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Sources say that China's first batch fuel export quotas for 2026 are stable year-on-year.
Three sources familiar with this matter late Wednesday said that China issued 19 million tonnes of export quotas, including gasoline, diesel and jet fuel, in the first batch for 2026. In this batch of export quotas, the world's second largest consumer of oil gave out?8 millions tons of low sulphur marine fuel. Both volumes were stable compared to a year ago. China's refined fuel exports are managed by a quota-based system that balances the fundamentals of supply and demand in its domestic market. The main recipients of the quotas were the state-owned oil companies Sinopec and CNPC. They received 13.76 millions tons of allowances for gasoline, diesel, and jet fuel exports – more than 70% of the total volume. Zhejiang Petrochemical, a major private refiner, was allocated 1.56 million tonnes?of export quotas in this first batch. Almost 85% of the 8 million tons of low-sulphur fuel allowed for marine use went to Sinopec and CNPC. China's oil refinery exports, including aviation fuel, marine bunker fuel, and diesel fuel, totaled 52.65 millions tons in the first 11 months 2025. This is a 3.2% decrease from last year.
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Odesa Zoo saves birds after Russian attacks
Volunteers lift a dead bird from the wind-swept beach of 'Odesa. The Black Sea port town where an oil spill, blamed by Ukrainian officials on Russian attacks, has left wildlife fighting for survival. Odesa is a Russian target, and has been since the Russian troops invaded Ukraine on February 20, 2022. However, the attacks are more intense now. Wildlife is also among the victims. Russia hasn't commented on the spill but previously denied targeting civilian infrastructure. Odesa Zoo is determined to save birds that survive after being coated with oil. Birds can no longer move due to their feathers becoming coated. "They can't fly or swim," said zoo director Ihor Bilyakov outside a rescue point to rehabilitate the birds. They lose their mobility and freeze quickly because it is cold now. The spill, which was caused by Russian air strikes that damaged storage tanks of sunflower oil in Pivdennyi Port last week, killed dozens of birds. Regional governor Oleh Kiper blamed the incident on Russian attacks. The birds screech indignantly when volunteers clean them of oil from their bill to toe. Biliakov said that the two most elegant species, the great crested and horned Grebes, were the worst affected. He said that the great crested Grebe is a waterfowl species that is particularly vulnerable to contamination by oil. The port administration reported that emergency crews deployed floating barriers and specialised vessels to contain spillage, and temporarily closed the channel. The oil will degrade organically, according to authorities. However, monitoring and cleanup efforts are ongoing in order to prevent any further spread. Reporting by Iryna Nazaarchuk, writing by Ron Popeski and editing by Howard Goller
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US regulator extends the driving time limit waiver to heating fuel haulers
To speed up deliveries, the U.S. Transport Safety Regulator has extended an 'emergency waiver' on driving time limits for truckers transporting heating fuels. The extension was given on Tuesday because extreme cold and severe winter storms in Pennsylvania, as well as a major power outage at an important gas refinery, had 'disrupted' propane supplies and created immediate dangers to the public health, safety, and welfare of those states. U.S. regulations normally require truck drivers to take mandatory rest breaks and cap their daily?and weekday driving hours in order to reduce fatigue-related crashes. However, regulators may temporarily waive these limits to speed up deliveries of essential supplies during emergencies. The extension comes after an earlier emergency declaration by the U.S. Federal Motor Carrier Safety Administration that relaxed'mandated rest and drive-time limits for trucks transporting heating 'fuels like propane, natural gas and heating oil in parts of the U.S. Northeast until December 26. The FMCSA stated that the affected states and jurisdictions include Connecticut, Delaware Maryland, Massachusetts New Hampshire New Jersey New York Pennsylvania West Virginia. (Reporting by Varun Sahay in Bengaluru; Editing by Shinjini Ganguli)
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after a record-breaking surge that saw them surpass the $4,500 an ounce barrier earlier in the session. Silver and platinum also saw some of their gains trimmed. At 01:57 pm, spot gold was down by 0.2% to $4,479.38 an ounce. ET (18:57 GMT), following a session high of $4,525.18. U.S. Gold Futures for February Delivery settled 0.1% lower at $4,502.8. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. central bank has reduced rates 'three times' this year, and traders currently price in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.7% to $71.94 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 149% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70% in the same time period. Platinum?peaking at $2.377.50, before paring its gains to stand at $2.220.44. Palladium fell by more than 9% to $1,683.58 per ounce after reaching its highest level in three years. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 145% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after breaking through the $4,500 per ounce barrier earlier in the session. Silver and platinum also saw some losses following their record-breaking rally. At 11:52 am, spot gold was down by 0.3% to $4,473.49 an ounce. After hitting a high of $4,525.18, the ET session ended at 16:52 GMT. U.S. Gold Futures for February Delivery fell by 0.1% to $4,500.30. Jim Wyckoff, Kitco Metals' senior analyst, says that the gold market has seen some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. Central?bank cut rates 'three times' this year, and traders currently price in two rate cuts for next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.1% to $71.5 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 148% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70%. Platinum peaked at $2.377.50, before reversing its gains and standing 4% lower at $ 2,186.16. Palladium is down by more than 10% to $1,675.43 per ounce after reaching its peak three years ago. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 143% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday as they took a breather after soaring past the $4,500 an ounce mark in the earlier part of?the day, while silver and platinum pared some gains from their record-breaking rally. At 10:04 am, spot gold was down by 0.4% to $4,468.96 an ounce. The session began with a high of $4,525.18. This was followed by a low of $4,425.18 at 1504 GMT. U.S. Gold Futures for February Delivery fell by 0.2% to $4,497.90. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is more likely to thrive in periods of uncertainty and low interest rates. U.S. president Donald Trump said Tuesday that he would like the next Federal Reserve chair to lower interest rates in a good market. The?U.S. The?U.S. central bank has reduced?rates a total of three times in the past year. Currently, traders are pricing in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a record high of $72,70, but fell last 0.8% to $70.86 per ounce. The next upside target is $4,600/oz for gold and $75/oz for silver by the end the year. Wyckoff said that the 'technicals' remain bullish. Silver prices are up 147% on a year-to date basis, outpacing the bullion price increase of 70% during that same period. Platinum reached a high of $2,377.50, before reversing its gains to stand at $2.198.30, down 3.3%. Palladium fell 9% to $1,692.43 per ounce after reaching its peak three years ago. The price of platinum and palladium used primarily in automotive catalytic convertors to reduce emissions is up 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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NIPSCO gets federal order to maintain Indiana coal plant
Northern Indiana Public Service Company announced on Wednesday that it had?received an order from the federal government requiring continued operation of R.M. Schahfer generation station will continue to operate 'well beyond?its December 31, 2025 retirement date. The firm said that the order requires the Indiana-based facility to remain open for a period of 90 days following the date of?order. The directive is coming as several U.S. utilities are delaying coal plant retirements in order to meet the 'rising demand for power,' driven by data centers and rising natural gas prices, which have led to a re-focus on coal generation. Donald Trump, the president of the United States, has also advocated for increased coal production. He signed executive orders aimed at increasing coal use in April. NIPSCO, a subsidiary of U.S. utility NiSource Inc., had previously stated that it intended to retire the two remaining coal units at the Schahfer Plant by the end 2025. Vince Parisi, President and Chief Operation Officer of NIPSCO, said that they were reviewing the overall impact on their customers and business. They would comply with any orders received. (Reporting from Yagnoseni das in Bengaluru, editing by Vijay Kishore.)
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SolGold accepts a $1.2 billion acquisition by Jiangxi Copper, a top investor
SolGold, a gold and copper mining company, announced on Wednesday that it had reached an agreement to be purchased by Jiangxi Copper. The deal valued SolGold at $867 million pounds ($1.17billion). The 28 pence per share deal represents a 43% premium over SolGold, a company focused on Ecuador that closed its stock price the previous day (November 19), the day Jiangxi approached the company to do a deal. SolGold's share price closed at 25.65 pence on Wednesday, a trading session that was shortened due to the holiday. The agreement gives Jiangxi the control of SolGold's Cascabel Project in Ecuador's Imbabura Province, as miners rush to secure copper supplies amid increasing demand driven by electric vehicles and AI infrastructure investment. One of the largest undeveloped copper and gold?deposits is located in South America. The London-listed mining company said that earlier this month, it was inclined towards recommending?the offer. Jiangxi was the third bid to acquire the company. "JCC is delighted to receive the unanimous recommendation from the SolGold board, and the strong support of other large shareholders for the acquisition. JCC is excited about the potential of the Cascabel Project," said Shaobing Zhou in a press release. SolGold's top investors also include BHP, a global mining company, and Newmont.
Asian shares end the week with a whimper, yen back to intervention watch
Asian shares are ending the week with a whimper after a recent rally to 26month highs drew profittaking, while the ruthless strength in the U.S. dollar pushed the Japanese yen towards the intervention zone.
Europe is set for a flat open, having actually bounced a day previously as rate cuts there gathered pace. Both EUROSTOXX 50 futures and FTSE were little bit changed however S&P 500 futures increased 0.1% and Nasdaq futures got 0.2%.
Overnight, the Swiss National Bank cut rates for a 2nd time while the Bank of England opened the door to a relieving in August after holding rates constant. Sterling, the Swiss franc and the euro fell, lifting the dollar broadly.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6% on Friday, dragged lower by a. pull-back in technology shares, tracking a blended session on Wall. Street overnight.
The index is set for a weekly gain of 0.9% after increasing to. its highest because April 2022 on Wednesday as a current run of. soft U.S. information strengthened bets of two rate cuts from the Federal. Reserve to come this year.
We're seeing a growing number of these central banks either. unlock or continue cutting rates and that's a truly good. thing, especially as we're starting to see some softer information. regularly come out of the U.S., said Tony Sycamore, analyst. at IG.
But in the short-term, I believe we should look for more. of these end-of-month, end-of-quarter circulations. In the medium term,. I think the marketplace will continue to back those tech and AI. winners.
Japan's Nikkei was off 0.1% and the yen. remained tense at 158.91, levels not seen considering that late April. when the Japanese authorities intervened in the market to stem. the currency's quick decreases.
Information revealed previously in the day that Japan's demand-led. inflation slowed in May, making complex the outlook for interest. rate hikes.
Chinese stocks fell a little, with the Shanghai Composite. index struggling to stand above a vital level of. 3,000 points. The index is 0.1% lower, having skidded 5.6% given that. a current multi-month high in late May.
Hong Kong's Hang Seng index tumbled 1.7%, extending. the weakness seen over the previous month.
In forex markets, the euro clawed back. some lost ground and was last up 0.2% at losses at $1.0718,. while sterling had less luck and was pinned at $1.2662,. the lowest in 5 weeks.
The dollar also held gains versus the Swiss franc at. 0.8910 francs, having leapt 0.8% over night.
In contrast, a still hawkish rate outlook for Australia's. central bank has actually sent the regional dollar up a whopping 1.8% this. week to a 17-year high up on the low-yielding yen.
Treasuries are set to end the week on the back foot. Two-year yields are headed for a weekly rise of 6. basis points to 4.7407%, while the 10-year yield. likewise rose 5 bps to 4.2593%.
Oil rates combined on Friday after striking seven-week. highs previously in the week. Brent futures slipped 0.1% to. $ 85.59 a barrel while U.S. crude also dipped 0.1% to. $ 81.19 a barrel.
Gold rates edged up 0.1% to $2,362.20 per ounce.
(source: Reuters)