North America






Oil Refineries

Moscow authorities restrict the publication of photos and video of the aftermath of drone strikes

The office of Sergei Sobyanin, Moscow's mayor, announced on Wednesday that the city has imposed restrictions on the publication and distribution of images and videos depicting the 'aftermath' of "terrorist attacks", including drone strikes. A directive posted on the official website of the mayor, referring the "Anti-Terrorist Commission", stated that the order was intended to "prevent the dissemination of unreliable or false information". The law prohibits the media as well as individuals and emergency services from publishing pictures or videos depicting "terrorist attacks", including drone attacks, until these images or videos appear on the websites of either city governments or...



Energy Markets

Fossil Fuels

Oil & Gas

Venezuela starts sovereign, PDVSA debt overhaul; liabilities seen above $150 bln

Venezuela launched a restructuring on Wednesday of its sovereign debt as well as that of the state oil company PDVSA. This boosted bond prices in an effort to relieve itself of 'unsustainable obligations. In a statement, the Government said that the "orderly and comprehensive" overhaul would include both the sovereign debt as well as the debt of PDVSA. The government also stated the goal to "substantially reduce" the debt burdens. In a statement, it was stated that the restructuring is meant to "put economy at service of Venezuelan people", with any relief being directed towards social welfare, inclusive development and...

Oil Refineries

Italy's Ludoil purchases Sicilian oil refinery as war threatens Europe fuel supply

G.O.I., a Cypriot private equity fund, has agreed to purchase the Sicilian oil refiner ISAB. The Italian group Energy said Wednesday that the Iran War has revealed Europe's dependence on the Gulf to supply jet fuel and refined products. Ludoil is the jet fuel supplier to Rome's Fiumicino airport. The Morattis family of Italy and the Brachetti Perettis family in Azerbaijan sold their oil refineries recently to Vitol, a commodity trader. Ludoil had already begun discussions with G.O.I. When the United States and Israel struck Iran on February 28, they used ISAB to generate energy. Ludoil was founded in 1954...

Oil & Gas

Brenntag's profits beat expectations but warns that crude prices may remain high

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

Fossil Fuels

Mike Dolan: The stress of the long-term bond issue in the G7 is intensifying.

The rise in government borrowing costs over the long term is not slowing down, and there are more aggravators every day. If you have been enthralled by the gravity-defying markets of this year, then look no further for where stress is growing in world markets. The debt, oil, inflation and interest rate risks, combined with the domestic political and geopolitical uncertainties, as well as the waning demand from the private and public sectors for long-term bonds, have pushed borrowing costs in the Group of Seven (G7) advanced economies to their highest level in over 20 years. According to ICE Bank...

Electric Utilities

MSCI pulls six companies out of its index after review

Indonesia's Financial Services Authority said that on Wednesday, there was no panic sale of shares following MSCI's removal of?six companies from its Indonesia Global Standard Index. They added that they would continue their efforts to reformate the stock market. After a review of the MSCI Indonesia Index, the index provider announced that Amman Mineral International and Chandra 'Asri'Pacific had been removed from it. Dian Swastatika Sentosa was also removed, as well as Barito Renewables Energy, Petrindo Jaya Kreasi, and Sumber Alfaria. On Wednesday, the Jakarta Composite Index fell by up to 1.92% and reached its lowest level in more than...

Oil & Gas

As ties with Syria warm, UAE trade with Syria grows rapidly

A UAE minister told a Damascus Investment Forum that trade between the United Arab Emirates (UAE) and Syria has more than doubled since '2025. It will continue to grow. This is a sign of rapidly warming relations between both countries. Thani Al Zeyoudi, UAE Minister of State in charge of?Foreign trade, told the first?Syrian Emirati Investment Forum the non-oil trading between the United Arab Emirates (UAE) and Syria will reach a record $1.45 billion by 2025. This is a 132% increase from the previous years. He said that the rise in bilateral trade is a positive sign. During the two-day...

Refined Products

Pentagon: US war on Iran has cost US $29 billion to date

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

Oil & Gas Refining

Timothy Go, CEO of HF Sinclair, leaves the company after a leave of absence

U.S. refiner HF Sinclair announced on Tuesday that former 'CEO Timothy Go' departed the firm effective May 11, under a?? mutually agreed??? separation??? agreement after being on voluntary?? leave for almost three months. Go, the former chief executive of the company, was on leave from February 17 to March 1 as part of a review after Atanas Atanasov, the finance chief, raised concerns over Go's actions affecting the tone at the top regarding the 2025 disclosure process. Since then, Board Chair Franklin Myers has served as interim CEO and President. During the review, the board raised a number of concerns...

Oil Refineries

China's ethane imports from the US hit a record high as Iran war reduces rival feedstock supplies

According to traders, analysts, and shipping data, China increased U.S. Ethane imports in April, capitalising on the strong petrochemical margins, as other Middle East?feedstocks were disrupted by the Iran War. The U.S. and Israel war against Iran halted the majority of shipments of liquefied gas (LPG) from the Middle East via the Strait of Hormuz. This forced Chinese petrochemical manufacturers to look to the United States to get more supplies. This was despite the fact that trade tensions last year caused Beijing to temporarily impose a tariff of 125% on U.S. exports. Data from Sublime China Information and?Kpler showed that...

Fossil Fuels

Mapping the market: If a warning is confirmed, energy shares could be on their way down

The U.S. Energy shares had a good year, largely due to rising oil prices as a result of the Iran 'war. But the gains came with a great deal of volatility, and charts now flash a warning which could indicate a major drop. The S&P 500 Energy Index, which tracks the performance of energy stocks in S&P 500 is currently forming what technical analysts refer to as a head-and shoulders top. This pattern is often used to indicate a change from a bullish to a negative trend. This pattern has three peaks, with the highest peak in the middle. Two...

Oil & Gas

IRGC officer: Iran now considers Strait of Hormuz a much larger zone

According to a'senior officer' in the Islamic Revolutionary Guard Corps Navy, Iran has expanded the definition of the Strait of Hormuz far beyond what it was before the Iran war. Fars, a news agency affiliated with the Iranian government, reported Tuesday that the strait was no longer viewed by the IRGC Navy as a small stretch of water around a few islands, but had been significantly enlarged and given a greater military significance. "In the past the Strait of Hormuz has been defined as a small area around islands like Hormuz or Hengam. But today, this view is changing," said...

Oil & Gas

Prices of oil rise amid supply concerns as fragile US-Iran negotiations continue

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

Crude Oil

Crude Oil

Trump's visit to China is not a big change in oil prices

Investors watched a fragile Middle East truce and awaited a high stakes summit between U.S. president Donald Trump?and China’s Xi Jinping in Beijing. Brent crude futures were up 23 cents or 0.2% to $108.00 per barrel at 1043 GMT. U.S. West Texas Intermediate Futures fell 10 cents or 0.1% to $102.08. Since the U.S. and Israeli war against Iran began in February, both benchmarks have been hovering around or above $100 per barrel. The market is still highly reactive, which means that sharp swings will continue. "Any further escalation of the threat to supply could rapidly revive strong upward momentum...

Crude Oil

Gold drops as US inflation data reduce rate-cut bets

Gold prices fell on Wednesday, following a strong U.S. Inflation data dampened speculation 'of interest rate cuts in the near future. At 0946 GMT the spot gold price was down by 0.4% at $4,694.59 an ounce, reversing a recent three-week high. U.S. Gold Futures for June Delivery gained 0.3%, to $4702.40. Dollar bullion is now more expensive than ever for those who hold other currencies. Data on Tuesday revealed that U.S. consumer inflation increased further in April. The annual rate posted its biggest gain in three-years, as higher oil prices caused by the U.S./Israeli war against Iran drove costs up....

Crude Oil

European stocks are rising as sentiment improves, but oil and government bond yields remain elevated

European'stocks' rose on early Wednesday trading as markets recovered from previous session losses. The price of 'oil also declined from recent highs, even though hopes for a peace agreement between the United States and Iran dwindled. Wall Street stocks fell after U.S. consumer price data showed that energy costs increased the most since three years on Tuesday. The inflation data showed the economic impact of Israel and the United States' war against Iran. This pushed up government bond yields as traders believed that it would increase the likelihood that central banks might be forced to raise interest rates sooner than...

Mining

Mineral Resources

Mineral Resources

Gold prices remain steady as Trump-Xi meetings and the Iran war are in focus

The gold?price remained steady on Thursday as investors centered their attention on the?conversations?between a?U.S. The Iranian war was the focus of attention between President Donald Trump and Chinese president Xi Jinping. As of 0212 GMT, spot gold remained unchanged at $4,688.43 an ounce. U.S. Gold Futures for June Delivery fell 0.2% to $4,695. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating right now as everyone is watching what happens in the high level talks between the U.S.A. and China." Lan said: "I think (gold) is also a window for those investors who want to get into metal." Trump...

Mineral Resources

Gold continues to decline as inflation worries weigh on rate-cut bets

The gold price fell a second time on Wednesday as inflation fears fueled by war weighed on the expectations for interest rate reductions. Markets were also looking forward to the upcoming summit between U.S. president Donald Trump and Chinese President Xi Jinping. At 1:59 pm EDT (1759 GMT), spot gold was down by 0.6% to $4,686.35 an ounce. U.S. Gold Futures closed 0.4% higher at $ 4,706.70. U.S. Producer Prices increased more than expected in April, posting the biggest gain since early 2020. This is the latest sign that inflation has accelerated amid a 'war on Iran. Peter Grant, senior...

Mineral Resources

Tyson Foods CFO: 'Spotty' expansion of US cattle herd by Tyson Foods.

Tyson Foods' Chief Financial Officer Curt calaway stated on Wednesday that U.S. producers are "spotty",?in their efforts to rebuild a nation's reduced herd. Supplies will remain tight as low inventories pushed beef prices to record levels. As part of his efforts to reduce domestic beef prices, President Donald 'Trump' has been considering possible executive actions that would lower tariffs on imported beef and regulations for producers. Prices for milk, eggs and other grocery staples are down since Trump's presidency in January 2025. However, beef prices have increased by over 16%. HIGH?PRICES AND DROUGHT WORRIES Ranchers are slow to keep female...

Mineral Resources

Equinox Gold acquires Orla Mining for $18.5 billion to create a gold producer

Equinox Gold announced on Wednesday that it would purchase Orla Mining as part of a 'all-stocks deal' to create a North American Gold Producer?worth $18.5 billion. Orla Mining's U.S. listed shares rose?3.4% during premarket trading. Gold prices have soared to record highs, boosting cash flow and improving access to capital for miners. This has encouraged them to increase their reserves and expand their presence in mining regions that are safer such as Canada and United States. Calculations show that Orla shareholders will receive a nominal cash payout for each share they hold, and one Equinox common stock. The transaction is...

Mineral Resources

Nippon Steel to earn $1.4 billion in fiscal year profit, as one-off items fade

Nippon Steel is Japan's largest steelmaker. On?Wednesday, it said that its net profit for the fiscal year ending in March will?increase dramatically to a?220 billion ($1.4 billion). This is because the effects of one-off losses are fading from its results. Nippon Steel also reported a 95% decline in profits for the previous financial year, to 17.2 billion Japanese yen. In February, the company announced that it "expected" to lose 70 billion yen in the fiscal year ending in March. This was due to an explosion at a blast-furnace and to costs related to the U.S. Steel transaction. Nippon Steel said...

Mineral Resources

Gold prices fall as oil gains increase rate uncertainty

Gold prices were under pressure Tuesday, as the oil price rose due to falling hopes of an Iran peace agreement. This added to concerns about inflation and the prospect of higher interest rates globally. By 1757 GMT, spot gold had fallen 1.2% to $4678.49 an ounce. U.S. Gold Futures closed 0.9% lower, at $4686.70. "Higher oil costs raise the risk that U.S. central banks and others may have to increase interest rate to combat what would certainly emerge as stagflation. Gold is reacting to that," Bart Melek said, global head for commodity strategy at TD Securities. As?hopes of a peace...

Mineral Resources

As markets evaluate tensions in the Middle East ahead of US inflation figures, gold prices fall

Gold prices fell on Tuesday as the markets weighed developments in the Middle East conflict and interest rate expectations before key U.S. Inflation data. Gold spot fell 0.6% to $4,705.99 an ounce at 0603 GMT after reaching a session high of three weeks earlier. U.S. Gold Futures for June Delivery fell 0.3% to $4.714.50. The hope for a peace agreement on?Iran has faded since U.S. president Donald Trump said that a ceasefire deal with Iran is "on life support".?Tehran rejected the U.S. proposal and refused to accept a list demands from the U.S. President Donald Trump called the proposal "garbage"....

Mineral Resources

Indian shares continue to fall and the rupee is at a record low, as optimism about a Mideast deal fades

The rupee and Indian shares both fell to a new record low Tuesday as crude oil prices rose. This was due to fragile negotiations over the end of the Iran 'war, which fueled concerns about global supply and economic fallout. As of 10:15 a.m. IST the Nifty 50?was down 0.69% to 23,652.4 while the BSE Sensex fell 0.82%, to 75,386.61. The benchmarks fell by 1.5% each on Monday. The mood was also affected after Prime Minister Narendra modi, over the weekend, urged fuel conservancy and restraint in gold purchases to help preserve foreign currency reserves. Jewellers, oil companies and travel...

Environment

Sigma Lithium fined by Brazilian inspectors for using prohibited waste pile

In a press release, Brazilian labor inspectors fined Sigma Lithium after they found that the company had deposited waste into a pile which was closed because it posed a "grave" and "imminent" risk to workers and local residents. Inspectors discovered that despite three Sigma waste piles being closed last December, trucks continued to deposit waste on one of them. Sigma did not respond immediately to a comment request. The largest lithium producer in Brazil announced that it would resume mining at its flagship Grota do Cirilo Mine despite the piles having been shut down. When the piles closed late last...

Mineral Resources

Gold prices rise as markets digest US/Iran updates and await inflation data

Investors awaited the key U.S. Inflation data that is due later this week and assessed developments in 'U.S. diplomacy with Iran. As of 10:20 am EDT (1420 GMT), spot gold had risen 0.3% to $4,730.49 an ounce after having fallen over 1% in the previous session. U.S. Gold Futures increased 0.2% to $4.740.40. Jim Wyckoff of American 'Gold Exchange, a market analyst, said: "There are just some bargain hunters and positions?ahead?of the U.S. Inflation data this week." The U.S. Consumer Price Index is due to be released on Tuesday, and the Producer Price Index (PPI) will be released on Wednesday....

Mineral Resources

Copper reaches 3-month high on supply concerns and technical break

On 'Monday', copper prices rose to their highest level in over three months as fears of supply shortages outweighed worries about lower demand because of the stalemate during the 'Iran War. In open-outcry official trading, benchmark three-month copper at the?London Metal Exchange rose 1.1% to $13,715 per metric ton. This is its highest since January 29. The stock was on course to post its sixth consecutive session of gains. This is the longest bullish streak since December. It has gained 10% this year but is still well below its peak of $14,527.50 in January. Ole Hansen is the head of...

Mineral Resources

'We Are American': Acerinox is considering a NYSE listing of US arms

Acerinox's CEO on Friday left a 'door open' for a potential?New York IPO of its U.S. operations, which make up?the majority of the Spanish steelmaker’s earnings. Acerinox, in a Bloomberg News interview last year, floated the idea of listing its U.S. businesses locally after Haynes International is integrated. The acquisition was completed in late 2024. "We can't not consider it," CEO ?Bernardo Velazquez told . "While U.S. valuations and U.S. liquidities remain far higher than those in Spain I believe that we are obliged?to explore all?possibilities." Acerinox will maintain its majority stake in the U.S. company if it proceeds with...