Asia / Pacific








Energy Markets

Fossil Fuels

Fossil Fuels

After the Doha attack, an adviser said that the UAE president's Gulf trip seeks coordination.

His diplomatic advisor said that the tour by Sheikh Mohammed bin Zayed Al Nahyan of the United Arab Emirates to Gulf countries was meant to coordinate positions following Tuesday's Israeli assault on Hamas leaders at Doha. Anwar Gargash wrote in a blog post that "the President's Gulf Tour reflects a profound conviction in strengthening cooperation and coordination, and reinforcing a concept of a shared destiny." Israel tried to kill Hamas leaders on Tuesday in an airstrike in Qatar's capital. This escalating military campaign in the Middle East prompted a wave of international condemnation. Sheikh Mohammed is the first head-of-state to...

Fossil Fuels

After talks with the US energy chief, EU has decided to stick to its 2028 Russian gas withdrawal.

After a meeting on Thursday with U.S. Secretary of Energy Chris Wright, EU Energy commissioner Dan Jorgensen stated that the EU will stick to its deadline for phasing out Russian oil imports by 2028. The EU is currently negotiating legal proposals that will completely phase out the imports of Russian gas and oil by January 1, 2028. A ban on short-term contracting will be implemented next year. However, it faces pressure from both the United States and Russia to stop Russian energy imports earlier. As part of the new sanctions against Moscow, EU Commission President Ursula von der Leyen stated...

Oil & Gas

Slovak leader Fico sets out conditions to support more Russia sanctions

Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban...

Fossil Fuels

Trade sources predict that the supply of Saudi crude oil to China will surge in October.

Saudi Arabian crude oil exports will surge to China in October following a steep drop in prices, according to several sources. A tally of the allocations made to Chinese refiners revealed that Saudi Aramco, the state oil company, will ship 51 million barrels in October. This is about 1.65 millions barrels per day. The October plan is comparable to the 1,43 million bpd allotted in September, and the volume in August was the highest in April 2023. Sources said that the top Asian refiner Sinopec and Hengli Petrochemical were planning to increase Saudi crude exports next month. Aramco didn't immediately...

Oil & Gas

Uganda's growth averages 8% per year over the past five years, boosted by oil

The Finance Ministry said that Uganda's economy will grow at an average of 8% per year over the next five-year period, mainly due to investments in the petroleum sector and other sectors, such as transportation. The Ministry of Finance, citing Finance minister Matia Kasaija, said that the start-up of crude oil production is expected around mid-2026. This will push the growth to double digits for the fiscal year 2026/27. Last year, the International Monetary Fund predicted that Uganda's economic growth would reach double digits due to oil production. It is the first forecast of this kind by the government. Kasaija...

Oil & Gas

Covestro shares rise as ADNOC plans EU Concessions

Sept. 11 - Shares of German chemicals maker Covestro rose Thursday, after reports that ADNOC is preparing concessions to respond to an EU investigation into its 14.7 billion euros ($17.2 billion), bid for Covestro. At 0924 GMT the shares of Covestro had risen 5.5%, making it their best day for over a month. People familiar with the situation said that ADNOC (the Abu Dhabi state oil company) which bid on the German firm last year would convert the proposed capital increase of 1.2 billion euros into a shareholder loan. Thomas Schulte Vorwick, Metzler analyst, said: "These incrementally positive developments support...

Oil & Gas

IEA: World oil market will see increased supply and surplus after OPEC+ increase

The International Energy Agency stated on Thursday that the world oil supply would rise faster than expected in 2018, as OPEC+ member countries increase their output and the supply from outside of the group increases. It also suggested that a surplus may grow by 2026. The IEA, a consultancy for industrialised nations, has said that the supply will increase by 2.7 millions barrels per day in 2025. This is up from 2.5million bpd, as previously predicted. And by a further 2.1million bpd in next year. OPEC+ has added more crude oil to the market since the Organization of the Petroleum...

Fossil Fuels

Investors weigh Israel's attack against Qatar and US rate cuts as they mix up the Gulf markets

Gulf stocks were mixed early on Thursday. They reflected a cautious mood, but there was no sign of a risk-off position after Israel's attack in Qatar. Traders appeared to be pricing the event as an isolated incident. Israel expanded its Middle East military campaign by targeting Hamas leaders in Doha. Regional investors, who have been navigating months' worth of geopolitical tension, seemed to see the event from a temporary, tactical perspective. Qatar's benchmark stock index fell 0.3% on track to extend its losses for the fourth consecutive session. Investors weighed political developments and possible diplomatic uncertainty as they sold financials....

Fossil Fuels

ADNOC close to finalising EU remedies for Covestro deal, sources say

People familiar with the situation said that ADNOC, Abu Dhabi's state oil company, is preparing remedies to deal with an EU investigation on subsidy allegations in its bid of 14.7 billion euros ($17.2 billion) for Germany's Covestro. It will likely convert a proposed capital increase of 1.2 billion euros into a shareholder loan. This is ADNOC’s largest acquisition ever and the largest foreign takeover of an EU-based company by a Gulf State. The European Commission (the EU's competition watchdog) has warned that ADNOC could be benefiting from subsidies, such as a guarantee that is unlimited, and that foreign aid may...

Fossil Fuels

BHP is unlikely to attack Anglo or Teck in its pursuit of organic growth

Investors and bankers on Wednesday said that BHP, the world's largest copper miner, is focusing on growing its own assets as it transitions to a new leadership. This means it will not be able to gatecrash a planned $53 billion merger between Anglo American Resources and Teck Resources. Anglo American, a London-listed company, and Teck Resources, a Canadian firm, announced their merger on Tuesday. This is the second-largest tie-up in this sector. The goal of the merger is to create a global heavyweight focused on copper. The deal was announced just over a month after BHP canceled a $49-billion bid...

Oil & Gas

Reactions to Israel's attack against Hamas leaders Qatar

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and conducted it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

Oil & Gas

Reactions to Israel's attack against Hamas leaders Qatar

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and took full responsibility." "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms...

Crude Oil

Refined Products

Oil prices continue to fall due to oversupply and US demand concerns

After a big drop in the previous session, oil prices dipped on Friday due to concerns over a possible softening in U.S. consumer demand. This was offset by worries about disruptions in supply from the conflict in the Middle East. Brent crude futures dropped 30 cents or 0.45% to $66.07 per barrel at 0114 GMT. U.S. West Texas Intermediate Crude fell 31 cents or 0.5% to $62.06. In the last trading day, benchmarks fell by 1,7% and 2% respectively. The International Energy Agency, in its latest monthly report, said that the world's oil supply will rise faster than expected due...

Crude Oil

Stocks and the euro slump as ECB remains steady, US inflation increases

The euro and the dollar were largely unmoved by the European Central Bank's decision to keep interest rates unchanged and the U.S. inflation figures that showed a slight increase. The ECB held its rate at 2% as expected. However, with the ECB reducing its inflation forecasts during its press conference and Christine Lagarde at the helm of it, traders were looking for any indication of when another rate reduction might be coming. The euro moved a fraction lower to $1.1672, after soaring nearly 13% against the dollar in this year. Bond vigilantes have not yet been able to push France's...

Crude Oil

Stocks and the euro tread water before ECB and US Inflation data

The dollar continued to rise on Thursday as traders awaited the European Central Bank’s latest interest rate announcement and new U.S. Inflation data. Overnight, high-flying technology shares helped Japan, Taiwan and South Korea reach record bourse peaks. Europe had a steady day ahead of the ECB's second delay in a line in its 2% rate for the euro zone after lunch. Most traders kept their powder dry, awaiting the closely-watched U.S. consumer inflation data. The euro was hovering at $1.1690, having risen nearly 13% against the dollar in this year. Bond vigilantes had not yet been able to push France's...

Mining

Mineral Resources

Mineral Resources

Embraer CEO: 100 commercial aircraft deliveries expected per year by 2028

Embraer's CEO said that the Brazilian planemaker expects to achieve 100 commercial aircraft deliveries annually in 2028. He added that supply chain problems will likely prevent Embraer from reaching that milestone sooner. As part of its recovery after the industry crisis caused by the pandemic, the world's third largest planemaker increased annual deliveries. It expects between 77-85 commercial jet deliveries in 2019, up from 73 last year. Embraer's CEO Francisco Gomes Neto warned that supply-chain snags could limit Embraer's production plans. The company last delivered 100 commercial jets annually in 2017. In an interview with a newspaper on Wednesday, he...

Mineral Resources

Namibia will boost its sulphuric production as the critical mineral output increases

Namibia will increase its production of sulphuric acids in response to the critical rise in mineral output. Vedanta and Green Metals Refining announced plans to establish and revive plants on Thursday. The extraction of metals such as uranium and copper is a common process. Namibia, which is the third largest producer of uranium in the world, has eight critical minerals projects that are set to place it at the forefront for global green energy initiatives. Green Metals Refining, based in London, plans to invest $59 million for the first phase of an acid plant that will be able to produce...

Mineral Resources

The price of copper drops from $10,000 to $9,000 on the back of a stronger dollar and uncertainty about tariffs

The copper price fell on Thursday. It climbed above $10,000 per metric ton, but then retreated under the pressure of a stronger dollar and lingering uncertainty about how tariffs would affect demand. After touching $10,015, the price of three-month copper at the London Metal Exchange dropped 0.3% to $9.983 per ton during official open-outcry trades. This was the second consecutive session that it moved above $10,000. Nitesh Sha, a commodities strategist at WisdomTree, said: "I believe the news on copper markets is still quite positive, but the dollar has firmed up a little this morning and added some headwinds to...

Mineral Resources

Sources say that the Indian court has dismissed Asian Paints' appeal against the antitrust investigation.

Six people with knowledge of the proceedings confirmed that an Indian court dismissed Asian Paints' request to halt a current antitrust investigation against the company on Thursday. The Competition Commission of India has opened an investigation into Asian Paints. This paints manufacturer, with a 52% share of the market, was investigated after officials found that a complaint by Birla Opus, the biggest paints producer in India, had merit. Birla Opus claimed that Asian Paints abused their dominant position by giving discounts and incentives for dealers. Asian Paints tried to end the inquiry by filing a case at the High Court...

Mineral Resources

Gold prices fall on dollar recovery as US CPI data is closely watched

Gold prices fell on Thursday but remained near records, well above $3,600, as profit-taking and a modest dollar recovery pushed down the price. Investors waited for the U.S. consumer-inflation figures, due later today. As of 0811 GMT, spot gold was down by 0.3%, at $3,629.23 an ounce. Bullion reached a new record of $3,673.95 per ounce on Tuesday. U.S. Gold Futures for December Delivery fell by 0.4% to $3666.70. The U.S. Dollar Index rose by 0.2%, reaching a new high of nearly one week against its rivals. This makes gold priced in greenbacks more expensive for foreign buyers. Gold is...

Mineral Resources

Vietnam to offer online gold trading as it permits private imports

Vietnam is planning to open a gold online exchange, allowing companies to import gold, for the first decade, starting next month. This will be part of efforts to stabilize domestic prices which are increasing at an alarming rate. Local economists say the move is intended to balance gold supply and demand. It could also be used to mobilize private resources in order to boost economic growth. State media quoted a central banking official on Thursday as saying that the State Bank of Vietnam is studying international experiences to set up the exchange. According to a report in the Dan Tri,...

Mineral Resources

Iron ore prices fall as China's steel stocks rise

Iron ore futures prices fell on Thursday as the sentiment was weighed down by China, a major steel consumer. The day-traded iron ore contract for January on China's Dalian Commodity Exchange closed 0.81% lower, at 795.5 Yuan ($111.69), per metric ton. As of 0835 GMT, the benchmark October iron ore traded on Singapore Exchange fell 1.24% to $100.55 per ton. Analysts in Shanghai said that "Steel inventories continue to accumulate while demand is still not showing clear signs of improvement." The stock of five major steel products rose for the seventh week in a row, reaching a four-month record of...

Mineral Resources

Gold nears record highs as US data shows signs of rate cuts

The gold price remained near its record highs on Thursday as the Federal Reserve's interest rate is expected to be cut by the Federal Reserve next week. Investors were awaiting U.S. consumer prices due later that day. As of 0233 GMT, spot gold remained at $3,636.59 an ounce. Bullion reached a new record of $3,673.95 per ounce on Tuesday. U.S. Gold Futures for December Delivery declined by 0.1%, to $3676.40. The recent rise in gold is due to weak macro-economic data from the United States. Both the massive revisions of the labor data and the positive surprise with the PPI...

Mineral Resources

Gold nears record highs amid softer inflation data that fuels Fed's cut bets

Gold prices rose on Wednesday as investors hoped that the Federal Reserve would resume rate reductions at its meeting next week, after softer than expected U.S. inflation figures. As of 9:16 am EDT (1316 GMT), spot gold was up 0.6% to $3,647.79 an ounce after reaching a record high on Tuesday of $3,673.95 per ounce. U.S. Gold Futures for December Delivery were up 0.2% to $3,687.40. Labor Department data revealed that U.S. producers prices fell unexpectedly in August. This was due to a decrease in service costs. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said...

Mineral Resources

Copper continues to be steady despite data from China and the US

The copper price remained stable on Wednesday, as the market awaited data on loans from China's top consumer and U.S. Inflation numbers that may determine the direction in which U.S. Interest Rates will move. The benchmark copper price on the London Metal Exchange was 0.10% higher, at $9.929 per metric ton of official rings. Traders reported that volumes were low as consumers and producers were absent. The market was dominated by funds, which reacted to macro-factors. China's loan data is due on September 10-15. Analysts will focus on the total social finance numbers, which they use as a gauge for...

Mineral Resources

Sources say that Zijin Gold aims to raise the Hong Kong IPO valuation above $30 billion.

Two people who have direct knowledge of this matter said that Zijin Gold International is planning to begin bookbuilding next week for its Hong Kong IPO, with a target valuation of more than $30 billion. One source said that Zijin Gold plans to open its books September 19 and aims to raise over $3 billion. According to LSEG, if the listing were that large, it would rank as Hong Kong's second largest listing of this year after Chinese battery company CATL raised $4.6 Billion in its May offering. Sources who refused to name themselves because the information is confidential said...

Mineral Resources

Gold nears record high ahead US inflation data

The gold price hovered at a high level on Wednesday. This was due to expectations that the U.S. Federal Reserve will cut interest rates this month. Market participants were also awaiting U.S. inflation figures for clues about its monetary policy. As of 0821 GMT spot gold was up 0.5%, at $3,643.78 an ounce. It had hit a record high on Tuesday of $3,673.95 per ounce. U.S. Gold Futures for December Delivery were flat at $3.682.30. Ricardo Evangelista is a senior analyst with ActivTrades. He said that gold's gains are due to expectations of Fed rate reductions, and signs of cooling...