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Energy Markets

Oil & Gas

Oil & Gas

Braskem US assets may face resistance from potential buyers

Three people familiar with the talks said that groups vying to control Brazilian petrochemical company Braskem would likely resist any sale of its U.S.-based assets. Brazilian chemical company Unipar has been in discussions to buy Braskem's plants in Texas and Pennsylvania for $1 billion. This was reported by the Brazilian newspaper O Globo on Thursday. Braskem confirmed to Unipar on Friday that they are discussing the sale unspecified Braskem properties. On Friday, Braskem shares rose about 3% while Unipar's shares jumped nearly 9% at the Sao Paulo Stock Exchange. Sources, who spoke on condition of anonymity, said that neither party...

Oil & Gas

Citgo parent shares sold at auction in the US to a bidder competing with its own

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

Oil & Gas

Reliance is likely to return to Middle East oil in the event that Russian supplies dry up

Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with...

Oil & Gas

The rupee has suffered its worst six-month losing streak on US tariffs. RBI limits the damage.

The Indian rupee has dropped for the fifth consecutive week. This is its largest weekly decline in six months. Trade tensions between India, and the United States have escalated after President Donald Trump called for new tariffs to be placed on Indian products. The rupee was slightly higher on Friday, closing at 87.6550 versus the U.S. Dollar. It closed at 87.7025 last Thursday. The dollar opened at 87.5600, and reached a high intraday of 87.5350 due to the unwinding long dollar positions on the NDF. After initial lows the USD/INR rose after dollar bids from oil importers pushed it higher,...

Oil & Gas

The oil market is set to suffer its steepest weekly loss since June due to tariffs that cloud the demand outlook

Investors expressed concerns about the impact of tariffs on the global economy, which went into effect on Thursday, on the oil prices. Brent crude futures fell three cents at 0050 GMT to $66.40 per barrel, and are on course to fall more than 4% from week to week. U.S. West Texas Intermediate Crude Futures fell six cents or 0.1% to $63.82 per barrel. They are expected to drop more than 5% weekly. The U.S. increased tariffs on a number of its trading partners. In a note, ANZ Bank analysts expressed concern that the tariffs would lead to a weaker economy,...

Oil & Gas

Pemex plan disappointed suppliers who are owed billions of dollars in payments

The head of a Mexican association that represents global oilfield services firms said on Thursday, despite promises by the government to accelerate payments to suppliers, there are no concrete measures in a new business strategy for Pemex. Rafael Espino is the president of AMESPAC. He said that during a meeting on Tuesday with officials of the energy and finance ministries, as well as Pemex, it was not mentioned how the company will pay off debts from work performed already in 2024, and in the first half 2025. Espino stated that AMESPAC members owed approximately 65 billion pesos (3.49 billion dollars)...

Oil & Gas

Emergency services report that a drone attack extinguished the fire at Russia's Afipsky refinery.

Local emergency services reported on Thursday that a fire caused by drone debris at the Afipsky refinery, in Russia's Krasnodar Region, had been extinguished. The Russian Defence Ministry reported that air defence systems shot down nine Ukrainian drones overnight over the region. The extent of damage to the Afipsky Refinery was not immediately known. This refinery along with the Krasnodar Refinery processed 7.2 millions metric tons crude oil by 2024. According to market sources, the disruption at Afipsky may result in a lower use of crude oil and could potentially add extra barrels to Russia’s exports for August. Drone attacks...

Oil & Gas

Texas Pacific Land announces a rise in profit for the quarter on higher royalties

Texas Pacific Land announced a higher core profit for the second quarter on Wednesday as higher royalties revenues offset lower oil prices. The results are coming as the energy sector braces itself for the impact of U.S. president Donald Trump's proposed tariff plans that have weakened oil prices and caused concern about global demand. The company earns money from land usage fees, construction materials sales, water treatment or sourcing services, and oil and natural gas royalty interests. The total revenue for the second quarterly increased from $172.3 to $187.5 millions, largely due to a 6% increase in oil and natural...

Oil & Gas

Western Midstream buys Aris Water for $1.5 Billion

Western Midstream Partners announced on Wednesday that it would acquire Aris Water Solutions for $1.5 billion in cash and stock. The company wants to diversify its operations in the Permian basin. After the bell, shares of Aris Water Solutions rose by over 21%. Western Midstream, a natural-gas focused pipeline operator, has sought to build a leading platform for water infrastructure in the U.S.'s top oilfield and diversify their customer base throughout West Texas and southeast New Mexico. The company said that the acquisition would allow it to expand its footprint to the north, into Lea and Eddy Counties of New...

Oil & Gas

Trump imposes an additional 25% tariff on Indian products, relations reach new low

U.S. president Donald Trump issued an executive directive on Wednesday imposing an extra 25% tariff on Indian products citing New Delhi’s continued imports from Russia. This sharply escalated tensions between both countries after the collapse of trade talks. The new measure increases tariffs on certain Indian goods up to 50%, making it among the highest for any U.S. trade partner. The U.S. and India relations have been deteriorating since Trump took office in January. The announcement comes at the same time that Indian Prime Minister Narendra Modi is preparing for his first trip to China in more than seven years....

Oil & Gas Refining

Suncor Energy exceeds its quarterly profit forecasts on the back of higher production

Suncor Energy, a Canadian oil company, exceeded analyst expectations for the second quarter profit on Tuesday as increased output offset the impact from weak commodity prices. Canada's oil-sands industry remains resilient, despite the fact that oil price volatility has pushed the energy sector into a slump. The expansion of the Trans Mountain Pipeline has provided Canadian producers with access to international markets and reduced their reliance on U.S. pipe networks. It now accounts for about 9% of Canada’s total crude oil exports. Canada exports almost 4 million barrels per day (bpd). Suncor's quarterly upstream production increased to 808100 bpd, from...

Oil & Gas

Sources say that Chevron and Valero are in discussions to reactivate the supply agreement for Venezuelan oil to US.

Three sources familiar with the preparations told reporters on Tuesday that Chevron Energy and Valero Energy were working to resume the supply of Venezuelan crude oil to Valero’s U.S. refining facilities under an agreement which was paused. This follows a newly granted license to the U.S. energy major. Washington issued a new limited authorization to Chevron in late July, allowing it to trade oil with Venezuela and export crude. This was a shift in policy following the prisoner exchange. Last week, the U.S. oil producer said that it expects to resume oil deliveries this month. While Chevron awaits the Venezuelan...

Fossil Fuels

Fossil Fuels

Kepler, a Brazilian silo manufacturer, reports weak results and looks to Argentina for growth

Kepler Weber, a maker of silos, posted lower quarterly results due to a weaker operational scenario in Brazil. However executives expressed optimism about the company's growth in Argentina. High interest rates and low grains prices have hurt Brazil's business prospects and profitability, but CEO Bernardo Nogueira says Argentina is a new avenue for growth as the economy and inflation in Argentina improve. Nogueira stated that the situation in Brazil was "dismal" as farmers had produced a record-breaking soy crop, which has pushed prices down globally. Brazil is one of the largest producers and exporters of corn, among other staple foods....

Fossil Fuels

India's IOC and BPCL have said they will buy 22 million barrels non-Russian oil for delivery in September-October

Trade sources reported that Indian Oil Corp. and Bharat Petrol Corp., two of the largest state refineries in India, had bought at least 22,000,000 barrels non-Russian oil for delivery between September and October. This was after U.S. pressed India to stop buying from Russia. After the Russian invasion of Ukraine, Indian state refiners began to purchase cheaper Russian crude. After pressure from U.S. president Donald Trump, they halted their Russian purchases at the end of July. Sources said that in its latest tender IOC purchased 2 million barrels on a delivered-basis of U.S. Mars Crude, 2,000,000 barrels Brazilian grades, and...

Fossil Fuels

Trump's trade war may seem to be going well, but there are still obstacles.

The U.S. president Donald Trump seems to be winning his trade war, which he launched after returning to the White House, in January. He has imposed double-digit tariffs on almost all imports and reduced the trade deficit. There are still many obstacles to overcome, such as whether U.S. trade partners will fulfill their commitments for investment and purchases of goods, whether tariffs will increase inflation or slow demand and growth and whether courts will allow him to continue with his ad hoc levies. On the day of the inauguration, U.S. tariffs were effective at around 2.5%. Since then, it has...

Crude Oil

Mineral Resources

Mineral Resources

The gold and silver markets are relieved after Trump's announcement that tariffs on gold will be avoided.

U.S. president Donald Trump said on Monday that he will not impose any tariffs on gold. This was a welcome move by the global bullion market and ended speculation for days that the yellow metal would be affected by the current global trade dispute. "Gold won't be tariffed!" Trump posted a statement on his social media accounts. He gave no details. U.S. Customs and Border Protection posted a decision on its website Friday, stating that Washington could place the gold bullion bar most commonly traded in the United States within country-specific tariffs. This would have shook the global supply chains...

Mineral Resources

MP Materials records record high after smaller losses, Pentagon and Apple boost

MP Materials shares hit record high on Friday, after the U.S. rare earths miner posted higher output, a smaller-than-expected quarterly loss and forecast further production gains. In early trading, shares of the company rose 10.45% to reach $78.50. MP, based in Las Vegas, operates the U.S.'s only rare earths mine. Its stock has more than quadrupled this year due to Washington's efforts to reduce dependence on China and secure domestic supplies. The production of rare earths neodymium, praseodymium, and other elements (NdPr) jumped by nearly 120% to 597 metric tonnes in the second quarter. Michael Rosenthal, the Chief Operating Officer...

Mining

After the Customs Service ruling, gold industry is hit by US tariff uncertainties

According to a decision posted on the U.S. Customs and Border Protection service website on Friday, Washington could subject the most commonly traded gold bars in the United States of America to country-specific import tariffs. The Financial Times reported earlier the news citing a CBP letter, which sent futures gold to a new record high. Imposing country-specific duties on gold delivered to the U.S. could be a serious blow to the global supply chain of gold. The service responded to the ruling on July 31 regarding the cast gold bars coming from Switzerland, which is the largest bullion refinery and...

Mineral Resources

Copper prices rise on US rate cuts and Chinese demand

The copper price rose for the third session in a row on Friday. This was boosted by expectations of a U.S. rate cut following a central banking appointment, and positive economic data from China. The benchmark three-month LME Copper on the London Metal Exchange increased 0.2% to $9,000 a metric tonne in open-outcry official trading. This is a continuation of a recovery after it reached its lowest level in three weeks on 31 July. Donald Trump, the U.S. president, announced on Thursday his choice to fill the vacant seat at Federal Reserve. This boosted hopes for interest rate reductions and...

Mining

MP Materials gains after smaller loss. Pentagon and Apple deals boost outlook

MP Materials shares jumped more than 10% in premarket trading on Friday, after the U.S. rare earths miner posted higher output, a smaller-than-expected quarterly loss and forecast further production gains. The Las Vegas company, which operates the sole U.S. rare-earths mine, has seen its stock quadruple in value this year due to Washington's efforts to reduce dependence on China and secure domestic supplies. The production of rare earths neodymium, praseodymium, and other elements (NdPr) jumped by nearly 120% to 597 metric tonnes in the second quarter. Michael Rosenthal, the Chief Operating Officer and Founder of NdPr, said that he expects...

Mineral Resources

Indian textiles and jewellery are at risk of tariffs of up to 50%; phones, pharmaceutics, and pharmaca, however, are exempt.

Donald Trump, the president of the United States, increased tariffs on Indian goods by 25% this week. He cited New Delhi's continued purchases of Russian oil. The new import tax will take effect 21 days after the 7th of August and raise duties on certain Indian goods up to 50%. This is among the highest tariffs imposed on U.S. trading partners. Some sectors, such as smartphones, pharmaceuticals, and energy, are exempted from reciprocal tariffs. However, others, like gems, jewellery, textiles, and auto components that make up the bulk of Indian exports into the U.S. will be hit. Here are the...

Mineral Resources

South Korea delays decision on Google's request for map data exports

The South Korean transport ministry reported that the decision was delayed on Friday due to pressure from the United States to resolve what Washington views as a nontariff barrier in recent trade negotiations. South Korea and the United States have agreed to a trade agreement in late July. However, it is not known if the map issue will come up at the summit. In 2016 and 2007 South Korea rejected Google's requests, which is owned by Alphabet (Google), for permission to store map data outside of the country. The reason given was security concerns. In a press release, the South...

Mineral Resources

ASIA GOLD - Price rise dampens activity in major Asian hubs

This week, physical gold demand in major Asian hubs declined as rising prices dampened interest in buying while higher rates encouraged others to sell their holdings. Gold isn't a popular purchase at the current prices. Some investors are selling the gold bars and coins they bought when prices were cheaper, said Ashok Jain of Mumbai's Chenaji Narsinghji. On Friday, gold prices in India were around 102.100 rupees (1,165.45 dollars) per 10 grams after reaching a record-high of 102.191 rupees. Indian dealers have this week offered a discount The discount last week was up to $7. A Mumbai-based dealer of bullion...

Mining

Myanmar signss deal with Washington lobbyists for rebuilding US relations

A Washington lobbying company has signed a $3 million-per-year agreement with Myanmar's Ministry of Information in order to help the country, which was ruled by the military for many years, rebuild its relations with the United States. Documents submitted under the U.S. Foreign Agents Registration Act, (FARA), show that the DCI Group and the Ministry signed an agreement on July 31. This was the day Myanmar's army nominally handed over power to a civilian interim government in advance of a planned elections. The military leadership of Myanmar, led by Min Aung Hlaing, seized power through a coup in 2021. That...

Mining

Gold as a safe-haven reaches a 2-week high on trade tensions and rate cuts

Gold reached a two-week-high on Thursday. The demand for safe havens was boosted by the tariffs imposed by U.S. president Donald Trump, and U.S. job data that added to expectations of rate cuts. As of 0956 am, spot gold rose 0.6% to $3388.09 an ounce. ET (13.56 GMT) after reaching its highest level in the earlier session. U.S. Gold futures increased by nearly 0.7%, to $3455.60. "Ongoing trade tensions and increased geopolitical pressures continue to support the market, with the safe-haven interest," said Peter Grant. Trump's increased tariffs on imports of a number of countries went into effect on Friday,...

Environment

Zambia denies health risk flagged by US Embassy over acid spill

Zambia denied that an acid spill six months ago in its copper mining region still poses a serious risk to health, just a day after U.S. Embassy restricted travel for U.S. government officials due to widespread contamination. In February, a tailings pond at a Chinese copper processing plant failed, releasing 50,000 cubic meters of acidic slurry in nearby rivers. The government of the Southern African country has said that there is no need to be alarmed and has taken steps to reduce acidity in affected areas by using lime. At a recent press conference, Cornelius Mweetwa, a government spokesperson, said...

Mineral Resources

Copper prices rise on positive Chinese trade data

The copper price rose on Thursday, after the July trade data for China's top metals consumer beat expectations. A cautious optimism about a possible U.S. China trade agreement also helped. In official open-outcry trade, the price of three-month copper at the London Metal Exchange increased by 0.3% to $9701 per metric ton. David Wilson, analyst at BNP Paribas, said that "China's strong data on exports has given positive sentiment to the industrial metals." China's exports increased 7.2% in July compared to the same month last year, exceeding a polled forecast of 5.4%. Imports increased by 4.1% in July, despite expectations...