Latest News
-
Galp Secures Three Exploration Blocks in Brazil
Portugal's Galp has been awarded three offshore blocks as part of Brazil’s fifth Open Permanent Concession bid round.Galp acquired offshore early-stage exploration blocks P-M-1670/1672/1741 in the Pelotas basin, in the southern region of the country.The awarded consortium is composed by Petrobras, as operator with 70%, and Galp with a 30% interest.The gross aggregate signature bonus for the blocks amounts to approximately $2.08 million.The fifth cycle of the Permanent Concession Offer hosted today by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).
-
EEW SPC Delivers Last Three Monopiles for Sofia Offshore Wind Farm
EEW Special Pipe Constructions (EEW SPC) has loaded out the last three monopiles for RWE’s 1.4 GW Sofia offshore wind farm, being built off the U.K.’s North East coast.The total of 100 monopiles, with weights of 1,143 to 1,521 tons and lengths of up to 91.8 meters, were loaded onto a barge without incident using the RoRo (roll on/roll off) method with EEW's own SPMTs.In the meantime, 90 foundations have been transported to the installation site in the North Sea and installed by the transport and installation company Van Oord using the ship Aeolus.The Sofia wind farm will go into operation in 2026 and will then produce green electricity for around 1.2 million British households.Currently under construction on Dogger Bank, 195 kilometers from the nearest point on the U.K.’s north east coast, it will comprise 100 Siemens Gamesa 14 MW offshore wind turbines.First Turbine Stands Tall at RWE’s Sofia Offshore Wind FarmSofia Offshore Wind Farm Buzzing with Construction Activity
-
Dalian iron ore continues to decline as China property slump weighs
The price of iron ore futures eased on Thursday for a sixth consecutive session, as the protracted property crisis in China continued to weigh down on demand prospects. As of 0300 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.36% lower. It was priced at 692.5 Yuan ($96.32), per metric ton. The benchmark July ore traded on the Singapore Exchange at $92.35 per ton. Hexun Futures, a broker, stated in a report that the Chinese downstream demand has entered its off-season and inventories are continuing to build. Steelhome data shows that the total iron ore stocks across Chinese ports increased by 1.06% in a week to 133.4 millions tons as of June 13. Hexun added that the market has become cautious and real estate sales have slowed. Official data released on Monday showed that China's new house prices dropped in May, continuing a stagnation of two years. Goldman Sachs projected late Monday that demand for new homes will remain below the 2017 market peak in the coming years. This suggests that China, the second largest economy in the world, is in for a prolonged property slump. The dollar index (which measures the currency in relation to six other units) was at 98.957, and it is expected to gain 0.8% for the week. This will be its best weekly performance since the end of February. Dollar-denominated investments are less affordable for holders of currencies other than the greenback. Coking coal and coke, which are both steelmaking ingredients, fell by 1.07% and 0.69 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange are mixed. The benchmarks for steel on the Shanghai Futures Exchange were mixed.
-
As Middle East tensions increase demand, gold prices are on the rise
Gold prices rose on Thursday as the Middle East tensions boosted demand for safe-haven assets. However, the cautious U.S. Federal Reserve stance regarding future rate reductions kept gains in check. As of 0215 GMT, spot gold rose 0.2% to $3,376.48 per ounce. U.S. Gold Futures fell 0.4% to $3393.70. Gold has seen a modest rise as we wait for the next step in the Israel-Iran dispute. "If the U.S. decides to directly get involved in the conflict, this could increase the geopolitical risks," KCM Trade's Chief Market Analyst Tim Waterer stated. As geopolitical tensions increased, U.S. president Donald Trump refused to confirm whether the U.S. will join Israel in its bombardment of Iranian missile and nuclear sites on Wednesday. Residents of Tehran were forced to flee the city as air strikes continued. Two U.S. government officials said on Wednesday that the U.S. military had moved aircraft and ships out of bases in the Middle East which could be vulnerable to an Iranian attack. Gold is used to store value in times of geopolitical or financial uncertainty. The Fed kept interest rates unchanged on Wednesday. Fed policymakers are still expecting to cut rates by a half-percentage-point this year but have slowed down the pace. Jerome Powell, Fed chair, warned against placing too much emphasis on this forecast, warning that "meaningful" inflation is coming as import tariffs increase. "The Fed wasn't as dovish and hawkish as many had hoped. I would argue Powell was just a little more hawkish than most people wanted. Matt Simpson, senior analyst at City Index, said that the U.S. Dollar is likely oversold and this will likely cap gold gains over the next couple of weeks. Platinum rose 1.5% to 1,342.36, and palladium increased 0.6% to 1,055.18.
-
Copper prices remain flat as traders evaluate geopolitical risk and supply constraints
The Shanghai Futures Exchange (SFE) and London Metal Exchange (LME) saw a largely flat price for copper on Thursday as the market focused mainly on the developments in the Israel/Iran conflict, while a tight supply supported the price. The LME’s three-month contract for copper was almost flat at $9,657.50 a metric ton as of 0107 GMT. SHFE’s most traded copper contract also showed little change, with a decline of 30 yuan, to 78 590 yuan (about $10,930.31) per ton. Investors closely followed tensions in the Middle East as U.S. president Donald Trump kept the rest of the world guessing as to whether Washington would join Israel’s bombardment against Iranian nuclear sites. The conflict entered its seventh-day. ANZ stated that in the long term, "any sustained increase in energy prices will likely end up weighing on the copper markets due to the higher costs to producers," Copper supplies are limited, and stocks are low In LME-registered storage warehouses, 107,350 tonnes has dropped 60% since March and is at its lowest level since May 2024. The U.S. Central Bank held interest rates at the same level on Wednesday, signaling that borrowing costs will likely continue to decline in 2025 (nL6N3SL0HH), while the U.S. Dollar Index traded higher against the majority of major currencies. Metals prices tend to rise when the dollar increases, limiting gains in price. LME aluminium remained flat at $2.546, tin rose by 0.3% to $22,465, while zinc gained 0.1%, reaching $2,640. Lead increased 0.1%, to $1.995.5. Nickel increased 0.1%, to $15,065. SHFE nickel rose by 0.6% to 119.030 yuan per ton. Tin increased 0.3% to 264,240 yuan. Aluminium advanced 0.2% at 20,680, lead advanced 0.2% at 16,870, and zinc fell 0.1% to 21980 yuan. Click or to see the latest news in metals, and other related stories. (GMT 1100 UK BOE June Bank Rate)
-
Nippon Steel CEO downplays risk of management freedom under US golden share
Nippon Steel's CEO stated on Thursday that the U.S. Government's ownership in a golden stake in U.S. Steel would not prevent it from taking management actions as it sees fit. Eiji Hashimoto spoke at a Tokyo press conference a day after Japan’s top steelmaker completed its $14.9 billion purchase of U.S. Steel. The companies confirmed they agreed to grant the U.S. Government unusual powers, which helped to end Nippon Steel’s 18-month struggle for a deal. The agreement on national security signed with the Trump Administration gives the government an economic golden share, and the president has the power to name board members. Hashimoto replied, "It will not prevent us from doing whatever we want," when asked about the impact of golden shares on management freedom. He said that Nippon Steel had proposed the golden share. After a long and rocky road to approval, spurred on by high-level opposition from politicians, the final deal reached with the U.S. Government represents an unusually high level of control that the companies conceded to save the deal. The golden share grants the U.S. Government a veto on any future acquisitions, relocation of U.S. Steel from Pittsburgh, a change in name, or a possible transfer of jobs abroad. Nippon Steel is also required to invest approximately $11 billion by 2028 in the U.S. as part of the agreement signed with the Administration. Hashimoto stated that he did not see any problem with this requirement, as the company intends to expand its investments beyond current plans. He said that the Trump administration's shift in policy towards higher tariffs increased the strategic value of the U.S. Steel purchase. (Reporting and writing by Yuka Obayashi, Editing by Sonali Paul; Written by Chang-Ran kim)
-
As the Middle East conflict escalates, Asian stocks fall and gold increases with yen.
The stock markets in Asia dipped on Thursday, while safe havens like gold and the Japanese currency gained. Investors remained on edge as they awaited the United States' possible involvement in the Israel-Iran war. Donald Trump, who spoke to reporters in front of the White House Thursday, said, "I might do it." I may or may not do it." The Wall Street Journal reported that Trump told his senior aides that he had approved plans for an attack on Iran, but was waiting to give the final order until Tehran abandoned its nuclear program. The Nikkei fell 0.8% in Japan, and the yen's strength, which lowers overseas revenue for Japan's major exporters, added to the downward pressure. Taiwan's benchmark stock index fell 0.9% and Hong Kong's Hang Seng dropped 0.8%. U.S. S&P500 futures were 0.4% lower on Thursday, despite the fact that most U.S. market are closed for a holiday. Gold rose 0.3% to $3.378 an ounce. Kyle Rodda is a senior financial market analyst at Capital.com. He said, "Market participants are still edgy. He said: "Speculations remain rife -- probably strategically fed by the Trump Administration -- that the U.S. would intervene. This would be a material escalation, and could invite direct retaliation by Iran against the U.S. This scenario could lead to a regional conflict that would have implications for the global energy supply, and possibly economic growth. Brent crude slipped to $76.32 a barrel but was still not far off the peak reached Friday, which was $78.50. The yen rose 0.2%, to 144.92 dollars, and the U.S. dollar itself gained 0.1%, to $1.1472 euros, and 0.2%, to $1.3398 against sterling. The Swiss Franc fell 0.1%, to 0.8193 dollars. Both the Bank of England (BOE) and the Swiss National Bank (SNB) will announce their policy decisions in the afternoon. The BOE is expected to maintain interest rates at current levels, while the SNB may cut rates by up to 25 basis points. The Federal Reserve sent mixed messages to the markets overnight. As expected, policymakers kept rates at the same level and maintained projections of two quarter-point cuts in interest rates this year. Jerome Powell, the Fed chair, was cautious about future easing, and said at a press conference that he expected "meaningful" inflation as a result Trump's aggressive tariffs.
-
Oil prices fall as investors consider the possibility of US intervention in Iran/Israel conflict
Oil prices fell on Thursday, as investors were hesitant to make new investments after U.S. president Donald Trump's mixed signals about the country's possible involvement in the ongoing Israel/Iran conflict. Brent crude futures dropped 37 cents or 0.48% to $76.33 per barrel at 0110 GMT, after rising 0.3% during the previous session, which was marked by high price volatility. Prices fell as much as 2.7%. U.S. West Texas Intermediate Crude for July dropped 28 cents or 0.37%, to $74.86 per barrel. It had risen 0.4% the previous month despite a drop of up to 2.4%. The August contract, which is more active, was down 21 cents or 0.29% to $73.29 per barrel. Tony Sycamore said that traders are still waiting to see if the next step in the Israel-Iran conflict will be a U.S. military strike or peace negotiations. Sycamore stated that the former could cause prices to increase by $5, while peace talks may lead to a decline of about the same magnitude. Trump told reporters on Wednesday that he could decide to have the U.S. join Israel's missile attacks against Iran. On Thursday, the conflict entered its seventh day. Analysts say that direct U.S. involvement in the conflict would escalate the conflict and increase the risk of an attack on the energy infrastructure. Iran is OPEC’s third largest producer. It extracts about 3.3 millions barrels of crude oil per day. The Strait of Hormuz is a vital waterway that transports 19 million barrels of oil per day (bpd) and its products. There are widespread concerns about the impact of the fighting on trade. The U.S. Federal Reserve held interest rates at the same level on Wednesday, but penciled in two rate reductions by the end the year. Jerome Powell, the chair of the Federal Reserve, cautioned that rate cuts will be "data dependent" and said more consumer inflation was expected as a result of President Trump's import tariffs. Lower interest rates could stimulate the economy and increase demand for oil. However, this could also lead to an increase in inflation. (Reporting and editing by Christian Schmollinger; Colleen howe)
Suriname voters to select government that will lead oil boom predicted
Suriname voters, who are on the verge of an oil boom predicted, will head to the polls this Sunday to elect the new parliament that will choose the country's president.
There has been little discussion about the income that the Gran Morgu offshore oil and Gas project, due to start production in 2028, will generate for the next government. The contest is marked by allegations of fraud.
Suriname is making its first offshore project under the leadership of TotalEnergies. Former Dutch colony Suriname, independent since 1975 has discovered reserves which may allow it compete with its neighbor Guyana, whose economy grew by 43.6% in the last year.
Suriname's new government will be led by the party that has the most seats, possibly through a coalition of smaller parties. However, negotiations and the selection of a president is expected to take several weeks.
Chan Santokhi, the president of the ruling Progressive Reform Party and Krishna Mathoera, the defense minister are both potential presidential candidates. The National Democratic Party, founded by Desi Bouterse - who died as a fugitive in 2013 - may support Jennifer Simons or former Vice President Ashwin Adhin, or Bouterse’s widow Ingrid Bouterse.
From the coast to the jungle, just under 400,000 voters are eligible to vote for 51 national legislators and 784 representatives from each region. The average voter turnout has been around 75%.
Santokhi has not ruled any cooperation out with other parties. He led 1,700 people on a bike ride through Paramaribo, after which he distributed orange bicycles with the word "Chan" emblazoned on their frames.
Santokhi, an ex-police commissioner aged 66, told television viewers on Wednesday that "we cannot say: cooperate with them, or don't collaborate with them." "Because in the end, it's up to the voters whether they will vote for those parties."
Coming Oil Revenue
Simons, the 71-year-old leader of the opposition NDP party, told Dutch media that she believes the Dutch government is planning a "massive scam" and polls showing a possible VHP victory are part of the plot.
Simons, the doctor who was speaker of parliament from 2010 to 2020, said that NDP polls show the party will receive more than twice as many votes as the VHP whose leaders laughed off the allegations of fraud.
A poll commissioned the Times of Suriname revealed 39.4% of support for the NDP, and 21.5% of support for the VHP. Meanwhile, a poll conducted by LC Media indicated that the VHP had 17 seats, three more than the NDP.
Bouterse, the NDP and Surinamese Politics dominated Surinamese for decades. He left office in 2010, the year that he was found guilty of the 1982 murders 15 government critics.
Bouterse fled into hiding after the 2023 conviction. He died on Christmas Eve at age 79 in an unknown location.
Ingrid, his widow, is active in the campaign and on NDP’s list of parliamentary candidates. She regularly asks her Facebook friends whether she should be in parliament or president.
The parties have made vague promises about improving health, education and the economy. But the Citizens' Initiative for Participation and Good Governance, a civil society coalition, said that in a report released on Wednesday, they had failed to provide specifics regarding the spending of oil revenues.
"None has a plan that is clear and specific for the revenue from the Gran Morgu Project," BINI stated, but it added that promises might not be important when it comes to negotiations with coalitions.
"It's primarily about dividing up the cake - which people get what positions or ministries – not about the best thing for the country," BINI stated.
(source: Reuters)