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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)
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Repsol's Q2 profits more than tripled on the strength of refining
Repsol, a Spanish energy company, announced on Thursday that its adjusted net?profit for the second quarter of this year was more than three times higher than it was in the same period a year ago. This increase is attributed to higher oil prices and stronger refining margins. The adjusted?net? income rose to EUR1.84bn ($2.1bn) between April and June, compared with the EUR598mn posted in the 2nd quarter of 2025. This beat the analysts' consensus estimate of EUR1.64bn. The net income was EUR1.27 billion, up from EUR237 millions a year ago. Earnings before interest, tax,?depreciation, and amortisation, or adjusted earnings, also tripled, to EUR3.52 billion, up from EUR1.15 million. The main Spanish refiner and oil producer announced that it will increase the second share buyback programme for 2026 to EUR500m, on top of the EUR350m already completed. The company expects to announce its third share buyback in October, as part of its plan to distribute between 30% and 40% of operating cash flows to shareholders. Operating cash flow increased to EUR1.94billion from EUR1.56billion, and free cash flow increased to EUR1.04billion from EUR431m. Net debt decreased to EUR3.67billion at the end June, from EUR4.8billion at the end March. This reduced leverage from 14.3% to 11.3%. CEO Josu Imaz said in a statement that the company's strong cash flow and balance sheet enabled it to continue investing while increasing shareholder returns. Refining, Repsol Peru and chemicals, as well as trading, were the main drivers of this improvement. The adjusted net income rose to EUR1.24billion from EUR103mil a year earlier. Exploration and Production Adjusted Net Income rose from EUR312 million to EUR371 millions, thanks to higher crude prices, increased volumes, and stronger results from equity-accounted firms. Repsol's Spanish refinery margin indicator increased to $14 per barrel from $5.9 per barrel a year earlier. Brent crude was at $103.8 a barrel on average in the third quarter, up from $67.1. The total production was essentially flat, at 558,000 barrels equivalent per day compared to 557,000 the previous year.
Tumbling US gas rates show unstoppable, hurting manufacturers
For almost a. year, U.S. natural gas producers have actually slammed the brakes on. production as rates fall. However relentless output gains including. from oil companies that pump gas as an oil by-product have. released record supplies.
In the oil versus gas contest, gas manufacturers are losing. Some are shutting in wells, canceling projects or selling. themselves to rivals to avoid losses. Natural gas costs this. month was up to an inflation-adjusted 30-year low of $1.59 per. thousand cubic feet, benefiting customers of the fuel like. utilities, but hurting manufacturers who are costing nominal. rates as low as they were in the depths of the COVID-19. downturn.
No place is the discomfort of low-cost gas as evident as Denver-based. BKV Corp. In the last five years, it invested $2.7 billion to. get 4,000 gas wells and 2 gas-fired power plants. It. vowed $250 million to build a lots underground carbon capture. and storage websites to make its gas more climate friendly.
The nosedive in U.S. gas costs has actually stalled BKV's prepare for. a going public and scuttled the carbon joint endeavor. with Verde CO2 to combine its gas and power plants with carbon. sequestration. BKV last year directly prevented loan defaults with. a $150 million bailout by its parent.
Majority-owned by Thailand power giant Banpu Public Co., the. little-known BKV in 2016 began buying scores of U.S. gas wells,. taking castoffs from oil producers' Exxon Mobil, Devon. Energy and others.
We definitely wish to be the greatest natural gas. producer in the nation. That's my aspiration, BKV Chief. Executive Christopher Kalnin stated in an interview here in. December at its very first carbon-sequestration site.
BKV's earnings skyrocketed to $410 million in 2022 on strong. natural gas prices after Russia's intrusion of Ukraine spurred. substantial demand for exports of melted U.S. gas. The business. introduced a strategy to develop a U.S. variation of its Thai parent,. tying together gas and power. The strategy consisted of an IPO. to assist finance the gas-to-power growth and a complement of. carbon-burying wells.
CLIPPED WINGS
BKV fell back to earth under costs suffering from a. relentless unrelenting growth U.S. natural gas output. Its earnings fell. to about $79 million in its most-recently reported nine-month. duration.
U.S. gas firms in 2015 cut drilling 22% to stem the. gusher. However the flows keep coming: The U.S. will pump 105. billion cubic feet a day of gas this year, up 2.5 billion cubic. feet a day in the last year. That boost suffices to fuel. 12.5 million U.S. homes for a day.
In many industries, volume boosts are excellent. More. production equates to more revenue. Rising output has actually overwhelmed. efforts to curtail drilling and even demand from frigid. temperature levels, causing a price drop that knocked U.S. gas. just recently to less than a 3rd of 2022's typical $6.50 per. million British thermal systems. By contrast, benchmark WTI crude. prices fell simply 17%.
Oil prices have actually held steadier thanks to worldwide supply cuts. by significant OPEC producers and their allies.
Skyrocketing gas production, specifically from oil companies. who view gas as a byproduct of their output, has actually proven. reasonably insensitive to costs, stated Nicholas O'Grady, CEO. of U.S. shale gas explorer Northern Oil and Gas.
Gas producers have actually been reluctant to cut output deeply on. the potential customers of giant brand-new liquefied natural gas (LNG) plants. opening this decade, he stated.
LNG exports would drain pipes the excess gas supplies and should. return rates to levels that make gas lucrative to drill again. by 2025, O'Grady and BKV's Kalnin anticipate.
There are 4 U.S. jobs with export allows on the. drawing boards that would consume approximately 6.3 billion cubic feet. If they go ahead would be producing LNG later on this, of gas that. years.
The risk is that 3rd wave of brand-new LNG plants may be. delayed or lost permanently. President Joe Biden's administration. last month indefinitely paused reviews of brand-new gas-export. licenses, jeopardizing as much as 32 billion cubic feet daily. of future consumption.
U.S. natural gas producer Comstock Resources said. recently it would reduce the variety of rigs in operation and. suspend its dividend up until gas costs increase sufficiently, while. competing Antero Resources stated it would cut drilling and drop. task costs budget plan by 26%.
' BEST STORM'
BKV, short for Banpu Kalnin Ventures, started operations in. Pennsylvania in 2016 with a strategy to buy additional old gas. fields from huge oil companies, invest just enough to hold. production steady, await prices to rise and - just then -. invest in expanding production.
The moment appeared to show up in mid-2022. As U.S. gas. reached over $9 per thousand cubic feet, BKV's Kalnin. released a costly and enthusiastic growth strategy.
In July that year, he closed on a $750 million deal for. Exxon Mobil gas homes in North Texas. The exact same. month, he obtained a Temple, Texas, gas-fired power plant for. $ 460 million. Weeks later on, he followed that deal with a $250. million collaboration with Texas-based Verde CO2 LLC to build a. dozen carbon sequestration sites across the United States.
We didn't see rates collapsing like they did, said Kalnin. at the opening of his first carbon sequestration website in. December.
Kalnin, a former McKinsey specialist who spent his early. years in Thailand and later on worked for the nation's national. oil and gas business, hasn't quit on his gas-to-power empire.
( Gas costs) are establishing for another fly-up in the. second half of 2024, Kalnin said in December, indicating. forecasts for increasing LNG need.
There are micro windows for IPOs opening up, a. spokesperson included on Tuesday. We are hoping to stay ready for. when that micro window opens. Market performances for IPOs and. gas prices require to enhance, she included.
Associated gas, which comes out of wells together with oil,. pulled the carpet out from Kalnin's vision. More than a 3rd of. all U.S. gas production comes from manufacturers drilling for oil,. according to government price quotes. That figure is increasing as. wells develop and more gas turns up than oil.
BKV last year won a lifeline from its moms and dad, selling shares. to Banpu for $150 million to avoid breaching debt covenants. Most of the money was put into a debt service account.
You have this perfect storm. A warm winter season plus too. much gas supply, both main and associated, and now, possible. hold-ups to new LNG export allows, stated Blake London, a handling. partner of private equity fund Formentera Partners.
(source: Reuters)