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Analysis: Australia to further consolidate major condensate supplier status in Asia

Australia looks set to further consolidate its status as one of the major crude oil and refinery feedstock suppliers in the East Asia-Oceania market, as the country continues to increase its ultra-light crude exports amid rapid growth in condensate production from a slew of new LNG projects. Numerous Asian refiners and petrochemical companies have been increasingly relying on Australia for ultra-light crude oil to feed their condensate splitters over the past several years. The Oceania producer exported 30.72 million barrels of condensate over January-April, up 11% from 27.63 million barrels ...

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China’s steelmakers say iron ore import prices are too high

Surging iron prices have taken a hit from signs the Chinese government could act on complaints from Chinese steel mills that market manipulation by futures traders is squeezing their profit margins. Iron ore futures, which hit a five-year high last week, fell almost 4 per cent late Friday after a top official representing China’s powerful steel industry said Beijing was preparing to crackdown on soaring prices. Dual-listed shares in Australian miners BHP Billiton and Rio Tinto fell sharply in London on news that China’s top steelmakers had formed a working ...

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Farmers Built a Soybean Export Empire Around China. Now They’re Fighting to Save It.

The U.S. Farm Belt is fighting to prevent an industry nightmare — the loss of its best customer for its biggest export. The customer is China and the export is soybeans, of which the U.S. shipped $21 billion abroad in 2017, far more than anything else farmers grow. That marked a tripling in two decades, the fruit of a sweeping effort, by nearly every arm of U.S. agriculture, to build a once-obscure crop into a blockbuster. Then last year, sunk by a bitter trade dispute, American soybean exports to China ...

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Chinese steel producers’ profits decline 18 pct in Jan-May

Chinese steel producers saw their profits fall 18.2 percent year on year in the first five months of 2019 as rising costs hurt earnings, an industry association official said in Shanghai. Qu Xiuli, vice chairman of the China Iron and Steel Association (CISA), said the combined profits of CISA’s member enterprises totaled 85.5 billion yuan (12.4 billion U.S. dollars) in the January-May period. Qu told the China Steel Derivatives International Conference that the prices of imported iron ores would become more reasonable and the price gains in the first half ...

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Oil prices edge up; gains capped as investors eye global risks

Crude prices edged higher on Monday, supported by last week’s better-than-expected U.S. jobs data and geopolitical risks, but worries that a slower global economy will curb appetite for oil kept a lid on prices. Brent crude futures were up 8 cents by 0647 GMT at $64.31. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel. Prices were supported by “a better than expected (non-farm payrolls), but traders remain incredibly cautious about the dimmer global economic overhang,” said Stephen Innes, managing partner at Vanguard Markets in Bangkok. ...

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OPEC+ decision to extend output cut should at least act as floor under oil price

Despite a swathe of news that should have been positive, commodity prices struggled to make gains this week as concerns about global growth continue to weigh on sentiment,Trendreports citing UK-based Capital Economics research and consulting company. ‘Even the strong US employment data on Friday failed to lift the mood, although it did prompt a sharp drop in precious metals prices. While we think that slower global growth will indeed depress oil consumption this year, the decision by OPEC+ to extend its 1.2m bpd output cut for another nine months should ...

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Saudi Arabia keeps its oil output steady in June: OPEC source

Saudi Arabia has pumped 9.782 million barrels of oil per day (bpd) in June, an OPEC source said on Friday, up from 9.67 million bpd in May. The world’s top oil exporter kept its crude production below its output target of 10.3 million bpd under an OPEC-led global oil reduction pact, to reduce inventories and support prices. OPEC and its allies led by Russia agreed on Tuesday to extend oil output cuts until March 2020, as the global economy weakened and U.S. production soared. Source: Reuters (Reporting by Rania El ...

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The New Gas Boom: Tracking Global LNG Infrastructure

The natural gas sector has played and will continue to play a leading role in meeting the most pressing global energy and environmental challenges. Natural gas has vital economic and environmental roles in the current and future energy systems, cleaning up urban air from toxic pollutants that stem from burning coal, wood, dung, and diesel, while significantly reducing CO2 emissions. Natural gas is a reliable tool, helping governments meet national and international climate targets, delivering energy system resiliency in severe weather when other technologies fail, enabling cleantech for all energy ...

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Global shares muted as prospect of sharp U.S. rate cut fades

Global shares were in a muted mood on Monday after strong U.S. job gains tempered expectations the Federal Reserve will deliver a large rate cut, but Deutsche Bank gained nearly 4% as it launched a major restructuring. Sentiment was also dampened by U.S. investment bank Morgan Stanley’s decision to reduce its exposure to global equities due to misgivings about the ability of policy easing to offset weaker economic data. In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move ...

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Dollar holds near three-week high as bets on sharp U.S. rate cut drop

The dollar held near three-week highs in early trading on Monday, holding on to its gains after last week’s strong U.S. jobs data lowered expectations for a sharp Federal Reserve interest rate cut. Elsewhere, the Turkish lira fell sharply after President Tayyip Erdogan dismissed the central bank governor, sparking worries about the bank’s independence. U.S. non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists’ consensus estimate of 160,000. The solid outcome virtually wipes out chances for a half point Fed rate ...

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Greek Conservatives take charge in landslide win, vow more investment, fewer taxes

Greece’s opposition conservatives returned to power with a landslide victory in snap elections on Sunday, and Prime Minister elect Kyriakos Mitsotakis said he had a clear mandate for change, pledging more investments and fewer taxes. The win appeared driven by fatigue with years of European Union-enforced belt-tightening, combined with high unemployment, after the country almost crashed out of the euro zone at the height of its financial travails in 2015. Conservative New Democracy had a commanding lead of 39.6 percent of the vote based on 73 percent of the votes ...

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Expanding market access boosts foreign firms’ confidence in China growth

After opening a mega perishable products distribution center in south China’s Guangdong Province in March, global retail giant Walmart plans to further increase investment in the Chinese market. The U.S.-based multinational announced Monday to spend around 8 billion yuan (about 1.16 billion U.S. dollars) in the next decade to build or upgrade over 10 distribution centers to boost online and offline businesses to meet Chinese customers’ demand for fresh goods and convenient services. The investment plan announcement came just one day after China released a revised list of industries that ...

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Resilient Chinese economy eases anxieties brought by bleak world economic future

China’s macroeconomy is at a critical stage as internal economic problems have emerged in the last two years. When we attempted to define the “new normal” of China’s economy and chose the path to structural reform on the supply side, we failed to consider world economy changes. We didn’t expect the China-US trade conflict would move rapidly and that its impact on the global economy could be this profound. Even if Huawei had begun preparing for it 10 years ago, its founder Ren Zhengfei would have acknowledged that he didn’t ...

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Tanker Market Rates 08/07/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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Tanker Market Rates 07/07/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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