Latest News
-
Australian accused of mushroom killings had no motive to kill, court heard
The lawyer for an Australian woman accused in the murder of three elderly relatives by her estranged spouse using toxic mushrooms in a meal had told the court Tuesday that the victim's motive was not to kill the victims. Erin Patterson has been charged with the murders and attempted murders of Gail Patterson's mother, Donald Patterson's father, Gail's sister Heather Wilkinson as well as Heather's husband Ian Wilkinson in July 2023. The prosecution accuses the woman of scouring for poisonous death caps mushrooms, drying them, and then knowingly serving these mushrooms in portions of Beef Wellington, at her home, in Leongatha. This town has a population of 6,000, about 135 kilometers (84 miles), from Melbourne. Patterson denies all charges that carry a sentence of life imprisonment. Her defence called the deaths "a terrible accident" earlier. Colin Mandy, Patterson's lawyer, said on Tuesday that the prosecution's evidence that the accused and her estranged spouse Simon Patterson's relationship soured over a disagreement about child support was illogical. He told the court that "whatever we call these spats, disagreements, and frustrations," it does not provide a motive for murdering someone's parents. He said that the accused actually had a good working relationship with the Pattersons, and had even loaned hundreds of thousands to Simon Patterson's sisters in order to purchase property. On Tuesday, Nanette Rogers concluded the closing argument of the prosecution by accusing Patterson a trail of calculated deceptions before and after lunch. Rogers said that Erin Patterson had told so many lies, it was difficult to keep track of them. She's told lies after lies because she knew that the truth would expose her. After the closing statement of the defence, Justice Christopher Beale, the presiding judge will instruct the jury on how to proceed before the jury retires to deliberate a verdict. The trial that has gripped Australia for eight weeks and is expected to end later this month.
-
Profit taking by palm oil rivals Chicago soyoil
The Malaysian palm futures market extended its losses on Tuesday. This followed three consecutive sessions of gains. It was dragged lower by a drop in soyoil prices in Chicago and profit-taking actions. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 19 ringgit or 0.46% to 4,075 Ringgit ($961.54) per metric ton. A Kuala Lumpur based trader stated that "the futures are in profit-taking mode following recent rally tracking Dalian and CBOT Soyoil sentiment". Chicago Board of Trade Soyoil was down by 0.83%. Dalian's soyoil contract with the highest volume was up by 0.63%. Palm oil contracts rose 1.29%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. U.S. Biofuel Blending Proposals are likely to increase Demand. Soybean futures reached a month-high before losing gains. The oil prices rose on Tuesday amid fears that the conflict between Israel and Iran could intensify. This would increase the likelihood of unrest in the Middle East - a major producing region - as well as a disruption to the oil supply. Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger. Intertek Testing Services, a cargo surveyor, reported that exports of palm oil products from Malaysia for the period June 1-15 were up 26.3% over May 1-15. AmSpec Agri Malaysia, an independent inspection company said that shipments increased 17.8%. Palm oil could test the support level of 4,042 Ringgit per metric tonne. A break below this mark would open up the possibility for a drop to 3,998 Ringgit.
-
China builds up a crude-oil war chest amid Middle East tensions, says Russell
China continues to accumulate crude oil stocks, despite the fact that it refines less crude oil than it can produce or import. The world's largest oil importer can now buy less in the coming months, as prices rise due to Middle East tensions. Calculations based on data from the Chinese government show that the surplus crude in China reached 1.4 million barrels a day (bpd), the third consecutive month where it was above the 1,000,000 bpd mark. Since June 13, when Israel launched airstrikes against Iran, Tehran has responded with missiles and drones. Brent futures have risen almost 6% in the last week since the end of June, to around $73.58 per barrel on Tuesday. Refineries in China have reacted to rapid increases in crude oil prices by reducing their imports or using stored oil. Due to the two-month lag between cargoes being arranged and their delivery, any reduction in China's imports is likely to be noticeable only from August. China's ability to reduce imports and lower prices is not dependent on the crude oil price. China does not reveal the volume of crude oil flowing in or out of its strategic and commercial stockspiles. However, an estimate can still be made if you subtract the amount of crude oil that is available through imports and domestic production from the total crude. According to data released by the government on Monday, refiners processed 13.92 millions bpd during May. This is down from 14.12million bpd recorded in April, and 1.8% less than one year ago. In May, crude imports fell to 10.97 million barrels per day (bpd) from 11.69 in April. Domestic production rose slightly to 4.35 in May from 4.31 in April. After subtracting the refinery output of 13.92 millions bpd, the total crude oil available for refiners is 15.32 million barrels per day. This leaves a surplus of about 1.4 million barrels per day. The surplus crude was 990,000 barrels per day (bpd) in the first five of the year. This is up from 880,000 barrels per day for the first four. China's refiners used up their inventories for the first time since 18 months in the first two-month period of 2025. They processed around 30,000 bpd per day more than they could get from crude imports or domestic production. The massive surpluses of March, April and may have reversed this earlier draw. Not all this excess crude has likely been stored, as some is processed in plants that are not included in the official data. Even if you ignore the gaps in official data, there is no doubt that since March China has imported crude oil at a rate far greater than what it requires to meet its own domestic fuel needs. Imports, Prices The strong crude imports that LSEG Oil Research expects to arrive in June of 11,72 million bpd is a good indication of the price-sensitive nature of China's refiners. The increase is due to the decline in crude oil prices since the cargoes for June would have been purchased. Brent futures fell from a six week high of $75.47 per barrel on April 2, to a low of $58.50 per barrel, a four year low on May 5. This prompted Chinese refiners sucking up cargoes. The majority of these shipments are expected to arrive in June and early July, giving the impression that China's demand for crude oil is improving. The weak numbers for refinery processing show that China may be storing crude. Due to the high prices due to Middle East tensions it is likely that refiners would also cut their purchases and seek discounted oil from sanctioned suppliers such as Russia and Iran. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
-
Oil prices rise as Iran-Israel conflict creates uncertainty
On Tuesday, oil prices rose on fears that the conflict between Israel and Iran could intensify. This would increase the risk of unrest in the Middle East region as well as the disruption of the oil supply. Brent crude futures were up 34 cents or 0.5% to $73.57 per barrel at 0340 GMT. U.S. West Texas Intermediate Crude was up 29 cents or 0.4% at $72.06. Both contracts had risen more than 2% in the previous trading session. The oil prices fell more than 1% on Monday, as media reported that Iran wanted to end hostilities. Concerns have increased after U.S. president Donald Trump, in a post on social media, urged " Everyone can benefit from this Tehran, the capital of Iran, should be evacuated. The fighting in Iran has entered its fifth day, with Iranian media reporting heavy air defence and explosions. Tel Aviv air raid sirens were sounded by Israel in response to Iranian rockets. In an email, Priyanka Sackdeva, Senior Market Analyst at Phillip Nova said that the conflict between Iran & Israel was still fresh. Investors are still holding onto 'war risk'. "Additional volatility and caution before the Fed policy decisions are further ensuring a higher-paced reaction in price for oil," Sachdeva said, referring the U.S. Federal Open Market Committee, which makes interest rate decisions. The meeting begins on Tuesday. The market remains largely focused on the uncertain situation surrounding the Iran-Israel conflict. Iran is the third largest producer of oil among the members of the Organization of Petroleum Exporting Countries. It is feared that the fighting may disrupt Iran's oil supply, which could lead to higher prices. On Monday night, U.S. media reported that Trump proposed renewed talks with Iran over a nuclear agreement. Meanwhile, other reports of a shipping incident in the Gulf of Oman highlighted the risks for companies transporting oil and fuel in the region.
-
London metals drop as the dollar strengthens and Middle East tensions increase
The prices of metals fell in London on Tuesday due to a stronger U.S. Dollar and the escalating tensions with Israel and Iran. As of 0246 GMT, the London Metal Exchange reported that three-month copper was down by 0.3%, at $9,677 a metric ton. LME aluminium fell by 0.2%, to $2 508 per ton. Zinc dropped 0.4%, to $2 646, while lead dropped 0.5%, to $1 996.50, and nickel fell 0.4%, to $15 005. Tin fell 0.3% to $32,505. Metals prices fell this morning as a result of the conflict between Israel and Iran, according to a Singapore-based metals dealer. Israel and Iran both attacked each other on Tuesday for the fifth day in a row. U.S. president Donald Trump also urged Iranians, citing their rejection of an agreement to reduce nuclear weapons development, to leave Tehran. U.S. Stock Futures fell and Oil Prices climbed. The dollar index increased by 0.3% against its competitors. The dollar's strength makes commodities priced in greenbacks more expensive for buyers of other currencies. Better-than-expected retail data from China released on Monday offered some relief and raised hopes for a rise in metals demand. As part of an agreement announced by the United States and the United Kingdom on Monday during the G7 Summit, the U.S. will impose a tariff-free quota for steel and aluminum imported from the United Kingdom. The SHFE's most-traded contract for copper gained 0.2%, to 78470 yuan per metric tonne ($10,926.84). SHFE aluminium was unchanged at 20,405 Yuan per ton. Lead was also flat at 16,910 Yuan. Nickel fell by 0.9%, to 118640 Yuan. Zinc gained 0.1%, at 21,820, and tin dropped 0.4%, to 263,400. Click or to see the top news stories on metals, and other topics. ($1 = 7.1814 Chinese Yuan Renminbi). (Reporting and editing by Harikrishnan Nair in Bengaluru and Sherry Jacobi-Phillips.
-
ADNOC-Led Consortium Makes $18.7B Bid to Buy Australia’s Santos
Australia's second-largest gas producer Santos said on Monday it intended to support an all-cash $18.7 billion takeover bid from an international consortium led by Abu Dhabi's National Oil Company (ADNOC), which wants to grow a global gas business.Santos shares jumped 11% by the close on Monday, but that was well short of the 28% premium offered against their previous close, which analysts said reflected risks that the deal may not win regulatory approval in Australia.ADNOC's investment arm XRG with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle proposed to offer $5.76 (A$8.89) per Santos share. The stock last traded at A$7.72.Taking into account net debt, the deal gives Santos an enterprise value of A$36.4 billion, which would make it the largest all-cash corporate buyout in Australian history, according to FactSet data."For ADNOC, this is in line with their aggressive growth plans," said Kaushal Ramesh, vice president, gas and LNG research, at Rystad Energy.The takeover bid emerged as oil prices reached multi-week highs as Israel and Iran traded air strikes, sparking concerns oil exports from the Middle East could be widely disrupted.With Santos in its fold, the XRG-led consortium would gain control of two Australian liquefied natural gas operations - Gladstone LNG and Darwin LNG, as well as stakes in PNG LNG and the undeveloped Papua LNG. Santos' interests in Papua New Guinea are considered its most prized assets.The company is also developing an oil project in Alaska, Pikka, due to start producing in mid-2026.XRG said in June it aims to build a gas and LNG business with capacity of between 20 million and 25 million metric tons a year by 2035. Santos last year sold 5.08 million tons of LNG, with more than 60% of that from Papua New Guinea."What ADNOC really wants is the LNG assets, since they are inside the Asia Pacific basin. Since their plan is to expand in LNG, they will want assets close to where the future of demand lies," Rystad's Ramesh said.Australian Treasurer Jim Chalmers, who makes the ultimate decision on major takeovers based on advice from the Foreign Investment Review Board, declined to comment on whether he had any concerns about an ADNOC-led takeover of Santos."It would be a big decision," he said in an interview with Australian Broadcasting Corp TV.Santos said the latest offer came after it had rejected two previous proposals made by the consortium in March at $5.04 and $5.42 per share that were not made public.Its board said if a binding offer is made it "intends to unanimously recommend that Santos shareholders vote in favour of the potential transaction, in the absence of a superior proposal."The XRG consortium said it was negotiating to carry out due diligence with Santos on an exclusive basis before formalising the offer which would need at least 75% support from Santos investors."The proposed transaction is aligned with XRG's strategy and ambition to build a leading integrated global gas and LNG business," it said in a statement.XRG, which was set up in November, last month acquired a stake in an offshore gas block in Turkmenistan. ADNOC has also struck several international deals for assets to sit under XRG, including gas and LNG interests in Mozambique.Regulatory Hurdles Could Be SteepSantos said the deal required approval from Australia's Foreign Investment Review Board (FIRB), Australian Securities and Investments Commission, National Offshore Petroleum Titles Administrator, PNG Securities Commission, PNG Independent Consumer and Competition Commission and Committee on Foreign Investment in the United States (CIFIUS).XRG said it would maintain Santos' headquarters in South Australia, in a move to try and appease some regulators.MST Marquee senior energy analyst Saul Kavonic said FIRB approval "may be a major risk to the deal" as Santos controls significant critical energy infrastructure in Australia.Any spin-off of domestic infrastructure assets to potentially satisfy regulators would be difficult, as the facilities are saddled with decommissioning costs, he said.Santos rejected a $10.8 billion offer from private equity-backed Harbour Energy in 2018 and walked away from talks with its bigger Australian rival Woodside Energy WDS.AX last year to create a possible A$80 billion oil and gas giant, saying it would look for other ways to bolster its value.In February it reported a nearly 16% fall in underlying annual profit in 2024 and cut its dividend by 41%.While Santos has long been a takeover target, Kavonic said a competing bid "is very unlikely as only ADNOC may be willing to pay such a premium to realise their global LNG ambitions."($1 = 1.5425 Australian dollars)(Reuters - Reporting by Scott Murdoch in Sydney and Emily Chow in Singapore, additional Shivangi Lahiri in Bengaluru; Editing by Kim Coghill and Sonali Paul)
-
EnBW, DHL Group Ink PPA for He Dreiht Offshore Wind Farm
EnBW Energie Baden-Württemberg (EnBW) and Bonn-based DHL Group have signed a power purchase agreement (PPA) for the electricity that will come from the 960MW He Dreiht offshore wind farm, currently under construction off Germany.The long-term PAA will cover approximately 16% of DHL Group’s current annual electricity needs in Germany, supplying 80 GWh of green electricity per year for the term of 10 years.The agreement between the two companies will take effect in step with the phased commissioning of the wind farm through to spring 2026.“Well thought-out energy management is crucial for us to achieve our goals. The agreement with EnBW for the He Dreiht wind farm is another important step on our path to net-zero emissions in logistics by 2050.“The long-term agreement with our energy partner ensures a credible supply of electricity from renewable sources for our operations and contributes to supporting the energy transition. This is an example of how fostering proactive supplier relationships can contribute to a more sustainable and positive ecosystem,” said Anna Spinelli, Chief Procurement Officer at DHL Group.“We are delighted to support DHL Group on its journey towards zero-emission logistics. This partnership underscores our position as a major provider of sustainable energy across Europe.“PPAs are a targeted and highly flexible instrument for advancing the decarbonization of industrials. They support the companies we partner with in meeting their sustainability goals while underpinning the financing of our projects: a win-win situation for industry and the climate,” added Matthias Obert, Executive Director Trading at EnBW.:He Dreiht is being developed by energy utility EnBW in partnership with the consortium made up of Allianz Capital Partners, AIP and Norges Bank Investment.More than half of the electricity that will be available from He Dreiht is already under contract.
-
Petronas estimates that the proposed ENI joint venture will take between one and two years to set up.
Petronas anticipates that it will take between one and two years to establish a joint venture proposal with Italian energy group Eni for some upstream assets located in Indonesia and Malaysia. This was revealed by a senior executive at the state-run company on Tuesday. In February, the companies signed an agreement on a joint venture to combine approximately 3 billion barrels equivalent of oil (boe) with an additional 10 million boe in exploration potential. The idea behind the combination was to create an independent entity that could be self-financed, Mohd. Jukris Abdul wahab, executive vice president of Petronas and chief executive officer of upstream, told the Energy Asia Conference in Malaysia's capital. Eni's Chief Operating Officer, Guido Brusco said: "This is a major game changer in the region." We are combining assets in Malaysia and Indonesia, especially the Kutai Basin." Eni's Kutai Basin investments include the Northern Hub and Gendalo Gandang Hubs, which contain massive gas reserves. Petronas said that it would like to include oil projects in Indonesia’s Kutai Basin as part of the joint venture. It proposed to swap its assets and blocks in Malaysia and Indonesia for Eni’s blocks in Indonesia. Petronas has said that it will exclude Indonesian assets awarded to the company recently, including the Binaiya block and the Serpang block. (Reporting and writing by Florence Tan and Ashley Tang, Emily Chow and Clarence Fernandez; editing by Tom Hogue and Clarence Fernandez).
Shell survey shows that Europeans are less willing to switch to EVs than Americans.
Shell published a survey on Tuesday that showed drivers are less willing to switch from combustion engines to electric vehicles. The trend is more prominent in Europe than the United States.
According to a survey of 15 000 drivers from around the world, including Britain and China, Germany, and the United States, the main obstacle is the cost.
David Bunch, Shell’s director of mobility and convenience, said: "Europe surprised us." The cost of the car is the biggest barrier. The range anxiety is still present but it is diminishing.
Electric cars are 30% more expensive on average than internal combustion engines.
The survey found that 41% of European respondents said they would switch to electric cars this year, compared to 48% last year. In the United States, however, the number dropped three percentage points, to 31%.
Only about half of European motorists said that public charging has improved over the past year. This is below China at 74%, and the United States at 80%.
Only 17% said that public charging was a good value, compared to 69% of Chinese drivers and 71% of Americans.
Shell has 75,000 charging stations and focuses on on-the-go charging rather than home charging. China, Britain and Germany are its core EV markets. Singapore, the Netherlands, Singapore, Switzerland, China, Britain and Germany are also important. (Reporting and editing by Barbara Lewis; Shadia Nasralla)
(source: Reuters)