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WTI Crude on track to snap 3-day winning streak on US stock build

December 21, 2023 8:09 am
Futures on US West Texas Intermediate Crude Oil edged lower on Thursday and looked set to snap a three-day streak of gains, since demand-related concerns after an unexpected US crude stock build overshadowed worries over disruptions to global trade. WTI Futures rose over the past several days on investor concerns over trade disruptions, after major […] Read more

Spot Gold heads for weekly advance on Fed rate cut prospects

December 15, 2023 8:18 am
Spot Gold was on track to register a weekly advance, supported by prospects of Federal Reserve rate cuts in 2024, which drove the US Dollar and US bond yields lower. The Federal Reserve left the fed funds rate target range without change at 5.25%-5.50% for a third successive policy meeting in December, as largely expected. […] Read more

Solar panel costs in China plummet 42.3% YoY

December 14, 2023 10:23 am
Costs to produce solar panels in China have slumped 42% over the past year, according to a Reuters report. This way, local manufacturers have gained a significant advantage over competitors based in the United States and Europe. Solar panel production cost in China has decreased to 15 cents per watt in 2023 from 26 cents […] Read more

US approves Rhode Island’s $1.5 bln offshore wind farm

December 8, 2023 12:17 pm
The US Federal Permitting Improvement Steering Council on Thursday gave final nod to the construction of a $1.5 billion offshore wind farm off the coast of Rhode Island. Known as Revolution Wind, the project is expected to generate a total of 704 megawatts of clean energy to Connecticut and Rhode Island. The project is run […] Read more

Spot Gold eases from fresh record high as US Dollar firms

December 4, 2023 11:43 am
Having risen to a fresh all-time high of nearly $2,150 during Monday’s Asian session on rising expectations that the Federal Reserve could begin cutting interest rates next year, Spot Gold eased a bit, but continued holding above the $2,000 mark. Market players added to bets that a rate cut could come in the months ahead, […] Read more

India’s steel imports from China reach 4-year high

November 29, 2023 12:45 pm
India’s imports of finished steel from China registered a four-year high during the first seven months of the fiscal year that started in April, according to a Reuters report, citing government data. The world’s biggest steel producer, China, was also the top exporter of the alloy to India during the April-October period. It exported 1.1 […] Read more

Spot Gold holds near 3-week high on softer dollar, bond yields

November 23, 2023 8:20 am
Spot Gold edged higher on Thursday, while holding not far from recent three-week high, as the yellow metal drew support from US Dollar softness and a drop in US bond yields. “The anticipation of this effective pivot towards interest rate hike cycle peak is translating to ongoing softness in the U.S. dollar and the longer-dated […] Read more

International Energy Agency expects oil supply surplus in 2024

November 21, 2023 12:42 pm
According to the head of the International Energy Agency’s oil markets and industry division, the global oil market is set to register a slight supply surplus next year, even if OPEC+ members extend their output cuts into 2024. However, at present, the global market is in a deficit. “Global oil stocks are at low levels, […] Read more

Octopus Energy, Tokyo Gas launch offshore wind fund

November 17, 2023 12:17 pm
Octopus Energy announced on Friday that its renewables investing arm and Japan’s Tokyo Gas had launched a dedicated fund, which is expected to invest GBP 3 billion in offshore wind projects by the end of the decade. The Octopus Energy Offshore Wind fund will invest in offshore wind farms and in businesses that create new […] Read more

China’s coal production drops 1% MoM in October

November 15, 2023 10:05 am
According to data by China’s National Bureau of Statistics, the country’s coal production dropped 1.1% month-over-month in October to 388.8 million metric tons, as mine safety inspections curbed output. Still, the figure represented a 3.8% increase compared to October last year. More safety inspections were conducted by Chinese authorities in October, after two accidents led […] Read more