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Sources say that Dangote Oil refinery will buy 16 million barrels Nigerian crude in October.
According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will reduce the amount of Nigerian crude that is 'available for export during a period of high demand as a result of the Iran War, which has drastically reduced Middle East supply. If Dangote purchases more crude, the final total could increase. Dangote has not responded to a comment request. According to Kpler, the Lagos-based refiner processed 565,000 bpd in Nigerian crude during August. This is nearly twice as much as last year's 280,000 bpd average. Sources familiar with the matter said that NNPC would supply Dangote eight of its 'October Nigerian cargoes' and one U.S. WTI Midland shipment. Kpler data shows that this would be the same as the previous monthly record of NNPC's supply to the refinery. It had provided a similar -volume in April May and August. Two traders said that the refinery purchased a second WTI shipment for October in a spot auction from a different provider, along with the additional Nigerian cargoes, to bring the total up to 16 million barrels. Dangote has purchased many grades of crude oil from countries other than Nigeria, such as Libya and Guyana.
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Solorz family reaches settlement ending fight over Polish media empire
According to a letter sent by TiVi Foundation, the controlling shareholder, Zygmunt 'Solorz, has settled all legal disputes regarding his 'business empire. The settlement, according to the family, outlines rules for how it will manage its assets in the future, including those of Polsat Plus Group headed by Cyfrowy Polsat and power producer ZE PAK. The family said the settlement was confidential and did not reveal any details. * 'Solorz will step down from an active role in the?companies owned by TiVi and Solkomtel and take on a advisory role. The settlement was reached after the Liechtenstein Constitutional Court upheld a lower court's?decision? that Solorz legitimately gave joint control of TiVi to his children. * The conflict was made public in late 2024, after Solorz’s children wrote to the management of his companies expressing their concern for?his health. * Solorz’s son Piotr zak is still the chief executive?of Cyfrowy Polsat, ZE PAK and?Tobias Solorz. Aleksandra and Tobias Zak are on the supervisory board.
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Gold drops over 1% after U.S. data on inflation boosts Fed rate hike bets
Gold prices dropped by over 1% on Thursday, after strong U.S. inflation data and higher oil prices increased the odds of a Federal Reserve rate increase next week. Spot gold fell 1%, to $4.358.09 an ounce, by 11:14 am EDT (1514 GMT), whereas U.S. Gold Futures dropped 1.4%, to $4.400.60. According to Kyle Rodda of Capital.com, a senior financial analyst, the Producer Price Index data "sort of shows that there's been a?bit? of a pick-up in underlying inflation" in the U.S. The Bureau of Labor Statistics of the Labor Department reported that PPI for final demands rose by 0.4% in August after a 0.1% increase, which was upwardly revised. CME FedWatch Tool shows that traders now price in a 70% chance of an interest rate increase next week. This is up from 62% prior to the release of the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, which made greenback-priced gold?expensive in other currencies. Rodda said that bonds must reflect a higher and more persistent?inflation due to the steeper oil price, which causes gold prices to drop. Typically, rising bond yields pressure gold by increasing the opportunity costs of holding non-yielding assets. Brent crude, the benchmark oil price, jumped by 4% to $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates on Thursday for the second time this year to combat a rise in inflation caused by war-related energy costs. Silver spot fell 4.2% per ounce to $64.47, while platinum fell 4.6% to 1,808.42, and palladium dropped 3.9% to $1,000.75.
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Gold drops over 1% after U.S. data on inflation boosts Fed rate hike bets
Gold prices dropped by over 1% after?robust U.S. data on inflation and rising oil costs increased bets that the Federal Reserve will raise rates next week. Spot gold fell by 1.2%, to $4349.32 an ounce, at 9:24 am EDT (1324 GMT), whereas U.S. Gold Futures dropped 1.6%, to $4391.30. The data from the producer price index "sort of tells [us] that there has been an increase in inflation underlying in?the?U.S. The rising cost of energy is a major factor in the economy. U.S. Producer Prices increased in August in line with expectations, despite a rise in the cost of energy. According to CME FedWatch Tool, traders now price a 70% chance of a rate increase next week. This is up from 62% prior to the data. The majority of economists surveyed by the Fed expect that the Fed will hold the interest rates at their September 15-16 meeting, and throughout the remainder of the year. Gold prices were further pressured by the U.S. dollar's rise, which made greenback-priced gold more expensive in other currencies. Rodda said that bonds must reflect the higher inflationary pressures caused by higher oil prices, which are causing gold prices to drop. Gold is typically pressured by rising bond yields, which increase the opportunity costs of holding the nonyielding asset. The benchmark Brent crude oil price jumped by 4% to $105 per barrel on Thursday, following the largest spike in attacks?on shipping since U.S. - Iran war began. This prompted supply disruption fears. The European Central Bank raised interest rates for the second time this year on Thursday, in an effort to curb a rise in inflation caused by war-related energy costs. Silver spot fell by 4.2%, to $64.47 an ounce. Platinum dropped by 4.9%, to $1802.48. Palladium was down 4.3%, to $1295.23.
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Chad, a country in drought, bans certain crop exports to prevent a food crisis
Chad has lifted import duties on some grains and banned the export of other agricultural products in order to prevent food shortages following intense heat and drought that damaged harvests throughout the country. In a report released this week, the United Nations' Food and Agriculture Organization stated that Central Africa experienced multiple dry spells from July to mid-August. This raised concerns over crop yields and development. Finance Minister Tahir?Nguilin announced in a late-Wednesday decree that wheat, corn and millet, along with livestock feed and agricultural machinery, will be exempted from import duties and taxes. Separately, on Wednesday, Commerce Minister Mathieu Guilo Fanga signed a decree that banned the export of millet and other grains, including corn, rice and wheat, as well as sorghum and cotton seeds. Keda?Ballah is Chad's Minister of Agriculture Production and Industrialization. He said that the central, eastern, and northern regions were the worst affected by the drought. Ballah stated that the government was taking steps to help farmers grow crops in irrigated fields during off-season. He said, "This is the best way to stop famines in certain areas. We are well aware of this." World Food Programme stated earlier this year that over 3 million people will face acute food security during the lean period from June to August. No Farmer Left Behind Mahamat Moussa, a farmer from the west-central province Chari-Baguirmi told us that a drought had destroyed 12 hectares (acres) of his corn crops. He claimed that the government had failed to alert farmers to the heatwave and left them unprepared for extreme weather. He said, "The?food shortage on the markets is a major concern for authorities. We are going to starve, because no farmer in our area has been spared." Djibrilla abba bello, a nomad?herder from the Mayo-Kebbi Ouest area, reported that streams and ponds, which normally?supply livestock with water at this time of year, had dried up. "Our animals are losing a lot of weight, they're producing less milk, and have trouble walking long distances... "Our animals are losing weight, producing less milk and having trouble?walking long distances...
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The share of Chinese copper in LME stock rose to 44% by August
Data from the London Metal Exchange showed that, in August, 44% of all copper stocks were Chinese origin, up from 42% one month earlier. Overall inventories also increased. Total copper stocks in LME warehouses 0#MCUSTX-LOC> rose to 111.17 metric tons by the end August, up from 101.425 tons in July. Investors rushed to cover their bearish positions, pushing prompt copper prices sharply backwards, which attracted some inflows. The amount of 'Chinese Copper' available has increased from 49,400 to 66,350?tons. In August, 95% of the LME's aluminium was made up by aluminium from Russia, which is unchanged from last month, despite a small decline. The amount of Russian metal available fell by 2,750 tonnes to 230,050. The only other origin available, Indian, remained unchanged at 12,450 tons. Many traders shun Russian aluminum - even though metal produced prior to mid-April, 2024 is still eligible for trading. To comply with Western sanctions, aluminium produced in?Russia before that date will be?banned from the LME warehouse system. At the end of December, the share of?nickel of Chinese origin remained stable at 70%.
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BHP is facing a class action lawsuit funded by an Australian union after labour disputes escalate
A mining union in Australia is funding a BHP class action that could affect up to 7,000 employees. This is the latest labour dispute involving the world's largest listed miner, which also faces its first major strike for a quarter-century. The Mining and Energy Union, (MEU), has announced a class action to compensate mineworkers who were illegally forced to work during the Christmas and Boxing Day holidays in 2019 at the Daunia Mine in central Queensland. In a press release, the union stated that if the suit is successful it could result in "millions of dollars in compensation". The case will be heard on November 9, 2026. BHP Operations Services had been found to have violated the National Employment Standard in its rostering workers during that period by a federal court. A court in November 2025 ordered the mining giant, to compensate 85 Queensland workers who were employed by its labour-hire division after finding that they had been illegally forced to work Christmas Day and Boxing Day 2019 without having a reasonable right of refusal. MEU General President Grahame Kelly stated that the union could pursue "further collective actions" on behalf of groups of mineworkers whose work was unlawfully forced to be done on public holidays. The miner has also been engaged in "protracted wage negotiations" with unions in Port Hedland where 150 workers walked off the job in what was 'the first major industrial action in over two decades. The talks are still unresolved. Hersh Oberoi is the global research director of Balfour Capital. He said that "the particular case is not what's most important. It's the pattern." A series of labour disputes is increasing pressure on BHP’s employment model, and strengthening unions’ bargaining positions. "In terms of compliance, the solution?is administrative and not expensive." The cumulative impact of labour disputes on BHP and its relationship with unions is the greater challenge. BHP didn't immediately respond to an inquiry for comment.
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Health ministry: Indonesian wildfires double respiratory infections in a single week
Data from Indonesia's Health Ministry showed that respiratory infections due to hazardous?wildfire air pollution have doubled in a little over a week. The Indonesian archipelago has been hit by fires that have ravaged vast stretches of peatland and forest. This has caused hazardous emissions, especially in the provinces of Sumatra, and Borneo. The wildfire season this year is the worst in 11 years, as "super El Nino" weather conditions cause temperatures to rise and droughts to be punishing. The country is responsible for one-third of global fire emissions. According to statistics presented at a press briefing by Widyawati, spokesperson for the health ministry, 113,336 people were suffering from respiratory diseases related to wildfires as of September 9. This is up from 50.891 in September 1. Widyawati (who goes by one name) said that more than 12 million people were exposed to the haze from fires in seven provinces. She said that nearly a million masks, hundreds of oxygen concentrator units, and thousands medical workers were deployed in the affected areas to help residents deal with pollution. The process of adding medical personnel and supplying various supplies continues. We will continue monitoring which areas need more healthcare workers, and dispatch them to those areas. Singapore and Malaysia also have unhealthy air quality due to?transboundary haze. Berton 'Panjaitan is the spokesperson for Indonesia’s disaster mitigation agency. He said that Japan sent three CH-47 Chinooks to help Indonesia fight fires. They began trial flights on Friday. He said that the helicopters will help with Indonesian military water bombing operations in West Kalimantan, Borneo. These operations are expected to begin either on Friday or on Saturday. Malaysia, which shares land borders with Indonesia on Borneo?has offered to help Indonesia with its aerial firefighting capability, according to a letter sent by the country's Environment Minister to his Indonesian counterpart. Panjaitan stated that Jakarta is conducting inter-agency consultation to discuss Malaysia's offer. According to government statistics, between January and July of this year, around 202,000 hectares or almost 500,000 acres were burned. Environmental group YKAN estimates that 600,000 hectares of land were also damaged by fires in August.
The opposition warns that Finland's power supply could be affected by the Google AI deal.
Finland should implement a national permitting system for data centres to prevent power shortages and soaring energy costs, the opposition parties said Thursday after Google announced a major new investment.
Nordic data centres have been popular for many years due to the region's cool climate, low-carbon electricity, and reliable power grids. However, AI developers are now under greater scrutiny from politicians and consumers.
Alphabet’s Google announced on Wednesday that it would spend at least EUR13 Billion ($15.1 Billion) over the next two-years on?AI Infrastructure in Finland, its largest European investment. This includes a deal to supply nuclear power.
Centre Party leader Antti Kaikoen said that while data centres were welcome in Finland, Finland must ensure there was enough electricity to power them.
A national permitting system for data centres would be required. No one is looking at the big picture right now," said Kaikkonen. His party is Finland's largest opposition group.
The Social Democratic Party (SDP), which leads in the polls in advance of the April election, has said that it welcomes data centre investments but is concerned about their implications for power demand.
Niina Malm, a Social Democratic lawmaker said: "It's important to examine the availability of energy as an issue that affects internal security. This will ensure that people are able to afford it and have enough electricity."
Google's deal included an agreement to purchase up to 50% energy from Finland's Loviisa Nuclear Plant over a period of 22 years. This will help extend the life expectancy of the plant from 2030, when it was originally scheduled for shutdown, until 2050.
Together with utility Fortum, the companies said they would explore the development and production of nuclear energy and renewable energies in Finland.
Finland's prime minister Petteri Orpo?has stated that the Google deal would boost the country's economic growth and that electricity rates will remain in control.
The government didn't immediately respond to an inquiry for comment.
(source: Reuters)