Commodities News

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

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

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

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

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

France and EDF reach compromise energy prices deal

France’s government announced on Tuesday that it had reached an agreement with utility EDF in regard to future nuclear power prices. The compromise deal would enable EDF to generate profits and would also protect consumers from energy price spikes, according to France’s Finance Minister Bruno Le Maire. The two parties agreed on EUR 70 per […] Read more

Spot Gold heads for first loss in 4 weeks ahead of US NFP data

Spot Gold looked set to register its first weekly decline in four weeks and did not demonstrate any sizable movement on Friday, as investor focus now sets on the key US employment figures for October. The yellow metal has retreated 0.91% so far this week, following a 1.27% gain in the previous week. The commodity […] Read more

BHP to invest additionally in its Jansen potash project

BHP Group on Tuesday announced plans to invest $4.9 billion in stage two of its Jansen potash project in Canada, as the company seeks to increase its capacity twofold. The miner had invested as much as $5.7 billion in stage one in 2021. According to the global mining company, the first stage is now 32% […] Read more

Australia state to invest A$1 bln in renewable energy transition

Australia’s second-most populous state, Victoria, on Thursday announced plans to invest AUD 1 billion ($630 million) to speed up energy transition towards renewable power and support a shift away from natural gas for heating and cooking purposes. Such an investment is expected to generate 4.5 gigawatts of new renewable energy, which would be sufficient to […] Read more

IEA sees LNG glut from 2025 due to “unprecedented” supply increase

According to the International Energy Agency, a strong increase in production of liquefied natural gas will push prices down, but there is also a risk of a supply glut. In its latest World Energy Outlook report, the Paris-based agency said that an “unprecedented surge” in LNG projects, which would come online from 2025, would likely […] Read more

Russia gasoline exports by rail drop 80% in October’s first half

Russia’s railway exports of gasoline plunged 80% to 37,000 tonnes during the first 15 days of October compared to the same period of September, according to a Reuters report. In order to deal with a local market shortage, Russia imposed temporary restrictions on exports of gasoline and ultra-low sulphur diesel from September 21st. There were […] Read more