Latest News
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ExxonMobil Hires Shearwater for OBN Survey in Angola
Shearwater Geoservices has secured a deepwater Ocean Bottom Node (OBN) seismic survey work offshore Angola by ExxonMobil’s affiliate Esso Exploration Angola Block 15 Limited.The two-month project is scheduled to begin during the third quarter of 2025.The project will be delivered using Shearwater’s OBN platform, featuring the SW Tasman and Pearl node system, with SW Gallien deployed as source vessel.“Being selected by ExxonMobil to perform this OBN survey in Angola is a real testament to Shearwater’s OBN-platform.“This award reflects our strong track-record in delivering high-quality OBN surveys and the trust our clients place in us to support their strategic exploration goals,” said Irene Waage Basili, CEO of Shearwater.
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Odfjell Oceanwind Acquires Ørsted’s Share in Scottish Floating Wind Project
Odfjell Oceanwind (OOW) has completed the acquisition of Ørsted`s 80% share in the 100 MW Salamander floating wind farm, located on the east coast of Scotland.OOW will work together with the remaining shareholders of the Salamander offshore wind farm, consisting of Simply Blue Group and Subsea7, to continue the development of the project into a demonstration project for commercial-scale floating offshore wind.Salamander is a 100 MW floating offshore wind project in Scotland, located 35 kilometres off Peterhead. The project was awarded an Exclusivity Agreement for a seabed lease by Crown Estate Scotland in the INTOG leasing round and recently received section 36 consent from the Scottish Government.The project will feature Odfjell Oceanwind’s Deepsea Star semisubmersible steel foundations.“Innovation projects are essential to de-risk relevant floating offshore wind technologies and the supply chain prior to embarking on larger projects like those in ScotWind and many of the INTOG projects that are planned to be operational in the 2030s.“OOW has closely monitored the UK market for several years and see the country`s commitment to net zero and well-established framework conditions, including annual CfD rounds, as investor-friendly features,” said Per Lund, CEO of OOW.“We are delighted to welcome OOW to the Salamander offshore wind farm. This partnership brings new strength and momentum to one of the country’s most significant offshore wind developments and together, we are supporting Scotland’s ambition to become a global leader in offshore wind, delivering long-term benefits for communities, the economy and the environment,” added Hugh Kelly, Simply Blue Group CEO & Co Founder.
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Goldman Sachs predicts Brent will fall to the low $50s in late 2026
Goldman Sachs predicts that the price of Brent crude contracts will decline to low $50s per barrel by the end of 2026, due to a rise in oil surplus next year. In a note to clients on Tuesday, the U.S. Investment Bank said that it expects the oil surplus will widen. It is expected to average 1.8million barrels per day from 2025 Q4 through 2026 Q4. This would result in an increase of nearly 800million barrels in global stockpiles by the end of 2026. The Organisation for Economic Co-operation and Development (OECD) estimated that the stored oil in member nations will make up a third or 270,000,000 barrels of global stocks in 2026. It said that this, along with reduced demand in OECD nations, will cause Brent's fair price to fall from its current mid-$70s. Goldman says Brent prices will likely remain close to forward contracts for the remainder of 2025, but they will fall below them next year due to the acceleration of OECD stocks. It said that a potential acceleration of the growth in Chinese stocks to 0.8million barrels per day from 0.4million barrels per day in the past year would increase the 2026 Brent Average by $6 a barrelle compared to the bank's base to $62. Brent crude futures were trading at around $67 per barrel during early Asian trade Wednesday. West Texas Intermediate crude contracts were trading around $63. The West Texas Intermediate crude futures contracts were trading at $63.
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Manhunt for a 'heavily-armed' suspect continues in the Australian bush after two officers were shot dead
The police manhunt for a "heavily-armed" gunman in Australia's rugged alpine wilderness entered its second day on Tuesday after the gunman shot two officers dead and injured another while they were serving a warrant in his rural property. Victoria Police said that the suspect gunman, Dezi Freeman (56), was a local with extensive bushcraft knowledge and multiple powerful firearms. Mike Bush, Victoria Police Chief Commissioner, said that he could confirm the fact that the suspect in this horrifying incident is still on the loose. The hunt will continue till we find him. A team of 10 officers, including the Sexual Offences and Child Investigation Team, executed a search warrant on Tuesday at Freeman’s property in Porepunkah. Porepunkah is located about 300 km northeast of Melbourne. Freeman, who is also known as "Filby", allegedly fired at the group, killing two detectives, one 59 years old and another 35 years old, and injuring another detective, before fleeing into dense bushland on foot, according to police. Freeman's partner, children and their home were located by police safely over night amid speculation that they had been kidnapped. Porepunkah, located at the foot of Australia's mountain ranges, is home to about 1,000 people. Bush stated that the winter weather made it "hard going" for the police to search the area and that Freeman will "know the area better than we do". Bush added that Freeman is "heavily-armed" and has multiple firearms, and advised the locals to stay inside. Local media outlets reported the police believed Freeman to be a "sovereign" citizen who believes that the government is unlegitimate. Freedman, according to court documents, campaigned for COVID-19 locksdowns in 2021 and tried to prosecute Dan Andrews then Victorian premier at the time. (Reporting and editing by Michael Perry in Sydney, Christine Chen from Sydney)
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Iron ore prices rangebound due to rising supply and firm demand
The iron ore price ranged on Wednesday, as a growing supply of the steelmaking component offset a solid demand in the near term. As of 0237 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange dropped 0.38% to 775 yuan ($108.70). As of 0227 GMT, the benchmark September iron ore traded on Singapore Exchange was up 0.26% at $102.6 per ton. The daily hot metal production hovered around 2.4 millions tons due to healthy steel margins. This resulted in a steady demand for raw materials including iron ore and prevented a price drop. Analysts say that the supply of the main ingredient in steelmaking is expected to increase throughout the year and put pressure on prices. Typhoons caused disruptions to first-quarter shipments, causing Australia's key supplier to miss expectations. Galaxy Futures, a broker, said that downstream consumption of steel showed signs of easing as the demand from manufacturing declined. There are growing doubts about whether the steel demand will increase as predicted in September. Steel demand could be softening, affecting the appetite for feedstocks. Coking coal and coke (other steelmaking ingredients) fell by 2,96% and 2,1% respectively. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Rebar fell by 0.67%, while hot-rolled coils dropped by 0.74%. Wire rod also declined 1.93%. Stainless steel increased by 0.16%. Reporting by Amy Lv, Lewis Jackson and Sumana Niandy; Editing Sumana Nandy
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Gold falls as the dollar strengthens, but Fed turmoil reduces losses
Gold prices fell on Wednesday due to an increase in the dollar. However, renewed concerns about the independence of the U.S. Central Bank after President Donald Trump threatened to fire Federal Reserve governor Lisa Cook, lent support for bullion. As of 0223 GMT spot gold was down 0.2% to $3,384.49 an ounce after reaching its highest level since Tuesday, August 11. U.S. Gold Futures for December Delivery were flat at $3.434.20. Gold is less appealing to other currency holders because the dollar index has risen by about 0.2%. "Short-term investors are making a little profit now." Gold is still supported, especially now that we are starting to see the Federal Reserve adopt a more dovish position," said Kelvin Wong, senior market analyst at OANDA. We could still see in the near future that there is potential upward pressure for the level to reach $3,400. Above it will be $3,435." Trump announced that he would remove Cook due to alleged irregularities in the mortgage loan process, a move which could test the limits of the presidential authority over the U.S. Fed. Cook responded that Trump does not have the authority to dismiss her from central bank and she won't resign. Trump has repeatedly criticized Fed Chair Jerome Powell's slowness in acting and urged the U.S. Central Bank to reduce rates. The focus now shifts to Personal Consumption Expenditures Prices Index, the Fed’s preferred inflation measure, which is due on Friday, for more clues on the interest rate path following dovish comments from Powell at the Jackson Hole Symposium last week. According to CME FedWatch Tool, the markets are pricing in an 87% probability of a rate cut of one quarter point at the Fed’s policy meeting on September 17. Gold that does not yield is usually a good investment in an environment with low interest rates. Other than that, silver spot fell 0.1% to 38.56 cents per ounce. Platinum rose 0.2% to 1,351.50, and palladium increased 0.6% to $1,000.02.
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Investors wary of Fed independence; Asia stocks outpace Nvidia
The Asian stock market was steady on Wednesday, ahead of a report on earnings from AI leader Nvidia. This will influence the risk sentiment in the near term. Meanwhile, investors were still nervous over attacks on Federal Reserve independence. The U.S. Treasury curve has steepened since President Donald Trump ordered the firing on Monday of Federal Reserve Governor Lisa Cook. This unprecedented move could lead to a tussle in court after Cook's lawyer said that she would file a suit to stop it. The Fed has stated that it will abide any court decision made on Lisa Cook, but in reality the Fed is caught between a rock and a hard place," said Prashant Nnewnaha senior Asia-Pacific rates analyst at TD Securities. If Cook continues to serve after Trump's dismissal and before the court's ruling, "if the court rules in favor of Trump" then Chair (Jerome) Powell could be fired because he allowed a non Fed employee to make Fed Board decisions. The yield curve steepened as shorter-dated yields dropped more than those longer-dated. Early Asian hours saw the yield of the two-year bond, which is usually in line with expectations for interest rates, reach its lowest level since May, at 3.654%. The 30-year bond yield was only 1.5 basis points higher, at 4.923%. Trump has repeatedly criticized Powell and policymakers who have not cut interest rates. Market watchers took Powell's comments from last week to mean that interest rates could be cut. Investors are betting on a reduction next month. Traders have priced in an 84% probability of a Fed move in September, and expect more than 100 basis points of easing in June. Newnaha said that the markets are anticipating a scenario in which Trump has a majority on the Board of Governors, setting the stage for the cuts to be made sooner and possibly faster. The dollar dropped sharply after Trump's comments, but it stayed near its lows. The euro was last trading at $1.1636 while the yen remained steady at 147.6 per dollar. Investors are more focused on the September rate movement and what it means. Ben Bennett, APAC Investment Strategist at Legal and General Investment Management, said that the hope was that a rate reduction would still be on the cards if the labour market did not deteriorate sharply. This could maintain a very positive investor sentiment. The Nvidia results tonight will be also important for the direction of markets in the near term." Options traders have priced in a swing of $260 billion in Nvidia’s market value following the company's earnings report, when its business in China is the focus after an unusual profit sharing deal with the Trump Administration. The fate of Nvidia’s China business depends on the outcome of tariff negotiations and trade restrictions between the two world's largest economies. This has made traders cautious about placing large bets. The MSCI index for Asia-Pacific stocks outside Japan was up only 0.2%. Japan's Nikkei remained unchanged and shares in Taiwan rose 0.6%. Blue-chip stocks in China gained 0.3% and hovered near the three-year-high reached earlier this week. The tech sector has been a major factor in the recent rise of China's stocks. Spot gold fell 0.23% in commodities after reaching a two-week peak the previous session. The oil price was little changed from the previous session as traders awaited the imposition of massive new U.S. import tariffs against India, the third largest crude consumer in the world, in response to India purchasing Russian oil.
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US Treasury yields and dollar fall as Trump attacks the Fed; US stocks rise
The dollar and U.S. Treasury rates eased on the day after President Donald Trump fired a central bank Governor, raising concerns over the independence of the bank. Wall Street stocks closed higher on the day before the results from Nvidia due on Wednesday. Trump announced on Monday that he would be firing Federal Reserve Governor Lisa Cook due to allegations of improper mortgage borrowing. Cook claimed that Trump did not have the authority to fire Cook and that she would refuse to resign. Her term will end in 2038. Trump's unprecedented move could result in a long-running legal battle, which risks setting new norms regarding the independence of the central bank and presidents' involvement in monetary policies. Cook's departure from the Fed may accelerate Trump's attempts to reshape Federal Open Market Committee (FOMC), which sets interest rates policy. Trump has pushed the Fed to reduce rates in order to boost growth and lower borrowing costs. The expectation of a Fed that was more dovish helped lower shorter-dated rates, and the yield curve widened as long-dated yields showed a modest decline. Participants said that long-dated rates were more likely to be affected by political pressure on the Fed. A subsequent reduction in interest rates would increase concerns about inflation. Foreign demand may also be affected due to fears of the Fed's reliability. The traders are pricing in a 25 basis-point cut to the interest rate for the Fed policy meeting of September, despite the fact that inflation is still a concern. They have been encouraged by the dovish signals coming from Fed chair Jerome Powell and data showing a weak labor market. "On Friday we had a major trigger, which was the green light by the Fed to start cutting rates. Markets have been waiting for this for some time. Adam Sarhan is the chief executive officer of 50 Park Investments, a New York-based investment firm. In the wake of Cook's news, the dollar dropped against other major currencies. "President Trump has launched a potentially ineffective and risky battle against the Fed. Brian Jacobsen wrote that it would take seven FOMC members to vote in favor of Trump, and not two or four. Trump has repeatedly threatened to fire Powell, and this month, he fired an official at the Labor Department after accusing her without proof of manipulating job data which had disappointed him. Trump is backing away from his threat to fire Powell as his term expires in May. INFLATION RELEASE A global index of stocks was little altered, but U.S. stock prices ended up higher. Investors await Nvidia's report on the readings of personal consumption prices in the U.S. on Friday and Wednesday. This is considered to be the Fed's preferred measure of inflation. The market is focused on the inflation rate, the labor force, consumer spending, and corporate earnings. Oliver Pursche is senior vice president at Wealthspire Advisors, a firm in Westport, Connecticut. He said that despite the pun, this is what matters most. The Dow Jones Industrial Average rose by 135.60 points or 0.30% to 45,418.07. The S&P 500 gained 26.62 points or 0.41% to 6,465.94. And the Nasdaq Composite increased by 94.98 or 0.44% to 21,544.27. MSCI's global stock index fell by 0.24 points or 0.03% to 952.72. Sarhan stated that Nvidia’s report "will be a major indicator to see how risk-averse investors are for AI (artificial Intelligence) stocks, but also the market." European shares fell, with losses led by France where political uncertainties have increased. France's CAC-40 fell by more than 1%, as it became increasingly likely that the country's minor government would be overthrown next month. The pan-European STOXX 600 ended 0.83% down. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by 0.27%, falling to 98.21. Meanwhile, the euro rose by 0.03%, reaching $1.1646. The dollar fell 0.05% against the Japanese yen to 147.33. The yield on the 2-year US2YT=RR note moves typically in line with expectations of interest rates. The yield was down 4.9 basis point on the day to 3.681%. The yield on the benchmark U.S. 10 year notes US10YT=RR dropped 1.7 basis points, to 4.258%. Oil prices Gold rose 2% while the dollar fell. Brent crude fell $1.58 or 2.3% to $67.22 per barrel, just a day after reaching its highest price in early August. West Texas Intermediate crude (WTI), which is a blend of crude oil from Texas, lost $1.55 or 2.4% to $63.25. Gold spot rose 0.8%, to $3393.30 per ounce.
Jamaica uses drones from Canada to fly over disaster areas
Jamaica's state-run information service JIS announced on Tuesday that it will be using drones donated by Canada in order to improve its disaster response capabilities. The Caribbean is bracing itself for more powerful hurricanes due to climate change and warmer oceans.
Why it's important
Forecasters from the U.S. Government predict an "above normal" Atlantic hurricane season in 2025, with storms fuelled by warmer ocean temperatures. Their development could also be boosted due to softer westerly winds.
Small island states are especially vulnerable to climate change effects, despite their low greenhouse gas emissions. The Caribbean is located in a zone where tropical waves can intensify into powerful storms when they develop off of the coast of West Africa.
KEY QUOTE
Okieno Sams, the project manager for Jamaica's Geographic Information System, (GIS), said in a press release that drones will play a crucial role in post-disaster assessments, instead of relying upon people who may be put in dangerous situations.
He said: "We could automate the response to disasters; instead of having someone physically go, or risking themselves, we could use a drone to fly over." Samuels stated that his office is also training an artificial-intelligence model to assess damage in buildings.
The statement didn't say how many drones Canada was donating.
CONTEXT
Erin is so far the only storm in the 2025 season to have reached hurricane status. In just over 27 hours it was the fastest storm to ever reach Category 5. However, the storm avoided land. Hurricane season usually peaks around September.
The Atlantic hurricane season of last year was very active with five major storms and two Category 5 Storms. Beryl was the first storm of this kind to hit the Atlantic in the history of the season. Grenada, a Caribbean nation, said that it could take years for its small islands to recover fully from the storm's damage.
By the Numbers
The U.S. National Oceanic and Atmospheric Administration (NOAA) predicts that the current hurricane season, which runs through November 30, will see six to ten storms, with three to five reaching major strength and 111 mph or more.
In the last hurricane season, there were 11 Atlantic storms. Sarah Morland reports.
(source: Reuters)