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Iron ore slides to over one-week low on lingering China demand concerns

Iron ore futures prices extended losses on Wednesday to their lowest levels in more than one week, pressured by persistent concerns about demand in top consumer China amid a lack of significant policy measures to boost steel uptake. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 3.53% lower at 805.5 yuan ($111.43) a metric ton, the lowest since Mar. 19. The benchmark April iron ore SZZFJ4 on the Singapore Exchange was 2.1% lower at $101.95 a ton, as of 0754GMT, the lowest sinceMar. ...

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Commodity Tracker: 4 charts to watch this week

Aluminum markets are in focus this week, with premium negotiations underway between global sellers and Japanese buyers for contracts over the April-June quarter. In the US market, primary aluminum prices have been on an uptrend since mid-March. S&P Global Commodity Insights editors and analysts are also watching LNG prices in the Mediterranean, while solar could exceed gas-fired power in Europe’s core markets in Q2. 1. Japanese Q2 aluminum premium negotiations trend higher on supply risks, broader Asian strength… What’s happening? The first quarterly aluminum premium contract over April-June was reported ...

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Global oil demand to hit 116 mbpd by 2045: OPEC expert

Energy sector investments worth $14 trillion are needed to match the expected global oil demand of 116 million barrels per day by 2045, according to an OPEC expert. Ayed Al-Qahtani, director of the research division of the Organization of the Petroleum Exporting Countries, said that the required funding translates to an average of $610 billion per year in the sector. OPEC, in January, predicted oil demand to hit 106.21 mbpd in 2025, stating that crude use will keep rising for the next two decades. Al-Qahtani made these remarks on the ...

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US crude, gasoline stocks rise on strong crude imports, weak gasoline demand

U.S. crude oil and gasoline inventoriesrose unexpectedly last week driven by a rise in crude imports and sluggish gasoline demand,the Energy Information Administration said on Wednesday. Crude inventories rose by 3.2 million barrels to 448.2 million barrels in the week ended March 22, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel draw. The crude build was supported by a net increase in U.S. crude imports USOICI=ECI by 1.12 million barrels per day, and is setting the stage for a monthly build in crude ...

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U.S. natural gas production grew by 4% in 2023, similar to 2022

U.S. natural gas production grew by 4% in 2023, or 5.0 billion cubic feet per day (Bcf/d), to average 125.0 Bcf/d, according to our Natural Gas Monthly. The Natural Gas Monthly was recently updated with natural gas production data through December 2023. In 2023, three regions—Appalachia, Permian, and Haynesville—accounted for 59% of all natural gas production in the United States, similar to 2022, based on our Drilling Productivity Report (DPR). The DPR measures gross natural gas withdrawals in select onshore regions. By contrast, we expect a modest production contraction in ...

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Russia Struggles To Collect Oil Payments As China, Uae, Turkey Raise Bank Scrutiny

Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said. Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals – to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows. Several banks in China, the UAE ...

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European gas, LNG markets ease after spiking from Russian attack on Ukraine storage

Recent Russian attacks on a Ukrainian underground gas storage site had sparked higher European gas and LNG prices, however, ample stocks outweighed supply concerns ahead of injection season and prices fell back. The Dutch TTF front-month contract had opened the week at Eur28.055/MWh on March 25, quickly rising to a high of Eur29.07/MWh by 1134 GMT according to Intercontinental Exchange data. On March 26, the Dutch TTF front-month contract opened the day at Eur27.700/MWh and fell to a trough of Eur26.980/MWh by 1517 GMT according to Intercontinental Exchange data. Platts, ...

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Baltimore bridge collapse poses little threat to U.S. economic growth, experts say

The collapse of Baltimore’s Francis Scott Key Bridge was a maritime disaster but not an economic crisis, experts said Tuesday. “It’s a real human tragedy what’s happened, because there are people in the water,” RSM Chief Economist Joseph Brusuelas said. “In terms of economics, it will cause barely a ripple in the national macro economy.” The Singapore-flagged DALI container ship collided with a pillar of the bridge in the early hours Tuesday, causing it to immediately collapse. An all-hands rescue effort was underway late Tuesday. President Joe Biden said he ...

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Sentiment is slowly improving for the eurozone economy

Just as the mood couldn’t get more downbeat about European competitiveness, the economy is starting to show more green shoots in terms of economic activity. Of course, structural and cyclical factors are very different, but the current mood may be overstating Europe’s economic misery a bit. After a long period of economic stagnation following the energy crisis, the eurozone economy is expected to see growth pick up over the coming quarters. The economic sentiment indicator for the eurozone increased modestly from 95.5 to 96.3. Small improvements in sentiment were broad-based ...

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Indonesia believed to have bought about 300,000 T rice in tender

Indonesian state purchasing agency Bulog is believed to have purchased about 300,000 metric tons of rice an international tender this week, European traders said on Wednesday. Traders estimated that 117,000 tons will be sourced from Thailand, 108,000 tons from Vietnam and the rest from Pakistan and Myanmar. The lowest price was estimated at $609.00 a ton cost and freight (c&f) for 21,000 tons from Vietnam, in line with offers submitted earlier this week. The tender sought rice for arrival in Indonesia by May 31. Reports reflect assessments from traders and ...

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PetroChina imported 40 mln metric tons of Russian crude oil in 2023, president says

PetroChina last year imported from Russia 40 million metric tons of crude oil and 22.7 billion cubic meters of natural gas, company president Huang Yongzhang said on Wednesday. Huang told reporters at an earnings briefing in Hong Kong that all those imports were under long-term supply deals. Source: Reuters (Reporting by Alison Lui in Hong Kong, writing by Chen Aizhu in Singapore, editing by Andrew Heavens)

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Taiwan’s FPCC offers more April spot diesel despite refinery maintenance, sources say

Taiwan’s Formosa Petrochemical Corp (FPCC) has offered a second 10 ppm sulphur diesel cargo for April loading via a spot tender in an unexpected move amid lowerrefinery runs due to maintenance, three trade sources said on Wednesday. This sudden increase in spot availability is likely due to lower term volume liftings as the refiner was expected to have fewer April spot cargoes for sale because of planned maintenance at its No. 3 crude unit, one of the sources said. The tender for the 750,000-barrel cargo loading April 24-28 closes on ...

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China wins WTO dispute with Australia over steel products

China has won a nearly three-year-long dispute with Australia at the World Trade Organization over tariffs on steel products that began during a low point of bilateral relations between the countries, and Australia’s trade minister said Wednesday his government accepted the ruling. Beijing took its complaint to the WTO in June 2021 over Australia’s extra duties on railway wheels, wind towers and stainless steel sinks imported from China. Trade in these products was worth 62 million Australian dollars ($40.4 million) in 2022. On Tuesday, the WTO panel adjudicating the case ...

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Heavy US corn market seeks to avoid acreage bomb on Thursday -Braun

Grain market analysts predict U.S. corn plantings will fall from last year’s decade high in favor of soybeans, which may present better profitability prospects for farmers. But U.S. farmers’ planting intentions have been notoriously hard to predict in recent years, and crop prices are much lower than both a year ago and last fall, when many producers make planting decisions. Chicago corn and soybean futures have popped this month, but prices will be tested again on Thursday when the U.S. government publishes its survey-based planting estimates, known to set the ...

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Baltimore bridge collapse seen impacting US East Coast metals, city’s port

The collapse of Baltimore’s Francis Scott Key Bridge, after being struck by a container ship early March 26, is potentially disruptive to container ships and bulks metal carriers passing through the Maryland port, a major hub for warehousing and transshipment of commodities on the US East Coast. “Vessel traffic into and out of the Port of Baltimore is suspended until further notice,” the Maryland Port Administration said in an update posted to its website. “This does not mean the Port of Baltimore is shutdown. We are still processing trucks inside ...

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