Eni will launch a joint venture with Petronas Gas in 2026
Guido Brusco said that Eni's gas joint venture will be up and running by the end of next year. He is the chief operating officer for global natural resources at Eni. Both companies announced in January that they would be moving forward with the project of developing gas assets in Malaysia, Indonesia and other countries. Petronas said it could take up to two years for regulatory approval, but the exact timeline was unclear. Brusco, speaking at a London industry conference…
Italy's Minister says Eni and Argentina's YPF are progressing with the Vaca Muerta Gas Project
Eni and Argentina’s YPF have made progress in the Vaca Muerta liquefied gas project, Italy’s foreign minister announced on Tuesday. A final investment decision is expected for this initiative soon. Eni and YPF signed an agreement in June to collaborate on the development of the gas resources at the Vaca Muerta Field. Eni announced at the time that it would cover production and treatment of gas, transportation, and liquefaction through floating units with a total annual capacity of 12,000,000 metric tons.
Milei's Argentinean counterparts could face challenges if Vaca Muerta oil production slows down.
The Vaca Muerta oil field in Argentina, which is the fourth largest unconventional oil reserve in the world, has plateaued due to low oil prices and increasing costs. This slowdown could complicate Javier Milei's political agenda. The Vaca-Muerta formation, located in western Argentina, accounts for 64% the country's total oil production despite only 8% being under development. It's vital for Argentina's future economic and Milei's Government, who needs…
Palm trades at a tight range while traders wait for price outlook
Malaysian palm futures were traded in a narrow range on Friday as traders awaited top analysts' price forecasts at an industry conference later that day in India. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 8 ringgit or 0.18% to 4,431 Ringgit ($1,050.75) per metric ton. The contract has risen 0.63% this week, after two consecutive weekly declines. A Kuala Lumpur based trader reported that the palm oil market was not very active today.
Palm oil prices drop 3% after Argentina removes the export tax on soyoil
The price of palm oil futures in Malaysia fell by more than 3% after the top exporter of soyoil, Argentina, temporarily removed its export tax. This made soyoil less expensive than palm oil. After a slight rise of 0.41% in the previous session, the benchmark palm oil contract on Bursa Derivatives Malaysia Exchange for December delivery fell 162 ringgit or 3.65% to 4,281 Ringgit ($1,020.26) per metric ton at the midday break. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Glencore targets one million tons of copper production in Argentina by the end of this decade
The CEO of Glencore's Latin American operations said that the company expects to produce one million tons of copper in Argentina in 10 to 15 years. Martin Perez de Solay, Glencore Argentina's CEO, said that Argentina can supply the global market with 2,000,000 tons of copper within 10 years. Glencore submitted its applications to the government for its Large Investment Incentive Program (RIGI) in Argentina earlier this week. Perez de Solay said that the company had applied to RIGI…
Gualcamayo Gold Mine in Argentina to receive $665 Million Investment under Incentive Program
In a recent tour of the mine, executives revealed that Gualcamayo's gold mine in Argentina is planning to build a $665 million project. They hope it will qualify for a government incentive program. The Large Investment Incentive Regime (RIGI) of Argentina, under the presidency Javier Milei, has only approved two lithium mining projects. In an interview conducted earlier this month, Ricardo Martinez said that Gualcamayo had originally proposed a one-billion-dollar investment.
Harbour Energy raises its 2025 free cashflow forecast following the Wintershall Dea transaction
Harbour Energy, which focuses on the North Sea, raised its forecast for free cash flow, production and its annual production. This was boosted by a robust production, as it integrated Wintershall Dea's assets. The shares of Harbour Energy rose sharply. Harbour Energy is the largest British North Sea Oil and Gas Producer. Wintershall Dea assets in December last year, the company said that the transaction had led to a "step-change" in the size, resilience and longevity of its portfolio.
TotalEnergies sold 45% of its oil and gas blocks in Argentina to YPF at $500 million
TotalEnergies announced on Wednesday that Total Austral, its affiliate company, had agreed to sell 45% of its interest in two unconventional gas and oil blocks to YPF Argentina. TotalEnergies announced that the deal was valued at $500m. It represents 20% of TotalEnergies' acreage within Argentina's Vaca Muerta shale, which is the second largest unconventional gas reserve in the world. TotalEnergies, Argentina's biggest private operator, is responsible for about one-quarter of the gas produced in the country.
GRAINS-Chicago corn and soybeans drop due to large US crop prospects, favorable weather
Chicago soybean and corn contracts fell on Tuesday due to expectations of large U.S. crops amid favorable weather in the Midwest. By 0444 GMT the most active soybean contract on Chicago Board of Trade dropped 0.25%, to $10.09 a bushel. This was a third session of losses. Corn dropped 0.13%, to $3.93 per bushel. The U.S. Crop Belt is expected to receive timely rains and cooler temperatures this week, which will increase the expectation of bumper crops. Corn and soybean futures are under pressure. Wheat prices fell 0.05%, to $5.38 per bushel.
Argentina's YPF will launch a tender for an agro-industrial facility
Chief Executive Officer Horacio Martin said that YPF, the state-owned energy company in Argentina, plans to hold a tender for a partner from the agricultural sector to manage its agribusiness division and create a joint venture. Local media reports that the board of YPF must still approve the move. It is part a broader plan to divest assets not core and concentrate on the lucrative oil and natural gas operations the company has in the Vaca Muerta shale. He didn't name any possible partners. YPF leads the development of Vaca Muerta.
Why Tether, the crypto giant, bought a South American agriculture company
Tether, world's biggest digital assets company and crypto powerhouse, has leveraged its recent acquisition to make a strategic move for the multi-trillion dollars a year commodities trade. The company wants to integrate its stablecoin - a digital currency pegged at the U.S. Dollar that is traded on crypto exchanges - into the core markets where raw materials and commodities are bought and sold. It promises to reduce cross border payment costs from days to mere seconds.
US LNG Exports Fall in June Amidst Maintenance
U.S. liquefied natural gas exports fell to their second lowest monthly level for the year in June, as maintenance work at some of the country's largest export facilities hurt output, according to preliminary data from financial firm LSEG.The United States, the world's top exporter of LNG, sold 8.4 million metric tons of the superchilled gas during the month, down from 8.9 MT in May and well below April's record of 9.3 MT, LSEG data showed.The reduction in LNG exports was primarily due to seasonal maintenance…
GRAINS-Chicago soyabeans set to suffer second loss in a row due to favorable weather and supplies
Chicago soybean futures are poised to suffer a second weekly loss in a row on Friday due to favorable weather conditions in the U.S. Midwest, and an abundance of global supplies. As of 0226 GMT the most active soybean contract increased 0.02%, to $10.17 a bushel. However, it remained close to an 11-week-low. Midwest U.S. Midwest has experienced ideal conditions for growing corn and soybeans. Vaisala, the weather forecaster, predicts widespread rain this week. This will improve soil moisture even more.
GRAINS-Chicago Wheat slips as harvest pressure begins; soybeans to gain weekly
Chicago wheat futures retreated on Friday following a rally to cover shorts before the holiday season in the U.S. as harvest pressure in Europe and Black Sea region looms. As of 0211 GMT the most-active contract for wheat fell 0.59%, to $5.87 per bushel. However, it remains close to a four-month-high and is expected to gain weekly. Wheat gained some support during the previous trading day, as weather concerns in certain parts of the U.S.A. and Europe led speculators in those regions to cover their short positions.
Analysts say that the Vaca Muerta shale is a major factor in Argentina's move towards energy independence.
Rystad Energy analysts stated on Tuesday that the shale gas formation of Vaca Muerta in Argentina will produce a large amount of oil and gas by the first quarter 2025, which is driving the nation to achieve energy independence and its ambitious plans to become a major exporter for liquefied gas. Vaca Muerta is a huge unconventional oil reserve that Argentina needs to boost its economy and reduce costly imports. Rystad estimates show that oil production in Argentina increased by 26% on an annual basis to over 447,000 barrels a day in March.
Eni, YPF Sign Agreement On Argentina LNG Project
Italian energy group Eni and Argentina's YPF on Friday signed an agreement on the Argentina LNG (ARGLNG) project during a meeting in Rome between Italian Prime Minister Giorgia Meloni and Argentine President Javier Milei.Eni will act as a strategic partner of YPF on the Argentina LNG project and make use of the know-how it has developed in its floating LNG projects in Congo and Mozambique, the Italian group said in a statement.The Argentina LNG project is designed to develop the resources of the onshore Vaca Muerta field and serve international markets.
Palm oil prices drop on weak Chicago exchanges but export data limits losses
The price of Malaysian palm oils futures fell on Thursday after four sessions of gains. This was due to the weakness in Chicago soyoil, but strong export data helped limit losses. At closing, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange for July delivery fell 61 ringgit or 1.55% to 3,862 Ringgit ($902.34) per metric ton. AmSpec Agri Malaysia, an independent inspection company, said that the number of products shipped between April 1 and 15 increased by 14.2%, to 514 713 tonnes, from 450 657 tonnes.
Palm oil beats out weaker oils at Dalian and Chicago exchanges
After four sessions of gains on the Chicago and Dalian commodities exchanges, the price of Malaysian palm oils futures fell on Thursday. Market participants were awaiting the export data. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery had fallen 48 ringgit or 1.22% to 3,875 Ringgit ($904.74) per metric ton. A Kuala Lumpur based trader stated that "today, CPO Futures are taking a rest after the recent rally... The contract dropped, following weaker Chicago soybean oil and Dalian vegetable oils.
Argentina's YPF suffers a net loss in the first quarter
YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand during the season and lower export volumes. This loss is compared to the net profit of $657 millions in the first quarter 2024. The revenue, on the other hand, increased by 7% over a year earlier to $4.61 billion. This was due in part to higher fuel prices in local markets, but also a decline in oil exports and lower demand for diesel.