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Japan’s JFE head says not expecting further rise in iron ore prices

The head of Japan’s second-biggest steelmaker JFE Holdings Inc said he does not expect iron ore prices to rise further as he expects that Vale’s output in Brazil will likely recover. The iron ore market is surging, with prices last week topping the $100-per-tonne level for the first time in five years. The steelmaking material has been rocked by the rolling dam-related closures of Vale’s Brazilian mines as well as by weather-related losses in Australia. China’s iron ore futures extended gains on Thursday. “I expect iron ore prices won’t keep ...

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China’s Teapot Oil Refiners Are Scaling Back

Oil tanks along China’s eastern seaboard are filling up as the effects of the trade war trickle down into the real economy and sap demand for fuels, making life tough for the country’s independent refiners. In Shandong province — home to many of the non-state refineries known as teapots — gasoline stockpiles have swelled to the highest ever in data going back to 2011. The glut means domestic prices for fuels sold by teapots have risen only 5% this year, failing to keep up with the rally in global oil ...

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Oil steadies as trade fears balance Mideast tension and supply cuts

Oil steadied on Monday, trading below $69 a barrel, as concern over the U.S.-China trade dispute and global economic outlook offset support from Middle East tensions and supply cuts. Figures on Monday showed that profits for Chinese industrial companies shrank in April while new orders for U.S.-made capital goods fell more than expected in a further sign that the economy is slowing. The main factor preventing crude prices from rising on the geopolitical news is the concern about the global economy, said Petromatrix oil analyst Olivier Jakob. “The macroeconomic outlook ...

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Citi says $78 Brent possible as trade war gloom fleeting

Oil prices will overcome the current trade-war gloom and push higher as investors put aside their temporary bearishness to focus on tightening supply fundamentals, according to Citigroup Inc. The US lender sees Brent crude rising to $75 a barrel – around 4% above current levels – in the short term and possibly overshooting toward $78, Ed Morse, Citi’s global head of commodities research, wrote in a note dated May 20. Price declines since late April are an opportunity to go long, he wrote. The growing pessimism around the US-China trade ...

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Saudi Arabia, Iran tensions to support oil prices

Output cuts by Opec and its allies as well as tensions between Saudi Arabia and Iran following attacks on the kingdom’s oil installations and oil tankers is expected to support oil prices, analysts said. Oil prices trended lower last week due to concerns pertaining to growth following the escalation of tensions between China and the US on trade related issues. International benchmark Brent was trading at $68.69 per barrel when markets closed on Friday. Brent saw a decline of 4.5 per cent last week, the biggest weekly drop of the ...

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The great game of geopolitics and tough times for crude

A fear premium has been built into crude prices but are they going to last, and for long remains a big ‘if’. While geopolitics would continue to impact the markets until the Middle East, so important to the ongoing ‘crude game’, settle down, there are now growing signs of unease in the markets. Initial signs are already on the horizon. Early on Thursday, oil markets extended their losses and were set for the worst in six months. Although the oil futures settled higher Friday, recouping a portion of recent losses, ...

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Northeast gas production: are operators running out of steam?

After seven years of surging production growth, Northeast gas producers are starting to slow their output. Now the largest gas-producing region in North America is facing a mismatch on takeaway economics. The supply growth that was once constrained by limited piping capacity slowed at the end of 2018, just as additional pipeline projects were ramping up. The bearish outlook for Henry Hub futures prices exacerbates the problem. Henry Hub dropped by more than $0.40/mmbtu since 2017. Significant growth in associated supply such as Permian is weighing on the price outlook, ...

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Asia shares come off four-month low, euro steady after fragmented EU vote

Asia stocks inched up but remained near four-month lows on Monday amid concerns about U.S.-China tensions while the euro stayed in a narrow range after the weekend’s European Parliament elections. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, off a four-month low touched on Friday, with market holidays in the U.S. and U.K. denting trading volumes. European shares were expected to open modestly higher, with futures for Eurex EURO STOXX 50 index and Germany’s DAX ticking up 0.4 and 0.3 percent, respectively. Casting a shadow over many ...

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Yuan extends gains after regulator’s warning against speculation

China’s yuan rose to a 1-1/2-week high against the U.S. dollar on Monday, buoyed by a softer greenback and a senior official’s warning not to bet against the Chinese currency. China’s banking and insurance regulator said over the weekend that it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency. Previously, multiple senior officials at the central bank reiterated that China would keep the yuan “basically stable” and draw on a toolbox of policies ...

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Donald Trump has a friend in Japan, even as the trade war puts US alliances to the test

US President Donald Trump landed at the weekend on America’s “unsinkable aircraft carrier in the Pacific” (as former prime minister Yasuhiro Nakasone once referred to Japan), at a time when the trade war with China is looking unlikely to be an “easy win” – and could turn out to be a new Pearl Harbour. Having shunned alliances at the national level, the US leader needs personal allies wherever and whenever he can find them, and Japanese Prime Minister Shinzo Abe is offering Trump not just a deck to land on ...

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Tanker Market Rates 27/05/2019

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

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ULSTEIN X-JACK – heavy-lift Jack-up

With the newly developed ULSTEIN X-JACK heavy lift jack-up designs Ulstein presents its answer to the

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Presentation of World Energy Investment 2019 to CEM and IF

The International Energy Agency’s annual benchmark for tracking energy investment, World Energy

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Digital experts talk, Thea de Vries #1 about inspiration for ports provided by the travel sector

Digital experts talk, Thea de Vries #1 about the inspiration that the travel sector provides for our ports.

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Tanker Market Rates 26/05/2019

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

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