Latest News
-
MORNING BID EUROPE-A November to keep in mind ...
A take a look at the day ahead in European and international markets from Stella Qiu Asian markets started what guarantees to be a special month on the careful side, with financiers avoiding danger assets ahead of Friday's U.S. jobs data and next week's governmental election. A lot of Asian shares were down, led by a 2.3% drop in the Nikkei. Chinese stocks were an outperformer, with Hong Kong's. Hang Seng index up 1.6% after a personal survey revealed. that China's vast production sector returned to expansion in. October. The Caixin/S&& P International production PMI for China strengthened. upbeat findings the day before in an official study and. recommends that the downturn on the planet's second-largest economy. may have troughed, as a series of federal government stimulus measures. begins starting to boost development. Oil extended its newest rally into a third day, up almost 2%. on Friday after reports that Iran was preparing a retaliatory. strike on Israel from Iraq in the coming days. The dollar recouped some of its losses on the yen, however. currencies were range-bound overall. Looking ahead to Europe, financiers discovered some solace in an. earnings beat by Amazon, which jumped 5.3% after the bell and. added $104 billion to its market cap. Both EUROSTOXX 50 futures. and FTSE futures inched up 0.1%. Investors will be enjoying if UK gilts extend their sell-off. and whether the pound would break its 200-day moving average as. markets hand down their judgment on Chancellor Rachel Reeves'. debut budget. Experts fear the spending-heavy spending plan might put upward. pressure on inflation and had financiers wagering that the Bank of. England may have to slow the rate of future rate cuts. Two-year. gilt yields have actually risen 27 basis points so far this. week to the greatest because May, although that appears tame compared. with the 89-basis-point rout that followed Liz Truss' 2022. effort. In the U.S., profits are due from Exxon Mobil and Chevron,. in addition to the high-profile ISM production study and the. non-farm payrolls report. Hurricanes and strikes have made it difficult to read the tasks. data. Projections are centred on an increase of 113,000 new jobs in. October however a strong ADP report and lower jobless claims data. suggest the dangers are to the advantage. The joblessness rate most likely stayed at 4.1%, so barring a. major surprise, markets will likely adhere to wagers that the. Federal Reserve will cut by a quarter-point next Wednesday. That. is more than 94% priced in. Of course, the day before that there is the U.S. governmental election, with prospects Donald Trump and Kamala. Harris running neck and neck. Some financiers have actually been trading. on expectations that a Trump win could bring inflationary. policies. Key advancements that could influence markets on Friday: -- UK producing PMI -- U.S. non-farm payrolls -- ISM Production survey -- Exxon Mobil, Chevron profits
-
London copper gains on softer dollar, but heads for weekly fall
London copper edged up on Friday as a. softer U.S. dollar made greenbackpriced metals cheaper to. holders of other currencies, however was set for a weekly decrease. in the middle of care ahead of the U.S. governmental election and a key. policy meeting in China. Three-month copper on the London Metal Exchange (LME). rose 1% to $9,596 per metric load by 0403 GMT, while the. most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) rose 0.2% to 76,610 yuan ($ 10,751.83) a. lot. LME copper is set for a fifth straight week of decline, down. 0.1% so far today. The dollar index was headed for its very first weekly loss in. 5 weeks and steadied on Friday, as financiers waited for the U.S. jobs report ahead of the Federal Reserve's monetary policy. meeting and a close-call U.S. governmental election next week. The outcome of the Nov. 5 election will choose how the. policies on the planet's greatest economy will shape in the next. 4 years. The Chinese legislative body will fulfill in between Nov. 4 and. Nov. 8 and market participants are expecting stimulus procedures. that could enhance physical metals demand. The premium to import copper into China has been steady at. $ 48 a load, below $69 last month, suggesting softer demand. LME aluminium rose 1% to $2,642.50 a lot, nickel. increased 0.4% to $15,775, zinc advanced 0.9% to. $ 3,057, lead climbed 1.1% to $2,041.50 and tin. gained 0.8% at $31,470. SHFE aluminium edged up 0.5% at 20,845 yuan a ton,. tin included 1.3% to 257,550 yuan, lead edged up. 0.6% at 16,790 yuan, nickel rose 0.3% to 124,140 yuan,. while zinc fell 0.4% to 25,030 yuan. For the top stories in metals and other news, click. or.
-
Iron ore dips on demand concerns but headed for weekly rise
Iron ore futures costs dipped on Friday, however were on track for weekly gains as investors weighed a softer international demand outlook against much better financial information from top consumer China and potential customers of more stimulus from Beijing. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) ended early morning trade 0.77%. lower at 776.0 yuan ($ 108.95) a metric heap. It has acquired 1.37%. up until now today. The benchmark December iron ore on the Singapore. Exchange was 0.61% lower at $103.05 a lot, since 0340 GMT. It. has actually risen 2.35% so far today. China's brand-new home prices increased at a faster pace in October,. suggesting that recent support procedures might be having some. early effect in a crisis-hit market. Production activity on the planet's second-largest economy. swung back to development last month as a growth in brand-new orders. led to a pick-up in production development. Nevertheless, brand-new export orders decreased to an eight-month low,. signalling weakening external demand, which has actually been among the. main drivers behind a stronger-than-expected production. efficiency for much of 2024, ING analysts said. Moving forward, we'll need to see if the stimulus rollout. can cause a healing of domestic demand to offset potentially. softer external demand image, which might be even less. beneficial if we see a Trump success and subsequent escalation. of tariffs, said the ING experts. On the other hand, imported iron ore stocks at 45 significant Chinese. ports posted their fourth consecutively weekly rise in the week. to Oct. 31, showing a lower discharge volume, consultancy. Mysteel said in a note. Other steelmaking ingredients on the DCE lost ground, with. coking coal and coke down 0.37% and 0.59%,. respectively. Steel criteria on the Shanghai Futures Exchange were. weaker. Rebar lost almost 0.6%, hot-rolled coil. dipped about 0.3%, wire rod shed nearly 1.2%. and stainless-steel edged around 0.1% lower.
-
RWE Secures All Permits for Construction of Denmark’s Largest Offshore Wind Farm
The Danish Energy Agency has granted RWE the offshore construction permit for 1.1 GW Thor offshore wind farm, marking the final authorization ahead of construction start set for spring 2025.Good progress is already being made on land, with the laying of cables and the construction of an onshore substation in the municipality of Lemvig.At the beginning of 2025, RWE will prepare the seabed for the construction activities, which will kick off in spring when the foundations are installed.Turbine installation is scheduled to begin in 2026, RWE said.Located approximately 22 kilometres off the west coast of Jutland, Thor will consist of 72 Siemens Gamesa wind turbines of SG 14-236 DD type.Half of the turbines will be equipped with CO2-reduced steel towers and 40 turbines will use recyclable rotor blades.The plan is to perform the turbine installation works from the port of Esbjerg. The port of Thorsminde will serve as an operations and maintenance base, creating 50-60 local jobs.Construction of RWE’s new service building is expected to start later this year. Thor is expected to be fully operational by no later than the end of 2027.“With our Thor project we are delivering Denmark’s largest offshore wind farm to date. But it is not just the size of the project that makes us ambitious.“We are also leading the way with investments in new sustainable technology with recyclable rotor blades and turbine towers made of greener steel. Denmark is already a pioneer when it comes to renewable energy and innovative solutions. We are proud to contribute to this journey with Thor,” said Thomas Michel, COO RWE Offshore Wind.
-
Control System Automation Maximizes Your Operation
Pressure control equipment is the backbone of the Oil and Gas Industry. It is the first and last line of defense in pressure and flow control. Advancements in valves, chokes, blowout preventers (BOPs), relief valves, and other equipment have allowed our industry to become exponentially more efficient in the production of Oil and Gas. If pressure control equipment is the backbone of our industry, then the control and automation systems are the brain. Originally designed to eliminate human presence in hazardous areas, these systems have evolved with technology, expanding their capabilities.As pressure control equipment has progressed, so have the control systems used to control and monitor its operation. Most of this equipment operates manually, requiring personnel to enter a high-pressure area, “red zone”, and expose themselves to potentially dangerous environments while actuating the equipment. Over time, injuries and accidents have led many operators to require this equipment to be remote-controlled using hydraulic, pneumatic, or electric actuation. This necessity led to the development of remote-control systems to monitor and control these actuators.CORTEC Hydraulic Choke & Valve Command Center Control Panel in the FieldAs recently as 30 years ago, most control systems were analog; they were generally hydraulic power units (HPUs) with minimum monitoring instrumentation. Industry standards, such as API 16C, API 16D, and others, exist that dictate the basic requirements for critical well control systems like choke and kill and BOP systems. These standards are regularly reviewed and constantly evolving, yet they only represent the minimum requirements for controlling and monitoring this equipment. These minimum requirements are sufficient to perform pressure and flow control operations safely in most instances, but higher levels of functionality are available. Basic remote-controlled systems will open and close chokes and valves as the user directs, and will monitor pressures and positions to control the equipment as if it were being manually controlled. However, the advancements in electronic and hydraulic components have revolutionized the design of control systems. These technological developments have enabled the creation of systems that operate with higher efficiency, offer greater access to information, and empower operators to exercise better control over their equipment, significantly enhancing the overall performance and reliability of control systems across the industry.CORTEC_CX-HB3.0 Hydra-Balance Dual Choke Setpoint SystemAdvanced control systems can host a myriad of sensors that display and record information based on user-specific set points, such as pressure, flow rate, and position, which has proven to be very efficient and eliminates human error. By continuously monitoring pressure levels and making rapid adjustments through automated valve and choke control, these systems prevent dangerous situations, helping optimize process performance while minimizing the need for manual intervention and alerting users to issues before they become catastrophic. The data collected by these advanced control systems can be aggregated and analyzed to develop better procedures for operations, resulting in improved efficiency. Nevertheless, control and automation systems are not “one size fits all”; they vary based on an operator’s specific needs. What is being controlled? What is the operation? What information is needed for control, such as temperature, pressure, position, fluid level, flow rate, etc.? What can we automate? What safeguards do we need to put in place? These are some of the questions we ask in the preliminary design stage of a control system.In most cases, users are often unaware of the potential for automation and are frequently surprised by unique suggestions for automating operations they usually perform manually. Instead of settling for minimal control, CORTEC aims to create control systems that can optimize the performance of your pressure control equipment and enhance your overall operation. We provide a variety of options, including standard API 16C monogrammed drilling choke control systems, resettable relief valve controls, choke command centers, frac relief valve control, auto bleed-off and equalization systems, and automated sand dump control systems, to name a few.CORTEC CX-EC3. MPD Choke Setpoint_SystemCORTEC offers turnkey automated solutions to complement our choke and valve products for drilling and completion operations. These solutions deliver systems with precise control in a simple, manageable package. Our experienced team has designed these control system configurations to accommodate a variety of end-user preferences. Whether you need a single setpoint system or conventional well control, CORTEC has the expertise and capability to deliver custom compact control consoles or larger command centers that meet your specific requirements and result in a substantial reduction in operating costs and increased efficiency.To learn more about how CORTEC can help you maximize your operation with turnkey automated solutions, visit uscortec.com/products/automation or contact us directly at [email protected] .
-
Indonesian authorities says someone dead in cooking oil factory near Jakarta
A single person has passed away in big fire at a cooking oil factory near the Indonesian capital Jakarta, with around 20 firefighting trucks at the website attempting to contain the blaze, regional fire authorities stated on Friday. Video Footage from City TV showed large flames and rippling black smoke coming out of a building in the centre of the complex in Bekasi, a city on Jakarta's eastern edge. The report said roadways had actually been surrounded the factory. Haryanto, a fireman who was at the factory complex, informed Reuters that a person had actually been discovered dead at the site. The factory is operated by PT Primus Sanus Cooking Oil Industrial (Priscolin), Maswa, a staffer at the local fire department, informed Reuters.
-
Oil climbs more than $1/bbl on reports Iran preparing to strike at Israel
Oil rates extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical stress in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Brent unrefined futures, which have rolled to the January agreement, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT. U.S. West Texas Intermediate crude futures rose $ 1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session. Israeli intelligence recommends Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the U.S. presidential election on Nov. 5, Axios reported on Thursday, mentioning two unknown Israeli sources. The attack is expected to be carried out from Iraq using a. large number of drones and ballistic missiles, the Axios report. added. Oil prices were also supported by expectations that OPEC+. could postpone December's organized boost to oil production by a. month or more, four sources near to the matter told Reuters on. Wednesday, mentioning concern about soft oil need and increasing. supply. A choice to postpone the boost might come as early as. next week, two of the sources said. However, rates are set to fall more than 1% for the. week, struggling to recuperate from a 6% loss on Monday after. Israel's strike against Iran's military on Oct. 26 bypassed oil. and nuclear facilities and did not disrupt energy supplies. In spite of the crude oil market seeking to secure a third. straight day of gains, it has been unable to entirely eliminate. the big space lower that followed Monday's re-open, said IG. market expert Tony Sycamore based in Sydney. However, WTI's rebound ought to extend back towards where. it closed last Friday at about $71.80, he included, as tensions in. the Middle East went back to focus. After that, though, all bets are off. I believe it will. depend upon who wins the U.S. election and what fiscal stimulus. details, if any, come from the NPC standing committee conference,. Sycamore stated, referring to major events in the U.S. and China,. world's largest oil consumers, next week. In China, production activity swung back to development in. October, a private-sector survey revealed on Friday, echoing an. official survey on Thursday that revealed production activity. expanded in October for the first time in six months. Both. surveys suggest stimulus measures are having an impact. U.S. gasoline stockpiles fell unexpectedly recently to a. two-year low on strengthened need, the Energy Details. Administration (EIA) stated on Wednesday, while unrefined inventories. also posted a surprise drawdown as imports slipped. The world's biggest oil producer pumped a regular monthly record. high of 13.4 million barrels per day in August, EIA said.
-
Prince William heads to South Africa for green prize event
Prince William jets to South Africa next week for the start of a 4 field trip which will take in the annual awards ceremony for the British heirtothe throne's multimillion dollar environmental reward. William takes a trip to Cape Town on Monday for a series of occasions to promote his Earthshot Reward, while he will likewise attend the United for Wildlife Global Summit and have a meeting with South African President Cyril Ramaphosa during his stay. His royal highness is anticipating hanging out with individuals from South Africa and throughout the wider continent, also as celebrating the amazing environment services that will be highlighted, Kensington Palace stated in a statement. The trip will be the Prince Of Wales' first to South Africa since 2010, and he will be making the see alone as his other half Kate is still managing a go back to work after ending up a course of preventative chemotherapy for cancer. William, who like his dad King Charles has become an eager environmental advocate, established the Earthshot Prize in 2020, influenced by his last see to Africa six years earlier. A nod to former U.S. President John F. Kennedy's moonshot. project which led to the 1969 lunar landing, its goal is to find. innovations to fight climate and other green problems, and awards. 5 winners 1 million pounds ($ 1.3 million) each to drive their. tasks. The event itself will be held on Nov. 6, hosted by U.S. star Billy Porter and South African television presenter Bonang. Matheba, and will also feature efficiencies by the similarity. Nigerian pop star Davido and Tanzanian vocalist Diamond Platnumz. Supermodel Heidi Klum and actress Nina Dobrev will be amongst. the celebs revealing the winners. I can't wait to be part of a night that celebrates. imagination, human ingenuity, and artistry in all its various. kinds, Porter stated.
Gold little altered ahead of US payrolls data
Gold traded bit changed on Friday as investors avoided taking big positions ahead of the U.S. payrolls data that could provide additional ideas about the Federal Reserve's rate of interest outlook.
Area gold was flat at $2,746.09 per ounce, since 0235 GMT. Rates ended lower on Thursday after striking a record high of $2,790.15 in intraday trade.
U.S. gold futures rose 0.2% to $2,755.70.
Investors are still in the state of mind of buying the dips and that strategy is still going to hold through the (U.S.). election, and maybe after that due to the fact that there is going to be a. great deal of turmoil, said Marex expert Edward Meir.
Democratic Vice President Kamala Harris held a marginal 46%. to 43% lead over Republican former President Donald Trump, with. a glum electorate saying the nation is on the incorrect track, a. brand-new Reuters/Ipsos survey discovered.
Gold prices gained more than 4% in October in the middle of safe-haven. circulations spurred by the Middle East stress and U.S. election. unpredictability.
Market focus is now on the U.S. nonfarm payrolls report, due. at 1230 GMT, for ideas about the health of the world's largest. economy.
Traders see a 95% possibility of a 25-basis-point Fed rate cut. next week, the CME FedWatch tool showed.
With no indications of recession and inflation decreasing, the. economy looks positive ... the secret now is how rapidly the Fed. will decrease rates, Meir said.
Zero-yield gold flourishes in a low interest rate environment.
Information on Thursday revealed that U.S. labour expenses recorded. their tiniest boost in more than 3 years in the 3rd. quarter, while the number of Americans submitting brand-new applications. for welfare was up to a five-month low recently.
Among other metals, area silver was flat at $32.65. per ounce and platinum was nearly the same at $987.64.
Palladium fell 0.42% to $1,101.00, hitting a more. than one-week low.
(source: Reuters)