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Indonesia’s liquefied natural gas (LNG) export plants have offered several spot cargoes this month as it grapples with high inventories of the super-chilled fuel, industry sources told Reuters. The Tangguh LNG plant, operated by oil major BP, has offered three cargoes for loading in August and September via a tender that closes on Thursday, the sources said, declining to be named as they were not authorised to speak with media. Earlier this month, Tangguh had also offered 500,000 tonnes per annum of LNG for loading from the plant over 2022 ...

How’s this for a study in contrasts: One of the world’s biggest coal miners effectively says the industry is dying just days after Australia’s opposition party suffered a shock election loss, partly blamed on its failure to unambiguously back a new coal mine. BHP Group Chief Financial Officer Peter Beavan told a strategy briefing on Wednesday that the world’s biggest mining company has “no appetite” to grow its thermal coal assets and that the polluting fuel will be phased out “potentially sooner than expected”. To be sure, Beavan was talking ...

Demand for flat products, in northern Europe, varies by country and by end-use. Selling values, in mainland Europe, continued on the downward trend that began last month. In the Nordic countries, while many prices have been maintained, they are expected to decrease, in the near term. Third country offers are, for the most part, unattractive. Industrial activity is, generally, stronger in Scandinavia than in the rest of Europe, although Norwegian consumption is a little subdued. Demand for hot rolled coil, in Denmark, from the building industry, is fair. The local ...

Oil rose toward $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns of an economic slowdown. U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices. “Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. ...

The OPEC+ pact is hurting the Russian economy, potentially giving President Vladimir Putin a reason not to agree on an extension of the deal. While higher crude prices can bring the Kremlin additional revenue, production cuts are weighing on one of the country’s biggest industries. As the Russian leader decides whether to prolong the curbs into the second half, he may have to weigh his desire for faster economic growth against the benefits of his alliance with Saudi Arabia. “The OPEC+ deal was one of the factors behind slower economic ...

Asia’s oil refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data. Companies that planned to trim output include SK Energy, a unit of SK Innovation, the Singapore Refinery Company (SRC), owned by PetroChina and Chevron Corp and at least one refiner in Thailand, five people familiar with the matter said. In China, independent refiners known as ‘teapots’, which account for about a fifth of the country’s crude imports, operated at below 50% of capacity on average ...

World stocks edged higher on Friday and oil prices recovered from bruising falls, after U.S. President Donald Trump nurtured muted hopes of progress in U.S.-China talks while concerns over trade and the health of the world economy persisted. Trade tensions have roiled global markets this week with the MSCI All Country index up 0.2% on the day but in line for a more than 1% fall in its third week in the red, their longest losing streak since a rout in December. In overnight comments, Trump also labelled Chinese telecommunications ...

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status. Against a basket of six major currencies, the dollar was down 0.2% at 97.686 in early European trade and 0.7% off a two-year high of 98.371 hit the previous session. The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic ...

Embargoes are rarely effective in compelling a change in diplomatic behaviour because they create substantial incentives to circumvent the blockade by switching trade, building indigenous capacity or changing technology. The United States this month announced sweeping restrictions on the purchase of telecommunications equipment from, or the sale of advanced technology to, Huawei as part of the broad-ranging trade dispute with China. Commentators have speculated China could retaliate by restricting exports of rare earths and other critical metals to the United States, and China’s president this week paid a high-profile visit ...

Expect US President Donald Trump to emerge from this high-stakes US-China trade war with a face-saving deal that he will spin as a great success – but one that fails to fundamentally change China’s state control over markets, subsidies and theft of trade secrets. That is the conclusion of experts in game theory and strategic negotiation based on an analysis of the plans, tactics and pressure points of both sides. Game theory, which looks at strategic interaction among rational decision makers, was pioneered by mathematicians in the 1940s as a ...

European Central Bank policymakers are concerned that economic growth in the euro zone is even weaker than feared, eroding their confidence in a long-projected recovery in the second half of the year, the accounts of their April 10 meeting showed on Thursday. With growth unexpectedly weak for months now, the ECB has raised the prospect of more support for the economy but argued that more analysis was needed to see if the rapid loss of economic momentum is persistent or temporary. But action is all but certain in June, with ...

In a factory in Kunshan, an hour’s drive from downtown Shanghai, thousands of metal frames hang from a ceiling, their paint drying as they wait to become bicycles after wheels, handlebars, chains and other final parts are added to them. This is one of seven production facilities that comprise the giant manufacturing plant of Shanghai General Sports, which produces 3 million bicycles each year, 2.4 million of which are exported to the United States. In total, 16 per cent of the bicycles America imports from China each year are from ...

U.S. President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries since the last round of negotiations ended in Washington two weeks ago. “It’s happening, it’s happening fast and I think things probably are going to happen with China fast because I cannot imagine that they can be thrilled with thousands of companies leaving their shores for other places,” Trump said during remarks at the White House, providing no evidence of such an ...

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the first quarter ended March 31, 2019. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk announced today its first quarter 2019 financial results, reporting TCE Revenues of $99.0 million, $43.9 million of Adjusted EBITDA and a Net Loss of $5.3 million during a challenging and seasonally weak period of the year, which included approximately 300 off-hire days for scrubber installations. By the end ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) decreased on May 22: 380 HSFO – 417.00 (-2.21) 180 HSFO – USD/MT – 464.64(-2.00) MGO – USD/MT – 662.43(-3.14) Meantime, world oil indexes also declined on May 22 as the prospect of mounting U.S.-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand. Brent for July settlement decreased by $1.19 to $70.99 a barrel on ...