Commodities & Futures News

Commodities & Futures News

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23 Jul

Oil Longs End Week Shaken But Unscathed; Eyes on U.S. Gasoline, Covid

Oil Longs End Week Shaken But Unscathed; Eyes On U.S. Gasoline, Covid

. By Barani Oil managed to eke out a gain after starting the week with the worst tumble in 16 months, leaving longs in the market shaken but unscathed. What oil bulls need to hope for in coming weeks is that the consumption of U.S. gasoline does not let up in a significant way that will allow reports of Covid cases emerging from the Delta variant to usurp the demand narrative.New York-t

23 Jul

Snug in $1,800 Zone And Barely Moving, Gold Posts First Weekly Loss in 5

Snug In $1,800 Zone And Barely Moving, Gold Posts First Weekly Loss In 5

By Barani Gold longs, clinging by their nails to $1,800 territory, saw the yellow metal’s first weekly loss in five as it remained disconnected from expectations of steady inflation in the United States.A volatile week in risk markets which culminated in outsized gains for stocks also left safe havens such as gold sidelined.“Gold is softer as risk appetite runs wild, with the S&P 500 in

23 Jul

G20 fails to agree on climate goals in communique

G20 Fails To Agree On Climate Goals In Communique

2/2Reuters. U.S. Environmental Protection Agency Administrator Michael Regan is greeted by Italy's Ecological Transition Minister Roberto Cingolani at the start of the G20 Environment, Climate and Energy Ministers' Meeting in Naples, Italy, July 22, 2021.2/2By Gavin Jones NAPLES -Energy and environment ministers from the Group of 20 rich nations have failed to agree on the wo

23 Jul

Iran's Khamenei: do not blame people protesting over water crisis

Iran's Khamenei: Do Not Blame People Protesting Over Water Crisis

. Iranian Supreme Leader Ayatollah Ali Khamenei delivers a televised speech in Tehran, Iran, January 8, 2021. Official Khamenei Website/Handout via /File PhotoDUBAI -Iran's Supreme Leader Ayatollah Ali Khamenei said on Friday that people could not be blamed for protesting over water shortages, and called on officials to deal with the crisis. People have taken to

23 Jul

G20 ministers fail to agree on climate goals in communique -Italy

G20 Ministers Fail To Agree On Climate Goals In Communique -Italy

2/2Reuters. U.S. Environmental Protection Agency Administrator Michael Regan is greeted by Italy's Ecological Transition Minister Roberto Cingolani at the start of the G20 Environment, Climate and Energy Ministers' Meeting in Naples, Italy, July 22, 2021.2/2By Gavin Jones NAPLES -Energy and environment ministers from the Group of 20 rich nations have failed to agree on the wo

23 Jul

Iran's Khamenei: don't blame people protesting over water crisis

Iran's Khamenei: Don't Blame People Protesting Over Water Crisis

. Iranian Supreme Leader Ayatollah Ali Khamenei delivers a televised speech in Tehran, Iran, January 8, 2021. Official Khamenei Website/Handout via /File PhotoDUBAI -Iran's Supreme Leader Ayatollah Ali Khamenei said on Friday that people could not be blamed for protesting over water shortages, and called on officials to deal with the crisis. People have taken to

23 Jul

At least 112 dead in India as rains trigger floods, landslides

At Least 112 Dead In India As Rains Trigger Floods, Landslides

2/2Reuters. People use their mobile phones to take pictures of a collapsed building following rains in Mumbai, India, July 23, 2021. /Stringer 2/2By Rajendra Jadhav MUMBAI -At least 112 people have died in the western Indian state of Maharashtra, authorities said on Friday, after torrential monsoon rains caused landslides and flooded low-lying areas, cutting off hundreds of villag

23 Jul

Crude Oil Edges Lower at End of Volatile Week

Crude Oil Edges Lower At End Of Volatile Week

. By Peter Nurse    -- Crude oil prices edged down Friday, holding above $70 a barrel and only marginally lower on the week after riding out a series of negative shocks.By 10:05 AM ET (1405 GMT), U.S. crude futures traded 0.4% lower at $71.62 a barrel, while the Brent contract fell 0.4% to $73.48.U.S. Gasoline RBOB Futures were down 0.1% at $2.2715 a gallon.The crude market has been very

23 Jul

G20 loath to commit in climate meeting tussle over carbon wording

G20 Loath To Commit In Climate Meeting Tussle Over Carbon Wording

2/2Reuters. U.S. Environmental Protection Agency Administrator Michael Regan is greeted by Italy's Ecological Transition Minister Roberto Cingolani at the start of the G20 Environment, Climate and Energy Ministers' Meeting in Naples, Italy, July 22, 2021.2/2By Gavin Jones NAPLES Energy and environment ministers from the Group of 20 rich nations have yet to agree on commitme

23 Jul

Brazil’s Frost May Kill Young Coffee Trees, Hurt Crops for Years

Brazil’s Frost May Kill Young Coffee Trees, Hurt Crops For Years

. Brazil’s Frost May Kill Young Coffee Trees, Hurt Crops for Years -- The severe frost that ravaged major arabica-coffee areas in Brazil earlier this week is especially deadly for young trees, which could greater losses for farmers and hurt production for years.The death of young trees increases the likelihood that the crops even two years from now will be compromised, accordin

23 Jul

UNESCO keeps Great Barrier Reef off "in danger" list after Australian lobbying

UNESCO Keeps Great Barrier Reef Off "in Danger" List After Australian Lobbying

. Assorted reef fish swim above a staghorn coral colony as it grows on the Great Barrier Reef off the coast of Cairns, Australia October 25, 2019. /Lucas Jackson/File PhotoBy Colin Packham CANBERRA The Great Barrier Reef will not be added to a list of World Heritage Sites that are "in danger" after a UN panel on Friday agreed to defer a vote until 2022 amid in

23 Jul

At least 67 dead in India as rains trigger floods, landslides

At Least 67 Dead In India As Rains Trigger Floods, Landslides

2/2Reuters. People use their mobile phones to take pictures of a collapsed building following rains in Mumbai, India, July 23, 2021. /Stringer 2/2By Rajendra Jadhav MUMBAI At least 67 people have died in the western Indian state of Maharashtra, authorities said on Friday, after torrential monsoon rains caused landslides and flooded low-lying areas, cutting off hundreds of villag

23 Jul

Iran's Khamenei says water crisis protesters cannot be blamed

Iran's Khamenei Says Water Crisis Protesters Cannot Be Blamed

. Iranian Supreme Leader Ayatollah Ali Khamenei delivers a televised speech in Tehran, Iran, January 8, 2021. Official Khamenei Website/Handout via /File PhotoDUBAI Supreme Leader Ayatollah Ali Khamenei said on Friday that Iranians protesting over water shortages cannot be blamed, and called on officials to deal with the water problem. Street protests over wat

23 Jul

Gold Down, Retreating U.S. Bond Yields Counter Strengthening Dollar

Gold Down, Retreating U.S. Bond Yields Counter Strengthening Dollar

. By Gina – Gold was down on Friday morning in Asia, recovering from the more than one-week low hit during the previous session. Retreating U.S. bond yields and weaker-than-expected U.S. economic data also helped to counter a strengthening dollar.Gold futures inched down 0.06% to $1,804.35 by 1:09 AM ET (5:09 AM GMT), after hitting their lowest level since Jul. 12 at $1,791.16 on Thursda

23 Jul

China launches new anti-dumping probe into steel products from Japan, S.Korea and EU

China Launches New Anti-dumping Probe Into Steel Products From Japan, S.Korea And EU

. A steel worker of Germany's industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Germany's largest steel factory in Duisburg, Germany, January 28, 2019. /Wolfgang RattayBy Min Zhang and Dominique Patton BEIJING -China on Friday launched an anti-dumping investigation into grain oriented flat-rolled electrical steel imported

23 Jul

Oil Down, But Remains Above $70 Mark as Tight Market Hopes Prevail

Oil Down, But Remains Above $70 Mark As Tight Market Hopes Prevail

. By Gina – Oil was down Friday morning in Asia, but held onto the bulk of a three-day advance, as optimism that rising demand will tighten the global market prevailed.Brent oil futures were down 0.37% to $73.52 by 11:24 PM ET (3:24 AM GMT). WTI futures fell 0.38% to $71.64 and was 0.3% lower in early Asian trading after rallying more than 8% in the preceding three sessions.However, both

23 Jul

China launches fresh anti-dumping probe on steel products from Japan, South Korea and EU

China Launches Fresh Anti-dumping Probe On Steel Products From Japan, South Korea And EU

. A steel worker of Germany's industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Germany's largest steel factory in Duisburg, Germany, January 28, 2019. /Wolfgang RattayBEIJING China launched an anti-dumping investigation on grain oriented flat-rolled electrical steel imported from Japan, South Korea and the European Uni

23 Jul

Oil Holds Three-Day Advance on Outlook for Tighter Global Market

Oil Holds Three-Day Advance On Outlook For Tighter Global Market

. Oil Holds Three-Day Advance on Outlook for Tighter Global Market -- Oil held the bulk of a three-day advance to trade above $71 a barrel on optimism that rising demand will tighten the global market.West Texas Intermediate was 0.3% lower in early Asian trading after rallying more than 8% in the preceding three sessions. The run of gains means prices are little changed on the we

22 Jul

Crude Oil Higher; Covid Fears Limit Gains

Crude Oil Higher; Covid Fears Limit Gains

. By Peter Nurse    -- Crude oil prices pushed higher Thursday, trading back above $70 a barrel and helped by a broader market rally which has recently outweighed concerns about the impact on energy demand from the rise in global Covid cases.By 10:05 AM ET (1405 GMT), U.S. crude futures traded 0.4% higher at $70.58 a barrel, while the Brent contract rose 0.4% to $72.51.U.S. Gasoline RBOB

22 Jul

Preparing to bow out, Merkel too busy to think about life after office

Preparing To Bow Out, Merkel Too Busy To Think About Life After Office

. German Chancellor Angela Merkel holds her annual summer news conference in Berlin, Germany, July 22, 2021. /Hannibal Hanschke/PoolBy Madeline Chambers BERLIN Germany's Angela Merkel made clear on Thursday she would keep working on issues such as climate change till her last day as chancellor but, inscrutable as ever, gave little away about her plans once she leaves offi

22 Jul

Exclusive-China's CCPC takes centre stage in Iran, Venezuela oil trade-sources

Exclusive-China's CCPC Takes Centre Stage In Iran, Venezuela Oil Trade-sources

5/5Reuters. A crude oil tanker is docked at Isla Oil Refinery PDVSA terminal in Willemstad on the island of Curacao, February 22, 2019. /Henry Romero/File Photo2/5By Jonathan Saul, Chen Aizhu and Marianna Parraga LONDON/SINGAPORE/MEXICO CITY A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it

22 Jul

Port of Rotterdam freight volumes rise as trade recovers

Port Of Rotterdam Freight Volumes Rise As Trade Recovers

. A container terminal is seen in the port of Rotterdam, the Netherlands, March 21, 2016. /Michael Kooren/File PhotoAMSTERDAM Freight volumes in the port of Rotterdam rose 5.8% on a yearly basis in the first half of 2021, as international trade recovered from its coronavirus slump, Europe's largest sea port said on Thursday. Traffic took a big hit from COVID-1

22 Jul

Oil Down Over EIA Confirmation of U.S. Crude Build, Tight Supply Hopes Curb Losses

Oil Down Over EIA Confirmation Of U.S. Crude Build, Tight Supply Hopes Curb Losses

. By Gina – Oil was down Thursday morning in Asia, as the U.S. Energy Information Administration (EIA) confirmed a surprise build in U.S. crude oil supplies and soaring COVID-19 cases globally dampen the fuel demand outlook. However, the black liquid held on to most of its gains from the previous session over expectations that supplies will remain tight through the end of 2021.Brent oil

22 Jul

Gold Down, Near One-Week Low Over Strengthening Dollar, Increasing Risk Appetite

Gold Down, Near One-Week Low Over Strengthening Dollar, Increasing Risk Appetite

. By Gina – Gold was down on Thursday morning in Asia, remaining close to a one-week low. A strengthening dollar and increasing risk appetite as concerns over surging COVID-19 cases abated, both decreasing the yellow metal’s appeal to investors.Gold futures edged down 0.20% to $1,799.80 by 1:21 AM ET (5:21 AM GMT) after hitting its lowest level since Jul. 12 during the previous session