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Energy Markets

Fossil Fuels

Fossil Fuels

Oil to end three-week loss streak amid increasing fuel demand

Early Friday morning, oil prices were up, ending a three-week loss streak. This was due to rising fuel demand, and the expectation that Trump's plan for global reciprocal tariffs will not be implemented until April. Brent futures rose 19 cents, to $75.25 a barrel by 0300 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), gained 12 cents and reached $71.41. Brent and WTI both rose 0.7% this week. Analysts at JPMorgan reported that the global oil demand surged to 103,4 million barrels per a day. This is a 1.4-million-bpd rise year-over-year. JPMorgan reported that "after initially being sluggish the demand...

Environment

British Business – February 14,

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. The Times – The UK could face 21% tariffs for exports to the US following President Trump's order that imposed reciprocal levies against countries with VAT. Experts have warned of significant economic consequences. Unilever chose Amsterdam over London to spin off its ice-cream division for 13 billion pounds (16,33 billion dollars). This is a blow to UK capital markets in spite of government efforts to ensure the listing. The Guardian – Steve Madden acquired UK footwear brand...

Oil & Gas

Elliott, a hedge fund that is known for its relentless activism, has captured the attention of C-suites.

Bankers and lawyers that have dealt with Elliott Investment Management say that executives should expect to receive a thorough analysis of their weaknesses, backed up by rigorous research and financial power. Elliott is now focusing on the legendary oil giant BP. The $70 billion investment firm has not revealed the size of their stake in BP, or what they want to see changed. The mere hint that Elliott was playing the corporate agitator in this week's BP share price spiked to its highest level since August on the expectation the fund would force improvements and unlock shareholder value. The day...

Fossil Fuels

Shell and Nigerian oil producers discuss Bonga North service contract

The head of a trade group for Nigerian oil producers said that Shell is in talks with Nigerian oil companies to secure up to 25 percent of the service contract for the Bonga North Deepwater Project. Shell announced its investment in the project in December. The project is expected to maintain oil and gas production in Bonga. The project will be connected to Shell's Floating Production Storage and Offloading facility (FPSO), in which it holds a majority stake. Later, the Nigerian government said that the total project value is $5.5 billion. Wole Ogunsanya is the chairman of the Petroleum Technology...

Fossil Fuels

UniCredit wins court ruling to reverse its own UK injunction Against Gazprom unit

UniCredit won Tuesday a bid at a London court in order to overturn the injunction that the Italian bank had obtained against a Gazprom subsidiary in Russia, in light of the potential fine of 250 million euros. This highly unusual move highlights the problems UniCredit faces in Russia where it is still the second largest Western bank after Russia's invasion of Ukraine in 2022. In response to a question about the ruling on Tuesday, a spokesperson for UniCredit referred to its 2024 results, which stated that the case was "fully covered". Gazprom's RusKhimAlyans, also known as RusChemAlliance in court documents,...

Oil & Gas

Caterer Compass' first-quarter revenue beats expectations

Compass announced a 9.2% organic revenue increase in the first quarter, beating market expectations. The British catering group was able to benefit from strong demand for its canteens across North America and Europe. The largest food catering company in the world, which provides services to offices, hospitals, and universities on about 30 markets, has maintained its outlook for this year. The London-listed company has benefited from global companies requiring their employees to return to the office, which in turn boosts canteen spending. Employees who are cost-conscious often prefer to eat at home to more expensive external options. Karl Green, an...

Fossil Fuels

Oil prices remain unchanged as the market ignores China's tariffs, but Iran's pressure is still a factor.

The oil prices were little altered on Wednesday, after volatile trading the previous session. Investors shrugged off China's tariffs against U.S. imports of energy. President Donald Trump's renewed efforts to eliminate Iranian crude exported provided some support. Brent crude futures fell 18 cents or 0.24% to $76.02 per barrel at 0210 GMT. U.S. West Texas Intermediate (WTI), a crude oil produced in the United States, lost 9 cents or 0.12% to $72.61 Oil traded across a range on Tuesday, with WTI dropping at one point to its lowest level since December 31, after China announced tariffs against U.S. imports for...

Fossil Fuels

Financial Times - Feb. 4

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines – Starmer urges EU leaders to re-engage the UK at their meeting. – Thames Water faces new opposition to its emergency fundraising plan. – Anglo American Chief warns Trump tariffs to push up mining costs for years. Activist Elliott bought stakes in Smiths Group before announcement of breakup. – UK plans possible retaliation should Trump impose tariffs on British products. ­– Swiss watchdog begins enforcement action against Julius Baer. Overview - British PM...

Coal

Anglo CEO focuses on value while working on De Beers spinoff

Anglo American CEO Duncan Wanblad stated on Monday that the company is working hard to maximize its value in case a new M&A bidder comes along. He also expects significant progress on a much-anticipated spin-off of De Beers' diamond business this year. Anglo American, a London-listed company, rejected a hostile bid of $49 billion from BHP in May. BHP was focusing on Anglo’s copper assets. Anglo has since streamlined its operations by selling coal assets and agreeing on the separation of its platinum business. It still needs to find partners for the UK fertiliser project, which requires massive amounts of...

Oil & Gas Refining

Castrol India's Q4 profits rise on the steady demand for automotive lubricants

The steady demand for Castrol India's products helped the company to post a 12% increase in its quarterly profit. The company, which is 51% owned and controlled by British oil giant BP, reported a profit after taxes of 2.71 billion rupees (about $31 million) for the fourth quarter. This was up from 2.42 billion rupees a few years ago. The October-December quarter saw a 7.1% increase in revenue, reaching 13.54 billion rupees. This was due to increased sales of lubricants and two-wheelers. According to data from the industry, India's sales of two-wheelers grew by about 3% during the third quarter....

Fossil Fuels

De Beers signs new sales agreement with Botswana

De Beers, the diamond division of Anglo American, said it had completed negotiations with Botswana for a new rough-diamond sales agreement as well as extended mining licenses for its joint enterprise beyond 2029. Debswana is a joint venture 50:50 between the top diamond producer Botswana (and De Beers) that currently sells 75% its output to De Beers. In 2023, Botswana signed a new 10-year diamond deal with De Beers, which will see the government share of diamonds sold by the Debswana joint venture increase from 30% to gradually 50% over the next decade. This agreement was not signed by the...

Oil & Gas

Financial Times - Feb 3

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines EU opens the door to UK, Norway and a 'coalition' of willing defence forces Vitol: Oil demand will remain unchanged until at least 2040 EU will'respond strongly' if Trump imposes Tariffs - UK to unveil 100 mln pounds development finance drive View the full article The European Union (EU), governments are looking at ways to include Britain, Norway and other neutral capitals in a "coalition" that will expand the continent's defenses. According to...

Crude Oil

Crude Oil

Wall Street is on track to gain a weekly gain; markets are focused on tariffs

Wall Street futures held steady on Friday. The U.S. Dollar fell, and global stock markets remained close to recent record highs as traders awaited developments on Ukraine and tariffs. Investors keep an eye on the news coming out of the Munich Security Conference. U.S. Vice-President JD Vance warned Russia to be prepared for sanctions from Washington if Moscow does not reach a peace agreement with Ukraine. He also urged Europe to increase its defence spending. Vance is Due to meet Ukrainian President Volodymyr Zelenskiy. The directive was issued by Donald Trump, who asked his team to devise plans for reciprocal...

Refined Products

Oil snaps three-week losing streak amid US Tariff Delays

The oil prices in Asian trade rose on Friday. They were poised to end a three-week decline. This was boosted by the rising fuel demand, and expectations that U.S. tariffs for reciprocal global tariffs will not be implemented until April. This would give more time to avoid trade wars. Brent futures rose 23 cents (0.3%), or to $75.25 per barrel, by 0505 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), gained 16 cents (0.2%), or to $71.45. Brent and WTI both rose by 0.5% this week. U.S. president Donald Trump ordered officials from the Department of Commerce and Economics to...

Crude Oil

Oil drops as a potential Ukraine peace agreement may ease supply disruptions

The oil prices dropped on Thursday as a result of expectations that a possible peace agreement between Ukraine and Russia will end the sanctions that have disrupted supplies, while crude stocks in the United States grew. Brent futures fell 68 cents or 0.9% to $74.50 per barrel at 0515 GMT. U.S. West Texas Intermediate crude (WTI), however, dropped 65 cents or 0.9% to $70.72. Brent and WTI both fell by more than 2% after U.S. president Donald Trump claimed that Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskiy had expressed a wish for peace to him in separate telephone...

Mining

Mineral Resources

Mineral Resources

LME copper premium flips for the first time in 19 Months on tariff concerns

Data showed that the expectation of U.S. copper tariffs has prompted a surge in material flowing to the United States. This has tightened supplies at the London Metal Exchange (LME), and triggered a dramatic move in an important spread. The spread between cash LME copper and benchmark 3-month futures For the first time since 19 months, Friday saw a spike in prices. Copper premiums, or backwardation as they are also called, have risen to $71 per metric ton. This is the highest premium seen since October 2022. Two days earlier, there was a discount of just $119. Backwardation is a...

Mineral Resources

US reciprocal tariff plan benefits metals; Copper hits three-month highest

Base metals prices rose on Friday, as investors expected that U.S. president Donald Trump's plans to impose reciprocal tariffs on global goods would not be implemented until April. Copper prices reached three-month highs. The price of three-month copper at the London Metal Exchange increased 1.3% by 813 GMT to $9,609 per metric ton, its highest level since November 8. The Shanghai Futures Exchange's most active copper contract gained 0.9%, to 78.090 yuan per ton ($10,719.97), the highest level since November 6. The premium of U.S. Comex Copper Futures over LME Contracts reached a new record earlier this week. The treatment...

Mineral Resources

Japan Aluminium Premiums are likely to remain high and add to inflation

Industry insiders predict that Japan's bargaining strength in quarterly premium negotiations for aluminium will continue to erode due to the slowdown in imports of primary alloys, and because Japanese companies have divested their overseas smelters. This could result in higher import premiums. It would also add pressure to an already stressed economy, which is already suffering from inflation, rising rates of interest and a weakening yen, while undermining the competitiveness for key industries like automobiles. Junya HOSaka, leader of Sumitomo Corp's light metals trading group, explained that this situation was likely to occur. According to the latest Bank of Japan...

Mineral Resources

Supply shortages cause copper prices to rise three months.

Copper prices reached a three-month high on Friday due to tight supply and recent China data. Market players also assessed the impact of U.S. president Donald Trump's tariffs that will not be implemented immediately. The price of three-month copper at the London Metal Exchange increased by 0.3%, to $9,511 per ton. This is its highest level since November 8, 2024. Shanghai Futures Exchange copper increased 0.4% to 77.680 yuan. This is the highest level since November 6, 2024. The premium of U.S. Comex Copper Futures over LME Contracts reached a new record earlier this week. The treatment charges that miners...

Mineral Resources

Paulo Castellari named as the next CEO of French mining company Eramet

Paulo Castellari, the next CEO of French mining company Eramet, was announced as its nominee on Thursday after Christel Bories decided to step down. Eramet announced that Castellari would assume the CEO role on May 27 following a vote during the annual shareholders meeting. Bories will continue to be the Group's chairwoman. Castellari, born in 1970, is a dual Brazilian-Italian citizen with over 30 years of experience in the mining and metals industries, as well as in fertilizers and energy in South and North America as well as Europe and Africa. He worked for Anglo American from 2003 until 2015,...

Mineral Resources

Aluminium and copper prices are tightened by US tariff uncertainty

The prices of aluminium and copper were largely unchanged on Thursday, as the markets assessed the impact President Donald Trump’s decision to impose tariffs of 25% on imports of steel and aluminum starting March 12. The London Metal Exchange's (LME) three-month aluminium was down by 0.2%, at $2,616 per metric ton, as of 1049 GMT. Copper, however, rose 0.2%, to $9,475.50. The vast majority of the aluminium used by the U.S. comes from Canada. The majority of Canadian aluminium comes from Quebec. On Wednesday, Quebec's Premier Francois Legault said that Canada could consider export tariffs for products such as aluminum...

Mineral Resources

Andy Home: Tariff threat creates rift between copper prices in the US and Europe

The market has already priced in the possibility that after steel and aluminium, the red metal could be the next to receive import tariffs. In recent days, the arbitrage between CME and London Metal Exchange (LME), has become more pronounced. The CME premium exceeded $1,000 per metric tonne earlier in the week. The market expects a minimum 10% tariff based on the current price of LME 3-month copper, which is currently around $9,400 a ton. CME premiums could rise further if Trump imposes the same 25% tariffs on imports of aluminum and steel. Doctor Copper's likely reaction to a escalating...

Mineral Resources

Aluminum tariffs eased by Trump

The price of aluminium fell on Wednesday, amid fears of a global trade war after U.S. president Donald Trump imposed 25% tariffs on imports of steel and aluminum. As of 0219 GMT on Monday, the London Metal Exchange's (LME) three-month aluminium was down 0.6% at $2,627.5 per metric ton. This is down 1.3% compared to a high of $2.662.50, reached on Monday, when tariffs were announced. Morgan Stanley estimates that the biggest impact will be felt on aluminum, which is used for transport, construction, and packaging. Net imports account for 82% of U.S. needs. Since Trump's election, the U.S. premium...

Mineral Resources

Andy Home: Beer, not tariffs will boost US aluminum capacity

If in doubt, double down. Seven years ago, President Donald Trump imposed 10% tariffs on U.S. aluminium imports with the stated goal of increasing domestic primary metals production. They haven't worked. The tariff will be 25 % this time, with no "exceptions or exclusions", effective on March 4. The tariff will be 25% without "exceptions or exemptions" effective March 4. The sharp rise in the price for aluminum delivered to the U.S. Midwest is bad news for U.S. customers. The effectiveness of higher tariffs in revitalizing the country's aged fleet of aluminum smelters is also uncertain. The humble beer can...

Mineral Resources

Andy Home: Beer, not tariffs will boost US aluminum capacity

If in doubt, double down. Seven years ago, President Donald Trump imposed 10% tariffs on U.S. aluminium imports with the stated goal of increasing domestic primary metals production. They haven't worked. The tariff will be 25 % this time, with no "exceptions or exclusions", effective on March 4. The tariff will be 25% without "exceptions or exemptions" effective March 4. The sharp rise in the price for aluminum delivered to the U.S. Midwest is bad news for U.S. customers. The effectiveness of higher tariffs in revitalizing the country's aged fleet of aluminum smelters is also uncertain. The humble beer can...

Mineral Resources

The U.S. gold demand is causing India's gold leasing rates to rise to a record.

Industry officials reported that gold leasing rates in India had doubled to a new record within a single month, after the rates on the overseas market jumped because of a shortage as banks from around the world diverted the precious metals to the United States. The second largest gold consumer in the world, Kalyan, is experiencing higher jewellery production costs. This could affect jewellers like Titan, Kalyan, and Tribhovandas Bhimji Zaveri. Shekhar Bhahandari, President and Business Head of Kotak Mahindra Bank, said that gold leasing rates have doubled over the past month. They could continue to rise, he added. He...

Mineral Resources

London aluminium rangebound amid US tariff concerns

London aluminium was trading in a narrow range, near its three week high on Tuesday. Investors weighed the risks of a global trade war following President Donald Trump's new tariffs on steel and aluminum imports. As of 0330 GMT on Monday, the London Metal Exchange's (LME) three-month aluminium was unchanged at $2,657.5 per metric ton, close to the previous high of $2.662.50, set on Monday. Trump raised import tariffs for steel and aluminum to 25%, "without exceptions or exclusions", in an effort to help struggling industries. After a telephone call with Australia's Prime Minister Anthony Albanese he agreed that Australia...