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UN warns that the UN is moving too slowly to combat super-warming methane gases ahead of COP30
The UN warned that almost 90% of methane leaks detected by satellite and reported to governments, oil companies and other organizations are not acknowledged. This comes ahead of the COP30 talks on climate change next month. The International Methane Emissions Observatory (IMEO), which uses 17 satellites for plume observation, had a response rate of 12% from 3,500 alerts relating to leaks in the oil and gas industry, according to the report. This is a small improvement from the previous year, when only 1% alerts led to action being taken to prevent the leaks. Methane is more efficient at trapping heat, even though it stays in the air for a shorter period of time. Scientists believe that cutting methane emission is the best way to combat climate change on a short-term basis. More than 150 nations have pledged to reduce methane emission by 30% in the decade of 2021. Inger Andersen is the executive director of U.N. Environment Programme oversees the Methane Alert and Response System of the observatory, which detects gas leaks remotely. Anderson, speaking of methane emissions from oil and gas venting and flaring, said: "We're talking about tightening screws in certain cases." "We cannot ignore these relatively easy wins." In 25 cases, the report stated that a notification had led to an event of large emissions being corrected. Investors representing more than 4.5 trillion euros ($5.3 billion) in assets warned the EU at the beginning of this month not to relax its methane emission law. They were concerned that the EU might ease the rules to allow increased U.S. LNG exports as part of their efforts to reduce trade tensions. The observatory states that the greatest mitigation potential is found in the methane emissions from the oil and natural gas industry. Giulia Ferini, head of the observatory said that the observatory also planned to expand its work in order to detect emissions from other sources. These include metallurgical coke for steel production, agricultural waste and agricultural, Giulia added. (Reporting and editing by Barbara Lewis; Ali Withers)
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Gold prices fall over 2% as dollar firms and investors book profits
The gold prices continued to decline on Wednesday after their steepest daily drop since 2020 the previous session. An initial recovery was followed by renewed selling as investors locked in profits, and a stronger US dollar added pressure. As of 1103 GMT spot gold fell 2.6% to $4,017.29 an ounce after reaching as high as $4,161.17 in the earlier session. U.S. Gold Futures for December Delivery fell 1.9%, to $4.032.80 an ounce. The U.S. Dollar Index rose by 0.2%, reaching a new high of one week. This makes dollar-priced gold more expensive. Bullion prices dropped 5.3% on the day after hitting a record-high of $4,381.21 during the previous session. Prices are up 54% this year due to geopolitical instability and economic uncertainty, U.S. interest rate expectations and strong ETF inflows. The analyst at ActivTrades, Ricardo Evangelista, said that the recent gains in gold prices were a sign that they had reached an overbought level. This led to many traders closing their positions to lock in their profits. The 21-day moving median at $4,005 is a technical support for gold. Investors await the U.S. Consumer Price Index report (CPI), due on Friday. This could provide insight into the Federal Reserve’s rate-cutting trajectory. In low-interest-rate environments, gold, which is a non-yielding investment, tends do well. According to a poll of economists, the Fed is expected to lower its key rate by 25 basis point next week and then again in December. A planned summit between U.S. president Donald Trump and his Russian equivalent Vladimir Putin has been put on hold, and uncertainty surrounds a potential meeting between Trump and Chinese president Xi Jinping. StoneX analyst Rhona OConnel said: "We're still in a period of uncertainty, which will likely lead to a new interest for buying at any significant dips." Silver spot fell 1.8%, to $47.24 per ounce. On Tuesday, it fell 7.1%. Palladium fell 1.2% to $1391.00, and platinum dropped 1.4% to $1530.35.
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GE Vernova profit beats estimates on strong equipment orders, rising power demand
GE Vernova beat Wall Street expectations for the third quarter profit on Wednesday. This was due to robust equipment orders, and a surge in power demand from data centers that support artificial intelligence workloads. The company reported orders totaling $14.6 billion. This represents a 55% organic increase, driven by the demand for equipment in the power and electrification sector. GE Vernova announced on Tuesday that it will acquire the remaining 50% of Prolec GE, a transformer manufacturer, for $5.28 Billion, strengthening its North American grid-equipment business. The company created after a three way split of General Electric reported a profit adjusted of $1.67 per shared. According to LSEG data, analysts had on average expected $1.62 a share. GE Vernova shares increased by about 2% during premarket trading. The electrification division reported a core income of $393 millions, up from $201 million the year before. This unit offers grid equipment and services. Power segment, which provides steam and gas engines, reported a core income of $645m for the three-month period ended September. This compares to $499m a year ago. According to the Energy Information Administration, the U.S. power consumption is expected to reach record levels this year and in 2019. The wind segment posted a core loss in the quarter of $61 millions, compared to a loss in the previous quarter of $317. GE Vernova has reported one death in a motor accident.
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Kazakh Minister says fuel prices will remain frozen until at least the spring and blames Ukraine War Fallout
The Kazakhstani economy minister announced on Wednesday that a price freeze would be in effect until "at least next spring". He said that this was due to the rising fuel prices in Russia - Kazakhstan's main trading partner and neighbour. Serik Jumangarin said to reporters in Astana: "What is important now for us is to wait. At least until next Spring." We must wait until the neighbouring countries stabilise." He said: "The situation has to do with the events that are unfolding because of the conflict between Russia, Ukraine and other countries. The petroleum prices in this country have been rising rapidly." Kazakhstan, the world's second largest producer of minerals, and a country that produces 2% of all oil in the world, introduced last week sweeping price controls for fuels and utilities, amid an accelerating inflation rate, which reached 12.9% in September. In the first half of this month, central bank rates were raised to an all-time high 18%. Fuel prices are a sensitive issue in Kazakhstan. The sudden increase in the price of LPG in January 2022 sparked the worst unrest in Kazakhstan since 1991, when the 20-million-strong country gained independence from the Soviet Union. The fuel price protests in that year grew to be a widespread unrest. Hundreds of people were killed, and Russian troops were deployed as part a regional peacekeeping mission to restore order. A drone strike by Ukraine on the Russian Orenburg gas plant that processes gas from Kazakhstan’s Karachaganak gas field severely reduced its capacity for several days. Astana is treading a fine line in its diplomatic approach to the conflict in Ukraine. It has maintained warm relations with Moscow while also expressing its support for Ukraine’s territorial integrity. Reporting by Tamara Vaal, Tbilisi. Writing by Felix Light. Editing by Andrew Osborn.
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GE Vernova reports third-quarter profits on demand for power equipment
GE Vernova reported a profit for the third quarter on Wednesday. This was largely due to a strong performance from its electrification and power equipment units. According to the Energy Information Administration, the U.S. will see record-breaking power consumption in 2025-2026 due to a surge of demand for data centers to run artificial intelligence technology. The electrification division of the company reported a core income of $393 millions in the third-quarter, up from $201 million one year ago. This unit offers grid equipment and other services. The steam and gas segment of the power segment reported a core income of $645m for the quarter ending June-September, up from $499m a year ago. The wind segment posted a core loss in the quarter of $61 millions, compared to a loss in the previous quarter of $317. The company confirmed that its revenue forecast for 2025 will be in the upper end, between $36 billion and $37 billion. The company's guidance takes into account the current tariffs and inflation. The Cambridge, Massachusetts based company reported a net income of $453 million or $1.64 a share. This compares to a loss last year of $99 millions or 35 cents.
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TSX Futures Fall as Precious Metals Extend Losses
Futures tied to Canada's main resource-heavy stock index declined on Wednesday, following a sharp drop in the previous session. The decline was attributed to continued weakness in metals prices as well as uncertainty over trade and geopolitical matters. At 05:54 a.m., December futures for the S&P/TSX Index were down by 0.3%. ET (0954 GMT). Toronto's Composite Index posted its largest decline since April Tuesday, as gold prices dropped sharply. Inflation data that were hotter than expected also reduced expectations of an imminent Bank of Canada rate cut. Silver prices fell 1%, and the precious metal price dropped more than 5% during the previous session. Shanghai copper prices also fell as traders' enthusiasm declined due to a weakening Chinese demand and the strengthening U.S. Dollar. The oil prices have risen for the second day in a row, driven by supply risk due to sanctions and optimism about a U.S. China trade agreement. Global markets were dominated by geopolitics after a summit between U.S. president Donald Trump and Russian president Vladimir Putin was postponed and ambiguity lingered about a possible meeting between Trump and Chinese leader Xi Jinping. Trump, despite Washington and Beijing's recent more conciliatory tone, added to the uncertainty surrounding the meeting by saying on Tuesday that "maybe it will not happen". The market participants are now awaiting the release of the U.S. Consumer Price Index on Friday. This is a crucial inflation indicator which could give insight into the monetary policy trajectory for the Federal Reserve. Also, the Canadian retail sales numbers, which are due Thursday, will give a good idea of consumer spending habits in Canada. Teck Resources, a miner, beat its third-quarter profit expectations on Wednesday thanks to higher copper and zinc costs. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian markets directory (Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
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New Mexico villages still facing flooded homes and poisoned water wells after wildfire
When it rains, Victoria Lovato’s ranch in northern New Mexico is flooded by three muddy torrents. The torrents are the result of New Mexico’s largest wildfire ever that burned mountains above her property over three years ago. This type of post-wildfire flood is making Western United States homes unlivable, and destroying infrastructure like roads and water treatment facilities. Climate change causes blazes to burn larger areas at higher temperatures. Ranch dogs follow Lovato's GMC truck as she, Ismael, and their daughter Mia, 11, drive north through a high mountain valley that is ringed with torched trees following the Hermit's Peak - Calf Canyon Fire of 2022. Lovato, 41 points out the "nuked mountains" above her 52-acre Mora ranch, located about 64 km (40 miles) northeast of Santa Fe. Two U.S. Forest Service prescribed blazes that were mishandled started the drought-fuelled blaze. It was hot enough to melt rock and bake the soil to the consistency asphalt. The soil is no longer able to absorb water, and there are no trees or shrubs left to slow the flow. Rain flows off the burn scars like water from a parking area, sweeping away soil and boulders with debris flows and flash floods. According to a recent study in Nature Sustainability, the number of Americans who live in areas that are exposed to wildfires has doubled in the last two decades to almost 22 million. According to a study by 2020, the area of Western forests that are burned with the intensity required to create the post-apocalyptic landscape Lovato can see from her home has increased eight-fold over the past three decades. Jason Kean, an hydrologist with the U.S. Geological Survey, maps wildfire burn zones to assess risks of debris flows and flash floods. He worked on more than 105 fires last year, covering an area of 6 million acres. This is nearly twice as large as Connecticut. He said that because flood risks can persist for up to 10 years, the area of heavily burned land susceptible to flash flooding is growing every year. Kean said, "You begin to accumulate a lot more vulnerable terrain." Coconino County, in northern Arizona, has slowed down or diverted flooding by creating features like alluvial fan sediment fields which act like giant sponges to soak up the water. Lucinda Andreani visited Mora, Arizona to share the lessons learned after $118 million was spent by federal, state, and local funds on watershed restoration following wildfires in the county surrounding Flagstaff. Around a dozen residents, contractors, and activists from the community said that this type of funding and collaboration among authorities still isn't present in Mora County. FLOODS CLAIM MUCH MORE LIFE THAN FIRE Lovato's house survived the fire which destroyed hundreds of homes but did not cause any deaths. Since then, her valley has been inundated over twenty times. The water has flooded her outbuildings, her neighbors' homes and knocked down fences, allowing cattle to escape. It even came to her doorstep this year. In 2022, a flood drowned an automobile. A 2022 flood drowned a motorist. According to data from the state and local governments, New Mexico has lost seven lives in the past five years due to post-wildfire floods, while five people have died in fires. According to emergency management officials in Washington, Utah, and Colorado, no national data have been developed on deaths after wildfires and flooding. These states only launched post-wildfire disaster reduction programs within the past six years. Collin Haffey is the head of Washington State's post-fire program. He compared the current situation to the Dust Bowl, which was a severe soil erosion that occurred in the Great Plains during the 1930s, forcing many people to migrate. CONTAMINATED WEELLS According to County Commissioner Veronica Serna, dozens have been abandoned in Mora County - one of the most impoverished counties in the United States - due to a mold infestation after flooding. According to a study conducted by Zeigler Geologic Consulting in October, toxic heavy metals were washed into wells as a result of flash flooding. The company analyzes the groundwater quality in Mora County. Lovato is among the residents who say it's become harder to get assistance from the Federal Emergency Management Agency after President Donald Trump started dismantling that agency and cutting grants and jobs at other federal offices. FEMA officials did not respond when asked for comments. According to local officials and businesspeople, the misery of repeated flooding has forced dozens of families and companies out of Mora County and San Miguel County with a combined total population of around 30,000. New Mexico Department of Homeland Security and Emergency Management announced that it is working with U.S. Forest Service and Natural Resources Conservation Service in order to identify funding for restoration of watersheds. The state agency announced that it had launched a survey to identify areas of high risk and was developing potential projects for those areas. Requests for comments were not immediately responded to by the NRCS or USFS. George Trujillo, chair of the Mora County commission, said that the county is focused on a plan worth $41 million to repair roads. He said that the USFS (which manages burned land in and around Mora) and private landowners needed to restore mountain watersheds for valley flooding to stop. Trujillo said that it would be a waste of time to fix the floodwater in the bottom, if the top parcels were not fixed. Lovato, standing by a culvert which becomes a giant fire hydrant during a rainstorm, is frustrated that county officials paved the dirt road this summer rather than work on restoring its watershed. She said, "We want to find a real solution." (Reporting and editing by Donna Bryson, Aurora Ellis and Andrew Hay from New Mexico)
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Gold prices continue to fall as dollar firms and investors make profits
The gold prices continued to decline on Wednesday after their steepest daily drop since 2020 the previous session. An initial recovery was followed by renewed selling as investors locked in profits, and a stronger US dollar added pressure. As of 0941 GMT the spot gold price was down by 1.4%, at $4,067.31, after having risen as high as $4,161.17 in earlier sessions. U.S. Gold Futures for December Delivery fell 0.7%, to $4.081.30 an ounce. Dollar-priced gold became more expensive as the U.S. index of dollar hovered at a high for a week. Bullion prices dropped 5.3% on the day after hitting a record-high of $4,381.21 during the previous session. Prices are up 54% this year due to geopolitical instability and economic uncertainty, U.S. interest rate expectations and strong ETF inflows. The analyst at ActivTrades, Ricardo Evangelista, said that the recent gains in gold prices were a sign that they had reached an overbought level. This led to many traders closing their positions to lock in profits. The 21-day moving median at $4,005 is a technical support for gold. Investors await the U.S. Consumer Price Index report (CPI), due on Friday. This could provide insight into the Federal Reserve’s rate-cutting trajectory. In low-interest-rate environments, gold, which is a non-yielding investment, tends do well. According to a poll of economists, the Fed is expected to lower its key rate by 25 basis points next week and then again in December. A planned summit between U.S. president Donald Trump and his Russian equivalent Vladimir Putin has been put on hold, and uncertainty surrounds a potential meeting between Trump and Chinese president Xi Jinping. StoneX analyst Rhona OConnel said: "We're still in a period of uncertainty, which will likely lead to a new interest for buying at any significant dips." Silver spot increased 0.9% to $48,28 an ounce. On Tuesday, it fell 7.1%. Palladium fell 1%, to $1,394.52, while platinum dropped 0.1%, to $1,549.53. (Reporting from Anmol Choubey in Bengaluru and Sherin Varghese, with additional reporting by Polina Devitt; editing by Sherry Phillips and Shailesh Kumar)
Teck's profits beat forecasts on higher metal prices and the Anglo-Teck merger is on track
Teck Resources surpassed third-quarter profit expectations on Wednesday. The higher copper and zinc price helped, but production at the Quebrada Blanca Copper Mine in Chile was still constrained due to tailings.
Teck shares listed in the United States rose by 2% before market opening.
Teck is advancing a merger announced in September with Anglo American to create Anglo Teck. Anglo Teck will be a top five global copper producer, headquartered in Canada.
The agreement aims to unlock synergies and save around $800 million annually between Teck's Quebrada Blanca project and Anglo's Collahuasi mine in Chile.
According to LSEG, the Canadian miner posted adjusted earnings of 76 Canadian Cents per share in the third quarter that ended on September 30. This was above analysts' median estimate of 49 Canadian Cents.
Teck reported a third-quarter profit increase on the back of higher base metals prices and increased sales at its Red Dog Zinc Mine in Alaska. It also cited lower smelter charges, as well as improved performance in British Columbia.
The realized quarterly copper price rose by nearly 6%, to $4.45 a pound. Zinc prices grew 3.2%, to $1.29 a pound.
The third quarter saw a 9.1% drop in copper production to 104.100 tonnes. Production at the Quebrada Blanca Mine fell by 24.6%, to 39.600 tonnes. This was due to ongoing work to increase the tailings dam's crest.
The company stated that the construction of a tailings facility on the site is the biggest constraint to production. However, improvements are being made in the sand drainage system and the dam construction.
Teck has maintained its copper production forecast for 2025 at 170,000 to 190,000 tons at net cash cost of $2.65 to $3.00 per pound.
(source: Reuters)