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The fuel oil rally is expected to slow down as the market adjusts to US-Iran policies
Fuel oil margins rose after U.S. president Donald Trump reimposed tougher policies on Iran. However, trade sources expect the rally to be short-lived due to an unclear disruption in supply, and weaker China demand, as well as broader tariff worries, weighed on sentiment. As traders have considered various factors and pondered the uncertainty of supply, there has been a volatile movement in the market this year, especially for high-sulfur fuel. A fuel oil trader stated that the recent increase in crack spread or traded margin was more of an emotional reaction. He added that Chinese demand remains a negative factor. According to sources, the Brent crack/HSFO 380cst for Singapore was discounted by about 70 cents per barrel on Wednesday morning. LSEG data shows that cracks were over 80% more expensive than in early 2025, when the discount was greater than $5 a barrel. End-January saw the front-month price reach a multi-year-high. HSFO benchmarks were supported because of the risk of tighter logistic after the U.S. imposed broader Sanctions on Russia. Market sources say that the strength of the dollar will be limited by a weaker demand. China's fuel imports will be affected by a rise in import taxes and a reduction of rebates due to the tax hike this year. Another fuel oil trader stated that the volatility of the market is also due to concerns about broader tariffs. Trump re-instituted Washington's strict policy towards Iran on Tuesday, including his campaign to "maximize pressure" on Iran, which includes efforts to reduce its oil exports to zero. Iranian oil is usually transported by a shadow fleet that hides its activities in order to avoid sanctions. (Reporting and editing by Rashmi aich; Jeslyn lerh)
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Gaza, ravaged by war, faces a multi-billion-dollar reconstruction challenge
Donald Trump, U.S. president, says Gaza could become "the Riviera of the Middle East". Under U.S. Ownership After Palestinians have been permanently relocated elsewhere. According to the United Nations, it will take billions of dollars to rebuild the coastal area after the war between Israel's militant group Hamas and the Palestinian militant Hamas. Here's a breakdown on the destruction caused in Gaza by the conflict that was sparked by the attack by Hamas militants on Israel, who ruled Gaza at the time. How many causalities are there? According to Israeli statistics, the Hamas attack against Israel resulted in 1,200 deaths. Gaza's Health Ministry reports that Israel's response has resulted in the deaths of more than 47,000 Palestinians. How long will it take to clear the rubble? According to a U.N. report released last month, clearing the rubble that was left behind after Israel's bombardment of Gaza could take up to 21 years and cost $1.2 billion. Asbest is suspected to be present in the debris. Some refugee camps that were hit during the war are known to have been constructed with asbestos. It is also possible that human remains are buried in the rubble. According to the Palestinian Ministry of Health, 10,000 bodies may be buried under debris. In January, a UNDP official stated that the conflict had set Gaza's development back 69 years. How many buildings have been destroyed? According to a U.N. Report released last year, it could take decades for Gaza's homes to be rebuilt. According to U.N. satellite (UNOSAT), data from December, two-thirds of Gaza’s pre-war buildings – over 170,000 structures – have been damaged or destroyed. This is approximately 69% of all structures in Gaza. According to UNOSAT, there are 245,123 total housing units. The U.N. humanitarian agency said that over 1.8 millions people in Gaza are currently in need of an emergency shelter. What is the INFRASTRUCTURE DISSERTATION? A U.N./World Bank report estimated that the damage to infrastructure would total $18.5 billion by end-January 2024. This includes residential buildings, commerce and industry, as well as essential services like education, health and energy. A January update from the U.N.'s humanitarian office showed that less than one-quarter of pre-war supplies of water were available. At least 68% the road network was damaged. How will Gaza feed itself? Satellite images analyzed by the United Nations reveal that more than half of Gaza’s agricultural land - crucial to feeding the territory's hungry people - has been damaged by war. The data shows that the Palestinian enclave is suffering from widespread hunger after 15 months of Israeli bombing. Last year, the U.N. Food and Agriculture Organization reported that nearly half of all sheep and 15,000 cattle had been killed or died in the conflict. WHAT ABOUT SCHOOL, UNIVERSITIES AND RELIGIOUS BUILDINGS? According to Palestinian data, the conflict in Gaza has destroyed over 200 government buildings, 136 universities and schools, 823 Mosques and three churches. The conflict has damaged many hospitals, and only 17 of 36 units were partially functional in January according to the U.N.'s humanitarian office. Amnesty International’s Crisis Evidence Lab has shown the extent of destruction along Gaza’s eastern border. By May 2024, more than 3,500 buildings, or over 90%, had been destroyed or severely damaged. (Updated by Stephen Coates, Edited by Sharon Singleton and William Maclean.
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Governor of Krasnodar says that a drone attack caused a fire at an oil depot in Russia.
The governor of Krasnodar said that a drone attack from Ukraine overnight caused a fire to break out at an oil storage depot in the southern Russian region. 55 firefighters were battling the blaze. In recent days, a series of drone strikes by Ukraine against Russia's energy infrastructure has sparked fires at a major refinery in Volgograd and at the Astrakhan Gas Processing Plant. Veniamin Kodratyev said, "The fire is contained and there are no injuries," on Telegram, as a team of 19 firefighters tried to extinguish flames. Kondratyev didn't specify which depot was burning or the extent of damage. In a Telegram message, the Russian Defence Ministry said that four Ukrainian drones had been destroyed overnight over Russian territory. However, it did not mention Krasnodar in the statement. The Ministry only reports the number of drones destroyed by its air defence system, and not how many drones were launched. Ukraine did not immediately comment. Kyiv claims that its attacks in Russia are meant to destroy infrastructure crucial to Moscow's conflict in Ukraine, and are in response for Russian bombing of Ukraine. (Reporting and editing by Himani Sarkar in Melbourne, Clarence Fernandez, and Lidia Kelly)
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Sino-US tariffs war and rising US crude stocks cause oil prices to fall
The oil prices fell on Wednesday, as market concerns about a Sino-U.S. new trade war and rising U.S. stockpiles offset President Donald Trump’s renewed push to end Iranian crude exports. Brent crude futures fell 39 cents or 0.51% to $75.81 per barrel at 0427 GMT. U.S. West Texas Intermediate (WTI), a crude oil produced in the United States, lost 26 cents or 0.36% to $72.44. Oil traded across a range on Tuesday, with WTI dropping at one point to its lowest level since December 31, after China announced tariffs against U.S. imports for oil, natural gas liquefied and coal as a retaliation for U.S. duties on Chinese exports. The prices rebounded after Trump reinstated the "maximum-pressure" campaign against Iran that he had enacted during his first term, which cut Iranian crude oil exports to zero. The higher than expected U.S. crude inventory data over night weighed down the market, according to Jun Rong Yeap. A market strategist at IG. According to sources citing American Petroleum Institute data, crude stocks increased by 5,03 million barrels during the week ending Jan. 31. According to sources, API reports that gasoline inventories increased by 5.43 millions barrels and distillate stock fell by 6.98million barrels. The official U.S. Government oil inventory data will be released on Wednesday at 1530 GMT. Stockpiles of crude oil and fuel in the largest oil consumer country indicate a decline in consumption. This adds to investor concerns about the impact tarrifs will have on global economic growth and energy demand. Goldman Sachs analysts said that the impact of China’s retaliatory duties on U.S. imports of energy will be limited, "since neither global demand nor supply of these commodities is changed by China’s tariffs." The note stated that both countries would be able find other markets. Trump re-launched his "maximum press" campaign against Iran on Tuesday, which includes efforts to reduce its oil exports to zero to prevent Tehran from acquiring a nuclear bomb. Trump claimed to be open to a nuclear deal with Iran but signed a memorandum that reimposed Washington's strict policy against Iran. Analysts at ANZ, citing data from ship tracking, said that the plan could affect about 1.5 million barrels of oil per day that Iran exports. Yeap, a IG analyst, said that the clampdown on Iran could be just what oil prices need to stabilize for now. There may even be room for a further recovery in the short term. Reporting by Siyi Liu from Singapore and Laila Kearney in New York, with editing by Christian Schmollinger & Kim Coghill
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ABL to Provide MWS Services to Saipem for Libyan Offshore Gas Field
Energy and marine consultancy ABL has been awarded a contract to provide marine warranty survey (MWS) services to Saipem, to support the marine transportation and installation (T&I) operations relating to Libya’s Bouri Gas Utilisation Project (BGUP).The BGUP envisages an upgrade of offshore platforms and facilities at the Bouri gas field, which lies 120 kilometers northwest of Tripoli in 145 to 183 meters water depth.The upgrade will improve the field’s overall carbon footprint with significant reductions of its CO2 emissions.Saipem has been awarded the engineering, procurement, construction, installation and commissioning (EPCIC) contract for an approximately 5000 tonnes gas recovery model onto the existing DP4 offshore facility.The contract includes the laying of 28 kilometres of pipelines connecting the DP3, DP4 and Sabratha platforms.“We are really pleased to be appointed to support Saipem on this project – following a long history of successful collaboration with the company. The BGUP project seeks to improve delivery and production of natural gas to Libya, with potential to supply further in North Africa. It is an important energy infrastructure project for North Africa as a whole,” said Sergio Leone, ABL’s MWS project manager and business development manager.Under the terms of the contract, ABL will conduct technical reviews and approvals of all project documentation, drawings and calculations relating to warranted marine operations.The company’s scope of work also includes suitability surveys and other marine assurance deliverables relating to the proposed fleet, as well as potentially DP trials, where required. ABL will also provide on-site attendances to review and approve warranted marine operations.The main heavy lift operations will be executed by Saipem’s semi-submersible crane vessel Saipem 7000.“Whilst the project will be managed from our operational HQ in London, on-site attendances and vessel surveys will be supported by our extensive marine surveyor footprint across Europe and North Africa. We also benefit from an established market presence and MWS track-record in neighbouring Egypt,” added Shai Tzucker, Energy Operations Director for ABL in Europe and West Africa.
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Interocean Nets Marine Services Contract for Three UK Offshore Wind Farms
Specialist provider of offshore support services Interocean Marine Services has secured a three-year contract to provide marine vetting and assurance to the Morgan, Mona and Morven offshore wind projects.The offshore wind farms are being developed under a joint venture between BP and Energie Württemberg AG (EnBW).Morgan and Mona are located in the Irish Sea approximately 22-37 kilometers from the coast, covering a combined area of approximately 580 km2.Situated in the North Sea, approximately 60km from the coast of Aberdeen, Morven spans an area of approximately 860 km2, with water depths varying from 21 to 76 meters.With a total projected generating capacity of 5.9 GW – enough to power the equivalent of around six million UK households every year – the three wind farms are expected to play a role in achieving the UK’s target of 50GW of offshore wind capacity by 2030.“We are thrilled to have been chosen to contribute to projects of such national importance. As a UK headquartered company, we take immense pride in supporting initiatives that have the potential to enhance energy security and benefit local communities,” said Alex Reid, Interocean’s Chief Operations Officer.
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PMI shows that the non-oil sector in UAE expanded strongly in January.
A survey released on Wednesday showed that the UAE's private non-oil sector expanded strongly at the beginning of 2025 despite capacity challenges and competition. The S&P Global UAE Purchasing Managers' Index, adjusted for season, was 55.0, which is slightly lower than December's nine month high of 55.4, but still well above the 50.0-mark, indicating growth. The business activity and new order indexes rose strongly, mainly due to the favourable market conditions. However, at a slower pace. In January, it slowed down slightly, as the sub-index for new orders dropped from 59.3 in December. David Owen, Senior Economic Analyst at S&P Global Market Intelligence, said: "Robust growth in new business and expansion of existing businesses, as well lower inflation in input costs, suggests the economy is in good shape." Input cost inflation dropped to its lowest level in 13 months, allowing companies to increase their purchases. However, capacity pressures continued, and backlogs increased at the fastest rate since eight months. Owen noted that "strong competition and cash-flow concerns arising from backlogs of heavy orders have appeared to sow doubt in the minds of firms as to their ability to continue to increase revenues." The total level confidence is at its lowest since December 2022. Dubai's separate index fell to 55.3, down from 55.5 in December. Businesses reported better conditions but had tempered expectations about future activity. (Reporting and Editing by Christina Fincher).
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Stocks of China's tungsten producers rise on Beijing's latest restrictions
On the first trading day after the Lunar New Year's holiday, markets responded to Beijing’s new critical controls on mineral exports. China announced that it would limit the export of five minerals used in defence, clean-energy and other industries, including tungsten, bismuth and tellurium. This is to "protect national security interests". Xiamen Tungsten and Chongyi Zhangyuan Tungsten climbed more than 3%. CMOC jumped over 1% at 0206 GMT. Prices have risen in the past when China imposed export restrictions on other minerals of importance, such as August 2023. This was to signal their newfound importance. Once they obtain export licenses, some Chinese exporters can also take advantage of the anticipated rally in overseas prices. Tungsten, an ultra-hard material, is only outshined by diamonds in terms of strength. It is used to produce artillery shells and armour plating, as well as cutting tools. According to the United States Geological Survey, China will produce over 80% global tungsten in 2023. Analysts and traders claim that while tungsten is available outside of China, certain products for the aerospace and defense industries are limited in their non-Chinese equivalents. Sian Morris is a non-ferrous metals expert at Argus. She said that the export controls for APT and tungsten carbide could be most affected, as there are very few alternatives to tungsten used in aerospace and defense applications. APT is used to produce various tungsten-based products. Since the beginning of Russia's conflict in Ukraine, China has increased its share of global tungsten demand.
The Russian billionaires whose chemical factories fuel Russia's war machine
Chemicals factories founded or owned by a few of Russia's wealthiest men are supplying components to plants that manufacture explosives utilized by Moscow's military throughout the war in Ukraine, an analysis of train and financial data shows.
Reuters determined five chemical companies, in which 5 Western-sanctioned billionaires hold stakes, that offered more than 75% of the key chemicals delivered by rail to some of Russia's biggest explosives factories from the start of the war up until September this year, according to the railway information.
The news agency's analysis shows for the very first time how heavily factories forming part of Russia's war device rely on these men and their business. The billionaires consist of Roman Abramovich, former owner of Chelsea Football Club, and Vagit Alekperov, who was ranked by Forbes in April as Russia's richest male with a fortune estimated at $28.6 billion.
Abramovich and Alekperov did not react to requests for remark sent via their business or attorneys. London-listed Evraz, in which Ambramovich holds a 28% stake, stated it provided the chemicals for civilian use only. Lukoil, a refiner in which Alekperov retains a shareholding, stated it does not manufacture dynamites or any related elements.
Anna Nagurney, a University of Massachusetts professor who carefully studies supply chain networks related to the Ukraine-Russia war and examined Reuters' findings, stated the five companies were aiding Moscow not only by offering essential chemical ingredients for munitions however also by earning much-needed hard cash from exports of civilian products, including fertilizers.
These chemical business might be running as civilian ones, but they are sustaining the war effort, Nagurney said.
To determine from where Russia's main munitions factories got their supplies, Reuters analysed the motion of more than 600,000 rail deliveries that brought the chemicals needed to make explosives from the intrusion of Ukraine in February 2022 through September 2024.
The railway information from two industrial databases in Russia was supplied to Reuters by the Open Source Centre, a British-based NGO devoted to collecting publicly-available intelligence and keeping track of possible sanctions infractions. It detailed the type of freight in every train wagon, the weight, origin and location, and the names of the company that sent the goods and the business that got them.
Reuters cross-checked the data from the two databases to confirm its accuracy. Nevertheless, the news company was unable to validate whether the information included every rail shipment to the dynamites factories, or the extent to which the plants got deliveries by road.
The information showed that the billionaires' companies provided essential active ingredients to 5 explosive and gunpowder factories in Russia that are subject to Western sanctions. The plants are subsidiaries of the giant Russian state arms manufacturer and car manufacturer Rostec.
Utilizing leaked tax billings covering parts of 2023, Reuters was likewise able to confirm that four of the chemicals firms were suppliers to 4 of the explosives producers.
Neither the Kremlin, the defence ministry, nor Rostec responded to Reuters' questions about civilian companies' role in providing Russia's munitions industry.
Before the war, all the explosives plants, as part of efforts to diversify, likewise utilized to make dynamites or gunpowder for civilian use. Reuters could not determine whether such civilian sales continue and whether the chemicals supplied might be earmarked for civilian usage.
Thomas Klapotke, a teacher of energetics at the University of Munich, who helped Reuters analyse the data, said that, while all the raw materials had numerous possible usages, the combination of wagon-loads of particular chemicals needed for explosives making reaching particular plants provided red. flags.
The analysis provides fresh proof that the West's. strategy of imposing sanctions on Russia as punishment for its. invasion of Ukraine has failed to suppress its military production,. according to numerous professionals talked to .
While the billionaires themselves are all under Western. sanctions, the chemical companies included have mainly escaped. major financial penalties or restrictions on their import of critical. products from the USA or the European Union.
The majority of the output of these chemical plants are civilian. items like fertilizer that are crucial to farming. Long-standing Western policies exempt food from sanctions to. prevent starvation and diplomatic blowback from developing countries.
Peter Harrell, a previous senior White Home authorities who. worked on Russia sanctions during the war's very first year and is. now a scholar at the Carnegie Endowment for International Peace,. said possibly it's time to review those 2022 choices now that. nations that when relied on Ukraine and Russia for wheat and. fertilizer have had time to find alternative sources.
Potentially, the calculus would weigh towards imposing. sanctions on these companies today, Harrell said, discussing. Reuters' findings.
Nevertheless, Manish N. Raizada, an agriculture professor at the. University of Guelph in Canada, warned that imposing sanctions. on Russian chemical business might put numerous millions of. small-scale farmers at risk, in return for a minor economic. effect on Russia.
Spokespersons for the U.S. Treasury Department, which. coordinates Washington's sanctions, and the United Nations. Advancement Program declined to talk about Reuters findings.
A European Commission representative, in response to concerns. about the chemicals companies, said: We are actively exploring. the possibilities for extra procedures to step up pressure. and close loopholes in a way that would prevent unfavorable. implications for food security.
The spokesperson worried that any action would only come. after cautious analysis of the efficiency of any procedures and. their impact on European business. Nevertheless, he noted that EU. sanctions would currently use to the business, even if they. were not particularly designated, if they were controlled or. owned by a sanctioned person.
ARTILLERY WAR. The war in Ukraine has become an artillery duel where a scarcity. of high explosives offered to NATO and Ukraine has enabled. Russian forces to get swathes of territory this year, according. to numerous Ukraine commanders interviewed .
Moscow is investing heavily in military production and. looking for to replenish its munitions stockpiles. In 2024, Russia. produced about 2.4 million weapons rounds and imported 3. million from North Korea, according to a Ukraine security. official. The North Korean embassy in London didn't return calls. from Reuters looking for remark.
The 5 munitions plants supplied by the billionaires'. companies include the huge Sverdlov center in Dzerzhinsk. The plant is the only considerable maker in Russia of the plastic. explosives HMX and RDX used in weapons and rockets, according. to a Ukrainian intelligence authorities.
Two factories run by Eurochem - established by Russian. billionaire Andrey Melnichenko - supply chemicals to Sverdlov,. according to the train information.
Eurochem is one of the world's biggest producers of. mineral fertilizers. Its Nevinnomysskiy Nitrogen plant in. southwest Russia has actually sent out at least 38,000 metric lots of acetic. acid to Sverdlov during the Ukraine war, according to a Reuters. analysis of the train data.
A second Eurochem facility, Novomoskovskiy Nitrogen sent. almost 5,000 metric lots of nitric acid to Sverdlov in the same. duration, the train data revealed.
Both acetic acid and nitric acid are used to make HMX and. RDX.
According to Reuters estimations, based on clinical. literature and evaluated by an explosives professional, 5,000 tons of. nitric acid could be used to make 3,000 lots of RDX, enough to. fill 500,000 large-calibre artillery shells.
The tax invoices reviewed verified that Eurochem. was a provider to Sverdlov last year.
In action to comprehensive questions, Eurochem stated Reuters'. reporting consisted of numerous product accurate errors. Specifically, EuroChem is not part of the defence sector of the. Russian economy and none of our items are developed for. military purposes, checked out a declaration from the business, which is. headquartered in Switzerland. Eurochem stated that any suggestion. Melnichenko controlled the business was false.
Melnichenko did not react to concerns. The billionaire,. stated by Forbes to be worth $17.5 billion, positioned his controlling. stake in Eurochem into a trust that benefits his spouse, as. Reuters has reported, after the imposition of sanctions on him. by the EU and Nato following the intrusion of Ukraine.
The declaration said that while 97% of its output is. fertiliser, Eurochem supplies other industrial items,. including these chemicals, to a wide variety of clients in Russia. and abroad. The business didn't answer Reuters' questions about. the chemical deliveries to Sverdlov. Questions sent out to the e-mail. address on Sverdlov's website went unanswered.
TAX DATA
Another fertilizer giant, Uralchem, founded by approved. billionaire Dmitry Mazepin, supplied Sverdlov more than 27,000. metric tons of ammonium nitrate, the train information revealed. Ammonium nitrate is utilized to make HMX and RDX, and is likewise blended. with TNT to produce an explosive called Amatol. Uralchem likewise. supplied 6,000 metric lots of nitric acid from its nitrogen. fertiliser plant in Berezniki to Sverdlov, the information revealed.
Two other state-owned munitions plants, the Tambov Gunpowder. Plant and Kazan Gunpowder Plant, got shipments of acids. from Uralchem, the rail information revealed.
The dripped Russian tax billings, evaluated , likewise. revealed that Uralchem supplied the Sverdlov, Tambov and Kazan. factories along with the state-owned Perm Powder plant last. year.
Asked in information about the shipments, Uralchem said the. info was inaccurate. It did not provide more information. or description.
Mazepin, who reduced his ownership of the company from 100%. to 48% simply after the invasion of Ukraine, couldn't be reached. for comment. The Tambov, Perm and Kazan plants didn't reply to. concerns sent out to email addresses noted on their sites or on. corporate filings.
A steel plant in Siberia owned by London-listed Evraz. provided 5,000 metric tons of toluene-- an ingredient for TNT -. to the Biysk Oleum Plant, according to the rail information. Evraz was. sanctioned in 2022 by the British government which stated it. provided steel to the Russian armed force.
In a statement, Evraz said it just provided toluene for. civilian usage only. The Biysk Oleum plant, a system of Sverdlov,. didn't react to requests for remark.
In April 2024, the federal government of Altai region, which. includes the city of Biysk, noted the plant amongst manufacturers. that substantially increased their 2023 production in. fulfilment of state defence procurement agreements.
Reuters determined 2 other billionaire-linked companies. providing chemicals to munitions factories. The Sredneuralsk. Copper Smelting Plant (SUMZ) in the Ural mountains, founded by. metals mogul Iskander Makhmudov, provides oleum - likewise known. as fuming sulphuric acid - utilized in the Tambov, Kazan, and Perm. powder plants.
The Lukoil refinery in Perm provided 6,500 metric lots of. toluene to the Perm powder plant, Kazan, and Biysk. Lukoil is. part-owned by billionaire Alekperov, the business's previous. president. Like others, he divested many shares in 2022 however. kept an 8.55% stake.
The tax invoices examined revealed that the Lukoil. plant was a supplier to the Perm powder plant in 2015. They. also file shipments from SUMZ to the Kazan and Perm plants.
In a declaration, Lukoil stated its Perm refinery does not. manufacture explosives or any associated elements which. questions from Reuters about deliveries from there included. absurd speculations.
SUMZ did not react to in-depth questions. Its parent. company, UMMC, which is under sanctions by the United States and Britain,. did not react to an ask for comment. Makhmudov, who. divested his managing stake in 2022, according to Forbes,. likewise could not be grabbed comment.
(source: Reuters)