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Australian petrol stations run out of fuel despite well-supplied market
Local media reported that despite assurances from Australian ministers, the market was well-supplied. The Sydney Morning Herald reported on Tuesday that New 'South Wales, Australia’s most populous state, had 165 petrol stations without diesel and 298 with no gasoline at all. This is as consumers stockpile fuel in anticipation of the U.S./Israeli war against Iran. Chris Bowen, the Energy Minister, confirmed in Parliament that there were shortages at petrol stations across multiple states. Bowen announced on Tuesday that fuel standards would be relaxed again, allowing more diesel to enter the market. This comes after Bowen had already lowered sulphur limits. Bowen stated that the six-month adjustment would lower the "flashpoint of diesel" to 60.5 Celsius, from 61.5 Celsius. (to 140.9 Fahrenheit from 142.7 Fahrenheit). This?would increase the supply from Australian refineries as well as international sources. In a press release, he stated that "Australian?refineries now have more flexibility in making diesel" and will be able to source from a wider range of markets. Bowen appointed a task force to oversee fuel supplies in rural areas. The group met for the very first time on Tuesday. The government has also released fuels from its reserves and stored diesel for 30 days. Fatih Birol, the chief of the International Energy Agency, spoke to the National Press Club on Monday in Canberra. He called "the storage" a solid number and listed fuel-saving measures like working at home, lowering speeds and limiting business trips. Madeleine King, Minister of Resources, said that it is a problem if crude oil becomes difficult to obtain. "But Australia is well-supplied at the moment, and will continue to be." (Reporting Helen Clark; editing Thomas Derpinghaus).
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Report: Europe is dangerously unprepared to deal with wildfires that are getting worse
A report says that Europe is 'dangerously unprepared' to deal with the growing wildfire crisis. It must upgrade its fleets and increase investment. The report, commissioned by Avincis in Portugal, which rents out firefighting helicopters and planes, said that the climate change, declining rural populations, and increased burnable vegetation were all contributing factors to the increase of risk in southern Europe. The report by the consulting firm Lead by Thought revealed that wildfires, which usually rage between early June and mid-September, were erupting earlier and later into the year. "FIRE SEASONS WILL BE LONGER" The paper, which will be presented on Wednesday at the Aerial Firefighting Conference in Rome, also noted that blazes are spreading to the north. It said that 1,100 hectares of forest were burned in Sweden during the past year. This is a rise of 120% over the average for recent years. Finland and Denmark both recorded higher figures than their long-term averages. Last month, independent EU advisors expressed concern about the?readiness of the bloc to deal with a growing threat. On Wednesday, the European?Commission is expected to propose a new strategy aimed at reducing fire risks and preventing them before they start. In 2025, fires in the European Union destroyed 1,03 million hectares (hectares) of forest, the highest number since records began. According to the report the damage in Spain was the most extensive, with 393,079 hectares of land burned. Portugal, Romania followed, then Italy, Greece, and France. There is no doubt that fire seasons are becoming longer. John Boag said that the window of opportunity for aircraft to be transported from one hemisphere into another is shrinking, causing a decline in the global aerial firefighting fleet. The EU committed 600 million Euros ($694.56 Million) to purchase 12 DHC-515 firefighting amphibious?aircraft in six countries between 2027 and 3030. The report quotes Brian Chafe as CEO of De Havilland Canada. He said that red tape delays are preventing the production of the aircraft from being scaled up. He said, "We are?trying to begin a second line of production but the government bureaucracies have been very slow." "That doesn't just apply to our aircraft but also any?asset that is used for firefighting." There was also, according to the report, a?shortage of skilled workers. It added that a foreign pilot seeking employment in the EU now has to take more than 12 exams in order to obtain a license from the EU Aviation Safety Agency, as opposed only two or three in the United States and Australia.
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Valero shuts Texas refinery after explosion rocks diesel unit, sources say
Valero Energy Corp has shut ?its 380,000-barrel-per-day (bpd) oil refinery in Port Arthur, Texas, ?following an explosion ?and fire at ?a diesel hydrotreater ?unit, people familiar with the plant operations said on Monday. It is not known what caused the explosion. Sources said that the blast could be heard up to 11 miles away. Valero confirmed in an email to that there was a fire at a refinery unit of the company, Port Arthur. The company also stated that all employees were safe. Diesel hydrotreaters remove sulfur from motor fuels using hydrogen during production in order to comply with U.S. environmental regulations. Emergency management officials from the City of Port Arthur issued a shelter-in place order immediately "to ensure safety for all residents living in the area in light of recent explosions at the Valero Refinery." Sources said that shutting down the refinery was necessary to stop the fire. The fire continued to burn for nearly five hours following the explosion on Monday evening at 7:30 pm CDT (0030 GMT). As firefighters tried to extinguish the fire, the refinery lost its water supply and steam. Valero said that its "emergency response team" is responding to the incident and coordinating with local authorities... and as a precautionary measure, Jefferson County officials closed State Highways 82 & 87." Valero’s?Port Arthur refining plant, the largest in the company, is located 86 miles (139 kilometers) east of Houston. Reporting by Erwin Seba, in Houston; Ishaan arora and Swati verma in Bengaluru. Editing by Christian Schmollinger and Sherry Jacob Phillips.
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India's imports of iron ore will reach a 7-year high by 2025-2026
Analysts and industry executives say that India's imports, which are a vital?raw material for steelmaking?, will reach a seven-year high in the fiscal year ending March 31. This is due to a shortage of ore of high quality and JSW Steel's demand. Analysts and trade officials have said that the total imports will likely reach 12 to 14 million tons in 2025-2026, which is more than double what they were a year ago. JSW Steel, India's biggest ?steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra ?and the southern state of Karnataka, said Lalit Ladkat, a senior analyst at London-basedconsultancy CRU. BHP's Jimblebar?Fine iron ore, which was previously banned in China for sale, is being shipped to India as part of a rare, but lucrative, sale. Last week, it was reported that BHP's Jimblebar?Fine iron ore is heading to India in a rare sale. The product had been banned for sale in China. Ladkat stated that the bulk of India's imports of iron ore in fiscal year came from Brazil and Oman. Together, they accounted for?about 70% of total shipments. According to commodities consultancy BigMint, India's iron ore production, which is the second largest crude steel producer in the world, will reach 305 millions metric tons in fiscal 2025-26, an increase from 289 million metric tones a year ago. Ladkat stated that iron ore exports are expected to increase by 26% to 29 million metric tonnes, with 85% of the shipments heading to China. Mining officials in India said that India exports mainly low-grade iron ore, which is not generally used by the steel mills of India. Sumit Jhunjhunwala is vice president of ICRA Ratings. He said that India's iron-ore production will increase in the fiscal year beginning April 1 as mines ramp up production. However, imports could continue, depending on grade requirements, plant-level supply dynamics and other factors. IRON ORE ?PELLET IMPORTS SET TO DROP Analysts say that India's imports of iron ore pellets - value-added or processed products - from Iran, which it has imported since last year at a lower price, are likely to decline because of the conflict in the Middle East. BigMint reported that "Indian Pellet Imports from Iran could decline due to increased geopolitical tensions, and the associated trade uncertainties. Meanwhile, domestic pellet supply is likely limit import demand." India imported 1,88 million metric tonnes of iron ore in the period April-February, a sixfold increase from a previous year. (Reporting and editing by Mayank Bhahardwaj, Thomas Derpinghaus).
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South Africa's gold production remains in the shallows despite a price surge
Industry executives said that record gold prices have pushed South Africa's mining industry, which is struggling to survive, to look for new methods to extract the metal. These alternatives to the old and expensive deep-shaft mining are needed. They're unlikely, however, to be able to increase production in the near future to lift the country's stubbornly low output. This is despite the fact that the country was for over a century the largest gold producer in the world. Statist South Africa reports that South Africa's gold mining has declined by nearly 90% since the 1990s. The expenditure on mineral exploration will drop to $43 million from $900 millions in 2006 in 2025. The gold production of the country has dropped to 90 metric tons annually, from a peak of 1,000 tonnes in 1970. This is due to dwindling reserves, unrest among the workers, and the difficult geological conditions at the world's deepest mines. The gold price has risen 60% since 2025, reaching a series record highs due to trade tensions, central banks buying, and the expectation of U.S. interest rate cuts. South African miners are still hesitant to invest in new production despite rising gold prices. GOLD PRODUCERS PREFER SHALLOWER OR SURFACE PROJECTS Sibanye Stillwater, a diversified miner, prioritises shallow projects with high margins to increase its gold production as prices rise. Burnstone is the focus of its plans, which it describes as a "low-cost and long-life" project. Richard Stewart, the CEO, said that it is also looking for growth opportunities through its 50% owned DRDGold which recovers gold waste dumps. Beyers Nel, CEO of Harmony Gold South Africa, told analysts that the company is hoping to recover up to 5.7 million ounces by waste retreatment. Harmony is unlikely to see underground mining expand. Finance Director Boipelo lekubo said that due to the time required to develop an area, it is possible you won't start mining there for two or three years. "Who knows where the gold price will then be?" NEW MINE IN ICONIC GOLD BASIN West Wits Mining opened South Africa's?first new underground mine in 15 years, last October. The Qala Shallows Mine taps into Witwatersrand Basin, which is reputedly the source of about half the gold ever produced in the world. It is also mechanised, reducing labour costs. The mine is mechanised to reduce labour costs and it uses hydropower instead of more expensive compressed air for ore extraction. Rudi Deysel, CEO of West Wits Mining, said during a mine tour that "we actually have a very, a very economic project" given the current gold price. The company envisions a future phase where it will increase its annual production to 200,000 ounces. South African production is not expected to change much in the short-term. The Minerals Council of South Africa predicts that gold production will remain around 90 metric tonnes next year, not much different from the levels it has been bumping along at for the past five years. (Reporting and editing by Olivia KumwendaMtambo, Jan Harvey and Nelson Banya)
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Sources say that BPCL has appointed Manoj Heda as the head of its Singapore business unit.
Sources from Bharat Oil Corp. said that Manoj Heda, the international trade head of Bharat, had been appointed to lead its Singapore-based trading division. Bharat Oil Global Energy Services (Singapore), Pte, is expected to begin operations in April, with a staff size of four, according to the company. Manish Parikh, who will be "the chief financial officer," was also named. Amit Bilolikar, Vaibhav gandhi and others will also join as crude traders. BPCL didn't immediately respond to a'request for comments. Sources declined to be identified because the appointments had not yet been made public. Heda joined BPCL as a senior finance manager in 1999. According to his LinkedIn profile, he has been the executive director of international trade and risk since May 2023. Sanjay Khanna, Chairman of BPCL in January, said that the new entity would help identify 'opportunities for BPCL to buy crude and expand its presence in the 'trading of liquefied gas -and refined fuels. BPCL has a total of 706,000 barrels of 'crude oil capacity per day across its three refineries. It is now looking to build a new refinery within the southern Indian state Andhra Pradesh. (Reporting and editing by Edwina G. Gibbs; Nidhi V. Verma)
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RPT-Russia delays changes to fiscal fund following Iran war energy prices surge
Increased oil revenue from the Iran War benefits Russia Discussions on budget cuts continue * Putin calls for a balanced decision on the use of windfall By Darya Korsunskaya and Elena Fabrichnaya MOSCOW, 23 March - The spike in oil prices triggered by the Iran War has allowed the Russian Government to delay a plan to increase long-term fiscal reserve, according to three sources familiar with the discussion. This will relieve the pressure on short-term financial resources. The Russian economy is one of few in the world to benefit from U.S. and Israeli war against Iran, even though it has been struggling with the costs of military action in Ukraine, international sanctions and other factors. Oil prices have increased to over $100 per barrel. They were around $70 before the start of the war at the end February. Gas prices are also up. According to calculations, based on the price of oil at $75 per barrel, Russian budget oil revenues will grow 70% from March to April, reaching 0.9 trillion Russian roubles. This is the highest level monthly since October 2025. The CUT-OFF Price Determines How Much Revenue Flows into Fund Russia had announced its intention to lower the "cut-off price" of oil before the war in Iran began. The Russian government also claimed that budget cuts were being discussed. The National Wealth Fund receives any revenue above the current cut-off of $59 to be used as a fiscal reserve. Sources who were not authorized to speak in public said that the government will now delay changing the price cut-off. Sources said it is more likely that the change will happen in 2027, since the budget law would need to be amended. CHANGES WERE EXPECTED VERY QUICKLY On February 25, just three days before war broke out, Finance Minister Anton Siluanov announced that changes allowing a lower price cut-off would be announced in two weeks. However, on Monday, President Vladimir Putin called for a balanced approach to the use of revenues from higher oil prices. Siluanov, after his meeting with Putin Monday, said that the government is considering measures to reduce the budget's vulnerability to oil price fluctuations on the medium-term. The Russian budget is based on an average annual oil price equal to the cutoff price. The reserve fund will cover the deficit if the average monthly price of oil is lower than this. If the average price of oil is higher than the cut-off, the surplus will be deposited in the reserve fund. Senior government officials told two other sources that the price cut will be the same and the need to reduce spending was also questioned. NEW SET OF MACRO-FORECASTS In April, the government will release a set of new macro-forecasts, which include an estimate of the average oil price for this year. This information will be used to guide?the budget. The reserve fund, which is now mainly yuan in currency, has a significant impact on the?Russian foreign exchange market. The government's decision in March to stop forex sales while it deliberated on the new cutoff price caused a 6% drop in the exchange rate of the rouble against the dollar. Elvira Nabibullina, the Governor of the Russian Central Bank, stated that it is too early to assess the impact of the higher oil prices on Russia's economy. Nabiullina, along with her first deputy Alexei Zabotkin, said that the budget rule is the best way for Russia to protect itself from external shocks. A person familiar with ongoing discussions stated that, even if Iran's crisis ends suddenly, many Russian policymakers still expect oil prices to remain high for a while. (Writing by Gleb Brynski; Editing by Barbara Lewis).
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Japanese stocks pare gains due to doubts about Trump's Iran remarks
Japanese shares suffered a loss on Tuesday as investors were not convinced that U.S. President Donald Trump's remarks about delaying the targeting of Iran's energy infrastructure would lead to a breakthrough in the 'Middle East conflict. The Nikkei closed at 52,252.28 up 1.4% after rising by as much as 2,3% in the previous session. The Topix, which is a broader index, rose 2.1% to 3,559.67. It had previously risen as high as 2.6%. Trump postponed his threat to bomb Iran’s power grid because of "productive talks" he had with unidentified Iranian officials. Iran denied it had been in talks with the U.S. and pushed oil prices higher. It also launched a number of missiles towards Israel. Tomoichiro Kubota is a senior analyst at Matsui Securities. He said, "Few seem to think that the remarks can help calm down the situation in the Strait of Hormuz. Many see them as nothing more than a temporary delaying tactic." When the market is rising, people are quick to profit. Since its close on February 27, before the outbreak of war, the Nikkei has fallen by about 11%. The Nikkei Index saw 209 advancing stocks on Tuesday, compared to 16 declining ones. Sumitomo Pharma, Japan's largest oil refiner, rose 7.4%. Eneos (Japan's largest oil refinery) and other energy-related stocks also gained, with Eneos rising 4.1%. Tokio Holdings closed?17.1% higher at its 'daily limit' of 6,857yen, after Berkshire Hathaway announced it would buy a 2.49% share in the Japanese insurer as part of an upcoming strategic partnership. Nintendo was the Nikkei index's largest percentage dropper, falling 4.8% after Bloomberg reported a?game maker would cut?Switch 2 production by more than 30% due to poor U.S. sales. Japan Steel Works lost 3.3% and Mitsubishi Heavy Industries fell 1.9%. Reporting by Satoshi Sugyama, Editing by Sherry J. Phillips, Mrigank. Dhaniwala, and Rashmi. Aich
Oil prices rebound as shares jittery and relief rally weakens
Oil prices and stocks rose in a choppy?trade as U.S. president Donald Trump's decision to postpone the bombing Iran's grid did not placate investors worried about the ramifications from the Middle?East conflict.
The U.S. Treasury yields rose and the dollar gained lost ground, in a retracement of a relief rally that swept the markets overnight, after Trump extended his Saturday ultimatum to Iran for it to reopen Strait of Hormuz by 48 hours. Trump cited "productive" discussions Tehran.
There was a lot of uncertainty as the world continued to deal with an energy crisis, while Iran denied having engaged in any negotiations with the U.S.
Tony Sycamore, IG's market analyst, said that the underlying situation was still fragile or flammable.
The Strait of Hormuz is closed, and will remain closed until the Iranians are on the same page. That's the problem.
Asia shares rose on Tuesday, catching up to their global counterparts. MSCI's broadest Asia-Pacific share index outside Japan rose by 1% while Tokyo's Nikkei gained 0.8%. Hong Kong's Hang Seng Index rose 1.4%.
The U.S. Futures market fell after Wall Street closed higher overnight. Nasdaq Futures fell 0.6% while S&P500 futures dropped?0.5%.
The FTSE Futures also fell 0.8% and the EuroStoxx 50 futures 0.9%.
Brent crude futures rose 4.2% to $10421 per barrel, reversing a 10% drop from Monday. Meanwhile, U.S. Crude rose 4.3% to $91.93 a barrel.
Two tankers bound to India passed through the Strait of Hormuz Monday. The war continues, however, to disrupt the traffic in the waterway. This has caused the suspension of shipments of one-fifth of all oil and gas liquefied around the world.
Thomas Mathews is the head of markets at Capital Economics for Asia-Pacific. He said that even if the war ends soon, energy prices could remain higher and bond and equity values lower for a longer period than they would have otherwise.
DOLLAR? GETS IT MOJO BACK
The U.S. Treasury yields increased on Tuesday, after a steep fall overnight. Little clarity about an end to this conflict has left traders pricing in more hawkish interest rate expectations for the global economy.
In Asia, the two-year yield increased by 8 basis points to 3.9136%. The benchmark 10-year rate was also up 4 bps.
Investors have abandoned the hope of further monetary easing and are now pricing in rate increases across developed nations.
Futures indicate a slight chance of an increase in the U.S. Federal Reserve's rates this year. The Bank of England and European Central Bank, on the other hand, are expected to increase rates.
Kit Juckes is the head of Societe Generale's FX strategy.
The U.S. Dollar rebounded on Monday from its?fall, driving the euro down by 0.27%, to $1.1585. Sterling fell?0.45%, to $1.3394.
The dollar rose 0.14% against the yen to 158.63.
Data released on Tuesday revealed that Japan's core inflation rate for consumers fell below the Bank of Japan target of 2% in February, the first time since nearly four years. This complicates the efforts of the bank to justify future interest rate increases.
Spot gold fell 1% to $4,364.09 an ounce. (Reporting and editing by Christopher Cushing; Rae Wee)
(source: Reuters)