Andy Home: Oil shock increases risk of metalshock as EV sales increase
Oil shock from the Iran War is recharging the electric vehicle (EV) industry as high prices for gasoline and diesel stimulate the consumer demand for alternative fuels. The economics of EV sales is as important as government subsidies or green ideology. This is especially true in countries that are most vulnerable to a loss of oil supply from the Gulf. This is a huge issue for the metal and oil markets, especially those that are critical to EVs, such as nickel, lithium and copper.
Andy Home: Oil shock increases risk of metalshock as EV sales increase
Oil shock from the Iran War is recharging the market for electric vehicles (EVs) as high prices of gasoline and diesel fuel stimulate the consumer demand for alternative fuels. The economics of EVs is driving sales just as much as government subsidies or 'green' ideology. This is especially true in the countries that are most vulnerable to a loss of oil supply and gas from the Gulf. This has huge implications on the metal and oil markets, especially for key EV inputs like lithium, nickel, and copper.
Sources: US shale producer HighPeak Energy is exploring a sale
Three people with knowledge of the situation said that HighPeak Energy is exploring the possibility of selling after receiving interest from an acquisition company. The U.S. oil exploration and production firm focused on the Permian basin weighs its options. Sources say that the Fort Worth, Texas-based producer has been in contact with Evercore and Texas Capital Securities, two investment banks, to find potential buyers. They have held talks with them recently.
Clearwater Oil to be created by merger of Tamarack Valley and Headwater for $7.2 billion
The companies announced on Tuesday that Canadian oil producers Tamarack Valley?and?Headwater Exploration would merge in a deal valued at C$10 Billion ($7.25 Billion) in all-stock deals. The deal would create the largest publicly traded oil producer in Alberta, focusing on Clearwater Formation, with the core land positions across Marten Hills West, Nipisi, and Marten Hills. Tamarack will issue approximately 237,8 million shares. Tamarack shareholders own 66.5%, while Headwater shareholders hold 33.5%.
VEGOILS - Palm records weekly loss and snaps 3-week winning streak
Malaysian palm oil futures rose by more than 1% on Friday, boosted by higher soyoil and concerns?over the future production, but still recorded a weekly loss, ending its three-week streak of gains. At the close, the benchmark contract for palm oil delivery in November on the Bursa Derivatives exchange was up 74 Ringgit or 1.54% at 4,890 Ringgit ($1,206.61). The contract fell 2.55% in the last week. Palm has…
Palm rises, but is poised to end three-week winning streak
The price of 'Malaysian Palm Oil Futures' rose on Friday, despite concerns over future production and firmer soyoil. However, the contract was still?on track to end a three-week streak of gains. By?midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery was up 43 Ringgit or 0.89% at 4,859 Ringgit ($1,206.61). The contract is down 3.41% this week. David Ng is a proprietary trader with Iceberg X Sdn. Bhd. in Kuala Lumpur.
Glencore's profits from energy trading soar as Iran war escalates
Glencore made 66 times as much money from energy trading in 2026's first half than they did the year before. They are now joining other major commodity traders who have benefited from the turbulence created by the Iran War. Glencore reported $2.66 billion of adjusted first-half earnings before interest and tax (EBIT) in trading on Wednesday. This is up from only $40 million one year ago. Donald Trump, the president of the United States…
Goldman sees Brent at $80-$90 until US-Iran deal or major escalation
Goldman Sachs stated on Tuesday that it expects Brent crude oil to trade between $80-$90 a barrel until either a new nuclear agreement is confirmed or there has been a significant escalation in the conflict between Iran and the United States. The bank estimates place Brent's fair price at around $80 per barrel. This suggests that markets have only priced in a modest premium for risk despite the ongoing uncertainty about Middle East oil supply.
Egypt approves oil, gas and Perenco North Sinai Project deals
Egypt's Parliament approved four oil and gas exploration agreements and development agreements on Wednesday. This included a project in North Sinai involving the?FrancoBritish producer?Perenco. Egypt is looking to boost domestic energy production, which has been struggling to keep up with the growing demand. Regional tensions are also tightening global LNG markets. Egyptian media reported that the approvals covered?exploration activities and production in North Sinai…
Brazil temporarily increases the mandatory ethanol blend of gasoline from 30% to 32%
The Brazilian 'National Energy Policy Council', or CNPE, approved on Tuesday a temporary increase in the mandatory ethanol mix in gasoline from 30% to 32%, according to a statement released by the Ministry of Mines and Energy. The measure, which is expected to be implemented by the end June, was delayed or cancelled in recent weeks. Brazil increased the mandatory ethanol mix in gasoline from 27% to 30% in August of last year.
Exxon announces Q2 profit surge as oil prices rise.
Exxon Mobil, the U.S. oil major, said on Tuesday that it expects its second-quarter earnings to increase by about $5 billion compared to the prior quarter. This is because the price of oil spiked due the U.S. - Israel war against Iran. The company's margins for refining also improved. Investors closely monitor Exxon’s earnings snapshot to get a sense of how oil companies will perform in the second quarter.
US EIA: Global oil production to return to pre Iran war levels by the end of this year
The U.S. Energy Information Administration stated on Tuesday that global oil production?and?trade flows will fully recover by the end this year after the disruptions caused due to the Iran War. The EIA reported that the global benchmark Brent crude oil price will average $74 per barrel on the spot market in the third quarter this year. This is down from an?average of $85 in June. Last month, the agency forecast Brent prices to average more than $101 per barrel in the third quarter.
Palm demand is lagging as output pressure increases and the price of palm drops
The price of Malaysian palm oil futures was range bound on Thursday as the market awaited higher production, but export demand had not yet recovered. By midday, the benchmark 'palm oil contract' for a September delivery on the Bursa Derivatives Exchange had fallen 10 ringgit or 0.22% to 4,547 Ringgit ($1,113.91). Paramalingam Supramaniam is the director of brokerage Pelindung Bestari. She said that there was no bullish market sentiment at present…
Brent Oil Remains On Track for 8% Weekly Decline as Israel, Hezbollah Agree to Ceasefire
Brent crude ticked slightly higher on Friday but was still on track for a more than 8% weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the Strait of Hormuz increased.Brent crude futures were up 20 cents, or 0.25%, at $80.05 a barrel by 10:55 a.m. ET, while U.S. West Texas Intermediate crude was up 25 cents, or 0.33%, at $76.85 per barrel.Trading volumes were light due to a U.S.
Hormuz Oil Flows Could Take Months to Recover
A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace deal will take time, potentially several months, analysts at two banks said.Shipments through the strait, through which about a fifth of global oil supply passes, were disrupted during the Iran conflict, sending oil prices sharply higher.
US Energy Shares Fall, Crude Prices Drop as US and Iran Make Deal
U.S. energy shares fell on Monday as crude prices dropped after Washington and Tehran agreed terms to end their months-long conflict and reopen the Strait of Hormuz, a vital oil transit chokepoint.The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, which helped mediate talks between the two sides.U.S. President Donald Trump said on Sunday the Strait of Hormuz…
It will take several months for the Middle East to recover its oil and gas production
LONDON, 15 JUNE - An agreement framework between the U.S.A. and Iran to end the war and reopen Strait of Hormuz has sent oil prices plummeting as traders anticipated the return of flow. Industry officials claim that a return to the pre-war levels of production and refinement is likely to take several weeks, months or years. This article explores the major energy implications of this tentative agreement. What does the deal change?immediately? U.S.
VEGOILS-Palm inches higher on stronger exports, lower output
Malaysian palm oil futures closed higher Wednesday after falling in the previous session. This was due to a stronger export demand and a decrease in May output. The benchmark palm?contract? for August delivery at the Bursa Derivatives Exchange rose 11 ringgit or 0.24% to 4,539 Ringgit ($1,116.61), as of close. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., said that the price of crude palm oil rose due to higher export estimates…
Tengiz Field Oil Production Shrinks After Accident
Oil production at the Chevron-led Tengiz field, Kazakhstan's largest, fell sharply on May 26 as a result of an accident, two industry sources told Reuters on Friday.The first two sources said daily output at Tengiz, which had only just recovered from a previous incident, fell to between 5,000 metric tons and 10,000 tons on Tuesday, compared with the usual level of 125,000 tons or 995,000 barrels.Speaking on condition of anonymity due to the sensitivity of the situation…
Palm oil prices are little changed in advance of MPOB data
Malaysian palm oil futures were traded in a narrow range on Wednesday, with traders awaiting the monthly supply and demand data from the Malaysian Palm Oil Board. By midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 1 ringgit or 0.02% to 4,529 Ringgit ($1,115.52). David Ng is a proprietary trader with Kuala 'Lumpur-based Iceberg X Sdn. Bhd. He said that…