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Energy Markets

Fossil Fuels

Refined Products

Oil prices rise as the focus shifts from supply to demand

The oil prices rose on Tuesday but the gains were modest as traders focused their attention on supply and demand. Brent crude futures rose 28 cents or 0.39 percent to $72.29 and U.S. West Texas?Intermediate crude climbed to $68.84 per barrel at 0046 GMT. This is up 29 cents or 0.26 percent after having settled down on Monday to levels similar to those seen before the Iran war. Tim Waterer is the chief market analyst for KCM Trade. He said that although the steps taken towards recovering supply have reduced the immediate risk premium the market still remains cautious about...

Fossil Fuels

Trump claims that either there will be a deal made with Iran, or the US will "finish the job"

Donald Trump, President of the United States, said that the United States will either "finish the job" or reach an agreement with Iran. He renewed his threat to take military action in response to the defiance shown by Tehran following the funeral for Supreme Leader Ayatollah Ali Khamenei. The indirect U.S.-Iran negotiations ended last week with no public signs of progress toward a lasting peace. This was despite the 60-day ceasefire that was intended to create "space for diplomacy" following U.S. We'll either make a deal, or we'll?finish the task. It won't be difficult to finish the job. Trump told...

Oil & Gas

Russian officials claim that a major drone attack on St Petersburg has been carried out by Ukraine.

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Oil Storage

Americans still hit the road for July 4th despite high gas prices

The Americans are preparing for the Fourth of July, despite gasoline prices that are still high and well above their historical averages. The ease of tensions between?U.S. The easing of tensions between the?U.S. Despite recent drops, this weekend motorists will pay the second highest Independence Day fuel prices in history. Last week, the price-tracking service GasBuddy predicted that the average gasoline price in the United States would be $3.75 per gallon by July 4. This is behind the record $4.80 per liter set on July 4th 2022. GasBuddy reports that the national average gasoline price was $3.772 per gallon on...

Fossil Fuels

Peace efforts continue to hold as oil prices rise slightly before the long US weekend

Prices of oil climbed on Friday, just before the long holiday weekend here in 'the U.S. Brent futures rose 46 cents or 0.64% to $72.26 per barrel at 0407 GMT. West Texas Intermediate rose 32 cents or 0.47% to $69.01 per barrel. The U.S. market will be closed Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks had their lowest level since the U.S./Israeli War on Iran, which began in late February. Brent was up by 0.35% for the week and WTI rose by 0.43%. These were the lowest weekly movements in the past?months....

Fossil Fuels

UK's National Grid invests $1.75 Billion in AI power boom through Joulent Investment

Britain's National Grid said on Wednesday that it would invest $1.75billion for a 35 percent stake in Joulent. Joulent is a U.S. platform for developing power infrastructure for the data centres. It wants to take advantage of the surge in demand for electricity driven by AI. The agreement will fund Joulent’s first project: a 2,67-gigawatt, gas-fired facility developed in a joint venture with Chevron in?West Texas. Chevron will also supply power to a Microsoft data centre campus under a 20 year power purchase contract. National Grid's shares dropped 1.4%, trading at 1,230.5 pence as of?1142 GMT. AI-related demand for electricity...

Oil & Gas

McGeever: Why Trump's tariffs have a lot of bark but little bite

Donald Trump's favourite word is "tariff". His continued use of the term last year sparked fear in the markets as his administration unilaterally implemented the most protectionist trade policies since 1930. The 'bark' was worse than the bite. Just over a month has passed since Trump declared "Liberation Day" and the average U.S. Tariff rate is lower in April 2025 than most feared. At just under 10% the daily effective rate of pre-substitution is still four times higher than it was at the end 2024. Tariffs are barely a factor on the financial markets. This is partly because investors are...

Fossil Fuels

EIA: US oil production reaches record high in April

?U.S. The Energy Information Administration reported on Tuesday that crude oil production in April was the highest ever recorded at 13.93 million barrels per day. This is the highest level on record. Producers increased output to counter higher oil prices due to the Iran War. EIA data show that production rose by 216,000 barrels per day in April. Production in New Mexico reached a record of 2,37 million barrels per day. Texas' crude production increased by 36,000 bpd to 5.83 millions bpd. This is the highest level since November. The Permian Basin is located in Texas and New Mexico, where...

Fossil Fuels

Oil prices are little changed, but they will suffer the steepest quarterly and monthly losses since 2020

The oil prices were little altered on Tuesday, but they were heading for their largest monthly and 'quarterly' losses since the COVID-19 Pandemic early in '2020. Investors were looking at potential U.S. - Iran talks in Doha amid the strained -interim ceasefire of the four-month long war. Brent futures dropped 13 cents or 0.2% to $73.02 per barrel at 12:34 pm EDT (1634 GMT), whereas U.S. West Texas Intermediate crude (WTI) fell 89 cents or 1.3% to $69.86 per barrel. The two crude benchmarks are close to the levels they reached on February 27, just before the U.S. and Israel...

Oil & Gas

Cuba's top diplomat claims that talks with the United States are "not progressing"

Cuba's Foreign Minister said that the talks started earlier this year between Cuba and its long-time enemy the United States have stagnated, leaving little hope of an end to U.S. Sanctions that have?seiged the islands economy. Top diplomat?Bruno? Rodriguez said that U.S. Sanctions are "causing death" in Cuba, as the islands economic collapse and severe shortages in food, fuel and medicine make life on the island's 9 million residents nearly unbearable. At a Havana press conference, Rodriguez stated that "talks between Cuban and US have not progressed." "The US delegations' generally respectful conduct has been accompanied with constant threats against...

Fossil Fuels

Treasury's Bessent says that "we are watching" as it urges gas retailers in the US to lower prices on their 250th anniversary.

?U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline retailers to lower their prices in honor of the?U.S. The United States celebrates its 250th birthday. President Donald?Trump reiterates his message that "we are watching." Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, particularly?during the 250th anniversary because we are watching." Bessent reiterated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big...

Oil & Gas

Treasury's Bessent says that "we are watching" as it urges gas retailers in the US to lower prices on their 250th anniversary.

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Crude Oil

Crude Oil

Saudi Arabia cuts prices and OPEC+ increases target, but oil prices are little affected

Prices were little changed Monday as they traded?around pre -Iran War levels. Saudi Arabia slashed their?official'selling prices. OPEC+ approved a new production target starting in August. And exports via the Strait of Hormuz improved further. Brent crude futures were trading at $72.19 per barrel at 11:26 am, after hitting a four-year peak above $126 late in April. ET (1626 GMT), up by 7 cents or 0.1%. U.S. West Texas Intermediate Crude was trading at $68.81 per barrel, an increase of 12 cents or 0.2%. WTI was not settled on Friday due to the fact that U.S. market were closed. Both...

Crude Oil

Brent Oil Curve continues to decline as a glut of supply overwhelms the market

Brent crude for "prompt" delivery traded below contracts that were due to be delivered up to six months in the future this week, the latest indication that increased shipments through Strait of Hormuz has caused a glut near-term. On Friday, the first-month Brent futures contract for September traded below the five subsequent contract months. Last week it was trading at a discount to the second contract month. Brent Spreads for the Six-Month Period On Wednesday, oil prices slid to a discount. They dropped to minus 56 cents per barrel on Thursday and then recovered to a small premium on Friday....

Crude Oil

Asian markets gain footing after US PMIs and jobs data lift stocks

Stocks rose in the Asian session on Friday, after a lukewarm U.S. jobs report cast doubts over the prospects of a Federal Reserve rate hike. Regional activity gauges also pointed to an expansionary economy during June. MSCI's broadest Asia-Pacific share index outside Japan, which had been in decline for two days straight, rose 2.2% after a shaky beginning. South Korea's Kospi fluctuated between gains and losses before surging by more than 6%, as buyers snapped up battered chipset stocks. S&P 500 futures rose by 0.4% while Japan's Nikkei reversed its early losses and traded 1.2% higher. The latest data from...

Mining

Mineral Resources

Mineral Resources

Australia's Lynas and South Korea's JS Link Sign Deal for Malaysia Magnet Factory

Lynas?Earths 'announced on Tuesday that it had signed a deal with South Korea JS Link for the development of a magnet plant in Malaysia. JS Link, a magnet manufacturer in?South Korea, and the Malaysian factory planned by JS Link will receive rare-earth material from the Australian producer until January 2038. This partnership comes after a magnet manufacturing agreement between the two companies in last year. Under the new?deal, JS Link is going to establish a permanent magnet factory in Kuantan (Malaysia) with 3,000 tonnes of neodymium, iron, and boron (NdFeB). Lynas stated that it will invest a total of?about A$50m...

Mineral Resources

Gold gains for the week as US job data weakens rate hike betting

Gold rose on Friday, and was expected to gain a weekly profit after four weeks of losses. Weak U.S. job data dampened expectations that the Federal Reserve will raise rates in the near future. Gold spot was up 1.3% to $4,176.29 an ounce at 1006 GMT after reaching its highest level since June 23. Bullion is above its 21-day moving average and up over 2% this week. U.S. Gold Futures for August Delivery gained 1.53% to $4188.80/oz. Data released on Thursday revealed that nonfarm payrolls increased by 57,000 in the U.S. last month. This was below the 110,000 economists had...

Mineral Resources

Gold prices rise for the first time in five weeks on Fed rate hike bets

Gold gained 1% on Friday, and investors were set to?make their?first weekly gains in five as they dialed back expectations for U.S. interest rate hikes after softer than expected jobs data. As of 0612 GMT spot gold was up by 1% to $4,165.29 an ounce. It had earlier reached its highest level since the 23rd of June. U.S. Gold Futures for August Delivery gained 1.3% to $4,178.50. Bullion is on track to gain 1.8% in a week, its first weekly gain since?May 29. Weaker-than-expected data from nonfarm payrolls as well as private payrolls have tempered inflation concerns and interest rates...

Mineral Resources

Andy Home: War and peace will have a major impact on the first half of 2026 for metals traded at the LME.

Operation Epic Fury, which was launched at the end February, quelled the early-year euphoria of copper and tin. Since then, the Iran war has been the main topic of discussion. This has made it difficult for traders to make sense of the headlines because they are so confusing. It seems that the Strait of Hormuz has entered a quantum world in which it is simultaneously open and closed, depending on who is speaking at any particular point?in time. Vanda Insights, a provider of oil market analyses, founded by?Vandana hari, says Schrodinger Strait is "continuing to reopen, but it's patchy and...

Mineral Resources

Gold prices rise for the first time in five weeks on Fed rate hike bets

As investors lowered their expectations for Federal Reserve rate hikes after softer than expected U.S. job data, gold rose by more than 1%. As of 0235 GMT spot gold rose 1.4% to $4179.94 an ounce. This was its highest price since June 23. U.S. Gold futures for delivery in August gained?1.6%, to $4193.20. Bullion is on track to gain 2.3% in a week, its first weekly gain since the week of May 25. Weaker-than-expected data from nonfarm payrolls as well as private payrolls helped ease concerns about inflation and longer-term interest rates. The dollar was heading for a weekly decline,...

Mineral Resources

Gold gains over 2% following weak US payroll report

Gold ?extended its gains, climbing more than ?2% on Thursday, after ?weaker-than-expected ?U.S. Non-farm payrolls reduced expectations for Federal Reserve interest rates to rise this year. As of 9:00 am EDT (1300 GMT), spot gold was up by 2.4% to $4,126.97 an ounce. U.S. Gold Futures climbed 1.4% to $4,139.20. Dollar-priced materials are now cheaper for holders of other currencies, as the U.S. index fell by 0.7%. The lower than expected jobs number indicates a reduced likelihood of rate increases later this year. Gold tends to do better when interest rates are lower, said David Meger, director at High Ridge...

Mineral Resources

Gold rises on weak employment data and lower oil ahead US payroll report

Gold rose on Thursday, helped by a weaker oil price, soft jobs data and comments made by the Federal Reserve Chair that inflation risks had eased. This was ahead of U.S. Nonfarm Payrolls Data. As of 0855 GMT the spot gold price was up 1.2% to $4,078.25 an ounce after reaching its highest level since last June 23. After U.S. payrolls for?June, the metal snapped a two day losing streak and closed higher at $4029.89. U.S. Gold Futures for August Delivery climbed 0.2% to $4,090.70/oz. Nikos Tzabouras is a senior market analyst with Tradu.com. He said, "The precious metal has...

Mineral Resources

US construction spending increases in May but homebuilding is weak

The U.S. construction sector grew in May, despite the fact that mortgage rates were higher due to the Middle East conflict. Census Bureau of the Commerce Department?said that construction spending increased 0.1% on Wednesday after a downwardly-revised 0.3% rise in April. Economists surveyed by predicted construction spending would gain 0.1% following a previously reported increase of 0.4% in April. In May, construction spending declined 1.5% compared to the same month last year. The amount spent on private construction projects remained unchanged in May after increasing by 0.3% the previous month. Residential construction investment increased by 0.3% due to renovations. The...

Mineral Resources

Rate hikes and firm Treasury yields are driving gold to a 7-month low.

Gold prices were stable on Wednesday, but remained near the seven-month low they hit the previous session as the Federal Reserve raised interest rates and Treasury yields rose. As of 1109 GMT spot gold was unchanged at $4,010.11 an ounce, having touched its lowest level in November last year of $3,942.99 during the previous session. U.S. Gold?futures?for August delivery fell 0.4% to $4.023.80/oz. The yellow metal suffered its first quarterly decline since 2024. U.S. Treasury rates rose for the third consecutive session. The stronger U.S. Dollar also increased pressure, as it made bullion more expensive for overseas buyers. UBS analyst...

Mineral Resources

South32 sells certain aluminum assets to Alcoa up to $5.6 billion

South32, an Australian company, announced on Wednesday that it had agreed to sell the'majority' of its aluminium assets for up to $5.6 billion. Alcoa acquired the individual interests of the diversified mining company in Australia's Worsley Alumina, South Africa’s Hillside Aluminium and Brazil's MRN Bauxite Mine, Brazil Alumina Refinery, and Brazil Aluminium Smelter. South32 said that the U.S. aluminium giant will also assume rehabilitation provisions of around $1.2 billion. Matthew Daley, the new CEO, said that "our business will be simpler, with a portfolio of upstream operations with higher margins, reduced complexity, and greater resilience." This will allow for a...

Mineral Resources

Vedanta's CopperTech Metals delays US IPO citing volatility

CopperTech Metals announced a delay in its U.S. initial public offering on Tuesday. The company cited volatility in the global copper equity sector. Postponement is despite a resurgence in investor appetite for new listings. This has been bolstered by buoyant equity market and several blockbuster initial public offerings. Copper prices are volatile due to the expectations of new U.S. Tariffs, and the supply restrictions that will be imposed in response to the surge in AI-related demand. After a review, U.S. commerce secretary Howard Lutnick will?update the president on the refined copper?market and domestic refining capacity on Tuesday. Global X Copper...

Mineral Resources

Fed raises interest rates and a strong dollar will cause gold to have its worst quarter since 13 years.

The dollar was firmer amid expectations that U.S. rates will be raised, and gold edged up from a near seven-month low. As of 1150 GMT spot gold was up 0.4% to $4,031.29 an ounce after hitting its lowest level in November 2025 earlier in session. U.S. gold futures for August delivery fell 0.2% to $4.045.30/oz. "The failure to maintain gains (for gold), highlights the current fragile mood, where traders continue to?sell into strength instead of buying into weakness, which is a noticeable shift from behaviour seen in the past few years," said Saxo Bank Analyst Ole Hansen. Bullion fell more...