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Refined Products

Zelenskiy claims that the Ukrainian military can strike Russian logistical systems throughout occupied territories

Volodymyr Zelenskiy, the President of Ukraine, said on Monday that Ukraine was now capable of 'hitting Russian logistical?throughout occupied areas of Ukraine' and had caused shortages of fuel throughout Crimea and Russian-held regions. In his video nightly address, Zelenskiy said: "Our troops can now reach Russian military logistic across the?entire depth of the temporarily-occupied territories." "In reality, there are virtually?no roads safe for the occupiers in the south and the east of our country." In recent months, Ukraine has intensified its?strikes against targets at medium range and others hundreds of kilometers away from Ukraine's border. It is focusing on Russia’s...


Energy Markets

Zelenskiy claims that the Ukrainian military can strike Russian logistical systems throughout occupied territories

Volodymyr Zelenskiy, the President of Ukraine, said on Monday that Ukraine was now capable of 'hitting Russian logistical?throughout occupied areas of Ukraine' and had caused shortages of fuel throughout Crimea and Russian-held regions. In his video nightly address, Zelenskiy said: "Our troops can now reach Russian military logistic across the?entire depth of the temporarily-occupied territories." "In reality, there are virtually?no roads safe for the occupiers in the south and the east of our country." In recent months, Ukraine has intensified its?strikes against targets at medium range and others hundreds of kilometers away from Ukraine's border. It is focusing on Russia’s...

Fossil Fuels

Fossil Fuels

US crude exports reach record highs in May, as the war with Iran tightens up global oil supplies

Ship tracking estimates revealed on Monday that U.S. crude oil exports reached a record of?5.6m barrels per day during May, as the Middle East Crisis boosted demand from Asian and European refiners for U.S. oil. U.S. and Israel's war against Iran caused the biggest ever disruption in the global energy market, with refiners scrambling to find alternatives to Middle Eastern supplies. The Strait of Hormuz is the conduit for a fifth of all oil and gas in the world. A key waterway was effectively shut down when the war began at the end February. According to Kpler data and analytics,...

Oil & Gas

Indian automakers sales increase in May despite rising fuel costs

India's leading?carmakers have reported increased sales in May. Maruti Suzuki, the market leader, said that bookings for its compressed -natural -gas vehicles had risen by 40% as fuel prices rose because of the energy shock caused by the Iran War. India increased petrol and diesel prices four times in May to offset losses due to soaring crude oil costs related to the Iran conflict. This added to the automakers' woes, as they are also dealing with higher raw materials costs, supply chain disruptions, and labour issues. All automakers reported increased domestic sales on Monday. Mahindra &?Mahindra, a maker of SUVs,...

Fossil Fuels

Summit rises as lung cancer drug trial results show 15% higher survival rates than rival's

Summit Therapeutics shares rose up to 7% before bell ringing?after its ivonescimab treatment with China-based Akeso helped advanced lung cancer patients?live 15% longer than BeOne Medicines Tevimbra immunotherapy. Late-stage trial results revealed that in a head to head study conducted in China, patients with advanced non-small-cell lung cancer squamous who were treated with ivonescimab, chemotherapy and Tevimbra lived on average 27.9 months compared to 23.7 months when they received Tevimbra, chemotherapy and Tevimbra. Tyler Van Buren, TD Cowen's analyst, said: "This is a significant advancement in a situation?where other treatments have never found success." Ivonescimab belongs to a class of...

Oil & Gas

Putin's fifth wartime "Russian Davos" is short on ideas for growth

The Russian President Vladimir Putin will host his fifth conference on wartime economics in St. Petersburg. His government is struggling to find a growth strategy, as the?Ukrainian attacks on the economy are hitting the economy. Businesses also see no end to this war. The $3 trillion economy of Russia, which is heavily dependent on commodities, shrank to 0.2% growth in the first quarter 2026 from 4.9% in 2024. Officials blamed high interest rates, Western sanctions and a strong ruble. The growth rate is expected to be a modest 0.4% in 2018. The Ukrainian drone attacks on Russian refineries, fertiliser factories...

Oil & Gas

Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.

Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in...

Fossil Fuels

Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.

Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar,...

Oil & Gas

Reliance gets relief from India's highest court in securities fraud case

The Indian Supreme Court granted relief to Reliance Industries Ltd on Friday in a securities?fraud?case, overturning both a lower court decision and a 2020 order by the markets regulator that claimed the 'firm' engaged in manipulative trading. According to the order, the court ordered the Securities and Exchange Board of India to refund the 2.5 billion rupees (26.32 millions dollars) that it collected from Mukesh Ambani's company while the appeal was pending. RIL and SEBI didn't immediately respond to requests for comment. Requests for comment from RIL and SEBI were not immediately responded to. The case is about RIL's decision...

Fossil Fuels

Chinese coking coal to have best week for six weeks on fears of supply after mine accident

Chinese coking coal prices slid on Friday, but are headed for the best week in six as Beijing's calls to ensure energy supplies during?the summer peak demand period? only partially offset supply fears sparked by mine closures following a fatal accident. According to a late-night statement posted on WeChat by China's official planner, efforts should be made to ensure the production and supply primary energy sources like coal and natural gases to meet peak electricity generation needs. Analysts said that this helped ease concerns about coal supply losses caused by?production halts at coal-rich Shanxi Province mines after a deadly gas...

Fossil Fuels

The Middle East conflict will weigh on the German chemical lobby VCI in 2026.

VCI, the German chemicals lobby, said on Friday that the first-quarter production, sales, and prices all fell. The sector is also facing a lack of optimism due to the 'increase in energy, raw materials, and transportation costs linked to the Iran war. Chemicals, including pharmaceuticals, saw a 6% decline in production figures for the quarter. VCI reported that producer prices dropped by 1%, and sales fell 5.4% compared to a year earlier. Third-largest industrial sector in Europe's economic powerhouse, Germany, can be seen to be a barometer for the region's economy. It produces components that are used across industries ranging...

Fossil Fuels

Three workers killed by Ukrainian drones, according to a leader of the Donetsk Region installed in Russia

The Kremlin's appointed?head for the region confirmed that a Ukrainian drone killed three utility workers in a Russian controlled part of Ukraine’s eastern Donetsk Region on Thursday. Denis Pushilin, on Telegram, said that the drones struck a group of 'workers', who were a repair team for the 'water supply company. They were in a vehicle in Vuhlehirsk north of Donetsk. In the incident, a fourth man was injured seriously. Pushilin stated that four people were injured by other incidents in areas of the region controlled by?Russia. Russia wants Ukraine to give up the areas it controls in Donetsk and says...

Fossil Fuels

Chinese coking coal to have best week for six weeks on fears of supply after mine accident

Chinese coking coal fell on Friday, but are headed for their best week in six weeks. Beijing's call to ensure energy supplies during summer peak demand only partially offset the supply fears sparked by mine closures following a fatal accident. According to a late-night statement posted on China's WeChat account, efforts should be made to ensure the production and supply primary energy sources like coal and natural gases to meet peak electricity generation needs. Analysts said that this 'helped ease concerns about coal supply losses caused by production halts in mines?in coal rich Shanxi Province after a deadly gas explosion...

Fossil Fuels

Treasury: US imposes new sanctions on Iran's oil sales to military.

The U.S. announced on Thursday that it had imposed 'new sanctions' on the?Irani military oil trade. Washington and Tehran have reached an agreement to extend the ceasefire and remove restrictions on shipping in and out of the Strait of Hormuz. Treasury Department announced that it sanctioned eight vessels transporting Iranian crude and petroleum products to international markets. The eight vessels were the Flora oil tanker, flagged by the Marshall Islands; the Hauncayo crude oil tanker, flagged by the Comoros; and the Ill Gap tanker, flagged with the Panamanian flag. Treasury Secretary Scott Bessent stated in a press release that "we...

Crude Oil

Refined Products

Sources say that China has allowed some independent refineries to reduce their output.

Consultancies and sources said that China's powerful planner allowed independent refiners?to cut output starting in June. This is a sign of Beijing growing confidence?that it can withstand an oil shock caused by the closing of the Strait of Hormuz. Horizon Insights published a report on Monday that said some refiners from the province of Shandong in eastern China, also known as teapots, could not reduce their output below 80% of the average monthly production of last year. The National Development and Reform Commission did not respond immediately to questions sent via fax. Beijing wanted to maintain domestic fuel supplies despite...

Crude Oil

Mike Dolan: ROI-AI frenzy also fuels inflation heat

Iran's energy boom may mask a larger inflation concern. AI prices are rising, and this boom will outlast any Gulf hiatus. Not least the major central banks are watching the crude price fluctuations around the Iran conflict to see how it will affect the cost of living. The AI investment frenzy has also been fueling a flurry of factory activity, a rise in construction, and a possible increase in prices. The massive business investment expenditure is expected to reach trillions of dollars in the future. Already, it is affecting company earnings, stock prices and projections, as well the aggregate GDP....

Crude Oil

MORNING BID EUROPE - Nvidia's chief to Asia: "We're still constrained by supply"

Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. Jensen Huang, Nvidia's CEO, says that the company is able to meet the demand for "very robust growth" due to the AI boom. It still needs more. He told a group of computer hardware and chipmakers at a conference in Taipei that supply issues remained a problem, just a day after Advanced Micro Devices unveiled its new chip, which will compete against Intel and Advanced Micro Devices. Nvidia's chips are used in data centres around the world, and as such they are often...

Mining

Mineral Resources

Mineral Resources

Gold prices rise on lower Treasury yields amid Middle East uncertainty

Gold prices rose on Tuesday due to a decrease in Treasury yields, as well as a partial ceasefire between Hezbollah, Israel and Hezbollah. Investors awaited more details about the U.S. Iran peace talks, despite conflicting reports. By 0556 GMT, spot gold had risen 0.8% to $4,517.33 per ounce. U.S. gold for August delivery rose 0.9% to $4,47.80. GoldSilver Central's Managing Director Brian Lan said, "It appears that the ceasefire between Israel and Hezbollah has led to a slight increase in gold prices." He added that lower Treasury yields had also helped the metal. The yield on the benchmark U.S. Treasury...

Mineral Resources

Gold prices rise on lower Treasury yields amid Mideast unrest

Gold prices edged up a bit on Tuesday due to lower Treasury yields, a partial ceasefire between Hezbollah, and Israel. Investors waited for more details about the U.S. Iran peace talks, despite conflicting reports. By 0420 GMT, spot gold had risen 0.5% to $4,507.56 per ounce. U.S. Gold Futures for August Delivery rose 0.7% to $4,539. Gold prices are rising due to the ceasefire agreement between Hezbollah and Israel, said GoldSilver Central's Managing Director Brian Lan. He added that lower Treasury yields also helped the metal. The yield on the benchmark 10-year U.S. Treasury Note ticked down, reducing the cost...

Mineral Resources

Official: India could revisit its Scotch Whisky tariff reductions if UK steel curbs

An Indian official stated that New Delhi could reconsider the tariff concessions it made to Britain on Scotch Whisky, if London does not address New Delhi's concerns about its steel safety measures. The India-UK Free Trade Agreement, signed last May and expected to come into effect this year, has hit a snag after Britain proposed tighter safeguards for steel imports in order to protect the?domestic?industry. An Indian trade official told journalists on Monday that the ball was now in their court (UK). If they do not leverage their Free Trade Agreement, we can always revisit the concessions that we offered....

Mineral Resources

India's April Industrial Output grows by 4.9% according to the first data release of a new series

India's industrial production stood at 4.9% last April, according to government data released on Monday. The surge in energy costs and the disruption of supply caused by the Iran War, which has lasted for months, weighed heavily on parts of Asia's third-largest economic system. This was the first data in a series that had 2022-23 set as the base. The latest data cannot be compared to the growth of 4.1% in March. Economists surveyed by expected industrial production to grow by 3.9%. The reading for April is the second one since the Iran War broke out in February. This sparked...

Mineral Resources

Indian steelmakers are struggling with the resurgence in cheap Chinese imports

China's finished exports of steel to 'India' more than doubled to their highest level in at least two years in April, causing concern amongst the steel makers in India that they would be overwhelmed by low-cost products despite tariffs. According to data provided by the Indian government, China exported around 232,000 metric tonnes of finished steel during April. It was the largest exporter of this steel into the South Asian country. This is despite the fact that?India, which is the second largest crude steel producer in terms of production, had imposed import tariffs on certain grades from December for a...

Mineral Resources

Indian steelmakers are struggling with the resurgence in cheap Chinese imports

China's steel exports to India have more than doubled to the highest level in at least two years. This has caused concern among India's steelmakers who fear that they will be overwhelmed by low-cost products despite tariffs. According to data provided by the Indian government, China exported around 232,000 tons of steel finished in April. It was the largest exporter of this steel into the South Asian country. India, the second largest crude steel producer in the world, had imposed import tariffs on certain grades of steel for a three-year period that had managed?to slow imports from China. The data...

Mineral Resources

Tesla retracts notice of termination on graphite deal with Australia's Syrah

Syrah Resource, an Australian company, said that Tesla had withdrawn its notice of intent to terminate the?graphite deal. This ended a long process of negotiation in which both companies extended a deadline for resolution four times. Syrah planned to provide 8,000 metric tonnes of graphite-anode materials over a period of four years from its Vidalia facility in the United States. The 2021 contract covers the state of Louisiana. The Vidalia plant is the only large-scale vertically integrated producer of anode material outside China. This helps reduce U.S. dependence on Chinese supplies that dominate the market. The market is dominated by...

Mineral Resources

A blast in a village in Myanmar has reportedly killed 55 people and injured dozens of others

A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The...

Mineral Resources

Gold prices fall for the third consecutive month as inflation worries linger

Gold prices rose?on Friday, fueled by hopes of a possible U.S. Iran ceasefire. However, they were on course for their third consecutive monthly decline due to concerns over energy-driven inflation. As of 1005 GMT, spot gold was up by 0.8% to $4,528.19 an ounce. On Thursday, gold fell to its lowest level in two months, $4,365.76, but ended higher. Metal prices have fallen by 2% so far this month. U.S. Gold Futures for August Delivery rose 0.6% to $4,59.10. Gold remains negatively correlated to oil, which impacts on inflation and monetary policy. "Gold is positively correlated with lower oil prices,...

Mineral Resources

Sources: SAIC will sell another 10% of its stake in the Indian auto venture to JSW, a local partner.

Two sources who are familiar with the matter confirmed that SAIC Motor would sell a 10% additional stake in JSW MG Motor in India. This will make JSW, the local partner, the largest shareholder in the unit. SAIC Motors' decision comes after the Chinese company struggled to expand operations and raise equity due to New Delhi investment restrictions, even though it had trimmed its ownership to 100% and brought in domestic partners including Sajjan Jindal’s JSW Group. SAIC owns a 49 percent stake in JSW MG Motor. Sources?said that SAIC will sell a stake of 10% to JSW. JSW's stake...

Mineral Resources

Copper to gain for the second consecutive month on US-Iran Peace Deal Hopes

Shanghai copper prices rose on Friday as hopes for a U.S. Iran peace deal pushed the oil price?and dollar lower. This eased fears of higher inflation, and a global slowdown. As of 0324 GMT, the most traded copper contract on the Shanghai Futures Exchange had risen?0.8% to 104,900 Yuan ($15472.55). The contract has increased by 3.7% this month. The price of three-month copper at the London Metal Exchange remained unchanged at $13,699 per metric ton. Both contracts rose for the second consecutive month. Sources told? that the United States and Iran had reached an agreement on Thursday to extend their...

Mineral Resources

Copper reaches highest level since May

On Wednesday, copper prices reached their highest level since mid-May, as lower oil prices eased inflation worries for the metal that is vital to growth. Aluminium prices remained 'near 4-year highs' amid concerns about reduced supply in the gulf region. The price of three-month copper at the London Metal Exchange dropped 0.2% in open-outcry official trading to $13,597 per metric ton after reaching $13,746, which was its highest level since May 15. Aluminium fell 0.3% to $3.663, after reaching its four-year peak of $3.707.50, on Tuesday. The Iran War has hampered deliveries in the Middle East. September alumina contracts in...