Commodities & Futures News

Commodities & Futures News

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22 Aug

Oil Dips on 'Iran Fear'; Saudis Threaten OPEC Cuts to Seize Back Control

Oil Dips On 'Iran Fear'; Saudis Threaten OPEC Cuts To Seize Back Control

. By Barani -- Fear that Iran might win back its stalled nuclear deal from global powers to pave its re-entry into the export market for oil sent crude prices near six-month lows on Monday, prompting OPEC supremo Saudi Arabia to issue a thinly-veiled threat that it will slash the group’s production if the market kept tanking. “The paper and physical markets [for oil] are increasingly

22 Aug

Germany, Canada to boost energy, mineral ties as they decarbonize

Germany, Canada To Boost Energy, Mineral Ties As They Decarbonize

3/3Reuters. Germany's Chancellor Olaf Scholz and Canada's Prime Minister Justin Trudeau attend to speak to the media in Montreal, Quebec, Canada August 22, 2022. /Christinne Muschi2/3By Andreas Rinke and Steve Scherer MONTREAL -Russia's invasion of Ukraine is bringing Canada and Germany closer together, with Canada seeking to boost energy and critical mineral exports to Germany as

22 Aug

Oil pares losses after Saudi oilmin says OPEC+ has options including cuts

Oil Pares Losses After Saudi Oilmin Says OPEC+ Has Options Including Cuts

. Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. /Agustin MarcarianBy Arathy Somasekhar HOUSTON -Oil prices bounced off session lows to trade nearly flat in a volatile session on Monday, after Saudi energy minister said OPEC+ could cut production to confront market challeng

22 Aug

Oil Volatile on “Iran Fear”; Saudis Threaten OPEC Cuts to Seize Back Control

Oil Volatile On “Iran Fear”; Saudis Threaten OPEC Cuts To Seize Back Control

. By Barani -- Fear that Iran might win back its stalled nuclear deal from global powers to pave its re-entry into the export market for oil sent crude prices near six-month lows on Monday, prompting OPEC supremo Saudi Arabia to issue a thinly-veiled threat that it will slash the group’s production if the market kept tanking. “The paper and physical markets [for oil] are increasingly

22 Aug

Germany's Scholz kicks off Canada visit focused on minerals, energy

Germany's Scholz Kicks Off Canada Visit Focused On Minerals, Energy

3/3Reuters. Germany's Chancellor Olaf Scholz and Canada's Prime Minister Justin Trudeau attend to speak to the media in Montreal, Quebec, Canada August 22, 2022. /Christinne Muschi2/3By Andreas Rinke and Steve Scherer MONTREAL German Chancellor Olaf Scholz met with Canadian Prime Minister Justin Trudeau on Monday morning in his first meeting of a three-day trip focused on cultiv

22 Aug

Oil falls 2% on concerns economic slowdown may dent fuel demand

Oil Falls 2% On Concerns Economic Slowdown May Dent Fuel Demand

. Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. /Agustin MarcarianBy Arathy Somasekhar HOUSTON Oil prices fell 2% in volatile trading on Monday, ending a three-day streak of gains, on fears that aggressive U.S. interest rate hikes may lead to a global economic slowdown a

22 Aug

Oil falls 4% on concerns economic slowdown may dent fuel demand

Oil Falls 4% On Concerns Economic Slowdown May Dent Fuel Demand

. Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. /Agustin MarcarianBy Noah Browning LONDON -Oil prices fell on Monday in volatile trading, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand. B

22 Aug

Crude Oil Lower; Potential Iranian Supply in Focus

Crude Oil Lower; Potential Iranian Supply In Focus

. By Peter -- Oil prices weakened Monday on mounting concerns about a global slowdown as well as a potential increase in Iranian supply.By 08:25 ET (12:25 GMT), U.S. crude futures traded 0.4% lower at $90.08 a barrel, while the Brent contract fell 0.5% to $96.22. Both benchmarks fell about 1.5% last week on a stronger dollar and demand concerns.U.S. Gasoline RBOB Futures were down 0.7% at

22 Aug

Oil steady as tight market competes with recession fears

Oil Steady As Tight Market Competes With Recession Fears

. Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. /Agustin MarcarianBy Noah Browning LONDON Oil prices were largely steady on Monday as a relatively tight global supply picture competed with fears of a recession and a rising dollar. Brent crude futures for October settleme

22 Aug

Europe Gas Jumps as Latest Russian Cut Plans Stokes Supply Fears

Europe Gas Jumps As Latest Russian Cut Plans Stokes Supply Fears

Europe Gas Jumps as Latest Russian Cut Plans Stokes Supply Fears -- Natural gas prices in Europe extended gains as fears deepened about a prolonged supply halt with Russia planning to shut a major pipeline for works, a move that could jeopardize the region’s already struggling economy.Benchmark futures rose as much as 13%, after closing at a record high on Friday. The key Nord

22 Aug

Analysis-China no closer to peak coal despite record renewable capacity additions

Analysis-China No Closer To Peak Coal Despite Record Renewable Capacity Additions

. Imported coal is seen lifted by cranes from a coal cargo ship onto a truck at a port in Lianyungang, Jiangsu province, China July 26, 2018. /Stringer By David Stanway SHANGHAI Though China is aiming to roll out record amounts of renewable capacity this year as decarbonisation elsewhere stalls, economic challenges mean Beijing is unlikely to tackle rising coa

22 Aug

Fire at St. Croix refinery under control, firefighter injured -media

Fire At St. Croix Refinery Under Control, Firefighter Injured -media

. A fire broke out around 7 a.m. (1100 GMT) on Sunday at Port Hamilton Refining and Transportation's shuttered refinery in St. Croix, U.S. Virgin Islands, leaving one firefighter with a minor burn, local media reported. The fire broke out at the refinery within the petroleum coke conveyor loading system located outside and above the coke storage dome and is under control, the re

22 Aug

Oil slumps on fears over economic slowdown, stronger dollar

Oil Slumps On Fears Over Economic Slowdown, Stronger Dollar

. Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. /Agustin MarcarianBy Yuka Obayashi TOKYO -Oil prices slumped on Monday, ending three days of gains, as investors were concerned aggressive U.S. interest rate hikes will weaken the global economy and dent fuel demand while a s

22 Aug

Oil falls on concerns economic slowdown may dent fuel demand

Oil Falls On Concerns Economic Slowdown May Dent Fuel Demand

. Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. /Agustin MarcarianBy Yuka Obayashi TOKYO Oil prices fell on Monday, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand. Brent crude futures f

22 Aug

Gold Pressured by Fed Rate Uncertainty, China Woes hit Copper

Gold Pressured By Fed Rate Uncertainty, China Woes Hit Copper

. By Ambar Warrick -- Gold prices slipped further on Monday as uncertainty over the Federal Reserve’s path of monetary tightening persisted, while copper prices fell on more manufacturing troubles in major importer China. Spot gold prices fell 0.1% to $1,745.46 an ounce, while Gold futures dropped 0.2% to $1,759.90 an ounce by 20:33 ET (00:33 GMT). Prices had retreated last week as ha

22 Aug

Oil Prices Plummet as Iran Nuclear Deal Appears ‘Imminent’

Oil Prices Plummet As Iran Nuclear Deal Appears ‘Imminent’

. By Ambar Warrick -- Oil prices fell sharply on Monday on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation. West Texas Intermediate futures, the U.S. crude benchmark, sank over 1% to $89.39 a barrel, while London-traded Brent oil futures fell 0.5% to $95.59 a barrel by 20:01 ET (0002 GMT

21 Aug

UAE-backed Yemeni forces seize Shabwa energy sites in tussle with rivals

UAE-backed Yemeni Forces Seize Shabwa Energy Sites In Tussle With Rivals

. DUBAI Yemeni forces backed by the United Arab Emirates have seized energy facilities in Shabwa from another faction, prompting the head of the Saudi-backed presidential council on Sunday to order their withdrawal as internal rivalries beset the new body. The fate of the council is important for Saudi Arabia which is trying to strengthen an alliance against Yemen's Iran-aligned

21 Aug

Zelenskiy warns of 'ugly' Russian attack as Ukraine prepares to mark independence

Zelenskiy Warns Of 'ugly' Russian Attack As Ukraine Prepares To Mark Independence

2/2Reuters. Firefighters extinguish fires in buildings following shelling as Russia's invasion of Ukraine continues, in Mykolaiv region, Ukraine August 6, 2022 in this screengrab obtained from a social media video. State Emergency Service of Ukraine/Hando2/2By Natalia Zinets KYIV -President Volodymyr Zelenskiy urged Ukrainians to be vigilant ahead of Wednesday's celebrations

21 Aug

Zelenskiy warns of 'ugly' Russian attack as Ukraine prepares to celebrate Independence Day

Zelenskiy Warns Of 'ugly' Russian Attack As Ukraine Prepares To Celebrate Independence Day

2/2Reuters. Firefighters extinguish fires in buildings following shelling as Russia's invasion of Ukraine continues, in Mykolaiv region, Ukraine August 6, 2022 in this screengrab obtained from a social media video. State Emergency Service of Ukraine/Hando2/2 -President Volodymyr Zelenskiy on Saturday warned Ukrainians to be vigilant in the coming week as they prepare to celebr

20 Aug

New blasts in Crimea, Russian missile wounds 12 near nuclear plant

New Blasts In Crimea, Russian Missile Wounds 12 Near Nuclear Plant

2/2Reuters. Firefighters extinguish fires in buildings following shelling as Russia's invasion of Ukraine continues, in Mykolaiv region, Ukraine August 6, 2022 in this screengrab obtained from a social media video. State Emergency Service of Ukraine/Hando2/2 -New blasts resounded in the Russian-annexed Crimea peninsula on Saturday and a Russian missile hit a residential area o

20 Aug

Ukraine's Naftogaz backs Scholz's bid for Canadian LNG ahead of trip

Ukraine's Naftogaz Backs Scholz's Bid For Canadian LNG Ahead Of Trip

. German Chancellor Olaf Scholz receives Canadian Prime Minister Justin Trudeau in Berlin, Germany, March 9, 2022. /Michele Tantussi/File PhotoBy Andreas Rinke BERLIN Shortly before his two-day trip to Canada, German Chancellor Olaf Scholz received support for his interest in Canadian liquid natural gas to help replace Russian gas imports from an unexpected al

20 Aug

Russian missile wounds 12 in Ukrainian town not far from nuclear plant

Russian Missile Wounds 12 In Ukrainian Town Not Far From Nuclear Plant

2/2Reuters. Firefighters extinguish fires in buildings following shelling as Russia's invasion of Ukraine continues, in Mykolaiv region, Ukraine August 6, 2022 in this screengrab obtained from a social media video. State Emergency Service of Ukraine/Hando2/2KYIV -A Russian missile hit a residential area of a southern Ukrainian town not far from a nuclear power station on Satu

20 Aug

U.S. NHC says 70% chance of cyclone forming over southwestern Gulf of Mexico

U.S. NHC Says 70% Chance Of Cyclone Forming Over Southwestern Gulf Of Mexico

A tropical storm warning is in effect for the Gulf coast of Mexico from Boca de Catan north to the mouth of the Rio Grande river as a system over it has a 70% chance of developing into a cyclone in the next 48 hours, the U.S. National Hurricane Center (NHC) said on Saturday. The system, currently labeled a disturbance, is expected to reach the coast of northeastern Mexico late afterno

20 Aug

Russia is China's top oil supplier for 3rd mth in July- customs data

Russia Is China's Top Oil Supplier For 3rd Mth In July- Customs Data

. Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. /Aly Song/File PhotoBy Chen Aizhu Russia held its spot as China's top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and B

19 Aug

Gold Down 3% on Week as Mixed Data Raises Questions on Next Fed Move

Gold Down 3% On Week As Mixed Data Raises Questions On Next Fed Move

By Barani Gold fell almost 3% for the week as mixed data raises questions on whether the fledgling U.S. recession will deepen or the dollar will pick up steam again as the Federal Reserve weighs more outsized rate hikes.The benchmark gold futures contract on New York’s Comex, December, settled at $1,762.90 per ounce, down $8.30, or 0.5% on Friday. For the week, December gold lost almost $53,