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Energy Markets

Fossil Fuels

Fossil Fuels

UK watchdog considers day traders' $1.32m offer for a crisis fund

Eleven commodity day traders have offered to donate PS1million ($1.32 million) to a fund for crisis situations as part of a deal that will end a three year investigation by Britain's market regulator into possible violations of competition law. The Financial Conduct Authority announced on Wednesday that it considered the traders' obligations appropriate. This included changing how they handled sensitive information, annual training and a payment likely to exceed any FCA penalty. The traders who mainly traded in?energy futures have proposed to arrange a contribution to Crisis and Resilience Fund. This is a government scheme which?provides financial support to families...

Fossil Fuels

SK Hynix, a South Korean company, will raise up to 29 billion dollars in US listing

SK Hynix, a South Korean company, said it plans to raise as much as 45.45 trillion won ($29.43billion) through a U.S. IPO. The company is aiming to increase its 'investor base' and 'production capacity for artificial intelligence chips. The listing of American depositary receipts, if completed to the top, would be one of the largest ever in history. It is comparable in size with Saudi Aramco’s IPO scheduled for?2019. Investor and analyst reactions to the latest news: CLSA SENIOR ANALYST SANJEEV RANA "If (SK Hynix can) get a valuation multiple that is similar to Micron for example, the local shares...

Fossil Fuels

UN Guterres: Finance ministers must prioritize climate risks

United?Nations?Secretary-General Antonio Guterres stated on?Wednesday? that climate adaptation should be treated as an important priority by governments -- and valued appropriately by the financial system. As climate risks increase and funding gaps widen, this must become a top priority. Guterres said that as droughts, flooding and other extreme weather conditions affect communities around the world, adaptation has been chronically underfunded and undervalued. "Finance Ministers, Central Banks, Planning Ministries and Public Investment Authorities must 'treat climate risks as core economic policies in order to mobilize greater domestic resources," said he, urging government to 'incorporate climate risk into everything from fiscal policy...

Fossil Fuels

Mines minister: Botswana's diamond demand is recovering, but only slowly

Bogolo Joy Kenewendo, the mines minister of Botswana, said that a'soft recovery' in demand for diamonds is taking place in important?consumer?markets like the U.S. Kenewendo stated that Botswana will maintain its supply discipline in order to support a struggling global gems industry, despite the early signs of demand recovering on key markets. Global market is in a long-term downturn because of 'economic uncertainty' and the popularity of lab grown stones. Debswana Diamond Company - Botswana’s joint venture with DeBeers?which accounts for 90% the country's sales of diamonds - temporarily halted production last year at some mines. Kenewendo said: "We will...

Fossil Fuels

Italy's highest court clears Milan prosecutors of Eni Nigeria charges

The top court of Italy acquitted on Thursday two prosecutors from Milan who were accused of not submitting documents that would have supported the position of energy group Eni in an international corruption case. Eni, Shell and all other defendants were acquitted of the charges in March 2021, in what had been described as the largest corruption case in the oil industry, relating to the $1.3 Billion acquisition of an oilfield in Nigeria more than 10 years ago. The Italian highest court, the Court of Cassation, reversed a lower-court ruling and acquitted Prosecutors?Fabio de Pasquale, and Sergio Spadaro. They said...

Refined Products

Alison-Madueke, Nigeria's former oil minister, is cleared of all charges following a UK corruption trial

Diezani Alison Madueke, the former 'Nigerian Oil Minister' was found not guilty on Wednesday by a London Jury of?six charges of bribery?after a rare?corruption?trial?of an high-profile?former energy official. Alison-Madueke was the minister of petroleum resources under Goodluck Jonathan between 2010 and 2015. She faced five charges of accepting bribes, and an additional charge of conspiring to commit?bribery. Both of these she denied. The prosecution alleged that Alison-Madueke 65 was granted "a luxurious life" in London by oil and gas industry leaders seeking lucrative contracts for?Nigeria which has been plagued with corruption and mismanagement. The former minister who was briefly president...

Fossil Fuels

GRAPHIC - World markets walk a fine line between AI stocks, oil shocks and equities.

Investors said that the turmoil on the world markets over the past week showed the economic outlook was now on a razor's edge. There were equal odds for an AI boom to boost growth, or oil shocks from the U.S. - Iran war to send stocks and bonds into a tailspin. The global equities market hit its highest point on June 3 and then experienced their worst day since October the next day. This week, they have been reversing direction constantly to match President Donald Trump's volatile remarks about Iran. Florian Ielpo, head of multi-asset and macro portfolio management at...

Fossil Fuels

The world markets are on a tightrope, balancing between AI stocks and oil price shocks

Investors said that the turmoil on the world markets over the past week showed the economic outlook was 'now on a razor edge. There are equal odds for an AI boom to lift growth, or for oil shocks resulting from the U.S. - Iran war to send stocks and bonds into a tailspin. Global equities reached an all-time high on June 3 and then suffered their worst day in October the next day. This week, they have spent a lot of time reversing direction constantly to match U.S. president Donald Trump's volatile remarks about Iran as well as rapidly changing...

Fossil Fuels

Wall Street Journal, June 8,

These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy. Israel and Iran traded missile strikes Monday, after the U.S. brokered a ceasefire in early April. This was their first direct attack since the truce went into effect. - Nvidia is ?teaming up with South Korea's SK Telecom and Naver ?to build gigawatt-scale artificial-intelligence cloud infrastructure in Asia. - Intesa Sanpaolo said ?it has launched a EUR30.66 billion ($35.33 ?billion) unsolicited cash-and-share ?takeover bid for Monte dei Paschi di Siena. Roche has announced that it has signed an exclusive licensing agreement and...

Fossil Fuels

Oil prices remain unchanged despite uncertainty surrounding US-Iran peace agreement

The oil prices were little changed Friday, after a sharp drop in the previous session. Brent crude futures dropped 21 cents or 0.22% to $95.24 per barrel at 0003 GMT, after falling 2.84% the previous session. U.S. West Texas Intermediate crude oil was $92.94 per barrel, down by 10 cents or 0.11% after a loss of 3.1% on Thursday. The two contracts are expected to record their first weekly gains in three weeks. WTI is up a whopping 6% after fighting flared in the Middle East, as U.S. - Iran war peace negotiations dragged on, while traffic in 'the Strait...

Oil & Gas

First the Fed dot then the guidance, and finally a hike. Mike Dolan

Federal Reserve quarterly "dot-plot" rate forecasts could soon lose the last projected rate reduction, the so called easing dot. The plot itself may disappear altogether. Markets would then have to determine if Kevin Warsh was really the inflation-hawk he claimed to be. It might still be a surprise to some investors if he's right. Before his first policy meeting, the new Fed chairman is busy setting up his stall. He consults his staff and gets ready for his first policy session. The guidance he receives on policy direction is not going to be easy. The three-month-long war in Iran and...

Fossil Fuels

Advent, ADIA-backed gas engine maker Innio raises $2.43 billion in US IPO

Investors flock to companies that are driving the AI boom, including gas engine manufacturer Innio. Innio, based in Munich, Germany, has a principal?shareholder - AI Alpine. The company is co-owned by Advent International, and Abu Dhabi Investment Authority. 90 million shares were sold at $27 per share, the highest price of the range indicated by the company. The listing comes against a favorable ?backdrop for AI infrastructure-linked firms, with investors flocking to companies powering the technology's buildout, from electrification ?to supply chain for data centers. Innio will be one of several companies, ranging from software to insurance, that list in...

Crude Oil

Crude Oil

Oil prices continue to fall on the back of expectations for smoother crude flow via Hormuz

On Wednesday, oil prices dropped more than 1%, continuing this week's losses and trading at near four-month highs. This is on signs that more oil tanks stranded in the Gulf will be moving out of the Strait of Hormuz. Brent crude futures were down 78 cents or 1.0% at $76.30 per barrel as of 3:50 GMT. U.S. West Texas Intermediate fell 78 cents or 1.1% to $72.43 a barrel. On Tuesday, both benchmarks fell by around 1% and reached their lowest levels since March. Positive signals from the Persian Gulf are fueling optimism regarding oil flow through the Strait of...

Crude Oil

Oil prices continue to decline as oil flows through Hormuz are expected to be smoother

On Wednesday, oil prices continued to fall, and traded 'near the four-month lows reached in the previous session. This was on the back of signs that more oil tankers stuck in the Gulf after the Iran war were set to leave the Strait of Hormuz. Brent crude futures fell 37 cents or 0.5% to $76.71 per barrel at 0043 GMT. U.S. West Texas Intermediate dropped 36 cents or 0.5% to $72.85 per barrel. Both benchmarks fell nearly 1% Tuesday, reaching their lowest levels since March. The price of oil has been under pressure since this week, after Washington gave Tehran...

Crude Oil

MORNING BID AMERICAS-SpaceXhaust

What's important in U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets Big Tech began the week on a downhill slope, with Alphabet and Amazon each falling around 5%, due to a combination of worries: rising debt, interest rate expectations, and lofty AI expenditure. Even SpaceX, who began debt-raising plans 'of their own on Monday, clocked a loss of 16%. Below, I'll go into more detail. Check out my most recent column about why Britain's new government must deliver or risk further political instability and economic woe. Listen to the most recent episode of Morning Bid's...

Mining

Mineral Resources

Mineral Resources

Dollar gains as Fed hikes rates and gold falls to a two-week low

Investors weighed conflicting signals about U.S. peace talks with Iran as they assessed the varying signals from U.S. and Iran. Gold spot fell 0.7%, to $4,081.24 an ounce, at 0751 GMT. It had earlier fallen to its lowest level since June 11. U.S. Gold Futures for August Delivery declined by 1.2% to $4.098.70. Donald Trump, the U.S. president, said on Tuesday that Iran agreed to nuclear inspections in "infinity" while Tehran claimed it had not made such a concession during negotiations. This raises questions about whether their fragile peace agreement will survive. Both sides disagreed over the details of a...

Mineral Resources

Dollar gains as Fed hikes rates and gold falls to a two-week low

Investors weighed conflicting signals about the U.S. - Iran peace talks as they assessed rising bets that U.S. interest rates would rise. Gold spot fell 0.5% at 0609 GMT to $4,088.97 an ounce, after hitting its lowest level since June 11. U.S. gold for August delivery fell 1% to $4106.30. Donald Trump, the U.S. president, said on Tuesday that Iran agreed to nuclear inspections indefinitely. However Tehran claimed it had not made any such concessions during negotiations. This raises questions about their fragile peace agreement. Both sides disagreed on the specifics of a provision which would give Iran access to...

Mineral Resources

Dollar gains as Fed hikes rates and gold falls to a two-week low

Gold fell on Wednesday, reaching its lowest level for 'almost two months, as the dollar rose amid rising bets that the U.S. would raise interest rates, and investors analyzed conflicting signals regarding the U.S. Iran peace talks. Gold spot fell 1%, to $4,067.51 an ounce, at 0236 GMT. It had earlier fallen to its lowest level since the 11th of June. U.S. gold contracts for August delivery fell 1.6% to $4.083.90. Donald Trump, the U.S. president, said that Iran agreed to nuclear inspections in "infinity" on Tuesday. Tehran denied this and said they had not made such a concession during...

Mineral Resources

Gold drops as rate-hike betting boosts dollar to an all-time high

The?U.S. dollar?hit a one-year high on Tuesday, outweighing support from lower oil prices amid progress in U.S.-Iran talks. Dollar?hit a year-high on expectations of a Federal Reserve interest rate hike. This outweighed support from lower oil prices in light of progress in U.S. Iran talks. By 11:45 am, spot gold had fallen by 1.2% to $4138.79 an ounce. ET (1545 GMT). U.S. Gold Futures for August Delivery fell by 1.1% to $4156.40 an ounce. The U.S. Dollar rose to its highest levels in over a year, making gold more expensive for foreign buyers. Right now, gold and silver don't look...

Mineral Resources

Gold drops 2% as rate hike bets push dollar to an all-time high

?Gold prices fell on?Tuesday as the U.S. Dollar hit a year-high on expectations of a Federal Reserve rate hike, which outweighed support from softer prices for oil amid progress in U.S.Iran negotiations. By 9:26 am, spot gold had fallen 1.7% to $4118.73 an ounce. ET (1326 GMT). U.S. Gold Futures for August Delivery?fell by 1.6% to $4135.60 an ounce. The U.S. Dollar rose to its highest levels in over a year, Tuesday. This made gold more expensive for buyers from abroad. "At the moment, gold and silver aren't looking at the Middle East." Bob Haberkorn is a senior market analyst...

Mineral Resources

Vedanta CopperTech Metals aims for $3.6 billion in valuation at US IPO

CopperTech Metals aims to raise up to $3.57 'billion? in its U.S. IPO, joining a 'wave' of companies aiming for the crowded IPO market this summer. It said that the U.S. copper and cobalt company is looking to raise up to $423.5 by selling 23.5 million shares at a price between $16 and 18 per share. After a short lull, the IPO market is now booming. The stock markets are bouncing back and investors' appetite has increased. This week, e-bike startup Lime and silver?miner Sinda launched their U.S. initial public offerings. ITG, a digital infrastructure company, and Italian technology company...

Mineral Resources

Gold drops as dollar remains firm amid Fed rate hike expectations

The?U.S. dollar was stronger on Tuesday and this pushed gold prices down?more that 1%. ?dollar fell?more than 1% on Tuesday,?pressured by a firmer 'U.S. As of 0414 GMT, spot gold was down by 1.1%, at $4,142.61 an ounce. U.S. Gold Futures for August Delivery fell 1% to $4160.20. Tim Waterer is the chief market analyst at KCM Trade. He said that while gold had received some relief this week from lower oil prices, it was not getting any help from the U.S. Dollar, which "continues" to rise on expectations of Fed interest rate hikes. Gold is less affordable for buyers...

Mineral Resources

UK Minister says EU steel talks may go to the wire

The UK's Industry Minister said on Monday that talks with the EU over steel could be pushed to the wire as Britain faces a?end-of-month deadline for replacing its import protections. He apologized to businesses for the uncertainty. The?trade?rules of Britain, which date back to before Brexit, will expire on 30 June. London has said that the rules will be replaced by a new measure which will reduce the amount of steel imported without tariff and double the duty on any imports that exceed that quota. Details of the measure have not been finalised yet, but there are discussions?about the market...

Mineral Resources

UK invests $66 Million in essential minerals to reduce import dependence

The government announced on Monday that Britain would invest PS50million ($66million) in order to increase 'domestic production' of key minerals. This is part of a move to reduce reliance on centralized global supply chains and strengthen economic resilience. The funding will be used to support projects in extraction, processing, and recycling. These are aimed at securing the materials that go into products such as smartphones, fridges, and electric vehicle batteries. This is in addition to the more than PS200million already committed for this sector. The Industry Minister Chris McDonald will launch the programme at a centre for industrial research located...

Mineral Resources

Industry body warns that Mozambique’s new rules on mine ownership could discourage foreign investment

A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret...

Mineral Resources

Gold falls as Fed signals hawkish boost dollar and rate hike bets

Gold prices remained stable on Thursday, despite a hawkish Federal Reserve policy and a stronger Dollar. The U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil prices lower, also helped to keep gold at a reasonable level. At 10:30 am, spot gold was down by 0.3% to $4,246.55 an ounce. ET (1430 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.7% to $4.264.30. The Fed's hawkish tilt yesterday was most important. The dollar is at new record highs, and this keeps gold under pressure, according to Peter Grant, senior metals analyst...

Mineral Resources

Zimbabwe's Mimosa revives $130 Million platinum project following price rebound

A Zimbabwean executive revealed on Thursday that the Mimosa Platinum Mine, owned jointly by Impala and Sibanye Stillwater in Zimbabwe, has revived its $130m North Hill Life-extension Project after a recovery in metal prices. Mimosa, Zimbabwe’s second-largest?platinum manufacturer after Impala’s Zimplats suspended the project in 2020 as prices plummeted amid destocking and weak automotive demand, with expectations of rapid adoption of electric vehicles. The price of platinum group metals, used as autocatalysts, has recovered since then. This is due to a tight supply coming from the top producer in South Africa. Mimosa is looking at an extension of its mine...