Commodities & Futures News

Commodities & Futures News

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30 Sep

Chilean government sees $74 billion dollars in mining investments over a decade

Chilean Government Sees $74 Billion Dollars In Mining Investments Over A Decade

By Fabian Cambero SANTIAGO Chile expects $74 billion in mining investment in the next decade, driven mainly by the copper industry, the country´s top exporter, state copper agency Cochilco, said on Wednesday. The roster of investments includes sprawling projects from such top global miners as Antofagasta Plc (L:ANTO), Lundin Mining Corp (TO:

30 Sep

Canada's Lundin seeks mediation to stave off strike at Candelaria mine in Chile

Canada's Lundin Seeks Mediation To Stave Off Strike At Candelaria Mine In Chile

By Fabian Cambero SANTIAGO Canada's Lundin Mining (OTC:LUNMF), owner of the Candelaria mine in Chile, has requested government mediation in a last-ditch effort to stave off a strike by one of its unions after failing to reach a contract deal, the company said on Wednesday. The mine's union of 350 members rejected the company's latest most recent

30 Sep

France urges parts review after Airbus A380 engine blowout

France Urges Parts Review After Airbus A380 Engine Blowout

By Tim Hepher and Laurence Frost PARIS French investigators have called for a review of the design and maintenance of titanium alloy engine parts to ensure they guard against the risks of metal fatigue following an engine blowout on an Airbus (PA:AIR) A380 exactly three years ago. France's BEA agency made the recommendation in a final report int

30 Sep

U.S. Crude Stocks Dip; Focus Still on Covid

U.S. Crude Stocks Dip; Focus Still On Covid

. -- U.S. crude stockpiles fell by 2 million barrels last week, defying trade expectations for a build, data released by the Energy Information Administration showed Wednesday.Analysts tracked by had expected a build of 1.57 million barrels. Eight of the previous nine weeks had seen drawdowns in inventories.Traders have been watching the weekly inventory trends fo

30 Sep

OPEC September oil output rises for third month on Libya restart, Iran

OPEC September Oil Output Rises For Third Month On Libya Restart, Iran

2/2Reuters. A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture 2/2 By Alex Lawler LONDON OPEC oil output has risen for a third month in September, a survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-

30 Sep

Libya’s Oil Crescent Gets Back to Business as Sarir Field Opens

Libya’s Oil Crescent Gets Back To Business As Sarir Field Opens

. Libya’s Oil Crescent Gets Back to Business as Sarir Field Opens -- Libya’s oil industry continued its revival this week following a truce between the main factions in the OPEC member’s devastating civil war.The Sarir field opened on Tuesday, according to its operator, Arabian Gulf Oil Co. Production is just 30,000 barrels a day for now. But with a

30 Sep

Factbox: How strongly can Libya's oil rebound?

Factbox: How Strongly Can Libya's Oil Rebound?

. A general view of pipelines at the Zueitina oil terminal in Zueitina, west of Benghazi CAIRO A blockade on Libya's oil facilities has been partially lifted, allowing a gradual reopening of some ports and fields, but obstacles and uncertainties complicate a full recovery. WHY WAS LIBYA'S OIL BLOCKADED? The blockade on most of Libya's oilfiel

30 Sep

Second tanker carrying Iranian fuel reaches Venezuelan waters -data

Second Tanker Carrying Iranian Fuel Reaches Venezuelan Waters -data

. The second of a group of three Iranian tankers entered Venezuelan waters on Wednesday, carrying fuel for the gasoline-starved nation, which is struggling under a collapsing oil industry and U.S. sanctions that have crippled imports and exports.The Iran-flagged vessel Fortune reached Venezuela's exclusive economic zone at 1:45 a.m. local time (0545 GMT)

30 Sep

U.S. Crude Oil Stockpiles  Down 2 Mln Barrels  :EIA

U.S. Crude Oil Stockpiles Down 2 Mln Barrels :EIA

. -- Oil stockpiles fell by 2 million barrels last week, defying trade expectations for a build, according to government data released Wednesday.Analysts tracked by had expected a build of 1.57 million barrels. Eight of the previous nine weeks had seen drawdowns in inventories.Traders have been watching the weekly inventory trends for signs that demand was pickin

30 Sep

U.S. crude, distillate stocks down in most recent week: EIA

U.S. Crude, Distillate Stocks Down In Most Recent Week: EIA

. Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S. crude stocks and distillate inventories fell while gasoline inventories rose, the Energy Information Administration said on Wednesday.     Crude inventories fell by 2

30 Sep

Oil prices to see little upside as virus threat looms large: Reuters poll

Oil Prices To See Little Upside As Virus Threat Looms Large: Reuters Poll

. A 3d printed oil pump jack is seen in front of displayed stock graph and "COVID-19" words in this illustration picture By Anjishnu Mondal and Eileen Soreng Oil prices will stay near current levels this year as rising novel coronavirus cases threaten to slow the pace of demand recovery and counter output curbs by top producers, a poll showed on W

30 Sep

U.S. pipeline companies hit by weak demand offer enticements to keep shippers

U.S. Pipeline Companies Hit By Weak Demand Offer Enticements To Keep Shippers

. Some of the 27 oil tankers anchored viewed by helicopter off shore from Long Beach By Devika Krishna Kumar and Arathy S Nair NEW YORK U.S. pipeline companies are sweetening terms in a competition to keep producers using their lines as the industry downturn caused by the coronavirus pandemic means there is less oil to transport. The pandemic has ended a

30 Sep

Westinghouse signs expanded Ukraine nuclear fuel deal

Westinghouse Signs Expanded Ukraine Nuclear Fuel Deal

. The logo of Westinghouse Electric Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in Villepinte KYIV Westinghouse Electric Co has signed an expanded nuclear fuel deal to supply Ukraine's reactors, the company said on Wednesday. It currently supplies six of 15 Ukraine's VVER-1000 reactors wit

30 Sep

In Pennsylvania coal country, miners forgive Trump for failed revival

In Pennsylvania Coal Country, Miners Forgive Trump For Failed Revival

2/2Reuters. In U.S. coal country, workers forgive Trump for failed revival 2/2 By Dane Rhys and Timothy Gardner HEGINS, Pa Rick Bender, who owns a coal processing plant in Hegins, Pennsylvania, voted for Republican Donald Trump in 2016, in part because of his promise to revive the industry from a decade-long decline. The revival never

30 Sep

Warning of damage from Brexit tariffs, UK car industry says it should be prioritised

Warning Of Damage From Brexit Tariffs, UK Car Industry Says It Should Be Prioritised

. A Mini car is seen with a Union flag and European Union flag design on its bonnet in London LONDON Britain's car industry body said on Wednesday the sector should be prioritised in Brexit negotiations and warned of the damaging effect of tariffs after the BBC said some automotive exports could attract tariffs even with a trade deal. The Unit

30 Sep

Shell to cut up to 9,000 jobs in low-carbon transition

Shell To Cut Up To 9,000 Jobs In Low-carbon Transition

2/2Reuters. Ben van Beurden, CEO of Royal Dutch Shell, speaks during a news conference in Rio de Janeiro 2/2 By Ron Bousso LONDON Royal Dutch Shell (LON:RDSa) announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy. S

30 Sep

ArcelorMittal commits to becoming carbon neutral by 2050

ArcelorMittal Commits To Becoming Carbon Neutral By 2050

BRUSSELS ArcelorMittal (LU:MT), the world's largest steelmaker, committed on Wednesday to being carbon neutral by 2050, although it said a level playing field with green border adjustments and abundant, affordable clean energy would be required to get there. The company, which makes around 5% of the world's steel, said last year it aimed to reduc

30 Sep

Gold Down Over Weak Dollar, U.S. Stimulus Optimism

Gold Down Over Weak Dollar, U.S. Stimulus Optimism

. By Gina – Gold was down on Wednesday morning over a strengthening dollar and cautious optimism over the latest U.S. stimulus measures.Gold Futures were down 0.33% at $1,897 by 1:21 AM ET (5:21 AM GMT), reversing the 1-week high seen on Tuesday. The dollar inched up and  stocks, which usually move inversely to the yellow metal, were mostly up during Wednesday

30 Sep

Oil Slumps on COVID Fears, Oversupply, U.S. Elections

Oil Slumps On COVID Fears, Oversupply, U.S. Elections

. By Adam – Oil was down on Wednesday morning in Asia, continuing major overnight losses. Oversupply fears were the main driver of the fall, with U.S. refineries beginning to shed labor.Brent oil futures slid 1.13% to $41.09 by 11:29 AM ET (3:29 AM GMT) and WTI futures were down 0.94% to $38.92.Heavy falls in the previous trading session continued to drag on the

30 Sep

Oil extends losses as rising COVID-19 cases fuel demand concerns

Oil Extends Losses As Rising COVID-19 Cases Fuel Demand Concerns

. Paul Putnam, 53, a rancher and independent contract pumper walks past a pump jack in Loving County By Aaron Sheldrick TOKYO Oil prices extended losses on Wednesday on worries that rising coronavirus cases heading into the northern winter would lead to further restrictions on activity and curb demand for fuel. Brent crude dropped 48 cents, or 1.2%, to $4

30 Sep

Oil Holds Below $40 as Concerns About Demand Recovery Increase

Oil Holds Below $40 As Concerns About Demand Recovery Increase

. Oil Holds Below $40 as Concerns About Demand Recovery Increase -- Oil held below $40 a barrel on rising concerns that it will be some time before there’s a meaningful recovery in demand.U.S. benchmark crude futures fell 0.6% after dropping 3.2% on Tuesday. Global demand won’t meaningfully recover for at least 18 months, according to the heads of the

30 Sep

Gasoline Trouncing Diesel in Asia Amid Uneven Demand Recovery

Gasoline Trouncing Diesel In Asia Amid Uneven Demand Recovery

. Gasoline Trouncing Diesel in Asia Amid Uneven Demand Recovery -- Asian gasoline has surged to a record premium to diesel as the use of private vehicles rise while public transport and industrial activity remain sluggish, highlighting the uneven demand recovery from Covid-19.After a brief slump in early September, motor fuel prices have rebounded amid si

30 Sep

Oil Falls on Growing Chorus of Warnings About Demand Recovery

Oil Falls On Growing Chorus Of Warnings About Demand Recovery

. A pump jack operates near Stratford, Texas, U.S., on Saturday, Sept. 26, 2020. After all the trauma the U.S. oil industry has been through this year -- from production cuts to mass layoffs and a string of bankruptcies -- many producers say they’re still prioritizing output over reducing debt. Photographer: Angus Mordant/ -- Oil plunged to it

30 Sep

Oil drops second day as surging coronavirus cases prompt demand worries

Oil Drops Second Day As Surging Coronavirus Cases Prompt Demand Worries

TOKYO Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens. Brent crude (LCOc1) dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate (CLc1) fell 26 cents, or 0.7%, to $39.29. The benchmarks fell mor

29 Sep

Oil Inventories Fell by 831,000 Barrels Last Week: API

Oil Inventories Fell By 831,000 Barrels Last Week: API

. By Yasin U.S. oil stockpiles fell last week, but worries remain that oil demand will likely fade amid signs of increasing Covid-19 cases in the U.S. and abroad.U.S. crude inventories fell by 831,000 barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 691,000 barrels the previous week.Crude Oil WTI