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. mining projects with decades of growth without the need of new permits.
India's Inox Clean Energy files IPO via confidential route
A newspaper advertisement revealed that India's Inox clean energy filed IPO draft documents with the country’s markets regulator on Friday via the confidential route. Mint, citing PTI news agency, reported that the offering could be worth up to 60 billion rupees. Inox Clean Energy, the latest renewable energy producer, is planning to go public. This follows NTPC Green Energy’s $1.2 billion IPO, which took place in September 2024.
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%.
Canada's New LNG Exports Have Yet to Lift Gas Prices
Last month's start-up of LNG Canada, the country's first large-scale liquefied natural gas export facility, has failed to lift Western Canadian natural gas prices as quickly as some market participants and observers expected, due to a persistent supply glut and the gradual pace of the facility's ramp-up.Shell-led Canada shipped its first cargo of 70,000 metric tons from the country's Pacific coast on June 30…
Gold Reserve, a bidder for Citgo, is happy with the refinery's management
Gold Reserve executives said that they were pleased with Citgo Petroleum management's performance on Thursday. This could be a sign of top executives staying at the Venezuelan-owned U.S. refining company if the bid of a Gold Reserve division for its parent was approved by an American federal judge. Last week, a court official overseeing an auction of shares recommended a $7.4 billion offer by Gold Reserve’s Dalinar Energy Corporation.
Venture Global to Supply Additional LNG to SEFE Energy From Calcasieu Pass 2
Venture Global will supply an additional 0.75 million tonnes per annum of liquefied natural gas to Germany-based distributor SEFE Energy GmbH, the two companies said on Wednesday.Shares of the U.S.
Ghana warns about power cuts as Eni, the Italian gas company, works to increase gas supply
The West African nation said that the Italian energy group Eni would temporarily suspend operations on Sunday at a Ghana gas plant to implement an increase in supply, which could result in power outages. Ghana, which is the second largest cocoa producer in the world, has tried to boost oil and gas production, both to increase revenue and to prevent fossil fuels becoming stranded. The energy ministry…
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. Comex Copper futures jumped over 12% to a new record high.
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. This is compared to last month's estimate of 13.42 millions bpd. The U.S.
SEC filing reveals that Venture Global is making money on LNG exports from Plaquemines plant
Venture Global has exported more LNG cargoes out of its Plaquemines facility in Louisiana, and it earned twice as much in fees as its other U.S. location. According to the SEC filing, the LNG company exported 51 cargoes of LNG from Plaquemines for a liquefaction charge of $7.09 million British thermal units per quarter (mmBtu). During the same time period, the company exported 38 LNG cargoes at an average of $2.66/mmBtu.
Exxon warns that lower gas and oil prices could affect second-quarter profits
Exxon Mobil said on Monday that lower prices for oil and gas could reduce its second-quarter profits by $1.5 billion compared to the previous quarter. The earnings snapshot of the biggest U.S. producer of oil is closely monitored for clues as to how the oil sector in general will do when companies release their quarterly results within a few short weeks. Benchmark Brent crude averaged $66.71 a barrel in the April-June quarter, a 11% decrease from the previous quarter.
Inpasa: Vibra's founder's family has invested in Vibra to achieve financial goals
Inpasa, an ethanol producer, said that on Friday a family fund connected to its founder had invested in Brazilian fuel retailer Vibra. The investment was made with purely financial goals and has no connection to Inpasa's operations. The news outlet Brazil Journal reported late on Thursday that Inpasa (which was founded in Paraguay, and is Brazil's largest corn ethanol producer) had been buying shares in Vibra. They now have a 3% share and want to increase it.
Australia's Santos signs LNG deal with QatarEnergy unit
Santos, an Australian oil and natural gas producer, announced on Friday that it had signed a long-term contract for the supply of liquefied gas with QatarEnergy Trading. This is a unit owned by QatarEnergy which is the largest LNG exporter in the world. Santos has agreed to supply 0.5million tonnes of LNG annually over a two-year period starting in 2026. In a statement, the company said that it would supply the commodity from its wide portfolio of LNG assets.
Venture Global signs 20-year LNG contract with Petronas
Venture Global Inc, a U.S. LNG exporter, announced Thursday that Petronas had agreed to purchase 1 million metric tonnes of LNG from the CP2 Project. This is its first new CP2 client in two years. Venture Global, a startup just three years ago has grown to be the second largest LNG producer in the United States and played a major role in keeping this country stable. According to a person who has knowledge of this matter…
China's Industry Ministry is set to take on the price war in the solar sector
In an effort to support the sector, China's Industry Ministry pledged to stop the disorderly low-priced competition in the photovoltaic market. Overcapacity, coupled with a price war that has lasted for a long time, have caused many of China's top solar manufacturers to suffer losses. Li Lecheng (China's Industry Ministry) said that in a meeting with representatives of solar companies and associations…
French sugar company Tereos wants to expand its power business in Brazil
An executive from Tereos, a French sugar company, said that the company plans to increase its client base in Brazil for power contract sales by tenfold over the next two years. The goal is to reach 1,000 corporate clients. Samuel Custodio is the head of power commercialisation at Tereos Brazil. He said that the growth would be driven by cross selling to existing sugar and alcohol clients, as well as to potential suppliers and partners, and acquisitions.
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Inpex Zhenhua oil and South Korea's GS Energy. They are entitled to 40% of production, which is around 2.1million barrels per day.
Protesters block the copper route in Peru used by large mines
Leaders of the protest and a source in the industry said that a protest by informal miner's in Peru has blocked parts of an important copper corridor used by MMG, Glencore, and Hudbay. Luis Huaman said that the demonstrators who blocked the road in the Chumbivilcas Province of Cusco are pressing the Peruvian government to extend the deadline for regularizing informal mining operations. Companies operating copper mines around the area…
Chile's Codelco wins new lithium quota in SQM partnership
Codelco, the state-owned copper producer in Chile, announced on Tuesday that it had received regulatory approval for an additional lithium quota. SQM is a miner. Codelco reported that Chile's nuclear regulator CCHEN had approved the extraction of 2.5 millions metric tons lithium metal equivalent (LME), from 2031-2060. If the joint venture obtains the necessary environmental permits to expand production…
