Palm extends its losses amid China trade fears and weak demand
Malaysian palm futures fell for the second session in a row on Thursday as concerns about U.S. Tariffs on China, and a weakened demand for palm, sparked a sale on the vegetable oil market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 46 ringgit or 0.96% to 4,769 Ringgit ($1,069.28). The contract fell by 2.21% during the previous session. Paramalingam Supramaniam is the director of Selangor brokerage firm Pelindung Bestari.
EUROPE GAS prices hit an all-time high amid cold weather and supply concerns
Dutch and British wholesale prices for gas hit an intraday record on Thursday, amid concerns about the Russian storage and supply inventories falling below last year's levels and a forecast of cold weather. LSEG data show that the benchmark front-month contract for the Dutch TTF hub had risen 0.86 euros to 47.67 euros a megawatt hour at 1012 GMT. This was a new intraday high. The British day-ahead contract increased 2.15 pence, to 119.25 pence per thermo, the highest intraday levels since November 2023.
Poland to Boost Offshore Wind, Energy Security
Poland is planning to assign new areas for offshore wind farms in the Baltic Sea and is drafting additional measures to boost the security of its critical energy infrastructure, government officials said on Wednesday."Maritime offices will submit analyses any moment, which will give grounds to make a decision on designating new areas for offshore wind farms," Deputy Infrastructure Minister Arkadiusz Marchewka told an industry conference.Poland is boosting its offshore ambitions in the Baltic Sea…
Palm oil prices are down by more than 2% due to a weaker demand for exports and Chicago soyoil.
Malaysian palm futures dropped more than 2% Wednesday due to a weaker Chicago soyoil price and sluggish demand for exports. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange lost 107 Ringgit or 2.17% to $4,817 Ringgit ($1,077.87), a metric tonne, at the close. The contract gained 0.51% during the last session. David Ng said that the market fell on a weaker export demand, and a decline in Chicago soybean oil, according to a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd.
Tereos warns that more problems are ahead following the low sugar price which has affected H1 results
Tereos is one of the largest sugar producers in the world. On Wednesday, it reported a 18% decline in its net profit for the first half of its fiscal year, due to a drop in the price of sugar and sweeteners. It also warned that the fall could continue in the second half of its fiscal. Tereos released a statement saying that the group's net income fell to 196 millions euros for the six-month period ending September 30, and sales decreased 11% to $3,4 billion.
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. David Ng said that the market fell on a weaker export demand…
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…
French farmers take to the streets in protest at Mercosur trade negotiations
Farmers protested across France Monday against the prospect of an agreement between the European Union (EU) and South America’s Mercosur bloc that will intensify the competition in the French agricultural sector. The EU, along with four Mercosur countries - Argentina Brazil Paraguay Uruguay - is pushing for the conclusion of long-running commercial negotiations before the end the year. The protests on Monday were the largest since French farmers staged weeks-long demonstrations in January last year over lower imports, burdensome regulation and low incomes.
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.
Azerbaijan, summit host, warns that COP29 will not succeed without G20 support
Azerbaijan, the host of the COP29 Climate Summit, said that leaders from the world's largest economies should send a strong message about the urgency to combat global warming. The appeal came at a meeting of the Group of 20 leaders (G20) in Brazil, where climate was just one of many topics on their agenda. Others included war in Ukraine and Donald Trump's victory in the election. Nearly 200 countries gathered in Baku for COP29 are aiming to reach an agreement on how to finance climate projects worth trillions of dollars.
Prices fluctuate in Europe due to colder weather forecasts despite constant Russia flows
Dutch and British wholesale gas prices fluctuated Monday morning due to colder weather forecasts, a decrease in Norwegian supplies and stable Russian gas flows through Ukraine. However, more LNG cargoes were heading towards Europe. LSEG data shows that the benchmark front-month contract traded at the Dutch TTF Hub at 45.90 Euro per megawatt hour at 1007 GMT, after fluctuating between losses and gains in the morning. After Austria's OMV informed Russia's Gazprom that it would stop its gas deliveries…
Palm declines due to Dalian palm's weakness
The price of Malaysian palm oil futures fell on Monday due to the weakness of Dalian palm oil. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 71 ringgit or 1.41% to 4,982 Ringgit ($1,115.79). The previous session saw a 2.5% increase in the contract. A Kuala Lumpur based trader explained that the weakness in the palm market is due to spread adjustments against Dalian's Palm Olein. Dalian's palm oil contract…
Putin told Scholz that Russia was willing to explore energy cooperation.
In their first telephone conversation since December 20,22, President Vladimir Putin said to German Chancellor Olaf Scholz that Russia would be willing to consider energy deals with Berlin if it was interested. The report said that the two men exchanged "detailed views and opinions" about Ukraine, and that Putin reiterated the position he's been taking for months: that any peace agreement must be in line with Moscow's interests and should be based on the "new territorial reality" of the fact that Russian forces control a fifth the country.
Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s efforts to reduce Russia’s revenue from oil sales which it could use to fund its war in Ukraine. Sovcomflot's revenue for the nine months of 2012 fell by 22.2%, to $1.22 Billion. Its earnings before interest tax, depreciation, and amortization dropped 31.5%, to $861 MILLION.
Orban: EU sanctions against Russia must be rethought to reduce energy costs
Hungarian Prime Minster Viktor Orban stated on Friday that the European Union should reconsider its sanctions against Russia, as they keep energy prices high and hinder the bloc's competitiveness. At their informal summit held last week, the leaders of the European Union signed a statement on competitiveness. "Energy costs must be reduced by any means necessary." In order to lower energy prices, the sanctions must be re-evaluated. Orban stated that U.S. firms pay only a quarter the amount of their European counterparts for gas and electricity.
US natgas exports to LNG plants are on track to reach a 9-month high
According to data provided by financial firm LSEG, the amount of gas going to seven large U.S. liquefied gas export plants is on track to reach a new nine-month record on Thursday. This was due to feedgas reaching multi-week records at a few plants. Energy market is concerned about feedgas flow to U.S. Liquefied Natural Gas plants, because in recent years exports were the largest source of growth for the gas industry. In 2023, the U.S. will be the largest LNG exporter in the world, surpassing Australia and Qatar.
EUROPE GAS prices near a one-year high due to concerns about Russian supply and cold weather
The Dutch and British wholesale gas prices reached their highest intraday levels in almost a year on Thursday, amid concerns about Russian gas supply. Austrian energy group OMV said that an award of over $243 mln for irregular German gas supplies by Gazprom may impact its Gazprom gas supply agreement. The benchmark front-month contract for the Dutch TTF hub increased by 1.71 Euros at 45.38 euro per megawatt hour at 0903 GMT. This was its highest intraday value since November 27 last year. The Dutch day-ahead contracts added 1.72 Euros at 45.45 euro/MWh.
The price of gas in Europe is falling amid profit-taking
The Dutch and British wholesale gas prices fell on Wednesday morning as profit-taking and Slovakia's SPP announced that it would take measures to guarantee supply because of the risk of Ukraine ending its transit at the end the year. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 0.10 euros to 43.45 Euro per megawatt hour at 1025 GMT. The Dutch day-ahead contracts fell 0.55 euros to 43.15 Euros/MWh. The British contract for the month of December dropped by 2.20 pence, to 110.50 cents per therm.
Biden officials ask EU methane regulations to be aligned with US rules to ease LNG flow, says letter
According to a letter obtained by the, President Joe Biden’s administration asked that the European Union ensure that liquefied gas imports meeting U.S. regulations for methane automatically meet Europe’s standards. The linking of U.S. methane and EU standards will protect the United States' LNG trade with Europe, while also securing Biden's rules on methane even if these are repealed in the future by Donald Trump's administration. We understand that the process will take some time.
Prices for gas in Europe fall amid profit-taking but remain near the year high
The Dutch and British wholesale price fell on Tuesday morning due to profit-taking, but they remain at their highest levels so far this season as temperatures dropped. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.60 euros to 43.30 Euro per megawatt hour or $13.48/mmbtu at 0918 GMT. The Dutch day-ahead contracts dropped 0.35 euros to 43.50 Euros/MWh. The British day-ahead contracts fell by 0.50 cents to 110.00 pence per therm.
