Palm oil prices drop on firmer Ringgit
After two sessions of gains, Malaysian palm oils futures fell on Wednesday. The ringgit's strength has made the commodity costlier for buyers who hold foreign currencies. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for January delivery fell 14 ringgit (0.34%) to 4,123 Ringgit ($976.09) per metric ton. The contract has risen 0.61% over the last two sessions.
TotalEnergies and Petronas get the green light for exploration in Guyana
TotalEnergies and Petronas are oil producers who have signed an agreement for five years with the Guyana government to explore shallow-water blocks, officials and executives of both companies said on Tuesday. Guyana is struggling to diversify its industry. Its energy sector is currently dominated by an Exxon Mobil-led consortium, which controls all oil and gas production since Guyana became a producer of crude oil in 2019.
VEGOILS - Palm extends its gains on stronger Chicago Soyoil
The market for Malaysian palm oils futures continued to rise, despite weather concerns and weak November export figures. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 27 ringgit or 0.66% to 4,139 Ringgit ($979.88). According to Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari, the uptrend in Chicago Soyoil Prices is helping sustain the palm Market.
VCI, the German chemicals lobby, says that despite a weak third quarter, there is no sign of a turnaround for the sector.
VCI, the industry lobby, said that Germany's chemical sector saw a drop in production, sales, and prices during the third quarter. The industry is still under pressure due to overcapacity and high operating costs, as well as a challenging economic climate. German Chemicals Association reported that quarterly production in the chemical industry including pharmaceuticals fell by 1.5%, while producer prices dropped by 0.6%.
Analysis finds that China's CO2 emission hasn't increased in 18 months.
Carbon Brief's analysis found that China's carbon dioxide emission was flat on an annual basis in the third quarter. This extends a streak of 18 months with flat or declining emissions. Lauri Myllyvirta, of the Centre for Research on Energy and Clean Air in Helsinki, said that the trend started in March 2024 and could mean CO2 emissions will fall this year if there is no year-end spike.
Brazilian plants approved to export sorghum and distillers grains to China
The Brazilian Agriculture Ministry announced on Monday that Brazil had received approval to export dried distillers grains and sorghum to China. China has given the green light to 10 Brazilian plants for the export of sorghum. Five were also cleared to ship DDG and DDG solubles, which are used in animal feeds, to China. China is Brazil's largest soybean buyer. It has sought to diversify its animal feed ingredients as well as its sourcing…
Lukoil Declares Force Majeure in Iraq as Operations Strain Under US Sanctions
Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S.
Chevron Investor Day puts the spotlight on post Hess strategy
Portfolio managers will be interested to hear what CEO Mike Wirth has planned to reap the rewards of the Hess purchase and start a new growth phase when Chevron executives, top shareholders and the oil producer gather in New York City for its investor day on Wednesday. Wirth will be celebrating a win at the event after winning the arbitration to secure the $55 billion acquisition of the smaller oil company in July.
India plans 1.5 mln ton sugar export quota on higher domestic surplus
India will allow 1.5 million metric ton sugar exports in the upcoming season as the government and trading sources said on Monday. This is because a decrease in sugar diversion for ethanol production should leave a greater domestic surplus. Sugar futures in New York and London could be impacted by higher exports from the second largest sugar producer in the world. These futures are currently at five-year lows.
Russell: China's imports of major commodities, other than iron ore, are decreasing.
Iron ore, a commodity that has been resilient in spite of the pressure on the steel industry, was the exception to the trend. The General Administration of Customs released data on Friday showing that crude oil, natural gases, copper, and coal have all declined since September. In October, China, the largest crude oil importer in the world, had arrivals of 11,39 million barrels a day (bpd).
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Trump proposes Alaska oil sale by 2026, finalizes sale of US Gulf oil leases
It was announced on Friday that the Trump administration would hold an auction to drill oil and gas in the U.S. Gulf of Mexico next month. They have also proposed another one in a waterway located in southern Alaska. About 80 million acres will be available for lease in the U.S. Gulf of Mexico. President Donald Trump calls it the Gulf of America. The sale on December 10 will be the beginning of 30 sales that will occur in the Gulf region until 2040.
Lukoil Diverts Oil From Azerbaijan to Russia to Combat Sanctions
Russia's second-largest oil producer, Lukoil, has started diverting Caspian oil flows from the Azeri capital of Baku to the Russian port of Makhachkala to tackle Western sanctions, two industry sources said on Thursday.One of the sources said the tanker, Lady Leila, under the Russian flag is due to arrive later on Thursday to Makhachkala with a cargo of 5,000 metric tons of crude oil from Lukoil's Korchagin oilfield in the Caspian Sea.The United States and
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German Lower House passes law allowing underground carbon storage
The lower house of the German Bundestag parliament has cleared the way for underground carbon storage. It passed a law on Thursday that identifies CO2 storage and pipelines to be of "overriding interest" in order to accelerate planning and approval. This measure aims to assist Germany in achieving climate neutrality by the year 2045. It does this by enabling capture and storage for emissions that are difficult to reduce…
Sources from the Industry Ministry say that Japan will increase its LNG purchases as an emergency reserve in January.
Two sources from the industry ministry said that Japan, which is the second largest LNG importer in terms of volume, will begin buying liquefied gas on a regular monthly basis, rather than only at peak demand times, starting January. This will help to protect against supply shocks. By strengthening the Strategic Buffer LNG program, which is run by the Ministry of Economy…
METI: Sakhalin-1 vital for Japan's energy security as US sanctions Russian shareholders
Japan's Industry Ministry said on Friday that the country's energy safety is dependent on foreign projects including Russia's Sakhalin-1. This comes after new U.S. Sanctions against Rosneft, a major shareholder along with Japanese partners. Washington sanctioned Rosneft, a Russian oil company, and Lukoil last month as the latest step to get the Kremlin's attention to the Ukraine war. The U.S.
Palm oil prices fall for the fourth consecutive week due to a combination of rising stocks and softer crude
Malaysian palm futures recorded a fourth successive weekly decline on the Friday amid expectations that stocks will be higher at the end of October and a recent drop in crude oil prices. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange lost 39 ringgit or 0.94% to finish at 4,110 Ringgit ($973.01 a metric tonne). The contract dropped 2.31% in the last week.
UK stock prices set to drop by a week's end as earnings-driven losses weigh
UK stocks fell on Friday with IAG as the main drag. They were also set to record losses for a week that was packed with earnings, as well as a Bank of England rate decision. As of 1125 GMT the blue-chip FTSE 100 fell 0.8%, while midcaps lost 0.5%. IAG, the British Airways-owned company that owns travel and leisure stocks, fell 8.4%. Rightmove, Britain's largest property portal, warned that profit growth would be slower next year.