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Prices for EUROPE GAS rise and reverse earlier losses
Dutch wholesale gas prices increased on Wednesday. They reversed earlier losses due to concerns about liquefied gas (LNG) supply if tensions escalate in Iran. LSEG data shows that the benchmark Dutch front-month 'contract' at TTF hub is up?1.42 Euros?at 32.55 Euros per megawatt hour by 1213 GMT. This is the highest level recorded since October 7, last year. The Dutch March rate was 31.66 Euros/MWh, an increase of 1.28 euros. The British day-ahead contract was down 0.40 pennies at 82.80 pence/therm. Iran warned its neighbours that it could strike U.S. military bases if Washington interferes with protests, despite the fact that weather forecast revisions showed?milder temperature than before and a strong supply. Gas?traders said that the market was nervous about the situation in Iran and possible risks to LNG supply. The oil price also rose for the fifth consecutive session due to fears that Iranian supplies could be disrupted by a possible U.S. strike on Iran, and possible retaliation on U.S. interests in the region. Analysts at LSEG said that the gas storage levels in North-West are likely to fall below 100 terawatt hours on March 1. This would be a positive factor. Prices fell this morning due to increased LNG exports and Norwegian?exports as well as lower demand forecasts for the coming days. LSEG data shows that the local distribution zone gas demand for north-west Europe is expected to decrease by 296 gigawatt-hours/day (GWh/d), to 3,600 GWh/d, in the next day. Wind speeds that are stronger than normal will also reduce the gas consumption of gas-fired plants. The benchmark contract on the European carbon markets was up by 0.13 euros at 90.87 euro per metric ton. (Reporting and editing by Nina Chestney, Susanna Twidala)
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Caledonia will spend $132m on Zimbabwe's largest gold mine in this year
Caledonia Mining Corporation announced on Wednesday that it will spend $132m this year to launch the development of Zimbabwe's biggest gold mine once it is operational. The record gold prices are helping miners expand production. Gold spot prices reached a new record of $4,639.48 per ounce on early Wednesday. This was fueled by the escalating tensions in Iran, concerns over the Federal Reserve’s autonomy, and softer inflation data that boosted bets for rate cuts. Caledonia stated in a production report that the planned expenditure, which is part of an overall capital expenditure programme of $162.5 millions for 2026, was subject to approval by the board and funding availability. Caledonia, which already operates ?the 80,000-ounce-per-year Blanket mine in Zimbabwe, plans to develop the Bilboes mine at a projected total capital cost of $584 million. The new mine will begin production in late 2028. A steady-state annual output of 200,000 ounces is anticipated starting from 2029, for an initial 10 year period. The company has said that it will fund the Bilboes Project through a combination of senior non-recourse debt, contributions made by existing operations, and specialised financing methods, such as streaming. In this method, investors provide cash in exchange for future metal supplies. Caledonia’s expansion plans got a boost last month after Zimbabwe’s government reversed its plans to double gold royalty rates and change the taxation of capital expenditure. (Reporting and editing by Nelson Banya, Joe Bavier and Chris Takudzwa Muronzi)
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Copper falls from record highs due to physical demand
The copper price hit a new record on Wednesday, thanks to persistent demand by speculative funds. However, some investors were concerned that the high price would discourage industrial buyers from buying. The benchmark three-month copper price on the London Metal Exchange fell 0.1% to $13,176.50 per metric tonne by 1030 GMT after reaching a record high of $13,407. LME copper prices have risen by 44% in the last 12 months. This is due to disruptions at the mines and concerns about deficits for this year. Also, a large flow of metal has been sent to the U.S. before potential tariffs which could tighten supply elsewhere. "With all the?concerns? about debasement and financial risks, as well as Fed independence, these hard assets are just sensational," Ole Hansen, head commodity strategy at Saxo Bank, in Copenhagen, said. There's a limit to industrial metals, where we?hit a wall when it comes to potential demand destruction. I don't even know where this level is or if it's already reached. He said that if you look at the?technical signal, a closing below $13,000 will cause a downward reaction. Hansen stated that the copper demand in China appeared to be stable and there was a potential for stocking before the Lunar New Year holiday. After hitting a record high of 105.650 yuan, the most-traded contract for copper on the Shanghai Futures Exchange ended daytime trading 0.9% higher, at 104.120 yuan per ton ($14.931.88). Investors bet that demand for tin, which is used in semiconductors, will grow rapidly as a result of the artificial intelligence boom. SHFE tin rose 8%, reaching the upper limit of 413,170 Yuan. LME tin increased 4.1%, to $51,550. The fundamentals of tin have not changed dramatically. Jing Xiao said that the price rally was fueled by speculative trading. Tom Langston?at The International Tin Association?agreed that supply-demand metrics had not changed, noting the record interest rates on the LME. Other metals saw a 0.1% increase in LME aluminium to $3.200 per ton. Zinc rose 1% at $3.232. Lead added 0.4% at $2.069, and nickel climbed 1.7% to 17.995.
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Malaysia's state utility signs a deal to send energy from Laos and Singapore, revitalizing a cross-border project
Malaysia's state-run utilities firm signed a 2-year energy - agreement to transmit electricity from Laos into Singapore. This deal revives a Southeast Asian multilateral power trade - agreement that has been stalled since the year 2024. Tenaga Nasional Berhad, in a filing to the bourse on Wednesday, said that Energy Wheeling Agreement Phase 2 is part of a project to integrate power from Laos with Thailand, Malaysia, and Singapore. This will allow up to 100 megawatts in Laos to supply power via Thailand and Malaysia to Singapore using existing transmission links. The first phase was signed in 2022 with a validity of two years that ended June 22, 2024. Malaysia's Energy Minister in October last said that the delay was due to?local political changes in Thailand. According to an agreement signed Wednesday, the state utility Electricite?Du Laos pays TNB for wheeling?services in order to transmit energy produced in Laos from Singapore. The deal is part ?of the second phase of ?the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, which is a precursor to a ?broader ASEAN Power Grid initiative aiming to connect all ten member states and tackle the region's growing reliance on fossil fuels. (Reporting and editing by David Stanway; Ashley Tang)
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Gold and silver reach historic highs amid geopolitical tensions and Fed uncertainty
Silver broke through $90 for the first time and gold reached a new record on Wednesday. The escalating tensions in Iran, along with concerns about the Federal Reserve’s autonomy, fueled demand for safe havens, while lower inflation numbers boosted bets to cut rates. Gold spot rose 0.9%, to $4,627.72 an ounce, by 1001 GMT. This was after the gold price had reached a session high of $4.639.48. U.S. gold futures for delivery in February rose by 0.8% to $4 636. Jamie Dutta is the chief analyst at Nemo.money. He said that prices are rising because of "well-known haven characteristics" amid increased geopolitical risk, fiscal uncertainty and concerns over Fed independence. The Federal Reserve Chair Jerome 'Powell was backed by central bankers from around the globe on Tuesday. They issued an unprecedented statement of support after the Trump administration threatened to indict him, which could have a negative impact on the trust that people place in U.S. assets like the dollar. Dutta said that "protests in Iran maintain geopolitical tensions, resulting in a strong demand for bullion." HRANA, a rights group based in the United States, said that the death toll has reached 2,571, sparking threats from?U.S. intervention. The Bureau of Labor Statistics reported on Tuesday that the core Consumer Price Index in the United States rose by 0.2% from one month to the next and 2.6% over the course of a year. Powell, the Fed's chairman, has been urged by President Donald Trump to reduce interest rates "meaningfully". The traders expect?two rate cuts in this year. Low interest rates are usually in favour of non-yielding gold. Spot silver rose 4%, to $90.46 an ounce. This is down from a record high of $91.53. It has risen by nearly 27% within just 14 days of this year. Dutta stated that "long-term targets" are big numbers like $5,000 and $100 respectively for gold and Silver. After touching a session high of $2,406.75 per ounce earlier, spot platinum rose 3.5%. It hit a record $2,478.50/oz on December 29. Palladium increased 0.1%, to $1840.19 per ounce. (Reporting and editing by Clarence Fernandez in Bengaluru, with Pablo Sinha reporting from Bengaluru)
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TotalEnergies and Bahrain's Bapco Energies form Middle East Trading Venture
TotalEnergies, the French oil giant, announced on Wednesday that it had?formed BxT Trading a joint venture with Bahrain's Bapco Energies. The Middle East-focused venture is expected to trade products from Bapco’s Sitra refinery, which produces 267,000 barrels per day. The partnership builds upon a 2024 agreement?underwhich Total agreed to expand and modernise the?Sitra refinery to reach a throughput capacity 380,000 barrels per d?ay and to share its trading expertise. It also explored options to partner with Bahrain in projects involving renewable energy and liquefied gas. Bapco announced in December a new increase of capacity to 405,000 bpd. In a recent statement, Bapco Energies chairman Shaikh Nasser bin Hamad Al Khalifa said, "Through our partnership with TotalEnergies, we are strengthening our downstream value chain, and reinforcing Bahrain’s position as a trusted and competitive player on the international energy market." Patrick Pouyanne, CEO of TotalEnergies, said that the joint venture would strengthen Total's Middle East position Two executives signed a contract in Abu Dhabi on Tuesday. (Reporting by America Hernandez in Paris. Mark Potter (Editing)
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TotalEnergies sells its SPDC assets in Nigeria to a new buyer
By America Hernandez PARIS, January '14 - French giant TotalEnergies signed an agreement to sell its 10% non-operated stake in the Nigerian oil asset SPDC (renamed Renaissance JV) to Vaaris. This follows a failed sale to Mauritius based Chappal Energies last year. Total retains a 'full economic interest in the?deal, which includes stakes of three other licenses that produce mainly?gases for Nigeria LNG. The company did not provide any further information on the buyer. The inability of the buyer to pay the $860 million price tag was the reason why Nigerian regulators rejected Total's first deal with Chappal Energies for the SPDC stakes. This dealt a serious blow to Total's attempts to liquidate its mature and polluting assets, as well as to reduce debt. The SPDC was plagued by hundreds of oil spills due to theft, sabotage, and operational problems that resulted in costly repairs?and high profile lawsuits. Shell sold its 30% share in SPDC to a consortium made up of mostly local?companies last year for up $2.4 billion. Nigerian National Petroleum Corporation, or NNPC, holds a?55% stake in the joint venture while Eni of Italy has 5%. The Nigerian regulators must approve the deal. Reporting by America Hernandez, Editing by Jan Harvey & Tomasz Janowski
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Copper prices rise as concerns over supply outweigh dollar strength
The price of copper peaked on Wednesday as global supply concerns, mounting geopolitical risk and a stronger dollar outweighed the pressure. The Shanghai Futures Exchange's most-traded contract for copper closed the daytime trading session 0.85% higher, at 104120 yuan per metric ton, after reaching an all-time record of 105650 yuan. The benchmark three-month copper contract on the London Metal Exchange rose 0.58% at $13,240 per metric ton as of 0743 GMT after hitting a record high earlier. The price of copper has been supported by "disruptions" at mines, concerns about deficits in this year and an influx of red metal into the United States. Supply elsewhere is being squeezed by potential tariffs. Donald Trump, the U.S. president, said on Tuesday that help was on its way for Iranians. Analysts say that this fueled concerns about geopolitical risk, which led some investors to rush into commodities with "healthy fundamentals" such as copper or tin. A stronger dollar has capped the price increases. The tin price in Shanghai and London has also reached record levels, with gains so far this month of 23,6% and 30,4% respectively. Analysts say that more funds have been invested in the tin industry, as investors bet on the rapid growth of demand for this metal which is used to manufacture semiconductors and will?benefit the artificial intelligence boom'. SHFE tin increased 8%, reaching the upper limit of 413,170 Yuan. LME tin rose?more than 5 % to $52,495. Jing Xiao is an analyst with broker SDIC Futures. She said that she does not believe there has been a dramatic shift in tin fundamentals. The round of 'price rally' was driven by speculative trade. Xiao stated that the demand for tin in 'the AI sector was overestimated, while the consumption of traditional 'users were underestimated. The high prices of the products have dampened consumer demand, while this year's supply growth will probably exceed expectations. This points to potential downside risks." SHFE aluminium slipped 0.06%. Nickel slipped 0.11%. Lead dipped by 0.17%. Zinc grew by 0.51%. Aluminium, nickel, and lead are among the other metals traded on the LME.
The aftermath of the Iberian wildfires has left villagers struggling
Photo essay: See here
Simon Rodriguez, a taxi driver, says that the fire began on his birthday. Four months later he is hauling water jugs out of the car's back. "And here are we, fighting it!"
Residents in Spain's northwest Galicia region still have to deal with the aftermath of the wildfires, which ravaged Spain and Portugal last August.
Water contamination is now a problem as the autumn rains wash down ash and sediment from deforested hillsides. This clogs waterways and makes drinking water unsafe. We can't take a shower because the water has turned black. I haven't shower in two days. "We have to wait until the rain stops before we shower," Rodriguez, 33 says, while delivering water to residents of the municipality Villamartin de Valdeorras. Residents have been warned since late October not to use water for drinking or cooking.
While governments and business leaders gather in Brazil for the annual UN Climate Negotiations, where the focus is on providing funding to adapt to climate changes, communities around the world are suffering from the increasing impacts of global emissions on their homes, livelihoods and health. They call on governments to do more and spend more money to repair the damages.
Natural Water Filters - Ash Clogs
As the rains of October began in Galicia, the vegetation layer that had become ash started to clog up the sandtraps, locally known as areneros, which decant the rainwater and prevent debris from reaching water level, feeding the reservoir.
Enrique Alvarez Barreiro, the Mayor of Villamartin de Valdeorras Council, said that local crews are hiking in three times a day to scoop out heavy sand, but that it is now practically impossible to provide water to residents in a condition acceptable to them.
Raul Lopez, an employee for the municipality, said, "We've been here almost a whole month now, working to remove ash mixed with dirt."
"We've never seen anything like this in our lifetimes" My grandfather, my father or anyone else can't remember such a catastrophe.
Wildfires in the summer are common throughout Spain and Portugal. They are vital to the ecosystem and help regenerate the soil. According to World Weather Attribution, climate change increased the likelihood of hot, windy, and dry weather, which fueled deadly wildfires across Spain and Portugal, by 40 times. Cristina Santin is a northwestern Spanish biologist who studies the effects of fires. She said, "What happened here was crazy." "You wake up one morning and find your region on fire in a way that's completely unprecedented."
Home reduced to rubble Susana Fernandez Gonzalez described her return to the family home she grew up in in San Pedro de Cansoles in Castilla y Leon as "as if a (bomb) had been dropped" She said that the civil guards and psychologists escorted her back into the house. "Everything had been shattered."
According to Mark Parrington of the Copernicus Atmosphere Monitoring Service, the smoke plume from Iberian fires has severely degraded the local air quality. The impact was felt in parts of France and the UK, as well as Ireland.
The Spanish COAG national farmer's association estimated that fires caused damage of at least 600 millions euros ($699.72million) to crops, buildings and livestock.
COAG also reported that beekeepers lost 7,000 hives. This loss could increase if there is no vegetation to feed the bees. WILDFIRES RAISES EMISSIONS UP TO REPORT LEVELS
The Copernicus Atmosphere Monitoring Service, which has been monitoring global wildfire emissions since 2003, found that the total estimated emissions in Europe and the UK as a result the fires in Spain were the highest ever recorded. Spain struggles to find ways to improve forest management in areas where local populations have shrunk, and the countryside is rewilded without any controls.
The Prime Minister Pedro Sanchez acknowledged the need for more effort to prevent wildfires. He pledged to take whatever steps are necessary to make sure that such fires never happen again.
Locals are worried about future water shortages as rainwater is now being carried by rivers and streams instead of percolating down into the aquifer.
This ash is also carried to the sea.
Everyone knows that ash can be a problem along the coasts. Alvarez Barreiro said that the problem is not over for us.
The hillsides will not be suitable for livestock to graze in the near future.
Alvarez Barreiro plans to use drones to plant seed to protect areneros. The cost will be around 12,000 euros for an area covering approximately 40 hectares.
He said: "I don't think we are close to addressing the magnitude of the problem." ($1= 0.8575 euro) ($1= 0.8575 euro) (Reporting and editing by Sharon Singleton; Additional reporting by David Latona; Reporting by Nacho doce, Violeta Santis Moura; Pedro Nunes; Ali Withers)
(source: Reuters)