Commodities News

WTI Crude hits over 1-year highs on sharp US inventory draw

Futures on US West Texas Intermediate Crude Oil touched highs unseen since August 2022 on Thursday, after a sharp drop in US crude inventories additionally amplified concerns over global supply tightness stemming from OPEC+ production cuts. Data by the US Energy Information Administration showed on Wednesday that crude oil stocks had decreased by 2.17 million […] Read more

Canada to review planned merger between Bunge and Viterra

According to a report by Reuters, citing a statement by Canada’s transport minister, the government is to review a proposed merger between US grains merchant Bunge and Glencore-backed Viterra. The country’s transport ministry will initiate a public interest assessment of the planned merger, which needs to be completed by June 2nd 2024, the minister said. […] Read more

Ukraine’s grain exports shrink sharply in September

Ukraine’s total grain exports stood at 1.57 million metric tons between September 1st and September 24th 2023, the country’s agriculture ministry said on Monday. That compared with 3.21 million metric tons exported in the respective period of 2022. Yet, the ministry did not explain what caused such a sharp drop. The country has exported a […] Read more

Mitsui, Northland to establish 1 GW wind farm in Taiwan

Mitsui & Co and Northland Power Inc have finalized a plan to establish a 1 gigawatt offshore wind farm in Taiwan, which is expected to cost JPY 960 billion ($6.5 billion). The project, which is 60% owned by Northland and 40% owned by Mitsui, is expected to be completed by the end of 2026 to […] Read more

Gas supply disruptions can trigger price spikes | Equinor

Any disruption in gas supply can potentially cause price spikes as the market is “still very tight”, Irene Rummelhoff, Equinor’s head of marketing, midstream and processing, said during an energy conference in Oslo. She cited the strikes at Chevron’s liquefied natural gas sites in Australia as an example. As a result, gas prices in Europe […] Read more

WTI Crude gains for a fourth day on supply deficit worries

Futures on US West Texas Intermediate Crude Oil gained for a fourth straight trading day on Tuesday, after weak US shale production added to supply deficit concerns. Both WTI Futures and Brent Futures have surged for three successive weeks, while trading in proximity to ten-month highs. According to the US Energy Information Administration, US oil […] Read more

Copper Futures head for weekly gain on China demand optimism

Copper Futures touched highs unseen since September 5th on Friday and looked set to register a 2.6% weekly gain on optimism over China’s economic recovery. The latest set of macro data revealed industrial activity strength in the largest copper-importing nation worldwide, which could drive demand for the industrial metal. China’s industrial output expanded 4.5% year-on-year […] Read more

IEA expects sharp oil market tightening in fourth quarter

The oil production cut extension by Saudi Arabia and Russia to the end of the year will lead to a considerable market shortfall through the fourth quarter, the International Energy Agency (IEA) said in its monthly report. Both WTI Crude Oil and Brent Oil Futures registered highs unseen since November 2022 this week, after Saudi […] Read more

Copper Futures gain over 1% on upbeat China inflation data

Copper Futures surged more than 1% on Monday, underpinned by an upbeat set of macro data coming out of China, the largest copper importer worldwide. Data by the National Bureau of Statistics of China showed over the weekend that the country had registered positive inflation in August, following the first deflation reading in more than […] Read more

WTI Crude slips as winter demand concerns counter tighter supply

Having registered a seven-day streak of gains, futures on US West Texas Intermediate Crude Oil retreated on Thursday, as demand concerns related to possible winter period slowdown countered prospects of tighter supply from extended output cuts. WTI Futures had risen earlier this week after Saudi Arabia and Russia extended voluntary production cuts to the end […] Read more