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Oil set for third straight weekly gain on winter season fuel demand
Oil costs rose in early Asian trade and were on track for a 3rd straight week of gains with icy conditions in parts of the United States and Europe driving up fuel demand for heating. Brent crude futures climbed up 40 cents, or 0.5%, to $ 77.32 a barrel at 0602 GMT. U.S. West Texas Intermediate crude futures acquired 38 cents, also 0.5%, to $74.30. Over the 3 weeks ending Jan. 10, Brent has advanced 6%. while WTI has actually leapt 7%. Experts at JPMorgan associated the gains to growing concern. over supply disruptions due to tightening up sanctions, amid low. oil stockpiles, freezing temperature levels in numerous parts of the U.S. and Europe and enhancing sentiment regarding China's stimulus. measures. The U.S. weather condition bureau expects central and eastern parts of. the country to experience below-average temperatures. Lots of. areas in Europe have actually also been struck by extreme cold and will. most likely continue to experience a colder-than-usual start to the. year, which JPMorgan experts expect to enhance demand. We prepare for a substantial year-over-year boost in. international oil demand of 1.6 million barrels a day in the first. quarter of 2025, mainly boosted by ... demand for heating. oil, kerosene, and LPG, JPMorgan stated in a note on Friday. Meanwhile, the premium of the front-month Brent contract. over the six-month contract reached its best because August this. week, possibly showing supply tightness at a time of. increasing need. Oil costs have actually rallied despite the U.S. dollar. strengthening for 6 straight weeks. A more powerful dollar. usually weighs on costs, as it makes purchases of crude. expensive outside the United States. Products could be further struck as U.S. President Joe Biden is. expected to reveal new sanctions targeting Russia's economy. today in a bid to boost Ukraine's war effort against. Moscow before President-elect Donald Trump takes office on Jan. 20. A crucial target of sanctions so far has been Russia's oil. market. Uncertainty over how hawkish Trump will be with Iran will. be providing some support. Asian buyers have actually already been. trying to find alternative grades from the Middle East, with. broader sanctions against Russia and Iran making this oil circulation. harder, ING experts said in a note on Friday.
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EU's 2024 brand-new wind capacity less than half quantity needed for climate goal, market group states
Wind power supplied 20% of the electricity consumed in Europe in 2015, but the capability built during the year was less than half of what is required to meet the European Union's 2030 energy and environment targets, industry group WindEurope said on Friday. WHY IT'S IMPORTANT Wind has been a growing part of Europe's electrical energy production for more than twenty years, and the European Union desires it to grow far more to meet targets to fight climate modification and likewise as it decreases reliance on fossil fuels. BY THE NUMBERS Europe built 15 gigawatts (GW) of brand-new wind energy in 2015, consisting of 13 GW of overseas wind and around 2 GW of onshore wind, according to preliminary 2024 information from WindEurope. European Union countries accounted for 13 GW of this, however to reach its 2030 climate targets the 27-nation bloc must be building 30 GW a year of new wind farms. The EU wants wind power to account for 34% of electricity consumed by 2030 and more than 50% by 2050. CONTEXT The global overseas wind industry in particular has faced a. challenging few years due to infrastructure, grid connection and. logistics issues, allowing hold-ups and higher component costs. Offshore wind investments in Europe have actually fallen and it. stays tough for companies to take last financial investment. decisions, WindEurope stated. SECRET PRICES QUOTE Europe is not building enough brand-new wind farms. For 3 primary. factors: a) most governments are not using the excellent EU. permitting guidelines; b) brand-new grid connections are delayed; c) Europe. is not electrifying its economy quickly enough, said WindEurope. president Giles Dickson.
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Holcim names chairman Jenisch as CEO and chairman of North American spin-off
Holcim has actually called its chairman and previous chief executive Jan Jenisch as chairman and CEO of its North American company following its spinoff, the Swiss building products maker said on Friday. Jenisch, who was CEO at Holcim from 2017 to 2024, has actually been in charge of guiding the 100% separation of the company's North American organization into a different U.S.-listed entity with a. possible market assessment of $30 billion. Holcim likewise called 9 other members for the board of. directors for the North American business, which is anticipated to. complete its spin-off by the end of the very first half of 2025. The cement and roof maker announced the separation of. the North American business last January , a move designed to capitalise on the area's. facilities and building boom, along with capture a. higher evaluation. The separation is one of the greatest modifications in the. global building market this year and is being closed seen by rivals including Germany's Heidelberg Products . Holcim likewise on Friday nominated board member Kim Fausing. to replace Jenisch as chairman of the remaining company which. is not being divested.
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MORNING quote EUROPE-Looming payrolls keep bond bears starving
A look at the day ahead in European and worldwide markets from Stella Qiu A lot of stocks in Asia are down on Friday, following the lead of Wall Street futures, ahead of the all-important payrolls report, which could press Treasury yields and the U.S. dollar even greater. Both Nasdaq futures and S&P 500 futures were down 0.3%, after U.S. trading was closed over night to mark the funeral service of former President Jimmy Carter. European stock exchange look set for a flat open. That most likely reflects the angst in global bond markets. The benchmark 10-year Treasury yield is simply off an eight-month peak of 4.73% and threatening a significant chart level at 4.739%. The 30-year yield climbed up 11 basis points this week to the highest in over a year. British federal government bond yields shot to the greatest because 2008 as investors weighed the nation's financial outlook, however they have relaxed rather for the minute. Even China's bond yields rose on Friday, after the nation's. reserve bank said it will suspend treasury bond purchases. temporarily. The reason provided was a shortage of paper, however. analysts thought it was focused on propping up the yuan. Much is now riding on the payrolls report, where average. projections favour an increase of 160,000 in jobs in December with the. joblessness rate holding at 4.2%. Forecasts depend on a fairly tight range of 120,000 to. 200,000, suggesting more scope for an outside surprise. There's. an included wrinkle from the yearly reanalysis of the household. survey, which might see the joblessness rate revised down for. recent months. A surprisingly strong report will more than likely drive 10-year. yields past 4.739%, with bears hungering for the emotionally. essential level of 5%, highs not seen because 2007. That would enhance the already mighty U.S. dollar, which is. poised near two-year highs and creating chaos in emerging. markets. The response in the stock exchange might be unfavorable too, with. high evaluations now being challenged by an increasing term premium. and higher discount rates. So financiers might be much better off praying for a soft report,. however not so soft that it endangers the goldilocks situation for. the U.S. economy. Then again, it would likely need to be an extremely weak. report to move the dial on Fed rate cuts, offered investors and. the Fed are now more concentrated on how Trump's policies might. unfold over the next couple of months. Markets are already back to just 43 basis points of alleviating. this year, comparable to fewer than 2 rate cuts, with the. first of those not completely priced in up until June when the potential. impact of Trump's propositions ends up being clearer. In the foreign exchange market, the dollar is enjoying the. 6th straight week of gains. The British pound is an. underperformer, down 1% to $1.2303, the lowest in over a year. Overnight, a variety of Fed officials came out and concurred there. is no rush to cut interest rates. Key advancements that might influence markets on Friday: -- France commercial output for November -- U.S. nonfarm payrolls report for December
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Metals edge up, Trump tariff unpredictabilities in focus
Many base metal rates edged up on Friday, although uncertainties about U.S. Presidentelect Donald Trump's tariff plans and a strong U.S. dollar kept a cover on gains. Three-month copper on the London Metal Exchange ( LME) had edged up 0.4% to $9,114 per metric load by 0337 GMT. The dollar index was at $109.22, a little lower than the two-year-high hit on Jan. 2 however poised to extend its longest run of weekly gains in more than a year, due to increasing bond yields and the anticipation of another robust U.S. tasks report. A more powerful dollar makes it more pricey for holders of other currencies to buy greenback-priced commodities. Copper still deals with down pressure if the dollar gains strength when Trump chooses to change some tariffs, Jinrui Futures said in a note. Monetary markets fear Trump's trade tariffs will enhance inflation. That has actually assisted the dollar remain strong, underpinned by increasing Treasury yields. Federal Reserve Bank of Boston President Susan Collins, on Thursday, advocated a client and progressive method to U.S. interest rate cuts due to considerable uncertainty. Previously this week, reports distributed that Trump's group was considering selective tariffs on sectors vital to national or financial security. However, Trump rejected these reports. The most-traded February copper agreement on the Shanghai Futures Exchange (SHFE) included 0.8% to 75,260 yuan ($ 10,264.73) a load. LME aluminium rose 0.9% to $2,560 a lot, nickel gotten 0.2% to $15,510, zinc added 0.7% to $ 2,867, tin advanced 0.8% to $30,075, while lead rose 1.0% to $1,947. SHFE aluminium rose 1.7% to 20,125 yuan a load, nickel got 0.5% to 125,560 yuan, zinc rose 0.7% to 24,130 yuan, lead lost 0.2% to 16,545 yuan, and tin rose 0.1% to 252,250 yuan. For the top stories in metals and other news, click or
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XOCEAN Nets $118M Investment to Expand Offshore Operations
Irish ocean data company XOCEAN has secured $118.3 million investment to support its expansion across multiple offshore segments including wind development and operations, asset integrity assurance, CCUS, and civil hydrography.XOCEAN partnered with S2G Ventures to structure the round, which was funded by S2G, Climate Investment (CI), Morgan Stanley's 1GT fund, and an affiliate of the Crown Family's CC Industries (CCI).The financing will support XOCEAN in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors.It will also help enable the company's geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy.Founded in Ireland in 2017, XOCEAN has been operating in offshore geophysical data delivery space with its fleet of Uncrewed Surface Vessels (USVs).These USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to offer clients a flexible, cost-effective solution for the delivery of their offshore geophysical data needs."Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world's largest energy companies, supporting the development of clean renewable energy globally.“We are delighted that S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey,” said James Ives, XOCEAN's Founder and CEO.
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Prosafe’s Safe Zephyrus Accommodation Rig to Stay Offshore Brazil
Offshore accommodation rig provider Prosafe has signed a contract extension with Petrobras for the provision of the Safe Zephyrus semi-submersible vessel for safety and maintenance support offshore Brazil.The original 650-day firm period was due to complete in February 2025, but has been extended by 954 days, bringing in $109.7 million to Prosafe.The extension will keep the Safe Zephyrus in operations into September 2027 with an increase in the fuel allowance from 20 m3 to 25 m3 per day through the extension.Built in 2016, the Safe Zephyrus is a DP3 semi-submersible accommodation rig, with beds for 450 people in single-man cabins.“The Safe Zephyrus has been performing extremely well for Petrobras, serving its role supporting safety and maintenance within the important Buzios business unit offshore Brazil.“This significant extension emphasizes the continued and increasing demand for high specification units in the region where Prosafe is well placed to increase its market share,” said Terje Askvig, CEO of Prosafe.
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Iron ore set for weekly loss on soft demand, however China stimulus limits fall
Iron ore futures edged up on Friday, aided by stimulus expansion from topconsumer China, however were poised to end the week lower on sluggish Chinese usage and softening need for the steelmaking active ingredient. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended early morning trade 0.2%. higher at 752 yuan ($ 102.57) a metric ton, decreasing 2.15% this. week. The benchmark February iron ore on the Singapore. Exchange reduced 0.16% to $96.9 a ton at 0357 GMT, falling 1.17%. today. Seasonal need for steel has declined and the demand for. steel basic materials is similarly low, Chinese consultancy Galaxy. Futures stated. Steel sales volume expectations have fallen significantly,. stated Chinese consultancy Mysteel, pricing estimate a report from China's. National Development and Reform Commission (NDRC). While a decrease in steel supply is anticipated this month as. more steelmakers observe maintenance stoppages, the NDRC. stressed that this is not likely to be sufficient to counterbalance. the shrinking demand. Still, need from winter stockpiling is anticipated to provide. some assistance to costs and the marketplace is waiting for possible. support from policy initiatives, Mysteel included. Earlier today, Beijing expanded its customer trade-in. scheme in an effort to restore need in the sluggish household. sector. Development in China was approximated at 4.9% for 2024 and forecasted. to be 4.8% this year, partially balanced out by suppressed usage. growth and remaining property sector weakness. On the other hand, markets must avoid over-interpreting Beijing's. moderately loose financial policy, Financial News, a. publication backed by China's reserve bank, stated, citing. economist Guan Tao. Other steelmaking ingredients on the DCE decreased, with. coking coal and coke down 1.05% and 0.59%,. respectively. The majority of steel criteria on the Shanghai Futures Exchange increased. Rebar closed 0.12% greater, hot-rolled coil. climbed up 0.15% and stainless-steel gained 0.19%. Wire. rod dipped 0.14%.
4 dead in shelling events in Ukraine, authorities say
4 individuals were killed on Thursday in circumstances of shelling in Ukraine, one blamed on Russia's. military, the other on Ukrainian forces, regional authorities. said.
In Donetsk area, the centerpiece of Russia's slow advance. westward along the front line, local guv Vadym Filaskhin. stated on Telegram that 2 people were eliminated when Russian forces. shelled the town of Siversk.
Even more south, in a Russian-controlled location of Zaporizhzhia. region, two individuals were killed when the town of. Kamyanka-Dniprovska came under Ukrainian fire, the. Russia-appointed governor, Yevgeny Belitsky wrote on Telegram.
The town is located on a large tank along the Dnipro. River, which bisects Ukraine, not far from the Russian-held. Zaporizhzhia nuclear power station.
Reuters might not independently confirm battleground accounts. from either side.
(source: Reuters)