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Fossil Fuels

Oil Refineries

Sources say that Asia is increasing its imports of US WTI oil as Middle East prices increase.

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulphur oils. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

Fossil Fuels

Sources say that Asia is increasing its imports of US WTI oil as Middle East oil prices increase.

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulfur oil. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

Fossil Fuels

Bessent: US will not rush trade deals before August deadline. We will speak with China.

Scott Bessent, U.S. Treasury secretary, said that the Trump administration was more concerned about the quality of trade deals than their timing. The deadline to secure a deal by August 1 or face steep tariffs is approaching. Bessent said in an interview with CNBC that "we're not going rush to do deals just for the sake doing them." Bessent responded that the decision would be made by Donald Trump, U.S. president. "We'll wait and see what the President wants to do." "But again, if somehow we boomerang to the August 1, tariff, I'd think that a high tariff level would...

Fossil Fuels

Japan's reality check on Couche-Tard’s grand retail dreams

Alimentation Couche-Tard, which owns Circle-K, pulled out of its $46 billion offer for Seven & i after a year-long pursuit. The Japanese consumers have emotional ties with the rice ball seller. After a year-long pursuit the Canadian company that owns Circle-K withdrew their bid after a "calculated campaign of obfuscation" and "delay" by Seven-Eleven and lack of engagement from its founding Ito Family. Couche-Tard announced the proposal for Seven & i in August of last year. Shareholders were pressing Seven & i to increase returns by selling assets and focusing its core convenience store business. Michael Causton, consultant at JapanConsuming,...

Oil & Gas

Couche-Tard withdraws its $46 billion bid to buy Japan's Seven & i

Alimentation Couche-Tard, a Canadian retailer, withdrew a $46 billion takeover bid for Japan's Seven & i Holdings. It blamed the lack of constructive engagement on the part of Japanese retailer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. This is the timeline for the bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars)....

Oil & Gas

New York Times Business News - July 17,

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in...

Oil & Gas

Couche-Tard withdraws its $47 billion bid to buy Japan's Seven & i

Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion takeover bid for Japan's Seven & i Holdings. It blamed the Japanese retailer for ignoring its offer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. Here is the timeline for a bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven...

Fossil Fuels

Nikkei falls on ASML warning after Japan's chip shares are sold off

The Nikkei 225 index in Japan fell on Thursday as a result of a decline in shares related to chip-making tools after Dutch supplier ASML issued a warning about revenue. As of 0214 GMT the tech-heavy Nikkei index was down 0.3% to 39,544.62. The two largest drags on the index were chip-sector giants Tokyo Electron (down 0.3%) and Advantest (down 0.3%). Topix as a whole, on the other hand, only managed a 0.1% increase. Seven & i Holdings was the Nikkei’s largest decliner, in terms of percentage. It fell 7.8% when Alimentation Couche-Tard (Canada) ended its bid to take over...

Fossil Fuels

Couche-Tard withdraws its $47 billion bid to take over Seven & i

Alimentation Couche-Tard, a Canadian retailer, announced on Wednesday that it had withdrawn its $47 billion bid to acquire Seven & i Holdings. The company cited a lack "constructive engagement" with the Japanese family who founded the Japanese firm. Couche-Tard's attempt to merge Circle K and 7-Eleven into a global convenience-store giant with 20,000 stores ended after a year-long effort. In an effort to reduce regulatory obstacles, it had also agreed on a plan to sell stores. In a letter addressed to the board of directors, Couche-Tard stated that "we have sought to have a dialogue with the Ito Family on...

Fossil Fuels

The Canadian oil sands became one of the lowest-cost plays in North America

The use of giant shovels, driverless vehicles and a robot that looks like a dog have helped Canada's Oil Sands companies, including Imperial Oil and Suncor, become some North America's low-cost oil producers. This has been achieved despite the fact that U.S. Shale costs rose due to the highest inflation rates in decades. Canada's oil sands sector is in a strong position as the global oil market enters a downward spiral due to economic uncertainty caused by U.S. Tariffs and OPEC+ pumping out more barrels. International oil majors such as BP, Chevron, and Total sold their oil sands interests after...

Oil & Gas Refining

Seven & i's profit is boosted by overseas convenience store profits

Seven & i Holdings, a Japanese company, announced on Thursday that its operating profit rose by 9.7% during the quarter from March to May, exceeding analysts' expectations, thanks to an improved performance of its overseas convenience store business. 7-Eleven is being pressured to improve its financial situation in response to a takeover offer of $47 billion from Alimentation Couche-Tard, based in Canada. Six analysts polled at LSEG estimated 58 billion yen as the profit for the first quarter. The Japanese retail giant announced previously a share purchase, that it is selling non-core assets and intends to list its North American...

Oil & Gas

Bankers show appetite for megadeals

Investment bankers were disappointed by the lack of mergers and acquisitions in the first half of the year. However, a surge of large deals in Asia as well as renewed optimism on U.S. stock markets may be setting the stage for megadeals. Dealmakers report that market uncertainties stemming primarily from U.S. president Donald Trump's tariff war, high interest rate and broader geopolitical conflicts hampered, but not derail, what bankers had expected to be a record-breaking year for global M&A. Dealmakers say that Trump's tariffs, which were launched by his "Liberation Day," on April 2, sent a chill through the market...

Crude Oil

Crude Oil

MORNING BID EUROPE - "Tariffs, please use this version"

Stella Qiu gives us a look at what the future holds for European and global markets. The deadline for tariffs has passed and Donald Trump has imposed new levies on imports, including from countries that have not yet signed a trade agreement. Canada was set at 35%, India at 25%, Taiwan at 20%, and Thailand, 19%. Switzerland received a staggering 39%, one of the highest rates. This raises the question: What does Trump have against the Swiss people? You're not buying enough American watches or chocolate? After months of posturing and meetings, delays, and truces that prompted investors to wonder...

Crude Oil

Morning Bid Europe-Remembering tariffs' downsides

Wayne Cole gives us a look at what the future holds for European and global markets. The Asian markets are quietly picking up after the U.S./EU Tariff Party turned out to be a failure. You felt relieved that only half of your house was destroyed. At least they didn't burn down the whole house. The euro has a slight firmer future and the dollar is steady at just below $1.1600. It was not surprising that the euro fell so quickly, given the crowded long euro/short-dollar trade. And it is suspected that speculators are soon going to sell the dollar. In...

Crude Oil

European stocks gain, euro dips after US-EU strike trade deal

The euro dropped in the early hours of trading on Monday, as investors welcomed a trade deal between the United States an the European Union. The STOXX 600 index opened 0.7% higher, and the euro was 0.3% lower against the dollar. This is the beginning of what appears to be an important week for President Donald Trump's trade war with the rest of the world. The EU will spend $600 billion in U.S. investment and impose a 15 percent import tariff on the majority of EU goods. It will also open up important parts to its market. Chris Turner, an...

Mining

Mineral Resources

Mineral Resources

Nippon Steel warns about a full-year loss after $1.3 Billion Q1 shortfall

Nippon Steel revised its forecast on Friday for the full fiscal to a loss of 40 billion yen (266 million dollars) from a profit of 200 billion yen previously. This was partly due to costs associated with its acquisition by U.S. Steel. After 18 months of trying to get the U.S. Government to approve the deal due to concerns about national security, Nippon Steel closed its $14.9billion acquisition of U.S. Steel in June. Nippon Steel announced that its full-year results would be affected by a special loss related to the U.S. Steel transaction, namely a loss of 231.5 bn yen...

Mineral Resources

ASIA GOLD-Gold Demand in Key Asian Hubs Improves amid Price Correction

The physical gold demand on key Asian markets has improved this week, as the price drop has sparked a renewed interest in buying. However, volatility is keeping some buyers cautious. On Wednesday, spot gold fell to its lowest level for a whole month and was on track to suffer a third consecutive loss. This week footfall was higher than the previous week. "Buyers were asking about the price trends and made small purchases," said an Indian jeweller based in Pune. The domestic gold price was around 97.700 rupees for 10 grams of gold on Friday, after reaching 100.555 rupees the...

Coal

China's iron ore exports continue to rise as storm clouds gather, Russell

Iron ore is the best performing commodity this year, with a price of over $100 per metric ton. This is despite signs that China's steel industry has been slowing down. The Singapore Exchange's most traded iron ore contract ended Wednesday at $101.71 per ton, down from $102.74 at its previous close. The rolling front-month contracts have traded within a narrow range this year. A high of $107.81 per ton was reached on February 12, and a low $93.35 per ton was achieved on July 1. This stability is due to the fact that China imports 75% of all seaborne volumes....

Mineral Resources

ArcelorMittal raises US tariff forecast to $150 mln

ArcelorMittal has increased its estimate of financial impact due to U.S. Tariffs. It now expects that they will reduce its core profits by $150 million in this year. This is more than the forecasted $100 million in February. Genuino Cristino, Genuino's finance chief, said that the world's second largest steelmaker will respond by increasing its manufacturing in America. Christino stated in an interview that the material we provide to the United States is of high value and cannot be replaced. "Our goal is to work closely with our customers to ensure that we can continue to provide, protect market shares...

Mineral Resources

The first quarter nickel output at Sumitomo’s Ambatovy Project fell by nearly 13%

Sumitomo Corp, a Japanese trading company, reported Thursday that the Ambatovy nickel project in Madagascar had experienced a 13% drop in production during the first quarter. The firm's full-year forecast remained unchanged. In the first quarter of this year, the company produced 7,000 tons of nickel. This is down from 8,000 tonnes last year. In February, production at the Ambatovy Project was halted for inspections of a pipeline which had ruptured in September last year. The company reported that operations gradually increased from April, and stabilised fully in early May. Sumitomo expects to produce nickel at the project between mid-30,000...

Mineral Resources

India's finished steel imports from April to June fell by nearly 30% due to slow shipments from China and Japan

According to preliminary government data reviewed on Tuesday, India's finished-steel imports fell nearly 30% during the first three month of the fiscal year that began in April due to a consistent fall in shipments out of China and Japan. Data showed that the world's second largest crude steel producer imported 1,4 million metric tonnes of finished steel between April and June, a decrease of 28.8% compared to a year ago. The data shows that China's exports fell by 45.8% and those of Japan by 65.2%. The data shows that China exported 0.3 million tonnes of finished steel to India in...

Mineral Resources

REACTION TO US-EU TRADE DEAL INSTANTLY

Donald Trump, the U.S. president, said that the United States had reached an agreement with the European Union on a deal which includes a 15% duty on EU goods entering the U.S. as well as significant EU purchases of U.S. military and energy equipment. He told reporters that the deal calls for the EU to invest $600 billion into the U.S. The deal follows the U.S. agreement with Japan signed on July 23, which reduced tariffs on imports of autos and other goods, in exchange for $550 billion worth of loans and investments destined for the United States. U.S. Stock...

Mineral Resources

Former Australia PM: US should focus on economic relations to compete with China.

Scott Morrison of Australia, who testified at a U.S. Congress hearing on countering China, urged the U.S. "to double down" on their economic engagement in Indo-Pacific, where Beijing has asserted influence. Morrison, speaking on Wednesday, said that economic security was the primary focus for many countries in Southeast Asia. U.S. leadership and Western investment give the region a choice. He said that when China was active in a country, it wasn't the U.S. and other allied interest that should be absent. Instead, they should double down on their efforts to be present even more to give them that choice. Morrison...

Mineral Resources

The US-Japan Tariff Deal: Key Facts

On Wednesday, U.S. president Donald Trump and Japanese prime minister Shigeru Ishiba announced that they had reached a deal on trade which will include a 15 percent tariff on U.S. imported goods from Japan. Here's the latest information. THE DEAL In a Truth Social post, Trump stated that the deal included $550 billion in Japanese investments into the United States, and an improved market access to Japan for American products including automobiles and rice. Prime Minister Ishiba announced that Japanese autos, which make up more than a quarter (25%) of the country's total exports to the U.S. will be subject...

Mineral Resources

Government mine inspections show a five-month record for coking coal

Prices of coking coal futures in China surged on Wednesday after a government inspection revealed that coal mine production was being disrupted. The Dalian Commodity Exchange's most active coking-coal contract closed the daytime session 11% higher. It reached the upper limit of the trading range for the third consecutive session, and it also touched its highest level since February 21. Coke's share price grew by 3.83%. State media confirmed that government documents calling on inspections of eight major coal hubs were true. Reports on Tuesday indicated that prices soared due to rumors of inspections involving a document purporting to be...

Mineral Resources

Iron ore falls on China's property weakness, but stimulus stems the losses

Iron ore futures declined on Wednesday. The weakness of China's real estate sector overshadowed the support provided by recent government stimulus plans and infrastructure projects. As of 0311 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.49% lower. It was 813 yuan (113.49 USD) per metric ton. The benchmark August Iron Ore at the Singapore Exchange fell by 0.61% to $104.7 per ton. China's outstanding real estate loans reached a record high of two years in June following a series property measures designed to stabilize the sector. The property slump continues to be...

Mineral Resources

Japan launches antidumping probe against stainless steel sheets imported from China and Taiwan

The Japanese trade and finance ministry announced on Tuesday that it has opened an investigation into the anti-dumping of nickel-based stainless steel cold-rolled sheets and strips imported to Japan from China and Taiwan. This move comes after a petition was filed by Nippon Steel, and other domestic producers, on May 12. They claim that they were forced to lower their prices because of a weakening demand in the domestic market, with buyers shifting to cheaper imports. The Ministry of Economy, Trade and Industry and Ministry of Finance intend to finish the investigation in a year and then decide if anti-dumping...