USDA: Biofuel demand will absorb more than half the US soyoil crop in 2019.
The U.S. Department of Agriculture announced on Friday that U.S. biofuel producers will consume more than 50% of the soybean oil produced here in the United States by next year. A recent flurry of federal policies has transformed the industry, including increased blending mandates as well as curbs on imports of foreign biofuels and feedstocks. In its monthly report on supply and demand…
Freeport-McMoRan is poised to benefit from Trump's tariff on copper against competitors with few options
Freeport-McMoRan's annual profit could increase by $1.6 billion if President Donald Trump’s proposed copper tariff is implemented. This benefit would be driven by Freeport-McMoRan's position as the United States' largest producer, with greater expansion options than its competitors. Freeport, based in Phoenix, is responsible for 60% of the U.S. output of copper. Since the 19th century it has developed U.S.
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430…
Oil Prices Rise as Investors Consider Market Uncertainties
Oil prices rose over 2% on Friday as investors weighed a tight short-term market against the potential surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus.Brent crude futures were up $1.68, or 2.5%, at $70.32 a barrel by 1:22 p.m. EDT (1722 GMT). U.S. West Texas Intermediate crude gained $1.83, or 2.8%…
Palm oil gains on the strength of rival oils and is set to gain for a second consecutive weekly.
The market was supported by a stronger ringgit and stronger edible oils. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 37 ringgit or 0.89% to 4,183 Ringgit ($993.42) per metric ton. The contract is up 2.98% this week. Dalian's palm oil contract, which is the most active contract, increased by 0.86%. Chicago Board of Trade Soyoil Prices fell by 0.36%.
European Commission to Propose Floating Price Cap on Russian Oil
The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel to $45 barrel in June in its 18th package of sanctions against Russia for its invasion of Ukraine.
Temasek invests $7.8 billion in Europe last year and sees new opportunities.
Singapore's Temasek state investor sees increasing investment opportunities in Europe, as trade tensions have a positive impact on the economy and make some companies more appealing in terms of valuations. A senior executive said this on Thursday. The global market volatility that followed U.S. president Donald Trump's "Liberation Day", on April 2, was a result of a trade war. Some investors have shifted their focus to European assets.
Europe looks to Nordic Space Race to reduce US dependence
Two small spaceports located in the far north of Sweden, Norway and Finland are rushing to launch the very first satellites launched from Europe. The region is looking to reduce its dependence on U.S. companies. The "America First" policies of U.S. president Donald Trump and the conflict in Ukraine has prompted Europe's independent capabilities to be boosted in many areas, including defence operations and space operations.
Palm oil prices rise for the fourth consecutive session as stronger competitors gain ground
Investors analyzed data from the Malaysia Palm Oil Board to determine whether or not they should buy futures of palm oil in Malaysia. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery was up 27 Ringgit (0.65%) to 4,184 Ringgit ($984.47) per metric ton. "Malaysian Palm Oil Futures extended modest gains. Supported by technical momentum…
Sunnova sells part of its solar panel business to Omnidian at $7 million
Sunnova Energy announced on Wednesday it had agreed to sell to Omnidian a portion its residential solar business for $7 million cash and the assumption of certain liability as part of a "stalking horse" deal. Sunnova, the U.S. residential solar panel installer, filed for bankruptcy last month as it struggled with mounting debt. The industry is also facing challenges, such as higher interest rates and reduced incentives in California.
Oil Prices Rise Alongside High Demand, Red Sea Shipping Attacks, and Lower US Production
Oil prices rose on Wednesday as investors weighed strong U.S. gasoline demand data, attacks on shipping in the Red Sea, and a forecast for lower U.S. oil production.Brent crude futures were up 38 cents, or 0.54%, to $70.53 a barrel by 1:25 p.m. EDT. U.S. West Texas Intermediate crude was up 43 cents, or 0.63%, to $68.76 a barrel.U.S. crude stocks rose while gasoline and distillate inventories fell last week…
Venture Global will supply additional LNG from CP2 to German firm
Venture Global and SEFE Energy GmbH announced on Wednesday that they would supply 0.75 million additional tonnes of liquefied gas per year to the German distributor. Venture Global announced that the LNG will be supplied by the Calcasieu Pass 2 project (CP2) for 20 years. This brings the total volume purchased of LNG by SEFE, short for Securing energy for Europe, to 3 mtpa. The United States is the largest LNG exporter in the world.
Temasek portfolio value reaches record high, says US risk has likely peaked
Singapore's Temasek, the state-owned investor in Singapore, reported on Wednesday a 11.6% increase year-on-year to S$434 Billion ($340 Billion) and that risks related to U.S. immigration policies and tariffs and fiscal tightening had probably peaked. On Monday, U.S. president Donald Trump began a new phase in his trade war by telling allies - from major suppliers…
Copper futures rise after Trump announces a 50% tariff on imported copper
The President Donald Trump announced that he would announce a 50% copper tariff on Tuesday in order to increase U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. U.S. Comex Copper Futures jumped over 12%, reaching a new record high, after Trump announced his planned tariffs. The announcement came earlier than expected and at a steeper rate.
Trump announces a 50% tariff on imported copper
The President Donald Trump announced on Tuesday that he would announce a 50% duty on copper in the afternoon, with the aim of increasing U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. Trump's decision imposed copper tariffs shocked the markets. It came earlier and at a greater rate than expected. After the announcement, U.S.
EIA: US oil production will be lower than expected in 2025 due to falling prices
Energy Information Administration's monthly report on Tuesday predicted that the U.S. would produce less oil by 2025 than originally expected, as lower oil prices have caused U.S. producers this year to reduce their activity. In its report on short-term energy forecast, the EIA stated that it expects to see 13.37 million barrels of oil per day produced by the world's biggest oil producer in 2025.
Palm firms track rival oils
The price of palm oil in Malaysia rose again on Tuesday, reaching its highest level in almost three months. This was due to the gains made by rival vegetable oils as well as a weaker currency. The benchmark palm-oil contract for September delivery at the Bursa Derivatives Exchange rose 78 ringgit or 1.92% to 4,149 Ringgit ($979.23), a metric tonne, as of closing.
The price of gas in Europe is rising on a slight increase in demand
The Dutch and British wholesale prices of gas rose slightly on Tuesday morning, due to a slight increase in demand. However, the supply remains stable. They continue to trade within a narrow range. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.09 euros to 33.20 Euro per megawatt-hour (MWh) as of 0911 GMT. The contract for the day-ahead was 0.37 euros higher, at 33.50 Euro/MWh.
Palm oil follows rival oils in higher prices
The price of Malaysian palm oils rose again on Tuesday. This was due to the weaker ringgit and gains in other vegetable oils. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 49 ringgit or 1.2% to 4,120 Ringgit ($972.62) per metric ton. A Kuala Lumpur based trader reported that the market rose on the strength of Dalian palm and Chicago soyoil.
Trump's executive order aims to end wind and solar subsidies
On Monday, U.S. president Donald Trump directed federal agencies that they should strengthen the provisions of the One Big Beautiful Bill Act which repeal or modify tax credits for solar and wind projects. In an executive directive, Trump stated that renewable energy resources are unreliable and expensive. They also displace more reliable energy sources and depend on supply chains controlled by foreigners.
