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EU agrees on reduction of super-potent greenhouse gases

October 5, 2023 9:05 am
EU members struck a deal on Thursday to reduce usage of super-potent greenhouse gases in fridges and air conditioners, which comes as part of the bloc’s broader initiative to slash CO2 emissions. The European Union nations are expected to completely phase out the usage of hydrofluorocarbons by year 2050. “Such substances have highly negative impacts […] Read more

Russia ready to ease diesel export ban, report states

October 4, 2023 12:01 pm
According to a report by the Kommersant daily, citing unnamed sources, Russia’s government may mitigate a ban on diesel exports in the upcoming days. The media said that the ban might be lifted only on pipeline exports of diesel, while volumes might be subject to quotas to avoid a spike in wholesale prices. On the […] Read more

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

September 28, 2023 10:28 am
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

September 27, 2023 10:24 am
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

September 25, 2023 9:55 am
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

September 22, 2023 11:06 am
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

September 20, 2023 9:43 am
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

September 19, 2023 9:54 am
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

September 15, 2023 9:21 am
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

September 13, 2023 12:49 pm
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