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Fossil Fuels

Oil & Gas

Trump suggests that Netanyahu could be a'softer hand' in Lebanon

Donald 'Trump' said on Wednesday, that Israeli Prime Minister Benjamin Netanyahu could use "softer touches" in his fight against Hezbollah militants. This is the latest public rebuke from the U.S. President to his partner in war on Iran. Trump said to reporters at the end of the G7 summit on Wednesday that Netanyahu is a good person, but he gets a bit 'excited' sometimes. According to U.S. officials and Israelis, the Israeli leader convinced Trump to go to war with Iran and participated in attacks launched on 28 February. Netanyahu 'insisted that Israel was not bound by any U.S.Iran agreement...

Oil & Gas Refining

US official: Parties can still withdraw from Iran deal; sequencing will be key

A senior U.S. government official told reporters that both Iran and the U.S. could walk away from the memorandum they were set to sign on Friday. Future 'talks' will likely?focus? on the exact sequencing of the steps outlined in the preliminary agreement, the official said. The official, who spoke under the condition of anonymity read out the 14 point memorandum which is to be signed in Switzerland. The official said that upcoming meetings in Switzerland will be "critical" to ensuring the memorandum can develop into a comprehensive agreement. A senior U.S. government official stated that the meeting in Switzerland would...

Oil & Gas Refining

IG4 negocia o controle da Raizen com Moelis e Journey

O banco ?de investimentos independente Moelis & Company e ?a consultoria financeira Journey Capital, assessores dos credores ?da produtora de ?acucar e ?etanol Raizen, receberam ?ofertas nao vinculantes da gestora de private equity IG4 na noite de segunda-feira para adquirir creditos e o controle da empresa, de acordo com tres pessoas familiarizadas com ?o assunto. Duas delas, entretanto, alertaram que qualquer acordo ainda esta ?longe de ser certo, sendo que uma acrescentou que os credores ?dificilmente chegarao a uma decisao em breve. Ainda, uma das tres pessoas disse ?que os credores aceitaram a proposta da ?Raizen de converter ?divida em...

Fossil Fuels

Trump's memo clearly states that Iran won't have nuclear weapons

Donald Trump, U.S. president, told reporters on Tuesday at the G7 meeting in France that Iran's memorandum with Iran clearly states that it will not possess a nuclear weapons. Trump announced that he would release the U.S. - Iran memorandum text in a 'formal' setting. President Trump also expressed his approval of the idea to send the Iran deal for review to Congress, as requested by some Republican legislators. Trump told reporters, "I've never sent it before, I never even considered it. But?I will," he said. "I'll send it to Congress." "I like the idea." Details of the U.S. agreement...

Oil & Gas

Indian shares extend gains on US-Iran peace deal

Indian shares closed higher 'on Tuesday. They advanced for a third consecutive session as a preliminary U.S. - Iran peace deal cooled down oil prices & improved risk appetite. The Nifty?50 increased 0.57%, to?23989.15. Meanwhile, the BSE Sensex rose 0.71%, to 76 808.48. This represents gains of 3.6% and 4% respectively in just three sessions. The small-cap and middle-cap indexes each rose 0.4%. Brent crude dropped about 2%, to $81.6 per barrel. This was a good thing for India, which imports oil. The?moderation in oil prices, to around $82 per barrel, along with India's stable macro-fundamentals, steady interest rates, and...

Fuel Oil

Fire caused by drone debris at an oil depot in Russia’s Krasnodar Region near Crimea

Authorities?said Tuesday that a fire was caused by debris from a drone at an oil depot located in southern Krasnodar, Russia. They also?closed the local road linking the area with the Crimean Peninsula. The fire that broke out at the oil depot in the Poltavskaya region?of Krasnodar was not fatal, according to a telegram message from the regional authorities. The authorities said that they had closed a local route connecting the area to a regional road leading to a?bridge over the Kerch Strait? linking Crimea with the Krasnodar Region, which was built by Moscow following the annexation. The bridge is...

Oil Refineries

U.S. gasoline drops below $4 per gallon for the first time since April

U.S. retail gasoline prices fell below $4 per gallon for a first time since mid-April. This was due to optimism that a preliminary deal between the U.S., Iran, and other countries would lead to the reopening of Strait of Hormuz – a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for...

Fossil Fuels

Vance hopes to release the text of an agreement to stop war in Iran by this week

?U.S. Vice President JDVance stated on Monday that he hoped the text of an agreement to halt the war in Iran and reopen the 'Strait Of Hormuz would be released this coming week. Further negotiations regarding the details of the deal were scheduled to continue. Vance said in an interview with CNBC that the United States expected the waterway to be open for a long time without tolls. He said, "Our expectation is the Strait?is?going to be opened toll-free for the long term." This is the kind of thing we will figure out during these technical negotiations. You know there...

Fossil Fuels

Indian shares rise on Gulf Peace Deal Tracking Global Rally

Indian shares closed higher Monday as they followed a global rally. Oil prices fell after the U.S. announced that it and Iran had reached a preliminary 'agreement' to end the conflict and resume traffic along the Strait of Hormuz. Shehbaz Sherif, the Pakistani Prime Minister, who served as a facilitator in these negotiations, announced that two parties will sign a Memorandum of Understanding in Switzerland this Friday. Investors can now find comfort in the fact that Iran's war is nearing its end, according to Gaurav Bhandari. Chief executive officer of Monarch Networth Capital. The benchmark Nifty?50 index rose 0.98%, to...

Oil & Gas

Reports from Kommersant state that Russia has authorized refineries to reduce the environmental standards for gasoline to prevent fuel shortages.

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

Fossil Fuels

Indian stocks join global rally for Gulf Peace Deal

Indian shares rose on Monday as they tracked a?global rally. Oil prices fell after the U.S. announced that it had reached an initial agreement with Iran to end the?war? and resume?traffic through?the Strait?of Hormuz. Shehbaz Sherif, the Pakistani Prime Minister, who served as a facilitator in these negotiations, announced that the countries would sign a Memorandum of Understanding in Switzerland this Friday. As of 10:02 am IST, the benchmark Nifty 50 index was up 1.45% to 23,964 while the BSE Sensex?added a further 1.54% to reach 76,679.37. Brent crude fell 4.7%, to $83 per barrel, its lowest price since March....

Fossil Fuels

Indian stocks join global rally for Gulf Peace Deal

Indian shares rose on Monday, following a global rally. Oil prices fell after the U.S. announced that an initial agreement had been reached between the U.S., Iran, and the United Nations to end the war, and resume 'traffic' through the Strait of Hormuz. Shehbaz Sherif, the Pakistani Prime Minister, who served as a facilitator in these negotiations, announced that the countries would sign a Memorandum of Understanding in Switzerland this Friday. As of 9:43 a.m. IST, the benchmark Nifty 50 index was up 1.39% to 23,954, while the BSE Sensex gained 1.43%, reaching 76,605.4. Brent crude fell 4.7%, to $83...

Crude Oil

Crude Oil

Oil slips again as US, Iran sign peace deal

Early trading on Thursday saw oil prices fall after the U.S. signed an interim deal with Iran that would end the Iran War, reopen Strait of Hormuz, and waive U.S. sanction s on Tehran's crude, ending the largest energy supply disruption ever. Brent crude futures fell 89 cents or 1.12% to $78.66 per barrel at 0005 GMT. U.S. West Texas Intermediate dropped 98 cents or 1.28% to $75.81 per barrel. The benchmarks have resumed their fall, reversing the gains made on Wednesday after U.S. president Donald Trump stated that he would resume his bombing campaigns if Iran's leaders "don't behave"....

Crude Oil

S&P 500 drops, yields increase following Fed announcement

On 'Wednesday, major stock indexes declined, bond yields rose and the U.S. dollar extended gains against the euro after the Federal Reserve kept the benchmark interest rates steady. New projections revealed that officials expect to raise borrowing costs in the second half of this year due to rising inflation fears. This was the first rate announcement under new Fed chairman Kevin Warsh. As was widely anticipated, there is a good chance that rates will not be cut in this year. "This further confirms it," said Ryan Detrick. Chief?market strategist for Carson Group, Omaha. Detrick asked, "Now we have to ask...

Oil Storage

IEA sees significant 2027 oil surplus after Hormuz recovery

In its monthly report on the oil market, released by the International Energy Agency on Wednesday, it was stated that the 'oil market' will recover from the Strait of Hormuz closure in 2027 and move into an important supply surplus. The U.S. announced an interim deal to 'end' the Iran war. This includes Iran reopening strait, and the U.S. removing its naval blockade against Iran. According to the IEA, it is estimated that more than 14,000,000 barrels of oil per day (bpd), from Middle East production have been blocked by this war. In its first look into 2027, the IEA...

Mining

Mineral Resources

Mineral Resources

Gold drops 1% after Fed keeps rates stable, signals rate increase this year

The gold price?reversed its course and dropped more than 1%?on Wednesday, after the U.S. Federal Reserve kept its benchmark interest rates steady but warned of a rise in borrowing costs this year. This sent the dollar higher. By 2:40 pm EDT (1840 GMT), spot gold had fallen 0.7% to $4,299.89 an ounce. U.S. Gold Futures closed 0.6% higher at 4,381.40. Nine out of 19 policymakers at the U.S. Central Bank believe that they will have to increase the policy rate for this year. This is according to the projections made on Wednesday, after the Fed announced their decision to keep...

Mineral Resources

Ruto: Kenya and US are close to a critical mineral deal

Kenya is nearing a deal to process its own minerals in the U.S., said its president on the'sidelines of the G7 Summit on Thursday. He called for a wider reset between Africa and the 'West. In recent years, countries across Africa have been pushing to process more minerals produced domestically. This is a move towards keeping more value in Africa. William Ruto, who represented one of the several partner countries at the summit held on the shores Lake Geneva, told an interviewer that the agreement covering rare earths, other strategic minerals and the like was already being worked on and...

Mineral Resources

Trump Administration pivots towards buying stakes of critical sectors

As part of its efforts to reduce its dependence on China, the Trump administration is stepping up efforts to secure U.S. supplies chains for essential minerals and semiconductors. Federal grants are being converted into equity stakes within companies. The U.S. Department of Commerce awarded $500 million on Wednesday to SandboxAQ, a company backed by Nvidia. This money will be used to develop new materials to make chips. The following companies are linked to the strategic investments push: SANDBOXAQ In exchange for a small stake in the company, the U.S. Commerce Department awarded $500 million to SandboxAQ, a Nvidia-backed company. The...

Mineral Resources

Gold gains ground as Fed meeting, US-Iran Deal details and Fed meeting in the spotlight.

Investors awaited the U.S. Central Bank's first policy announcement under new Chairman Kevin Warsh as well as further details on the U.S. Iran peace agreement to provide further direction. By 8:20 am EDT (1220 GMT), spot gold had not changed much at $4,325.59 an ounce. U.S. Gold Futures fell 0.2% to $4,345.00. Federal Reserve rate?decisions, policy statements and updated policymaker forecasts will be announced at 2 pm EDT (1800 GMT). Warsh will give a presser half an hour later. He replaced former Fed Chief Jerome Powell in the last month. Kevin Warsh will be the focus of attention, not U.S....

Mineral Resources

Middle East crude prices drop as U.S. Iran deal boosts supply outlook

Data showed that the Middle East crude market fell sharply, and even slid into discounts. This was after the United States, Iran, and other countries reached a framework agreement to reopen Strait of Hormuz. The 'Asian refining market led by China is still subdued despite months of?run-cuts.' Hopes for higher supply following the deal have pushed Dubai and Middle East benchmarks to contango, and provided rare arbitrage opportunities in Europe and the United States. Benchmark Dubai’s premium to swaps fell into a 46-cent discount on Tuesday. This is the first contango structure in January. A contango market structure is one...

Oil & Gas Refining

IG4 is aiming to take control of Brazil's Raizen as it approaches Moelis, Journey and Moelis

Three people with knowledge of the situation say that independent investment 'bank Moelis & Company, and financial consultancy 'firm Journey Capital are advisers of creditors of ethanol and sugar producer Raizen. They received a 'non-binding offer?from the private equity firm IG4 on Monday evening to purchase credits and control. Two of them warned?that any agreement remains far from sure, and one said that creditors are unlikely?to reach a decision any time soon. One of the creditors said that they accepted Raizen’s offer to convert their debt into equity because it was the 'best alternative available', but would not like to...

Mineral Resources

SpaceX shares set to surpass Amazon in terms of market value

Elon Musk’s SpaceX shares extended a 'post-IPO rally' and rose?more than 8% in Tuesday's premarket trading,?putting 'the company on track to surpass Amazon.com's market value in order to become the fifth largest company in the world. The stock rose 8.5% to $208.90. This is more than 54% higher than its $135 IPO and gives the company a total market capitalization of $2.75 trillion if these gains continue. Amazon is valued at $2.66 trillion and Microsoft at $2.95 trillion. The top three companies in the world are worth more than $4 trillion. "We can state with certainty that the valuation of...

Mineral Resources

Newmont announces new CFO and COO as part leadership overhaul

Newmont announced Monday a series of 'executive appointments', including the appointment of Brian Tabolt to its finance chief. The gold miner is reshaping its top management, under a new CEO. Tabolt was Newmont's group head of finances and chief accounting officer before joining the company. He joined Molson Coors Beverage in 2021. Tabolt replaces Peter Wexler who served as the interim CFO of the company. His appointment takes effect on July 1. The company also announced the appointments of David Thornton, chief technical officer and Mark Rodgers, chief operating officer. Newmont is undergoing a boardroom shake-up after Natascha Vijoen was...

Mineral Resources

Gold prices rise as US and Iran reach peace agreement

Gold prices rose for the third straight session on Monday. They reached a high of?nearly one week after Iran and United States agreed that their war would be halted. This agreement eased expectations about higher interest rates. Gold spot rose 3%, to $4,344.77 an ounce at 08:42 am EDT (1242 GMT), reaching its highest level since the 9th of June. U.S. Gold Futures? climbed 3% to 4,366.80. The U.S. Dollar Index was down by 0.2% making metals priced in greenbacks more affordable to holders of other currencies. The deal, while still in its framework stage, was the most significant breakthrough....

Mineral Resources

Gold nears a one-week high following US-Iran Peace Deal

On Monday, gold prices reached a near-week-high as a tentative peace deal between the?U.S. Oil prices fell as a result of the Iran deal, which also eased concerns about a rate hike by the U.S. Federal Reserve. As of 0857 GMT spot gold was up 2.7% at $4,334.48 an ounce. This is its highest price since June 9. U.S. Gold Futures for August Delivery climbed 2.8%, to $4355.30. U.S. officials and Iranian officials announced that they had reached an agreement to end the war and reopen Strait of Hormuz. This preliminary pact sent oil prices down but left the fate...

Mineral Resources

WSJ reports that Australia's richest Rinehart has invested $1 billion in the SpaceX IPO.

The Wall Street Journal, citing an individual familiar with the situation, reported that Australia's richest person, mining baron Gina Rinehart has invested a total of more than $1 billion into the $75 billion SpaceX record-breaking IPO. Hancock Prospecting, Rinehart's company, did not confirm the size of their'stake' in Elon Musk SpaceX. She said, however, in a press release: "This investment is significant for Hancock and we are happy to have received a allocation in an IPO that has been extremely popular and well oversubscribed." She praised Musk because he built two of the top 10 companies in the world. "We...

Mineral Resources

Gold gains continue after US and Iran peace agreement

Gold rose by more than 2% on Monday, after U.S. officials and Iranian officials announced that they had reached a preliminary agreement to end the war. This lowered oil prices and eased concerns about inflation and rising interest rates. By 0536 GMT the spot gold price had risen 2.5%, to $4,323.29 an ounce, its highest since June 9, and extended gains for a 3rd straight session. U.S. Gold Futures for August Delivery rose?2.5% at $4,343.80. U.S. officials and Iranian officials announced on Sunday that they had reached an agreement on a framework for ending their war, stopping the U.S.'s blockade...