 a.m. IST the Nifty 50 index was down 0.28% to 24,052.60 while the BSE Sensex fell 0.21% to 77,103.72. Brent crude soared to a intraday high of $115.3 per barrel on Monday, after Iran increased its attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait o'Hormuz. Oil prices remain high despite signs that the U.S. Navy may be easing Iran's strait closure. The...

Fossil Fuels

IMF chief Georgieva warns a'much more worse outcome' is the Middle East war drags on into 2027

The head of the International Monetary Fund warned on Monday that inflation is already increasing and the global economy could suffer a "much more serious outcome" if the Middle East war drags into 2027, and oil prices reach $125 a barrel. IMF's Kristalina Georgieva stated that due to the continued war, the "reference scenario", which assumed a short-lived crisis and forecasted a slight growth slowdown of 3.1% as well as a minor rise in prices at 4.4% was no longer feasible. Georgieva stated that "this scenario is moving further and farther behind the mirror in the rear view" with each...

Electric Utilities

US extends protection to Venezuelan-owned Citgo against creditors

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...

Fossil Fuels

China uses anti-sanctions laws to counter US blacklisting refiners

China has, for the very first time, invoked a law that targets?companies? that comply with foreign sanction it rejects. This is a response to the U.S. listing of oil refineries who bought Iranian crude. The Ministry of Commerce issued an order on Saturday to companies to not comply with U.S. Sanctions against five refiners including the recently designated Hengli Petrochemical. Beijing cited a law which allows it to retaliate if entities enforce sanctions that Beijing deems illegal. Washington and other Western governments have sanctioned several Chinese firms that trade Iranian or Russian crude oil. This has drawn?repeated critics from Beijing....

Oil & Gas

India palm oil imports drop to a one-year low on April weak demand

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,...

Oil & Gas

Singapore and NZ Sign Deal to Keep Supply Chains Open, Saying They Are Open to Interest from Other Countries

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...

Crude Oil

Crude Oil

The end of MORNING BID AMERICA is in sight.

Mike Dolan, Editor at Large, Finance and Markets, explains what matters today in U.S. markets. After reports that the U.S., Iran and other countries were "close to a memorandum of one page" ending the Gulf War, oil prices plummeted and global stocks surged. This news was released just days after U.S. president Donald Trump announced that he would pause the operation to reopen Gulf shipping. The broader stock indexes did not need an excuse to rise, as newly upgraded AI expenditure estimates lifted Wall Street and global markets on Tuesday. Below, I will go into more detail. Check out my...

Crude Oil

Buy or avoid ROI-US bonds with a yield over 5%? Mike Dolan

The U.S. bond yields have crossed 5% eight times or more in the last three years, but never stayed there. The question of whether 'dragons' or 'buyers" are above this level is critical for an investor base who has become sour about?super-long term government debt. The appetite for long-term bonds is still important, as 17% of Treasury debt maturing in the next 10 years will be held by the U.S. Treasury. This appetite is being affected by a 'cocktail' of factors, including inflation, corporate debt, dollar value and foreign ownership. A 5% coupon per year from the U.S. Treasury is...

Crude Oil

Saudi Arabia's quarterly budget deficit balloons to $33.5 Billion, driven by spending boom

Saudi Arabia has reported a first quarter 'fiscal deficit' of 125.7 billion Riyals ($33.5 billion), which is not far off from its projected full-year figure of $44 billion. It also increased?spending in order to support the economy amid disruptions caused by the Iran War. In response to U.S. and Israeli strikes which began on 28 February, Iran has attacked Gulf states. This has damaged major energy infrastructure and disrupted shipping in the Strait of Hormuz. The Strait of Hormuz normally handles about 20% of all global oil and LNG?flows. Saudi Arabia's economic growth will slow down sharply in this year,...

Mining

Mineral Resources

Mineral Resources

Trade talks between G7 countries focus on critical minerals, as US-EU tariff dispute strains unity

The Group of Seven Trade Ministers met in Paris on Wednesday to find common ground for securing vital?mineral? supplies that are dominated primarily by China. However, the United States' recent tariff threats against European Union made cars could strain unity. As ministers prepare to hold a summit of leaders in mid-June, Nicolas Forissier, the French Foreign Trade Minister said that France wanted critical minerals supplies among its most tangible deliverables. He said: "I think we'll make concrete progress in rare earths, critical minerals and supply chain security. We won't be held hostage to certain countries." There was a broad consensus...

Mineral Resources

Nickel touches $20,000 as Trump signals a possible Iran peace agreement.

Nickel prices reached $20,000 for the first time since about two years as U.S. president?Donald Trump hinted at a possible peace agreement that would end the war with Iran. The benchmark three-month copper price on the London Metal Exchange increased 1.1% to $13,284.50 a metric ton at 0804 GMT. This is its highest level since March 27. The Shanghai Futures Exchange's most traded copper contract was up 1.6% to 102,660 Yuan ($15.029.98) a ton. The Chinese markets resumed trading Wednesday after the May Day holiday. LME nickel rose 1.4% to $19 915 per ton, after reaching $20,000, the last time...

Mineral Resources

Gold increases by over 2% amid hopes for Middle East peace as oil and dollar fall

Gold prices rose?more?than 2% on Tuesday after the?U.S. President Donald Trump suggested that a possible deal could be made with Iran. This sent the dollar and crude prices lower, as inflation fears waned. As of 0811 GMT, spot gold rose 2.7% to $4680.91 an ounce. This is the highest it has been since April 28. U.S. Gold Futures for June Delivery rose?2.7%, to $4693.20. U.S. president Donald Trump announced on Tuesday that he will temporarily pause a mission to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. Iran's foreign minister said...

Mineral Resources

Gold prices jump on dollar weakness and Middle East peace hopes

The gold price rose by 2% Wednesday due to a weaker dollar. Meanwhile, lower oil prices eased concerns about inflation and interest rates that would be higher for longer, in anticipation of an agreement between the U.S. and Iran. As of 0415 GMT, spot gold was up by 2% to $4,647.09 an ounce. U.S. Gold Futures for June Delivery rose 2% to $4 658. U.S. president Donald Trump said Tuesday that he will temporarily halt an operation to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. The gold price rose as...

Mineral Resources

Lynas CEO: US and European rules influence buyers away from Chinese rare Earths

The chief executive of Australia's Lynas Rare Earths?said that new government?regulations?in the U.S.and Europe?are helping to?push customers?to buy rare earth products?from suppliers?outside China?. China has been the world's leading and cheapest producer of metals and magnets, which are used in industries ranging from automotive to defense. It is also the default supplier for many years. Last year, China's restrictions on some exports in response to U.S. Tariffs left automakers and other industries vulnerable. Washington has since pledged to support higher?earths prices for its top rare?earths producers to spur non-Chinese supplies, but convincing customers to pay more, when there are cheaper...

Mineral Resources

Iron ore prices jump as China resumes trade after the holiday

Iron ore futures rose on Wednesday, as China returned from its May Day holiday break. Demand for steelmaking feedstock is expected to increase in the summer when construction activities will re-start and blast furnaces will resume production. As of 0221 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was up 2.33% to 812 yuan (US$119.08) per metric ton. The benchmark June Iron Ore at the Singapore Exchange is 1.19% higher, $109.8 per ton. Galaxy Futures, a Chinese broker, said that after the five-day holiday, steel demand will likely pick up in China. After completing maintenance...

Mineral Resources

Copper prices recover from 3-week lows on the back of bargain-hunting; COMEX is outperforming

Prices of copper rebounded on Wednesday after they hit a?three-week low, as investors benefited from lower prices. Meanwhile, U.S. prices rose on speculations about possible tariffs on the metal. Benchmark 'three-month copper at the London Metal Exchange increased 0.4% to $13,053 a metric ton, in open-outcry official trading after reaching its lowest level since March 13 at $12 780. Shanghai Futures Exchange was closed on Labour Day, which has a pronounced impact on trading. Since the Iran War, copper prices have been on the decline. The slowing of economic growth may affect demand for metals used in construction and electric...

Mineral Resources

Gold recovers from a five-week low, but inflation worries cap gains

Gold prices rose on Tuesday, but gains were modest as crude oil prices remained high and inflation fears remained alive. After a drop of more than 2% on Monday, spot gold increased 0.3% by 0417 GMT to $4,533.40 an ounce. U.S. gold futures for delivery in June rose 0.2% to $4,542.50. Ilya Spirak, the head of global macro at Tastylive, said that prices seem to have digested a little after the return of "war trade" across markets on Monday. Gains were however capped by the rise in Treasury "yields" and the dollar as an increase in crude oil stoked inflation...

Environment

Thyssenkrupp and Jindal agree on a halt to the sale of a steel unit

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...

Mineral Resources

Aluminum prices rebound amid supply concerns in the US-Iran standoff

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...

Mineral Resources

Gold prices rise, causing gold to fall by a weekly loss

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...

Mineral Resources

Nickel has its best month since 2 years, as copper climbs in China

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...