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Energy Markets

Crude Oil

Crude Oil

Stocks in Asia and Europe are a part of the MORNING Bid, which is a new way to ride the tech train.

Wayne Cole gives us a look at what the future holds for European and global markets. The new headlines on Thursday were dominated by the ceasefire agreement that Israel and Hamas reached. It is hailed as the first step in ending the conflict of two years and re-building the war-torn Gaza. Oil prices fell 0.6% to about 0.7% as geopolitical risks eased. The AI effect still dominated equity markets as tech shares lifted Nikkei,N225> to record highs, while Taiwan rose 1.2%, reaching a new all-time peak. Blue chips in China returned from holiday with gains of 1,7%, reaching levels not...

Crude Oil

Middle East risk premium fading as oil falls on Gaza plan

Early Thursday, oil prices dropped after Israel and Hamas reached an agreement on the first phase of the plan to end the Gaza war. This weighed on the war risk premium for oil and pushed investors to sell. Brent crude futures fell 51 cents or 0.77% to $65.74 per barrel at 0002 GMT. U.S. West Texas Intermediate Crude fell 55 cents or 0.88% to $62. U.S. president Donald Trump announced that Israel and Hamas reached a long sought-after deal on a Gaza ceasefire, including the release of hostages. The plan was to end the war that has raged in the...

Oil & Gas Refining

Iraq and Exxon Sign Agreement to Help Develop Oilfield

Exxon Mobil returned to Iraq two years after it left, signing an agreement on Wednesday with Iraq to develop the large Majnoon Oilfield and expand their oil export infrastructure. OPEC’s second-largest producer wants to attract Western oil majors back and increase production, which has been constrained for years by wars, corruption and religious tensions. Iraqi Prime Minister Mohammed Shia al-Sudani said that Exxon had signed a deal, but provided few details. According to four sources familiar with the situation, the agreement will include a profit sharing agreement for crude oil and refined oil products as well as plans to upgrade...

Fossil Fuels

Sources say that traders are seeking yuan payments from Indian state buyers who purchase Russian oil.

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Crude Oil

OPEC+ limits output for now as fears of an oil glut increase

Sources within the group stated that OPEC+ countries chose to only increase their November production modestly due to fears of a global glut. Non-OPEC oil supply is also increasing while fuel demand growth is slowing. The group announced on Sunday that it would increase its monthly production by 137,000 barrels a day in November. This is a continuation of the increases begun in April. Three OPEC+ source said that was the smallest option the group had discussed. They cited concerns over an upcoming surplus. OPEC declined comment. The Saudi Arabian government did not reply to a comment request. Jorge Leon,...

Oil Storage

Oil extends gains on smaller-than-expected OPEC+ output hike

Oil prices extended gains on Tuesday as a smaller-than-expected November output hike by OPEC+ helped to ease some fears of a growing supply glut. Brent crude futures rose 23 cents or 0.35% to $65.70 per barrel at 0356 GMT. U.S. West Texas Intermediate Crude climbed 21 cents or 0.34% to $61.90. The previous session saw both contracts settle more than 1% above the previous one after the Organization of the Petroleum Exporting Countries, Russia and other smaller producers - also known as OPEC+ – decided to increase their collective oil production from November by 137,000 barrels a day. Analysts at...

Crude Oil

Stock indices mostly rise due to tech shares, but euro and yen fall on fiscal concerns

The major stock indexes rose on Monday. Technology shares rose on news that AMD had signed a deal to supply artificial intelligence chips with OpenAI. Meanwhile, the yen, euro and dollar fell against each other after Japan's ruling political party chose a new leader, and France's newly formed government resigned. Bitcoin reached a new record high, as investors sought out alternative assets amid the uncertainty caused by the U.S. shutdown. The largest cryptocurrency in the world was up by 2.16% to $125,426.34. The euro fell 0.2% to $1.1717. Sebastien lecornu, the new French prime minister, resigned Monday just 14 hours...

Crude Oil

Stock indices mostly rise with tech shares, but euro and yen fall on fiscal concerns

The major stock indexes rose on Monday. Technology shares gained after AMD announced a deal to supply AI chips with OpenAI. Meanwhile, the Japanese yen, the euro and the French franc fell against the dollar as the ruling party in Japan elected a new president and the new government in France resigned. Bitcoin was near its all-time high on Monday as investors turned to alternative assets for a safe haven of value, as uncertainty over the U.S. shutdown kept them uncertain. The cryptocurrency last rose 1.61% to $124,755.87. The euro fell 0.2% to $1.1717. Sebastien lecornu, the new French prime...

Crude Oil

Nikkei, Bitcoin, and gold soar to new highs on the back of political waves

Sanae Takaichi, the fiscal and monetary dove who was recently elected leader of the ruling Party, has now become Japan's first woman prime minister. Gold reached a new record high of almost $4,000 on Sunday. The leading cryptocurrency, bitcoin, also rose to its lifetime high. Investors are increasingly looking to alternative assets to store value, as the U.S. shutdown has strained nerves. The Nikkei rose above 48,000. This was the first time in history that Takaichi had beaten the moderate Shinjiro. Koizumi at the leadership vote of the Liberal Democratic Party on Saturday. This stoked expectations for fiscal stimulus. The...

Oil Storage

Oil prices rise 1% following lower-than expected OPEC+ production increase

Early Monday, oil prices were up about 1% after OPEC+ reported a modester monthly production increase than expected. This helped to calm some fears about the addition of supply. Brent crude futures were up 63 cents or 1% to $65.16 per barrel at 2310 GMT. U.S. West Texas intermediate crude was $61.46 a barrel, an increase of 58 cents or 1%. The price increase is primarily due to OPEC+’s decision to raise production less than expected next month, as the group aimed at cushioning the recent slump on oil markets," said Tina Teng, an independent analyst. She added, "However the...

Crude Oil

Oil prices rise 1% following fire at US refinery. Set to end four-session loss streak

After four consecutive sessions of declines, oil prices rose by 1% on Friday following a fire at one of the biggest refineries in the U.S. West Coast. However, they were still on course for their steepest week-long fall since late June. Brent crude futures rose 61 cents or 1% to $64.73 per barrel at 0658 GMT. U.S. West Texas Intermediate Crude climbed by 62 Cents, or 1% to $61.10 per barrel. According to a county official, the fire was contained to just one area at Chevron’s El Segundo Refinery. The U.S. Energy Major also reported a flare-up emergency at its...

Crude Oil

The animal spirit can't be stopped by the politics of Europe and the US

Ankur Banerjee gives us a look at what the future holds for European and global markets. The U.S. government shutdown and political gridlock are not likely to end any time soon. Stocks and gold have still reached new record highs as investors focus on the Federal Reserve's rate-cutting path. Markets are taking a more risky approach, despite the possibility of a prolonged shutdown. Due to the shutdown, traders don't need to wait for Friday's U.S. employment report. However, manufacturing data across Europe could influence the markets and highlight the impact of tariffs. We have said that for some time, but...

Environment

Oil & Gas

The EU Parliament is planning to further reduce the sustainability law

According to lawmakers and officials, the majority of the European Parliament's member groups reached an agreement late Wednesday night to further cut the EU's Corporate Sustainability Law. Last year, the European Union adopted the Corporate Sustainability Due Diligence Directive (CSDDD), which requires companies to address human rights and environment issues in their supply chains or face fines up to 5% of their global turnover. After a backlash from Germany, France, the United States, Qatar and Exxon Mobil, Brussels is now working to simplify the rules. Jorgen Warborn is the EPP member leading the negotiations. He said that a key change...

Environment

The film aims to show King Charles' views on nature, which were once mocked by the public, became mainstream.

The British King Charles said that he had been considered "rather dotty", for his concern over environmental damage in the past. A documentary film will chart the spread and acceptance of views that were once considered eccentric. In the early 1970s the 76-year old monarch spoke out about the dangers posed by "indestructible containers" and pollution caused by "endless automobiles and planes", long before the topic of protecting the environment became mainstream. The film's director Nicolas Brown stated that "remarkably few people in the world are aware of the depth of The Kings lifelong struggle to bring nature and mankind...

Environment

EU Wheat remains subdued due to abundant supply

Euronext wheat traded again in a tight range on Wednesday. A falling euro was not enough to support the futures, and they remained near their contract lows. The most active position in December milling grain on Paris' Euronext was down 0.1% to 187.50 euro ($218.12) per metric ton at 1435 GMT. This is close to the contract low from last Wednesday of 185.00 euro. The euro has fallen for the third consecutive day due to political uncertainty in France after the fall of its last government. Euronext also received some help from a stabilization in Chicago wheat prices after they...

Mining

Mineral Resources

Mineral Resources

Shanghai copper reaches a 16-month high due to supply concerns

Shanghai copper prices jumped by more than 16 months on Thursday, as China resumed trading after National Day. Concerns over supply from large mines supported the price in a market that was already tight. By 0330 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 3.64%, to 86250 yuan per metric tonne ($12102.72). The contract reached its highest level since May 22, 2020 at 86 390 yuan earlier in the session. As of 0333 GMT, the benchmark three-month copper price on London Metal Exchange had risen by 1.11% to $10,787.5 per tonne. On Wednesday, it briefly...

Mineral Resources

Carney claims he and Trump had a'meeting' of minds on steel, aluminium

Mark Carney, the Canadian Prime Minister, said on Wednesday that he and Donald Trump had "a meeting" of minds on the future of steel and aluminum industries in the United States. These sectors are currently subject to U.S. Tariffs. Carney Trump was in the Oval Office for trade talks on Tuesday. Officials stated that the meeting was productive, but they still needed more convincing to convince Trump to remove damaging tariffs against Canadian autos, steel and aluminum imports. Ottawa reports that Carney and Trump have asked officials to begin working on possible agreements in key sectors within the next few...

Mineral Resources

Sources say that the Indian government is seeking a resolution to the dispute with Tata Charity arm.

Sources told Wednesday that two senior Indian ministers, in a rare intervention, have urged Tata Group’s charity arm to solve internal boardroom conflicts to ensure stability at its sprawling $180 billion business empire. A year after Ratan Tata's death, the discord in Tata Trusts has raised concerns that the bitter public spat of 2016 between Tata Sons and the charity could repeat itself, damaging the reputation of India’s most famous group. Tata Trusts holds a 66% stake of Tata Sons and has the power to make major strategic decisions. Tata Sons is responsible for 30 companies, ranging from autos to...

Mineral Resources

Gold ETFs are a hot commodity as the metal's prices smash records

Analysts said that massive flows into exchange traded funds that track gold helped to drive a spectacular rally which pushed bullion prices to new highs in the past month. On Tuesday, spot gold prices reached a new record of $3.990.85 an ounce, while U.S. futures gold for December delivery surpassed the $4,000 per ounce mark. Analysts cited the record rate at which investors were allocating money into the metal via ETFs. Investors are becoming more cautious about the sky-high stock prices and view gold as a refuge against uncertain geopolitical and economic policies. According to LSEG, gold prices have risen...

Mineral Resources

Noveon, a US-based company, and Australia's Lynas partner to supply rare earth magnets

The two companies announced on Wednesday that Australia's Lynas Rare Earths and the U.S. manufacturer Noveon Magnetics have partnered to supply rare-earth permanent magnets in the U.S. to the defence and commercial sectors. The agreement includes the supply of both heavy and light rare earth materials, as well as the production and distribution of finished magnets for end-users in the defense, automotive and industry sectors. In a joint press release, Noveon CEO Scott Dunn stated that "this partnership delivers what both the U.S. market and government most need: capacity, certainty, and speed." The companies also plan to finalise an agreement...

Mineral Resources

Gold continues historic rally and soars above $4,000/oz.

Investors seeking to protect themselves from the increasing economic and geopolitical uncertainties, as well as expectations of future interest rate reductions by the U.S. Federal Reserve, drove gold prices above $4,000 per ounce on Wednesday. By 0213 GMT, spot gold had risen 0.5% to $4,002.53 an ounce. U.S. Gold Futures for December Delivery gained 0.5% at $4,025 an ounce. Gold is traditionally seen as an investment during periods of uncertainty. Gold spot is up 52 percent year-to date after rising 27 percent in 2024. The Fed is likely to continue lowering rates, so the market will be looking for the...

Mineral Resources

Gold ETFs are a hot commodity as the metal's prices smash records

Analysts said that massive flows into exchange traded funds tracking gold helped to drive a spectacular rally which pushed bullion prices to record highs in the last month. On Tuesday, spot gold prices reached a new record of $3.990.85 an ounce, while U.S. futures gold for December delivery surpassed the $4,000 per ounce mark. Analysts cited the record rate at which investors were allocating money into the metal via ETFs. Investors are becoming more cautious about the sky-high stock prices and view gold as a refuge against uncertain geopolitical and economic policies. According to LSEG, gold prices have risen 51%...

Mineral Resources

Gold miners' investments bask in record price

Investors bet that record gold prices would drive strong margins, capital flows and shareholder returns. According to LSEG Lipper, gold mining funds are up 114% in the past year, outpacing both technology funds (up 27%) and natural resource funds (up 23.7%). According to data, gold mining funds received $5.4 billion inflows during the third quarter, which is the biggest quarterly movement since December 2009. The price of gold reached a new record on Tuesday, as the U.S. shutdown continued and demand was boosted by expectations that the Fed would cut rates this month. Gold miners have been lagging behind the...

Mineral Resources

Trilogy Metals shares soar after US purchases 10% stake

Trilogy Metals shares tripled in value in premarket trade on Tuesday, after the White House announced it would buy a 10% stake. The U.S. listed shares were $5.69 and valued the company at just under $1 billion. Washington has taken equity stakes, in industries that it believes are essential for national security. These include critical minerals and semiconductors companies. This is part of President Trump’s policy to reduce China's reliance. The U.S. Government announced on Monday, after the markets had closed, that it would invest $35.6 million in Trilogy and received warrants for an additional 7.5% stake. The President Donald...

Mineral Resources

Fed rate cuts and safe-haven demand drive gold to all-time high

Gold reached a new record on Tuesday, as there was no sign of an end to the impasse that led to the government shutdown between the two chambers of the U.S. Congress. Near-certainty bets about a Federal Reserve interest rate cut in this month also provided support. Gold spot was up 0.1% to $3,965.39 an ounce at 0308 GMT after reaching a session high of $3977.19 earlier. U.S. Gold Futures for December Delivery gained 0.3%, to $3988.10. Kelvin Wong, senior market analyst at OANDA, said: "The (chances) of October and December cuts remain above 80%. This is actually supporting the...

Mineral Resources

Goldman increases its December 2026 gold forecast to $4.900/oz

Goldman Sachs increased on Monday its December 2020 gold price forecast from $4,300 to $4,900, citing a strong Western ETF inflow and possible central bank purchases. Goldman stated that "we see the risks of our upgraded gold forecast as still being skewed on net to the upside, because private sector divergence into the relatively tiny gold market could boost ETF holdings beyond our rates-implied estimation," Goldman said. As of 1300 GMT on Tuesday morning, spot gold was trading at around $3960 per ounce after reaching a new high of $3977.19 earlier that day. Gold prices have risen 51% this year,...

Mineral Resources

Trilogy Metals is now owned by the US after Trump approves a road for mining in Alaska

U.S. president Donald Trump said on Monday that he signed an executive ordering directing his administration allowing an access road into the Ambler district of Alaska in order to unlock domestic supply of copper and other mineral. The White House announced an investment of $35.6 million in Canada's Trilogy Metals. This is one possible developer for the region. The U.S. Government becomes a 10% stakeholder in the company, and has warrants for an additional 7.5%. Trilogy shares listed in the U.S. more than doubled to $4.72 after-hours. This partnership is a vote of confidence for the Ambler Mining District, and...