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Energy Markets

Fossil Fuels

Fossil Fuels

Bunge and grain handler Viterra complete long-delayed mega merger

Bunge Global, a global agribusiness, announced that it had officially closed the long-delayed $34 billion mega deal with Glencore-backed Viterra. This announcement was made two years ago. The merger creates a global crop trading and processing giant that is poised to rival agribusiness giants Archer-Daniels-Midland and Cargill, at a time when slumping grain prices, weak crop-processing margins and geopolitical tensions have eroded profitability in the sector. Bunge closed Wednesday's trading 1.4% higher. Bunge, based in Missouri, has experienced a dramatic turn-around since the deal was announced. In April 2019, Greg Heckman took over as CEO of the company after Soren...

Fossil Fuels

TotalEnergies UK assets to be purchased by Prax are still unsold

By America Hernandez PARIS, 2 July - TotalEnergies West Shetland Offshore assets, which it sold to Prax Group in the past year, remain under French oil major ownership. They will therefore not be affected by liquidation proceedings that affect the British company. TotalEnergies EP UK stated that the transaction to sell the West of Shetland Asset to Prax is not yet complete and we are still the operators of the Shetland Gas Plant as well as the related fields. TotalEnergies agreed to transfer employees from TotalEnergies to Prax in exchange for a portfolio mature offshore fields that produce about 7,500...

Fossil Fuels

Kazakhstan cancels plans for Karachaganak Gas Processing Plant with Foreign Shareholders

The Kazakhstani energy ministry announced on Wednesday that it had canceled plans to build a processing plant for gas at the Karachaganak Field with the project's major foreign investors. It stated, without going into detail, that they were looking to work with domestic companies. Central Asia has been in a dispute with oil companies for many years over cost. In 2023, the country will bring multi-billion dollar claims against these companies. Companies claim that the government simply wants to increase its share in major oil and gas projects, which amounts to "resource nationalism". Kazakhstan's authorities rejected this criticism and said...

Oil & Gas

Engie buys DNO's Norwegian gas production for four years

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Fossil Fuels

UN expert: 'Lucrative business deals' help Israel sustain its Gaza campaign

In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged...

Climate Change

Bezos' methane satellite lost in space

The group operating the satellite said that an $88 million satellite that was backed by billionaire Jeff Bezos and that detected emissions from the oil and gas industries of the powerful greenhouse gas, methane, has been lost in orbit. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president...

Fossil Fuels

Spain bans concert ticket scalping and fuel advertising

The Spanish government unveiled on Tuesday a draft law aimed at encouraging sustainable consumption and reducing costs. It would prohibit practices like reselling concert ticket for profit, and advertising fossil fuels or cars powered by these. Reporters were told that the government's goal is to encourage industries' transition to more sustainable and accessible models. This will lower prices for consumers, and make significant progress in protecting the environment. The bill also prohibits "advertising that is based on fear of crime or natural catastrophes" and stops companies from making false claims or misleading statements about their environmental credentials. This practice, known...

Renewable Energy

Nextwind raises $1.6 Billion for German Wind Energy Expansion

Nextwind, an European renewable energy provider said that on Tuesday it had secured debt financing of 1.4 billion euro ($1.6 billion) for the expansion a German wind energy project. This deal allows the Berlin-based company to raise an additional 1.3 billion euro in the next five year if it meets its capacity targets. The financing is the largest ever by an independent German wind energy company. According to a source familiar with the deal, Deutsche Bank, ING Bank, and LBBW participated in the financing as well as acting as underwriters. Nextwind has stated that it plans to increase the total...

Oil & Gas

The price of oil has fallen on the back of OPEC+'s increased supply and tariff worries

The oil prices fell on Tuesday due to expectations that OPEC+ will increase their output in August, and fears of a slowdown in the economy caused by higher U.S. Tariffs. Brent crude dropped 30 cents or 0.5% to $66.44 per barrel at 0430 GMT. U.S. West Texas intermediate crude also fell 33 cents or 0.5% to $64.78 per barrel. Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue its accelerated pace of output increases". Four OPEC+ source told us last week that they plan to increase output by...

Fossil Fuels

The price of oil drops on the back of OPEC+ and tariff fears

The oil prices fell on Tuesday due to expectations that OPEC+ will increase their output in August, and fears of a slowdown in the economy caused by higher U.S. Tariffs. Brent crude futures were down 16 cents or 0.24% to $66.58 per barrel at 0000 GMT. U.S. West Texas Intermediate crude fell 20 cents or 0.31% to $64.91 per barrel. Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue to increase its output at an accelerated pace." Four OPEC+ source told us last week that they plan to...

Fossil Fuels

Chevron Scotland to close office as part of restructuring

Chevron, the U.S. oil company, announced on Monday that it will close its Aberdeen office in Scotland. This move is part of the ongoing restructuring. Chevron's spokesperson stated in a press release that the closure of Aberdeen will occur between December 2025-2026. Chevron announced last year that it would sell the remaining UK North Sea oil assets, and leave the basin after 55 years to focus on assets with higher profits. The company has announced plans to cut up to $3 billion of costs by the end next year. This includes the layoff of up to 20% employees. Chevron's presence...

Oil & Gas

US Judge orders Argentina to transfer YPF Shares to satisfy $16.1 Billion judgment

A U.S. court judge ordered Argentina on Monday to give up 51% of its stake in the oil and gas company YPF to satisfy a $16.1-billion judgment against it. U.S. District Court Judge Loretta Preska, in Manhattan, said Argentina had to transfer its YPF share within 14 days into a BNY Mellon account and instruct this bank to transfer those shares to the plaintiffs within one business day. Argentina appealed Preska's decision of September 2023 to award $16.1 billion to Petersen Energia Inversora, Eton Park Capital Management and litigation funder Burford Capital. Preska's ruling came the same day Argentina requested...

Crude Oil

Refined Products

Oil prices ease on US tariffs and OPEC+ production expectations

The oil prices dropped slightly on Thursday, as concerns about the possible reinstatement of U.S. Tariffs raised doubts over demand in advance of an anticipated supply boost from major producers. Brent crude futures dropped 34 cents or 0.49% to $68.77 per barrel at 1326 GMT. U.S. West Texas Intermediate Crude fell 31 cents or 0.46% to $67.14. The two contracts reached their highest levels in a week on Wednesday, as the oil producer Iran halted cooperation with the U.N. Nuclear Watchdog. This heightened concerns that the long-running dispute over Iran's nuclear program could once again escalate into an armed conflict....

Crude Oil

After a jolt, the dollar and UK bonds are stable after strong US jobs data

The dollar and Wall Street rose on Thursday as the U.S. employment data was strong. In Europe, Britain's bonds recovered from renewed debt concerns. The announcement of a trade deal between the United States of America and Vietnam before the deadline for worldwide U.S. tariffs next week encouraged bulls over night. And the strong U.S. job numbers helped the dollar double the gains of the day and ensured that the S&P 500 opened at new all-time highs. The Labor Department reported on Thursday that nonfarm payrolls grew by 147,000 jobs after increasing 144,000 in May. The economists polled predicted that...

Crude Oil

Morning bid Europe: Trade optimism is replaced by caution about US jobs

Stella Qiu gives us a look at what the future holds for European and global markets. The session in Asia has been pretty quiet, and for good reason. Payroll data from the U.S. due later that day could be the deciding factor in a rate cut in July and cause big movements in Treasuries or foreign exchange markets. Investors in Asia didn't seem to share President Donald Trump's optimism about trade, which pushed Wall Street overnight to record-high closes. Details are still unclear. Markets did not react significantly to the latest developments regarding Trump's "big beautiful bill" for tax cuts....

Mining

Mineral Resources

Mineral Resources

Volvo Cars has delayed the start of production at its new Slovak factory until early 2027

Volvo Cars, according to a spokesperson on Thursday, has delayed the large-scale production of its factory in Slovakia from 2026 until early 2027 to optimize the Swedish automaker’s product launch schedule. The Gothenburg-based firm, owned by China’s Geely Holding, hasn't made it public which model will be manufactured at the Kosice plant, except to say that it will be next-generation Volvo. The spokesperson declined to say when the decision was made, but said that it had not been taken recently. Polestar, which is also owned by Geely and will begin production of its new Polestar 7 SUV in Kosice, Poland,...

Mineral Resources

Copper prices fall on profit-taking before US jobs data

Copper prices fell on Thursday, as traders and funds profited from long positions in anticipation of the U.S. jobs data which could influence the direction of interest rates and dollar. By 1032 GMT the benchmark copper price on London Metal Exchange had fallen by 0.2% to $9,994 per metric tonne, after reaching a high of $10 020.50 for three months on Wednesday. The volume of trading was low ahead of the U.S. monthly employment report for June. The data is due on Thursday and should show a slight increase in unemployment. Weak growth numbers could cause concern about U.S. economic...

Mineral Resources

Polestar will make new SUVs in Europe starting 2028

Polestar announced on Thursday that it will produce its Polestar SUV model in a Volvo Cars plant in Slovakia. The EV maker is shifting more production out of China to reduce its exposure to high European and U.S. Tariffs. Polestar announced that the two Swedish firms, both controlled and owned by China's Geely, and Li Shufu its owner, had signed an agreement and the new model will be launched in 2028. The company stated that it is expanding its footprint in Europe to diversify its contract manufacturing business. Volvo's Kosice plant in Slovakia will begin production in 2026 with a...

Mineral Resources

Prices of copper remain near their multi-month highs due to supply constraints and US tariff fears

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) both held copper near its highest level since late March. This was due to concerns about a tight supply in the region and an increase in shipments to the U.S., as traders rush to avoid potential import tariffs. As of 0103 GMT the LME's three-month copper contract was unchanged at $10,05 per metric tonne, but it hovered close to its highest level since March 26. The SHFE's most traded copper contract gained 0.27%, to 80,840 Yuan ($11285.77). This is its highest level since March 27. The United States may decide...

Mineral Resources

France's Orano claims its Niger uranium mining is on the verge of bankruptcy

The French uranium mining company Orano announced on Wednesday that its joint venture with Niger SOMAIR is nearing bankruptcy due to export restrictions imposed on it by the military government of Niger. Orano had to stop production at SOMAIR when authorities stopped exports in the past year. The Niger government took over the operation in December, and announced plans to take it back last month. It is part of a trend of West African countries seeking more control of their natural resources. Niger is also the seventh largest uranium exporter in the world. When Orano's local unit was operating at...

Mineral Resources

Volvo Cars sales drop 12% in June; fully electric cars fall 26%

Volvo Cars, based in Sweden, reported Wednesday that sales volume had fallen for the fourth consecutive month due to trade tariffs as well as a weaker demand for electric vehicles. Volvo Cars, owned by China's Geely in majority, announced in a press release that it had sold 62 858 cars in the month of June, down 12% from a year ago. In April, the group, in response to tariffs, retracted its earnings forecasts for the next two-year period. The sales of electric vehicles fell by 26%, accounting for 22% in total sales. The sales of all electrified vehicles, including plug-in...

Mineral Resources

Handelsblatt: German government does not hold talks about TKMS stake

Handelsblatt, citing sources in the government, reported Wednesday that the new German government has not yet entered into any discussions aimed at acquiring a share in Thyssenkrupp’s defence division TKMS. According to the report the Chancellery and the Ministries involved have agreed to not push for state involvement in this period. The German economy and defense ministries have not responded to email requests for comments. Thyssenkrupp didn't immediately respond to an email or phone call seeking comment. Handelsblatt reported that the government would instead seek to establish a "security accord" in order to protect national security and jobs despite a...

Mineral Resources

Andy Home: Copper's high tariffs fail to lift other LME Metals

Doctor Copper isn't the same as it was before Donald Trump, President of the United States, announced an investigation in February into U.S. imported products. Tariff trade has thrown the global supply chain into disarray, causing a feast in the U.S. but famine elsewhere. London Metal Exchange (LME), copper is expected to close the first half with a gain 12%. Only the wild tin markets will beat it. However, the rest of the LME is still reeling from Trump's "Liberation Day", broader tariffs. The precious metals have been boosted by geopolitical turmoil and trade, but the industrial metals are still...

Mineral Resources

Investors watch US trade negotiations as copper prices rise on a weaker dollar

The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday, boosted by a lower dollar. However, uncertainty about U.S. Trade talks with major trading partners continued. LME copper for three months rose 0.94%, to $9,961.5 per ton, at 0703 GMT. It had previously touched $9,984, its highest level since March 27. The SHFE's most-traded contract for copper gained 1.09%, to 80,640 Yuan per ton. It had previously reached 80,760 Yuan, the highest since March 28. The worries about the U.S. deficit have caused the dollar to weaken, which is supportive of commodities. My focus this week...

Mineral Resources

Copper prices slip on mixed Chinese data and tariff uncertainty

The copper price fell on Monday as investors digested mixed data from China, the world's largest metals consumer. They also took into account progress made in trade negotiations between Canada and United States. The price of three-month copper at the London Metal Exchange fell 0.3% to $9,848 per metric tonne by 0920 GMT after reaching its highest level in three months last Friday. "We're consolidating the gains we made last week, which was a good week for financial markets. We were very pro-risk," said Dan Smith of Commodity Market Analytics. China's manufacturing activity contracted for the third consecutive month in...

Mineral Resources

Copper prices are high as the market waits for US tariff clarification and trade talks.

On Monday, copper prices traded at a wide range on the London Metal Exchange (LME) and Shanghai Futures Exchange as investors awaited clarity about potential import tariffs and progress in U.S. Trade talks. As of 0700 GMT the price for three-month copper traded on the LME fell 0.06%, to $9,872.5 a metric ton, but was still on track to achieve a gain of 3.92% on the month. This is its second consecutive increase. The SHFE's most-traded copper contract gained 0.16%, to 79.870 yuan (11,150.36 USD) per ton. This was also higher for the second month in a row, and 2.8%...

Mineral Resources

Sources say that the premium for Japan's Q3 aluminium has fallen to $108/T due to a lagging demand.

Six sources involved in the pricing discussions said that the premium for aluminium shipped to Japanese buyers from July to September is $108 per metric tonne, a 41% drop compared to current quarter. This reflects a sluggish market, they added. This figure is lower than the $182 paid per ton in April-June. It marks the second consecutive quarter decline, and the lowest since the first three months of 2024. The initial offer of $122 - $145 per tonne made by producers around the world is below this figure. Japan is the largest Asian importer for premiums and light metals For...