Latest News
-
Mixed results in the Gulf amid low crude oil prices
The major Gulf equity markets traded mixed on Tuesday morning, with investor sentiment being limited by the low crude oil prices and corporate earnings. However, some support was provided by the easing U.S. China trade tensions. Top Chinese and U.S. economists have hammered out a framework for a deal that U.S. president Donald Trump and Chinese president Xi Jinping will decide on this week. This should ease fears of tariffs and export restrictions between the two world's largest oil consumers affecting global growth. Saudi Arabia's benchmark stock index rose 0.4%. The Saudi National Bank, the largest lender in Saudi Arabia by assets, saw a 0.6% increase. Leejam Sports, however, fell 10% and became the largest loser in the Saudi index following a sharp fall in the third quarter profit. The sports company, which is on track for its largest intraday drop in almost six months, also reduced its quarterly dividend from 2.14 to 0.95 riyals per share. Dubai's main stock index rose 0.2% thanks to a 1.7% increase in blue-chip developer Emaar Properties. The index fell 0.4% in Abu Dhabi due to a decline of 3% in Abu Dhabi Commercial Bank despite the bank reporting a higher third-quarter profit. Mubadala is the largest shareholder of the bank and plans to fully exercise its right to subscribe for the new shares. The oil prices fell on a report stating that eight OPEC+ countries are inclined to increase their crude output modestly for December at the meeting on Sunday. Saudi Arabia is pushing hard to regain market share. The Qatari Index dropped 0.2%. Qatar Aluminum Manufacturing Company fell more than 3% after reporting only a 0.5% quarterly profit increase.
-
Sources say that India's HPCL has issued rare fuel import tenders following issues at its Mumbai refinery.
Two sources familiar with this matter confirmed on Tuesday that Hindustan Petroleum, India's largest oil company, has issued two unusual tenders for the importation of transport fuels in early November. One source said that the company wanted to deliver 34,000 tonnes of gasoline and 65,000 tonnes of gasoil between November 1 and 10, at Mundra port on the west coast of India. The company didn't immediately respond to an inquiry for a comment about the tenders. Second source: "Operational issues" at the Mumbai refinery of the company prompted the tenders to close on Tuesday. In a Monday statement, the company stated that it had sourced 54.6 millions tons of crude from Hindustan Oil Exploration. This oil was found to have corroded its downstream units in October. In a National Stock Exchange statement, it stated that the oil "caused operational issues such as corrosion in downstream units and suboptimal outputs." It added that "potential reasons could be the high chloride and salt content of crude oil." (Reporting and editing by Thomas Derpinghaus; Nidhi verma and Mohi Narayan)
-
Singapore's Equator and Chinese state-owned firm will export power from Indonesian to Singapore
Equator Renewables Asia, a Singapore-based company, and CRE International, a unit of China’s National Nuclear Corp., will develop a solar project and battery storage system in Indonesia’s Riau Islands, to export clean energy to Singapore. Equator announced that the companies plan to build a photovoltaic system of 900 megawatts (MW) and a battery storage system of 1.2 gigawatt hours (GWh) by 2029. They will also generate 830 GWh per year in clean energy, Equator stated. It said that "CREI would lead the generation side investment, construction and operations of the solar PV facilities and BESS, while Equator would manage transmission and offtake co-ordination." Equator's "multi-billion-dollar-project" will be its first project under the Singapore-Indonesia Renewable Energy Programme. Singapore granted six conditional licenses to the company. The specific terms of the investment were not disclosed. Grid interconnection has been widely hailed as an important tool for reducing the region's increasing reliance on fossil-fuels to generate electricity. Singapore aims to import around 6 gigawatts (or about a third) of low-carbon power by 2035. Malaysia currently provides about 1% (or less) of Singapore's low-carbon electricity. (Reporting and editing by Thomas Derpinghaus; Lucas Liew)
-
Profit booking eases ahead of Trump-Xi talks, Fed rate call
The copper price eased Tuesday, as investors consolidated gains following the record-breaking rally of the previous session. This was fueled by optimism about the upcoming Donald Trump-Xi Jinping meeting and the Federal Reserve rate decision. The Shanghai Futures Exchange's most traded copper contract erased the morning's gains and closed daytime trading 1.09% lower, at 86.980 yuan (12,211.15 dollars) per metric tonne. As of 0746 GMT, the benchmark three-month price for copper at the London Metal Exchange dropped 1.05% to $10,000 a ton. The decline ended London copper's 4-day rally, and Shanghai's 3-day rise after both reached 17-month highs Monday amid optimism the world's two largest economies were close to a deal de-escalating trade tensions. Traders said that investors booked profits when copper reached its highest point. The demand for red metal has continued to decline. The Yangshan Copper Premium The price of copper fell to $35 per ton from $58 at the end of September. The stakes are high before Thursday's meeting in South Korea between U.S. president Donald Trump and his Chinese equivalent, Xi Jinping. Both leaders are expected finalise a framework for trade that was hammered by officials on both sides at the weekend in Malaysia. Investors will also be watching the Fed rate announcement on Wednesday. The U.S. Central Bank is poised to reduce the short-term lending rate by one quarter of a percentage point. The market will be influenced by the Fed Chair Jerome Powell’s speech after the decision. It will indicate whether an additional rate cut, which was widely anticipated, will occur in December. Aluminium, lead, tin, and zinc were all down 0.56%. On the LME, nickel fell 0.69%, tin dropped 0.31%, and lead declined 0.52%. $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Sumana Jacob-Phillips and Sherry Jackson)
-
Iberdrola approves an interim dividend and raises its full-year profit forecast
Iberdrola, the Spanish utility company, announced an interim dividend of 0.25 euro per share after announcing a full-year adjusted profit guidance of 6.6 billion euros (7.7 billion dollars). The company saw double-digit growth. Iberdrola reported a net profit of 5.7 billion euro last year. Iberdrola's reported net profit fell by 3% for the first nine-months of the year, due to the effects of the sale in Mexico of assets in 2024. However, the adjusted net profit without one-offs jumped up by 17% from January to September. Iberdrola Chairman Ignacio Sanchez Galan stated that the improved outlook is due to increased investments in the United States of America and Britain. Iberdrola’s network business has driven gains in operating profits and cash flow. The biggest utility company in Europe by market value plans to invest more than 100 billion euro's worth of money through 2031, as it shifts its focus towards more regulated power grids such as those in Britain and the United States. The company released its latest strategic update last month. It outlines a significant increase in investments into power networks and a more selective approach towards renewable energy projects. It has committed to investing 58 billion Euros through 2028, two-thirds of which will be in power networks in Britain and America. Additional investments of 45 billion Euros are expected between 2029-2031.
-
As sanctions threaten Russian supplies, Asia's refining margins are on the rise.
Analysts and trade sources reported that Asian oil refinery profits had risen to their highest level in 20 months. This was due to a strong diesel performance, which has been boosted by a tightening of the outlook following US sanctions against two major Russian suppliers. Singapore's complex refinery margin, a proxy of Asia's refining profitability rose to almost $9 a barrel Tuesday, the highest since February 2024. LSEG data shows that it was about $2 a barrel early October. The global diesel market has been the main driver of strength in recent weeks, with a strong demand and tighter supplies. On Tuesday, the price of refining cracks used to refine 10ppm gasoil benchmarked at sulphur reached $26 per barrel. This is a record high for more than 1 1/2 years. US SANCTIONS RUSSIAN OPEC EXPORTERS The markets were further boosted last week by U.S. Sanctions on Russian Oil Exporters Rosneft & Lukoil. The latest sanctions against Russia could threaten diesel exports, since Russia exports about 1 million barrels of diesel per day," ING commodities analysts said in a Tuesday research note. There is also a risk that Indian refiners will reduce their run rates if they cease to buy Russian oil. This would result in lower export volumes of middle-distillates from India," ING said. Diesel supplies from India were shifting to Europe before the latest sanctions as refineries reached peak maintenance and production dropped. According to June Goh of Sparta Commodities Senior Oil Market Analyst, the current diesel rally is a result of reduced Russian diesel exports as a result Ukrainian drone attacks and seasonal refinery turnarounds, along with limited Chinese clean products export quotas in Q4. "Also, the distillate arbitrages in the Arab Gulf and West Coast India are pointing East and tightly shutting into Europe. The diesel shortage in Europe is expected to be more severe, said Goh. The short-term sentiment was also boosted by the market talk that fewer spot shipments from Asian suppliers including South Korea China and Taiwan for November shipments. Other parts of the Barrels The profit on processing a barrel gasoline jumped nearly 30% to $13 this month, driven by the tight supply due to unplanned outages in Southeast Asia, while margins are narrowing in other regions as winter approaches, traders reported. Energy Aspects' monthly outlook on middle distillates stated that "Strong margins will keep refinery operations high and a rising OPEC+ supply, particularly medium sours, is expected to improve crude slate optimisation, boosting clean product yields, and increase crude slate optimisation." The margins on fuel oil remained mediocre. Low-sulphur cracks are down, while high-sulphur fuels have seen some recent gains.
-
Gold falls to a three-week low amid optimism over US-China trade
Gold prices fell on Tuesday, reaching a three-week-low, as investors awaited major central bank announcements. As of 0652 GMT spot gold fell 1% to $3,941.65 an ounce, its lowest level since 10 October. U.S. Gold Futures for December Delivery fell 1.5% to $3.957.50 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the defrosting of U.S. China trade relations had a negative impact on the gold price because it has led to fewer safe-haven purchases. Top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and his Chinese equivalent Xi Jinping will decide on this week. If Trump and Xi had a productive trade meeting this week, gold could be swimming against the flow to a certain degree. Waterer noted that this could be countered if the Fed adopts a more dovish tone in its rate-cutting announcement this week. Trump told reporters that he believed a deal with China would be made. He also announced in Malaysia a series of deals with four Southeast Asian countries on minerals and trade. This was the first stop of a five-day Asia tour. Asian shares continued to consolidate recent gains on Tuesday, as the risk appetite remained high amid hopes of a thawing of global trade tensions. Investors are waiting for any future-oriented language from Fed chair Jerome Powell. The U.S. Federal Reserve is widely expected to reduce interest rates by the end of their policy meeting on Tuesday. Both the European Central Bank (ECB) and the Bank of Japan, are expected to keep rates unchanged this week. The gold price has risen by 53% in the past year. It reached a high of $4,381.21 at the end of October, boosted by economic and geopolitical uncertainty, bets on rate cuts, and central bank purchases. Spot silver dropped 0.8%, to $46.51 an ounce. Platinum fell 2.6%, to $1.549.85, and palladium fell 1.2%, to $1.385.50. (Reporting and editing by Sherry Jac-Phillips, Subhranshu Sahu, and Brijesh Patel in Bengaluru).
-
Gold falls to a three-week low amid optimism over US-China trade
Gold prices fell on Tuesday, reaching a three-week-low, as investors awaited major central bank announcements. As of 0525 GMT, spot gold was down by 0.2%, at $3,974.66 an ounce. Bullion fell to its lowest levels since October 10 during the morning session. U.S. Gold Futures for December Delivery fell 0.8% to $3.989.10 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the defrosting of U.S. China trade relations had a negative impact on the gold price because it has led to fewer safe-haven purchases. Top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and his Chinese equivalent Xi Jinping will decide on this week. If Trump and Xi had a productive trade meeting this week, gold could be swimming against the flow to some extent. Waterer noted that this could be countered if the Fed adopts a more dovish tone in its rate-cutting announcement this week. Trump told reporters that he believed a deal with China would be made. He also announced in Malaysia a series of deals with four Southeast Asian countries on minerals and trade. This was the first stop on his five-day Asia tour. Asian shares continued to consolidate recent gains on Tuesday, as the hopes of a thawing of global trade tensions fueled risk appetite. Investors are waiting for any future-oriented language from Fed chair Jerome Powell. The U.S. Federal Reserve is widely expected to reduce interest rates by the end of their policy meeting on Tuesday. Both the European Central Bank (ECB) and the Bank of Japan, are expected to keep rates unchanged this week. The gold price has risen by 53% in the past year. It reached a high of $4,381.21 at the end of October, boosted by economic and geopolitical uncertainty, bets on rate cuts, and central bank purchases. Other than that, silver spot fell by 0.5%, to $46.68 an ounce. Platinum dropped 1%, to $1574.25; and palladium rose 1.1%, to $1417.30. (Reporting and editing by Sherry Phillips, Subhranshu Sahu, and Brijesh Patel in Bengaluru).
U.N.: Global temperatures are increasing and melting glaciers around the world.
According to a report by UNESCO released on Friday, glaciers are disappearing more quickly than ever. The last three years saw the greatest loss of mass on record.
Michael Zemp of the Switzerland-based World Glacier Monitoring Service said that the 9,000 gigatons (or a quarter of a million tons) of ice lost by glaciers since 1975 is roughly equivalent to an ice block as large as Germany and with a thickness of 25 meters. This was revealed at a Geneva press conference to announce the report.
Climate change caused by fossil fuels will likely cause global temperatures to rise, accelerating the dramatic ice melt from the Arctic to Alps and from South America to Tibet Plateau. As sea levels rise, and as these water sources diminish, this would likely cause economic and environmental problems around the world.
The report coincides in Paris with a UNESCO Summit marking the first World Day for Glaciers. It calls for global action to save glaciers all over the world.
Zemp reported that the glaciers lost 450 gigatons in 2024, the most mass since the 1960s.
Mountain glaciers are now one of the biggest contributors to sea-level rise. This puts millions of people at risk of flooding and damages water routes on which billions of people rely for hydroelectric power and agriculture.
Stefan Uhlenbrook is the Director of Water and Cryosphere for the World Meteorological Organization. He said that there are about 275,000 glaciers left in the world, which together with the Antarctica and Greenland Ice Sheets, make up about 70% of freshwater.
Uhlenbrook stated that "we need to advance our knowledge of science, and we need to do so through better observing and forecasting systems and through better early warning systems both for the planet as well as the people."
DANGERS AND DEITIES
Around 1.1 billion people are living in mountain communities. They suffer the immediate effects of glacier melt due to natural hazards and unstable water sources. Remote locations and difficult terrains make it difficult to find cheap solutions.
As temperatures rise, they are likely to worsen the droughts that affect areas that depend on snowpacks for freshwater. They will also increase the severity and frequency hazards such as avalanches and landslides.
A Peruvian farmer who lives downstream of a glacier retreating has brought the matter to court. He is suing German energy company RWE to pay for the flood defences of the glacial lakes proportional to the global emissions of that company.
Heidi Sevestre (secretariat of the Arctic Monitoring and Assessment Program) told UNESCO officials in Paris that the changes they see on the ground are "literally heartbreaking".
Sevestre said that "things are actually happening much faster than what we expected" in some regions. He cited a recent visit to the Rwenzori Mountains in East Africa and Uganda, where the glaciers will disappear by 2030.
Sevestre worked with indigenous Bakonzo groups in the region who believed that a deity named Kitasamba lived within the glaciers.
Can you imagine their deep spiritual connection and the strong attachment to the glaciers they have? What might it mean for them if the glaciers disappear?" Sevestre said.
According to a new UNESCO study, melting glaciers in East Africa have led to an increase in local conflicts over water. While the global impact is minimal, the trickle from melting glaciers all around the globe is compounding the effect.
Melting mountain glaciers between 2000 and 2023 have contributed to a global sea-level rise of 18 millimeters, or about 1 mm each year. According to the World Glacier Monitoring Service, every millimeter of sea level rise can cause up to 300,000. people to be flooded annually.
Sevestre stated that "billions of people, whether they are aware of it or not, are linked to glaciers and will need billions to protect them."
(source: Reuters)