EBRD aims to increase support for Ukraine Naftogaz
President of the European Bank for Reconstruction and Development said that the bank is looking to increase its support for Ukraine’s state oil and natural gas company Naftogaz after Russian attacks this month on the country’s energy infrastructure. The coordinated and large-scale Russian air strikes on Ukraine's energy infrastructure in early October forced Ukraine to suspend operations at several major gas installations.
Oil Prices Slip, Pressured Over Global Supply Glut
Oil prices fell by nearly 2% on Monday, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.Brent crude futures were down $1.06, or 1.7%, at $60.23 a barrel as of 1312 GMT, while U.S. West Texas Intermediate futures fell $1.03, or 1.8%, to $56.51.Oil traders' concerns have shifted from under-supply to over-supply, the futures contract structure…
The US and India are the new drivers of copper demand as China's juggernaut slows.
Over the next decade, copper consumption in India and the United States will overtake China as the demand for the metal in China slows. Beijing's expansion of industrial and infrastructure has fueled a rally which has seen copper prices soar to over $10,000 per metric ton, from $1500 25 years earlier. Analysts expect that other factors, such as demand and prices, will increasingly influence copper's price. Producers, consumers, traders, and investors will need to adapt to the market's many drivers.
Indian solar firms re-engineering their supply chains to avoid US tariffs
Executives report that Indian solar manufacturers are recalibrating supply chains in order to gain access to the lucrative United States markets and to offset higher tariffs. On August 27, U.S. President Donald Trump imposed tariffs up to 50 percent on the majority of exports coming from India. These are among the highest rates for any U.S. trade partner. Vikram solar, which sourced solar cells from lower-taxed countries in a Friday call with analysts…
Bolivia's runoff elections: What you should know
Bolivia will hold its presidential runoff on the 19th of October after no candidate won the first round on August 17. The first-round results were a shocking blow to the Movement to Socialism (MAS) party, who had dominated South America's politics for nearly 20 years. The fragile economy is top of mind for the voters. The once abundant natural gas exports are now in decline, the inflation rate is at an all-time high and fuel is scarce. On November 8, the new President takes office. What's at Stake?
Waaree, a leading Indian manufacturer of solar products, expands in the US despite a trade probe
Waaree Energies is India's top solar module maker and wants to expand in the largest economy of the world despite a trade investigation that's ongoing, said a company official on Friday. Customs officials in the United States are investigating whether Waaree Energies evaded tariffs by labeling Chinese-made panels and cells as being made in India. The company denies this charge. Waaree stated that the investigation is still in its early stages and it has not affected shipments.
The Colombian Sirius gas project is moving forward with consultations and nearing the contracting phase
Alcindo Moritz, Petrobras Colombia's chief, said that the project Sirius, which is being developed by Ecopetrol, a state oil company in Colombia, and Petrobras of Brazil, off its Caribbean coast, has nearly completed half of the consultations with communities who could be affected by it. In December, the companies announced that they had confirmed Colombia’s largest gas discovery ever while drilling a hole there. The South…
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow are escalating the war with attacks on energy infrastructure.Indian officials are also in Washington for trade talks, with the U.S.
McKinsey: Fossil Fuels will dominate the global energy usage beyond 2050
According to a McKinsey study, oil, coal and gas will dominate the global energy mix long after 2050. This is because the demand for electricity continues to grow faster than the transition to renewables. The continued use of fossil fuels is a major obstacle to reaching global climate targets. The report states that the main reason for the increase in electricity demand is a 20-40% projected rise from the building and industry sectors by 2050. North American data centres are seen as the major contributors.
Cinco Dias reports that Iberdrola is looking to sell 49 percent of the East Anglia Two offshore wind farm.
Cinco Dias, a newspaper in Spain, reported that Iberdrola, the Spanish utility, is looking to sell 49 percent of its East Anglia Two offshore wind farm, estimated at 5 billion euros. Reports said that the company hired Bank of America and BBVA to act as financial advisors in connection with the possible sale. A spokesperson for Iberdrola did not respond immediately to a comment request. Iberdrola is shifting its focus away…
UK Targets Lukoil, Rosneft, Shadow Fleet with Sanctions
Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under the Britain’s Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification…
Palm exports rise on the back of a strong three-session decline
The Malaysian palm futures market reversed the losses it had suffered for three sessions in a row on Wednesday as export data helped to offset concerns about high inventories and rising U.S. China trade tensions. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange climbed 13 ringgit or 0.29% to 4,474 Ringgit ($1,057.93), a metric tonne, at the close. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Palm prices slip on uncertainty about demand and high stocks
Malaysian palm futures declined for a forth consecutive session on Wednesday, due to concerns about subdued consumer demand and large inventories. Meanwhile, mounting U.S. - China trade tensions dampened sentiment. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,488 Ringgit ($1,062.75) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
BP expects higher upstream production in the third quarter, but weaker oil trade.
BP said that it expects to have a higher upstream production than last quarter, in a trading report released on Tuesday. Results are due on November 4. The company also noted BP's weak oil trading results. It had earlier guided for slightly lower output upstream than the second quarter, when it produced approximately 2.3 million barrels equivalent to oil per day. Brent crude oil averaged $69.13 a barrel in third quarter compared to $67.88 a barrel in second quarter.
VEGOILS - Palm closes 1% lower due to market caution and stock accumulation
Malaysian palm futures fell for the second session in a row on Monday due to a cautious investor mood and an expectation of increasing inventories, as increased production pressured market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 48 ringgit or 1.06% to 4,496 Ringgit ($1,064.14) per metric ton. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd.
EUROPE GAS - European prices are down on a milder outlook, but winter risks still remain
Dutch and British gas opened lower on Monday morning. The current cold snap is expected to last only a short time, but winter risks remain due to the reduced storage year-over-year and the reliance on LNG imports. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.20 euros at 31.72 Euro per Megawatt Hour (MWh), which is $10.79/mmBtu at 0804 GMT. The Dutch day-ahead contracts was down by 0.65 euros at 31.98 Euro/MWh. The British day-ahead contracts fell by 0.8 pence, to 81.20 cents per therm.
The United States has experienced a number of deadly industrial accidents this century
Officials said that multiple people died in an explosion at a military explosives facility in Tennessee on Friday. They also reported the absence of 19 other people. Here are some of the most notable industrial explosions that have occurred in the United States during this century. An explosion on the 23rd of March 2005 at a BP Refinery in Texas City in Texas City left 15 workers dead and 180 others injured. The U.S. Chemical…
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in six weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation this week, the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10 to 547. Baker Hughes reported that the total number of rigs is down 39, or 7% from this time last. Baker Hughes reported that oil rigs dropped by four this week to 418…
Sources claim that Colonial Pipeline will cut jobs.
According to two sources with knowledge of the situation and a statement from the company, The Colonial Pipeline Company informed its employees that it plans to reduce some positions this week. In response to questions about job cuts, the company stated: "We informed our employees that a recent evaluation to ensure our organization was best aligned in order to continue meeting our business strategies and priorities safely…
One of India's largest solar companies says that the US market is not worth the risk.
Saatvik Green Energy is one of India's largest solar module manufacturers by capacity. It said that it will no longer be pursuing the once promising U.S. market because it is not "worth the risks" due to the complex tariff issue. According to analysts and industry officials, the United States is India’s largest overseas market. It accounts for 90% of its module exports. Prashant P. Mathur, CEO of the company, said in a recent press conference that he wanted to focus on the domestic markets and avoid taking any risks.