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Sources say that Motiva FCC shut down the refinery in Texas for two weeks.
Sources familiar with the plant's operations on Monday said that a fluidic catalytic cracked (FCC) in Motiva Enterprises refinery Port Arthur, Texas is expected to be closed for at least two weeks following a second failed restart attempt last weekend. On January 21, the unit called FCC3 and an alkylation was shut down for a planned two-month overhaul. FCCs transform gas oil into unfinished fuel, while alkylation systems convert refinery byproducts into components that are typically added to gasoline. Motiva didn't immediately respond to a comment request. Sources said that the second attempt to restart FCC3, which is capable of producing around 81,000 barrels a day, resulted in a compressor failure on the unit. This caused the delay of two weeks. On March 22, the refinery had tried to restart its sole cracker unit. The refinery has a capacity of converting 626,000 barrels per day (bpd) of crude oil to motor fuels and other petrochemicals. Sources added that the 18,000-bpd unit was partially restarted, but it will not be able to return to full production before FCC3 is restored. Daksh Grocer in Bengaluru, Leslie Adler, and Janane Vekatraman edited the article.
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South Korea's watchdog questions the purpose of Hanwha Aerospace $2.5 billion share sale
The South Korean financial market watchdog stated on Tuesday that Hanwha Aerospace must better explain how the proposed 3.6 trillion won (2.46 billion dollars) equity raise fits into a larger plan to restructure its company. Financial Supervisory Service (FSS), last week, blocked controversial capital raising plans of the defence company on grounds that its filing did not contain the information necessary for investors to make rational investments decisions. It ordered the company to submit a revised submission. Hahm Yong il, Senior Deputy Governor of FSS, said at a press briefing that "the ownership restructuring of affiliated companies and its relevance to share issue plan as well as the effect of the restructuring on firm should be noted." Analysts questioned the intention and necessity of raising capital. On March 21, the day after the plan announcement, Hanwha Aerospace shares posted their worst session in early November 2016. They fell 13%. Hanwha Group announced Monday that Kim Seung Youn, Chairman of South Korea's 7th largest conglomerate, was giving his sons an 11.32% share in Hanwha Aerospace, the parent company of Hanwha Corp, as part a succession plan. Hanwha Aeropsace announced on Tuesday that its executives, which included one of Kim’s sons, had purchased shares worth about 9 billion won to demonstrate their desire to increase shareholder value. Investors have been critical of a number of capital-raising plans in South Korea, including those by Samsung SDI, Korea Zinc, and battery maker Samsung SDI. Corporate Governance Reforms As of 0445 GMT, shares in Hanwha Aerospace rose 7.5% while the benchmark KOSPI index was up by 1.8%. Reporting by Jihoon Lee, Editing by Jamie Freed & Gerry Doyle
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The fire that destroyed the Petronas pipeline in Malaysia injured 33 people
Authorities reported that a fire on a gas pipe operated by the state-owned energy company Petronas in Malaysia injured 33 people Tuesday, just outside the capital Kuala Lumpur. Astro Awani reported that Selangor Fire Department Director Wan Md Razali Wan Ismail said six of the injured had been sent to hospital. The fire is still burning and efforts are being made to put it out. Selangor Disaster Management Committee Chairman Mohd. Najwanhalimi told the state news agency Bernama that there are still people trapped in homes in Kampung Sungai baru, and rescue efforts continue. In a press release, Petronas said that the pipeline was isolated. Selangor Fire Department said that the fire has damaged homes. Images and videos shared by social media and news outlets showed a huge fire with a large orange flame and smoke on the horizon. The department released a statement saying that a large flame rose in Puchong from a leak on a 500-metre (1,640-foot) pipeline. Petronas had closed the valve to the burning pipeline. The fire department stated that it was still examining the extent of fire in the residential district. Reporting by Danial and Ashley Tang from Kuala Lumpur, writing by Xinghui Kok and editing by Martin Petty and Stephen Coates
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The price of oil continues to rise on fears about supply and trade wars.
The price of oil rose slightly on Tuesday, after U.S. president Donald Trump threatened to impose secondary duties on Russian crude as well as attack Iran. However, concerns about the impact of trade wars on global economic growth limited gains. Brent futures rose by 16 cents or 0.2% to $74.93 a bar at 0330 GMT. U.S. West Texas intermediate crude futures climbed by 13 cents or 0.2% to $71.61. A day earlier, the contracts had settled at a five-week high. Market participants are pricing in the risk of tighter oil supply due to U.S. threats to impose secondary tariffs on Russian oil and Iranian oil, said Yeap Jul Rong, IG's market strategist. Yeap said that the broader themes are still concerns about upcoming tariffs weighing down on global demand as well as prospects for increased supply from OPEC+. In March, a poll of 49 economists & analysts predicted that oil prices will remain under pressure due to U.S. Tariffs and slowdowns in India & China while OPEC+ increases production. Fuel demand could be affected by Trump's threats, but it may not be as severe. After Trump's threats initially increased prices on Monday traders said they saw the president's warnings towards Russia as at least a bluff. Trump told NBC News on Sunday that he is very angry with Russian president Vladimir Putin, and will impose secondary tariffs between 25% and 50% on Russian oil purchasers Moscow tries block efforts to end war in Ukraine. The tariffs on oil buyers from Russia would disrupt the global oil supply and hurt Moscow’s largest customers, China, and India. Trump threatened Iran, too, with bombings and tariffs similar to those he had imposed on the United States if it did not agree with Washington over its nuclear program. "For the time being, it seems to be a threat for Russia and Iran. If it happens, the market will be exposed to a lot of upside risks, given the large volumes of oil exported by both countries. The American Petroleum Institute, a U.S. industry association, will release its weekly inventory figures on Tuesday. Official statistics from the Energy Information Administration are expected on Wednesday. Five analysts interviewed by estimated that U.S. crude stocks fell by an average of 2.1 million barrels during the week ending March 28. A weaker dollar also helped to keep the market afloat on Tuesday. The weaker dollar makes oil cheaper for those who hold other currencies. (Reporting from Jeslyn Lerh in Singapore, Additional reporting by Laila K. Kearney in New York and Editing by Sonali P. Paul and Kim Coghill.
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Gold reaches all-time highs as Trump's tariffs plans cause inflation fears
The gold price reached a new record high on Tuesday as investors sought safe havens amid fears that President Donald Trump’s tariffs could fuel inflationary pressures or impede the economy. As of 0310 GMT spot gold was up 0.6% to $3,142.83 per ounce after reaching an all-time session high of $3145.38. U.S. Gold Futures increased 0.7% to $3171.80. The previous session saw bullion record its strongest quarter in precious metals' history, with one of the biggest upswings ever. "The anticipation of April 2 U.S. mutual tariffs has led the market participants to take a defensive stance. Some de-risk and turn to safe-haven, gold to hedge against impending volatility in portfolios," IG Market Strategist Yeap JunRong said. While technical indicators indicate overextension, the uncertainty around tariffs will likely sustain gold's momentum for the moment, with buyers apparently eyeing a retest at the $3,200 mark next. Trump, who views tariffs as an effective way to protect the U.S. economy from unfair international competition, promised on Wednesday that he would unveil a massive tariff program, which he called "Liberation Day". He will announce reciprocal tariffs that include all countries. The markets are also closely watching the auto tariffs that will come into effect on April 3rd. Bullion is a good hedge against economic and geopolitical instability. It thrives when interest rates are low. John Williams, the New York Federal Reserve president, said that keeping interest rates at their current levels "for a while" would allow officials to analyze data and determine what to do next. This week, U.S. statistics include the ADP Employment Report on Wednesday, and the Non-Farm Payrolls report on the Friday. These reports could give insight into the Fed’s rate-cutting trajectory. Silver spot rose 0.2%, to $34.13, platinum remained flat at $992.70 and palladium rose 0.8%, to $990.34. (Reporting and editing by Anjana Anil in Bengaluru, Anushree mukherjee from Bengaluru)
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Netherlands Looks Into Reintroducing OW Subsidies to Encourage Bidders
The Dutch government is looking to reintroduce subsidies in its tenders for offshore wind farms, as prospective bidders are backing out of the current "zero subsidy" model.The Netherlands has managed to attract builders for its offshore wind farms without offering subsidies on electricity prices since 2017, but interest has waned due to rising construction costs and uncertainty over power prices.Interest for the upcoming tender for three sites in the North Sea is "very low", the Dutch climate ministry said on Monday.Energy firms Eneco and Orsted have already said they will not join the tender in September, as they see no viable business case without subsidies."It is a real difference with the situation of the past three years and gives enough reason for us to see if we can make changes," ministry spokesperson Pieter ten Bruggencate said about the lack of potential bidders."Market circumstances have changed significantly, we are looking for ways to offer bidders more comfort and security."Any changes for the upcoming tender for the three 1-gigawatt (GW) sites will remain relatively small, he said without giving further details.For the longer term, the government is looking at so-called "contracts for difference", which offer a subsidy to companies when electricity prices are low while the government benefits when prices are high.Other forms of price guarantees could also be considered, Ten Bruggencate said.Climate minister Sophie Hermans is expected to present detailed plans by mid-April.The Netherlands last year pushed back plans to increase capacity from 4.7 GW to 21 GW to the end of 2032 instead of 2030, citing costs, supply chain difficulties and "challenges in timely decision-making".(Reuters - Reporting by Bart Meijer; Editing by Vijay Kishore)
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US EPA closes its museum, says administrator
U.S. Environmental Protection Agency administrator Lee Zeldin announced on Monday that the EPA would close a one room museum in the agency's Washington headquarters. He said the museum cost $4 million to construct and $600,000.000 to run each year. The EPA administrator stated that the museum had attracted less than 2,000 people since its opening last year. He called it "another wasteful example" of the Democratic administration of former President Joe Biden. The Biden Administration spent $4 million in tax dollars to build a museum that tells a selective history of the EPA. The museum costs $600K a year to run, even though there were only 1,909 visitors in the past 9 months. Zeldin announced on X that "Today we're closing it". Since taking office in January, Donald Trump, the Republican president, has tried to cut costs, and has gutted many federal agencies and programs. This resulted in the demise of diversity, equality and inclusion initiatives, and the firing of tens and thousands of federal employees. Trump also attacked museums and cultural institutions, becoming chairman of the John F. Kennedy Center for the Performing Arts. He issued an executive order accusing the Smithsonian Institution – the vast museum-research complex that is a premier exhibit space for U.S. culture and history – of spreading 'anti American ideology'.
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Iron ore prices rise on China's demand, but fears of a trade war curb gains
Iron ore prices rose on Tuesday due to a growing demand in China, the world's largest steel-making consumer. However, trade war fears and upcoming U.S. Tariffs limited the gains. As of 0240 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was up 0.39% to 780.5 Yuan ($107.47). On the Singapore Exchange, the benchmark May ore was trading at $101.5 per ton. This is a 0.51% increase. Chinese consultancy Mysteel said that a further increase in hot metal production at Chinese steelmakers helped to support the price of iron ore imported last week. Everbright Futures, a broker, reported that hot metal production continued to rise in March by 10,200 tonnes to 2,3728 million tones month-on-month. The daily consumption of ore imported also increased by 13,200 tones. Iron ore demand is usually gauged by the hot metal production. Mysteel said that the recovery of downstream demand will determine whether ore prices can remain strong. A private sector survey revealed on Tuesday that China's factory output expanded at the fastest rate in four months during March. This was boosted by stronger export orders and a higher level of demand. Chinese stocks fell despite this on Monday, as concerns about a trade war heightened and weighed on sentiment. Donald Trump, the U.S. president, said on Sunday that he will announce reciprocal tariffs this week for all nations and not just 10 or 15 countries with large trade imbalances. Trump has promised that he will unveil a massive tariff policy on April 2. Coking coal and coke, the other steelmaking ingredients traded in a mixed manner on the DCE. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Rebar fell 0.44%. Hot-rolled coils slipped 0.15%. Wire rod fell 0.5%. Stainless steel rose 0.6%.
Indian benchmarks are little changed following a six-session rally
India's equity benchmarks were little changed Tuesday after a six session rally that erased 2025 losses and as reciprocal import tariffs from the United States loomed.
The NSE Nifty50 rose 0.04%, closing at 23,668.65. Meanwhile, the BSE Sensex also gained 0.04%, reaching 78,017.19. Indexes rose up to 0.9%, and fell as high as 0.25%.
India's midcaps and smallcaps, which are broader, fell by 1.1% and 1.6%, respectively. This ended a six-day streak of gains.
Nobody knows how the U.S. Tariffs will turn out. It's all about compromises and threats at this point. Markets will remain volatile until the tariff uncertainty subsides, said Pramod Gubbi.
Donald Trump, the U.S. president, said on Monday that some of his levies threatened would not be implemented by April 2, and other countries could get a break. The latest comments on tariffs from Trump and the U.S. Treasury Secretary indicate that the levies will be narrower-than-expected.
Sources told reporters that India was willing to reduce tariffs on over half of U.S. imported goods worth $23 billion as part of the first phase in a trade agreement the two nations were negotiating.
India's Information Technology stocks increased by 1.3%. The U.S. economy is a major contributor to the revenue of IT companies.
HDFC Bank was the biggest gainer for benchmarks, with a 1.2% increase. The lender has been deemed a major beneficiary of the revised guidelines for so-called priority sectors lending.
Peer ICICI Bank dropped 1.1%, ending a winning streak of six sessions and capping financial gains.
UltraTech Cement gained 3.4% after UBS upgraded the stock from "neutral" to "buy", citing a likely recovery in demand for the financial year starting on April 1.
In the last three sessions, foreign investors who were responsible for the collapse of Indian markets by $1 trillion bought shares worth over $1.61 billion. Reporting by Vivek M and Bharathrajeswaran, Editing by Mrigank Dahniwala and Sonia Cheema
(source: Reuters)