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Venezuelan oil exports drop due to lower imports and inventories
According to documents and shipping data from the state-owned firm PDVSA, Venezuelan oil exports fell 26% in October to 808,000 barrels a day as its stocks decreased and it imported fewer volumes of diluents for exportable crude grades. Exports from the OPEC nation reached a 5-year high in Septembre, after being boosted in part by a stable crude oil production of around 1.1m bpd. Also, robust imports of naphtha and light crude - mainly from Russia – earlier in the year were made to reduce its heavy oil output. The data and documents revealed that imports dropped to 41,000 bpd and 73 500 bpd respectively in September and October. This is below the 105,000-110,000 Bpd recorded in the first half of the year. Last month, 34 vessels left Venezuelan waters with 808,000 bpd crude and refined products as well as 195,000 metric tonnes of oil byproducts. Volume was 9% lower than the same month in 2024. Since Washington imposed sanctions against PDVSA in 2019, about 80% of the total exports or 663,000 bpd went to China directly and indirectly through intermediaries who worked with PDVSA. Last month, China was Venezuela's top oil export destination. According to data, Chevron's partner PDVSA shipped around 128,000 barrels per day (bpd) of oil to the U.S. Venezuela sent 11 000 bpd refined products to Cuba, its political ally. In August, the government of President Donald Trump granted Chevron a license to operate in Venezuela sanctioned by the United States and export oil under certain restrictions. The restrictions allow Chevron to export about half its joint venture output after paying royalty payments and in-kind tax to President Nicolas Maduro’s administration.
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Prince William's trip to Brazil leaves the Andrew scandal in the past
Prince William traveled to Brazil for a ceremony to award his multi-million dollar environmental prize. He hoped to divert attention from the scandal surrounding his uncle Andrew to the causes of the royals. William, the British heir, will make his first Latin American visit and will see some of Rio de Janeiro landmarks. The goal is to bring the attention of the public to a number of environmental projects in advance the award ceremony for the Prince's Earthshot Prize. The visit came just days after King Charles stripped Andrew of his princely title and expelled him from his mansion. He also banned his brother from public life in an effort to protect the royal brand against any further damage caused by Andrew's links to Jeffrey Epstein, the late sex offenders. FOCUS IS THE EARTHSHOT PRICE William's three-day visit will be devoted to his main environmental philanthropic cause. This is to find innovative ways to combat climate changes and award five winners with 1 million pounds each ($1.3 million). Kate, his wife, is currently in remission following cancer treatment and will not join him. South America is not a common destination for British royals, who prefer to travel to Europe or other foreign lands where they are the head of state. Charles has not been to Brazil, Latin America or South America since 2009. The Earthshot events this year will be held a week prior to the United Nations COP30 Climate Summit, which will also take place in Brazil. The prince will be attending in place of his dad. Earthshot Prize CEO Jason Knauf said that the city was the ideal place to host the biggest and best Earthshot yet. The winners will announced on the 5th of November at a ceremony that will include performances by Australian popstar Kylie Minogue, and Brazilian musician Gilberto Gil. The summit will bring together more than 1,000 world leaders, including global mayors, world-leading scientists and some of the biggest philanthropists. (Reporting and editing by Andrew Heavens; Michael Holden)
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Dollar up slightly, but stock indexes mostly rise after Amazon-OpenAI deal
The dollar was near its three-month-high versus the Euro due to the fading expectations of a large U.S. interest rate cut. Amazon shares rose more than 4% after the multi-year, $38 billion Amazon OpenAI deal. As expected, the Federal Reserve cut interest rates last week. Jerome Powell, the chair of the Federal Reserve, said that another rate cut in December is "not a certainty", contrary to what investors believed. On Friday, some Fed officials expressed their dissatisfaction with the central banks decision to lower rates. Meanwhile, influential Fed Governor Christopher Waller argued for further policy easing in order to support a weakening labour market. The ongoing U.S. shutdown has prevented most economic data from being released in the United States. Investors are optimistic regarding AI and the progress made with China in regards to the trade truce. Adam Sarhan is the chief executive officer of 50 Park Investments, based in New York. "The AI stocks and tech shares are up today, and everything else is down." He said that the "clear narrowing of leadership" was continuing in an obvious way. TRUMP'S TARIFS GO TO SUPREME CREEK Arguments are scheduled for Wednesday before the U.S. Supreme Court, which is examining whether President Donald Trump’s tariffs on global products are legal. Trump's tariffs will likely remain in place for a long time, regardless of the legal basis. The Dow Jones Industrial Average dropped 189.63, or 0.39 %, to 47.375.42. The S&P 500 rose by 5.83, or 0.09 %, to 6,846.03, and the Nasdaq Composite gained 97.25, or 0.41 %) to 23,822.21. The MSCI index of global stocks rose by 0.69 points or 0.07% to 1,006.92. The pan-European STOXX 600 rose by 0.07%. This week, investors will also be able to see more quarterly results for technology companies. Palantir Technologies, a data analytics company, is expected to release its earnings report shortly after the closing bell. This week, Advanced Micro Devices (AMD) and Qualcomm will also report. Uber and McDonald's are due to make a statement. Megacap U.S. companies reported mixed results last week. Investors want to see a return from the capital expenditures on AI. DOLLAR GAINS AGAINST PRIMARY CURRENCIES The euro, after falling as low as 1.1505 dollars against the dollar - its lowest since August 1 - pared losses and traded down by 0.1% to $1.1518. The Institute for Supply Management reported that U.S. manufacturing shrank for the eighth consecutive month in October, as orders were subdued and materials took longer to arrive at factories due to tariffs on imported products. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.13%, reaching 99.94. The dollar gained 0.02% against the Japanese yen to reach 154.03. The pound fell 0.24%, to $1.3119. This is ahead of the Bank of England's rate decision due later this week. Bitcoin, the cryptocurrency, was down by 2% to $107 486. The yield on the benchmark 10-year U.S. notes dropped 0.2 basis points from 4,101% at late Friday to 4.099%. U.S. crude oil fell by 0.56%, to $60.64 per barrel. Brent dropped to $64.48 a barrel. This is a 0.45% drop on the day. Investors digested the news that OPEC+ intends to stop its supply increases.
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Gold prices steady as attention shifts to US payroll data
Investors hunkered in for the U.S. payroll data that is due this week, to gauge the likelihood of another U.S. Federal Reserve rate cut. By 11:14 am, spot gold had risen 0.1% to $4,004.23 per ounce. ET (1614 GMT). U.S. Gold Futures for December Delivery rose by 0.5% to $4015.30. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the high 3000s up to the mid-4000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on October 20, 2008. Investors will be watching the ISM PMIs and ADP U.S. Employment data this week for clues about the Fed's future policy. The U.S. shutdown of the government has prevented the release of important economic data. This includes the Bureau of Labor Statistics. Last week, the central bank cut interest rates again this year. But Chair Jerome Powell stated that another cut was not "a foregone decision" this year. The odds of a December rate cut have dropped from last week, when it was almost certain. Gold that does not yield a return is more popular when interest rates are low or in economic times of uncertainty. "Gold's pause looks like a breather and not a collapse." The short-term decline can be explained by seasonal softness, temporary Chinese policies, and a stronger dollar, but this does not change the long-term story, according to Ole Hansen of Saxo Bank's head of commodity strategies. China has ended its long-standing policy of tax exemption for certain gold retailers, which could set back the buying spree in the world's largest consumer market. Other than that, silver spot fell 0.7%, to $48.31 per ounce. Platinum was unchanged at $1,565 while palladium dropped 0.8%, to $1,422.25 (Reporting from Noel John in Bengaluru and Pablo Sinha; additional reporting from Kavya Balaraman, Editing by Leroy Leo & Vijay Kishore).
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Buffett-owned utility warns about strained liquidity due to wildfire trials
The utility, owned by Warren Buffett’s Berkshire Hathaway, warned Monday that it may face tightened liquidity and could lose its investment grade status after a court accelerated the pace of the trials in Oregon for the wildfires expected to occur during the Labor Day Weekend 2020. PacifiCorp already set aside 2,85 billion dollars, including $100 millions in the third quarter. The company is suing for $55 billion in damages over the burning of 2,000 buildings and 500,000 acres on Oregon and Northern California. Portland, Oregon victims accuse the utility of negligence for failing to turn off power lines in a storm. PacifiCorp is also being sued by the U.S. Government and Oregon for damage to natural resources. PacifiCorp has denied negligence. PacifiCorp stated in a regulatory filing that a Multnomah County judge's decision to quadruple or more the pace of the trials in the James litigation will "cause significant financial strains on PacifiCorp’s liquidity, and put pressure on PacifiCorp’s credit metrics." PacifiCorp stated that the aggressive schedule could result in it not being able to get the funding needed to meet its liquidity requirements due to cash needs for judgments. A downgrade to junk status would also make it more difficult to pay bondholders, suppliers, or serve customers. PacifiCorp expects to be able to maintain sufficient liquidity for "well beyond a year." Requests for comment were not immediately answered by either Berkshire Hathaway Energy or PacifiCorp, the two units of Buffett’s Omaha-based conglomerate. PAYOUTS & APPEALS In the James litigation, the utility was facing $52 billion in claims. 109 plaintiffs were awarded $589 millions in a series mini-trials. PacifiCorp filed appeals and said the chances of a large payout were "remote." The utility agreed to pay wildfire claimsants over $1.5 billion in total, including a $125-million settlement with 93 Oregon vineyards and wineries last month. Berkshire spent $5.1 billion on PacifiCorp, in 2006. Buffett stated that PacifiCorp's failure to protect itself better against wildfire liability was "a mistake" at Berkshire’s annual shareholders meeting in May. Greg Abel, Berkshire vice chairman, succeeds Buffett on January 1 as chief executive. He said PacifiCorp could not make maintaining the lights a priority when wildfire threats are present, and also couldn't be an "insurer last resort" if damage is caused. (Reporting and editing by Bill Berkrot in New York, Jonathan Stempel from New York)
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Oil prices stable despite OPEC+ plans for a pause in production increases
Oil prices held steady Monday as the market weighed the latest OPEC+ production increase against the group's plan to pause increases in the first three quarters of 2026, along with fears of a glut of oil and weak factory data from Asia. Brent crude futures dropped 24 cents or 0.4% to $64.53 per barrel at 10:37 am EST (1537 GMT). U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and Brent, fell by 31 cents or 0.5% to $60.67. OPEC+ (Organisation of Petroleum Exporting Countries, OPEC, and allied producers) agreed on Sunday to increase output in December by a modest 137,000 barrels per daily (bpd). OPEC+ agreed to halt increases during the first quarter of 2019. Analysts at European financial services firm SEB stated in a report that this does not impact the projected surplus. It shows that OPEC+ isn't forgetting about price. The price is still important. "It tells us 2026 will not be a bloodbath for oil," the authors added. Morgan Stanley increased its Brent crude forecast on Monday to $60 a barrel from $57.5. The reason given was the OPEC+ decision to pause quota increases in the first quarter next year, and the recent U.S. EU sanctions against Russian oil assets. The International Energy Agency stated last month that the global oil market will have a surplus of up to 4 million barrels per day next year. OPEC believes that global oil demand and supply will balance out next year. At a conference held in Abu Dhabi, European oil CEOs warned against being overly pessimistic about oil. RBC analysts, a Canadian financial institution, say that Russia is still a wild card in the oil supply after U.S. sanctioned Russian producers Rosneft, Lukoil, and attacks on energy infrastructure. On Sunday, a Ukrainian drone attacked Tuapse, one of Russia’s major Black Sea oil port, causing at least one ship to be damaged and a fire. Business surveys released on Monday showed that the headwinds facing Asia's major manufacturing hubs continued in October. Asia is the largest oil-consuming region in the world. According to the CEO of oil major TotalEnergies, Chinese oil demand has been slowing since 2020 due to China's transition towards greener energy. Patrick Pouyanne He said Monday. He stated that he was optimistic about the future due to the increasing demand in India. Strong Dollar The strong dollar made crude oil more expensive to buyers who used other currencies. The dollar was hovering at a three month high against a basket. U.S. Federal Reserve Governor Stephen Miran He feels that the monetary policy is still too restrictive. Risk of a recession. In the coming weeks, the U.S. consumers' durability as an economic prop may be put to test as rising healthcare costs, a possible loss of federal food assistance, and a shaky job market outlook strain family budgets. Donald Trump, the president of the United States, said on Sunday that U.S. troops could be deployed to Nigeria Or carry out airstrikes to stop what he described as the killing of a large number of Christians in this West African nation, an OPEC-member and Africa's largest oil producer. Reporting by Scott DiSavino and Shadia Nasralla, London; additional reporting by Florence Tan, Singapore; editing by David Goodman and David Gregorio
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TSX falls as investors analyze data; gold and tech cushion losses
Canada's main index of stocks fell on Monday, as investors analyzed local economic data. However, an increase in gold and technology shares kept losses under control. 10:08 am The S&P/TSX Composite Index in Toronto was down 0.17% to 30,273.68 at 10:08 a.m. ET. The manufacturing sector's downturn in Canada eased slightly in October, as new orders and output, which had been hampered by trade uncertainty declined at a lower pace, according to Manufacturing PMI data. Later this week, we will receive new data on the employment situation. In the U.S. manufacturing shrank for an eighth consecutive month in October, as new orders were subdued. This was shown by PMI data. The data is released as the markets try to navigate without their usual economic benchmarks due to a government shut down. In an interview with Yahoo Finance, Austan Goolsbee of the Federal Reserve said that he is "uneasy" with rate cuts being made in advance. Gold miners topped the list of sectors in their home country. Tech stocks rose 0.6% as well, led by Bitfarms, which jumped nearly 12%. This was boosted by Wall Street's gains in tech shares. The overall gains in the market were however offset by a decline in copper mining companies. Canadian stocks ended October with modest gains. This is the longest monthly streak since 2021. Kate Leaman is the chief market analyst for AvaTrade. She said, "October was a strong month in terms of market performance. It does indicate a certain level of calm. But you have to be cautious of complacency." Mark Carney, Canadian Prime Minister, said on Saturday that he had apologized to Donald Trump, President of the United States, for a political ad against tariffs. He also urged Ontario Premier Doug Ford to not run it amid tensions between Canada and the U.S. The ad led Trump to increase tariffs on Canadian products and to stop trade negotiations with Ottawa. Teck Resources fell 1.1% as activist fund Palliser Capital increased pressure on Rio Tinto, according to an email seen by. Air Canada's quarterly results were 1.6% higher than the previous quarter. (Reporting and editing by Vijay Kishore in Bengaluru, with Pranav Kashyap reporting from Bengaluru)
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Gold prices rise as attention shifts to US payroll data
Gold prices rose on Monday and held above $4,000 an ounce as investors waited for the U.S. payroll data that is due this week in order to gauge the likelihood of another Federal Reserve rate cut. Gold spot rose 0.2%, to $4.009.87 per ounce at 09:29 am. ET (1429 GMT). U.S. Gold futures for delivery in December rose by 0.6% to $4.021.40. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the mid-3000s up to the high-4000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on October 20, 2008. Investors will be watching the Federal Reserve policy direction closely as they await the release of ADP U.S. Employment data on Wednesday, and the ISM PMIs later this week. The U.S. shutdown of the government has prevented the release of important economic data. This includes the Bureau of Labor Statistics. Last week, the Federal Reserve cut interest rates again this year. But Chair Jerome Powell stated that another rate cut in this year is "not a certainty". The odds of a December rate cut have dropped from last week, when it was almost certain. Gold that does not yield a return is more popular when interest rates are low or in economic times of uncertainty. "Gold's pause looks like a breather and not a collapse." The short-term decline can be explained by seasonal softness, temporary Chinese policies, and a stronger dollar, but this does not change the long-term story, according to Ole Hansen of Saxo Bank's head of commodity strategies. China has ended its long-standing policy of tax exemption for certain gold retailers, which could set back the buying spree in the world's largest consumer market. Other metals rose in price as well. Spot silver increased by 0.2%, to $48.77 per ounce. Platinum rose 1.1%, to $1.585.20, and palladium gained 1.8 percent, to $1.459.42.
Shanghai copper reverses loss despite weak China factory data
Shanghai copper reversed early losses by the close of Monday's trade, despite weak Chinese factory data that weighed on sentiment.
The Shanghai Futures Exchange's most active copper contract closed the daytime trading at 87300 yuan for metric tons, a 0.10% increase.
Shanghai copper fell as much as 0.56 percent earlier in the day. However, dip-buying helped the red metal return to a modest increase, traders reported.
As of 0920 GMT, the benchmark three-month price for copper had risen by 0.09%. It was now $10,897 per ton. The data released on Monday and the end of last year showed that factory activity in China, the world's largest metal consumer, remained low.
The RatingDog PMI (Purchasing Managers' Index) compiled by S&P Global fell to 50.6 in the month of October, according to a survey conducted on Monday. This was below the polled expectation of 50.9.
The official survey, published on Friday, showed that China's factory activities shrank for the seventh consecutive month in October. The official manufacturing PMI fell to 49.0, from 49.8 in Septembre.
After months of frontloading in order to avoid possible U.S. Tariffs, the reading fell below expectations and was at a six-month-low.
The stronger U.S. Dollar also affected the market. This made commodities that are traded in the greenback costlier for investors who use other currencies.
Last week, the U.S. Federal Reserve expressed reservations about reducing interest rates. This raised questions about whether a second cut in December is likely.
The Yangshan premium on copper continued to be a factor in the decline of China's copper demand despite high prices.
Aluminium gained 1.48% among other SHFE base materials. Zinc was up by 0.96%. Lead was also up by 0.11%. Nickel was up by 0.26%. Tin rose 0.71%.
(Reporting by Dylan Duan and Lewis Jackson; Editing by Eileng Soreng and Ronojoy Mazumdar) (Reporting and editing by Eileen Soreng, Ronojoy Mazumdar and Dylan Duan)
(source: Reuters)