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Oil trader Paul Vega is at the vanguard of shale’s next revolution. Driving his pick-up truck through the heartland of the Permian basin — the vast tract of west Texas scrub where one of history’s greatest oil booms means miles-long traffic jams — Vega says there’s more crude being pumped than America’s refineries can absorb. Today, the primary task of trading houses like his is getting the stuff overseas. “We buy it, we truck it, we put it on a pipeline, and there it goes to the port — and ...

Mining analysts say Cyclone Veronica is likely to boost the global iron ore price as operation and port shutdowns restrict exports from WA’s Pilbara. The red alert for Port Hedland in Western Australia was lifted on Monday as the cyclone weakened to a category two system. Mining companies had closed down their operations over the weekend and were assessing the damage to their facilities on Monday. Argonaut Securities metals and mining analyst James Wilson expected the iron ore price, which closed at $US85.89 a tonne on Friday, to be boosted ...

In its heyday in the early 2000s, the Tokyo Commodity Exchange was at the heart of the global commodity trade, its precious metals and rubber contracts used as benchmarks around the world. Today, as it moves closer to a sale to Japan Exchange Group, the bourse is fighting for relevance as it’s dwarfed by rival exchanges in China and beyond. Tocom’s demise was cemented in 2005 by stricter rules against soliciting business from retail investors, who had provided so much liquidity that prices for rubber and platinum on the bourse ...

Brazilian miner Vale said Tuesday the loss of its iron ore fines output on an annualized basis has totaled about 92.8 million mt/year since the dam disaster in late January that led to stoppages at other Vale mines. The current loss, if sustained through the year, would account for around a quarter of total Vale iron ore output in 2018 and would hit hard Vale’s pellet feed supply, found mainly in southeast Brazil, at a time of record pellet premiums. Following the Brumadinho dam rupture on January 25 at Corrego ...

Oil prices declined on Wednesday, reversing earlier gains, as further disruptions to Venezuela’s crude exports were offset by a report that U.S. inventories rose last week. Brent crude futures were down 22 cents, or 0.32 percent, to $67.75 a barrel at 1021 GMT. U.S. crude futures were down 44 cents at $59.50 a barrel. Venezuela’s main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month. Crude exports from the key OPEC member ...

Oil and metals trading house Trafigura expects gobal oil demand to peak as early as 2030, hit potentially by a faster-than-expected take-up of electric vehicles as the shift to cleaner energy gains pace, its CEO Jeremy Weir said. The Swiss trader sees oil demand starting to “plateau out” with reduced growth rates from 2025, with a possible decline from “2030-2035,” Weir said. “It may happen quicker than you think,” Weir told the FT Commodities Global Summit in Lausanne. “If you look at the transition in China into electric vehicles, there ...

Refiners globally are bringing more plant maintenance forward to the second quarter from later in the year so they can be ready for increased demand resulting from new cleaner-fuel shipping rules, according to Wood Mackenzie. The International Maritime Organization is imposing new regulations from January 2020 requiring ships to use fuel with no more than 0.5% sulfur in international waters, compared with the 3.5% limit currently. Diesel, low sulfur fuel oil and LNG will gain market share in bunker fuels through 2025 as a result of the changes, Wood Mackenzie ...

OPEC and non-OPEC countries seek to work out a long-term plan to maintain stability of oil markets specially after prices improved recently due to great commitment to crude oil production cuts. OPEC’s Ministerial oil prices’ Monitoring Committee said following its last meeting in Baku, Azerbaijan, that a 2016 agreement between OPEC and non-OPEC producers over output cuts has been holding on and contributed to stability of oil markets. The meeting in Baku enforced cooperation between the 24 countries and brushed aside doubts about their commitment, Dr. Bashir Alliya, an expert ...

What do OPEC and the Federal Reserve have in common, other than being on the receiving end of angry tweets from President Donald Trump? They are both having a particularly terrible time assessing the outlook for demand, and this is making setting policy exceptionally fraught. The Fed must adjust interest rates and other policy levers to achieve its twin goals of low and stable inflation and full employment. In the case of OPEC nations and their band of friends, ministers have to judge the production needed to balance global supply ...

Global stocks paused on Wednesday amid lingering concerns around the possibility of a global economic slowdown. Europe’s Stoxx Europe 600 was mostly flat. In Asia, Hong Kong’s Hang Seng gained 0.6%, while Japan’s Nikkei 225 slid 0.2%. U.S. futures pointed to a positive open. The Dow Jones Industrial Average was set to edge 0.2% higher, while the S&P 500 was set to gain 0.3%. Investors will be watching a meeting at the European Central Bank this morning, in which ECB President Mario Draghi is expected to conform to the recent ...

The pound hovered below a recent nine-month high on Wednesday before a series of indicative votes in the British parliament on how to break the Brexit impasse. With options including stopping Brexit to a new customs union to Prime Minister Theresa May’s existing deal still in the mix, markets doubt there will be a conclusion tonight and the full process of finding an advisory plan could run through Monday. “The possibility of no outstandingly well-supported option, however, remains, and would potentially obfuscate things still further,” Paul Markham, a portfolio manager ...

China’s economy will flirt with deflation this year, with producer prices likely contracting in the second half, according to economists. Factory-gate prices will grow by just 0.3 per cent in 2019, according to the median estimate of 15 economists in a Bloomberg survey. That’s down from the forecast of 0.8 per cent seen last month. Some said prices could begin contracting as soon as July, with negative price growth remaining until early 2020. The outlook for producer-price gains in the next two years was also cut by almost half to ...

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

Physical iron ore port stock quotes edged up today as mills conducted their