Tokyo Gas does not expect any direct impact from the conflict between Israel and Iran on LNG purchases by Tokyo Gas
Tokyo Gas, Japan's largest city gas supplier, said that the conflict between Israel and Iran has no impact on its LNG procurement. Nobuhiro Sugawara, Senior Managing Executive Officer, said on the sidelines the Japan Energy Summit that "since we do not import LNG from Qatar and UAE, our LNG acquisition is not directly affected" at this time. He said that the situation was being monitored with great interest, and noted that the rising tensions in the Middle East may cause LNG prices to rise and disrupt the global supply.
Grain prices are higher as soybeans and crude oil end the day in a positive trend; wheat is up, while corn is mixed
Chicago Board of Trade soybeans futures closed higher Tuesday. This was supported by the rising crude oil price and uncertainty over Midwest crop weather for the coming weeks. Soyoil prices also eased after a two-day sharp rally linked to stronger U.S. Biofuel Blending mandates. Analysts said that CBOT wheat reached a new high after a slow start in the U.S. harvest of winter wheat allowed speculators cover their short positions. After wheat and crude oil futures, corn prices were mostly higher.
Grain prices are up, with wheat and corn both rising.
Chicago Board of Trade soybeans futures rose on Tuesday due to rising crude oil and the uncertainty surrounding Midwest crop weather for the coming weeks. Soyoil prices fell after a two-day sharp rally linked to increased U.S. Biofuel Blending mandates. Analysts said that CBOT wheat reached a new high in a week as the slow start of U.S. winter harvest wheat allowed speculators cover their short positions. Analysts said that corn futures rose mainly after wheat and crude oil.
IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency (IEA) said that global oil demand will continue to grow until the end of the decade, despite a peak in China, the top importer, in 2027. This is because cheaper gasoline in the United States and a slower adoption rate for electric vehicles in this country support consumption. The IEA (which advises industrialised nations) did not alter its prediction that China's demand would peak earlier than 2029 due to the growth of electric vehicles.
Vitol CEO predicts slight decline in US oil production this year due lower prices
He said that the lower oil prices will lead to a slight decrease in U.S. production of oil this year. "We're starting to see an impact on production and investment with slightly lower prices." Russell Hardy, speaking at the Energy Asia Conference, said that the U.S. shale oil industry is the most obvious example. He added that the lower investment and production are not a major concern, as OPEC, and other countries have a large amount of extra capacity.
JERA Chief says company must sign new LNG contracts because old ones have expired
As older contracts expire, the head of JERA (Japan's largest power generator) said that JERA needs to sign new deals to purchase liquefied gas in order to meet Japanese demand for power. "Power demand is not decreasing in Japan now... but our contracts are going to expire one by one." We need to close the gap simply by signing new contracts," Yukio KANI, global CEO and chairman of JERA said at the Energy Asia Conference. The 2030s will still see a large LNG demand that is not covered by long term contracts.
Russian Urals Oil Prices Rise Above Western Price Cap
Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.The U.S.…
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday. Brent futures, the global benchmark, gained 2.1% and traded at $75.76 per barrel. Brent crude oil rose to its…
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
Palm gains on Chicago's crude oil and soyoil rally
Malaysian palm futures rose on Monday for the third consecutive session, following gains in Chicago soyoil, after the U.S. proposed increased biofuels blend, and supported by crude oil rally, following tensions in Middle East. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery had gained 156 Ringgit or 3.98% to 4,078 Ringgit ($961.79) per metric ton. The U.S. administration…
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost. It is also in the interest of all parties involved that this continues to be the case. Crude oil prices increased again during early Asian trade on Monday.
ADNOC consortium offers $18.7 billion to takeover Australia's Santos
Santos, an Australian oil and natural gas company, said Monday that it would support a $18,7 billion bid by an international consortium led Abu Dhabi National Oil Company (ADNOC) to acquire the company. ADNOC has, via its investment arm XRG in conjunction with Abu Dhabi Development Holding Company, Carlyle and Abu Dhabi Development Holding Company, offered $5.76 ($8.89 A$) per Santos Share, a 28% increase over the closing price of Friday for the Australian firm.
As tensions in the Middle East rise, traders are betting on oil at $80 US dollars.
The most West Texas Intermediate crude oil call options of $80 have been traded since January. Traders expect prices to rise further after Israeli airstrikes against Iran raised fears about a wider Middle East war. Call options give the holder the right to purchase a futures contract for the price and date specified. A rise in volume can be used to gauge the market sentiment. CME Group data shows that on Friday, 33,411 contracts worth $80 for WTI crude oil call options expiring in August 2025 were traded.
Wall St. drops sharply as Iran strikes back at Israel's attack
Wall Street closed sharply lower Friday, after Iran fired missiles towards Israel in response intensive Israeli strikes designed to cripple Tehran's nuclear weapons-building capability. Israel's military spokesperson said that missiles fired by Iran were the cause of the explosions and sirens heard across the country. This came after Israel attacked nuclear facilities and missile plants in Iran. Tensions escalated in the Middle East, and investor confidence was undermined.
Wall St. falls after Israel's attacks on Iran reduce risk appetite
Wall Street's major indexes dropped on Friday, after Israel hit a number of nuclear facilities and rocket factories in Iran. This escalating tensions shook the oil-rich Middle East. It also undermined global investor confidence. Israel's attack was to prevent Tehran from developing an atomic bomb, and Iran has threatened harsh retaliation. The oil prices soared by nearly 7% amid fears that the conflict in the Middle East could disrupt the crude supply. Exxon and Diamondback Energy both rose by 3.2%.
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in Middle East oil supplies.Part of the reason for the rapid spike is that spare capacity among OPEC and allies to pump more oil to offset any disruption is roughly equivalent to Iran's output…
China's crude imports in May are at a 4-mth-low amid widespread refinery repairs
Data released on Monday showed that China's crude imports in May fell to the lowest rate per day in four months as maintenance at state-owned refineries and independent refineries increased. According to the General Administration of Customs, the imports of crude oil in May totaled 46.6 million metric tonnes. This is equivalent to 10,97 million barrels a day. Volume dropped by 3% from 48.06 millions tons in April and by 0.78% compared to May 2024.
TSMC claims tariffs may have an impact on AI demand, but TSMC believes that the impact is minimal.
The U.S. Tariffs have some impact, but the demand for Artificial Intelligence (AI) is still strong and continues to exceed supply. This was stated by the CEO of Taiwanese Chipmaker TSMC on Tuesday. The trade policies of U.S. president Donald Trump have caused much uncertainty in the global chip market and TSMC. TSMC is the leading producer of advanced semiconductors, whose customers include Apple. C.C. Wei said that the tariff uncertainty has not affected the behaviour of customers.
Baker Hughes, a provider of oilfield services, sells a stake in Cactus
Baker Hughes is selling 65% of the surface pressure control division to Cactus, a maker of equipment. The oilfield services company will focus on its core business amid volatile oil price fluctuations. They said that the companies would form a joint-venture to run the business. Baker Hughes will retain a 35% share after the transaction closes. Baker Hughes is relying on portfolio refinement to increase earnings and cash flow stability as the oilfield industry struggles with low spending. Arun Jayaram, J.P.
Palm snaps its two-day winning streak as rising production and stocks weigh on it
The Malaysian palm futures market ended a two-day streak of gains on Wednesday. This was due to rising production and inventory levels, which weighed heavily on the market. However, stronger edible oils from other countries and positive export data helped limit the decline. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange fell 12 ringgit or 0.31% to 3,896 Ringgit ($913.05), a metric tonne, at the close.
