United States








Energy Markets

Fossil Fuels

Environment

Phillips, a Democrat, resigns as a member of the US Energy Regulatory Panel

Willie Phillips resigned as a Democratic Commissioner on the U.S. Federal Energy Regulatory Commission on Monday. This opened the door for Donald Trump to nominate a new member, giving the five-member commission a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to nominate a Republican who would likely be easily confirmed by the Republican-controlled Senate. Trump's focus is on increasing oil and gas production and opening pipelines that will bring gas from Pennsylvania into the U.S. Northeast. New York politicians blocked the Constitution Pipeline, which would have transported gas...

Environment

Saudi Aramco signss development deal with China’s electric vehicle giant BYD

Aramco, the Saudi oil giant, announced on Monday that it had signed a joint-development agreement with BYD, a Chinese manufacturer of electric vehicles (EVs), to explore collaborations in the development and production of new energy vehicle technology. The agreement signed by Aramco's Saudi Aramco Technologies Company aims to improve vehicle efficiency and environmental performance as the Kingdom intensifies its efforts to transition to cleaner mobility. The deal was announced after the U.S. electric vehicle maker Tesla officially launched its presence in Saudi Arabia on April 10 with an event held in Riyadh. The company wants to boost global sales which...

Fossil Fuels

The US tariffs continue to affect the Gulf market.

The Gulf's major stock exchanges fell early on Monday, in line with Asian markets as U.S. president Donald Trump's aggressive trade tariffs and criticism of the Federal Reserve Chief continued to undermine investor confidence. Last week, Trump attacked Fed chair Jerome Powell. This fueled speculation about his possible removal and raised questions about U.S. financial security and the central bank’s autonomy. Credibility of the Fed as the most powerful central banking institution in history is largely based on its historical independence, which has allowed it to act without political influence. Saudi Arabia's benchmark stock index dropped 0.2% on Sunday, mainly...

Oil & Gas

Brazil's Petrobras reduces diesel prices for distributors

Petrobras, the state-run Brazilian oil company, announced on Thursday that it would reduce diesel prices by 0.12 reals ($0.0205) on average per liter. Crude prices have fallen in recent weeks following the tariffs imposed by President Donald Trump on April 2 on several countries. Fernando Melgarejo, the Chief Financial Officer of the company, said that the changes in the Brent crude oil price and the exchange rate influenced the decision to update the prices. Melgarejo stated, "We have a fundamentalist price analysis, and we believe that this adjustment is appropriate for the moment. This is mainly because of the Brent's...

Fossil Fuels

Italy will meet NATO's defence spending target of 2% GDP this year

Giancarlo Giorgetti, the Economy Minister at a Thursday hearing in parliament, said that Italy would meet NATO's target of 2% GDP on defence expenditures this year. According to NATO, Italy's projected defense budget for 2024 is 1.49% GDP. This is one of the lowest levels of any country in the alliance. The United States are putting pressure on Italy to increase its expenditures. Giorgetti, speaking to lawmakers about Italy's multiyear budget plan, said: "We are acutely conscious of the need for this expenditure to increase in the coming year." Giorgetti stated that Italy's accounting criteria would need to be adjusted...

Fossil Fuels

Putin's envoy to Russia says that Witkoff's contacts with the Russians are extremely productive

Putin's investment representative said that the meeting between Russian President Vladimir Putin and U.S. president Donald Trump's Special Envoy Steve Witkoff, was very productive. However, various countries were trying to disrupt dialogues between Moscow Washington. Putin and Witkoff spoke for nearly five hours in St. Petersburg, the former imperial city. Yuri Ushakov and Kirill Dmitriev, Putin's investment envoy, were also present. Kirill Dmitriev, a reporter in the Kremlin at the time of a visit to Moscow by Qatari Sheikh Tamim Bin Hamad al-Thani, said that "the meeting was extremely fruitful." Dmitriev added that a variety of unidentified media spread misinformation....

Fossil Fuels

Shortsellers target a wider range of companies before Trump's "Liberation Day"

Hazeltree, a data and technology firm, said that shortsellers had targeted a broader range of equity sectors before President Donald Trump announced his "Liberation Day", or April 2, tariff announcement. They also raised negative bets against a group of large tech stocks. Super Micro Computer was the most popular security. It knocked oil and gas producer Chevron from the top spot it held for two months. Prior to this, tech stocks dominated the top 10 list of most-shorted U.S. Large Caps. Hazeltree reported that only five of the top 10 stocks most shorted in March were tech shares, compared to...

Oil & Gas

Financial Times - April 17

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Gerry Cardinale’s RedBird evaluates takeover of UK’s Telegraph newspaper Trump administration stops Equinor’s $5 billion New York energy project British Steel's Chinese Owner says UK Government must "respect" its rights - Lyft buys European taxi app FreeNow in 175 mln euros deal View the full article RedBird Capital Partners, a company owned by Gerry Cardinale, is preparing plans to acquire The Telegraph to end the two-year-long sale of this British newspaper group. The U.S. has stopped a...

Fossil Fuels

Sources say that India is looking to end import taxes on US LPG and ethane in trade negotiations.

Three sources with knowledge of the situation said that India intends to eliminate taxes on U.S. imports of ethane, liquefied petrol gas (LPG), and other petroleum products. The move is part of broader talks with Washington to reduce India's trade surplus and lower its tariff burden. India is considering scrapping the import tax on U.S. LNG and increasing purchases of fuel from the United States. As President Donald Trump’s sweeping tariffs rattle markets and economies, several Asian nations with trade surpluses in Washington are looking to increase their imports of U.S. Energy. They hope that this will help them avoid...

Oil Storage

Sources say that over 100 employees have left the US EIA, which puts vital energy data in danger.

Three sources said that the U.S. Department of Energy's statistics division is likely to lose more than 100 employees following the latest round of resignations offered by the Trump Administration. This puts at risk the world's most closely followed energy reports, they added. Energy Information Administration (EIA) publishes data weekly, monthly, and annually on crude and fuel stocks, oil and gas production, and price forecasts. These are used as indicators by energy companies and traders to determine supply and demand. These reports can have a significant impact on global oil prices. Two sources stated that the EIA had about 350...

Fossil Fuels

World Bank's Banga is unsure about US aid for funding poor nations, even though Trump's dialogue was 'constructive.'

Ajay Banaga, the World Bank president, said that he had constructive discussions with the Trump Administration about the development lender. However he didn't know how much money the U.S. was going to contribute to the World Bank's fund which is for the poorest countries in the world. Banga told reporters if European countries reduced their pledged funding and the U.S. did not fulfill the $4 billion International Development Association pledge made by former president Joe Biden’s administration last summer, the $100 billion IDA funding round could be cut to $80 or $85 billion. This would be roughly equal to the...

Environment

Trump exempts coal plants from mercury and air toxics limitations

According to the Environmental Protection Agency's list published on Tuesday, the Trump administration has granted exemptions to 47 companies for two years from regulations that limit mercury and air pollutants in their coal-fired plants. The list of exemptions is the latest attempt by the administration to use emergency or executive orders to shield polluting plants from immediate compliance with the air and water standards that were tightened by Biden's administration, as the EPA embarks on a longer process to rollback those rules. The Mercury and Air Toxics Standard of the Biden era is still in effect after the Supreme Court...

Crude Oil

Crude Oil

Vance wants closer US-Indian ties but warns that a 'dark period' is coming if not

On a Tuesday visit to India, JD Vance, the Vice President of the United States, said that the United States was looking to sell more defence and energy equipment to India. He added that the ties between India and the United States will shape this century. In a speech delivered in Jaipur, a city in northwestern India, he stated that if India and the United States worked together effectively we would see a prosperous and peaceful 21st century. "But I believe that the 21st Century could be very dark for humanity if we do not work together effectively." After their...

Oil Storage

Short-covering of oil prices has pushed up the price, but concerns about tariffs persist

Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 36 cents or 0.5% to $66.62 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude contract for May expires Tuesday and was $63.73 per barrel, an increase of 65 cents or 1%. The WTI June contract, which is the most actively traded, was up 43 cents or 0.7% at $62.84 per barrel. The benchmarks fell more than 2% each on Monday as the signs of progress made in the nuclear agreement talks...

Crude Oil

MORNING BID EUROPE - Trying to contain the US market contagiousness

Wayne Cole gives us a look at what the future holds for European and global markets. It is said that the U.S. can sneeze and the whole world will catch a cold. Is contagion inevitable if it's a self-inflicted injury? The Nikkei, which is flat today despite the S&P500's 2.4% loss on Monday, may be an indication of this. It would normally be down by 1,000 points. This is despite the stronger yen. The money that is leaving U.S. assets must go somewhere and it's not only to European defence stocks. According to LSEG Lipper, investors purchased a net of...

Mining

Mineral Resources

Mineral Resources

Shanghai copper prices rise on Dollar weakness

Shanghai copper prices rose slightly on Monday, as the dollar fell to its lowest level in three years. However, a continuing trade tension between the U.S., which is the world's largest metals consumer, and China was likely to limit any further gains. As of 1400 GMT, the most traded copper contract at the Shanghai Futures Exchange was up 0.2%, trading for 76150 yuan per ton ($10,443.38). London Metal Exchange (LME), is closed for Easter Monday. Investor confidence in the U.S. economic system took a further hit as a result of President Donald Trump's plans for a shake-up at the Federal...

Mineral Resources

Shenghe, a Chinese rare earths processor, sees a minimal impact of the US feedstock ban

Shenghe Resources, a Chinese company, said that the suspension of shipments from its U.S. partners of rare earth raw concentrator will not have a significant impact on production because of the company's diverse supply chain. MP Materials, the owner of the U.S.'s only rare earths mine said that it has stopped shipping these vital minerals to China due to the 125% tariffs Beijing imposed on U.S. imports as a retaliation against U.S. tariffs imposed on Chinese goods by President Donald Trump. Rare earths is a grouping of 17 metals which are used in the production of magnets for electric cars,...

Mineral Resources

Ukraine hopes to conclude mineral deal negotiations within a week

Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on joint exploiting of Ukrainian mineral resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. Washington has indicated that, even though the final terms aren't set in stone, it will have access to Ukraine’s natural resources as a form of compensation for its military support of the country for the past three year. The U.S. government and the Ukrainian government signed a letter of intent late on Thursday night, signaling their intention...

Mineral Resources

Shanghai Copper Gains on Tariff Deal Hopes

The copper prices in Shanghai increased on Friday as the possibility of an end to the titt-for-tat tariff increases between the U.S. As of 0150 GMT, the most traded copper contract at the Shanghai Futures Exchange rose 0.4%, to 76130 yuan per metric ton ($10,428.05). Good Friday is a holiday in London. The London Metal Exchange will be closed. Trump signaled on Thursday that he doesn't intend to increase tariffs on Chinese imports. Trump increased tariffs on Chinese imports to 145% after Beijing responded with countermeasures. China's own message that tariffs would not be raised further was sent last week...

Mineral Resources

MP Materials suspends rare earth shipment to China over tariffs

MP Materials announced on Thursday that it would no longer be shipping rare earth concentrates to China as a result of the retaliatory duties and export controls imposed by China following the tariffs imposed by U.S. president Donald Trump. This sent its shares down 3,9% in the afternoon. The company stated that "Selling valuable critical materials at 125% tariffs was neither commercially logical nor in the national interest of America." MP produces rare-earths concentrate in its California mine, which is then sold to independent refineries worldwide including China through a distributor. The company is increasing the production of rare earths...

Mineral Resources

After Trump's tariffs, gold is now returning to Switzerland after being exempted from them

Official data show that the gold, which traders had been shipping to New York as a precautionary measure against possible U.S. import tariffs on bullion, is now being sent back to Switzerland. Swiss customs data released on Thursday revealed that gold imports to Switzerland from the U.S. reached a 13-month high in March of 25.5 tons, up from 12.1 tonnes in February. The Swiss gold exports to the U.S. dropped 32% on a month-to-month basis to 103.2 tonnes. U.S. gold warehouses, approved by Comex and part of CME Group, have experienced eight days of gold outflows. Daily Comex data revealed...

Mineral Resources

Sources say that TK Elevator owners are weighing up the US dollar for a potential multi-billion euro IPO.

Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year, despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking. The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year. People said that the business would likely be valued at over 20 billion euros...

Mineral Resources

Hyundai will suspend EV production due to US tariffs and slow demand in South Korea - Yonhap

Hyundai Motor will temporarily stop production of some electric vehicles in South Korea, Yonhap reported on Thursday. The news agency cited unnamed sources. Yonhap reported that the South Korean automaker will stop production on certain lines at its Ulsan facility, where it produces electric vehicles Ioniq 5 & Kona, from April 24-30. Yonhap said that the suspension is due to the fact that EV orders have dropped sharply from major markets in April after the removal of government EV subsides and U.S. Tariffs on imported cars. Hyundai Motor is not available to comment immediately outside of regular business hours. The...

Mineral Resources

Investors want to review Australia's listing regulations, saying that the James Hardie-AZEK transaction will hurt.

A group of investors called for the review of Australia's listings rules. They claimed it was "unreasonable", that companies could issue large amounts of shares without shareholder approval to fund acquisitions. Investors wrote to the Australian Stock Exchange on Wednesday, stating that James Hardie's proposed $8.75 billion purchase of AZEK would dilute the interests of existing AZEK shareholders and "irreversibly alter their rights" without a vote. Investors, including top pension funds AustralianSuper and UniSuper and institution investors Schroder Investment and Fidelity Australia, called on ASX to require shareholder approval for any share issuance over a certain threshold and for listing...

Mineral Resources

Australian shares are up on the back of mining gains, but market is looking forward to a rate cut in May

Australian shares closed higher on Thursday, as miners benefited from higher commodity prices. Domestic rate-cut bets were not deterred by the rebound in jobs. The S&P/ASX 200 Index rose by 0.7%, closing at 7,813. The benchmark index recovered from a two week losing streak caused by U.S. president Donald Trump's sweeping Tariffs. It closed the holiday-shortened weekend 1.4% higher. As iron ore prices rose on strong near-term demand, miners gained 1.5% and lifted the benchmark. BHP was the only major miner to rise 1.2%, despite a decline in third-quarter production of iron ore from Western Australia operations, which fell from...

Mineral Resources

Wall Street Journal April 17,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Federal Reserve Chair Jerome Powell stated on Wednesday that it may be difficult for the central bank to protect the economy from the trade war of President Trump, and predicted higher consumer prices as well as unemployment in the short term. The Trump administration has instructed the Internal Revenue Service (IRS) to begin revoking Harvard University’s tax-exempt designation. This move would end tax deductions and tax the net earnings of the university. Prologis, a warehouse-focused Real Estate...

Mineral Resources

Gold prices fall due to profit-booking

Gold prices fell on Thursday, as investors took profits after the bullion reached a record high earlier in session. The demand for gold was boosted by the continued uncertainty over tariffs and restrictions on chip exports to China. Gold spot fell 0.1% at $3,339.37 per ounce by 0312 GMT after reaching a session high of $3 357.40. Bullion is up more than 3% this week. U.S. Gold Futures rose 0.2% to $3.351.50. Gold prices are at new record highs. The precious metal will continue to rise as the trade chaos continues, despite reasonable pullbacks. Nikos Tzabouras is a Senior Market...