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Wheat falls but set for first weekly gain in a month

U.S. wheat futures edged lower on Friday, retreating from a near two-week high touched in the previous session, but the grain was poised to record its first weekly gain in a month following forecasts for lower global production. Soybeans held steady as the oilseed was poised to record weekly gains of nearly 3%, while corn remained unchanged. The most active wheat futures contract on the Chicago Board Of Trade were down 0.1% at $5.20-1/4 a bushel after rallying more than 3% on Thursday when prices hit a high of $5.23 ...

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OPEC’s first 2020 forecast shows fierce oil market share battle looming

OPEC’s efforts to boost oil prices look set to become even more challenging next year, with increasing competition for market share from higher non-OPEC output, the group’s first 2020 forecast shows. The producer group’s analysis arm on Thursday provided a sobering 2020 outlook for its 14 members, forecasting that demand for OPEC crude would drop more than 4% from this year, as a production surge from the US, Brazil and Norway threatens its market share. In its closely-watched monthly oil market report that included its first forecast of fundamentals for ...

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Aker BP’s Mathematician CEO Says His Tech Company Just Happens To Produce Oil

In the global oil and gas space, Aker BP (OSL:AKERBP) is a plucky independent outfit operating solely in the Norwegian Continental Shelf. However, its heavily optimized operations often pique interest well beyond its scope of operations. Established as recently as 2014, and a successor outfit arising out of the merger of Det Norske Oljeselskap (DETNOR) and BP Norge (then oil giant BP’s Norwegian Unit), in its current corporate avatar Aker BP insists the company’s advanced technology laden oil and gas exploration projects enjoy a break-even oil price of $35 per ...

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The Battle for Barrels of Oil Flowing From the North Intensifies

Pipeline companies have spent the past few years trying to capture as many barrels flowing out of Texas’ Permian Basin as possible to ease that region’s capacity issues. However, with midstream companies like Plains All American Pipelines (NYSE:PAA) constructing new oil transportation capacity as fast as they can, the region’s pipeline building boom has hit a speed bump. That’s leading pipeline companies to look elsewhere to fuel their next phase of growth. Several have chosen to tackle the need for additional pipeline takeaway capacity out of northern production basins such ...

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US natural gas storage volume rises 81 Bcf, above estimates

US natural gas in storage rose 81 Bcf to 2.471 Tcf for the week ended July 5, the US Energy Information Administration reported. The injection was more than an S&P Global Platts’ survey of analysts calling for a 77 Bcf injection. The wider survey responses were between 67 Bcf and 88 Bcf. The build matched the Platts Analytics’ storage model forecast. The build was above the 55 Bcf injection reported during the corresponding week in 2018 and the five-year-average injection of 70 Bcf, according to EIA data. It marked the ...

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Can AI solve renewable energy’s problems? India may show the way: Russell

One of humankind’s most enduring weaknesses is to assume that the way things are presently will somehow persist into the future, and that current trends are inexorable. This thinking is behind the often repeated view that renewable energy sources such as wind and solar cannot replace thermal electricity generation such as coal and natural gas. Presently, it is correct that the most significant weakness of these renewables is that they are intermittent, meaning they don’t generate close to their installed capacity and cause instability in electricity grids. While storage through ...

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Dow Milestone Nudges Global Stocks Higher

U.S. futures and European and Asian stocks rose at the end of a week that saw central banks in the U.S. and Europe setting the stage for looser monetary policy. Shares of biotech firm Illumina fell by 16.7% in U.S. premarket trading after the company lowered expectations for its second-quarter revenue. The Stoxx Europe 600 was up 0.2% led by gains in the chemicals and auto sectors, but German car maker Daimler bucked the trend to fall 0.3% after it issued a profit warning. Shares of Anheuser-Busch InBev slipped 1.8% ...

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Rate cut bets keeps dollar on track for biggest weekly drop in three weeks

The dollar fell for a third consecutive day on Friday as stronger-than-expected U.S. inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates at a policy meeting later this month. Against a basket of other currencies , the dollar fell 0.1% to 96.94 and was on track for its biggest weekly drop in three weeks. The core U.S. consumer price index, excluding food and energy, rose 0.3% in June, the largest increase since January 2018, data on Thursday showed. The reading pushed U.S. Treasury yields ...

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Christine Lagarde’s ECB Top Team Is Running Out of Economists

Christine Lagarde’s nomination as president of the European Central Bank has sparked controversy over whether she’ll be up to the job. But there’s another position to fill at the top of the ECB that’s nearly as important. Benoit Coeure, a member of the bank’s six-strong executive board, will leave at the end of December after serving an eight-year term. Alongside Peter Praet, the former chief economist, Coeure has been one of the ECB’s sharpest economic minds, helping president Mario Draghi shape and explain his policy decisions. With Lagarde lacking an ...

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Upcoming China-U.S. trade consultations good news for fragile world economy, experts say

The consensus between China and the United States to restart trade consultations is good news for the fragile world economy, two well-known Indonesian economists told Xinhua in recent interviews. Last month, Chinese President Xi Jinping and his U.S. counterpart, Donald Trump, met on the sidelines of a summit of the Group of 20 major economies in the Japanese city of Osaka, and agreed to restart economic and trade consultations between their countries on the basis of equality and mutual respect. Mari Elka Pangestu, Indonesia’s former trade minister and one of ...

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Does the G20 Still Matter?

When the G20 leaders held their first summit in late 2008, many welcomed what looked like a diverse, highly representative new forum for crafting common solutions to global problems. The group acquitted itself well in responding to the global financial crisis, and, for a while, its emergence as a forum for international policy coordination seemed like one of the only silver linings of that mess. I was certainly among those applauding the G20’s initial achievements. Since 2001, when I identified the rise of the BRIC countries (Brazil, Russia, India, and ...

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Baltic Dry Index climbs to 1865, up 49 points

Today, Friday, July 12 2019, the Baltic Dry Index climbed by 49 points, reaching 1865 points.

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MABUX: Bunker Prices Expected to Trend Downwards

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight upward trend on July 11: 380 HSFO – USD/MT – 451.42(+20.66) 180 HSFO – USD/MT – 486.12(+18.93) MGO – USD/MT – 666.24(+12.61) Meantime, world oil indexes slightly decreased on Jul.11 as OPEC forecast slower demand for its crude next year. Brent for September settlement decreased by $0.49 to $66.52 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery lost ...

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Drewry: World Container Index Down By 4.6%

The composite index decreased 4.6% this week and 9% down as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,456 per 40ft container, which is $7 higher than the five-year average of $1,449 per 40ft container. Drewry’s composite World Container Index (WCI) decreased 4.6% to $1309.34 for a 40ft container. Freight rates on Shanghai-Los Angeles decreased $118 to stand at $1,531 for a 40ft box. Likewise, rates from Shanghai to Genoa fell $88 to reach $1,291 per feu. ...

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Tanker markets see halt to operations, delays as Tropical Storm Barry nears US Gulf Coast

Ship-to-ship lightering operations in the Southwest Passage and Galveston Offshore Lighterage areas have come to a halt as of Thursday morning in response to Tropical Storm Barry nearing the the US Gulf Coast, shipping sources involved in operations said. STS lightering operations currently remain business as usual in Houston and Corpus Christi, a shipowner said. US tanker market participants continued to monitor the status of the storm Thursday, with closures reported along the Mississippi River and the Sabine/Neches waterway. The port of Houston, Galveston, Freeport, and Texas City all have ...

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