After Halliburton layoffs, the Argentine oil union has threatened to strike
The union of oil and gas workers in Argentina's oil rich Chubut province, which has hundreds of employees laid off by Halliburton and a local office closing, threatened to strike after Halliburton closed its local office and dismissed hundreds. Carlos Gomez said that the Chubut Private Oil and Gas Union's deputy secretary, Carlos Gomez spoke on the broadcast radio channel of the union, and claimed that the company had reneged on its commitment to maintain staffing levels and fired 290 employees on Monday without notice to the union.
VEGOILS - Palm oil ends lower due to weaker competitor oils. Traders await positive signals
Malaysian palm futures declined on Tuesday as traders looked for bullish signals to support prices. The benchmark May palm oil contract on Bursa Malaysia's Derivatives exchange fell 34 ringgit (0.75%) to close at 1,014.63 ringgit per metric ton. A Kuala Lumpur based trader stated that the market was under pressure due to the weakness of rival oilseeds, as there were no significant bullish reports. Dalian's palm oil contract, which is the most active contract, fell by 0.33% while soyoil prices dropped by 0.25%. Chicago Board of Trade soyoil prices were down 0.5%.
Petrobras Q4 total production down 10.5%; sales and exports are also down
Petrobras, the state-owned oil company in Brazil, reported a 10.5% drop in its fourth-quarter total oil and gas production compared to a year ago. Sales and exports were also down. Petrobras, Latin America’s largest oil company, reported a total oil and natural gas production of 2,63 million barrels equivalents per day (boed), for the three months ending in December. Total sales of oil and gas, as well as derivatives, were down around 8% compared to a year ago, with 2.83 million barrels a day (bpd).
Israel strikes port, energy targets in Yemen
Israel launched strikes against ports and energy infrastructure in Houthi-held parts of Yemen on Thursday and threatened more attacks against the Iran-aligned militant group, which has launched hundreds of missiles at Israel over the past year.As Israeli jets were in the air, the Israeli military said it intercepted a missile headed towards central Israel which destroyed a school building in Ramat Efal in the western part of Tel Aviv with what a military spokesperson…
Romania allocates 1.5 GW of renewable energy projects
The Energy Ministry announced in a Monday statement that Romania had allocated 1.5 gigawatts of renewable energy project funding through an EU-funded contract for difference scheme. The long-awaited low carbon energy support scheme fixes the price of electricity to providers at a level agreed for 15 years. The Ministry selected 10 projects for onshore wind worth 1.09 GW and 11 projects with a total capacity of 432 MW. The energy ministry stated that the projects would have an average weighted cost of 51 euros for solar projects and of 65 euros for wind projects.
French spot prices rise due to increased demand and lower wind supply
The French prompt electricity prices increased on Monday due to the expectation of increasing demand and reduced wind output. LSEG data shows that the price of French baseload electricity for Tuesday at 0926 GMT was 132.25 Euros ($139.09 per megawatt-hour (MWh), up 29.7% compared to Friday's price for Monday's delivery. German day-ahead electricity was 139 euros/MWh. LSEG data revealed that the Monday contract had not been traded on Friday. Riccardo Paraviero, LSEG analyst, said: "The signal (on Tuesday) is bullish.
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S. officials allege that Indian billionaire…
Russian drones and missiles strike Ukraine's capital, east, south, and southeast
Officials in Ukraine said that Russian missiles destroyed residential buildings in Kharkiv in eastern Ukraine and Odesa, in the south. A blizzard drones also caused temporary power outages in Mykolaiv Region and targeted Kyiv's capital, they added. Russia is gaining territory in Ukraine's eastern part and is launching nightly attacks against distant cities, using cheap "suicide drones" as well as low-cost, "decoy drones" that stall Ukrainian air defences. Ukraine's air force reported that of the 145 drones it used over night…
Oil Edges to 2-Week High on Ukraine News
Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude CLc1 rose 77 cents, or 1.1%, to $70.87.That put both crude benchmarks up over 5% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S.
Oil Steadies as Sverdrup Restart eases Geopolitical Jitters
Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S. West Texas Intermediate crude futures CLc1 gained 0.1%, or 5 cents, to $69.21 per barrel.Equinor resumed partial production from the Johan Sverdrup field in the North Sea…
As it roars through the Philippines, super typhoon Man Yi is expected to weaken.
The Philippines' main island, Luzon, was ravaged by the super typhoon Man Yi on Sunday. It brought heavy rain to the capital, Metro Manila. More than one million people were evacuated and buildings damaged in various areas. Weather officials reported that the storm, which had winds of 185 km/h (115mph) when it hit land in Panganiban town in Catanduanes Province on Saturday night, weakened slightly before reaching the coast of Camarines Norte by 8 am. Amalia Santisas said that she evacuated her home because the water level in the river near the coastal area of Manila…
Philippines evacuates thousands of people as super typhoon Man Yi approaches
On Saturday, the Philippines evacuated thousands of people and cancelled dozens flights as a super-typhoon threatened heavy rains and strong winds that could cause floods and storm waves. The storm Man-Yi, which was packing winds of up to 185 kph 115 mph, was headed for the eastern portion of Luzon's main island. This prompted the weather agency of the Philippines to issue its second highest alert for Catanduanes province and Camarines Sur province. It added that "Pepito" (the local name for the super-typhoon) was approaching its peak intensity.
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. According to the Intercontinental Exchange, 68.44 millions barrels of crude oil were traded as futures and options in October.
Drone crashes into oil depot in Russia’s Stavropol Region
Vladimir Vladimirov, the local governor of Stavropol in southern Russia, said that a drone had crashed on an oil storage depot. This was the second suspected Ukrainian strike in a row on Russian energy and fuel targets. It followed a period of seven weeks after a fuel station in Tula, Russia was attacked on September 10. Vladimirov, on Telegram, said that there were no injuries in the incident at Svetlograd Oil Depot. Baza Telegram, a channel close to Russia's Security Services, has posted a CCTV footage purportingly showing the attack at the oil depot.
German wind production falls, resulting in higher spot prices
The European immediate power prices increased on Thursday as the German wind power forecast is for a fall. LSEG data show that the German baseload electricity for Friday rose 6% to 109.40 Euros ($118.17 per megawatt-hour (MWh). The French equivalent contract rose 1.1% to 69 euro/MWh. LSEG data indicated that the German wind power production was expected to drop by 4.6 gigawatts to 6.9 GW while French output is projected to increase 370 megawatts to 4.8 GW. Data showed that the German solar industry was expected to increase its supply by 730 MW on Friday to reach 6.7 GW.
British Business Oct 18,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times: British online retailer N Brown Group has agreed to a takeover of 191 million pounds ($248.72 millions) led by its majority owner Joshua Alliance. British Prime Minister Keir starmer has criticised senior members of his Cabinet for urging him to reverse planned cuts in Finance Minister Rachel Reeves’s first budget.
Palm oil continues to decline against weaker competitors; export data cap losses
The price of Malaysian palm oils futures dropped for the second session in a row on Tuesday. This was due to the weakness of rival edible oil and crude oil, but robust export data helped limit this fall. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange closed down by 1.04% to 4,268 Ringgit ($993.26) per metric ton. It has fallen 1.89% over two sessions. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd.…
Prices of gas in Europe are lower due to profit-taking and lower demand
The Dutch and British wholesale prices of gas were lower on Tuesday morning due to profit-taking and after media reports that Israel was willing not strike Iranian oil targets. This eased concerns about a disruption in supply. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub dropped by 1.00 euros to 39.40 Euro per megawatt hour, or $12.91/mmbtu by 0849 GMT. The front-month contract on the British market was reduced by 3.00 pence, to 98.00 per therm. The British day-ahead contracts was 2.6 cents lower at 95.00 pence per therm.
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.
Prices for EUROPE GAS remain stable despite cooler temperatures and Middle East anxieties
The Dutch and British wholesale prices of gas rose slightly on Thursday morning, as demand increased due to the colder weather and reduced wind. However, the range remained tight as the market continued to monitor the developments in the Middle East. LSEG data show that the benchmark front-month contract for the Dutch TTF Hub was up 0.21 euro at 38.76 Euros per Megawatt Hour (MWh), which is $12.42 per mmBtu at 0839 GMT. The contract for the day-ahead was up by 0.82 euros at 38.72 euro/MWh.
