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India’s coal-fired growth requires some shovelling

India’s coal hopes require some shovelling. New Delhi, trying to rev up the economy, says it will allow 100% foreign investment in coal mines and related infrastructure. Local demand is rising, but resource giants have had bad experiences on the ground, and big miners are pulling out of thermal coal anyway. On paper, there is plenty to like. The rest of the world may be abandoning coal in favour of greener alternatives, but Indian demand is growing, and it has plenty of the black stuff. It is the dominant fuel ...

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Commodity Tracker: 6 charts to watch this week

1. US soybean stocks pile up as Chinese export avenue cut off What’s happening? At the start of the new US marketing year, farmers are sitting on a huge pile of soybean stocks, estimated at 29.1 million mt, up 144% from 2017-18 levels. The escalated US-China trade tensions have nearly halted bean exports to China, which accounted for over 48% of US sales in 2017-18. Prices have simultaneously fallen for US soybeans, with average prices for 2018-19 seen at $8.5 per bushel, down 9% from a year ago. Alternative markets ...

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Analysis: China’s infrastructure focus not enough to drive overall steel demand

China’s moves to revive its infrastructure sector in response to slower domestic economic growth and rising trade tensions are widely expected to fuel a pick-up in steel demand from September and sustain it into 2020, but could also spur an increase in steel production that results in another winter of oversupply and short-term losses for steel mills. China approved Yuan 1.65 trillion ($231 billion) of investment in railway, urban rail traffic and airport projects in 2018 — 75% or Yuan 1.24 trillion of it in the fourth quarter. The steel ...

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Oil falls 1%, pressured by trade war and swelling output

Oil prices fell by 1% on Tuesday, weighed down by the protracted U.S.-China trade dispute that has dragged on the global economy as well as rising OPEC and Russian oil output. U.S. crude was down 65 cents, or 1.19%, at $54.45 a barrel by 0857 GMT, while Brent was down 47 cents at $58.19 a barrel. The United States this week imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list, deepening the trade war that has rumbled ...

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Southeast Asian NOCs show growing appetite in global M&A market

I’ll bet that if you ask anyone with an interest in the global upstream M&A if they could name the top three spenders through the first half of 2019, they would struggle to name the third. The easy one is Occidental (Anadarko), second place is Total through its acquisition of Anadarko’s African assets. But who was the third largest acquirer by spend in H1 2019? The answer is Thailand’s PTTEP, snapping up US$2.9 billion worth of assets this year. In fact, Southeast Asian and Chinese national oil companies (NOCs) together ...

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Saudi Arabia may raise light crude prices for Asia in October

Top oil exporter Saudi Arabia is expected to raise prices for light crude grades it sells to Asia in October on stronger Middle East benchmarks and gasoil margins, several trade sources said. The official selling price (OSP) for Arab Light crude in October is expected to rise by 40-50 cents a barrel, according to five of the six respondents in a Reuters survey. The OSP for Arab Extra Light crude may be increased by as much as about $1 a barrel, the survey showed. Saudi crude prices were supported after ...

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Refinery news roundup: Autumn turnarounds underway in Europe

Planned refinery turnarounds in Europe have been ramped up, with refineries in both Northwest Europe and the Mediterranean undergoing works, coinciding with a large-scale maintenance in Russia. A minor fire at the Dutch Zeeland refinery last week was brought under control quickly with no impact on operations. Greek refiner Hellenic said that despite “a weak refining environment” its Q2 results were positive “on account of continued strong refining performance,” adding that it posted “the highest petchems contribution on record.” The international refining macro environment “deteriorated to its lowest level in ...

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Oil must stay below $50 per barrel

Keeping the oil prices below $50 per barrel is the only hope for ensuring any serious economic reforms in Kuwait, especially with the ongoing budget deficits. This should force us to take serious actions in stopping the wastage of money on salaries without any production or productivity. A low oil price is the only remedy for oil producing countries to take harsh economic reforms. This should be coupled with continuous reminders that oil is not the solution, and finding new alternatives is the only weapon. This should be driven by ...

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Asian jet fuel braces for winter kerosene demand, gasoil choppy as South Korea supply rises

The Asian jet fuel market may buoy higher this week as Japan is expected to start its kerosene stockpiling for winter heating demand in September, while the regional gasoil market readies itself for more supply from South Korea after it abolished its automotive tax relief last week. GASOIL VOLATILE AHEAD OF TURNAROUND SEASON The Asian gasoil market is expected to be volatile this week, after South Korea abolished its automotive tax relief, leaving market participants expecting South Korea, the largest supplier of gasoil in East Asia, to ship out even ...

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Global Stocks Slip Amid Trade Tensions, Weak Data

Global stocks slipped a day after Beijing said it had lodged a complaint with the World Trade Organization over U.S. tariffs, and the British pound scratched new multiyear lows ahead of a tumultuous week in U.K. politics over Brexit. The Stoxx Europe 600 dipped 0.6% in opening trade, with Germany’s DAX down 0.6% and the France CAC 40 down 0.5%. The falls came after a mixed session in Asia, that saw indexes in mainland China gain while Japanese stocks were flat and Korea’s Kospi edged down. Japan on Monday said ...

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Euro slides to 28-month low as ECB stimulus eyed; pound sinks

The euro touched a 28-month low against the dollar on Tuesday as investors priced in deeper negative interest rates for longer in the euro zone. Money markets has ratcheted up to 83% the probability that the European Central Bank will cut its benchmark rate by 20 basis points when it meets next week. It now stands at minus 0.40%. The ECB has also all but promised a monetary policy stimulus package, including new quantitative easing, as economic growth falters and Germany’s manufacturing drops into recession. A survey on Monday showed ...

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China stimulus splurge would hurt rating – S&P Global

A credit-fuelled stimulus splurge could hurt China’s credit rating more than the immediate hit from U.S. trade tariffs, S&P Global’s main analyst for the country says. S&P last cut China’s rating a couple of years ago, but it has been almost a year since its last formal review of the world’s number two economy and a lot has happened since. A full-blown trade war has developed with the United States and caused the sharpest slowdown in China’s economic growth in decades. Beijing has been trying to offset the damage with ...

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Germany’s Obsession With Fiscal Prudence Needs to Go

You can have too much of a good thing — even, as Germany proves, financial self-discipline. With the economy on the verge of recession and growth in the wider euro area sputtering out, a strong fiscal stimulus is needed from Berlin. Under conditions like these, fear of public borrowing is the opposite of prudent. The government is running a budget surplus and talking only vaguely about additional spending — at some point, maybe, should the need arise. The need has already arisen. German business confidence has slumped to a seven-year ...

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How we get vehicles through the port – brrm brrm!

Ever wondered how cars, trucks, trains and diggers often come into the City of Sails? Watch and learn.

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Countdown – Blue Port 2019

Countdown – Blue Port 2019

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