Glencore reduces copper target for next year, aiming at 1.6 million tonnes by 2035
Glencore cut Wednesday its copper production guidance for 2026, but stated that it hopes to reach 1.6 millions metric tons of copper by 2035 with new and restarted mining operations and streamlined processes. Gary Nagle, CEO of Glencore, said at the first investor day held in London for three years that "we have a path to surpass 1 million tonnes annual production in our base copper business by 2028".
Sources say that OPEC+ will maintain its oil production policy.
Four OPEC+ sources have said that OPEC+ is likely to leave the oil production levels unchanged during its Sunday meetings. The group has slowed down its efforts to regain market shares amid fears of a looming glut. The meeting of OPEC+ - which pumps half the world's crude oil - comes at a time when the United States is trying to broker a peace deal between Russia and Ukraine, which would increase oil supplies if sanctions against Russia were eased.
Sources say that OPEC+ will maintain its oil production policy on Sunday.
Three delegates said that OPEC+ will likely leave the oil production levels for the first three months of 2026 unchanged when it meets on Sunday. This would moderate the push to regain the market share amid fears about a looming glut of supply. Oil prices are under pressure due to the prospect of a peace agreement between Russia and Ukraine. Brent crude oil closed Friday at $63 per barrel, down 15% for the year.
German Protest on Monday is boosted by lower wind output
German power prices will likely rise on Monday due to a decline in wind power production, which is offset by a small drop in demand. LSEG data shows that the German and French baseload power contracts for Monday were not traded by 0909 GMT Friday. LSEG data shows that German wind power production is expected to drop by 3.7 gigawatts on Monday to 24.9 GW. Meanwhile, French wind power is expected to increase 3.5 GW from 10.9 GW.
EUROPE GAS - European prices stable in a new lower range
The Dutch and British contracts for gas were slightly weaker Thursday, but they remained at 18-month lows, hit earlier in the week, due to milder weather and abundant supply, as well as hopes of a Ukraine Peace Deal. However, some winter risks still remain. LSEG data shows that the benchmark Dutch front-month contract was 29.05 euros per Megawatt Hour (MWh) or $9.86/mmBtu at 0925 GMT. This is a decrease of 0.20 euros.
French prompts to be cut by more than half due to forecasted weaker demand
The French spot electricity prices fell on Friday on the back of forecasts for higher temperatures and a stronger wind supply. Germany's prices, however, were not traded but were bid lower. LSEG’s day-ahead analyses cited a lower residual load overall in Germany, which meant fewer thermal plant requirements, with some intraday variations. LSEG data indicated that the electricity demand for the day ahead will probably fall by 1.8 gigawatts to 63.4 GW in Germany…
Oil Prices Fall as Ukraine Signals Support for Peace Deal
Oil prices fell over 2% on Tuesday after Ukraine hinted that an intense diplomatic push by the U.S. administration to end Russia's war against it could be yielding fruit.An end to the war in Ukraine could pave the way for the unwinding of Western sanctions against Moscow's energy trade, potentially adding more supply at a time when prices have been battered by expectations of a glut next year.Brent crude futures fell $1.45, or 2.3%, to $61.92 a barrel by 11:19 a.m.
BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made adjustments to focus its efforts on its most profitable core businesses, while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes.
Commodities trader BB Energy lays some Houston traders off in major reorganization
Sources familiar with the situation said that BB Energy, a commodities trader, has cut over a dozen employees from its Houston office. This includes oil traders. The move is part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made changes in order to focus its efforts on its most profitable core business while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes.
Kuwait's latest tender invites bids on a new 0.5-GW Solar Project
Kuwait invited pre-qualified consortiums to submit bids for a new solar power project of 0.5 gigawatts, which aims to expand clean energy generation in the Gulf State. Kuwait Authority for Partnership Projects announced in its official gazette on Sunday that the second tender of the year will cover the Al Dibdibah Power & Al Shagaya Renewable Energy Phase III - a Zone 2 Solar Power PV Independent Power Project.
Ukraine imports US LNG from Greece to meet winter needs
The Ukraine will import U.S. liquefied gas from Greece for its winter requirements from December to March of next year. This was announced by Greek and Ukrainian officials on Sunday, during the visit to Athens of President Volodymyr Zelenskiy. Ukraine will import natural gas through a pipeline running across the Balkan Peninsula to ensure critical supplies following Russian attacks on energy infrastructures and gas production plants.
Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, 2015.
A2A, Italy's data center investment company, has increased its investment plan by $27 billion.
A2A, an Italian multi-utility company, announced on Wednesday that it has increased its projected total investments for 2024-2035 from 23 billion euros to 27 billion dollars. 1.6 billion euro of this amount is earmarked to create and manage data centres. The updated business plan, which will be presented later to analysts, increases projected investments by 1 billion euro and raises financial targets in part three of the strategy.
Datagro reduces sugar surplus forecast by 1 million tonnes on Brazil and India
Datagro, a consultancy, said that the global sugar market will have a smaller than expected surplus for 2025/26, which began in October, due mainly to production cuts made in Brazil and India. Datagro announced in a conference call with its clients that they were reducing their estimate of the global sugar surplus for 2025/26 to 1 million metric tonnes, down from 2.8 millions tons previously forecast.
Indigenous leaders from the Amazon to the Andes bring their demands to COP30
A boat with dozens of Indigenous Leaders arrived in Belem a few days before the UN's COP30 Climate Summit. They had traveled for weeks, from a glacier on the Andes mountains to Brazil's tropical coastline. They wanted to have a bigger say in the management of their territories, especially as climate change continues to escalate and other industries, such as mining, oil drilling, and logging, continue to push deeper into forests.
Indigenous leaders from the Amazon to the Andes bring their demands to the COP30
A boat with dozens of Indigenous leaders landed at Belem, Brazil, a day before the United Nations COP30 Climate Summit. They wanted to have a bigger say in the management of their territory, especially as climate change continues to escalate and more industries, such as mining, oil drilling, and logging, are pushing deeper into forests. Lucia Ixchiu said, "We are not just interested in securing money or funding," a K'iche Indigenous from Guatemala.
Copper prices continue to fall due to stronger dollar and demand concerns
The dollar strengthened on Tuesday and concerns about demand grew after the record high set last week. As of 1700 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 1.6% to $10,674 per kilogram. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that the pullback was a sign that the current fundamentals were not strong enough to support higher prices. The reversal also forced those who had been wrong-footed to give up.
Chevron explores'strategic West Africa' after Guinea Bissau offshore
Chevron wants to increase its land area in West Africa. This is a strategic part of the world for the U.S. major oil company. A senior executive revealed this on Monday, after striking an agreement to explore oil in two offshore blocks off Guinea-Bissau. The blocks are located in the Mauritania-Senegal-Gambia Bissau and Conakry basin (MSGBC), a geological area in West Africa which has…
Sources say that OPEC+ is leaning toward another small increase in oil production.
Four sources familiar with the discussions said that OPEC+ is likely to increase output modestly in December as it continues with its monthly increases aimed at regaining market share. After several years of reducing production to support the oil markets, the group that includes Russia and Saudi Arabia began to ease these curbs in April. Eight OPEC+ member countries have increased their…
Carbon Measures Global Accounting Group to Form Independent Panel
Carbon Measures will create an independent panel that will guide the work of this global carbon accounting initiative, according to its CEO. The group, which was founded a week earlier by ExxonMobil and other members such as BASF, Banco Santander and BASF, is aiming to develop a system of accounting to eliminate double counting and reward those who become more sustainable. Amy Brachio…