Thailand

Energy Markets

VEGOILS-Palm oil extends gains on demand hopes, weak Malaysian ringgit

Malaysian palm oil futures extended gains on Friday due to the weakness of the Malaysian ringgit and expectations of enhanced demand after the costs of rival soft oils rallied more than palm oil today. The benchmark palm oil agreement for August delivery on the Bursa Malaysia Derivatives Exchange was up 21 ringgit, or 0.54%, at 3,915 ringgit ($ 829.98) a metric lot by mid-day break. Till a few weeks earlier, palm oil was losing market share due to its premium over soyoil and sunflower oil, said a New Delhi-based trader. It has begun regaining market share now that it is...

Energy Markets

VEGOILS-Palm increases on weaker Malaysian ringgit, need hopes

Malaysian palm oil futures rose on Thursday due to weakness in the Malaysian ringgit and expectations of enhanced demand as the tropical oil began trading at a discount to rival soft oils. The benchmark palm oil contract for August shipment on the Bursa Malaysia Derivatives Exchange was up 26 ringgit, or 0.67%, at 3,894 ringgit ($ 826.75) a metric load by midday break. The sharp drop in the Malaysian ringgit is supplying support to palm oil and balancing out the effect of weak point in U.S. soyoil futures, said a Mumbai-based trader. The Malaysian ringgit, palm's currency of trade, weakened...

Energy Markets

Evacuation bought after blaze at Thai chemical tank facility

An evacuation was bought for communities near a fire at a chemical tank terminal that killed a single person in Thailand's eastern Rayong province, as the blaze was most likely to spread out, the industry ministry said on Thursday. Someone was verified dead and 3 hospitalised according to a declaration from Siam Cement Group, whose subsidiary owns the center. It said all activities had actually been suspended and the firm had right away controlled the situation. The storage terminal is located in the vast Map Ta Phut industrial zone on Thailand's eastern coast. The blaze started late morning, volunteer firefighters...

Energy Markets

Dreyfus projects little global sugar supply, sees Brazil crop unsure

The global sugar market will have a little surplus in 2024/25 at 800,000 metric loads versus a. surplus of 2.5 million loads in 2023/24, commodities trader Louis. Dreyfus stated on Tuesday, adding the outlook for Brazil was still. unpredictable. Greater production in Thailand and Europe due to increased. planting of walking stick and beet will be partly balanced out in 2024/25. ( October-September) by falling output in India if the Indian. government keeps its ethanol program as planned, stated Dreyfus'. head of sugar Enrico Biancheri in a presentation throughout New York. Sugar Week. Dreyfus approximates Thailand will produce 1.6 million...

Energy Markets

Thailand to select previous energy executive Pichai financing minister, sources state

Thailand will name former corporate energy executive and central bank board member Pichai Chunhavajira as its new financing minister, taking control of the function from Prime Minister Srettha Thavisin, 2 government sources told on Thursday Pichai, 75, who has actually been Srettha's consultant, on Thursday. resigned as both chair of the board of Bangchak Corporation a post he held given that 2012, and the board of the Stock Exchange of Thailand. The government sources decreased to be determined because they were not authorised to speak with media on the issue. A federal government representative declined to comment and contacts us...

Natural Gas Utilities

Chevron hands Myanmar gas field stake to junta, Thailand's PTTEP

U.S. energy company Chevron has actually stopped the Yadana natural gas field in Myanmar, a representative stated on Monday, more than 2 years after it condemned violence and human rights abuses there and announced it would leave. Rather than being sold, Chevron's 41.1% stake in the gas field was rearranged to the staying shareholders, Thailand's PTT Expedition and Production and state-owned Myanma Oil and Gas Business (MOGE). PTTEP, operator of the gas field, said on Friday its stake in Yadana had increased to 62.96%. The withdrawal offers effect to our objective to exit Myanmar in a controlled and orderly way,...

Power Markets

REFILE-Thai PM says central bank ought to cut rates to assist financial revival

Thai Prime Minister Srettha Thavisin stated the reserve bank ought to cut its key rate of interest by a minimum of a quarter point today to support federal government efforts to revive Southeast Asia's secondlargest economy. Offered the inflation numbers, which are still unfavorable, my expectation is possibly not even 0.25 (point cut), possibly 0.5, because it's long overdue. It must have been cut because late in 2015, Srettha, 62, informed in an exclusive interview. The Bank of Thailand has actually up until now resisted government pressure to reduce policy, holding it benchmark rates of interest at 2.50% in February,...