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Energy Markets

Crude Oil

Crude Oil

Weekly oil prices drop on the possibility of more global supply

Oil prices rose on Friday, but are still on course for a loss of a week's worth as a potential OPEC+ production increase and a ceasefire in the Russia/Ukraine conflict could raise supply while at the same time contradictory U.S. Tariff signals limit demand. Brent crude futures rose 5 cents, to $66.60 per barrel at 0001 GMT. They are on course to drop 2% this week. U.S. West Texas Intermediate crude (WTI), which is a blend of West Texas and Texas, rose 6 cents a barrel to $62.85, but it was expected to fall 2.9% this week. In an interview...

Crude Oil

Stocks rise with tech shares, but dollar falls after recent gains

The major stock indexes rose Thursday as investors waited for further developments in U.S. China trade conflict. Meanwhile, the dollar fell after recent gains. The S&P 500 Technology sector rose 3.5% in one day, which is the highest of any sector within the benchmark index. After-hours trades for Alphabet, the parent company of Google, saw shares rise more than 3% following its release of first-quarter earnings. These results included earnings that exceeded analysts' expectations. The stock closed the regular session with a 2.5% gain. This earnings season will still bring us more results from the top U.S. technology companies. Donald...

Crude Oil

Stocks rise with tech shares, dollar falls after recent gains

The major stock indexes rose Thursday as investors awaited more developments in the U.S. China trade dispute, and the dollar fell after recent gains. Alphabet is expected to release its quarterly results after the closing bell. Alphabet has been up by 1.9%. S&P's technology sector led all other sectors in the S&P index with gains of about 3%. Donald Trump, the U.S. President, said that on Thursday trade talks were underway between the U.S.A. and China. This was in response to Chinese claims that there had been no discussion about easing the ongoing trade conflict. Beijing said that earlier, the...

Crude Oil

Stocks rise, led by tech shares. Dollar falls after recent gains

Investors weighed up the latest comments about the U.S. China trade conflict, and the data that showed the U.S. labour market is holding steady. The dollar also fell after recent gains. S&P technology rose more than 2%, leading all S&P sectors. Alphabet was scheduled to release its quarterly results, which were up 1.7%. Beijing said that the U.S. would have to remove "all unilateral tariff measures" against China if the U.S. "truly wanted" the solution of the trade dispute. On Wednesday, the White House signaled that it was willing to reduce sweeping tariffs against China. Investors also considered the possibility...

Crude Oil

Markets take stock of Trump’s U-turns as the relief rally fades away

Investors struggled to sort through the noise of the Trump administration, its erratic stance on tariffs, and the Federal Reserve leadership. In the past week, U.S. president Donald Trump has attacked Fed chair Jerome Powell, then retracted his calls for resignation. Investors are still unsure about the final state of tariffs against China, despite the many headlines surrounding it. A source said on Wednesday that, in the absence of talks with Beijing, the Trump administration was looking at lowering tariffs for imported Chinese goods. This follows a Wall Street Journal article that suggested that Trump's White House might consider reducing...

Refined Products

Taiwan offers another $10 billion in aid to help deal with US tariffs

Taiwan's Premier proposed on Thursday another $10 billion as a budget special to help the economy cope with the impact U.S. Tariffs. Taiwan was due to receive 32% U.S. Tariffs in two weeks, but President Donald Trump suspended his "reciprocal Tariffs" for 90-days. At a press conference held in Taipei on Tuesday, Premier Cho Jung Tai said that the initial T$88.9 billion ($2.71billion) aid package will be increased up to T$410.9 billion ($12.61billion), which includes financing assistance for businesses, measures to stabilize the job market, and subsidies for electric. The special budget must be approved by the parliament. Opposition parties,...

Fossil Fuels

Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk

Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday. Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes. Unipec's decision to resume purchases was not immediately apparent. Sinopec didn't immediately respond to an inquiry for comment. Sources claim that the number of cargoes purchased...

Crude Oil

Oil prices steady after 2% decline on possible OPEC+ production increase

Oil prices rose early on Thursday, after falling by nearly 2% the previous day. Investors weighed a possible OPEC+ production increase against contradictory tariff signals from White House as well as ongoing U.S. Iran nuclear talks. Brent crude futures gained 6 cents or 0.09% to $66.18 per barrel at 0038 GMT. U.S. West Texas Intermediate Crude rose 7 cents or 0.11% to $62.34 per barrel. The previous trading session saw prices fall 2% after it was reported that three sources familiar with OPEC+ discussions said several OPEC+ member countries will suggest to the group that they increase oil production for...

Crude Oil

Sources say OPEC+ will consider accelerating output if oil prices drop 3%

The oil prices fell 3% on Tuesday as sources claimed that OPEC+ was considering accelerating their output increases for June. However, losses were reduced following a report stating that U.S. president Donald Trump could reduce tariffs on Chinese imports. Brent crude futures fell $1.92 or 2.85% to $65.52 at 1:42 pm EDT (1742 GMT), while U.S. West Texas intermediate crude dropped $1.99 or 3.13% to $61.68. Three sources familiar with OPEC+ discussions said that several OPEC+ members would suggest to the group that it increase oil production for a second month consecutive in June. Recent tensions have arisen among OPEC+...

Crude Oil

Vance wants closer US-Indian ties but warns that a 'dark period' is coming if not

On a Tuesday visit to India, JD Vance, the Vice President of the United States, said that the United States was looking to sell more defence and energy equipment to India. He added that the ties between India and the United States will shape this century. In a speech delivered in Jaipur, a city in northwestern India, he stated that if India and the United States worked together effectively we would see a prosperous and peaceful 21st century. "But I believe that the 21st Century could be very dark for humanity if we do not work together effectively." After their...

Oil Storage

Short-covering of oil prices has pushed up the price, but concerns about tariffs persist

Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 36 cents or 0.5% to $66.62 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude contract for May expires Tuesday and was $63.73 per barrel, an increase of 65 cents or 1%. The WTI June contract, which is the most actively traded, was up 43 cents or 0.7% at $62.84 per barrel. The benchmarks fell more than 2% each on Monday as the signs of progress made in the nuclear agreement talks...

Crude Oil

MORNING BID EUROPE - Trying to contain the US market contagiousness

Wayne Cole gives us a look at what the future holds for European and global markets. It is said that the U.S. can sneeze and the whole world will catch a cold. Is contagion inevitable if it's a self-inflicted injury? The Nikkei, which is flat today despite the S&P500's 2.4% loss on Monday, may be an indication of this. It would normally be down by 1,000 points. This is despite the stronger yen. The money that is leaving U.S. assets must go somewhere and it's not only to European defence stocks. According to LSEG Lipper, investors purchased a net of...

Environment

Fossil Fuels

Sources: State Department revamps energy bureau and eliminates climate office

Four sources who are familiar with the notification said that the Trump administration terminated federal employees responsible for U.S. climate policy, climate aid and global climate policy as part of a reorganization at the State Department. Career employees at the Office of Global Change in the State Department’s Bureau of Oceans and International Environmental and Scientific Affairs played a leading role in U.S. negotiation under the United Nations Framework Convention on Climate Change. The office's officials also represented the United States in the International Civil Aviation Organization, the International Maritime Organization and their respective sectors of commercial aviation and shipping....

Environment

Farmers in Northern Mexico fight drought after water dispute with US

This cattle ranching community in northern Mexico has a lot of dead animals scattered around the town. The drought, which has been going on for years, is forcing local farmers to think about moving to another area to find water and land. According to data from the government, more than 64% Mexico's land is suffering from some form of drought. The northern states, especially Chihuahua with its most severe levels of drought, are hardest hit. Mexico and the U.S. have been in heated negotiations about Mexican delays in delivering water quantities laid out in 1944's treaty. Donald Trump threatened to...

Environment

Morningstar reports record global outflows of sustainable funds due to Trump's agenda

Morningstar, a researcher, said that investors withdrew an unprecedented $8.6 billion in the first three months of the year from global sustainable funds. The outflows were attributed largely to Donald Trump's shift away from climate and social initiatives. Europe accounted for the majority of the global $3.16 trillion funds. In the first quarter of 2019, net withdrawals from European Sustainable Funds reached $1.2 billion, which is a significant change from the net deposits in the previous quarter. This was the first time since 2018 that the region has seen net outflows. Morningstar's report stated that Trump's return as president deprioritized...

Mining

Mineral Resources

Mineral Resources

Some European companies question US expansion amid tariff chaos

The erratic tariff policy of U.S. president Donald Trump is making some European smaller companies question whether they should expand into the U.S. Trump wants to encourage foreign companies to invest in the United States by imposing levies on steel, cognac, cars, and sandals. This will lead to new factories being built and thousands of American jobs. The announcements of rollbacks, exemptions, and other changes have made some smaller companies hesitant to commit. EuroGroup Laminations, an Italian company, pays no import duties on the rotors, stators, and other components it provides to U.S. automakers, such as Ford and GM. These...

Mineral Resources

Blue chip-backed Biomas launches first Brazil reforestation project

Biomas, an initiative for reforestation in Brazil backed by several major corporations, unveiled on Friday its first project. It aims to restore 1,200 ha (2,965 acres), of Brazil's Atlantic coast rainforest, with more than 70 native tree varieties. The project represents a major milestone for the company formed in 2022 by Vale Mines, Marfrig Meatpackers, Suzano Pulpmakers, Santander Brasil, Itau, and Rabobank. The initiative comes at a time when Brazil's carbon removal industry is growing, and major reforestation initiatives are already underway. Startups Mombak and Re.green offer credits to companies who want to offset their greenhouse gas emission. These two...

Mineral Resources

Trump is expected to sign an executive order relating to deep-sea mines on Thursday, according sources

The U.S. president Donald Trump will sign an executive order to boost the deep sea mining industry on Thursday, the latest effort to tap into international deposits of nickel and copper, which are widely used across the economy. According to previous reports, the order is likely to speed up permitting for deep sea mining in international water and allow mining companies to bypass a United Nations review process. After the report about the executive order, shares of The Metals Company rose by 40% on Thursday to a 52-week-high of $3.39. Trump has already taken several steps to boost the domestic...

Mineral Resources

US durable goods orders surge on aircraft bookings during March

In March, orders for durable U.S. manufactured products surged on the back of strong demand for aircraft. However, activity elsewhere was muted as businesses exercised caution in light of a bleak economic outlook due to tariffs. The Commerce Department's Census Bureau reported on Thursday that orders for durable goods, which include toasters and aircraft designed to last at least three years, increased by 9.2% in March after a slightly revised 0.9% increase in February. Economists surveyed by predicted durable goods orders would increase 2.0%, after an earlier reported 1.0% rise in February. China and the United States are involved in...

Mineral Resources

Gold prices rise on dip-buying; US-China trade updates are the focus.

Investors bought gold bullion on Thursday after a sharp drop in the previous session. However, U.S.-China tensions remained at the forefront of investors' minds. As of 0907 GMT, spot gold rose 1.6%, to $3,340.79 per ounce. Bullion fell over 3% Wednesday, its worst performance since November. U.S. Gold Futures rose 1.8% to $3.352.10. Gold's earlier pullback has removed some of the froth that surrounded its recent surge. This in turn attracted buy-the dip action amid persistent global trade war concerns, said Han Tan. Chief market analyst of Exinity Group. Gold bugs can be confident of achieving the $3,500 mark, given...

Mineral Resources

Tesla sales drop 28.2% in March as European car sales increase

According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face...

Mineral Resources

Gold prices rebound on dip buying despite US China trade deal hopes

Gold prices rose more than 1% Thursday, thanks to bargain-buying. This comes a day after bullion fell to a new low of the week amid optimism about the U.S. China trade agreement. As of 0312 GMT, spot gold increased 1.5% to $3335.39 per ounce. U.S. Gold Futures rose 1.5% to $3344. Bullion that does not yield, which is traditionally viewed as a hedge to global instability, reached a record-high of $3,500.05, but dropped below $3,300 on Wednesday. The volatility we are seeing this week has been driven by headline and technical risk. The fundamentals remain strong so investors are buying...

Mineral Resources

Albanese, an Australian company, pledges to establish a strategic reserve for critical minerals

The Australian centre-left Labor Government pledged on Thursday an initial investment A$1.2 billion (roughly $763 million) in order to establish a strategic reserve for critical minerals. It is looking to create a different supply chain within a Chinese dominated market. The Prime Minister Anthony Albanese said that the reserve, which is expected to be established in nine days, would use the mineral deposits of the country and increase its economic resilience. Albanese stated in a press release that "we need to do more" with the natural resources needed by the world, which Australia can provide. After President Donald Trump imposed...

Mineral Resources

GM will increase production at Ohio transmission plant

General Motors confirmed on Wednesday that it is increasing the production of transmissions in its Toledo, Ohio plant, and shifting away from manufacturing EV drive units to parts for gasoline cars. Transmission plant is used to support the production of light trucks in Fort Wayne, Indiana. First reported that GM was going to increase production in the Indiana assembly plant after U.S. president Donald Trump announced 25% auto import tariffs. A spokesperson from the automaker stated that the shift in production at Toledo was not due to tariffs. General Motors is revising production plans for Toledo Propulsion in order to...

Mineral Resources

Newmont profits beat estimates, as the gold rally outweighs weak production.

Newmont, the world's largest gold miner, beat Wall Street expectations for its first-quarter profits on Wednesday. A rally in bullion helped offset lower production and sent its shares up by 2% after-hours. Gold prices have been increasing over the last few quarters, and reached record highs from January to March, when fears over Donald Trump's unpredictable tariff plans sparked a global trade conflict, driving investors towards the safety of gold. Newmont's average quarterly realized gold price jumped 41%, to $2,944 an ounce. Gold production, however, fell 8.3%, to 1,54 million ounces. This was due to lower contributions from non-core operations....

Mineral Resources

Trump claims Zelenskiy's comments are damaging to peace talks with Russia

U.S. president Donald Trump on Wednesday chided Ukrainian leader Volodymyr Zelenskiy for his statement that Ukraine will not recognize Russia's occupation in Crimea. He called it an inflammatory declaration which would make a deal with Russia more difficult to achieve. In a post on social media, Trump stated that "This statement is extremely harmful to the Peace Negotiations with Russia." He claimed Crimea had been lost for years and "is not even a topic of discussion." Zelenskiy reiterated on Tuesday that Ukraine will never recognize Russia's occupation in Crimea. "There's no need to discuss this." "This is against our Constitution."...

Mineral Resources

Hyundai Steel's US $6 billion investment enrages investors, tests Seoul's Tariff Strategy

Investors continued to hammer Hyundai Steel's shares in late March after the South Korean company announced a $6 Billion investment in the U.S. The company organized a conference call with 12 investors to calm their nerves about the project, which lacked any detailed funding plans. Hyundai Steel's official apologized for the announcement of the deal while some details were still being reviewed. The deal was part of a $21 Billion U.S. Investment Package that Hyundai Motor Group, its parent company, unveiled on March 24, at the White House. The person who attended the meeting confirmed that he had said: "But...