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Nigeria's Dangote Refinery continues WTI purchasing spree in July
Three trading sources have confirmed that Nigeria's Dangote refinery will import five million barrels (or more) of U.S. WTI Crude Oil in July. This is a continuation of its purchasing spree following a possible record tally for June. Sources said that the giant new 650,000 barrel-per-day (bpd), oil refinery will import 161,000 barrels of WTI per day in July, after recent tenders were awarded. This is on the back of the record 300,000 barrels per day booked in June's tenders. The final totals of the month may change if the refinery makes more purchases. Traders said that the buying spree highlights increased competition for oil exporters as OPEC+ producers increase output. U.S. crudes are struggling to compete with UAE Murban crude in Asia, which has a six-month low spot premium. Sources said that commodity trader Vitol provided two million barrels of oil for delivery in July, Azeri State-owned Socar supplied another two millions barrels and miner Glencore sold one million barrels. Glencore, Vitol, and the Dangote refinery did not respond immediately to our request for comment about the results of this tender. No one has confirmed the sellers of nine million barrels Dangote had allegedly bought in an earlier bid for arrival in June. The tender details are not public. Kpler, a global shipping analytics company, has revealed that Dangote had previously set a record of 173,000 barrels per day (bpd) for U.S. oil imports in April. Kpler reports that the Dangote refinery purchases WTI semi-regularly since March 2024, but mainly Nigerian crude grades. The data shows that in 2025, it also purchased spot cargoes of crude from Angola and Equatorial Guinea as well as Algeria and Brazil. According to IIR, the refinery will operate at a reduced rate until October as a result of recurring issues over the past few months. A spokesperson for the refinery said that it is ramping up to 85% of its operating capacity. IIR reported that the refinery had been operating at 80% capacity since mid-March.
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Stocks fall but are set to gain in the month despite tariff uncertainty
The global stock market was down on Friday, but it is expected to post a weekly increase as well as its largest monthly gain since late 2023. This is despite the markets being roiled by the uncertainty surrounding the Trump administration's policies regarding tariffs. At the beginning of the week, sentiments were initially boosted by signs that trade tensions had eased between the U.S. Investors then focused on the earnings of artificial-intelligence chipmaker Nvidia. The company reported better than expected results in mid-week. The markets were temporarily shaken by an unexpected ruling of the U.S. Court of International Trade that struck down Trump's so called Liberation Day Tariffs. This triggered a court drama which saw an appeals court temporarily reinstate these tariffs. Mark Malek said, "It has been a busy week." Mark Malek is the chief investment officer of SiebertNXT. "Within four day we had a compressed version what we've been having for the whole month. That is the tug-of-war between the forces that drove the markets higher last year, and the year before that - that is AI and technology stocks - then we have this looming problem with all of these administration tariffs." All three major Wall Street indexes traded lower during the session due to weakness in energy, technology and materials stocks. The S&P 500 is expected to finish the week and month on a positive note. The Dow Jones Industrial Average dropped 0.14% to 42155.39. The S&P 500 fell 0.33% at 5,892.70, and the Nasdaq composite lost 0.57% at 19,065.61. European shares ended the week mostly higher, and are expected to gain 4% in May. MSCI's broadest Asia-Pacific share index outside Japan closed up by 0.72% over night, ending the week with a lower closing but adding nearly 5% to the month. MSCI's world index fell 0.24%, to 878.15. However, it was on course to gain over 1% in the next week and more that 5% for May. This would be the largest monthly gain since November 20,23. The data released on Friday showed that U.S. consumer spending increased marginally in April. In addition, the closely watched Personal Consumption Expenditures Price Index (PCEPI) rose by 0.1% in March, as expected. Trump and Fed chair Jerome Powell met for the first time on Thursday. A Fed statement stated that Powell did not discuss expectations for monetary policies, except to emphasize that the direction of policy would depend on the incoming economic data and its implications for the outlook. The yield on the benchmark 10-year U.S. notes dropped 1.2 basis points, to 4.412%. The 30-year bond rate fell 0.3 basis point to 4.9203%. The dollar rose against other major currencies, including the euro. It is on course to gain against the Japanese currency for the month. The dollar fell 0.01% against the Japanese yen to 144.18, while the euro dropped 0.19% to $1.1349. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) rose by 0.18%, reaching 99.44. The tariff-induced uncertainty was weighing on the market, and it is now set to suffer its fifth consecutive month of losses. Investors are weighing up the possibility of a larger OPEC+ production increase in July. Oil prices have fallen and could be headed for a weekly loss for a second time. Brent crude futures dropped 0.44% to a price of $63.87 per barrel. U.S. West Texas Intermediate Crude fell 1.1% to 60.27 per barrel. The dollar rose as gold prices fell. Spot gold dropped 0.78%, to $3.289.91 per ounce. U.S. Gold Futures fell 0.93% to an ounce of $3,286.40.
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Zelenskiy, book-fair browser, picks up a new title: "To Kill A Tyrant"
The Ukrainian President Volodymyr Zelenskiy and his spouse browsed the stalls of a literary fair held in Kyiv, and came away with a new book to read - "To Kill A Tyrant." Zelenskiy has called Russian President Vladimir Putin a dictator on numerous occasions. He has led his nation through the three-year conflict with Russia. He didn't reveal whether he wanted to send a signal to his Kremlin counterpart with his book. According to a Telegram post on his book fair visit, he bought the Ukrainian language version of the book by Italian academic Aldo Andre Cassi. In a photo, he showed Olena Zelenskiy, his wife, as she thumbed through the book while her husband stood beside her. Zelenskiy stated that it was just one of many titles he and Olena had purchased at the fair. The title of the book in full is "To Kill A Tyrant: A History Of Tyrannicide from Caesar to Gaddafi." The book was first published in Italian and released in 2022. According to the summary provided by the Italian publisher, the author asks the question "Is killing a tyrant right or wrong?" Who decides? Reporting by Olena Hartmash and Christian Lowe, editing by Mark Heinrich
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JSW miner's net loss for Q1 is 1.36 billion zlotys in line with expectations
JSW, a Polish coal miner, reported a net loss of 1.36 billion Zlotys ($363.24m) for the first three months of the year. This is mainly because of a one-off decrease in the value assets. The results were in line with the preliminary data that was reported by the company back in May. Why it's important JSW is Europe's largest producer for coking coal. Coking coal is a critical raw material on the EU list, and it's essential to steel production. CONTEXT A write-down of $648 million zlotys (about $172.45 million) was made on the value of assets at KWK Knurow. A methane explosion occurred in the mine in January of this year. By the Numbers JSW's first-quarter sales revenue fell by 28.6% on an annual basis to 2.44 billion Zlotys. This was primarily because of lower sales of coal and coke, and higher mining cash costs (MCC). The company reported an EBITDA loss of 1.23 billion Zlotys, compared to a core profit of 532.11 million Zlotys in the same period of 2024.
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Flood risk threatens Swiss valley after glacier destroys village
The lake of water that was trapped behind the glacial debris which buried an entire village in southern Switzerland and blocked a river this week, has caused fears of floods in the Alpine Valley. On Wednesday, millions of cubic metres of ice and rock, as well as mud, crashed down the mountain, flooding Blatten. Later, the few houses that were still intact were flooded. After a part of the mountain that lies behind the Birch Glacier started to crumble, 300 village residents were already evacuated. The search for a 64-year old man has been suspended due to difficult conditions. The flooding increased on Thursday, as a mound of debris measuring almost 2 km (1,2 miles) wide clogged up the River Lonza. A lake formed among the wreckage. This caused fears that the morass might dislodge, leading to more evacuations. Local authorities warned residents of Gampel and Steg - two neighbouring, lower-lying communities a few kilometres downstream along the Lonza – to be prepared for an emergency evacuation. Swiss officials reported that some water from the accumulation had found its way to the river by Friday afternoon. It was able to run through the debris, and back into the river, without increasing the level of danger. Local official Christian Studer said at a press briefing that authorities are sticking to the safety measures implemented on Thursday, and they do not expect things to get worse. Once conditions permit, the army will be ready with heavy equipment such as water pumps, diggers, and other heavy machinery to relieve the pressure on the Lonza River, which is a tributary to the Rhone. Scientists suspect that the event is a dramatic illustration of climate change's impact in the Alps. Swiss Insurance Association stated that the damage was likely to be several hundred millions Swiss Francs and it is too early to give a more accurate estimate. In a press release, the Swiss Insurance Association said it was not clear how many homes were insured in Blatten. (Reporting and editing by Lincoln Feast, Gareth Jones, and Oliver Hirt)
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Botswana ODC will start selling diamonds under contract in September
Mmetla Msire, the managing director of Botswana’s Okavango Diamond Company, said that it plans to begin contract gem sales in September. This is part of a new marketing agreement with De Beers, which will diversify its sales channels. ODC's allocation in Debswana, its joint venture 50-50 with De Beers, was increased from 25% to 30% under the new agreement. It aims to sell around 40% of its supplies through contracts. The balance will be sold through auctions and strategic partners, as well as Botswana companies. ODC currently sells a majority of its diamonds through online auctions. These are typically held 10 to 12 times per year. ODC, like De Beers which sells 90% of its diamonds via contracts to selected buyers (also called sightholders), will also now sell to contracted purchasers. In an interview, Masire said that the previous agreement contained a clause prohibiting us from competing directly with De Beers in contract sales. He added that the process of selecting purchasers has begun, and contracts are expected to be issued in September. According to the new 10-year agreement with De Beers, signed in February this year, ODC’s allocation of Debswana production will reach 40% by the end of the deal, with the option of an additional 50% increase during a proposed 5-year extension period. Masire stated that the global diamond market was currently experiencing a downturn, marked by a decline in demand and an excess of supply. However, he said there are signs of a "slow but sustained recovery". Masire stated that the global market was still fragile and the U.S. Tariffs had added uncertainty. However, there are signs of improvement as China and India appear to be picking up, as well as China. Due to the recession, ODC's revenues in 2024 were approximately 60% lower than the levels of the prior year. (Reporting by Brian Benza. (Editing by Nelson Banya, Mark Potter and Mark Potter).
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Report: Global crises disrupt efforts to get millions of people to stop smoking
A report released by 57 advocacy groups on Friday said that the COVID-19 pandemic combined with climate change and wars has hampered global governments' plans for reducing tobacco use. This has stalled efforts to get 95 million people to quit smoking. As part of a plan to achieve global sustainable development goals, governments had hoped to reduce the smoking rate among adults over 15 years old by 30% from 2010 to 2025. The timeline for achieving the goal has been extended by five extra years in 2024, as other priorities have pushed countries away from implementing the World Health Organization tobacco control treaty signed by 168 nations. The report was submitted to the U.N. Economic and Social Council which oversees sustainable development globally. The report states that while governments have reduced the number of smokers globally, they failed to reach the 30% reduction goal. This means 1,207.800,000. people still smoke worldwide, rather than the target of 1.112,400,000. The report, published by Action on Smoking and Health Canada and supported by Cancer Research UK, Campaign for Tobacco Free Kids and others, warned that delays could lead to millions of deaths due to tobacco use. The U.N. acknowledged that the lack of funding, geopolitical tensions, and pandemic-related disruptions had pushed the world away from most of the 17 broad-ranging Sustainable Development Goals. These goals include reducing poverty and hunger, and increasing access to healthcare and educational opportunities. The groups who endorsed ASH Canada’s report urged the government to redouble its efforts in tobacco control policies, such as tax increases or smoking bans.
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Thyssenkrupp puts 20,000 jobs in danger during overhaul, union says
A senior official at Germany's IG Metall union said that a fifth or more of the jobs at Thyssenkrupp are at risk. This is in response to recent plans by the conglomerate to become a holding company. Thyssenkrupp announced on Monday that it will pursue plans to divest minority stakes in at least three of its five business divisions. The other two, submarines and steel, are already being spun off, or partially divested. The plans could result in the loss of more than 20,000 jobs, Juergen Kerner told Sueddeutsche Zeitung. Thyssenkrupp announced that it would cut or outsource as many as 11,000 jobs in its steel division TKSE. It also plans to cut around 1,800 positions at its automotive unit. Kerner stated that the supervisory board of Thyssenkrupp will meet in June and approve the spin-off plan for the group's submarine and warship division TKMS. This is expected to happen later this year. Kerner then turned his attention to the steel industry, criticizing Czech billionaire Daniel Kretinsky who, last year, bought a stake of 20% in TKSE. He is now in negotiations to buy another 30%, contingent on a deal to reduce jobs with workers. Kerner stated that he now considered Kretinsky to be less and less the right buyer. He added that the billionaire had refused to share his plans for more than an year. (Written by Friederike Hiene and Christoph Steitz, edited by Matthias Williams and Susan Fenton).
NextDecade: JERA signs 20-year LNG Supply Deal
NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had signed a deal for supplying Japan's largest power generator JERA 2 million tonnes of LNG per year from the fifth liquefaction plant in its Rio Grande Project.
Early trading saw NextDecade shares up 5.5% to $8.11.
The United States will be the largest LNG exporter in the world in 2024. It is expected to ship 11.9 billion cubic foot per day. This has been boosted by President Donald Trump lifting a moratorium in January on new export licenses.
NextDecade’s deal with JERA - Japan's largest LNG buyer - is conditional on a positive Final Investing Decision (FID) for the planned fifth liquefaction plant, or train. Japan is the second largest LNG buyer in the world.
When LNG developers have secured enough supply agreements to secure the necessary financing to build, they will typically submit a FID.
NextDecade is signing LNG deals with the Brownsville, Texas, facility which is currently under construction, and has an estimated capacity of 48 mtpa. This will help NextDecade to improve its position on the international market.
The LNG producer signed agreements with the top oil producer Saudi Aramco, and TotalEnergies, to supply superchilled natural gas from the fourth facility of the project for a period of 20 years.
Abu Dhabi National Oil Company announced last year that it had purchased a 11,7% stake in the phase 1 of NextDecade’s LNG project. This included the first three LNG liquefaction train and agreed on a 20-year deal to supply the fourth train.
The deal follows another Japanese utility's announcement that it would sign a contract for 20 years with U.S. Energy Transfer, to purchase up to one million tons of LNG per year from the Lake Charles Project.
Trump has threatened to impose tariffs on the exports of allies such as Japan and South Korea while encouraging them to purchase U.S. gas and oil. Ryosei Takazawa, Japan's chief tariff negotiator, will meet U.S. Treasury Sec. Scott Bessent in Washington on Friday for the fourth round in trade negotiations.
JERA's spokesperson confirmed that the Japanese government had not asked the company to buy U.S. LNG. The deal was finalized in April after discussions began last year. (Reporting from Katha Kalia, Bengaluru. Additional reporting by Yuka Obaashi, Tokyo. Editing by Shailesh Kumar and Mark Potter.
(source: Reuters)