Latest News
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Glamox to Light Up Tennet’s Offshore Wind Power Converter Platforms
Lighting specialist Glamox has secured contracts from electrical contractors working for three yards to provide connected marine lighting and light management systems for 11 offshore High Voltage Direct Current (HVDC) converter platforms.The HVDC platforms are being built for grid operator TenneT as part of its 2 GW North Sea program. The contracts represent Glamox’s largest marine lighting project to date, in which it will provide more than 38,000 marine lights with advanced systems to control, test, and monitor them.TenneT specified the design of the HVDC platforms and commissioned various yards for their construction. Glamox’s framework contracts are with Petrofac, which will build six platforms, Seatrium, which will build three, and McDermott, which will build two.The offshore platforms will convert AC electricity generated by wind farms off the coast of the Netherlands and Germany into high-voltage DC electricity. The DC electric power will be transmitted through submarine and land cables to onshore substations, where it will be converted back into AC electricity and fed into the electricity grid systems.Glamox will provide a comprehensive package of approximately 3,500 marine lights for each platform, including floodlights and other external lighting, as well as interior lighting for stairwells, corridors, walkways, ladders, and crew quarters. The company will also supply explosion-proof lighting for potentially hazardous environments, such as plant rooms, along with battery-powered emergency lighting for the platforms.The lighting will be delivered in phases starting at the end of 2025.“This is the largest offshore lighting project we’ve ever won and speaks volumes for the reputation of our marine smart lighting systems to be chosen for this groundbreaking project.“In the future, most offshore platforms will be unmanned and automated. Glamox is already pioneering the use of smart lighting and light management systems for mostly unmanned oil and gas platforms and ships. Now we are extending this capability to the offshore wind industry,” said Astrid Simonsen Joos, Group CEO of Glamox.
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Shanghai Copper prices fall, due to higher demand and prices
The price of copper fell slightly on Tuesday, after two days of gains. This was due to higher prices and the uncertainty surrounding China's economy. These factors outweighed a weaker dollar and concerns about supply disruptions. As of 0423 GMT, the most traded copper contract at the Shanghai Futures Exchange fell 0.24% to 79,940 Yuan ($112,237.47), per metric ton. By 0423 GMT, the benchmark three-month price of copper at the London Metal Exchange had fallen 0.04% to $9,976 per ton. According to an anonymous Singapore hedge fund analyst, the dip was caused by traders closing long positions on Monday after SHFE closed above a key psychological level of 80.000 yuan/ton. China also kept its benchmark lending rate unchanged on Monday for the fourth month in a row as it kept markets guessing whether or not they would announce further stimulus. Analysts at Everbright Futures wrote in a Tuesday note that the combination of higher prices, uncertainty over stimulus, and U.S. rates of interest weighed on China's procurement appetite, despite restocking demands, in advance of the National Day holiday, which will take place from October 1-8. The dollar's slight weakness helped to limit the decline. The dollar's weakness makes commodities priced in greenbacks cheaper for traders who use other currencies. Uncertainty regarding the status of Freeport Grasberg Analysts at Benchmark Mineral Intelligence wrote in a report that the mine clouded the future with uncertainty over the balance between supply and demand. Nickel, aluminium, zinc, and lead were all down, while tin was up 0.17%. Lead was down by 0.28% on the LME, while tin was up 0.3%. Aluminium, nickel, and zinc were little changed. $1 = 7.1337 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson)
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Gold reaches record highs as traders bet against US interest rate cuts and watch Powell's signals
The gold price stabilized on Tuesday, after hitting a record-high, underpinned with expectations of further U.S. interest rate cuts, and a weaker U.S. dollar. Investors awaited Federal Reserve Chairman Jerome Powell's address for any additional policy clues. Gold spot held steady at $3,743.39 an ounce by 0238 GMT after reaching a session high of $3.759.02 earlier. U.S. Gold Futures for December Delivery rose by 0.1% to $3.779.50. Gold priced in greenbacks is now cheaper for foreign buyers, thanks to the U.S. Dollar index's 0.1% decline. The short-term trend remains bullish, but we expect a pullback in the short term due to technical reasons, said Kelvin Wong, senior market analyst at OANDA. He added that the weaker US dollar is helping gold right now. The key support levels that we will watch to keep this dip in check are between $3,710 and $3690. Investors will be watching Powell's 1635 GMT speech for any signals about the policy of the central bank. Stephen Miran, the new Federal Reserve governor, said that on Monday the Fed misread how tight its monetary policy was and would put the job markets at risk without aggressive rates cuts. This view was countered by remarks made by three of Miran's colleagues who felt the central bank needed to remain cautious regarding inflation. The U.S. Central Bank cut rates last week by 25 basis points citing the labour market and warned that more rate cuts will be made at future meetings. Investors, according to CME FedWatch, see a 90% chance of a rate cut of 25 basis points in October. They also see a 75% probability of another one in December. "We are seeing a slowing of economic growth and higher inflation. The changing geopolitical scene, as well as a weaker USD, is keeping the demand for gold investments strong," ANZ stated in a report. Silver prices will continue to rise as long as the gold price shines. Silver spot fell by 0.9%, to $43.67 an ounce. This is near the 14-year high. Palladium fell 0.2% and platinum was down 0.3% at $1,412.80. (Reporting from Anmol Choubey, Bengaluru; additional reporting by IshaanArora; editing by Sherry J. Phillips).
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Sources say that the Marathon Galveston Bay Refinery, Texas, will complete repairs to its hydrotreater in October.
People familiar with the plant's operations have said that Marathon Petroleum will complete repairs on its damaged hydrotreater by mid-October at its Galveston Bay refinery, which processes 631,000 barrels per day (bpd). Jamal Kheiry, the spokesperson for Marathon, declined to comment about the operations of the Texas City refinery. It is the largest in the United States by capacity. A fire that broke out on June 14 shut down the 64,000 bpd RHU (residual hydrotreating unit). The two sources confirmed that the RHU has restarted the operation of two small hydrotreating systems. A third unit is also expected to be restarted this month. The 400-train Hydrotreater will be repaired by mid-October. This is the largest hydrotreater on the RHU, and it was also where the fire started. The RHU had originally been scheduled to close for a complete overhaul in the first three months of 2026. However, the repairs were brought forward. Hydrotreaters remove sulfur from motor feedstocks using hydrogen in order to comply with U.S. Environmental rules. RHU is responsible for processing residual crude oil. This thick, tar-like oil that remains after the refining stage. The residual crude oil is used for motor fuel feedstocks, and petroleum coke. (Reporting and editing by Clarence Fernandez, Jacqueline Wong, and Erwin Seba)
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Colombian musicians are found dead in Mexico, as a homicide investigation begins
Authorities announced on Monday that the bodies of two Colombian artists who were reported missing in Mexico last week have been located. This comes a day after Colombian President made an appeal to his Mexican counterpart for help finding the artists. The Mexico City Prosecutor's Office announced on Monday that a homicide probe has been opened into the deaths Bayron Sánchez, a 31 year-old reggaeton musician known as B King, and Jorge Herrera a 35 year-old DJ performing under the name Regio Clown. Prosecutors' office: The Colombians last heard from were on September 16th, the day that they were last spotted in Mexico City's upscale Polanco district. The prosecutor reported that two Colombians were found dead in Cocotitlan, a town in Mexico State outside Mexico City. The prosecutor's offices said that Sanchez's family identified his body Monday. On Monday, Mexican president Claudia Sheinbaum announced that local authorities are investigating the disappearance of Colombians, after Colombian president Gustavo Petro publicly asked Sheinbaum for help in finding them. Petro, in a post on social media on Monday, appeared to confirm that the musicians had died, and blamed an "international mob" which he claimed was strengthened by the "war against drugs." Mexico's Foreign Ministry promised Colombian officials that an "exhaustive" investigation would be conducted to determine what happened to two musicians. The media has reported that Sanchez, also known as 'Fritanga', is the nephew to Colombian cartel boss Camilo Torres. The musician called Torres a very significant person in his life in a 2022 interview with a Colombian television outlet. Torres, a former leader of Colombia's Golf Clan cartel, was arrested in 2012 and convicted on drug trafficking counts both in the U.S. (Reporting and editing by Kyrry Madry and Michael Perry; Additional reporting and editing by Natalia Siniawski and Lizbeth O'Boyle)
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President says Congo will not "auction" mineral resources to US
The Democratic Republic of Congo's President Felix Tshisekedi stated on Monday that the peace agreement signed in June with Rwanda, mediated by the United States, has not helped calm down fighting in eastern Congo. He thanked President Donald Trump however for his efforts to end this conflict. On June 27, U.S. mediators brokered a peace deal between Congo & Rwanda, aiming to end the support Washington and U.N. expert say Kigali gives M23 rebels. The Trump administration said that it was eager to put an end to the fighting which has claimed thousands of lives this year, and to attract Western investment of billions of dollars to a region with tantalum and gold deposits, as well as cobalt and copper. This month is the deadline for implementing part of the U.S. agreement. Tshisekedi, a reporter in New York told reporters that despite his support for U.S. mediation, "it does not mean we will auction off our mineral resources." He said, "As part of this partnership we will be working on the development of mining sectors, the value chain and infrastructure, with an emphasis on energy." Officials in Congo say that the success of this deal depends on Rwanda ending its support of M23. Kinshasa has accused M23 of committing atrocities against civilians in the east. M23 denies allegations that it has attacked civilians, and Rwanda has denied its involvement in M23 for years. M23's forces are said to be acting out of self-defense. Tshisekedi stated that "Rwanda pretended to withdraw its troops, but in reality, they are increasing support for M23." Qatar facilitated a surprise meeting between Rwandan President Paul Kagame and Congolese president Felix Tshisekedi in March. The two leaders demanded a ceasefire. This led to direct negotiations between Congo and M23. However, the two sides failed to meet their August 18 deadline for a peace deal. M23 wants the prisoners released before any further talks can be held. A Congolese official involved in the negotiations said that prisoners would only be released once an agreement was signed. Tshisekedi stated that there have been positive developments on the possibility of a prisoner exchange. He said, "In fact, we're waiting for the Red Cross approval to move forward with the exchange." (Doyinsola Oladipo in New York; Editing by Lincoln Feast.)
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Chile's Corfo agency prepares lithium contracts in advance of SQM and Codelco deal
Corfo, the Chilean agency for economic development, announced on Monday that it had submitted to the comptroller’s office terms of a modified leasing agreement with lithium producer SQM until 2030 and a new lease 2031-2060 for a joint-venture between SQM ad state copper producer Codelco. SQM is expected to complete a partnership with Codelco this year on the Atacama Salt Flat in northern Chile, which will be the first significant foray of the state into lithium production. Corfo, the company that leases mining rights on the Atacama flats, announced in a press release that the board of directors approved the final contracts last week. Included in these contracts are lease payments and contributions tied to the lithium price. Contributions will be given to local governments, Indigenous communities and other organizations to encourage investment and fund developments. The contracts will also include stronger environmental requirements regarding clean energy and water usage. Corfo said it will continue to offer its preferred pricing program to companies who wish to produce lithium products in Chile. Corfo said that it would lead a “monitoring table” for representatives of Indigenous Communities to track the promises made by SQM or Codelco. In a separate press release, Codelco said that the new Corfo contract will ensure continuity of operations, environmental standards, and respect for local communities. After other countries have approved the partnership, China's antitrust regulators must still approve it. This is the final condition for the deal to be completed.
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Sources say 24 people were killed in explosions near the Afghan border. The victims are mostly civilians.
Two government officials and residents of the area said that on Monday, four explosions in the northwestern Pakistan, near the Afghan border, killed at least 24, the majority of them civilians. There are conflicting reports about the explosions. Residents in the area said that Pakistani fighter planes bombed four homes. However, two security officials denied that this had happened, claiming there were explosions at a munitions depot in a militant hiding place. Due to the sensitive nature of the subject, the officials spoke under condition of anonymity. The Pakistani Army's Public Relations wing has not responded to a comment request. The Pakistani Army conducts regular operations in the area to eliminate militants who operate both on the Pakistani and the Indian side of the border. Officials from the Khyber District said that the incident occurred in the Tirah valley, a remote area of the district, where residents protested the event and buried the bodies. According to a press release from his office, the provincial chief minister Ali Amin Gandapur said that civilian deaths in such incidents were "tragic and condemnable" and that "civilian injuries as a result of actions against terrorists are unacceptable." The statement didn't specify the type of action or who was involved. Khyber District, located in the northwestern Khyber Pakhtunkhwa Province, is in an unstable region near Afghanistan's border. Islamist militants have long occupied this area. Citing local sources, the officials stated that four militants resided in one of those houses destroyed. They said the rest of those killed were civilians. Mohammad Ali Shinwari, a resident of the area, said that at least 12 children had been killed. He said that residents from nearby villages had reached the area in the middle night and removed the bodies. His office reported that the chief minister had announced a compensation of 10,000,000 Pakistani Rupees ($35.300) per civilian killed in this incident. It did not specify how many civilians were killed. In the region, a number of islamist militant groups are active. Long have the militants fought against state in order to overthrow it and replace it by their own strict Islamic governance system. Recent militant attacks on the army have increased, including two that took place on September 13 and killed 19 soldiers.
Oil prices remain unchanged as traders evaluate supply risks
The oil price was little changed Tuesday, as traders continued to worry about trade tariffs which could reduce fuel demand.
Brent crude futures were virtually unchanged at $66.56 per barrel at 0041 GMT, while U.S. West Texas intermediate crude was up 2 cents at $62.29 per barrel.
Gaza's Health Ministry announced that two Gaza City hospitals had been shut down due to an escalation in Israel's ground assault and the damage caused by the continued Israeli bombing. This was as the tanks advanced further into the territory.
At the United Nations, dozens of leaders from around the world gathered on Monday to support a Palestinian State. This was a historic diplomatic shift, nearly two years after the Gaza War, which Israel and the United States have fiercely opposed.
Ukraine intensified drone attacks on Russia's energy infrastructure in recent weeks, targeting refineries, export terminals and other facilities. The European Union is planning to ban Russian LNG imported into the EU a year sooner than anticipated as part of the 19th package sanctions against Moscow, following pressure from U.S. president Donald Trump.
In a recent note, ANZ analyst Daniel Hynes stated that "crude oil was relatively unchanged" as the market digested and absorbed the impact of European Union efforts to limit Russian supplies.
NATO allies at the United Nations accused Russia on Monday of violating their airspace in Estonia and Poland. Britain warned that such actions could trigger an armed conflict.
The Russian defence ministry announced on Monday that its forces had taken over the settlement of Kalynivske in Ukraine's Dnipropetrovsk Region.
According to the Joint Organizations Data Initiative, released on Monday, Saudi Arabian crude oil exports fell in July to their lowest level for four months.
Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries, increased its oil exports as part of an OPEC+ deal, according to the state oil marketing company SOMO. (Reporting by Anjana Anil in Bengaluru; Editing by Lincoln Feast.)
(source: Reuters)