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The price of Russian oil has dropped due to the new Middle East crisis
The head of finance for Indian state refiner Bharat Petroleum Corp stated 'on Thursday that traders have stopped offering discounts to Russian crude sold to India due to disruptions in Middle -Eastern supply, which has boosted the demand for alternative grades. As Middle East oil supplies have been disrupted, refiners in India have increased their purchases of Russian crude oil. Vetsa Ramakrishna said that BPCL had secured crude supplies through August, and was looking for cargoes for September delivery. He said the company has received offers from traders for Russian oil cargoes to be delivered in September. He added, "But because of the recent developments in crude markets, no one offers any discount for Russian crude." In Indian ports, discounts for Russian Urals have recently increased to more than $10 per barrel below dated Brent. Gupta stated that despite a short period of stability in June, recent geopolitical developments have shown how quickly they can change the operating landscape. He added that some suppliers may not be able to provide certain cargoes through Red Sea routes. Discounts have disappeared after a rise in oil prices worldwide following Houthi attacks against shipping in the Red Sea, and after a escalation of hostilities in the U.S.-Iran conflict. This has increased costs for refiners who rely on imported crude. Indian refiners who sell fuels on their own market at subsidies will likely see their profits squeezed by higher crude prices. BPCL, Hindustan Petroleum 'Corp and both reported net losses for the quarter ending on Wednesday. Gupta stated that BPCL, a company which processes more than 800,000 barrels of crude per day, purchased 69% of the oil it needed in the second quarter of this year on a spot basis.
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Singapore's oil product inventories drop to a six-week low
Data showed that oil product stocks in Asia’s main trading hub Singapore fell to their lowest level in six weeks. This was mainly due to a decline in the inventories of?clean petroleum products, according to data released on Thursday. Enterprise Singapore's data shows that combined?onshore? product stocks totaled 39.64 millions barrels during the week ending July 22. This is a 1.5% decrease from the previous week. The weekly average for last month was 37.5 million barrels. Lower inventories of middle and light distillates led to the decline, which was moderated by an increase in heavy distillates. In recent days, shipping risks have escalated at key chokepoints. Houthi attacks on tankers on the Red Sea has added to this uncertainty. The U.S. and Iran continue their strikes. CLEAN PRODUCT STOCK RETREAT Singapore's light distillate stocks, which includes naphtha, gasoline and other products, dropped for the fourth consecutive week, to 11,47 million barrels. Exports of net gasoline exceeded imports in regional markets, including Indonesia, Australia, and Malaysia. The total gasoline exports were approximately 361,000 metric tonnes, surpassing imports by roughly?265,000 ton, with Indonesia taking almost 128,000 tons. South Korea led the way with 102,000 tons of gasoline, followed by Saudi Arabia at 57,000 tons. Exports of naphtha rose around 58%, to 166,000 tonnes, while imports fell by about 34%. Imports came mainly from Oman (43,000 tons), Malaysia (41,000 tons), Kuwait (34,000 tons) and Russia (28,000 tons). The main destinations for outbound naphtha were Thailand (68,000 tons) and Malaysia (44,000 tons). Middle distillate stock levels fell to their lowest level in three weeks, at 8.7 million barrels. A decline in net jet fuel exports was offset by a drop of?gasoil exports. The net exports of jet fuel, kerosene and diesel fell by more than two-thirds compared to a week earlier. Exports to Australia and the Philippines were mainly diesel and gasoil imported from South Korea, Taiwan, and Malaysia. Kpler data shows that more diesel from South Korea is expected to arrive in Singapore within the next two week. In terms of jet fuel and Kerosene, the imports were very minimal. The exports mainly went to Pacific Islands. As spot sales have increased this month, traders predict that some Chinese jet fuel cargoes will be available in the coming weeks. Rebounding of Dirty Product Stocks The residual fuel stockpiles rose to a record high of three weeks, increasing by 1.8% to 19,46 million barrels (3.06 millions tons). The total fuel oil imports increased 65.4%, to more than 866,000 tonnes. Nigeria was the largest supplier in terms of volume, followed by Brazil. The Middle East imports were thin. However, Saudi Arabia and United Arab Emirates imported some quantities at 37,000 and 49,000 tonnes respectively. The total amount of fuel oil exported from Singapore tanks has risen by 24.5%, to 352,000 tonnes, with China being the main destination.
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Gold drops 1% after oil rally, as Fed rates are in focus
Gold prices fell on Thursday as the Middle East conflict intensified, driving up oil costs and supporting investor concerns about inflationary pressures that could force the U.S. Federal Reserve into raising interest rates this year. Spot gold fell 0.9% by 8:33 GMT to $4,091.24 an ounce, after reaching its highest level since 7 July at $4,165.87 an ounce on Wednesday. U.S. gold futures for delivery in August fell 1.4% to $4093.80. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. Tzabouras said that the geopolitical escalation and higher oil prices, as well as the outlook for higher rates, could lead to gold falling further in the next few days, possibly towards $3,900. Even if policymakers do not change rates (at the Fed meeting next week), as expected, the conflict continues to fuel inflation risk, which supports expectations for monetary tightening. According to the CME FedWatch Tool, traders are now pricing in a 78% probability of a Fed rate hike in September. This is up from 68% Wednesday. According to the Iran-aligned Houthis, they have struck two 'Saudi oil tanks as part of a Naval Blockade against Saudi Arabia. This could create a second choke point on global oil supply. The U.S. military has completed its 12th night of attacks against Iran, prompting further retaliation. The oil prices?rose for the fifth consecutive day. The increased oil prices caused by the Gulf supply disruptions are weighing down on gold prices, as they have raised expectations for higher interest rates in the future. This tends to 'diminishes' the appeal of gold that doesn't yield. The European Central Bank will almost certainly keep its interest rates unchanged on Thursday, but it is still open to the possibility of a rate increase in September. Silver spot fell 1.4%, to $58.85 an ounce. Platinum dropped 0.9%, to $1629.63. Palladium fell 1.5%, to $1272.03. (Reporting by Sukanya Mitra and Swati Verma in Bengaluru; Editing by Harikrishnan Nair)
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The Gulf's major markets are mixed in response to the US-Iran hostilities and Q2 earnings
Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained 0.5%. The tensions were further heightened when the Iran-aligned Houthis allegedly claimed on Thursday that they had attacked two Saudi tankers in Bab el-Mandeb Strait. This raised concerns about a possible threat to a key global shipping route for energy alongside the Strait of Hormuz. The Qatari index fell 0.3% with Industries?Qatar falling 1.2%. Dubai's main stock index rose 0.6% led by a 2.9% increase in the top lender Emirates NBD. The lender reported a second-quarter profit which was essentially flat compared to the previous quarter. Asset growth and margins were resilient, in the first full-quarter result since the start of the Iran War. The index in Abu Dhabi rose 0.7%. This was boosted by the 4.1% increase of the United Arab Emirates’ largest lender, First?Abu Dhabi (FAB), following an increase?in earnings for the quarter. FAB's Net Profit?for three months ended on June 30 increased to 5.72 billion Dirhams ($1.56billion) from 5.51 billion Dirhams one year ago. Reporting by Ateeq Sharif in Bengaluru. Editing by William Maclean
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African Rainbow Minerals approves Bokoni Platinum Project, Nickel Mine Restart
African Rainbow Minerals said that its board approved a?phased upgrade of 15.2 billion rands ($927.28 millions)?of the Bokoni platinum-group metal operations, as well?as resuming nickel mining at Nkomati. The South African miner, a diversified company, said in a press release that the outlook for PGMs - which are mostly used as autocatalysts to curb vehicle emissions - remains positive, despite the impact expected from battery electric cars, which don't require emission controls. ARM announced that the Bokoni Project?expansion would add a 120,000 metric tons per month Platinum Group Metal?concentrator, to an existing 60,000 tons per month plant. The existing plant will also be refurbished. The new concentrator will be operational in 2030. ARM expects that the 'Bokoni Project will reach steady state by 2032 with a?annual production between 350,000?and 400,000 ounces PGMs starting in that year. The company produced 615.719 ounces PGMs during its financial year ending June 2025. ARM suspended its operations at Bokoni, in June 2025. They said the smaller 60,000 tons per month mining and grinding capacity?was not sufficient to offset fixed costs or sustain profitability. After agreeing to a conditional deal with Boliden, the company that also owns iron ore assets, manganese, and coal, said it would restart open-pit mining operations at?Nkomati and begin nickel concentrate production. In 2021, the Nkomati Mine was put on maintenance due to persistent losses resulting from rising costs and low nickel prices. ARM, who took over?Nkomati from former joint -venture partner Nornickel in July 2025, has plans to invest $46 million for the nickel mining restart. The mine will produce 56,065 tonnes of nickel concentrate per year.
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Gold falls from two-week high as oil gains; Fed meeting is in focus
Gold prices fell on Thursday, after a two-week peak hit on Wednesday, due to an escalating Middle East war. Traders were waiting for the Federal Reserve's policy meeting next Monday, which could provide clues about the timing of interest rate increases. Gold spot fell 0.6% at 0713 GMT to $4,103.39 an ounce, after reaching its highest level since July 7, $4,165.87, on Wednesday. U.S. Gold Futures for August Delivery?fell by 1.1% to $4106.40. Oil continues to rise, adding to inflation pressures and expectations of Fed rate hikes. This has a positive effect on gold, as the dollar is weakening, said Jigar Trivedi. Oil prices reached their highest level in over?six-weeks, as the United States launched a new round on strikes against Iran and Yemen Houthis targeted oil tankers at the Red Sea. Dollars fell by 0.1% making greenback bullion cheaper for holders of other currencies. Interest rate sensitive two-year U.S. Treasury Yields have risen to a 17 month high, as rising oil prices fuelled concerns that new energy disruptions may reignite inflation. This could increase the chances of Fed rate increases. Futures markets are widely positioned for at least one hike before year's end. According to the CME FedWatch tool, traders are pricing in 77% of an increase in rates in September. High interest rates tends to reduce the appeal of non-yielding gold. The European Central Bank will almost certainly keep rates the same on Thursday, but it is keeping the "door wide open" for a possible hike in September. Silver spot fell 1.3%, to 58.90 dollars per ounce. Platinum dropped 1%, to 1,628.63, and palladium was down 1.2%, to $1274.96. (Reporting from Pablo Sinha and Swati verma in Bengaluru, Editing by Mrigank dhaniwala and Rashmi aich and Subhranshu sahu.)
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Copper prices rise as supply pressures increase, but demand is still low
Copper prices rose on Thursday as a result of falling inventories and ongoing concerns about supply. Benchmark 'three-month' copper at the?London Metal Exchange rose?0.08%?to $13,819 per metric ton as of 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was down by 0.21% to 105,890 Yuan ($15.642.91) per ton. Both exchanges saw their prices reach multi-week highs after Tuesday and Wednesday, when supply fears combined with good demand drove them to these levels. Analysts with Chinese broker Galaxy Futures stated that the combination of?rising copper prices and high-premiums have curtailed downstream buying. Available copper inventories in ?LME-registered Shanghai monitored warehouses The physical supply has been under pressure in recent months as the price of goods has fallen. The Yangshan copper premium has risen. On Wednesday, the metric for China's import demand reached a record high of $115 per ton. The price of copper has also been supported by the strong shipments to the United States ahead of any potential U.S. tax on refined copper. Traders are still waiting for details. The LME cash to three-month copper premium On?Wednesday the price of a ton was $4.7, indicating a pressure on supply in the near term. Geopolitical events continue to influence risk sentiment and demand expectations. Oil prices have risen to their highest level in six weeks after Yemen's Iran aligned Houthis claimed they had attacked two oil tankers as part a Saudi Arabian blockade. The rise in energy prices has rekindled inflation fears and put pressure on industrial commodities, as it increases the likelihood of rate hikes. This typically slows economic growth. Aluminium gained 0.28% on the LME, while zinc rose?0.63%. Lead increased 0.5% and nickel gained 0.62%. Tin added 0.16%. On the SHFE, aluminium rose 0.71%. Zinc gained 1.57%. Lead advanced 1.08%. Nickel jumped 1.59%. $1 = 6.7692 Chinese Yuan Renminbi (Reporting and editing by Sonia Cheema).
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Israelis are concerned that a Saudi nuclear deal may spark a Mideast arms race
Israel is worried about the'start of an arms race in the Middle East' after a deal between the United States & Saudi Arabia was announced on Wednesday. The agreement allows the kingdom to build nuclear power plants using American technology and enrich uranium. The?agreement announced on Wednesday, which needs Congressional approval to be implemented, is intended to allow Saudi Arabia to develop a civil nuclear programme. The Prime Minister Benjamin Netanyahu, his Defence and Foreign ministers, have not yet commented on this deal. Critics say that it compromises Israel's long-term interests. "The nuclear deal that's coming together between Israel and Saudi Arabia over Israel's head is a serious failure in strategy that threatens our security," stated former prime minister Naftali Bennet, who is running to unseat Netanyahu at an election on October 27. "Nuclear enrichment in Saudi Arabia could lead to an'regional nuclear race' and a dangerous lack of control." Avigdor Lieberman, former defence minister of Saudi Arabia, said "the civilian nuclear program in Saudi Arabia will result in nuclear weapons. It will also lead to an arms race in the Middle East." He said that Israel, widely regarded as having the only nuclear arsenal in the region, should oppose the agreement and lobby Congress for its cancellation. The civil nuclear deal with Saudi Arabia was in the works during President Donald Trump's administration as well as that of former president?Joe Biden. A deal has not been reached yet, in part due to the warnings of?nonproliferation organizations who claim that this could give Saudi Arabia a way to develop a nuke weapon. Israelis also hoped that any deal would be part of the long-sought agreement for normalisation between Israel and Saudi Arabia, as envisaged in the Biden Plan. Benny Gantz said that no official in the security field would agree that adding civilian nuclear capability to Saudi Arabia, without also integrating it into a regional alliance that promotes moderate values, is a good thing for Israel. (Writing and editing by Steven Scheer)
India's Adani Power assesses nuclear technologies and awaits policy clarification
Adani Power executives stated on Wednesday that the Indian government must finalise rules to allow for private sector participation before it can 'develop nuclear power projects'. The company, which had previously stated a goal of developing 10 gigawatts by 2035, is evaluating both domestic reactor technologies and those from overseas, but cannot make firm decisions until regulatory framework 'is clarified.
It will depend on what is cost-effective. Shersingh Khyalia, Chief Executive of the Power Distribution Company said that electricity must be 'viable for Indian consumers and at rates which are affordable to power distribution companies.
Adani Power announced that it was evaluating 'the suitability' of sites such as Bina and Nigrie, in the central Indian state of Madhya Pradesh where it believes there is potential for nuclear development.
The company's executives added that they were conducting studies and were preparing potential sites so that it could move rapidly once the regulations come into effect.
India is eager to increase its use of clean energy and last year it opened up the nuclear sector to both domestic and foreign companies in the private sector. It plans to increase nuclear capacity from 8.8 gigawatts to 100?gigawatts in 2047.
The state-run Nuclear Power Corp of India aims for 50 GW of capacity. NTPC, the top coal plant operator in India, aspires to?30 GW of capacity.
Adani would likely be the third-largest operator of nuclear power plants. Tata Power, Reliance Industries and other private companies are also interested in investing. (Reporting and editing by Sharon Singleton; Sethuraman N.R.)
(source: Reuters)