Latest News
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Venezuelan oil is priced higher than Canadian barrels competing for US Gulf Coast refiners.
This week, Venezuelan crude was offered to the?U.S. Gulf Coast refiners are getting barrels from Canada at a premium, according to two traders. A trader said that Venezuelan Merey-16 crude oil was being offered at a discount around $6 to Brent futures for U.S. Gulf Coast deliveries earlier this week. West Canadian Select settled at Houston on Tuesday at a discount of approximately $12.50 to Brent. Last week, global commodities?traders Vitol & Trafigura reached agreements with the U.S. government to help sell Venezuelan oil that was stranded. This came after the interim Venezuelan government agreed to export 50 million barrels to the U.S. Refiners in the United States could gain from a full-scale resume of Venezuelan oil sales, while an increase in Venezuelan exports would benefit the United States. Gulf Coast could harm Canadian companies who sell similar heavy oil. Canada's crude oil tends to produce more naphtha, a lighter hydrocarbon that is produced after the oil is refined. Two sources claim that refiners prefer to run Venezuelan crude because of the abundance of naphtha on?the market. Reporting by Arathy S. Somasekhar in Houston and Georgina M. McCartney; editing by Ni. Williams
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Duke Energy unit will remove storm recovery charges from customers' bills one month early
Duke Energy Florida, a U.S. utility, announced on Wednesday that the storm cost recovery charge will be removed from customers' bills a month sooner than originally planned. Costs are related to the company's response of nearly $1.1 billion dollars to hurricanes Debby Helene and Milton. For this, the Florida?Public Service Commission had received a plan from the company in late 2024. The utility announced that residential customers would see a?reduction of about $33 in their monthly bill starting in February, and another $11 in March, bringing the total?reductions up to $44 from levels in January. Commensurate with the reduction in January, commercial and industrial customers can expect to see their monthly bills drop between 9.6% and 15.8%. However, this will vary depending on usage and various other factors. Duke's electric utilities serve approximately 8.4 million customers across North Carolina, South Carolina, Florida, Indiana and Kentucky. They collectively have 54,800 Megawatts of energy capacity. The natural gas utilities in North Carolina, South Carolina and Tennessee serve over 1.7 million customers. (Reporting and editing by Anil D’Silva in Bengaluru, Pooja Menon from Bengaluru)
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As uncertainty persists, gold and silver continue to rally at record levels.
Silver rose in tandem with gold on Wednesday as investors sought safe havens amid geopolitical and financial uncertainty. The expectation of Federal Reserve rate reductions also fueled the rally. By 01:38 pm, spot gold had risen 0.9% to $4,628.68 an ounce. ET (1838 GMT) after hitting a previous record high of $4641.40. U.S. Gold Futures for February -delivery settled 0.8% lower at $4,635.70. Alex Ebkarian is the?COO of Allegiance Gold. He cited demand from a variety of buyers, and noted that the market was in a structural bull phase. Gold is a good investment during periods of low rates and uncertainty. Iran warned countries hosting U.S. forces that it would strike American bases if Washington intervened?over the protests in their country. Danish and Greenlandic Ministers will meet U.S. vice president JD Vance, after President Donald Trump demanded U.S. sovereignty over Greenland. Meanwhile, data showed U.S. retail sales rose above expectations in November, while PPI met monthly forecasts but exceeded annual estimates, following ?weaker-than-expected December core CPI figures released on Tuesday. The traders continue to expect two interest rate reductions this year. Concerns about the independence of the Fed persisted, as central bankers from around the globe lined up to support Fed?chair Jerome Powell, on Tuesday, following the Trump administration's threat to indict him. Silver spot was up?5.2% to $91.46 an ounce after reaching a record high at $92.23. "We expect some volatility but I don't see any difference between silver at $100 and $90." Ebkarian's short-term prediction is between $100 and $144. He added that metals will likely continue to rise through the first three months of 2019. Palladium climbed 1.3% to $1862.96 per ounce. Spot platinum rose 2.4% to $2379.68. (Reporting and editing by Alexander Smith, Krishna Chandra Eluri, Shalesh Kuber in Bengaluru)
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Greenland has rich mineral resources that are largely untapped
On Wednesday, the foreign ministers from Denmark and Greenland met with U.S. Secretary of State Marco Rubio and Vice President JD Rubio after Donald Trump recently increased his threats to seize?the autonomous territories of Denmark. Greenland's strategic location and mineral resources could be of great value to the United States. In a survey conducted in 2023, 25 minerals that the European Commission deemed to be "critical raw materials" were found in Greenland. Greenland has banned the extraction of oil and gas for environmental reasons. Meanwhile, mining is stifled by red tape and indigenous opposition. Here are the main Greenland mineral deposits based on information from the Mineral Resources Authority. RARE EARTHS Gardar, in the south of Greenland, is home to three of Greenland’s largest deposits of rare earth element. This element is used as a permanent magnet in electric vehicles (EVs) and windmills. Energy Transition Minerals' Kuannersuit mine project has been stalled due to legal disputes. Neo Performance Materials is also interested in developing rare-earth mining. GRAPHITE Graphite schist and graphite, which is used in steelmaking and EV batteries, are found at various locations on the island. GreenRoc has requested an exploitation licence to develop the Amitsoq project. COPPER Mineral Resources Authority reports that most copper deposits have only been the subject of limited exploration. It said that the areas to the north and east of Greenland are particularly interesting, as they have not been explored. The London-listed company 80 Mile wants to develop the Disko Nuussuaq deposit which contains copper, nickel and platinum. NICKEL Mineral Resources Authority reports that nickel deposits are widespread. Anglo American has received an exploration license in Western Greenland, and is looking for nickel deposits among other things. Zinc is mainly found in the northern part of the country in a formation geological that extends over 2,500 km (1.550 miles). The Citronen Fjord project was touted as one of the largest undeveloped zinc reserves in the world. Around the Sermiligaarsuk Fjord, in the south of Greenland, are the most promising areas for gold. Amaroq Minerals opened a gold mine in Mt Nalunaq, in the Kujalleq Municipality. DIAMONDS Although the majority of the small diamonds and largest stones are located in the western part of the island, they may also be found in other areas. IRON ORE The deposits are located in Isua, in the southern part of West Greenland; Itilliarsuk, in central West Greenland; and north-west Greenland on the Lauge?Koch Kyst. TITANIUM-VANADIUM The southwest, east and south are known to have deposits of vanadium and titanium. Titanium is used for industrial, commercial and medical purposes. Vanadium is mostly used to make specialty steel alloys. Vanadium pentoxide is the most important vanadium industrial compound. It's used as a catalyst in the production of sulfuric acids. TUNGSTEN The tungsten deposits are located mainly in the northeast and central part of the country. URANIUM In 2021, the then ruling Inuit Ataqatigiit left-wing party, which produces uranium byproduct, banned uranium-mining. This effectively stopped development of Kuannersuit's rare-earths projects, including uranium.
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eBay announces its first climate plan that targets net zero by 2045
eBay, the e-commerce giant, unveiled on Wednesday its first climate change plan and said it would increase efforts to decarbonize?its operations?and supply chain?as part of a plan?to reach?net-zero emission levels by 2045. The plan was validated by Science Based Targets Initiative (SBTi), a standard-setting organization. It builds on achieving an earlier goal to power all of its facilities with 100% renewable electricity by 2020, which had been achieved in 2024. Renee Morin, Chief Sustainability Officer at eBay, said the company aims to align with the goal of limiting global temperature rise to 1.5 degrees Celsius over the pre-industrial level. This is a target that has been adopted by the majority of countries as part the Paris Agreement. eBay has reduced its operational emissions by 92% compared to 2019 levels, and its transportation emissions have been cut by 21% towards a goal of 27,5% by 2030. eBay will continue to adopt renewable energy, increase its low-carbon shipping innovations, and encourage users to resell and reuse items to reduce emissions and waste. Morin stated that shipping accounts for 84% (or the entire value chain) of eBay's Scope 3 emission, which is its toughest challenge. We are working with carriers that offer local pickups or switching from planes to truck with some of our vendors. "We have to be innovative to achieve our goals,"?she?added. Amazon.com Inc., a peer company, pledged in 2019 to be carbon neutral by 2040. Alibaba Group of China committed to achieve carbon neutrality at the end the decade by 2021. (Editing by Elaine Hardcastle).
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US HHS reverses cuts to safety research agency
According to a spokesperson for the National Institute for Occupational Safety and Health (NIOSH), the administration of U.S. president Donald Trump has reversing the staffing cuts at the agency, which provides services and research to coal miners, firemen and other workers. Since mass job cuts in 2013, the status of NIOSH employees has been in flux. Some workers were brought out of administrative leave this month, only to find out a few days later that their employment was permanently terminated. Andrew Nixon, spokesperson for the Department of Health and Human Services, confirmed that staffing reductions were reversed as of?Tuesday evening. Nixon stated that the Trump administration was committed to protecting vital services, whether it's through NIOSH supporting coal miners and fire fighters, preventing lead poisoning, or tracking and researching the most common communicable diseases. Bloomberg was the first to report on this reversal. Around 875 NIOSH employees were terminated in April across the nation as part of sweeping HHS job cuts that also affected the FDA, CDC, and National Institutes of Health. Reports had stated that these potential job cuts as well as?cuts to the Mine Safety and Health Administration were putting the miners in danger, even though Trump was calling for a revival of coal. These cuts also threaten worker safety training in the most dangerous jobs in the country, including those in the farming industry, the fishing industry and other occupations. NIOSH, the U.S. Federal Agency responsible for research and recommendations on preventing work-related illnesses, injuries and deaths. Reporting by Christy Santhosh and Leah Douglas, both in Washington. Editing by Shreya biswas and Bill Berkrot.
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As uncertainty persists, gold and silver continue to rally at record levels.
Silver rose in the wake of gold's record-breaking performance on Wednesday as geopolitical, economic and political uncertainties pushed investors to safe haven assets. Expectations for Federal Reserve rate reductions also added momentum. By 11:08 am, spot gold had risen 0.7% to $4,619.73 an ounce. After hitting a high of $4641.40 earlier, ET (1608 GMT) has seen gold prices rise 0.7%. U.S. Gold Futures for?February Delivery rose by 0.6% to $4626.40. "All roads lead to gold and Silver," said?Alex Ebkarian COO of Allegiance Gold. He cited demand from diverse customers and noted that the market was?in structural bull phase. In periods of low interest rates and increased uncertainty, gold, which doesn't yield any interest, usually performs well. Iran warned its neighbours that it would "strike American bases" if Washington intervened in protests taking place in the country. Danish and Greenlandic Ministers will also meet with U.S. vice president JD Vance, after President Donald Trump renewed his demands for U.S. sovereignty over Greenland. In the meantime, U.S. retails sales surpassed expectations in November. PPI also met monthly forecasts, but exceeded annual estimates. This follows Tuesday's release of lower-than-expected core CPI data for December. The traders continue to expect two interest rate reductions this year. Concerns about the independence of the Fed remained as central bankers from around the globe lined up to support?Fed chairman Jerome Powell after the Trump Administration threatened him with criminal indictment. Silver spot was up 5.6% at $91.797 an ounce after reaching a record high of $92.23. "We expect some volatility but I don't see any difference between silver at $100 and $90," Ebkarian said. "Our short-term prediction is between $100 and $144," Ebkarian stated, adding that metals will likely continue their upward trend throughout the first quarter. Palladium increased 0.4%, to $1,832.25 per ounce. Spot platinum rose 2.9%, to $2,391.43 per ounce. (Reporting and editing by Alexander Smith, Krishna Chandra Eluri and Anmol Choubey from Bengaluru)
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Al Obeikan and Northern Graphite form a joint venture to build a battery anode factory in Saudi Arabia
Northern Graphite announced on Wednesday that it had signed a preliminary deal with Saudi Arabian investment group Al Obeikan 'Group, to develop and operate a large battery 'anode materials facility in Saudi Arabia. The Canadian'miner' said the approximately $200 million facility will have an initial capacity of 25,000 tons per year, with debt funding sourced from Saudi Government Finance Agencies and global commercial banks. Northern Graphite's shares soared by about 30% in the morning trading to C$0.32. Why is it important? As companies rush to secure battery materials for electric vehicles, the demand for graphite has increased. Northern Graphite stated that the facility will be scalable in the future to meet the 'rapidly increasing global demand for graphite materials sourced outside of China. CONTEXT The United States is one of the countries that has increased its efforts to reduce dependency on China as the world's largest graphite producer. Saudi Arabia also wants to diversify their economy and move away from its oil-dependent status by expanding into other industries and positioning themselves as a global hub for investment and tourism. By the Numbers Al Obeikan will own 51%, while Northern will hold the rest. The Canadian miner stated that it plans to start construction on the facility in this year, with production starting in 2028. Northern said it had advanced discussions with global manufacturers of batteries for a "long-term agreement" for the first 25,000 tonnes. The company said that the JV project would purchase up to 50,000 tons of graphite per year from Northern's Namibian project, and that it would also accelerate the restart and expansion at the Okanjande Mine in Africa. (Reporting and editing by Vijay Kishore in Bengaluru)
Zelenskiy declares energy emergency in Ukraine to deal with aftermath of Russian attacks
Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday that he will declare a state-of-emergency in the "energy sector" to make up for lost ground and address issues with disrupted electricity supplies after sustained Russian attacks against infrastructure.
Zelenskiy was on duty as emergency crews worked round the clock to restore heating and power supplies that were thrown into chaos, especially in Kyiv by a Russian airstrike last week.
The frigid temperatures at night, which can reach as low as -20 Celsius (4 Fahrenheit), have made it difficult to repair apartment blocks.
Zelenskiy wrote in English, "The effects of Russian strikes and deteriorating conditions are severe," on the social media platform X.
"Overall, the energy sector in Ukraine will be placed under a state-of-emergency." There are many?issues that need urgent resolution.
The President of Ukraine calls for more action in Kyiv
Zelenskiy, in his video nightly address, said that not enough was being done to deal with the aftermath and that the state of emergency will give authorities "more flexibility" and options.
He said that night curfews in certain areas could be lifted if the security situation allowed it.
The president stated that Kyiv did not do as much preparation for the attack's hardships as other centres in Ukraine, including Kharkiv (the second largest city).
"Even recently, I don't see enough intensity," he said. "This needs to be corrected urgently." "Decisions must be taken."
Vitali Klitschko of Kyiv, who had previously been at odds over Zelenskiy's defence of the capital city, wrote on Telegram about the need for city officials to "work effectively, make decisions, and find ways to implement them." The work will be done by the capable.
Zelenskiy stated that a permanent coordination center would be established in Kyiv. The newly appointed energy minister and first deputy prime Minister, Denys Shmyhal will oversee the work.
He stated that he was working "to increase significantly the volume of imported electricity into Ukraine."
He also called on the military to maintain their positions along the front line of 1,200 km (775 miles) and the diplomats to continue working to produce the documents necessary to ensure peace.
He said, "We expect maximum productivity from our side." "We are expecting the same level and intensity of work from our American counterparts." "I personally expect this." Reporting by Ron Popeski and Yuliia Diasa; Editing by Mark Heinrich and Rod Nickel
(source: Reuters)