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Fossil Fuels

Oil & Gas

Source: EU regulators to pause probe of ADNOC Covestro deal.

A person with first-hand knowledge of the situation said that EU antitrust regulators will pause their investigation on Wednesday into Abu Dhabi's state oil giant ADNOC’s bid for German chemicals firm Covestro. The bid is worth 14.7 billion euros ($17.2 billion). According to the person, the temporary suspension will allow the European Commission time to gather more information about the deal. ADNOC bought Covestro in October last year, making it its largest acquisition to date and the biggest foreign takeover of an EU firm by a Gulf State. Covestro produces foam chemicals that are used in car seats, mattresses and...

Natural Gas Utilities

Fico, the Prime Minister, says that Slovakia wants to normalise its relations with Russia by increasing gas imports.

Robert Fico, the Slovak prime minister, told Vladimir Putin that Russia wants to normalise relations with Slovakia and will increase imports of Russian natural gas via TurkStream. These comments were in direct conflict with the European Union's position, which seeks to reduce its dependence on Russian energy to punish Moscow for its invasion of Ukraine 2022. They also come at a crucial time in the efforts to end this conflict. Both Slovakia and Hungary, both EU member states, are led by populists who have maintained political ties with Russia which supplies most of their oil requirements. Fico told Putin during...

Fossil Fuels

Nine people arrested in Sweden for suspected insider trading of Fortnox and Tethys Oil

The Economic Crime Authority reported that nine Swedish people were arrested on Tuesday, suspected of insider trading on the stock exchange in 2024 or 2025 before the publication of takeover bids for two companies listed at the Stockholm Stock Exchange. A spokesperson for the agency said that the suspected insider trading was made on shares of Tethys Oil which was acquired in September last year and Fortnox which was purchased after an offer was made in March of this year. According to the agency, several people with common connections traded large amounts in a coordinated way based on information that...

Oil & Gas

Tax reform by Indian PM Modi to cut levies for shampoos, hybrids and TVs

Two sources revealed that India will cut the consumption tax on 175 different products, from hybrid cars and shampoos to consumer electronics. Modi has repeatedly called for increased usage of Indian products. This is the biggest reform to the goods and service tax system in almost a decade. Modi announced his first reform plan on Independence Day last month when he promised to make everyday products cheaper in the fifth largest economy of the world. His proposal reduces the goods and services (GST), which includes toothpaste, talcum, and shampoo, from 18% down to 5%. This is expected to increase sales...

Oil & Gas

Modi's tax reform has seen levies cut on TVs, shampoos and hybrid cars

Two sources revealed new details about Prime Minister Narendra Modi’s major tax reform. India will cut consumption tax on 175 products, including shampoos, hybrid cars, and consumer electronics. Two sources revealed that India plans to reduce goods and services taxes (GST) from 18% down to 5% on products like talcum, toothpaste, and shampoo. This is expected to boost sales at companies such as Hindustan Unilever, and Godrej Industries. Before the Diwali shopping period, which begins in October, brands such as Samsung, LG Electronics and Sony will dominate sales, consumer electronics, like air conditioners, televisions and other electronic devices, could see...

Mining

Gold set to have its best month since four years as inflation data boosts rate-cut bets

Gold prices were stable on Friday, and poised to achieve their best monthly performance in April as U.S. inflation figures reinforced expectations that Federal Reserve may cut interest rates next week. As of 9:19 AM ET (1348 GMT), spot gold was up by 0.1% to $3,419.59 an ounce. Bullion is up 3.9% so far in August. U.S. Gold Futures for December Delivery rose by 0.1% to $3479.10. The dollar was up, but it was expected to drop by 1.9% per month. Gold is less expensive to overseas buyers when the dollar falls. Tariffs on imported goods increased the prices of...

Oil & Gas

PCE data will show gold's monthly gain.

Gold prices were slightly lower on Friday but are still on track for a gain in the month ahead of U.S. Inflation data, which will give more clues about Federal Reserve's rate-cutting trajectory. As of 0818 GMT, spot gold was down by 0.1%, at $3,414.07 an ounce. Bullion gained 3.6% this August, and reached $3,423.16 Thursday, the highest level since July 23, its highest ever. U.S. Gold Futures for December Delivery eased by 0.1% to $3471.70. Gold is feeling gravitational force around large, round numbers. The markets are reluctant to allow gold to stray too far away from the psychological...

Fossil Fuels

What you should know about the upcoming Norwegian elections

The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by the Progress Party. Inequality and taxation are two of the key issues that will determine the outcome. The result could also have an impact on the energy and power supply to Europe, and the management and control of Norway's massive sovereign fund. What's at stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to government in 2021. This follows eight years of...

Fossil Fuels

Italy will decide on Pirelli's Chinese Investor by September

Italian officials will decide in September whether or not to sanction Sinochem, the Chinese shareholder of Pirelli, for violating Rome's rules to curb Beijing influence over the tyremaker. The investigation by the government could exacerbate a dispute between Sinochem and its largest Italian shareholder, Camfin, as the two first parties claim that China's large holding is a threat to the group's plans to expand in the United States. Sinochem has declined to comment, while Pirelli is not available for comment. Sources who asked not to be identified said that the government of Prime Minister Giorgia Melons was supposed to make...

Fossil Fuels

Stellantis has paid US fuel efficiency penalties of $190.6 Million this year.

According to a report by the Italian-American automaker and the government, Chrysler's parent Stellantis was fined $190.6 Million for failing to meet U.S. fuel efficiency requirements. In an annual report, the National Highway Traffic Safety Administration stated that Stellantis had paid $112.3 in June and $78,3 in March as payments for shortfalls in 2019 and 2020 models. Stellantis paid a total of $773.5 Million since 2018. NHTSA informed automakers last month that they would not be fined for failing to meet fuel-efficiency rules going back to 2022, as per a law signed into law by President Donald Trump. Stellantis confirmed...

Climate Change

Luxcara, a German company, may cancel the Chinese turbine contract for a North Sea wind farm

Luxcara, a German company, said Monday that it could switch to Siemens Gamesa wind turbines for the 300 megawatt Waterkant Wind Farm. This would mean scrapping an agreement with a Chinese firm which had attracted political scrutiny and criticism by European turbine manufacturers. Luxcara, an asset manager based in Hamburg, has reserved 19 Siemens Gamesa wind turbines. Siemens Gamesa is a subsidiary owned by Siemens Energy of Germany. The same type was already purchased for the 1.5-gigawatt Waterekke Project, the largest offshore wind project ever undertaken in the German North Sea. The turbines would be replacing the ones that Ming...

Fossil Fuels

Battery technologies that compete with RPTs shape the EV Industry

Startups around the world are racing to create new battery technologies that use materials such as sodium and sulfur, or other innovative chemistries. They aim to reduce costs and reduce dependence on certain minerals for electric vehicles (EVs). China controls 90% of raw material processing for two of the most popular lithium-ion variants in today's electric vehicle market. The battery technology is constantly evolving, but its basic principles remain unchanged. It has three components: a cathode anode, and an electrolyte. Here are some of the battery types that are currently being used or developed by car manufacturers as they weigh...

Crude Oil

Oil & Gas

Oil drops but remains near its month-high on US sanctions

The oil prices in Asia eased on Wednesday, but remained near a month-high on the backs of new U.S. Sanctions against a number of shipping companies and ships. Traders also looked forward to the OPEC+ summit over the weekend. Brent crude dropped 19 cents or 0.3% to $68.95 per barrel at 0433 GMT. U.S. West Texas Intermediate Crude fell 16 cents or 0.2% to $65.43 per barrel. The benchmarks rose more than 1% during the previous session, after the U.S. imposed sanctions against a network led by an Iraqi/Kittitian businessman who was smuggling Iranian crude oil under the guise of...

Natural Gas

Gazprom and CNPC Sign Agreement to Increase Gas Supplies to China, RIA Reports

Russia's RIA reported that Gazprom, the Russian energy company, and China National Petroleum Corporation have signed an agreement to increase the annual gas supply to China through the Power of Siberia Pipeline as well as the Far Eastern Route. Reports last month indicated that China wanted to purchase more Russian gas via an existing pipeline, as the talks between two countries failed to progress. The agreements were signed by Russian President Vladimir Putin during his visit to China. He is scheduled to attend on Wednesday a military display on Tiananmen square to mark the official end of World War Two...

Crude Oil

Oil prices remain stable as rising production offsets disruptions in Russia's supply

The oil prices rose on Monday, as concerns about rising production and the impact of U.S. Tariffs on demand offset disruptions in supply caused by intensified airstrikes between Russia and Ukraine and pressures from a weaker currency. Brent crude rose 31 cents or 0.46% to $67.79 per barrel at 0823 GMT. U.S. West Texas Intermediate Crude fell by 32 cents or 0.5% to $64.33. The U.S. holiday is expected to dampen trading. Brent and WTI crude recorded their first monthly decreases in four month in August. Losses of 6% or higher were attributed to increased supply by the OPEC+ group....

Environment

Mineral Resources

Mineral Resources

Copper reaches five-month high amid U.S. rate cuts expectations

The copper price was stable on Wednesday, after reaching a five-month high. A weaker dollar and mounting expectations for a U.S. rate cut in the next few days helped to support it. The price of three-month copper at the London Metal Exchange remained unchanged, $9,981.50 as of 1024 GMT. Metal prices reached $10,038, their highest level since March 26. The LME delayed the opening of electronic trading by 90 minutes because a technical problem occurred during the pre-opening. In an email, the LME stated that "this was quickly resolved and now all systems are operating smoothly." Ewa Mnthey, commodities strategist...

Mining

Demand for gold increases as rate-cut betting and trade tensions lift demand

Gold surged up to a new record high on Tuesday, consolidating gains over the $3,500 key level. This was due to growing expectations that a Federal Reserve rate reduction will be made this month, and the lingering risks of political and economic uncertainty. As of 0821 GMT spot gold was up by 0.1% to $3,537.29 an ounce after reaching a session high of $3.546.99. U.S. Gold Futures for December Delivery gained 0.4%, to $3604.99. The U.S. administration of President Donald Trump said that it would ask the Supreme Court to issue a ruling quickly on tariffs which a U.S. appellate...

Mineral Resources

CORRECTED - Copper prices drop in London but China data and Fed optimism limit the downside

London copper prices fell on Wednesday after reaching their highest level in over five months. However, positive Chinese economic data, and optimism about U.S. interest rate cuts, helped to limit the decline. As of 0418 GMT, the London Metal Exchange's three-month copper was down by 0.12% to $9,969. The contract reached its highest level since the beginning of March when trading began, but was delayed 90 minutes in Asia. The cause of the delay was not immediately known. The Shanghai Futures Exchange's most traded copper contract rose by 0.5%, to 80,180 Yuan ($112,094.44) per ton. The survey of purchasing managers...

Mineral Resources

Brazil opens probe into Anglo American's $500 million nickel sale, FT reports

The Financial Times reported that Brazil's Competition Authority has opened an investigation into Anglo American’s plans to sell its nickel operations in the country. The FT reported that CADE, Brazil’s antitrust regulator confirmed it had opened a investigation into the $500-million deal Anglo concluded in February with MMG Singapore Resources in response to a complainant. The FT reported that "based on a complaint, a Administrative Procedure for Investigation of an Act of Economic Concentration" was initiated by CADE. The newspaper reported that CoreX Holding, a global industrial group, had lodged an objection to the deal. It cited a source with...

Mineral Resources

China data shows that the dollar is putting pressure on copper

The dollar strengthened on Tuesday, causing copper prices to fall, but positive economic data from China - the world's biggest consumer - and optimism regarding U.S. rate cuts boosted sentiment. The benchmark copper price on the London Metal Exchange fell 0.2% to $9,861 per metric ton, in official rings. However, it was still hovering around a five-week peak of $9,947 per ton, which was hit on Monday. The demand for metals could be affected by a stronger dollar. Funds can use numerical models to determine the best time to buy or sell copper based on this relationship. The traders stated...

Mineral Resources

SMG Swiss Market Place, an online property portal, announces its intention to flotation

SMG Swiss Marketplace Group, an online platform for real estate and auto sales, announced on Tuesday its intention to float. This is a sign that the European IPO market has been reviving after a long period of stagnation. TX Group owns 30.7% of SMG. TX Group stated that the timing of its planned IPO is dependent on market conditions. Further information will be provided in due time. The company did not specify how many shares will be offered in the floatation, but stated that it has no intention of selling any of its stock. TX Group said that it was...

Mineral Resources

Copper reaches a one-month high on the back of strong China factory data, and a weak dollar

The copper price rose to its highest level in over a month Monday. This was boosted by positive manufacturing data from China, the world's largest metal consumer. Also helping were a weaker US dollar and upbeat manufacturing statistics. The price of three-month copper at the London Metal Exchange was unchanged at $9.896 per metric ton during official open-outcry trades after reaching its highest level since July 24, at $9.947. LME copper is up 13% in the last year after recovering from its lowest level of $8,105 at the beginning of April. Investors were encouraged by a survey conducted by the...

Mineral Resources

Demand and interest rates are expected to boost copper by 3% per month.

On Friday, copper prices reached a five-week peak, and are on course to end August with an increase of 3%, due to expectations that U.S. rates will be cut, and on increased demand for September. The price of three-month copper at the London Metal Exchange increased 0.6% in open-outcry official trading to $9.875 per metric ton after reaching its highest level since July 25, $9.917. "Partly, it's because the dollar has weakened a little." There have also been some positive data in recent months, including the upward revision to U.S. GDP growth for the second quarter," said Dan Smith of...

Mineral Resources

Minister says that the Codelco-SQM Lithium deal will be completed before Boric's departure in 2026.

In an interview, Alvaro Garcia, the newly appointed Economy minister of Chile, said that he expects Codelco - a state-owned copper producer – and SQM - a local miner – to complete a major partnership deal with lithium before 2026 when the current administration leaves. Some presidential candidates have stated that they will review or cancel the deal if it is not completed before President Gabriel Boric leaves the office. This puts pressure on the administration to complete the crucial pillar in its pledge to increase the role of the state in lithium production. This is our immediate goal. "We...

Mining

Sibanye Stillwater reduces losses on restructuring and US production credits

Sibanye Stillwater announced a smaller first-half loss Thursday as credits from its U.S. Palladium business, and restructuring of its South African Mines partially offset large writedowns in its U.S. The Johannesburg-based mining company posted a loss for the six-month period ending June 30 of $211 millions, down from $372 million the previous year, when it booked an impairment of $407 million on its U.S. operation after cutting its palladium price forecast. The U.S. will offer credits to encourage the production of palladium and other critical minerals in the United States under the Inflation Reduction Act, which is set to be...

Mineral Resources

After Nvidia, copper prices rise on increased risk appetite

The copper price edged up on Thursday. This was supported by the weaker dollar, and an increased appetite for risky investments after Nvidia's results reassured the markets about AI boom. The benchmark three-month copper price on the London Metal Exchange rose 0.3% in open-outcry official trading to $9,789 per metric ton after falling 0.8% the previous session. LME copper has gained 11% in this year but has been stuck in a range of $9,500 to $9,900 since early July, when it failed to break through the $10,000 barrier. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen....

Mineral Resources

Harmony's profits jump on record gold prices and copper plans

Harmony Gold reported a 26% increase in its annual profit, which was largely boosted by the record high prices of gold. The company reported headline earnings per share ($1.33) for the year ending June 30, and said that a 27% rise in average gold prices along with better grades at their South African mines helped offset a drop of 5% in production. Harmony Gold reported that the company's gold production fell to 1.48million ounces during the 2025 fiscal year due to poor weather conditions and safety-related stops. The company announced a dividend per share of 1.55 rand, up from 0.94...