Trump Administration says that there are ways to increase Venezuelan oil production quickly
Trump's administration dismissed Tuesday analysts' estimates that it will?take years? to increase Venezuela's crude oil production. They said there are ways to boost the country?s oil sector quickly. The Trump administration is aiming to increase crude production from Venezuela, the South American country that has the largest oil reserves in the world. This comes after U.S.
Phillips 66 claims that two Gulf Coast refineries are capable of processing 100,000 bpd Venezuelan crude
Kevin Mitchell, Chief Financial officer of Phillips 66, said on a Tuesday conference call that the refiner can use Venezuelan crude in two U.S. Gulf 'Coast refining facilities as production increases. Mitchell, speaking at the Goldman?Sachs?Energy, CleanTech & Utilities Conference, said that its Lake Charles refinery and Sweeny refining plant in Texas can process 100…
Goldman projects oil prices to decline and sees gold at $4900 by December 2026. Copper remains the preferred industrial metal.
Goldman Sachs believes that gold prices will rise 14% by December 2026 to $4,900 an ounce in its base scenario. However, the firm warned of upside risks due to potential diversification with private investors. Goldman Sachs stated that it expected cyclical support and structurally high demand from central banks to boost the price of gold in a note where they discussed their views on commodities.
Carlyle hires Goldman Sachs to bid for Lukoil assets
Two sources familiar with the matter said that Carlyle, the U.S.-based private equity firm, has hired Goldman Sachs for its bid to acquire Lukoil's assets. The race for the Russian oil company's foreign portfolio is heating up. Carlyle and?U.S. Sources have confirmed that Exxon Mobil, Chevron and Abu Dhabi conglomerate IHC as well as Saudi Arabia's Midad Energy are interested in buying Lukoil assets.
Ceres Power shares soar on China data centre power deal
Ceres Power soared by over 23% after its British developer of clean energy technology announced a deal with the largest Chinese shareholder for powering data centres. The deal gave a boost to a stock that was already boosted by the growing interest of investors in energy companies who support the AI infrastructure building out, a theme which has led to sharp gains throughout the sector.
The major Gulf exchanges are tracking Asian shares lower due to valuation fears
The Gulf's major stock markets fell on Wednesday morning, following the Asian share market lower after a tech-led selloff overnight on Wall Street brought the focus on stretched valuations. The stock market is retreating after reaching record highs, amid fears that equity markets have become stretched. This comes as CEOs from…
Qatar sells $4 Billion in a two-part bond issue
Qatar, one of the top LNG exporters in the world, has tapped the global debt markets to raise $4 billion through a two tranche issue. This drew a large order book and allowed Qatar to get favourable prices than originally expected. Qatar sold a $1bn, three-year, bond at 15 basis over U.S. Treasuries, and a $3bn Islamic bond or sukuk with a tenor of 10 years at 20 basis over the same benchmark.
Qatar will tap the markets to sell two tranches of debt on Monday
Qatar, one the world's largest exporters of natural gas liquefied, will tap into global debt markets on Monday for a conventional and Islamic bond issue in two tranches, according to an official document. The Gulf State released early price indicators for a 3-year issue, at 45 basis point over U.S. Treasuries, and at 55 basis point over Treasuries, for a sale of 10-year Islamic bonds, or sukuk.
Wall Street Journal, October 28,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mercor, a startup which has been a key component of the ecosystem in improving top AI models finalized a funding deal for $350 million, which would value the company as $10 billion. Amazon is planning to cut as many as 30 000 employees as soon as tomorrow…
The Grasberg Mine accident reduces the global copper supply estimates
Metals analysts have cut their estimates for global copper supply for this year and the next after an incident at the giant Grasberg Mine has dramatically tightened the market outlook. Last week, copper prices reached a 15-month-high of $10 485 per metric ton after Freeport McMoRan declared Grasberg mine in force majeure and cut the sales forecast for Indonesian unit this year and by 2026.
Copper reaches 15-month high as China's smelting restrictions add to supply concerns
Copper prices reached a new 15-month-high on Thursday. This was a continuation of recent gains, as fears about supply were heightened by proposed controls on China's smelting capacities after Freeport McMoran Inc. slashed their mine production forecast for Indonesia. The benchmark three-month price of copper at the London Metal Exchange increased 0.9%, to $10431.50 per metric ton as of 0939 GMT.
Sempra Sells 45% Stake in Infrastructure Unit, Approves Port Arthur LNG Expansion
Sempra said on Tuesday it would sell a 45% stake in its infrastructure unit for $10 billion, and has approved a $14 billion expansion of Port Arthur LNG project in Texas, sending the utility's shares to their highest in nearly seven months.The stake sale to KKR, along with Canada Pension Plan Investment Board, implies an equity value of $22.2 billion for Sempra Infrastructure Partners…
Russia Warns of Cutting Oil Output Following Drone Attacks
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday.Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow's war effort in Ukraine and reduce…
Danish trader InCommodities has appointed Gunvor's Brockmeyer as its U.S. expansion manager
Rich Brockmeyer, former Gunvor executive, was appointed as the new CEO of InCommodites for North America. The group plans to increase its penetration into the U.S. gas and power market. Brockmeyer, who most recently served as the Executive Committee member of energy trader Gunvor and oversaw North American power and natural gas operations, will join InCommodities on September 2.
Insurance marketplace Accelerant and its backers raise $724 Million in US IPO
The specialty insurance market announced on Wednesday that Accelerant, along with some of its existing investors, raised $723.69 in an initial public offer (IPO) in America. The company sold 34.46 millions shares at $21 per share, along with investors including Todd Boehly’s Eldridge and Altamont Capital. Earlier, the company had targeted 28.9million shares between $18 and $20.
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…
Sources say that Macquarie's $3.6 Billion S. Korean Gas firm attracts interest from KKR and other industry players, including Brookfield,
Two sources familiar with the deal said that KKR & Co., Brookfield Asset Management and Air Liquide are all potential bidders. The deal could be worth up to $3.6 Billion. Sources said Macquarie hired Goldman Sachs to handle the sale, and they expect non-binding offers this month. They declined to name them as the information was not public.
Encino oil and gas deal worth $5.6 billion by EOG expands Utica footprint
EOG Resources, a U.S. oil-and-gas producer, announced on Friday that it will acquire Encino Acquisition Partners, a U.S. oil-and gas company, for $5.6 billion including debt to strengthen its Utica assets. The agreement signed between Canada Pension Plan Investment Board and Encino Energy gives EOG access to an additional 675…
European shares increase as Trump lowers China tariffs
After U.S. president Donald Trump exempted smartphones and computers from China's steep tariffs, a rally in technology shares helped lift European stocks on Monday. This provided markets with a breather after weeks of sharp fluctuations. STOXX 600, the pan-European index, was up 2.1% at 0824 GMT after posting its third consecutive week of losses on Friday.
Stocks of tech and bank companies plummet as China's retaliation fuels fears of a wider trade war
U.S. tech giants, banks, and oil majors all fell on Friday, after China responded to Trump's new tariffs by imposing steep duties. This heightened fears of an economic recession around the world. China has imposed additional duties of 34 percent on U.S. products, which will take effect on April 10. China also announced a ban on the export of certain rare-earths, and added a number of U.S.