Palm prices fall for the third consecutive session due to poor demand in key markets
The price of palm oil in Malaysia fell for the third consecutive session on Tuesday due to weak demand from major destination markets. At the close, the benchmark contract of Bursa Malaysia's Derivatives exchange fell 34 ringgit (0.71%) to 4,724 Ringgit ($1,058.01) per metric ton. Anilkumar bagani, the commodity research director at Mumbai-based Sunvin Group, stated that futures were under pressure due to lower overnight Chicago Soyoil Futures and lack fresh demand from destinations markets…
Spot prices fall on forecast of strong wind supply
The European spot electricity prices fell on Wednesday as the wind supply is expected to increase throughout the region and demand to fall in France due to warmer temperatures. LSEG data show that the German baseload day-ahead power dropped 38.2% at 0923 GMT to 57.75 Euros per Megawatt Hour (MWh). LSEG data shows that the equivalent French contract is down by 40.5%, at 59.5 Euro/MWh. According to LSEG analyst Francisco Gaspar Machado, the outlook for Wednesday is negative due to an increased supply of wind power in Germany.
Palm prices fall on weaker demand for exports and Chicago soyoil.
Malaysian palm futures fell on Wednesday due to a weaker Chicago soyoil price and sluggish demand for exports. Investors are awaiting cargo surveyor data in order to determine the direction of prices. By midday, the benchmark palm oil contract on Bursa Derivatives Malaysia Exchange for February delivery had fallen 33 ringgit or 0.67% to 4,891 Ringgit ($1,094.92) per metric ton. The contract gained 0.51% during the last session.
German spot prices fall on the back of a wind forecast, while French prices increase on demand
On Thursday, the European spot electricity prices were mixed. Germany's fell on expectations of increased wind power generation, while French prices rose due to projected higher consumption. The LSEG report also identified the increased solar power and brown coal generation as factors affecting market. German baseload power fell 35.4% to 114.8 euros (123.50 dollars) per megawatt-hour (MWh) by 1035 GMT. This is down from the five-month-highs reached this week. The French equivalent contract increased by 4.3% to 109 euros/MWh.
Coterra Energy misses its profit forecast as oil and gas prices fall
Coterra Energy, a U.S. oil-and-gas producer, missed Wall Street's expectations for the third quarter profit on Thursday because of lower commodity prices. The benchmark natural gas price remained low for most of the third quarter due to high storage levels and weak demand. Energy Information Administration (EIA) expects U.S. Gas Production to Decline in 2024 for the First Time Since 2020 as Producers like Coterra reduced their output following prices that reached multi-decade Lows.
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.
Palm oil prices fall due to mix-trading in rival oils
Malaysian palm futures fell on Thursday, after a previous session that saw them rise. This was due to mixed trading of rival oils. The benchmark contract for palm oil delivery in January on Bursa Derivatives Exchange dropped 34 ringgit or 0.79% to 4,277 Ringgit ($993.03), a metric tonne, at the close. On Wednesday, the contract rose by 0.91%. A Kuala Lumpur based trader said that the closing market today did not reach its morning high due to mixed trading in rival oilseeds.
Palm extends its loss due to rival oil weakness
The price of Malaysian palm oils futures continued to fall on Tuesday. This was due to the weakness in other oils, but strong export data helped limit losses. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 38 ringgit or 0.88% to 4,275 Ringgit ($993.26) per metric ton. David Ng said that the market was being impacted by the overnight decline in Chicago soyoil prices and the lower Dalian palm olein, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
BP warns that weak margins in refining will hit Q3 profits
BP has said that a decline in the refining margins will reduce its third quarter profit by $400 to 600 million dollars compared to the previous three-month period. In a press release, the British group said that it also expects its oil trading results to be poor. Oil refineries around the world are experiencing a decline in profits that is at a multi-year low. This marks a downward turn for an industry which had seen a surge in returns following the pandemic. It also highlights the global slowdown.
Shell's refining margins in the third quarter drop dramatically
Shell said that its refining profits fell sharply from the previous quarter to the third due to a slump in global demand. Its oil product trading earnings were also down, the company added. Shell's trading update, released ahead of its quarter-end results on October 31, revealed that its refining margins had fallen by almost 30% in the three months leading up to the end September. They were $7.7 per barrel the previous period.
As tensions in the Middle East escalate, futures prices fall; employment data is on tap
U.S. Stock Index Futures fell on Wednesday, as geopolitical tensions and a port strike in the United States kept investors on edge before data that was expected to shed some light on the state of the economy and its monetary policy trajectory. Wall Street's major indexes started the fourth quarter of the year with a gloomy outlook. The S&P 500, and Nasdaq touched lows that were about two weeks old in the previous session…
Toronto stock prices fall before Powell's Fed comments
Canada's main index of stocks fell on Monday as mining stocks were hurt. Investors awaited Federal Reserve Chair Jerome Powell to speak later that day for clues about U.S. policies outlook. The Canadian market took its cues also from Wall Street where the benchmark S&P500 was down by over 0.1%. While all eyes were focused on Jerome Powell’s remarks at 1355 ET (Eastern Time), economists warned that a mistake made in setting…
Palm oil prices fall on stronger Ringgit; traders are cautious about high premiums against rival oils
The price of palm oil in Malaysia fell for the second session on Monday, as a result of a stronger Ringgit. Traders remained cautious, however, because palm is still priced higher than other oils. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange was down 21 Ringgit or 0.52% during the midday lunch break, to 4,030 Ringgit ($982.21) per metric ton. Paramalingam Supramaniam said that palm prices were too high in comparison to other oils.
Spot prices fall on increasing wind and solar volumes
The European power price fell on Thursday as a result of the expectation that wind and solar energy will be more available in the days ahead. This overshadowed the effect of the rising demand due to the cooling temperatures. At 0820 GMT, the price of German baseload electricity for Friday had fallen by 71.1% to 17.0 euros per Megawatt Hour (MWh). The French equivalent contract was 21.0 euros/MWh down 16.8%. LSEG data indicated…
Spot prices fall on German wind supply surging
The European power prices fell dramatically on Thursday as wind and solar energy supplies were seen to be increasing in the entire region. German wind production is expected to be nearly six times higher than what was expected on Wednesday. German baseload electricity for Thursday dropped 46.8% to 68.75 Euros ($76.01 per megawatt-hour (MWh) at 0840 GMT. The French power price for the day ahead fell by 20.8%, to 82 Euro/MWh. LSEG data indicated that the German wind output will increase by 22.4 gigawatts on Thursday, to 27 GW.
Palm oil prices fall as rival oils rise, and Indian imports decline.
Malaysian palm futures continued to decline on Wednesday. This was due to a fall in the prices of competing vegetable oils, and a decrease in India's imports of palm oil. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for November delivery was down by 0.97% at 3,893 Ringgit ($895.97). It was on course to drop for a third consecutive session. A palm oil trader said that the strengthened ringgit had made palm oil significantly less competitive.
Hitec, a unit of Eni, wins support for a large floating wind farm
Flotation Energy, a joint-venture between Eni Plenitude, and HitecVision private equity, announced on Tuesday that their floating offshore project Green Volt had won a contract in Britain's most recent renewable energy auction. They said that the 2.5 billion pound initiative ($3.28 billion), which will have a maximum capacity of 560 megawatts and be supported by incentives from government, is on track to become the largest floating offshore wind farm in support.
Prices of nuclear spot prices fall on increased availability
The European power price fell from its multi-month highs Tuesday, as French nuclear availability increased and residual load is expected to fall. Karsten Walke, ICIS analyst for power markets, says that in Central-Western Europe the risk of prices being higher than normal is still present, due to the stable forecasts on demand and the generally low expectations regarding wind. He added that the spikes in day-ahead prices, such as the one on Monday, are only temporary and will not become the norm.
Orsted and Iberdrola among the winners in record British renewable energy auction
Orsted and Iberdrola are among the winners in a British renewable energy auction that supported a record-breaking number of projects. The government announced this on Tuesday. The Labour government that came to power in July plans to decarbonise electricity by 2030. This will require an increase in renewable energy capacity, such as solar and wind. Ed Miliband, Energy Secretary, said in a press release that "today we achieved a record round of enough renewable energy for 11 million households.
