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Venezuela's PDVSA announces that oil supply negotiations with the US are progressing
PDVSA, Venezuela's state oil company, said Wednesday that it was?progressing with negotiations with the United States regarding oil sales.?A board member of the company informed?the?U.S. Will need to purchase cargoes at the international price. Washington announced on Tuesday that it had reached a deal with Caracas for access to up $2 billion of Venezuelan crude. This is a sign the Venezuelan government has responded to President Donald Trump’s demand that they be open to U.S. companies and risk further military intervention. Trump has said that he wants Delcy Rodrguez, the interim Venezuelan president, to be installed in this week's after the U.S. The U.S. has deposed Nicolas Maduro and given "total access to the oil industry" of Venezuela. PDVSA stated?in a short statement? that the parties had been discussing?similar terms to those?in place?with foreign partners like Chevron, its main joint venture partner which controls all oil exported to the U.S. The company stated that "the process... is based strictly on commercial transactions, under terms which are legal and transparent for both parties." Wills Rangel is a PDVSA board director and union leader. He told us that the U.S. would need to purchase cargoes for Venezuelan oil at international prices. Rangel stated that "if they want to purchase it, it will be available in due course, at the current international price." "Not what (Trump's) intentions are, as though that?oil belonged to them since we supposedly owe. We owe nothing to the United States. Rangel said that Chevron is currently the only company exporting Venezuelan crude, due to a U.S. ban on the country. This has paralyzed the exports of Venezuelan oil to China, its main destination. (Reporting and Editing by Rod Nickel).
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De Beers CEO: African countries and business groups are eyeing De Beers stakes
De Beers' CEO,?Tony?Taylor, said that Anglo American is looking to sell its stake in De Beers and has received interest from business groups as well as African governments. Al Cook, CEO of De Beers said that Botswana Angola Namibia, all of which are major diamond producers, have shown an interest in purchasing equity in the company. He did not comment on the current status of the talks or who the parties were. In June, it was reported, citing reliable sources, that Anil 'Agarwal and Indian diamond groups, as well as Qatari investment funds, were among the people who had expressed a?interest in De Beers. Anglo American, the company that owns about 85% of De Beers has valued it at $4.9 billion. Cook responded that the focus was not on the identity of the new owner but rather on the alignment with the long-term strategy, which included its emphasis on "natural diamonds", partnerships with producer countries and growth in key market. Cook, De Beers' CEO, said that India is "an extremely important market." He believes that the demand for diamonds will double in India, and the market value of the precious stone should reach $16.7 billion by 2030. This week, the?group opened the fifth Forevermark Store, the largest in the world, in Mumbai. The group plans to expand its network to?25 outlets before the end of the year, and eventually to 100 stores. De Beers is banking on the rising demand for self-purchases as the global model of gifting has changed. The group will also be doubling down on the Element Six?business. Last year, it generated about $300 million of revenue by supplying synthetic wafers for data centers to use as heat conductors. The company discontinued its lab grown diamond jewellery brand Lightbox in 2013.
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Investors lock in profits as gold falls by more than 1%
Gold prices fell more than 1% Wednesday, as investors took profits following a recent rally. However, it has pared some of its losses since weaker-than expected U.S. job data helped to boost bets on Federal Reserve rate reductions. As of 1:36 pm, spot gold fell 0.9%, to $4,445.32 an ounce. ET (1836 GMT). Prices dropped as much as 1,7% to $4422.89 in the earlier session. U.S. Gold Futures for 'February Delivery' settled at $4,462.50, down 0.7%. David Meger is the director of metals trading for High Ridge Futures. He said, "We view today's pullback a general profit-taking after that recent surge." Meger said that the recent gold price rise is due to the Fed's easing. U.S. Job Openings declined more than expected in November after increasing marginally in October. A separate ADP report revealed that private payrolls increased less in December than was anticipated. According to data compiled LSEG, the markets expect 61 basis point rate cuts in 2019. Now, the focus is on Friday's nonfarm employment report. The geopolitical situation remains uncertain following the capture of Venezuelan President Nicolas Maduro over the weekend. U.S. president Donald Trump announced plans to refine and export Venezuelan crude on Tuesday, while the White House confirmed separate discussions about the acquisition of Greenland including possible military involvement. According to official data, China's central banks extended their gold buying streak for a 14th consecutive month in December. Meger stated that the data from China continues to show "strong demand from Asia" and is yet another reason for this recent surge to the upside. In low-rate environments, and during times of uncertainty, gold, which is a safe-haven investment, tends do well. Silver spot fell 4.1%, to $77.93 an ounce. Goldman Sachs believes that London inventories are causing sharp swings in prices and may even lead to rallies. Palladium fell 5.2% to $1,727.40, while spot platinum declined 6.5%. (Reporting and editing by Anmol Chaubey, Bengaluru. Sahal Muhammed Varun H K Alan Barona.
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Rubio: US plan for Venezuela includes stability, recovery and transition
Trump warns of more military operations following Maduro's capture Murphy, a Democrat, says that the plan is stealing oil at gunpoint' Rubio: US will make sure oil companies can access Venezuela during the recovery phase. Simon Lewis and Patricia Zengerle WASHINGTON - On Wednesday, Marco Rubio, the Secretary of State, said that the United States had a three-step strategy for Venezuela. The plan will start 'with stabilizing the country, after U.S. troops seized Nicolas Maduro,' then ensure that U.S. companies have access to Venezuela during the recovery phase, and lastly oversee a transition. Donald Trump warned that he would launch more military operations in Venezuela if Maduro's inner-circle members who took over the leadership of the country did not comply with his demands. These demands are largely aimed at obtaining Venezuelan crude oil. Trump said the U.S. will refine and sell 50 million barrels worth of Venezuelan crude as U.S. forces continue to seize oil tankers tied to Venezuela. "The bottom-line is that we now have tremendous control and?leverage?over what these interim authorities are doing," said Rubio. He spoke with?Defense Sec. Pete Hegseth following a?classified briefing given to U.S. Senators about the Trump Administration's plan for Latin America. "But this will be a transition process," Rubio said. It will ultimately be up to Venezuelans to transform their nation. Rubio has not provided any details about the planned transition. DEMOCRATS SAID PLANS ARE EQUAL TO THE STEALING OF OIL Democrats were shocked by the plans. They said that they amounted to oil theft, but lacked specifics. They also questioned why these plans couldn't be discussed at public hearings. Rubio said that the briefing contained operational details which could not be released. However, he added that after Venezuela was stopped from "descending into chaotic chaos," the U.S. will begin a phase of "recovery." This would include "ensuring that American and Western companies, as well as other companies, have fair access to the Venezuelan markets." Rubio continued, "At the same time, we must begin the process of national reconciliation within Venezuela so that the opposition can be released from prisons or brought back into the country and start to rebuild the civil society." "And the third phase will, of course be one of transition." Chris Murphy, a Connecticut Democrat senator, called the plan "a crazy plan". "They're talking about taking the Venezuelan oil under threat of gunfire for an undefined period of time as leverage to micromanage this country." Murphy told reporters that the plan's scope and absurdity was "absolutely stunning". Reporting by Patricia Zengerle and Simon Lewis; Editing by Nia William, Rod Nickel.
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Investors lock in profits as gold falls by more than 1%
Gold prices dropped more than?1% Wednesday, as investors booked profits following a recent rally. However, it did pare some losses after weaker-than expected U.S. job data increased bets on Federal Reserve rate reductions. As of 11:16 am, spot gold fell 1.1%, to $4,445.32 an ounce. ET (1616 GMT). Prices dropped as much as 1,7% to $4,422.89 in the earlier session. U.S. Gold Futures for February Delivery were down 0.9% to $4,456.10. David Meger is the director of metals trading for?High Ridge Futures. He said, "We view today's pullback as a general profit-taking after that recent surge." Meger said that the recent rise in gold prices has been attributed to the Fed's easing. U.S. employment openings declined more than anticipated in November, after increasing marginally in October. Separately, a report from?ADP showed that private payrolls grew less than expected for December. According to data compiled LSEG, the markets expect 61 basis point rate cuts in 2019. Now, the focus is on Friday's nonfarm employment report. Geopolitical uncertainty has persisted since the capture of Venezuelan President Nicolas Maduro over the weekend. U.S. president Donald Trump announced plans to refine and sale Venezuelan crude on Tuesday, while the White House confirmed separate discussions about the acquisition of Greenland, which included potential military involvement. According to official data, China's central bank increased its gold purchases for the 14th consecutive month in December. Meger stated that the data from China continues to show "strong demand from Asia" and is yet another reason for this recent surge to the upside. In low-rate environments, and in times of uncertainty, gold, which is a non-yielding asset, tends benefit. Silver lost?5%, falling to $77.26 an ounce. HSBC increased its average silver price forecast for 2026 to $68.25 citing tight supplies and strong investment demand. However, it warned about volatility if the supply constraints ease. The spot price of platinum fell 6.8% to $2277.75 while palladium dropped 5.6% to $1720.74. (Reporting and editing by Sahal Muhammad and Varun H. K. in Bengaluru.
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Sheinbaum: Mexico hasn't increased oil shipments from Cuba to Venezuela
MEXICO CITY. Jan. 7 - Mexican president Claudia Sheinbaum stated on Wednesday that Mexico was not sending more crude oil to Cuba than in the past, but that amidst recent events in Venezuela Mexico had become an "important" supplier of crude oil to Cuba. Sheinbaum's comments were made during her morning press conference, in response to the question of whether Mexico was now the primary oil supplier for Cuba following the United States blockade of oil exports from Venezuela since mid-December. "We are not sending more oil than we have historically." She said. "Ofcourse, with the current Venezuelan situation, Mexico has become an important supply, before it was Venezuela." He added that Mexico has been providing oil to Cuba for many years, and this is done in different ways, including as humanitarian assistance, under contract or sometimes as part of a contract. She replied that it was part of a contract, and part of aid provided in the past. Trump on Tuesday Unveiling a plan The U.S. has blocked Venezuelan oil exports, which could amount to up to 50,000,000 barrels.
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J.P. Morgan expects STOXX to upgrade Greek equity, with a potential inflow of nearly $1 billion.
Wall Street brokerage J.P. Morgan anticipates that European index provider STOXX will upgrade Greece from an 'emerging' market to a 'developed' market later this year. This would allow Greek stocks to be eligible for inclusion in Europe's leading equity indexes. STOXX is expected to complete its classification of countries in the first quarter, and announce an upgrade in April. J.P. Morgan, Athens shares will be eligible to join STOXX 600 & Euro STOXX Indexes. STOXX did not respond immediately to a comment request. J.P. Morgan expects that the passive?inflow of $962 million into Greek equity will come from banks such as National Bank of Greece and Eurobank. Alpha Bank, Piraeus Bank, and Eurobank are expected to receive the majority of these inflows. J.P. Morgan also expects Hellenic Telecom and Greece's largest utility, Public Power, to be included. In September, other index providers FTSE Russell S&P Dow Jones will also include Greek equities into their developed market indices. MSCI's most recent review stated that Greece did meet the economic development criteria but "did not satisfy the size and liquidity persistency requirements". J.P. Morgan anticipates that MSCI will add Greece to their watch list for an upgrade during the 2026 market classification review. Greece is recovering steadily from its debt crisis that began in 2009. It almost left the Eurozone before an international bailout. As a'sign of its comeback', the Greek government is repaying bailout loans and debts ahead of schedule. Some of the banks that had to be bailed-out during the financial crisis are now?fully privateised and have started paying dividends. The Athens Stock Index has risen more than 160% in the past 20 years. Reporting by Shashwat Chanhan and Johann M Cherian from Bengaluru, editing by Maju Sam
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Trump official: Venezuelan oil sales will begin immediately and continue indefinitely.
A senior Trump administration official said on Wednesday that Venezuelan oil exports to the United States will begin immediately, with an initial shipment of 30 to 50 million barrels. Trump announced a plan on Tuesday to refine and sell 50 million barrels (or more) of Venezuelan crude oil that had been?stuck in Venezuela due to the U.S. ban. Officials said that sanctions against Venezuela will be selectively eased to help facilitate?the supply and trade of Venezuelan crude oil and oil products on global markets. The sanctions against Venezuela will be eased selectively to facilitate the?supply and trade of Venezuelan crude oil and oil products on global markets. CNBC, the first to report the news, said that such?oil exported to the United States would have been routed to China before. Energy Secretary Chris Wright stated on Wednesday that the U.S. is looking to restore Venezuelan oil flow, deposit money in U.S. controlled?accounts, and create conditions to allow U.S. companies to enter Venezuela. Trump said over the weekend that the U.S. will "take control" after U.S. troops oust Venezuelan President Nicolas Maduro. This could allow U.S. companies to access the vast oil reserves of Venezuela. Venezuela produced as much as 3,5 million bpd during the 1970s. Mismanagement and limited foreign investment have led to a massive drop in production. It averaged around 1.1 million bpd per year last year. Reporting by Nilutpal Timsina, Kanjyik ghosh and Alistair Bell. Editing by Tomasz Janowski.
Futures prices for soybeans and grains are rising as China purchases more US supplies
Chicago Board of Trade Soybean futures rose slightly on Tuesday, as China purchased more U.S. soybeans.
The corn and wheat futures both rose slightly as the agricultural markets continued to gain after recovering?on Monday? from recent multi-week?lows.
Traders were watching closely the?Chinese?demand for U.S. soybeans after Washington announced in late October Beijing's agreement to purchase supplies as part a truce between the two countries in their trade war. Three traders said that China's stockpiler Sinograin bought 10 U.S. soy cargoes this week, totaling around 600,000 tons. U.S. Department?Agriculture confirmed later that exporters had sold 336,000 metric tonnes of U.S. soya beans to China for delivery in 2025/2026.
Traders said China's total U.S. soya purchases have risen to 10 million tons in the time since the trade truce. This is more than 80% of the 12 million metric tonnes that U.S. Treasury secretary Scott Bessent had previously stated China would buy by the end?of February.
Jim Gerlach of A/C Trading, Indiana, stated that some traders feared Beijing would stop buying after the U.S. captured Venezuela's president, a Chinese strategic partner.
Gerlach stated that "the fact that they purchased beans despite the goings on is supportive."
The most active CBOT soybean contracts were up a cent to $10.63 per bushel at 11:30 am CST (1730 GMT). The benchmark contract reached its lowest level in October on Friday.
CBOT Corn rose by 2 cents to $4.46-1/2 per bushel. CBOT Wheat gained 1/2 cent to $5.13 per bushel. On Friday, wheat reached its lowest level since October. Corn hit a 2-week low on Monday and then turned higher.
Gerlach stated that the fear of dry weather damaging corn crops in Argentina was a factor in driving prices. Analysts kept an eye out for dryness in the U.S. wheat belts.
Josh Lawrence, an advisor consultant at IKON Commodities, said that "pockets of dryness" in the U.S. Plains supported wheat. The gains were still limited due to the abundance of supplies from major exporting nations.
Grain traders also watched investor flows, which are linked to changes in commodity indexes and were looking forward to the crop data that the U.S. Department of Agriculture is due to release next Monday.
(source: Reuters)