Palm oil reaches almost a three-week high due to strong soyoil
Supported by higher soyoil, Malaysian palm oil prices rose for the fifth straight session to close at their highest level in nearly three weeks. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange rose 17 ringgit (0.4%) to 4,226 Ringgit ($1,018.80). Paramalingam Supramaniam said that the contract increased in line with the soybean oil price, but worries about the November demand, and the strength of ringgit, capped gains. Supramaniam stated that the upper limit will be maintained until more information is available about the November demand…
Demand concerns and a stronger ringgit counteract a firmer soyoil, which keeps palm steady.
The price of Malaysian palm oils futures was little changed on Tuesday, despite a strengthening soyoil and concerns about demand. At the midday break, the benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 10 ringgit or 0.24% to 4,219 Ringgit ($1,017.61). The contract has rallied over the last four sessions. Paramalingam Supramaniam said that the contract increased in line with the soybean oil price, but worries about the November demand, and the strength of ringgit, capped gains.
COP30: Brazil seeks biofuel boom, but critics query climate impact
Timothy Searchinger is a senior research scholar from Princeton University. He said that when land produces fuel instead of food someone else will have to clear more land or eat less. Biofuels are counted at zero, so countries believe that they have cut emissions. He said that in reality, the pressure is shifted onto food and land systems. India has already shown signs of this pressure. It has increased the percentage ethanol in petrol, and saved $12 billion on oil imports over the last decade. It has also led to the destruction of engines and arable land.
Palmetto set to decline for fifth week on weak November demand and elevated stocks
Malaysian palm futures fell on Friday. The market is now poised to experience a fifth consecutive weekly decline due to the weak demand for palm oil in November. A stronger ringgit, along with the expectation of higher inventories, are all contributing factors. By midday, the benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange had lost 22 ringgit or 0.53% to 4,103 Ringgit ($971.35) per metric ton. The contract has lost 0.15% this week. The market is under pressure due to the combination of a stronger ringgit and lower November demand.
Palmetto closes slightly higher, despite increasing production and India demand concerns
Malaysian palm futures ended Thursday on a higher note, despite increasing production expectations and concerns about demand from India, the country's largest buyer. At the close, the benchmark contract for palm oil delivery in January on Bursa Derivatives Exchange rose by 2 ringgits, or 0.05%. It was 4,126 ringgits ($976.80), per metric ton. The contract dropped 0.31% during the previous session. Anilkumar bagani, head of research at Mumbai-based Sunvin Group and vegetable oil broker, said that the palm oil price was further impacted by a sell-off of crude oil and a stronger ringgit.
Russell: China's imports of major commodities, other than iron ore, are decreasing.
Iron ore, despite steel's signs of pressure, bucking this trend and restraining imports in China. 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 of crude oil per day. This was the third consecutive monthly decrease and down from 11,50 million bpd. Most likely, the easing of oil imports is a reflection on the higher global prices at the time that October cargoes were arranged.
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). This was the third consecutive monthly decrease and down from 11,50 million bpd. Most likely, the easing of oil imports is a reflection on the higher global prices at the time that October cargoes were arranged.
EU pools companies' requests to buy more non Russian gas
In the coming weeks the European Union will begin pooling the demand for gas from European companies, said its energy commissioner, as it attempts to accelerate its efforts to phase-out Russian energy. The EU is currently negotiating proposals that would ban all Russian gas and oil imports by the end of January 2028. Last week, sanctions were adopted to ban Russian gas liquefied earlier, in January 2027. This will force countries that still receive Russian gas to terminate their contracts and find alternative suppliers.
Indian refiners pause new Russian oil orders, await clarity, sources say
Sources told Reuters on Tuesday that Indian refiners had not placed any new orders to purchase Russian oil since the sanctions were implemented, because they awaited clarification from both the government and their suppliers. Sources who declined to be identified because they were not authorized to speak with the media said that some refiners use the spot market to meet their crude needs. Sources claim that Indian Oil, a state-run company, has published a tender to purchase oil. Meanwhile Reliance Industries increased its purchases on spot markets.
Next week, Orban will meet with Trump to discuss oil sanctions
Peter Szijjarto, the Foreign Minister of Hungary, said that Viktor Orban would discuss U.S. Sanctions on Russian Oil Companies and other topics when he meets Donald Trump next week in Washington. Trump, an ally of Hungary's leader, has imposed sanctions against Russia for the very first time during his second term. He targeted Rosneft and Lukoil, in order to press Moscow into a ceasefire agreement in Ukraine. Trump's decision has raised questions for Hungary, Slovakia and other European Union countries that are the largest buyers of Russian crude oil.
EUROPE GAS-European gas prices rangebound amid softer demand
Gas prices in the Netherlands and Britain traded within a narrow range Tuesday morning as temperatures remained stable and heating demand was lower. The supply of LNG and Liquefied Natural Gas (LNG), as well as that from Norway, remained stable. LSEG data shows that the benchmark Dutch front-month contract was up 0.10 euros at 31.65 Euro per Megawatt Hour (MWh), which is $10.78/mmBtu at 0934 GMT. The Dutch day-ahead contracts was up by 0.23 euros at 31.71 Euro/MWh. The British gas front-month contract dropped 0.05 pence, to 79.05 p/therm.
German wind downturn boosts spot prices
The European immediate prices were lifted on Tuesday by the expectation of a sharp decline in German wind energy generation. This will turn the country into an importer the next day. The German signal is positive. LSEG analyst Xiulan Xiulan said that wind supply has decreased significantly. He also cited rising German demand. LSEG data shows that the French baseload price for the day was 69 euros ($80.47 per megawatt-hour (MWh) as of 0740 GMT. This is a 39.4% increase. The German day-ahead range was 119-124 Euros/MWh, with a closing price of 63.3 Euros.
Minister of Industry: Japan will act in its national interest regarding Russian energy
When asked on Tuesday about Russian energy imports, Japan's trade minister Yoji Muto responded that the country would act in its own national interest while maintaining close coordination and cooperation with the international community. Scott Bessent, U.S. Treasury secretary, said that he had told Japanese Finance Minister Katsunobu Kato last week that the Trump Administration expects Japan will stop importing Russian Energy. U.S. president Donald Trump will visit Asia in the second half of this month.
EU agrees to end Russian gas imports gradually by January 1, 2020
The Council of the European Union reported that the EU energy ministers backed on Monday the proposal to eliminate Russian gas and oil imports into the EU by January 2028. At a meeting held in Luxembourg, the ministers approved plans that would gradually phase out all new Russian gas import agreements from January 2026. Existing short-term agreements will be terminated in June 2026 and long-term arrangements in January 2028. The law has not been finalized. The final rules must be negotiated between the EU countries and the European Parliament.
Sources say that Western pressure will affect Asian purchases of Russian oil in December.
U.S.-European pressure on Asian buyers could limit India's oil purchases from December. This would lead to cheaper supplies in China. However, Japan is unlikely to stop its Sakhalin LNG shipments at this time, according to trade sources and analysts. Washington has been exerting pressure through trade negotiations on China, India, and Japan to reduce their purchases Russian oil and LNG. Meanwhile, Britain just imposed sanctions against Chinese and Indian entities. The European Union may impose more sanctions. Western nations claim that Moscow uses its energy revenue to fund the Ukraine conflict.
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow are escalating the war with attacks on energy infrastructure.Indian officials are also in Washington for trade talks, with the U.S.
Turkey Maintains Russian Oil Imports in October
Turkey is set to maintain its imports of Russian Urals crude oil in October at around 280,000 barrels per day (bpd), unchanged from September, according to LSEG shipping data and market sources.October exports to Turkey may even surpass September's volume as additional cargoes are confirmed later in the month, reflecting Turkey’s continued demand for Russian barrels, two sources involved in Russian oil trade said.U.S. President Donald Trump has been increasing pressure on major Russian oil buyers…
Spain's gas infrastructure is ready for a faster Russian LNG ban. CEO of the company says
Enagas, the Spanish gas grid operator, is prepared to ban Russian Liquefied Natural Gas by 2027 in case the EU moves up its phase-out date to this date. This was stated by Arturo Gonzalo, CEO of Enagas. The EU is currently negotiating legal proposals that will end Russian gas and oil imports in January 2028. Sanctions would also ban Russian LNG one year earlier. This is part of Brussels' efforts to deny the Kremlin revenue to fund its Ukraine war. Gonzalo stated in an interview that he thought a ban on Russian LNG by 2027 was feasible from an infrastructure perspective.
US Sanctions on Iranian Oil Target Sinopec
The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month.The move follows China's decision to tighten controls on rare earth exports and…
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news, government reports, and company websites, state oil companies like Sinopec and CNOOC are planning on adding at least 169,000,000 barrels in storage over 11 sites between 2025 and 2026. Sources indicate that 37 million barrels have been built.