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Sources say that the top Turkish refiner Tupras has resumed buying Urals crude from Russia.
According to three trading sources, and shipping data, Turkey's biggest oil refiner Tupras is now buying Russian Urals crude after stopping earlier this year because of stronger U.S. Sanctions against Moscow. Tupras didn't immediately respond to a comment request. Three sources confirmed that Tupras had resumed purchases following the price of Urals crude falling to its lowest level since 2023 earlier this month. The price was comfortably below the $60 per barrel G7 cap. The price cap imposed on Russian oil by the Group of Seven, the European Union, and Australia prohibits the use of Western services like insurance, flagging, and transportation, when the Russian oil is priced at or over $60 per barrel. The U.S. Treasury Department imposed sanctions since October on several tankers suspected of violating the price cap. Tupras was one of the largest importers of Russian crude oil after Moscow invaded Ukraine in 2022. According to data from Turkey’s energy regulator, Russian oil represented 65% of Turkey's total imports of oil in January-November of 2024. In February, the company stopped buying Russian crude oil due to growing concerns about U.S. sanctions after the comprehensive package announced on January 10th. Trading sources familiar with the matter have confirmed that Tupras is expected to receive at least 2 cargoes of Urals in April. Tracking data indicates that one of the cargoes has already been loaded. Kpler, a global provider of real-time analytics and data, showed that the Nissos Christiana had loaded approximately 730,000 barrels (or a little over a million gallons) of Russian Urals oil from Ust-Luga in the Baltic on April 3. It is for delivery to Izmit on April 21, where Tupras operates a 225,800-barrel-per-day capacity oil refinery, the data showed. It was unclear if another vessel had been booked for Tupras to purchase additional cargo. According to LSEG, Tupras has two refineries in Izmit, and Izmir. These refineries have a combined capacity of 467.300 bpd for crude oil processing. Tupras, which had stopped purchasing Russian crude oil, began looking at alternative grades of crude oil, and made its first purchase last month of Brazilian crude. According to Kpler, other sources of crude imports for Tupras in March and April include Guyana (also Nigeria), Libya, and Norway.
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EU abandons idea of sanctions against Russian LNG imports
EU officials say that European officials have given up on pushing for an import ban of Russian liquefied gas in the bloc as part of upcoming packages due to resistance from certain governments and the uncertainty over alternative sources. The Commission instead wants to create a road map that will end the EU's dependence on Russian energy in 2027. The plan will be announced early in May, but there are few details. Officials say that the work on the measures has been slow. The Commission will likely propose a 17th set of sanctions against Russia in June. In January, when the Commission was finalising its 16th proposal package, it floated an idea to ban Russian LNG imports. Donald Trump, the U.S. president, has stated that he wants the EU to purchase more American gas. EU officials view this as a potential negotiation tool for convincing the U.S. government to lower its tariffs. Washington has not yet clearly stated its demands. On Monday, the EU's Trade Chief met with his U.S. counterpart to discuss the beginning of negotiations. The Commission stated that the meeting was part of a "scoping process" and pointed out Washington has not yet clarified its demands. "The EU is doing their part. It is now up to the U.S.A. to clarify its position. "As with any negotiation, there must be two sides to this," said the statement. According to a Commission official, the Commission does not want sanctions to lose Russian LNG and thus surrender its negotiating position. The Commission and EU government are also cautious about creating a dependence on the United States. It is the third largest gas supplier in the EU after Russia and Norway. (Reporting and editing by Matthew Lewis in Brussels)
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Gold surpasses $3,300/oz in a bid to protect investors from tariff war
The gold price broke its record on Wednesday to reach $3,300 an ounce. A weaker dollar, and escalating U.S. China trade tensions, pushed investors toward the safe haven asset. As of 10:52 am, spot gold rose 2.5% to $330817 per ounce. After hitting a session high of $3.319.17, gold prices rose 2.5% to $3,308.17 an ounce at 10:52 a.m. ET (1452 GMT). U.S. Gold Futures rose 2.6% to $3324.50. Gold is heavily supported by the broadly weaker dollar and uncertainty surrounding tariff announcements, as well as fears of a global economic recession, said Lukman otunuga senior research analyst at FXTM. Gold prices are largely determined by psychological levels. Bulls could aim for $3,400 or $3,500 and higher. A bout of profit-taking, or positive U.S. China trade developments, could trigger a selling off." The U.S. president Donald Trump ordered on Tuesday an investigation into the possibility of tariffs on U.S. imports of critical minerals, marking an escalation of his dispute with international trade partners as well as an attempt to pressurize China. Investors have been pushed to gold as a safe-haven asset by the latest tensions between two of the world's largest economies. Gold is more appealing to other currency holders as the dollar has fallen against its rivals and held near a low of three years, which was reached last week. The price of gold has increased by nearly $700 in the past year. This is due to tariff disputes, interest rate reduction expectations, and central bank purchases. "The rally is a little unhinged and at risk of corrections." Since more than a decade, we've seen that corrections are shallow and that underlying bids await any setbacks," Ole Hansen said, head of commodity strategies at Saxo Bank. Investors are waiting for a speech by U.S. Federal Reserve chair Jerome Powell to be delivered later today. This will provide more information on the direction that interest rates may take. Other metals rose as well. Spot silver increased 1.5% to $22.75 per ounce. Platinum gained 1%, to $968.53. Palladium rose by 0.3%, to $974.20.
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Gold prices reach record highs above $3,300/oz
The gold price broke the record of $3,300 per ounce as investors sought refuge from the turmoil surrounding the trade tensions between China and the United States. On Wednesday, spot gold reached a record price of $3,317.90 an ounce, continuing a rally that was fueled by President Donald Trump's policies on tariffs, central bank purchases and the prospect of Federal Reserve interest rate reductions. "Gold is recalibrating itself to reflect current world events... "If the price is saying something, it's a clear warning bell," said Ross Norman, an independent analyst. "High conviction buys that began about a year back - likely unreported by central banks - are being compounded with buying on price strength." Bullion prices have risen by around 26% this year. This is comparable to the 1980 rally that took place during the Iranian Revolution when they soared 118% from November 1979 to January 1980. Trump announced his latest tariff policy on Tuesday, ordering an investigation of potential new levies against all U.S. imports of critical minerals and other goods. Gold has been used for centuries to protect against political turmoil. BullionVault's director of research, Adrian Ash, said that some gold investors are profiting from these new record highs. However, there are also strong inflows. In the first quarter 2025, gold ETFs received 226.5 metric tonnes, or $21.1 billion. This was the highest amount since 2022 when the markets were still dealing with the aftermath of Russia's invasion. Norman added, "ETF demand has been the missing component and is definitely fueling the increase." The lower dollar has made gold a more appealing investment. The next gold milestone is $3,500. Norman said, "Expect that to happen soon." Gold prices have been boosted by central bank purchases, as China's central banks added to their reserves for the fifth consecutive month in March. This year gold reached 25 new highs, including 13 above $3,000 per ounce.
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Ukraine accuses Russia 30 times of attacking Ukraine's energy infrastructure since March
Ukraine accused Russia of carrying out over 30 attacks on its infrastructure energy since both sides agreed to pause such strikes in March. Heorhii Tikhyi said that Russia has attacked energy plants in Kherson, Mykolaiv, and Poltava, in the middle of the country, over the last 24 hours. He said: "We believe that the energy truce began on 25 March." "Unfortunately, it is clear that Russia violates this agreement on a nearly daily basis. Russia has violated the agreement 30 times in less than a month. Both Kyiv & Moscow accuse one another of violating the 30-day limited ceasefire for energy infrastructure strikes, brokered by the U.S. The Russian state news agency RIA reported that the Russian defence ministry confirmed on Wednesday that Ukraine had carried out six attacks against Russian energy infrastructure in the last day. Tykhyi stated that Ukraine provided details about the alleged violations of its Western allies. The limited energy ceasefire was supposed to be the first step towards a complete ceasefire and pave the way for an agreement that would bring an end to more than three years war with Russia. Ukraine agreed to an expanded U.S. ceasefire offer, but Russia effectively blocked it because of additional conditions. The frontline is still raging along more than 600 miles (1,000 km) of its length. Russian forces continue to press on in eastern Ukraine. Ukraine's daily military update said that the fiercest fighting was around Pokrovsk Toretsk and Lyman directions. Volodymyr Zelenskiy, the president of Ukraine, has stated that Moscow is also planning a new offensive in the north-east towards Kharkiv region and Sumy region.
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Italian police claim that a mafia hit a Chinese couple in Rome, killing them.
Police suspect that the execution of a senior member of China's underworld, along with his companion, was a result from a turf war between Italian criminal networks and Chinese criminals. Zhang Dayong, 53 (also known as "Asheng"), and his partner Gong Xiaoqing 38 were found dead outside their home on Monday in the eastern Roman suburb of Pigneto. Investigators found that Zhang was a member of the Naizhong Zhang team, which is currently on trial in Florence after an investigation into allegations that he coordinated illegal activities across Italy, France and Germany. Prosecutors said that Zhang was able to gain a near monopoly on the distribution of goods in much of Europe by using violence and threats against Chinese owners of companies. Dayong, according to prosecutors was involved in managing underground gambling operations, loan-sharking, and enforcement in the capital. Police officials said that the murders could be connected to the "Coat Hanger Wars", a violent conflict between Chinese criminal groups originally centered near Florence in the northern city Prato.
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Nvidia shares fall as US chip sales curbs hurt the company. Gold hits record levels
Asian and European stocks fell along with U.S. futures on Wednesday as AI darling Nvidia was hit by U.S. restrictions against chip sales to China, as the global war on trade intensified. Gold rose to a new record while the dollar fell. Treasury yields moved slightly higher in anticipation of the Federal Reserve chair Jerome Powell's speech later that day. The traders are wondering if Powell will echo the tone of his Fed Governor Christopher Waller. Washington has issued new export licensing for Nvidia’s H20 artificial intelligence chip and AMD’s MI308 artificial intelligent chip sales to China. Nvidia estimated that the move would cost $5.5 billion and its shares fell 6% after-hours. Daniel Ives is an analyst at Wedbush. He said: "This disclosure shows that Nvidia has huge restrictions and obstacles in selling to China." The Street will react to this news with a lot of nervousness. They are worried that these are the opening shots in the battle for tech between the U.S.A. and China. Beijing/Xi won't just take the news and ignore it. Donald Trump also ordered an investigation into the possibility of new tariffs for all U.S. imports of critical minerals, in addition to reviews on pharmaceuticals and chips imports. Beijing continues to be aggressive, and has reportedly told airlines to stop delivering Boeing aircraft. The STOXX 600 index fell by 0.8% in Europe. U.S. S&P futures also fell by 0.8%, while Nasdaq Futures dropped 1.5%. In the afternoon, Asian stocks began to decline. MSCI's broadest Asia-Pacific share index outside Japan dropped 1% and ended a four-day streak of gains. The Hang Seng index in Hong Kong fell 1.9%, but Chinese blue chips rose by 0.3% as investors digested solid GDP data which predated April's tariff increases. Aneeka Gupta is an economist and strategist with WisdomTree. Gupta stated that the Chinese restrictions have raised concerns about access to global technology hardware. This is also leading to a "risk-off" sentiment in the market. The White House stated that Trump is willing to make a deal with China, but Beijing must be the first one to move. GOLD SHINES Gold bullion reached a new record of $3,318 an ounce last week, up 2.2%. The Australian bank ANZ updated its forecast on Wednesday for gold to reach $3,600 per ounce by year's end. They argued that the demand for safe haven assets would increase. The U.S. Dollar Index, which tracks currency against six peers fell 0.5%, to its lowest level since April 2022, as investors continued to be cautious with U.S. assets. The Japanese yen, and Swiss francs, which are seen as safe assets in times of market turmoil, have rallied by around 0.4% and respectively. The yen has reached its highest levels since September, while the franc has reached its highest level in 10 years. Bank of Japan Governor Kazuo Ueda said to the Sankei daily that if U.S. Tariffs hurt the Japanese Economy, the central bank might need to take action. This could mean a halt to the rate-hike cycle. Investors shifted into European government bonds when stocks dropped, but avoided Treasuries. After a spike in yields last week, which was attributed to concerns over the stability of the U.S. economic system, the benchmark 10-year Treasury Yield is now up by 1 basis point. Germany's 10-year Bond yield is now at 2,505%. This is the lowest it has been since early March. Prices and yields are inversely related.
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Sources say that India is looking to end import taxes on US LPG and ethane in trade negotiations.
Three sources with knowledge of the situation said that India intends to eliminate taxes on U.S. imports of ethane, liquefied petrol gas (LPG), and other petroleum products. The move is part a broader negotiation with Washington to reduce India's trade surplus and lower its tariff burden. India is considering scrapping the import tax on U.S. LNG and increasing purchases of fuel from the United States. As President Donald Trump’s sweeping tariffs rattle markets and economies, several Asian nations with trade surpluses in Washington are importing more U.S. Energy to avoid heavier tariffs. India levies an import tax of 2.5% on propane, butane and ethane. These are used to produce LPG, which is primarily used for cooking fuel. According to Indian government statistics, India imported 18.5 millions metric tons LPG valued at $10.4 billion in the fiscal year 2023-24, mainly from the Middle East. According to the U.S. Energy Information Administration (EIA), it was the second largest buyer of U.S. Ethane, after China. It imported 65,000 barrels a day in the past year, while China imported 227,000. The U.S. - China trade war has pushed tariffs sky high and will likely curtail China's exports. India's biggest buyer of ethane is Reliance Industries. It operates the largest petrochemicals facility in the world. New Delhi and Washington agreed to begin work in February on the first phase for a trade agreement to be completed late this year. The goal is to increase bilateral trade from $457 billion to $500 billion before 2030, and reduce India's trade surplus of $45.7 billion. Sources in the Indian government said that officials from the commerce and finance ministries will make a final decision regarding duty reductions. The three men spoke under condition of anonymity because the discussions were sensitive. The Indian Finance and Commerce Ministry did not reply to email seeking comment. Analysts believe that India has limited options to increase its imports of U.S. liquid gas due to the lack of storage tanks, ships and crackers to process it. It will be difficult for the US increase ethane imports to India as India has already maximized its use as a fuel due to current margins," Cheryl Liu said, an analyst at Energy Aspects. She said that India's steam-cracker capacity is approximately 9.5 million metric tonnes of ethylene production. This can accommodate up 2 million tons (92,000 Bpd) ethane feedstock. Prashant Vashisth said that it is easier logistically to import more LPG. India imports around 60% of its LPG requirements.
Minister says that the increase in Indonesian mining royalties will take effect shortly
The mining minister announced on Wednesday that an Indonesian regulation will increase the royalties mine companies pay on commodities like coal, nickel and copper as well as gold, tin, and gold.
The regulation aims to improve industry governance by increasing royalties for metal products, such as nickel ore and nickel matte, based on prices.
The Miners Group has urged the Government to reconsider this hike as they already struggle with increasing operational costs.
Minister Bahlil Lahadalia said to reporters, "We are appreciating all the inputs, but we see the greater interest for our nation."
He said that the regulation would take effect during the second week in April.
According to the public consultation document of the Ministry, the government proposes a nickel ore royalty rate ranging from 14% to 19%, depending on the benchmark price level, as opposed the the 10% flat rate currently charged.
The government will raise coal royalty rates up to 13.5% if the benchmark price of coal reaches $90 per metric tonne.
(source: Reuters)