Russia, Pakistan Mull Energy Exploration JV
Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report."Yesterday we received a rather interesting proposal from Pakistan in the area of offshore oil and gas exploration…
RPT: How Trump's proposed tariffs could affect commodities and energy
Donald Trump, the president-elect of the United States, pledged on Monday to impose tariffs on three of its largest trading partners: Canada Mexico and China. He explained how he would implement his campaign promises which could lead to trade wars. The following commodities and energy sectors may be affected. According to government statistics, Canada will export energy products worth $177.19 billion to the United States by 2023.
What impact Trump's tariffs on commodities and energy might have
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars. Canada exported some $177.19 billion in energy products to the United States in 2023, according to government data. Canada's crude imports make up more than a fifth of all the oil that U.S. refineries process.
Palm oil is ahead of Malaysian supply-demand reports
Malaysian palm futures declined on Wednesday, reversing gains made earlier, as participants in the market awaited official data about domestic demand and supply. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 20 Ringgit or 0.47% to 4,251 Ringgit ($993.22) per metric ton. The contract rose by as much as 0.73 % in the afternoon session.
Palm oil prices rise ahead of Malaysian supply-demand report
Malaysian palm futures reversing previous losses, the market watched for official data on domestic demand and supply to provide further direction. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery was up 18 Ringgit (0.42%) to 4,289 Ringgit ($1,001.63) per metric ton. The contract dropped as much as 1,80% in an earlier session due to weaker Dalian edible oil and a stronger Ringgit.
China Opening May Spark Iron Ore Markets
In the relatively short space of the past decade the paper iron ore market has grown from virtually nothing to exceed the physical market, but now the industry is grappling with what comes next. While the growth in iron ore futures and exchanged-cleared swaps has been impressive, iron ore is still a long way behind other commodity markets, such as crude oil and some agricultural products, where paper trade exceeds physical by large multiples.
Canada Moves Crude One Truckload at a Time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's…
Oil Hits Two-week Low After China Hits U.S. Goods With Tariffs
U.S. crude inventories also likely saw build for 2nd week. Oil fell to its lowest in two weeks on Wednesday after China said it would impose tariffs on a number of U.S. goods including agricultural products, raising the prospect of a growing trade war that could impact global growth. China, the world's largest importer of raw materials, hit back at the Trump administration's plan to levy tariffs on $50 billion of its goods…
Limits of Analysis on Commitments of Traders: Kemp
Futures and options markets play an increasingly important role in pricing crude oil but little is known about the identity and behaviour of market participants or their impact on prices. The only comprehensive information on traders’ positions regularly available comes from the commitments of traders (COT) reports issued weekly by regulators and exchanges. In theory…
Top Trading Houses Weigh in at Commodities Conference
Top executives from the world's largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. "Trade policies coupled with foreign aid and sound development policy is critical. "We all have to make the case for free trade," he said, arguing that "we have to help political leaders speak to their base". MacLennan has yet to be invited to meet U.S.
Iran says extension of sanctions act shows U.S. unreliable
A U.S. Senate vote to extend the Iran Sanctions Act (ISA) for 10 years shows the world that Washington cannot be relied upon to act on its commitments, Iranian Foreign Minister Mohammad Javad Zarif said on Saturday. Iran has vowed to retaliate against the ISA extension, passed unanimously on Thursday, saying it violated last year's agreement with six major powers to curb its nuclear programme in return for lifting of international financial sanctions.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day revolving credit facility has also been refinanced for the same amount after the facility was increased from the launch amount of US$750m.
Iran's can provide Pakistan Gas "Within Months"
Iranian President Hassan Rouhani said on Saturday that Iran had completed work on its side of a much-delayed pipeline pumping natural gas to Pakistan and would be in a position to provide gas to its energy-starved neighbour in a few months. Rouhani spoke at a news conference while in Pakistan for two days of talks focused on increasing Pakistan's electricity imports from Iran…
Australia's LNG Challenge: Russell
With commodity prices slumping, the local currency slipping and manufacturing jobs disappearing, Australians are starting to question whether they've backed the wrong economic horse. The country's wealth and unbroken 24 years of economic growth have largely been built on exploiting natural resources and the happy coincidence of being close to China just as its demand for iron ore, coal and other minerals exploded.
Marex Spectron Reportedly for Sale
Marex Spectron Group Ltd is up for sale, four years after the global energy and metals broker was formed from two different entities, four sources close to the company said. The firm, which is majority-owned by private equity investment firm JRJ Group, emerged in 2011 from the merger of metals dealer Marex Financial and energy broker Spectron Group. Sources said JRJ Group has considered selling Marex Spectron for some time.
China & S. Korea Restate Opposition to Nuclear Weapon Development
Chinese President Xi Jinping with South Korean President Park Geun-hye Thursday reiterated firmly opposed to the development of nuclear weapons on the Korean Peninsula, while undertaking efforts to complete FTA negotiations before the end. Xi Jinping's visit aimed at strengthening trade and diplomatic relations between the two countries, but also intended to South Korea that China will continue to put pressure on North Korea for its nuclear program.
