Western Europe

HSBC reduced its Brent crude forecast on Tuesday. It cited rising trade tensions as well as an expected decrease in global oil consumption. The Bank cut its Brent Price Forecast to $68.5 per barrel in 2025, and $65 for 2026. The company also reduced its forecast for global demand growth in 2025 to 0.7 million barrels per day (mbd), and to 0.8 mbd in 2026, compared to the previous 0.9 mbd. This was due to an expected one-percentage point drop in global GDP. The ambiguous U.S. policy on trade has created uncertainty in the global oil market and prompted the...

Microsoft announced on Tuesday that it had signed a contract in Louisiana for a project which would remove 6,75 million metric tonnes of carbon dioxide within 15 years. Microsoft claims this is the largest permanent carbon removal project ever undertaken. Microsoft's greenhouse gases emissions last year were 29.1% more than the 2020 levels due to a growing demand for energy in artificial intelligence applications. It reported greenhouse gas emission of 17.2 millions tons annually at the end 2023. AtmosClear, a company that specializes in carbon capture, is developing a bioenergy project at the Port of Greater Baton Rouge. The project...

The government has said that the energy regulator in Britain is expected to announce major grid connection reforms on Tuesday to encourage investment in clean energy projects and infrastructure. It said that under the current system, "zombie projects" can cause a delay in the connection queue, leaving businesses to wait up to 15 years for a connection. The zombie project is a speculative plan that, while it may not be feasible due to lack of land rights or funding, still holds a spot in the queue. Ofgem is expected to confirm changes that will allow industries to connect faster, including...

According to the chairman the Saudi Arabian Automobile and Motorcycle Federation, after sponsoring and hosting a Grand Prix, Saudi Arabia could own a Formula One Team. Prince Khalid bin Sultan Al-Abdullah Al-Faisal, in a video conference with reporters ahead of the race this weekend in Jeddah, said that there was interest. He said: "It's possible, and it might happen soon. "If you're going to buy an F1 team, people will do it for the money. Especially if one of PIF's (Saudi Public Investment Funds) companies is going to purchase it. "We are seeing Formula One reaching new markets and sales...

After securing fuel, Britain announced on Tuesday that it would be able to keep its last steel blast furnaces running for the next few months. This is the latest move in the last-ditch effort by the government to save the domestic virgin steel industry. After passing emergency laws to take control of the site, in northeastern England, from Chinese owners Jingye Group on Saturday, the government has been in a race to find enough coking coal to keep the furnaces operating. The furnaces were losing over 700,000 pounds (922,950.00 dollars) per day. They needed to be continually fueled, could not...

Donald Trump stated on Monday that he believes Iran intentionally delays a deal on a nuke with the United States. He also said Iran must give up any efforts to develop a nuclear weapon, or else face a possible strike on Tehran's nuclear facilities. Trump said to reporters that he believes the Iranians are using us as pawns. He made this statement after U.S. Special Envoy Steve Witkoff had met with a senior Iranian government official in Oman, on Saturday. Iran and the United States both said that they had "positive" and constructive" talks in Oman. The second round of...

By Sheila Dang BP, a UK-based oil company, announced on Monday that it had made a discovery of oil in the Far South Field in the U.S. Gulf of Mexico. The exploration well was located in Green Canyon Block 584, about 120 miles from the coast of Louisiana. The company stated in a release that both the original well and the sidetrack found oil. Preliminary data indicated a potential commercial volume of gas and oil. BP announced a radical shift in strategy in February, reducing planned investments in renewable energy to refocus its efforts on oil and natural gas production....

Wood Group announced on Monday that Dubai's Sidara had made a conditional offer for the British oilfield engineering and services firm. The proposal included 35 pence per share and an injection of up to $450 million in cash. Wood Group resumed discussions with Sidara in February, after the company had repeatedly rejected its approaches. Sidara had withdrawn their acquisition plans due to increased geopolitical risk and uncertainty on financial markets last year. Sidara’s latest offer values Wood Group at approximately 242 million pounds. This comes just before the deadline of April 17, when the Dubai-based engineering firm and consulting company...

Two BP shareholders have said that they plan to vote against Helge Lind's reelection to the board of directors, following the shift from renewables to fossil fuels. Legal and General, BP's seventh largest shareholder, expressed its "deep concern" over the decision made by BP in February to shift away from renewable energy and towards oil and gas. According to LSEG, L&G is Britain's largest asset manager. It owns a 1.05% share in the company. Dutch asset manager Robeco said that it also plans to vote against BP’s chairman and chair of the Safety and Sustainability Committee, citing a reason similar...

Sudan informed the International Court of Justice that the United Arab Emirates violated the Genocide Convention on Thursday by supporting paramilitary groups in Darfur. The UAE, however, argued that the case should not be heard as the court lacks jurisdiction. Sudan requested that the judges issue an emergency order to prevent the attacks of the paramilitary Rapid Support Forces (RSF) and other Arab militias in West Darfur in 2023, which were documented by. The United Arab Emirates are complicit in the genocide of the Masalit, according to Sudan's acting Justice Minister, Muawia osman. The UAE have repeatedly dismissed Sudan's case...

The European Commission projected that the European Union would install a record-breaking amount of renewable energy this year. However, some sectors warned that government funding could hinder this growth. According to projections from the Commission, EU countries will add 89 gigawatts in renewable energy capacity by 2025. This includes 70GW solar and 19GW wind. These projections are based upon industry data. This would be an annual record for both solar and wind. In 2024, the EU will have installed new wind and solar capacity of 12.9GW. The EU needs to accelerate the roll-out renewable energy to achieve its climate goals...

Ofgem, the British energy regulator, said that it did not think an electricity transmission project by National Grid Electricity Transmission & SP Energy Networks qualified to be exempted from penalties related delays. A joint venture between National Grid units and Iberdrola, a Spanish company, had asked for a 480 day exemption from penalties in relation to delays in the completion of the Eastern Green Link 1 due to global supply-chain issues and capacity shortages. The project includes subsea cables and underground cables that link Scotland with north-east England. It is an important part of Britain’s goal to decarbonise the electricity...

Gold reached a new record high on Wednesday, as the weakening dollar, trade tensions and worries about global economic growth fueled demand for safe haven assets. As of 0648 GMT, spot gold increased 1.9%, to $3,287.79 per ounce. Earlier in the session, it reached an all-time peak of $3.294.99 per kilogram. U.S. Gold Futures rose by nearly 2%, to $3304.20. Tim Waterer, chief market analyst at KCM Trade, said that a confluence factors like dollar depreciation as well as risk aversion were working in favor of gold. Gold is more attractive to other currency holders as the dollar index has...

After three sessions of gains, copper prices fell on Tuesday due to uncertainty over tariffs imposed by U.S. president Donald Trump and their impact on the global economy. By 1000 GMT, the London Metal Exchange's (LME) three-month contract for copper was down by 0.3% to $9,163 per metric tonne. The contract reached its highest level in the previous session since April 4. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. Trump suggested on Monday that he may grant exemptions to auto-related tariffs in place. The market may be starting to see through Trump's bluff. He won't...

The price of gold rose on Tuesday, despite the uncertainty surrounding President Donald Trump's proposed tariffs and their effect on the global economic climate. As of 0245 GMT, spot gold rose 0.4%, to $3,221.70 per ounce. Bullion reached a record-high of $3,245.42 Monday. U.S. Gold Futures increased 0.4% to $3237.60. "Gold continued to firm today... due to ongoing investor demand for defensive assets in order to mitigate portfolio volatility, as the U.S. appears to be setting up for more tariffs," IG Market Strategist Yeap JunRong said. Federal Register filings from Monday show that the U.S. has begun an investigation into...

Copper prices rose on Monday, as the risk sentiment improved with some exemptions to U.S. duties and expectations that China, a major metals consumer, would introduce more stimulus measures. The benchmark three-month copper price on the London Metal Exchange rose by 1% at 1013 GMT to $9,246 per metric ton after reaching $9,271.5, its highest level since April 4. Copper has risen 14% from a low of $8105 per ton, which was reached a few weeks ago when the tariff spat between the U.S., and China, two of the largest economies in the world, increased fears about global economic growth....

The copper price in London reached a record high of more than a week on Monday as a weaker dollar and the easing of fears about a possible trade war between China and the United States boosted market sentiment. As of 0213 GMT, the benchmark three-month copper price on London Metal Exchange was up 0.5% to $9,199 per metric tonne. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 1.9%, to 76190 yuan per ton ($10,434.84). The dollar index dropped 0.6% versus its competitors. The dollar is weaker, making commodities priced in greenbacks cheaper for buyers of other...

The dollar's weakness helped copper and other base metals finish the week in London, but gains were limited by the possibility of a trade war between the U.S. The benchmark three-month copper price on the London Metal Exchange was up 2.0% at $9,166.50 per metric ton as of 1622 GMT. Metal used in construction and power is up 4.5% after reaching a low of $8.105 per ton, a level not seen for a month on Monday. The tariff war between the two world's largest economies fueled fears about a global recession. Beijing raised its tariffs against U.S. goods to 125%,...

After recalling parliament, Britain began the process of nationalising British Steel. The move was intended to preserve the country's ability to make steel and save jobs. British Steel, owned and operated by China's Jingye Group employs 3500 people in its Scunthorpe facility, with more working throughout the supply chain. It has You can also read about the warnings below. It could close its two blast-furnaces, which lose 700,000 pounds (914,760 dollars) per day, by June. The output of the Scunthorpe plant is used by the rail network, as well as the automotive and construction industries. The Scunthorpe Plant is the...

Base metals traded in London mixed on Friday, and headed to a weekly increase after U.S. president Donald Trump decided temporarily lower the heavy duties for dozens countries and the dollar weakened. As of 0352 GMT, the benchmark three-month Copper on the London Metal Exchange lost 0.1% and was $8,976 per ton. This week, it has gained 2.3%. The Shanghai Futures Exchange's (SHFE) most traded copper contract rose by 0.9%, to $74,590 ($10197.97) a metric ton. The price has fallen 5.8% since Thursday's closing of 79.190 yuan a ton. SHFE was closed for a holiday on April 4. Dollar fell...

Gold broke the $3,200/oz key level for the very first time on Friday to reach a new high. This was fueled by the weakening dollar and the escalating global trade war, which sent investors running towards safe-haven assets. As of 0230 GMT, spot gold was up 1.3% to $3,216.48 per ounce. Bullion reached a record high of $3,219.73 in the early session, up over 5% on the week. U.S. Gold Futures rose 1.9% to $3236.00. The rapid depreciation of the U.S. Dollar seems to be driving gold's recovery at this time. This seems to be a reflection of an ongoing...

Center for Automotive Research's new analysis shows that the 25% auto tariffs Donald Trump imposed on automakers in the U.S. at the beginning of April will result in an increase in costs of $108 billion by 2025. The study released by Ann Arbor, Michigan based organization on Thursday found that Detroit automakers Ford Motor, General Motors, and Stellantis (maker of Jeeps and RAM trucks) will face increased costs of approximately $42 billion. The study revealed that the Detroit Three would face tariffs on parts imported on average of almost $5,000 per car manufactured in the U.S. and on average $8,600...

Parks Tau, Minister of Trade, Industry, and Competition, said that South Africa may offer additional incentives to carmakers to cushion the impact on automakers from President Donald Trump’s tariffs. Tau told radio station Power FM that they were currently looking at the possibility of extending the production plan for the automotive industry to be able mitigate the impact on our industry. We're modelling the potential package for the auto industry, but we are also looking at other sectors to see if it is possible within the limits of the country. The Automotive Production and Development Programme (APDP) is a programme...

S ingapore-headquartered real estate investment manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told . One of the sources said that the firm, which is backed by the global real estate manager CapitaLand Investment is working with advisors to purchase the London-based Jiangsu Shagang Group. The matter is a private one, so both sources requested anonymity. The people cautioned that the talks are still ongoing and will depend on market conditions. The first person who spoke said that the transaction could be valued between $4...