Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.Rivals Shell and Norway's state-controlled Equinor are also scaling back energy transition plans set out earlier this decade.
Al Nowais, according to Italy's Maire, has bought 5% of Nextchem in order to target the Middle East
It was reported by Italy's Maire on Wednesday that Yousef Al Nowais bought a 5% share in Nextchem. This valued the subsidiary of the engineering company at $1.33 billion. Al Nowais is one of the company's shareholders and has owned a stake of 4.73% for more than 10 years. He paid 62.5 millions euros for 5% in Nextchem which provides technology solutions for companies working on energy transition. The move was made to boost Nextchem's service in the Middle East.
Commodities Weigh Trump Win, Tariff Threats
Commodities reacted with trepidation to the election of Donald Trump to a second term as U.S. President, with most losing ground over fears the global economy will be hit by a new tariff war.The downbeat reaction was in stark contrast to U.S. equities, which surged to record highs amid optimism that Trump's agenda of lower taxes will boost growth, at least in the United States.The contrasting response to Trump's victory over Democrat nominee and now outgoing U.S.
Vitol CEO flags supply uncertainties as he predicts oil prices of $70-$80/bbl by 2025
Russell Hardy, the CEO of Vitol - the world's biggest independent oil trader - said that global oil prices will remain in the $70 - $80 range per barrel in 2025. Geopolitical risk creates uncertainty about supply. The world oil price has been capped due to concerns over a reversal of OPEC+'s supply cuts by 2025, and China’s slow oil demand growth despite the risks of disruption in Middle East supply. He said that the market was driven by a concern over the balances of 2025.
COP29: Which are the main issues at the UN Climate Summit in Baku
The U.N. Climate Summit COP29, which will take place in Baku on November 15th, has been called the "climate financing COP" because its main goal is to decide how much money each year should be allocated to help developing countries deal with climate-related expenses. This discussion may be difficult following the reelection of Donald Trump as former U.S. president on Tuesday. A climate denier, Trump's campaign promised to remove the United States from the historic 2015 Paris Agreement for fighting climate change a second.
Commodities fall amid increased risks of Trump's second-term: Russell
Commodities have reacted to Donald Trump's election to a second U.S. term with fear, and most are losing ground due to fears that a new trade war will hit the global economy. The negative reaction contrasted sharply with the record-breaking performance of U.S. stocks, which rose to new highs amid optimism about Trump's tax cut agenda, at least for the United States. The contrasting reaction to Trump's win over Democrat nominee, and now departing U.S.
Oil hedging activity reaches record levels in October as traders take on market risks
Oil futures and option trading reached record levels during October as investors sought to hedge against the growing uncertainty caused by the ongoing war in the Middle East, and an upcoming bearish supply and demand forecast for 2025. This led to big swings in oil prices. By locking in an oil price, hedging can protect producers from market volatility and reduce their risk. This can give traders the opportunity to make money during volatile times.
Vestas operating profit for the third quarter is below forecast
Vestas is the largest wind turbine manufacturer in the world. On Tuesday, it reported lower-than expected third-quarter profits and stated that its operating profit margin for this year will be at the lower end. In its earnings report, the company said that the higher costs in Europe, Middle East, and Africa (EMEA), and the United States were the main reasons for the lower margin. Operating profit before special item rose from 70 million euros a year ago to 235 millions euros…
Fugro is confident that it will achieve its revenue growth target of 2024 as the wind and LNG markets stabilize.
The CEO of Dutch geological data specialist Fugro said that the company is confident in meeting its target of mid-single-digit revenue growth for full-year, as it anticipates the wind energy and LNG market to stabilize after next week's U.S. elections. Fugro shares fell up to 21.3% Friday, after the company announced a 21% drop in revenue for the Americas due to the postponement offshore wind, carbon storage & storage and liquefied gas projects in the United States. These sectors receive geological data from the company.
Palm prices rise on higher soyoil and crude oil prices; second week of gains expected
Malaysian palm futures rose more than 2% Friday on the back of higher soyoil, crude oil and positive estimates for domestic exports. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 134 Ringgit or 2.85% to 4,830 Ringgit ($1,103.24). The contract has gained 3.53% this week, and is expected to gain a second consecutive weekly. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the palm market was reacting to higher soyoil prices and crude oil.
ConocoPhillips beats Q3 profits on higher production and share buyback
ConocoPhillips surpassed Wall Street's estimates for the third quarter profit on Thursday, as the Texas oil and gas company reaped benefits from higher production. Its shares rose 2.6% to $105.5 at premarket trading. The volatility of commodity prices has been a major topic in recent months. This is due to several factors, including the escalating conflict between the United States and the Middle East. Other factors include the weak demand in China, the rate decisions made by the U.S. Federal Reserve, and OPEC's actions.
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
Vopak lowers its profit forecast for 2024 on the basis of sustained demand
Vopak, a Dutch tank storage company, raised its core profit forecast for 2024 on Wednesday following the release of its third-quarter results that were slightly better than analysts' expectations. The Rotterdam based company now expects earnings before interest, taxes, depreciation, and amortization (EBITDA), in 2024, to be between 930 and 950 millions euros, up from a previous guideline of 920 and 950 millions euros. Vopak raised its EBITDA targets for 2024 in July for the second consecutive year…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
EUROPE GAS-Prices stable amid mildly warmer temperatures and high inventories
The Dutch and British wholesale price were not much different on Tuesday morning despite temperatures above normal for this time of the year and high levels of storage. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.13 euros at 42.50 Euro per megawatt hour, or $13.48/mmbtu by 1007 GMT. The front-month contract on the British market fell 0.53 pence, to 106.88 cents per therm. The British day-ahead contracts rose 0.45 pence to 107.15p/therm.
Palm gains due to low inventories and expectations of low output
The price of Malaysian palm oil futures increased on Tuesday due to expectations that palm production will be reduced and inventories will decrease. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 20 ringgit or 0.44% to 4,549 Ringgit ($1,041.44) per metric ton. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the palm oil futures are higher because of expectations for weaker output and lower stocks in the country.
Prices of EUROPE Gas are lower as Middle East Risk Premiums recede
Dutch and British wholesale prices of gas fell on Monday, as the market reduced its Middle East premium following Israel's weekend retaliation attack against Iran and forecasts for milder weather. LSEG data shows that the benchmark front-month gas contract at Dutch TTF hub dropped by 1.25 Euros to 42.25 Euros per megawatt hour by 0915 GMT. The front-month contract in the British market fell 2.75 pence, to 107.25 p/therm. And the day-ahead was down by 1.75 pence.
Source: Energean has loaded a new oil unit on a vessel off Israel
LONDON, October 25 - Energean added a second unit of oil production to a production vessel that is floating off Israel. This will boost the crude production by as much as two-thirds over the next few months, according to an industry source. Recent days, the M10 oil train modules was lifted onto the Energean Power floating storage and offloading vessel (FPSO), which produces primarily natural gas for the Israeli domestic market from the Karish Field.
Palm prices fall as India avoids premium prices but still has the best week for 16 months.
Malaysian palm futures ended lower on Friday, but still recorded its highest weekly gain since more than 16-months, as India pulled away from buying amid an increasing premium over soft oils. Fund positions are largely driving the current prices. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery fell 70 ringgit or 1.52% to 4,533 Ringgit per metric ton. The contract ended a winning streak of four sessions on that day, but posted a gain for the week of 6.53%.
Palm prices fall as India rejects premium prices and funds drive the market
Malaysian palm futures declined on Friday, but were still on track to have their best week in over 16 months. India pulled back from purchasing due to a growing premium for soft oils. Fund positions are driving the current prices. During the midday break, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in January fell 16 ringgit or 0.35% to 4,587 Ringgit per metric ton. The contract is on track to achieve its largest weekly gain since June 2023.
