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Energy Markets

Fossil Fuels

Fossil Fuels

Fuel prices in Europe are near record levels due to refinery attacks

This week, European refiners made bumper profits for producing fuels like gasoline and diesel. A wave of?attacks against oil refineries in Russia and the Middle East further tightened supplies and raised prices worldwide. Fuel prices are rising, which is affecting consumers and businesses around the world. Fuel prices continue to rise despite crude oil falling to $90 per barrel, well below the record $147 set in 2008. This is because attacks on refineries caused by wars in Iran and Ukraine has destroyed a number of major plants which make fuels from crude. The premium that European low-sulphur gasoline futures command...

Oil & Gas

Valero, a US refiner, posts its highest quarterly profit ever since the Russian invasion of Ukraine and beats expectations

Valero Energy reported on 'Thursday its highest quarterly profit in the last 20 years and surpassed Wall Street expectations. Oil market disruptions across the Middle East boosted 'demand' for U.S. fuels exports, and pushed its refining margins sky-high. U.S. refining companies have been the most benefited by the Iran War as buyers from around the world have demanded their products amid the disruptions in shipping through the Strait of Hormuz. This has pushed the country's fuel exports to new records. Valero's second-quarter adjusted operating profits in the refining segment nearly tripled from a year ago to $4.4 billion, while refining...

Fossil Fuels

UK regulator investigates KPMG and two accountants for Wood Group audits

The British accounting 'watchdog' said Thursday that it has opened an investigation into KPMG’s financial audit of British oilfield services and engineering company Wood Group's fiscal year ending December 2023. The Financial Reporting Council said that it will also probe two individuals, who it did not identify, for financial statements and communication in relation to Projects Business Unit of the firm from?2022-2024. The FRC stated that the decision to launch the 'investigations' was taken at a meeting last month of its Conduct Committee. It said that the 'investigations will be conducted by the executive counsel. However, it did not give...

Fossil Fuels

Association says South Korean refiners are considering Venezuelan crude imports

An official of the Korea Petroleum Association stated that South Korea's refiners were considering importing Venezuelan crude to diversify their supply sources, as the conflict in the Middle East is disrupting shipments through the Strait of Hormuz. GS Caltex is one of the country's largest refiners. In June, it imported 110,000 barrels from Venezuela to?test its quality. The association official confirmed a?local report. Officials said that the refiner would assess whether or not the crude is suitable for their facilities, and evaluate product yields. Officials said that the other 'three refiners - HD Hyundai Oilbank SK Innovation, and 'S-Oil -...

Fossil Fuels

Oil prices fall as markets watch for clues about Gulf supplies

The oil prices lost some of their gains on Thursday despite the escalating attacks across the Gulf. Investors' attention shifted to the supply flow through the major chokepoints within the region. Brent futures dropped 96 cents or 1.06% to $89.78 per barrel as of 0418 GMT. U.S. West Texas Intermediate (WTI), crude oil, fell 64 cents or 0.76% to $83.82 per barrel. Brent and WTI both rose by 6.56% during the previous session, one of the biggest spikes in the Iran War. This was after the pause of hostilities that occurred on Tuesday following a 5% drop. The prices of...

Fossil Fuels

Official Israeli source: Trump and Netanyahu discussed all options, including an attack on Iran.

?U.S. In their meeting on Wednesday, President Donald Trump and Israeli Premier Benjamin Netanyahu discussed all possible ways to stop Iran's nuclear program, including diplomacy, pressure from the economy and force. The official told reporters in a press conference after the two men had met at the White House, on Tuesday that Netanyahu did not inform Trump of Israel's preference for an attack against Iran. The official stated that Trump's decision was final. The official stated that Trump had 'three options, all of which were discussed in detail: a deal, continuing the blockade, economic pressures and a massive strikes. Officials...

Fossil Fuels

US claims to have intercepted Iranian missiles that were launched at US forces in the Middle East

Washington said that the U.S. military intercepted multiple missiles fired by Iran at U.S. forces based in the Middle East on Tuesday, in what Washington called "a surprise attack" by Tehran. The U.S. Central Command statement did not specify the exact location that it claimed Iran tried to target. Iran's Revolutionary Guards said later that they fired several missiles in response to U.S. action against Iranian interests. Axios had reported earlier, citing an official from the United States, that Iran "had launched ballistic rockets towards a U.S. military base in Jordan, and the missiles have been intercepted." The Islamic Revolutionary...

Oil & Gas

Saudi Arabia claims to have intercepted drones that were launched by Iraq and targeted oil facilities

Saudi Arabia announced 'on Tuesday' that its air defenses intercepted and destroyed a number of drones that were launched from Iraqi territory in an attempt to 'target?oil?installations in the kingdom’s Eastern Province. This was the second attack of this kind in less than a week, and it raises the stakes as Riyadh tries to pressure Iraq to stop its territory being used as a launching pad against Saudi oil installations. Turki al-Maliki, a spokesperson for the Saudi Defense Ministry, said on X that drones had been 'launched by militias backed by Iran from Iraqi soil. Al-Maliki stated that Saudi Arabia...

Oil & Gas

Wall Street Journal, July 28,

These are the top stories from?the Wall Street Journal. These stories have not been?verified and we cannot vouch for their accuracy. Johnson & Johnson, a manufacturer of babycare products, has agreed to pay $5.5 Billion to settle outstanding lawsuits alleging that the company's Talc products cause ovarian cancer. The agreement is conditional on 95% participation by the remaining claimants. Iran and Oman have worked to achieve an agreement for the safe passage of ships through the Strait of Hormuz amid a lull between fighting between the U.S. -Kuwait Petroleum signed a $16billion pipeline lease agreement with Kuwait Oil, involving the...

Oil & Gas

Take Five: A Crude Summer

This week, it's all central banks. Rising energy prices are likely to keep rate-setters in Tokyo, Washington and London alert even if oil is below $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Alun John are in London. Lewis Krauskopf is in New York. 1/ DOUBLE THREAT Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi attacks may make the Bab el-Mandeb...

Oil & Gas Refining

European stocks gain as SAP boosts tech stocks, Middle East on the watch

Investors took comfort in some corporate earnings and weighed the potential impact of higher oil prices on monetary policy. The STOXX 600 index, which measures the performance of all European markets, rose 0.6% to 644.67 for a second consecutive week. SAP, the software giant, gained 10% on Germany's DAX after it reported that second-quarter cloud backlog growth was ahead of analyst expectations. The technology index gained 1.7% after STMicroelectronics' and BE Semiconductor's quarterly reports failed to impress investors on Thursday. Investors are trying to balance AI growth with stretched valuations and returns on large investments in technology. This has led...

Fossil Fuels

Investors worry that rising oil prices and yields may threaten the stock rally

The escalating conflict in the Middle East is sending oil prices soaring and Treasury yields to levels that are causing equity investors to be on edge. This has raised fears that the pain in the bond market, which was largely contained until now, could soon spread into U.S. stock markets. This week, oil prices reached $100 per barrel for the first since May. Investors were worried about global supply disruptions due to the near-halting of trade through the Strait of Hormuz. On Friday, oil prices fell to just under $100. The Federal Reserve is worried that higher oil prices will...

Crude Oil

Crude Oil

MORNING BID AMERICAS - Long bond gives fright

What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets On Wednesday, the Federal Reserve maintained its line, but three policymakers voted "for a hike", the largest dissent since 1970 against a new Fed chairman. It is easy to see why the markets were so uncertain. The Fed's decision to "hold" did not reassure the markets. 30-year borrowing rates have risen to their highest level in 19 years, and the yield curve has steepened, suggesting that traders are worried about the Fed tolerating above-target inflation for the long run. Below, I'll go into...

Crude Oil

Morning bid Europe-Bond markets do the Fed's job

Ankur Banerjee gives a look at what the markets will be like in Europe and globally. A divided Federal Reserve and a confusing message by Chair Kevin 'Warsh about where rates are heading has left the bond market scratching their heads and'somehow in control, in an 'odd reversal which raises questions regarding the credibility of the central bank. As expected, the U.S. Central Bank did nothing, but three dissenters highlighted the growing divide between policymakers about the next steps to combat inflation, which remains above the Fed’s target of 2 percent. Warsh pledged to contain inflation, but did not give...

Crude Oil

Asian stocks stumble after a rout; Fed leaves markets guessing about rates

Asian stocks were choppy in trading on Thursday, after a week of market turmoil sparked by AI fears. A divided Federal Reserve remained steadfast on interest rates, leaving bond markets unsure about the next move. Brent futures fell below $90 a barrel after jumping by 7% the day before as fighting escalated in the Middle East. Data showed that tankers were still making their way out of this region despite continued strikes. Investors were confused by the Fed's split decision on whether it would raise rates to combat inflation. The yields on longer-dated U.S. Treasuries reached 19-year-highs. This week, Asian...

Mining

Mineral Resources

Mineral Resources

As markets evaluate Fed stance and Middle East tensions, gold gains as the dollar softens

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

Mineral Resources

Gold prices rise as the markets evaluate Fed rate stance and Middle East situation

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

Mineral Resources

Copper and base metals benefit from the softer dollar

The dollar fell on Thursday after the U.S. Federal Reserve announced that it would maintain a stable interest rate. The benchmark three-month copper price on the?London Metal Exchange rose 0.75% to $13,676 per metric tonne by 0730 GMT. The Shanghai Futures Exchange's most traded copper contract fell 0.1% to 104 690 yuan (15,492.25 dollars) per ton. Dollar falls to one-week lows as markets assess possible Fed interest rate paths following Wednesday's policymakers' vote to maintain rates. A cheaper ?dollar can boost greenback-denominated commodities by making them more affordable for buyers using other currencies and ?higher interest rates can weigh on...

Mineral Resources

Gold falls as Treasury yields rise and offset the focus on Warsh’s inflation message

Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates. As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70. The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion. Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that...

Mineral Resources

Gold falls as Treasury yields rise and offset the focus on Warsh’s inflation message

Gold prices fell on Thursday due to higher U.S. Treasury yields. Markets also assessed Kevin Warsh's comments on the Federal Reserve's efforts to combat inflation following its decision this week not change interest rates. As of 0445 GMT spot gold was down by 0.4%, at $4,048.39 an ounce. It had risen as high as 2% the previous session. U.S. Gold futures for August delivery rose 0.3% to $4.045.70. The yields on the benchmark U.S. Treasury 10-year note increased, increasing 'the opportunity cost' of holding gold. Soni Kumari, an ANZ analyst, said that "yields are a product of rate expectations." If...

Mineral Resources

Copper prices fall ahead of Fed rate announcement

Copper fell on Wednesday as a result of demand?worries, and a strong dollar in the run-up to the conclusion of the U.S. Federal Reserve meeting. The benchmark three-month copper price?on London Metal Exchange?dropped 0.28% at $13,647 per metric ton as of 0300 GMT. The Shanghai Futures Exchange's most traded copper contract was down 0.21% at 104 830 yuan per ton ($15,480.83). Market pricing for a rate hike has increased in the last week. The Fed will conclude its two-day meeting on Wednesday. According to CME's FedWatch, interest rate traders have priced in a 70% probability that rates will remain unchanged....

Mineral Resources

Gold drops as dollar hovers around one-month high, Fed meeting in focus

The dollar was a major factor in the gold price's decline on Tuesday. Investors were waiting for the Federal Reserve to announce its interest rate decision this week, and the comments of Chairman Kevin Warsh, who would give them a hint as to the policy outlook. Gold spot fell by 1.2%, to $4.026.49 an ounce at 2:25 pm EDT (1825 GMT), having touched its lowest level since the 21st of July earlier in that session. ?U.S. Gold futures for August deliveries fell 0.9%, settling at $4.038.70. The U.S. Dollar has been stable near its 'one-month-high,' making the greenback price of...

Mineral Resources

Gold drops as dollar hovers around one-month high; Fed meeting in focus

Gold prices fell on Tuesday, as a result of a strong?dollar? that hovered around a month-high. Investors were waiting for the Federal Reserve's interest rate announcement this week and Kevin Warsh's comments to get a sense of policy direction. Spot gold dropped 1.1% per ounce to $4.032.42 by 9:27 am EDT (1327 GMT), and U.S. Gold Futures for August Delivery fell 1.1%, to $4.032.40. The dollar remained near a one-month high on Tuesday, making greenback-priced bullion expensive for buyers overseas. The dollar remained near its one-month-high on Tuesday, making bullion priced in greenbacks expensive for overseas buyers. David Meger is...

Mineral Resources

The Fed's rate decision is in the spotlight as gold falls against a dollar that remains firm

Investors waited for the Federal Reserve to announce its policy decision at the end their two-day meeting in this week. They wanted insight into the direction U.S. rates will take. Spot gold dropped 0.8% at $4,042.29 an ounce as of 0843 GMT. U.S. gold contracts for August delivery fell 0.8%, to $4.042.80. "Gold has held to a very tight range since late June based on the support in $4,000 region, which suggests at some stage there will be a breakout," said Rhona Connell, StoneX's head of market research. Connell said: "Fundamentally the physical markets are still very quiet, while professionals...

Mineral Resources

Gold falls as dollar strength weighs on gold; attention turns to Fed meeting

The dollar strengthened on Tuesday and gold prices fell. Markets were looking for clues about the future of interest rates in the Federal Reserve's policy announcement. Gold spot fell by 0.7% at $4,044.81 an ounce as of 0250 GMT. It had risen as high as 1% Monday. U.S. Gold Futures for August Delivery fell 0.8% to $4.045.40. Dollars are nearing a month-high, which makes greenback bullion prices more expensive for those who hold other currencies. Ilya Spivak is the head of global macro for finance content network Tastylive. The U.S. Federal Reserve is expected to conclude its two-day policy meeting...

Mineral Resources

Gold increases as oil declines due to a pause in US/Iran strikes. Fed rate decision is in focus

Gold prices rose on Monday as the United States and Iran agreed to cease hostilities, sending crude oil prices down to their lowest level in a week, which eased inflation fears ahead of this week's U.S. rate decision. Spot gold rose by 0.9%, to $4.087.59 an ounce, at 09:43 am EDT (1343 GMT), whereas U.S. Gold Futures for August Delivery rose by 0.5%, to $4.090. The dollar index weakened by 0.1%, making greenback-priced bullion more affordable for buyers overseas. The dollar index weakened by 0.1%, making greenback priced bullion more accessible to buyers abroad. Bart Melek is global head of...

Mineral Resources

Gold rises 1% amid US-Iran truce; oil prices are under pressure. All eyes on Fed meeting

Gold prices rose on Monday, as a pause between?strikes by U.S. forces and?Iranian forces brought crude oil prices down. This helped ease inflation fears and concerns about higher interest rates a week before Fed policymakers meet. Spot gold rose 1% by 1030 GMT to $4.093.34 an ounce, while U.S. Gold Futures for August Delivery climbed 0.6% to $4.095.60. "Precious Metals have begun the week in a positive way, thanks to a pause on Middle East hostilities. The dollar has also weakened, and the yields on U.S. Treasury bonds and oil have both slid," said Ross Norman, an independent analyst. The...