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Energy Markets

Crude Oil

Crude Oil

Russell: India's rising refined product exports help ease Asia fuel crisis

Can India do the same for Asia's refined fuels market as China did with crude oil? China drastically cut its crude oil imports in June to a 10-year-low in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to source cargoes due the the effective closing of the 'Strait of Hormuz. India is taking a different approach, purchasing 'Russian crude' and increasing exports of refined goods to offset the lower shipments coming from Middle East refineries and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected...

Crude Oil

Morning Bid America- Magnificent Cash Burn

Mike Dolan, Editor at Large, Finance and Markets, explains what matters today in U.S. markets. Alphabet's capital expenditure increase and earnings beat triggered a familiar response - the stock of Alphabet fell, while chip stocks rose. The hyperscaler beat the Street by posting more than 80% in its cloud business. However, it raised its capex expectations yet again, with AI-related investments now expected to exceed $200 billion this year. Below, I'll delve deeper into that and much more. Check out my most recent column about how the U.S. economy's K-shaped scale explains its resilience. Listen to the Morning Bid podcast...

Fossil Fuels

The price of Russian oil has dropped due to the new Middle East crisis

The head of finance for Indian state refiner Bharat Petroleum Corp stated 'on Thursday that traders have stopped offering discounts to Russian crude sold to India due to disruptions in Middle -Eastern supply, which has boosted the demand for alternative grades. As Middle East oil supplies have been disrupted, refiners in India have increased their purchases of Russian crude oil. Vetsa Ramakrishna said that BPCL had secured crude supplies through August, and was looking for cargoes for September delivery. He said the company has received offers from traders for Russian oil cargoes to be delivered in September. He added, "But...

Oil Refineries

Russell: India's rising refined product exports help ease Asia's fuel crisis

Can India do for Asia's refined-fuels market what China did? China drastically cut its crude imports to a decade low in June in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to find cargoes due to the 'effective closure of Strait of Hormuz. India has taken a different approach, purchasing Russian crude oil and increasing?exports?of refined products in order to offset the lower shipments of refineries from the Middle East and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels...

Crude Oil

Can markets handle more straight talk?

Ankur Banerjee gives a look at what the day will bring for European and global markets. After five months of observing events in the Strait of Hormuz investors are now focusing on the Arabian Peninsula, where the Iranian-aligned Houthis who control the area near the 'Bab el-Mandeb strait, in the 'Red Sea open a new rift in the Middle East crisis. Brent futures have reached $96 a barrel, their highest level since early June. Investors are worried about stockpiles being depleted after Houthis announced a naval blocade against Saudi Arabia this week. Ship-tracking data revealed that the threat caused tankers...

Crude Oil

Asian stocks hold gains as US recoveries, oil prices rise

The stock market made a few gains on Wednesday, but the positive impact of a strong Wall Street session was offset by caution as investors waited for earnings reports from Big Tech. Meanwhile, the oil price rose due to threats from Houthi "rebels" to escalate the Middle East conflict. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.2%, while the South Korean Kospi's gains were reduced to just 1.5% from an earlier gain of over 6%. The Nikkei225 in Japan fluctuated between gains and losses. Meanwhile, S&P 500 futures fell 0.2% along with a 1.2% drop for Hong...

Crude Oil

Oil reaches 5-week high; shares of chipmakers gain.

The Nasdaq, chipmaker shares and major stock indexes all rose on Tuesday amid the rising tensions over the Iran conflict. Oil prices also reached a five-week high. Benchmark 10-year U.S. Treasury Yields hit a two-month peak as traders pondered whether the new spike in oil prices would affect consumer prices, and increase the likelihood of Federal Reserve rate hikes. Two oil tankers transporting Saudi crude from the Red Sea to Asia have reversed their course after being threatened by Yemen's Iran aligned Houthis. U.S. Crude?rose by 2.32%, to $85.16, and Brent rose by 2.08% to $91.08 a barrel. Bruce Zaro...

Crude Oil

Oil prices drop as US-Iran strikes are offset by mediation efforts

Oil prices dipped on Tuesday as markets weighed reports of mediation attempts?between Iran and the U.S. versus an exchange of new?attacks?between both and threats of a Saudi Arabian naval blockade by Yemen's Houthis. Brent crude futures fell 35 cents or 0.4% to $88.87 a barrel at 0052 GMT. U.S. West Texas intermediate crude for September was unchanged at $82.47 a barrel. Both contracts were trading at levels below their highest in over a month, which they reached in the previous session. Houthis, who are allied with Iran in Yemen, announced?on Sunday that they would impose an naval blockade against Saudi...

Crude Oil

Why oil prices aren't crazy after 5 months of US/Iran war

Analysts predicted that the price of crude could rise to $150 per barrel, or even $200. This would result in the fifth of the global oil supply, which transits through the Strait of Hormuz, being cut off from the world market. Brent crude futures reached a peak of around $126, comfortably below the 2008 all-time record of $147, and averaged only $101 per barrel between February 28th and June 11, when U.S. president Donald Trump called off the strikes against Iran. They then briefly retreated to $70 levels before the war in early July. Here are some reasons why oil...

Crude Oil

Gold prices steady as markets evaluate Middle East escalation and Fed raise bets

Gold prices were little changed on Monday, as investors assessed the escalation of the Middle East conflict that has pushed up oil prices. Meanwhile, another U.S. Federal Reserve policymaker indicated that higher interest rates may be necessary to curb inflation. As of 0756 GMT, spot gold was unchanged at $4,018.19 an ounce. U.S. Gold futures for August delivery rose 0.1% to $4 023. U.S. forces attacked Iran for the ninth day in a row on Monday. The number of confirmed American deaths from the renewed fighting has risen to three. Concerns about shipping through the Strait of Hormuz have also...

Crude Oil

Morning Bid Europe-Rising Oil, rains on AI Party

Wayne Cole gives us a look at what the future holds for European and global markets. While Spain hoisted the World Cup in celebration, the U.S. Military began?its ninth day of attacks against Iran. Iran was also?hitting targets throughout the region. On Sunday, only a few ships crossed the 'Strait of Hormuz. One was on fire. Brent crude oil rose above $90 per barrel for the very first time since June. Treasury bond futures fell as investors lowered the odds of a Federal Reserve interest rate hike in September. The implied probability was around 65%. The rise in 30-year Treasury...

Crude Oil

Weekend Reads: Crude pricing, resource wars and empires

Want some inspiration? Weekend Reads is a weekly roundup of what the Open Interest team has read, watched and listened to. This week, the Open?Interest team has chosen to focus on the 'race to reinvent critical mineral resources,'?oil benchmarks that are under pressure and great-power geopolitics. This weekend, we are reading... MIKE DOLAN is a columnist for ROI Finance & Markets. The Pew Research Center’s Global Attitudes Survey found that China was viewed as more favorable than the United States in 36 countries. The U.S. Department of Energy released this release by ROI Metals columnist ANDY HOME. It details five...

Refined Products

Refined Products

Japan's June core inflation increases, but remains below BOJ target

Japan's core price inflation rose in June, but it remained below the central bank's target of 2% for a fifth consecutive month. This suggests that firms have not yet aggressively passed on rising input cost to consumers. Analysts expect that consumer inflation will accelerate in the second half of this year, as the recent spike in producer prices, fueled by the rising cost of fuel and imports from the Middle East conflict, and the weakening yen, filters through to the rest the economy. Analysts say that the yen's decline to its lowest level in four decades is likely to increase...

Jet Fuel

Singapore's oil product inventories drop to a six-week low

Data showed that oil product stocks in Asia’s main trading hub Singapore fell to their lowest level in six weeks. This was mainly due to a decline in the inventories of?clean petroleum products, according to data released on Thursday. Enterprise Singapore's data shows that combined?onshore? product stocks totaled 39.64 millions barrels during the week ending July 22. This is a 1.5% decrease from the previous week. The weekly average for last month was 37.5 million barrels. Lower inventories of middle and light distillates led to the decline, which was moderated by an increase in heavy distillates. In recent days, shipping...

Oil & Gas Refining

Kyrgyzstan approves a plan to build a mini oil refinery amid Russian shortages

Kyrgyzstan agreed to build a mini-oil refinery worth $25 million in the south of the nation as part of its efforts to increase domestic fuel production and reduce dependence on imports due to tightening Russian supplies. Central Asian Energy LLC of Kyrgyzstan, who will finance the project, recently signed an agreement with the Kyrgyz company to build the refinery. The plant will produce bitumen, motor oil and gasoline that meets?K5 or K6 environmental standards. The first phase of the construction should be completed by autumn 2026. Kyrgyzstan imports a majority of its gasoline from Russia. Fuel shortages in Russia have...

Mining

Mineral Resources

Mineral Resources

Copper Heads Weekly Rise Despite Mideast Pullback

The price of copper is expected to rise despite the fact that it has fallen from its mid-week peak. An escalation in the Middle East conflict will increase inflation concerns and weigh on the macroeconomic outlook for the global economy. Benchmark?copper for three months on the London Metal Exchange remained stable, adding 0.11% to $13,609.5 per metric tonne by 0300 GMT. The Shanghai Futures Exchange's most traded copper contract fell 1.4% to 104,530 Yuan ($15,426.51) per metric ton. Prices have risen 0.63% at the LME, and by 1.39% at the SHFE, since the beginning of the week. However, they are...

Mineral Resources

Irish PM: No definitive evidence that Irish alumina is used in Russian arms

Micheal Martin, the Prime Minister of Ireland, said that an Irish investigation into a major alumina factory?has not found any "concrete" or "definitive" evidence to suggest its exports are used in Russia to produce aluminium for weapons. Ireland faces increasing pressure regarding the Aughinish Alumina Plant, Europe's biggest refinery for the aluminum feedstock alumina. The facility continues to export alumina to Russia. Dublin ordered the 'investigation', while defending a European Union decision that the Rusal-owned?plant would not be included in Russian sanctions packages. The government claims that 'the refinery located in southwest Ireland plays a strategic role for EU supply...

Mineral Resources

Sweden declares its mining national security interests to counter dependency on China

Sweden declared the mining of critical metals,?rare earths, and other minerals to be a national interest on Thursday. The government said a new strategy for mining was required to 'counter China's dependence. China is the dominant producer of rare earth minerals, which are essential to clean energy production, defence, and electric vehicle manufacturing. Export controls have been a powerful tool in Beijing's trade war with Washington, as well as other disputes. The Per Geijer discovery, near LKAB’s?existing Kiruna Mine, is also one of the European Union’s flagship projects to reduce reliance upon China. Per 'Geijer' is crucial to Europe because...

Mineral Resources

Gold drops 1% after oil rally, as Fed rates are in focus

The price of gold fell?on Friday, as an intensifying conflict in the Middle East drove up oil and fueled investor fears that inflationary pressures might push the U.S. Federal Reserve into raising interest rates this year. Spot gold fell 1.2% at 1215 GMT to $4,079.50 an ounce, after reaching its highest level in over a month on Wednesday, $4,165.87 per ounce. U.S. Gold Futures for August Delivery fell 1.7% to $4.082.80. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. Tzabouras said that the geopolitical escalation and higher oil prices, as well as the outlook for higher rates,...

Mineral Resources

Copper prices fall as oil prices rise, affecting economic outlook

Oil prices have risen to their highest level in more than seven weeks, causing a spike in copper. Benchmark three-month Copper on the London Metal Exchange fell 0.6% to $13,725.50 per metric ton, after rising as high as 0.5% in the previous session due concerns about dwindling stocks. Oil prices rose for the fifth day, rising as high as 5% at $98.75 per barrel. Yemen's Iran aligned Houthis claimed that they had attacked two oil tanks as part of Saudi Arabia's blockade. Copper is considered to be a bellwether for the global economy. Higher energy prices are affecting the outlook...

Mineral Resources

The Gulf's major markets are mixed in response to the US-Iran hostilities and Q2 earnings

Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained...

Mineral Resources

Gold falls from two-week high as oil gains; Fed meeting is in focus

Gold prices fell on Thursday, after a two-week peak hit on Wednesday, due to an escalating Middle East war. Traders were waiting for the Federal Reserve's policy meeting next Monday, which could provide clues about the timing of interest rate increases. Gold spot fell 0.6% at 0713 GMT to $4,103.39 an ounce, after reaching its highest level since July 7, $4,165.87, on Wednesday. U.S. Gold Futures for August Delivery?fell by 1.1% to $4106.40. Oil continues to rise, adding to inflation pressures and expectations of Fed rate hikes. This has a positive effect on gold, as the dollar is weakening, said...

Mineral Resources

Gold drops from two-week high as oil prices advance; Fed meeting is in focus

As oil prices rose due to an escalating Middle East war, gold held steady on Thursday. Traders are now looking ahead to the Federal Reserve meeting next week for any clues about the timing of interest rate increases. As of 0324 GMT spot gold was unchanged at $4,132.01 an ounce, after climbing?to $4.165.87 during the previous session, its highest level since July 7. U.S. Gold Futures for August Delivery?fell by 0.4% to $4134.60. Jigar Trivedi is a senior analyst at IndusInd Securities. He said, "Oil prices continue to rise, which adds to inflation pressures and expectations for Fed interest rate...

Mineral Resources

Guinea first-half bauxite exports hit record high on Chinese demand

Guinea's bauxite exports rose 15% in the first half if?2026 to a new record high, according to official data. This was due to strong Chinese demand, despite increasing pressure on smaller producers because of rising fuel and shipping costs. Bauxite feedstock is used to make alumina. Alumina is an important ingredient in aluminum, which can be found in many industries, including transport, construction, and packaging. Guinea, which is the largest bauxite supplier in the world, exported 114.8 million tons between January and the end of June. This was up from 99.8 millions tons a year ago, according to data released...

Mineral Resources

Copper prices rise, but Chinese buyers are wary, and inflation worries arise.

Copper prices rose on Wednesday, after reaching a six-week high the day before due to shortages and falling inventories outside of the U.S. However, gains were capped by resistance from China to higher 'prices and inflation fears. The benchmark three-month copper price on the London Metal Exchange rose 0.1% to $13,894 per metric tonne by 0930 GMT, after reaching its highest level in over six weeks on February 22 at $13,934. Alastair Munro is a senior base metals strategist with broker Marex. He said: "That it stalls before $14,000 reminds all of us that China is not a chasing price,...

Mineral Resources

Investors focus on US tech earnings as South Korean shares lose early gains

South Korean shares closed slightly higher on Tuesday, after a sharp rise in the early going. However, caution before key U.S. technology earnings and chip earnings underscored the market's reliance on heavyweight chipmakers. The benchmark KOSPI Index settled 0.7% higher, at 6,797.7, after rising 6.2% during early trading. This was largely due to a 9% increase in AI memory chips maker SK Hynix. SK Hynix reversed its course and ended marginally lower, while Samsung Electronics finished slightly higher. The'sharp swings' highlighted the dominance and power of Samsung Electronics, SK Hynix and other companies that together account for more than half...

Mineral Resources

Shanghai copper reaches 7-week high due to supply concerns and strong China demand

Shanghai copper prices rose on Wednesday to a seven week high as supply concerns and a 'firm Chinese demand' pushed up the price. London copper fell after reaching a six week peak just a day before. As of 0700 GMT, the most traded?copper?contract at the Shanghai Futures Exchange had risen by 0.94% to 105,820 Yuan ($15.625.65) per metric ton. It had reached its highest level since June 3, at 106760 yuan, earlier in the day. The benchmark three-month copper price on the London Metal Exchange fell 0.57%, to $13,806.5 per ton. This was after it hit a six-week-high on Tuesday....