EUROPE GAS - Prices range amid geopolitical risks and strong inventories
The Dutch and British wholesale prices of gas were not much changed on Wednesday. They traded in a narrow range amid high storage inventories, mild weather and geopolitical tensions. LSEG data revealed that the benchmark front-month contract for the Dutch TTF hub remained flat at 38.60 Euros per Megawatt Hour (MWh), which is $12.60 per mmBtu at 09:00 GMT. The contract for December increased by 0.15 euro to 39.40 Euro/MWh. The British front-month contract fell 0.83 pence to 96.35 pence per therm.
Palm oil prices rise ahead of Malaysian supply-demand report
Malaysian palm futures reversing previous losses, the market watched for official data on domestic demand and supply to provide further direction. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery was up 18 Ringgit (0.42%) to 4,289 Ringgit ($1,001.63) per metric ton. The contract dropped as much as 1,80% in an earlier session due to weaker Dalian edible oil and a stronger Ringgit.
Gas prices in Europe are falling, but the geopolitical risks remain
The Dutch and British wholesale gas price fell on Tuesday due to increased wind power and a steady Norwegian supply. However, geopolitical tensions continued to support the prices, which are now near their highest level this year. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 1.29 euros to 39.61 euros per Megawatt Hour (MWh) at 0834 GMT. The British front-month price fell 0.99 pence to 99.85 pence, while the British day-ahead was 2.75 pence less at 97.25 p/therm.
Grid operators claim that Britain will have enough energy this winter to meet the needs of its citizens
The UK's electricity and Gas Grid Operators expect enough supplies this winter with more power imported and domestic production available than last season and high gas storage in Europe, said they on Tuesday. National Gas and Britain's National Energy System Operator, (NESO), publish annual reports on the supply and demand for the upcoming winter to assist businesses and governments in preparing. Craig Dyke is the director of system operations for NESO. NESO's base case for the de-rated margin is 5.2 gigawatts for winter 2024/25.
Oil Minister: India ready to handle any oil shortages caused by Middle East conflict
Hardeep Singh Puri, the oil minister of India, said that India would be able navigate any potential disruption to its oil supply from a possible expansion of the Middle East conflict. India, which is the third largest oil consumer and importer in the world, imports 85% of their daily oil requirements of over 5 million barrels. A large part of this oil comes from Middle East producers. Brent oil is now nearing $80 per barrel due to concerns about a larger Middle East conflict.
Palm reverses losses due to higher crude oil prices
Malaysian palm futures recovered from early losses and ended higher for the second session in a row on Monday, due to higher crude oil price. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange ended the session with a gain of 1.05%, ending the day at 4,345 Ringgit ($1,015.66) per metric ton. Earlier in the morning it had fallen as low as 4,247 Ringgit. The contract gained 3.87% in the last two sessions.
Spanish energy and Water Utility Cox raises $329 Million via share listing
Cox Energy, a Spanish water and energy utility, announced on Monday that it plans to raise $300 million ($329 millions) by selling new shares via an initial public offer on the Madrid Stock Exchange. The IPO funds will allow Cox to continue expanding after last year it acquired Spanish engineering group Abengoa which had heavily borrowed to fund a aggressive expansion of clean energy. Enrique Riquelme, Cox chairman, said that…
Palm oil falls on Chicago soyoil
Malaysian palm futures fell on Monday. They mirrored losses in the Chicago market for soyoil, but the weaker ringgit tempered the decline. During the midday break, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange fell 14 ringgit or 0.33% to 4,286 Ringgit ($1,003.28) per metric ton. The contract has seen three weeks of gains in a row. A Kuala Lumpur-based broker said that the Malaysian palm futures market has taken a break after a strong rally on Friday. Chicago Board of Trade soyoil was down by 1.43%.
Infinity Natural, a company that produces oil and natgas, files for an IPO in the US
Infinity Natural Resources, an oil and natural gas developer, is planning to launch its initial public offering (IPO) in the United States. This comes after the company nearly doubled its revenue during the first half year. Infinity, backed by investment firms Pearl Energy Investments (PEI) and NGP Capital (NGP Capital), will seek to list at the NYSE. The filing was made just days after the shares of BKV, a natural gas producer, began trading. Infinity will enter the public markets in a strong financial position.
Palm surges due to Middle East conflict and records the highest weekly gain since 16 months
Malaysian palm futures ended higher on Friday and posted a weekly gain, driven by an intensifying conflict in the Middle East. The benchmark palm-oil contract for December delivery at the Bursa Derivatives Exchange in Malaysia rose by 123 ringgit or 2.94% to 4,305 Ringgit ($1,021.35) per metric ton. The contract recorded a weekly increase of 6.27%. This is the highest gain since June 2023. A Mumbai-based trader at a global trading house stated that the palm oil market has been experiencing a bullish run.
Palm oil prices rise amid escalating conflict in the Middle East, making it the best week for 16 months
Malaysian palm futures were up on Friday due to a growing conflict in the Middle East. They are on course for their biggest weekly gain since 2023. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery rose by 88 ringgit or 2.1% to 4,270 Ringgit ($1,009.93). This week, the contract has gained 5.41%. A Mumbai-based trader at a global trading house stated that the palm oil market has been experiencing a bullish run.
VEGOILS - Palm slides on profit-taking, Chicago soyoil
The price of Malaysian palm oils futures fell on Thursday as profit-taking and a weakening Chicago soyoil contract affected the market. The benchmark palm-oil contract for December delivery at Bursa Malaysia's Derivatives exchange fell 14 ringgit or 0.33% to 4,182 Ringgit ($991.47) per metric ton. Malaysian palm futures fell due to profit-taking activities following the recent gains made in the previous session. This was said by David Ng, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Gas prices in Europe are falling, but the Middle East premium is still there
The Dutch and British wholesale prices of gas fell on Thursday morning, but they remain close to their highest levels in a week as fears persist about disruptions in gas production in the Middle East due to the intensifying conflict in that region. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.20 euro at 38.47 Euros per Megawatt Hour (MWh), which is $12.45 mmBtu at 0850 GMT. The British equivalent fell by 0.10 pence to 96.30 pence a therm.
VEGOILS - Palm falls, Chicago soyoil losses and profit-taking
Malaysian palm futures declined on Thursday as investors booked profit and the Chicago soyoil contracts weakness added to the decline. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 38 ringgit or 0.91% to 4,158 Ringgit ($987.18) per metric ton. After a jump of more than 4% Wednesday, the contract lost 1.14% overnight. Malaysian palm futures fell today as traders took profits after yesterday's gains…
S&P 500 closes near flat; more data on jobs is awaited. Middle East in focus
S&P 500 closed little changed Wednesday. Technology shares gained, but investors were nervous about Middle East tensions. Also, more U.S. employment data is due this week. Nvidia shares are up, which helped lift the S&P 500 Technology index. Nike shares fell after the athletic apparel and footwear maker retracted its annual revenue projection just before a new CEO was set to take over. Investors monitored Mideast headlines after Israel and the U.S. pledged to strike back following Iran's attack on Israel on Tuesday.
OPEC+ panel doubles down on compliance with output policy
The top OPEC+ Ministers met to keep the oil production policy unchanged, including a plan for a gradual increase in output starting from December. They also stressed that some members must make additional cuts to compensate for excessive output. On Wednesday, a number of ministers of the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, led by Russia, met online in a joint ministerial monitor committee (JMMC).
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92.
VEGOILS - Palm oil rises by more than 4%, the biggest increase in over a month on higher oil and soyoil
The price of crude oil and Chicago soyoil drove the increase in Malaysian palm oils futures by more than 4%. At the close of the day, the benchmark palm oil contract on Bursa Derivatives Malaysia Exchange for December delivery rose by 190 ringgit or 4.74% to 4,196 ringgit (1,006.72) per metric tonne, the highest gain recorded since July 3, 2023. The contract rose by 4.79%, reaching an intraday high of 4198 ringgit per metric ton in the first session. The contract also rose 5.03% in two consecutive sessions.
As tensions in the Middle East escalate, futures prices fall; employment data is on tap
U.S. Stock Index Futures fell on Wednesday, as geopolitical tensions and a port strike in the United States kept investors on edge before data that was expected to shed some light on the state of the economy and its monetary policy trajectory. Wall Street's major indexes started the fourth quarter of the year with a gloomy outlook. The S&P 500, and Nasdaq touched lows that were about two weeks old in the previous session as investors…
EUROPE GAS-Prices edge lower amid strong supply
The Dutch and British gas wholesale prices fell on Wednesday morning, despite a stable supply. Profit-taking and escalating Middle East tensions also contributed to the decline. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.38 euros at 39.0 euros per megawatt (MWh) or $12.66 mmBtu at 0842 GMT. The contract for the day-ahead was down by 0.10 euros at 38.78 euro/MWh. The day-ahead contract in the British market was 1.5 pence less at 93.00 cents per therm.
