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Energy Markets

Dow posts smaller-than-expected quarterly loss, flags Middle East disruptions, Sadara halt

Dow Inc ?on Thursday reported a smaller-than-expected first-quarter ?loss, as cost cuts helped offset weaker prices ?and volumes, while ?disruptions from the ?Middle East ?conflict weighed on operations, including its Sadara joint venture in Saudi Arabia. The company stopped recording losses in the first quarter when its liabilities reached the level of existing obligations. Sadara ?Chemical, a joint venture between Dow and Saudi Aramco, recently ?shut down productiontemporarily at its petrochemicals complex in Jubail, citing ongoing supply chain disruptions ?from the Iran war. Dow has also been ?reevaluating its ownership ?of non-product-producing assets across its global portfolio, including power and...

Oil & Gas

Oil & Gas Exploration

Baker Hughes says Middle East disruptions have affected oilfield activity, despite its high estimates

Baker Hughes, a provider of oilfield services, beat Wall Street estimates for the first quarter profit as strong demand from its industrial and energy technology units offset drilling 'weaknesses' caused by disruptions in Middle East. The IET unit saw a surge in orders due to the increased demand for electricity from data centers and investments in gas infrastructure, liquefied Natural Gas (LNG), and grid equipment. The first-quarter IET order total rose to $4.89 billion, up from $3.18billion a year ago. The disruptions in the Middle East have weighed on oilfield services. Oilfield Services and Equipment (OFSE), a division of the...

Fossil Fuels

The Gulf market has been affected by the stalled US-Iran Peace efforts

The majority of Gulf stock markets fell on early Thursday trading in response to the stalled talks between Iran and the 'States. Both sides are still imposing restrictions on trade through the Strait of Hormuz. Iran seized two vessels in the Strait of Hormuz on Wednesday. This increased its control over this key shipping route, just one day after Donald Trump announced that he would suspend all attacks indefinitely. There was no indication, however, that peace talks were to resume. Mohammad Baqer Qalibaf, the top negotiator said that a complete ceasefire could only be achieved if there was an end...

Oil & Gas Refining

Sources: Exxon is looking to sell Hong Kong's gas stations

Three people familiar with the matter said that Exxon Mobil, a U.S. energy giant, is "considering" selling its 'gas stations' in Hong Kong. The deal is expected to be worth a few hundred millions dollars. The company has hired a financial advisor and had discussions with a few bidders. Exxon didn't immediately respond to our request for comment. Bloomberg reported the first on the sale of the assets. According to people familiar with this matter, Exxon could seek a value between $500 million and $600 million. Oil and gas producer Esso offers a wide range of products?and services in Hong...

Oil & Gas

Term sheet shows that a Sinopec unit sold CATL shares worth $770 million.

A term sheet showed that a unit of Sinopec had sold 8.5 millions Hong -Kong listed shares of CATL on Wednesday for $770 million. The company was able to cash in on the soaring stock performance of the Chinese electric vehicle -battery manufacturer. The term sheet examined by revealed that Sinopec (Hong Kong), in an accelerated stockbuild, sold shares at HK$708 (US$90.41), a discount of approximately 3.8% from the closing price on Tuesday for Contemporary Amperex Technology Co Ltd (CATL). According to the term sheet, Sinopec also agreed to a 90 day lock-up period on its remaining CATL stake. According...

Fossil Fuels

London military planners discuss the reopening of Hormuz

The British government announced that military planners from over 30 countries will meet in London for two days starting on Wednesday. They will discuss a mission to reopen the Strait of Hormuz, and develop detailed plans. Last week, more than a dozen nations said they would join an international mission led by Britain and France to protect shipping along the Strait of Hormuz, if conditions permitted. This commitment was made after 50 countries from Europe and Asia, as well as the Middle East, joined a videoconference to send a message to Washington following Donald Trump's statement that he didn't need...

Oil & Gas

ASM International beats expectations with its second-quarter forecast

ASM International, a computer chip equipment manufacturer, forecast on Tuesday?stronger revenue guidance for the second quarter?than expected by markets?after?a first-quarter result that exceeded expectations. LSEG data estimated that second-quarter revenues would be around 883.9 millions euros, but Europe's second largest maker of chipmaking tool forecasts 980 million euro ($1.15 billion) instead. The first-quarter revenue was 862.5 millions euros, versus the analysts' expectations of 828.5 millions euros. The forecast was published after the European market closed. Analysts felt it was strong enough to distract from the decision to cease publishing the eagerly anticipated new order figures because they are too volatile....

Fossil Fuels

Major traders discuss markets at FT Commodities Summit

The following are some key quotes from traders and analysts at the FT Global Commodities Summit. MARCO DUNAND MERCURIA CEO You'd expect that China would try to secure more oil from other sources, given its dependence on the Strait of Hormuz. In the last two or three weeks, they have been selling crude oil aggressively. "China increased its oil inventories over the last few months, to 1.2 billion barrels. They have allowed refiners to use these commercial stocks." They may have been optimistic about their ability to reopen Hormuz, and they didn't feel the need to purchase crude oil now...

Oil & Gas

Sources say that Mercuria sold aluminium below the Fastmarkets assessment in Europe

Three sources with knowledge of the matter said that Mercuria sold aluminum in Europe at a price below what was assessed by the price reporting agency Fastmarkets. This suggests the global benchmark may not always reflect the prices buyers are willing to pay. The price of European aluminium has risen following the Iran War, which disrupted Middle East supplies. Fastmarkets is used widely by both producers and consumers for large-volume trades of aluminium, which is used in construction, packaging, and transport. A source said that Mercuria had failed to get bids when it attempted to sell aluminium earlier this month...

Oil & Gas

Sources say that the Cardon refinery in Venezuela is restarting its catalytic cracker.

The fluid ?catalytic cracker of Venezuela's ?second-largest refinery, ?the 310,000-barrel-per-day ?Cardon, was restarting on Monday after a power outage affected the entire refinery last week, two workers from the facility said. One source said that workers were also restarting Cardon’s naphtha refinery on Monday. This would result in a total crude processing capacity of 237,000 bpd at Cardon, and its linked Amuay refining facility, or about 25% of combined installed capacity. PDVSA's state-owned energy company is prone to blackouts and other outages, which limit its fuel production for domestic distribution. The company has been granted U.S. licenses to import the...

Oil & Gas

Trump calls energy chief wrong, expects lower gas price as soon as Iran War ends

U.S. president Donald Trump dismissed Monday his top energy official's view that gasoline prices won't drop until 2027. He said Americans can expect lower costs once the Iran War ends. Chris Wright, the U.S. Energy Secretary, told CNN on Sunday that gasoline prices below $3 per gallon could happen this year but that it might not be until next year. "I don't think he is right on that." Trump said to a reporter for The Hill that he was "totally wrong" and added that the prices would be expected to drop as soon as this conflict ended. Wright, who was...

Oil & Gas

Source: Vance is still in Pakistan for Iran talks, but hasn't left yet.

Sources familiar with the situation say that Vice President JD Vance remains in the United States and has not yet left for Pakistan. The prospects of a second round with Iran are still unclear. Donald 'Trump said that he would be sending a delegation of 'U.S. A delegation will be sent to Pakistan to continue the talks before a ceasefire expires in upcoming days. A senior Iranian official said on Monday that Iran was 'considering' attending the peace negotiations, but there had not been a decision made. Second source said that the U.S. delegation has not yet left, but is...

Fossil Fuels

US Energy Chief says Gas Prices Could Stay Above $3 Per Gallon Until Next Year

Chris Wright, the U.S. Energy secretary, said that he believes gas prices are at their peak but predicts they may remain above $3 a gallon for next year. The U.S. and Israeli war against Iran, and the?Iranian attacks on neighboring countries have caused gas prices to rise, creating political pressure for Donald Trump in advance of the midterm elections where his Republican Party is expected to defend a slim majority in the Senate, and the House of Representatives. Gas prices below $3 per gallon could happen this year. It might not be until next year. He told CNN's "State of...

Crude Oil

Refined Products

Concerns over the escalating tensions in Middle East cause oil prices to rise

The oil prices increased on Friday as a result of fears of a "renewed military escalation" in the Middle East after Iran released footage of its commandos board a cargo ship in the Strait of Hormuz, and reports that Tehran's air defenses engaged "hostile target." Brent crude futures increased 99 cents or 0.94% to $106.06 per barrel at 0410 GMT. West Texas Intermediate futures climbed 71 cents or 0.73% to $96.56. Brent rose 17.13% during the week, while WTI rose 15.13%. This is the second largest weekly gain since the beginning of the war. After the U.S. and Israel's war...

Crude Oil

Russia maintains oil supplies, but says it has no new OPEC+ initiative

The Kremlin announced on Thursday that Russia maintains a?flow of its 'oil? to?world-wide markets, thereby helping limit the impact the crisis triggered from the Iran war. However, it does not have any specific initiatives to suggest within OPEC+. "At this time, we are?contributing to stabilizing the prices and minimizing any consequences of the global energy crisis. "Russia continues to supply oil," Kremlin spokesperson Dmitry Peskov said in a daily conference call with journalists. "Demand increases, but the oil supply on the market does not increase, it actually decreases. He said that there are "no other initiatives" on the agenda. According...

Oil Storage

The oil price continues to fall despite no progress in the US-Iran negotiations, and shipping around Hormuz is still disrupted.

The oil prices were marginally lower on Thursday, after big gains in the previous session. This was due to the stalemated?peace negotiations between Iran and the United States and both nations maintaining restrictions on trade flowing through the Strait of Hormuz. Brent crude futures dropped 15 cents, to $101.76 per barrel. On Wednesday, Brent crude futures settled above $100 for the very first time in over two weeks. West Texas Intermediate futures dropped 14 cents to $82.80. Both benchmarks closed Wednesday more than $3 higher after larger-than expected gasoline and distillate stock drawdowns in the U.S. and the lack of...

Mining

US Project Vault is aiming to close the first funding tranche as soon as possible, an official has said.

John Jovanovic, President and Chairman of the U.S. Export-Import Bank, said that Project Vault, which is the U.S. Government's vital?minerals reserves, will close its first funding tranche soon and begin helping manufacturers to manage supply, processing and storage challenges and supply-chain issues. Project Vault, announced by Donald Trump in February, aims to stockpile essential minerals and alleviate supply constraints for manufacturers who have been overly dependent on Chinese supplies for years. The U.S. policy on critical minerals is centered around securing emergency supplies, but the industry's constraints go far beyond simply keeping metals in reserves. Jovanovic stated that Project Vault...

Mineral Resources

Mineral Resources

Gold to drop by a week as oil prices rise, fueling inflation fears

Gold was largely?stable' on Friday but?was heading for a weekly drop as high oil prices fueled fears of inflation, and interest rates that would continue to rise in the face of stalled U.S. - Iran peace talks. As of 0230 GMT, spot gold was down by 0.1%, at $4,686.29 an ounce. After a four-week streak of gains, the metal has fallen 3% this week. U.S. Gold Futures for June Delivery fell by 0.5% to $4702. Brent crude prices are up over 17% this week, hovering above $100 a barrel. The Strait of Hormuz remains largely closed in spite of an...

Mineral Resources

US FTC settles case against anesthesia company

According to court documents filed Thursday, the U.S. Federal Trade Commission has settled a case it brought against a private-equity portfolio company that they claim was used to 'buy up anesthesiology practices and raise prices in Texas. Why it's Important The FTC filed a lawsuit against U.S. Anesthesia Partners under the Biden Administration. This was a major antitrust move to combat private equity rollups or purchases of many small businesses, which allegedly reduce competition in an industry. Private equity firms will closely examine the terms of the settlement which has not yet been made public. CONTEXT Under President Donald Trump,...

Mineral Resources

Carney says that Trump did not mention Canada paying an entry fee ahead of USMCA negotiations.

Mark Carney, the Prime Minister of Canada, said that Donald Trump had not discussed the idea of Canada paying an "entry fee" before a scheduled re-examination?of?the United States Mexico Canada trade agreement can begin. The three countries are expected to complete their work by the 1st of July, but tensions between the U.S. and Canada over tariffs imposed by Trump on 'key imports' from Canada last summer have complicated this schedule. The United States already has outlined the concessions that it expects 'Canada' to make, a move some commentators and domestic media say is similar to requiring an entry fee...

Mineral Resources

Copper falls from multi-week peak on Middle East insecurity

The copper price fell from a?multi-week peak on Thursday due to the stalled U.S. Iran peace talks, the continued closure?of Strait of Hormuz as well as a stronger dollar. Benchmark three-month Copper on the London Metal Exchange fell 1.4% to $13,247 per metric ton during 'official open-outcry' trading after reaching its highest since February 27, at $13,481.50. No signs of a return to peace talks between Iran and the U.S. have emerged, while Iran has tightened the grip it holds on the Strait of Hormuz. This has sent oil prices over $100 per barrel. Standard Chartered's head of base-metals research,...

Mineral Resources

Cemex reports record Q1 earnings and maintains outlook despite weather impact

Cemex reported Thursday record core earnings for the?first quarter and reaffirmed its full-year forecast, as a result of cost-cutting and price discipline by the Mexican cement maker. Operating earnings before taxes, depreciation, and amortization (EBITDA), which are compiled by LSEG, rose 34% to $794 millions from a previous year, exceeding the analysts' expectations of $696. Cemex's 'disciplined pricing' and the cement volume recovery in Mexico boosted net sales by 11%, which was better than expected. In a press release, Chief Executive Jaime Muguiro stated that the results showed a "structurally strengthened" company with an improved earnings profile. Muguiro, who took...

Mineral Resources

Mexico's Economy Minister says that the country'shouldn't feel nostalgic' for zero-tariff days.

Mexico's Economy minister Marcelo Ebrard acknowledged on Wednesday that tariffs will likely remain in place on the country's automotive and steel sectors, regardless of whether or not a trade agreement with the U.S., Canada, and other countries is renewed. Ebrard said to reporters at an event in Mexico City on Wednesday that we shouldn't look back nostalgically on a time without tariffs. "We know that it's very hard to imagine tariffs disappearing in the automotive industry. Steel and aluminum have always been our priorities. We are trying to find ways to reduce tariffs. He made his comments just one day...

Mineral Resources

Copper prices rise after Trump extends Iran ceasefire

The price of copper rose on Wednesday, as President Donald Trump extended a ceasefire agreement with Iran. However, lingering uncertainty over the Middle East conflict limited gains. In official open-outcry trade, the benchmark?three-month?copper price on London Metal Exchange rose 0.3% to $13,270 per metric tonne. This month, the renewed premium in Comex copper over the LME benchmark has been a key feature of the copper markets for 2025. It encourages shipments to the United States. More copper is expected to flow into the United States. While the premium price persists until the end of July, a decision will be expected...

Mineral Resources

Mercuria warns that aluminium faces a 'black-swan' supply shock

According to Mercuria's top metals analyst, the global aluminium market has experienced a "black-swan" event as disruptions caused by the Middle East war have triggered a supply shock. This will?lead? to major shortages in this year. Around 7 million metric tonnes of aluminium is smelted in the region each year, which represents about 9% of global production this year. Aluminium is used in the construction, transport and packaging industries. Nick Snowdon of Mercuria's metals & mining research said that the scale of supply shock in the aluminium industry is "probably the biggest single supply shock a metals market in post-2000...

Mineral Resources

USTR Greer asks US allies for more money to buy critical minerals

The Financial Times reported that U.S. trade representative?Jamieson G. Greer told American allies to 'pay more' for critical minerals sourced outside of China. Greer, in an FT interview, said that U.S. allies would have to be willing to pay a premium for minerals that are sourced within a group of?trading partner countries, including Europe. Greer said in an interview that "there is a security premium we all pay. I call it the national security fee. We will pay this premium to have a safe supply chain." Greer, who has been drafting a draft of detailed information to share with partners...

Mineral Resources

Sources: HSBC hires JP Morgan executive to lead global precious metals sales

Four sources familiar with the matter said that HSBC is hiring JPMorgan executive James Willis as its global precious metals sales director. Mark Augustynak, formerly of ICBC Standard Bank, was recruited by HSBC this month to lead its global metals trading division. HSBC is a market'maker' and a clearer on the London Over-the-Counter Market, where participants do not trade via an exchange but directly with one another. Each day, London clears 20 million troy-ounces of gold worth $96 billion at current prices. The appointments are part of a wider reshuffle in the trading and sales departments at major bullion bankers...

Mineral Resources

Mexico looks to early trade agreement on steel, aluminium, and autos before USMCA

Mexico's president Claudia Sheinbaum said on Monday that Mexico is interested in reaching an agreement, before completing the review the U.S. Mexico-Canada Trade Pact, concerning the exchange of automobiles, steel and aluminum. Sheinbaum addressed a press conference in the morning as U.S. trade representative Jamieson Greer visited Mexico for talks. Sheinbaum stated that "we care about steel, aluminum and automobiles." "We hope a preliminary agreement can be reached." Mexico exports mostly vehicles and auto parts as well as machines and mechanical equipment to the United States. The USMCA Review talks this year are 'critical' for Mexico. It has been spared...

Mineral Resources

Serra Verde receives magnet rare earths price floors in US offtake agreement

According to a presentation on the deal, Brazilian rare earth miner Serra Verde will receive price floors for four of the rare earths as part of a 15-year contract with the U.S. government and private investors. Some critics have suggested that price floors, designed to equalize the playing field between China and other dominant producers of rare earths, could distort the markets. China produces 90% of the world's rare earths. The U.S. and Europe are also racing to develop their own domestic rare earths industries, which are vital for applications in electronics, defence, and energy transition. As part of an...