Mike Dolan: The ROI-Gulf War rattles the petrodollar Foundations
No matter what the outcome of this war is, the question for the Gulf's oil-rich economies will remain: "Is the U.S. umbrella worth the cost?" Since U.S., Israel and other countries launched attacks on Iran, on February 28, the Gulf's neighbours have been the most affected by the missiles and drones which followed. These weapons destroyed energy infrastructure and damaged economies. They also exposed the limits of a supposed U.S. umbrella.
Palm oil falls on weaker Dalian crude oil amid Mideast uncertainties
Malaysian palm oil futures dropped more than 1% Wednesday due to lower crude oil prices, declines in Dalian oils, and uncertainty about prospects of a easing in tensions in the Middle East. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery was down 63 Ringgit or 1.39% at 4,474 Ringgit ($1,132.37). The palm market was affected by the decline in crude oil and Dalian…
China's coal-chemicals sector reaps the benefits as Iran war crushes its petrochemical rivals
China's coal-to-chemicals stock has risen by up to 30% since the Iran War began, as the industry?capitalizes on its ability to?turn domestic coal into petroleum and?other chemicals without relying upon shipments through Strait of Hormuz. The rise in oil prices due to Iran's close-to-closing of the Strait of Hormuz has been a boon to the coal-to chemicals sector. This industry has its roots in Germany during World War II and is almost unique.
India's ethanol manufacturers feel the pinch
Singh claimed that despite contractual obligations, government oil companies did not purchase enough ethanol. This forced him to stop operations at his factory where he employs 600 workers. India's plan for reducing emissions and reducing oil imports is based on ethanol, a fuel produced from sugarcane or maize. State-run oil companies blend ethanol and petrol under the Ethanol Blending Programme of the Indian government.
Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.
Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran. Energy, fertilizers, and petrochemicals costs are rising as the world loses up to 20 million barrels of crude oil per day due to the Iranian closure of the Strait of Hormuz shipping chokepoint.
Australia announces $1.4 billion in support for Rio's Boyne Aluminium Smelter
Australia announced a?A$2 Billion ($1.40 Billion) over ten years to support Rio Tinto's Boyne Smelters, the country's second largest aluminium smelter. Federal Industry Minister Tim Ayres stated that the investment will be equally funded by both the federal government and Queensland's state governments. Rio Tinto will underwrite investment in energy assets. Rio Tinto…
Shell CEO warns that energy shortages could occur in Europe by the end of next month.
Shell CEO Wael Sawan warned on Tuesday that energy shortages in Europe could occur by the end of next month. Sawan added that Shell is working with governments in order to address the energy crisis. This includes storage and purchasing. Sawan said that the Middle East conflict has already impacted jet fuel supplies. Diesel and gasoline will follow as the summer driving season begins in Northern Hemisphere.
European Energy Shortages Could Be Felt By April
Energy shortages could hit Europe by next month, Shell CEO Wael Sawan said on Tuesday, adding that securing adequate energy supply was critical to national security.Countries cannot have national security without energy security, Sawan said, adding that Shell was trying to work with governments to help them address the energy crisis, including with storage and purchasing.
Palm oil falls more than 1% due to weaker competitor oils and geopolitical tensions
After a long Eid holiday, Malaysian palm oils futures ended more than 1% lower on Tuesday. Weaker edible 'oils from rival countries weighed heavily on the market. The 'Middle East war also kept traders on edge. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for June delivery fell 72 ringgit or 1.56% to 4,539 Ringgit ($1,148.24). A Kuala Lumpur based trader stated that price movements in the?Dalian Palm olein?
Lee, South Korea's Lee, calls for an energy-saving campaign that includes curbs on automobiles
The South Korean President Lee Jae Myung called on Tuesday for a nationwide energy-saving campaign due to the threat posed by the war in Iran. He said that public institutions would reduce their use of passenger cars. Kim Sung Whan, Energy Minister, told a cabinet meeting that curbs on private vehicles were for the time being voluntary but would be reviewed if energy alert levels increased.
US energy and interior secretaries met executives amid market turmoil
Energy executives gathered in Houston on Sunday to discuss everything from increasing domestic oil production to Venezuelan opportunities. This was during the worst global supply disruption due to the U.S. and Israeli war against Iran. The meeting was held over dinner on the eve of the CERAWeek energy conference where oil ministers, executives of major companies and…
Andy Home: Every missile fired against Iran burns through US tungsten stock
Israel and the U.S. have used thousands munitions in their air campaign to combat Iran. The majority, if they don't all, of these munitions contain tungsten, which is a super-hard material that allows missiles to penetrate armour and underground bunkers. The tungsten in munitions, unlike a tungsten-carbide drill bit that can be recycled is destroyed by detonation. It is gone forever.
Salzgitter CEO: Germany's Salzgitter has at least 50% of its gas hedged as the Iran war continues.
Salzgitter's CEO said that the company had hedged against rising gas prices. The group has locked in over 50% of its costs for this year and the next, as the Middle East conflict continues to have a ripple effect on the energy markets. Gunnar Grbler said after the company?released its full-year results that they were "very well hedged" in the gas market through 2026, and to a certain extent 2027.
Andy Home: Every missile fired against Iran burns through US tungsten stock
Israel and the U.S. have used thousands of munition in their air campaign to combat Iran. The majority, if not all, of these munitions contain tungsten, which is a super-hard material that allows missiles penetrate armour and underground bunkers. The tungsten in munitions, unlike a tungsten-carbide drill bit that can be recycled is destroyed by detonation. It's gone forever.
US energy and interior secretaries met executives amid market turmoil
Energy executives from the United States and Venezuela met with U.S. Energy Sec. Chris Wright, Interior Sec. Doug Burgum on Sunday in Houston to discuss everything from increasing domestic oil production?to Venezuelan opportunities. This was during the worst?supply interruption in history due to U.S. and Israeli war against Iran. The dinner meeting was held on the eve if the annual CERAWeek conference where oil ministers…
CERAWeek, the energy conference in Houston, returns as Iran's conflict shakes global energy markets
Next week, the world's top energy executives? will return to Houston as the escalating U.S. - Israeli war on Iran has turned into a nightmare for global energy markets. Unprecedented attacks?on infrastructure? and shipping disruptions have sent oil prices soaring as governments struggle to combat inflation and avoid recessions. The global oil price has risen this week to almost $120…
Oil Prices Drop 8% Ahead of Possible Middle East Peace Talks
Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S.
Energy Prices Jump After Iran Attacks Qatar LNG Plant
Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy…
Qatar Offers LNG Slots for Offloading, Storage, Regasification at Zeebrugge Terminal
QatarEnergy has offered up five slots for unloading, storage and regasification of liquefied natural gas at Belgium's Zeebrugge terminal for the month of April, three industry sources said on Wednesday, indicating its facilities could remain shut down for a longer period.Qatar, the world's second-largest exporter of LNG, announced a production halt at its 77 million ton-per-annum facility earlier this month and declared force majeure on LNG shipments becau
Saudi Red Sea Oil Exports in March Rise to 3.8 Million bpd
Saudi Arabia's crude oil loadings at its Yanbu port on the Red Sea are set to surge to a record 3.8 million barrels per day (bpd) in March, shipping data showed on Wednesday, after the U.S.-Israeli war on Iran effectively shut exports via the Strait of Hormuz.The kingdom, the world's largest oil exporter, can pump up to 7 million bpd to Yanbu through its East‑West pipeline…