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Oil & Gas

Oil & Gas

Trump says Iran's current leaders are'very reasonable', as Pakistan prepares for talks

President Donald Trump claimed that the U.S. has been meeting with Iran "directly and indirect" and that the new Iranian leaders were "very reasonable". This was as more U.S. troops arrived in the area and Tehran warned they would not accept humiliation. Trump's comments on Sunday come after Pakistan, acting as an intermediary between Tehran, Iran and Washington, announced that it would be hosting "meaningful discussions" in the next few days to end the Iran?war, which has lasted for a month. Trump said to reporters Sunday night as he traveled on Air Force One from New York City to Washington....

Crude Oil

New York Times: US allows Russian oil tanker to enter Cuba

New York Times, Sunday, reported that the United States is allowing a Russian oil tanker to arrive in Cuba. This would be an easing of the de facto oil blockade Washington has placed on Cuba. Washington has effectively stopped all oil shipments to Cuba to exert pressure on the government in Havana. The U.S. temporarily lifted sanctions on Russia in order to improve the flow of crude oil which has been restricted by the U.S. military strikes against Iran and Israeli strikes. The Times report said that it was unclear as to why the Trump Administration allowed the shipment through....

Oil & Gas

Fears of wider Iran conflict has led to a relaxation in the Gulf markets

Investors' sentiment was affected by the sagging of most Gulf stock markets in early Sunday trading, as concerns about a wider conflict linked to Iran weighed heavily on their minds. This came after Yemen’s Houthis launched the?first? attacks on Israel since the conflict started and the U.S. sent additional forces into the Middle East. The Washington Post reported Saturday that U.S. officials had said that the Pentagon was preparing for a possible multi-week?operation on the ground in Iran. However, it remained unclear whether President Donald Trump would authorize the deployment. The Qatari Index fell by 1.1% as Qatar National Bank,...

Oil & Gas

Namibia protects consumers from rising fuel prices

The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum...

Oil & Gas

Dombrovskis: Iran war may cause stagflation in the EU

Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than...

Oil & Gas

INDIA BONDS - India 10-year yield registers largest weekly increase since RBI's surprise rise in May 2022

The Indian government bond market plunged Friday, ending a week-long loss, as New Delhi’s fuel excise tax?cut clouded fiscal outlook and intensified oil-driven anxieties. This also drove the yield on the 10-year note to its largest weekly increase in almost four years. The benchmark 6.48% bond yield for 2035 ended the session at 6.9419%. This is the highest 10-year bond yield since July 25, 2024. It closed at 6.8750% the previous day. Bond yields are inversely related to bond prices. The yield increased by 20 basis points for the week. This is the largest move since the week ending?May 6,2022...

Oil & Gas

Oil shock causes record-breaking flight of foreign investors from Indian assets, causing rupee to plummet

The rupee is in a tailspin as foreign?investors pull out at record rates from Indian bonds and equities. This is due to the Iran War-driven rise?in oil price, which has sparked a flurry of 'worries about a possible increase?in inflation. Since the beginning of the war on February 28, foreign investors have sold an estimated $12.14 billion in Indian shares, marking the largest monthly outflow ever recorded. The net bond sales of foreign portfolio investors under the Fully Accessible Route, or FAR, reached 152 billion rupees (1.6 billion dollars), the highest amount since the category was first introduced six years...

Oil & Gas

Rubio calls Iraqi Kurdish leader to discuss future of Kurdish people in Iraq

The 'State Department' reported that U.S. Secretary Marco?Rubio met with Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on a Thursday. He reportedly expressed "gratitude" for the KRG allowing oil from Iraq to reach international markets, including Kurdistan in Iraq. The State Department issued a statement saying that "the secretary expressed his gratitude to Kurdistan Regional Government, for allowing oil from Iraq to reach the global markets, including the 'Iraq Kurdistan Region. The Iran War has risen oil prices and shook global markets. The State Department said Rubio had "offered his sincere condolences to families of those Peshmerga who were...

Oil & Gas

Official: drones from Ukraine damaged area near one of Russia's largest oil refineries, according to an official

A Russian official said on Thursday that a drone attack from Ukraine damaged an industrial area near one of Russia's largest?oil refineries. According to reports on Wednesday, at least 40% of Russia's capacity for oil exports has been halted following Ukrainian drone strikes, a disputed assault on a major pipe and the seizure or tankers. According to Alexander Drozdenko, more than 20 drones have been shot down in the northern Leningrad area. "The attack has been repelled in the Kirishi district." Drozdenko told Telegram that there was damage to the industrial area. Drozdenko ?did not specify what part of the...

Oil & Gas

ROI-Inflation-spooked rates markets have overshot: McGeever

The markets overshoot and the recent dramatic increase in bets placed on higher interest rates due to the Middle East energy crisis is the latest example: although the move was logical, its magnitude remains questionable. The Iran War shows no signs of stopping and the?markets are still in flux. Rates traders may need to take a break and re-evaluate. The abrupt change in global 'rate outlook' reflects concerns about the short-term impact on inflation of the soaring prices for oil and gas. Federal Reserve now has a higher probability of raising U.S. interest rates in this year rather than cutting...

Oil & Gas

Business lobby: Iran conflict has a negative impact on Italy's economic growth prospects

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

Oil & Gas

Sources say that Reliance Jio is in talks with investors about selling 8% of the individual stakes at the IPO.

Sources familiar with the situation said that Indian billionaire MukeshAmbani's?Reliance Jio Platforms? has been in talks with?13?marquee investors to sell 8% of their individual stakes at the upcoming Mumbai listing for the company which will be transforming its telecoms into AI. Ambani’s Jio Platforms is expected to file for approval in Mumbai of its IPO as early as this coming week. The list includes Meta with a stake worth 9.99% and Google?with 7.73%. Vista Equity Partners, KKR and KKR are also big investors. Investors include three sovereign Gulf funds: the Public Investment Fund (PIF), Mubadala, and Abu Dhabi Investment Authority....

Fossil Fuels

Fossil Fuels

Zelenskiy claims that allies have sent'signals to Ukraine' about reducing the strikes on Russian oil

Volodymyr Zelenskiy, the president of Ukraine, said that some of Ukraine's closest allies have sent "signals" to Kyiv about the possibility?of?reducing its long-range attacks on Russia's energy sector due to a rise in global oil prices. In a WhatsApp conversation with reporters, he said that Ukraine is ready to reciprocate, provided that Russia stops attacking Ukraine's energy system. He also added that Kyiv would be open to a ceasefire at Easter. Zelenskiy told journalists in a WhatsApp briefing that "recently, after such a severe?energy crisis in the world, we've received signals about how to reduce the?responses of our oil sector,...

Fossil Fuels

China's neighbors get the cold shoulder when it comes to energy.

Energy stress is spreading across Southeast Asia and governments are calling on China to fulfill its commitments for closer energy security by allowing the export of fuels and fertilisers, which were previously banned. China, however, has only made vague statements. It has not publicly acknowledged the export bans reported by others. Instead it is focusing on protecting its own economy against the war in 'Iran. Analysts do not expect this to change. They point out the tension between China’s declared ambition to become a more prominent player in regional affairs, and its realpolitik commitment to maintain its own economy ahead...

Power Markets

EU Energy Ministers Coordinate Iran War Response

A document containing an EU internal briefing revealed that the European Union's energy ministers would meet on Tuesday in order to coordinate their responses to the disruption of oil and gas market caused by the Iran War. Europe's heavy reliance?on imports of energy has exposed it to spiraling prices, since the Strait?of Hormuz, the main shipping route was closed effectively and Tehran began attacking the energy infrastructure in Middle East. Since the U.S. and Israel's war against Iran began on 28 February, European gas prices have increased by more than 70%. The EU document asked ministers to "indicate which concrete...

Refined Products

Mineral Resources

Mineral Resources

As investors purchase the dip, gold prices rise. However, fading bets on rate cuts cap upside.

Gold prices rose by more than 1% on Monday, as bargain hunters sought to get a good deal. However, the metal was on track for its largest monthly decline in almost two decades due to rising oil costs caused by the Middle East war. Gold spot rose 0.8%, to $4,529.58 an ounce at 0913 GMT. It had gained more than 1% earlier. U.S. Gold Futures for April Delivery gained 0.8%, to $4,558.30. Ricardo Evangelista, an analyst at ActivTrades, said that after prices reached multi-month lows a week ago, traders took advantage of the opportunity to buy a dip and drove...

Mining

Stocks in Europe rise before German inflation data

European shares rose in choppy trade on Monday, as energy stocks rose. Investors awaited the inflation data that would be released by Germany, the largest economy of the euro zone, which could shed light on the impact the Middle East War has had on the Eurozone. The pan-European STOXX 600 index was up 0.2% to 576.55 as of 0938 GMT after two consecutive days of losses. The European stock index is down 9% this month, and will likely have its biggest monthly drop since March 2020. Michael Hewson is a senior analyst at iForex and expects that European stocks will...

Mineral Resources

The gold price is capped by dimmed Fed rate cuts and dip buying;

Gold rose on Monday due to a surge in energy prices, which fueled inflation fears and dimmed expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0755 GMT spot gold was up 0.8% at $4,526.67 an ounce, bouncing back from a loss of 1% earlier in the day. U.S. Gold Futures for April Delivery gained 0.7%, reaching $4,554. Gold's price action last week, when it ended a three-week losing run, suggested that oversold behavior was at play and that recent declines could be reversed. This must be confirmed this week by the price action. Nicholas...

Mining

Stocks in Europe hold steady ahead of inflation data

European shares were little changed on Monday, ahead of a local inflation report. Investors also continued to watch the Middle East conflict that has impacted global markets. As of 0809 GMT, the pan-European STOXX 600 index was flat at 574.98. Defense sector was the worst hit with a 0.8% drop. The focus is on Germany's CPI data and HICP numbers due later in the day, to gauge the effect of the war on Europe’s largest economy. The Middle East conflict has pushed oil prices higher, causing inflation fears. This is pushing Europe's STOXX600 toward its steepest drop since March 2020....

Mineral Resources

Rio Tinto has resumed operations at three Pilbara ports terminals following cyclone Narelle

Rio Tinto announced on Monday that operations had'resumed' at three of the four terminals in its 'Pilbara Iron Ore - Ports after Tropical Cyclone Narelle hit Western Australia. The storm disrupted shipments, but left its annual guidance unchanged. The miner was forced to?close two bauxite mining operations temporarily after Cyclone Narelle caused heavy rains and power outages on Australia's northeast coast earlier this month. South32 has also suspended operations at the?Gemco Manganese Mine, which is co-owned with Anglo American. Narelle slammed into Australia's northwest coastline?last weekend, forcing port closures in the iron-rich region of?Pilbara. Rio, the world's largest producer of...

Mineral Resources

Gold prices steady as dollar softens and offsets Fed rate-cut expectations

Gold prices remained'steady' on Monday, despite a volatile session. A softer dollar met a surge in energy prices which fueled inflation fears and further dampened expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0431 GMT, spot gold was down 0.1% at $4,488.46 an ounce after swinging between a fall of more than 1% and a marginal increase earlier. U.S. Gold Futures for April Delivery lost?0.1% at $4,518.30. Dollar-denominated goods became more affordable to holders of other currencies as the U.S. currency eased. Gold's price movement?last weekend (when it ended a three-week loss streak) indicated...

Mineral Resources

Gold prices rise on the back of a weaker dollar but Fed rate cuts dimmed hopes limit gold's rise

Gold prices rose on Monday, as the dollar softened. However, gains were limited by an increase in energy costs that fueled inflation fears and dimmed expectations of interest rate reductions from the U.S. Federal Reserve this year. As of 0330 GMT, spot gold increased 0.3% to $4505.86 an ounce. U.S. Gold Futures for April Delivery gained?0.3% at $4,535.80. Dollar-denominated goods became more affordable to holders of currencies other than the U.S. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that gold's price action was a response to oversold behavior and could be a reversal...

Mineral Resources

India eases the rules to allow some state-owned firms to purchase critical equipment from China

After easing restrictions, India allowed some state-owned firms, including Bharat Heavy Electricals and Steel Authority, to purchase critical equipment in China. Last month, it was reported that India would ease restrictions on purchasing Chinese equipment after a deadly border clash in 2020. This would allow state-run coal and power companies to import limited quantities of Chinese equipment as shortages and project delays increased. Since then, India has also relaxed investment restrictions on China. The government order stated that Bharat Heavy Electricals, India's largest power equipment manufacturer, can now purchase 21 types of critical equipment from China under the new rules....

Crude Oil

Gold drops as Houthi attacks lift oil and Fed rate-cut expectations dim

Gold prices fell on Monday as a rise in energy costs fueled inflation fears and dampened expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0238 GMT, spot gold was down 0.6% at $4466.99 an ounce. U.S. Gold Futures for April Delivery fell 0.6% to $4496.30. Gold is down more than 15 percent this month. This is the steepest decline in a single month since October 2008 as the U.S. Dollar strengthened. Since the U.S. and Israeli war on Iran began February 28, the currency has gained over 2%. The 'bigger macro picture' behind the...

Mineral Resources

Iron ore prices on the rise as investors compare rising costs with high portside stock

Iron ore futures were in a narrow range on Monday as investors weighed the impact of high energy prices, a rise in steel demand in China's top consumer against high portside stocks. As of 0219 GMT, the?most-traded contract for iron ore on China's Dalian Commodity Exchange was up 0.37% to 815.5 Yuan ($117.84). As of?0209 GMT, the benchmark May iron ore price on the Singapore Exchange had not changed much. It was $106.05 per ton. The price of a key ingredient in steelmaking has been supported by rising energy costs, but they have not been impacted much by the 'immediate...

Mining

LME Aluminium nears peak in four years after Iran attacks on Gulf Smelters

Prices of aluminium on the London Metal Exchange rose 6% on Monday to close in on a four-year high after the two largest producers of the metal in the Middle East sustained damage over the weekend from Iranian attacks. Benchmark LME 3-month aluminium prices rose to $3.492 per metric tonne, the highest level since March 19 at the beginning of trading, as Gulf smelters Emirates Global Aluminium and Aluminium Bahrain assessed damage to their facilities. If the price of gold breaks above $3,546.50 on March 12, it will open the door to peaks not seen since the height of the...

Power Markets

Vedanta, India's largest company, will split into five companies in the next few months.

The Financial Times, citing an Anil Agarwal interview, reported that India's Vedanta would be split into five listed companies by the end of next month as part of a reorganization program that has been ongoing for years. In December, a tribunal approved the plan of the oil-to metals conglomerate to divide?into 5 listed entities. Vedanta will be operating as Vedanta Ltd, housing the?base metals division. Vedanta Aluminum, Talwandi Sabo Power, Vedanta Iron and Steel,?and Malco Energy are the other?four entities. Agarwal, a FT reporter, said that the combined market capitalisation of five companies would be higher than the current $27...