United States

The U.S. Trade Deficit widened during 'March, as a 'artificial intelligence investment boom 'pulled in imports. This more than offset an increase in exports that was partly driven by the Middle East conflict. The Bureau of Economic Analysis and Census Bureau, part of the Commerce Department, reported that the trade deficit grew 4.4% in March to $60.3 billion. The economists polled by?by predicted that the trade deficit would rise to $60.9 billion in march. The trade deficit 'diminished by 1.30 percentage points the growth of gross domestic product in the first quarter. The economy grew by 2.0% on an annualized...

According to a statement posted on the website of the U.S. Treasury Department on Monday, "the United States extended a license protecting Venezuelan-owned refiner Citgo Petroleum against 'creditors until June '19." The Office of Foreign Assets Control issued the general license to boost investment in Venezuela and increase oil production. The U.S. also strengthens its protection of Houston's?Citgo, and its overseas parent companies which are the crowning jewels of Venezuela's foreign assets. Citgo is America's eighth largest refiner. The previous OFAC licence, issued in March, was set to expire on May 5. Citgo will be acquired by Amber Energy, a...

Reliance Industries, India's largest chemical company, is reducing output of alkylates while?diverting the feedstock in order to increase production of liquefied gas (LPG), as India struggles with shortages due to the Iran War. The operator of 'the world's largest refining complex runs its alkylation unit on a minimum rate, reducing exports of gasoline-blending components. Reliance exports alkylates primarily to the U.S., from its export-focused refinery that produces 704,000 barrels per day. The company claimed that LPG production had increased by'more than threefold compared to pre-war levels. The company stated in a press release that the move was made to fill...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated...

Exxon Mobil beat expectations for the first-quarter adjusted earnings, but unadjusted profits?dropped below their previous level of five years because of disrupted shipments due to the Iran War and paper losses?from hedging activities. LSEG's consensus estimate of $1.00 per share was surpassed by adjusted earnings of $1.16 for the first three -months. The adjusted figure excludes a $700-million loss due to the disruption of the energy market caused by the Middle Eastern conflict, which began at the beginning of February. Earnings per share were also $2.09, excluding the negative impact of financial derivatives which have a short-term impact. The first-quarter...

HF Sinclair announced a surprising first-quarter 'adjusted' profit on Friday. This was aided by increased refining % margins and higher refined product sales. The U.S. refineries are reaping the highest margins they have seen in years as the 'disruptions' to Middle Eastern oil flow due to the Iran War has increased demand for U.S. exports of fuel. The effective closing of the Strait of Hormuz by Tehran -- a crucial chokepoint where a fifth of all global oil and gas shipments pass -- has stoked fears about supply, sent crude futures prices higher and triggered a spike in volatility across...

Exxon Mobil beat expectations for the first quarter adjusted earnings on a Friday. However, unadjusted 'profit' dropped to its lowest in five years because of disrupted shipments due to the U.S./Israeli war against?Iran. Also, a negative impact was caused by?timing issues related to financial derivatives. The adjusted earnings for the first 'three months' of the year came in at $1.16, which was above the consensus estimate by LSEG of $1.00. The adjusted figure excludes a $700m loss due to cargoes which were not delivered because of the war. Earnings per share were $2.09, excluding financial derivatives. Net income was $4.2...

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

?Phillips 66 announced a surprising first-quarter profit a day earlier, after higher refining rates helped offset'severe losses due to volatile commodity prices. The U.S. Gulf Coast?Refiners? are enjoying their highest margins for years as the disruptions in Middle Eastern oil supplies due to the Iran War have increased demand for U.S. Fuel Exports. U.S. refiners have increased international sales through the U.S. Gulf Coast Hub, as they are less dependent on Middle Eastern crude. Quarterly U.S. refinery margins measured by the 3-2-1 Crack Spread In the first quarter of this year, grew by about 73%. Phillips 66 realized margin increased...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

German semiconductor materials provider Siltronic reported lower-than expected quarterly sales on Tuesday, as the company continued to be affected by an?uncertain market environment. According to a LSEG poll, the average analyst's forecast was 317 million euro. The German company's EBITDA (earnings before interest, tax, depreciation, and amortization) was?65.1 million euros compared to 78.3 millions euros last year. This is below analysts' expectations of 67.4million euros. It is encouraging that the growth of AI-driven end market has continued to strengthen. But capacity constraints at our customers, particularly in the memory-chip sector, and persistently high inventories for 200 mm products are dampening...

Eni, Italy's energy producer, signed a deal with Venezuela's oil ministry and the state-run PDVSA on Tuesday to "relaunch" a heavy crude project within the Orinoco belt. PDVSA has been working with its key partners to sign preliminary agreements that confirm their interest in oil and gas projects or allow them to expand. This is as the government continues a broader?review on all contracts within the oil industry in order for the reform. In recent weeks, U.S. Chevron, British Shell, and Spain's Repsol have also signed similar agreements in order to confirm or expand their partnerships. The agreement with Eni...

The gold price rose by 2% Wednesday due to a weaker dollar. Meanwhile, lower oil prices eased concerns about inflation and interest rates that would be higher for longer, in anticipation of an agreement between the U.S. and Iran. As of 0415 GMT, spot gold was up by 2% to $4,647.09 an ounce. U.S. Gold Futures for June Delivery rose 2% to $4 658. U.S. president Donald Trump said Tuesday that he will temporarily halt an operation to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. The gold price rose as...

Ball 'Corp beat the quarterly results expectations?on Tuesday, and it backed its?annual target. It based this on its ability pass on to consumers aluminum price increases caused by the Middle East Conflict. Analysts expect major shortages of the material in the transport, construction, and packaging industries this year due to the war in Iran. Ball Corp., one of the largest producers of aluminum beverage containers in the world, has been put under pressure by President Donald Trump’s import tariffs. Early trading saw shares of the Colorado-based firm down by 2%. The top beverage producers and consumer packaged goods firms have...

Prices of copper rebounded on Wednesday after they hit a?three-week low, as investors benefited from lower prices. Meanwhile, U.S. prices rose on speculations about possible tariffs on the metal. Benchmark 'three-month copper at the London Metal Exchange increased 0.4% to $13,053 a metric ton, in open-outcry official trading after reaching its lowest level since March 13 at $12 780. Shanghai Futures Exchange was closed on Labour Day, which has a pronounced impact on trading. Since the Iran War, copper prices have been on the decline. The slowing of economic growth may affect demand for metals used in construction and electric...

Gold prices rebounded from the five-week low of Monday's session on Tuesday, as oil prices declined, but Middle East tensions, inflation fears and persistent Middle East tensions kept gains in check. Gold spot rose 0.7%, to $4,553.41 an ounce, by 0935 GMT. It had fallen as low as it has been since March 31, on Monday. U.S. Gold Futures for June Delivery gained 0.7%, reaching $4,563.50. The independent analyst Ross Norman said that a pullback in oil prices on profit-taking despite the intensification of tensions in the Middle East has lifted gold from its five-week-low, as fears seem to have...

Data from Indonesian Statistics Agency and Trade Data Monitor, an export-import data aggregator, show that Indonesian aluminium exports increased by more than a?double from the previous months?to the highest level since November 2023. Southeast Asia shipped 88,554 tons of unwrought aluminum in March, up from the 33,490 tonnage of February. The country is expected to increase production significantly this year, at a time when the market is suffering from the shortages brought on by the Middle East war. * The first 'aluminium exports were made in March from Weda Bay, on the Indonesian Island of Halmahera. A smelter owned jointly...

Gold prices rose on Tuesday, but gains were modest as crude oil prices remained high and inflation fears remained alive. After a drop of more than 2% on Monday, spot gold increased 0.3% by 0417 GMT to $4,533.40 an ounce. U.S. gold futures for delivery in June rose 0.2% to $4,542.50. Ilya Spirak, the head of global macro at Tastylive, said that prices seem to have digested a little after the return of "war trade" across markets on Monday. Gains were however capped by the rise in Treasury "yields" and the dollar as an increase in crude oil stoked inflation...

The shares of German automakers fell on Monday after President Donald Trump decided to increase U.S. tariffs on imported European vehicles to a 25% levy from the previously agreed 15% levy, dealing 'a 'fresh blow to an already battered industry. As of 1046 GMT the pan-European auto and parts index had fallen 2.3%, while shares for Porsche, BMW Mercedes-Benz, and Volkswagen all fell between 2% and 3%. Trump claimed on Friday that Brussels had failed to comply with an agreement reached between Washington DC and Brussels in 2017 that reduced U.S. tariffs on automobile imports by 15%. The implementation by...

Gold prices were pushed lower on Monday in a thinly traded session, as inflation fears clouded U.S. monetary policies outlook. Meanwhile, markets waited for developments in U.S. Iran peace negotiations. As of 0655 GMT, spot gold was down 0.5% to $4,588.71 an ounce. U.S. Gold Futures for June Delivery fell 0.9% to $4,560.60. The markets in China, Japan, and the UK will be closed on holidays. Jerome Powell, the Federal Reserve chair, 'ended his eight-year tenure as head of U.S. Central bank on Wednesday. Interest rates were held and inflation concerns increased. Tim Waterer is the chief market analyst for...

On Monday, gold prices dipped a little in a thinly traded session, as inflation concerns?clouded the outlook for U.S. monetary policies, and markets waited to see what developments would come out of U.S. Iran peace negotiations. As of 0307 GMT, spot gold was down by 0.2%, at $4,606.38 an ounce. U.S. Gold Futures for June Delivery fell 0.6% to $4,517.40. The markets in China, Japan, and the UK will be closed on holidays. Jerome Powell, the Federal Reserve chair, completed eight years as head of U.S. Central bank on Wednesday. Interest rates were held and there was growing concern about...

The suspect accused of storming a checkpoint on Saturday and firing a gun near the White House Correspondents' Association Dinner mocked the security measures at Washington Hilton that allowed him to be so close to Donald Trump. In a manifesto written before the attack, the hotel guest Cole Allen, identified by law as a 31-year-old man, wrote: "I expected surveillance cameras everywhere, bugged rooms, armed officers every 10 feet and metal detectors to the roof." "What I got," Allen added, "is absolutely nothing." Allen's attack has 'heightened a problem that the hotel industry has been facing for decades: how to...

The Metals Co announced on Friday that U.S. regulators found their consolidated application for deep-seabed mineral exploration and commercial recovery to be "fully compliant" with federal requirements. This is a major step towards approval. The company expects that the regulatory process including the environmental review will be completed by the end of the first quarter 2027. TMC reported that the National Oceanic and Atmospheric Administration (NOAA) determined that the application submitted by the U.S. division met all requirements under the Deep Seabed Hard Mineral Resources Act. The decision comes ?as President Donald Trump's administrationencourages U.S. exploration ?of the deep ?sea...

Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency....