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EU wheat exports down 1.47% on year but catching up: data

EU wheat exports totaled 16.1 million mt between July 1 and Sunday, 1.47% down year on year, data from the EU Crops Market Observatory showed. Although the total volume is still behind the previous marketing year’s, the pace has accelerated due to higher Russian wheat prices and tender purchases by a range of countries in the Middle East and North Africa. Four weeks ago, the pace of EU exports was down 7.32% year on year, but countries such as Algeria are understood to have been heavy buyers of French wheat. ...

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Keppel completes first LNG cargo import from North America

Keppel Gas Pte Ltd (Keppel Gas), a wholly-owned subsidiary of Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure), has completed its first Liquefied Natural Gas (LNG) cargo import under Singapore’s Spot Import Policy, which allows up to 10% of Singapore’s total long term contracted gas supplies to be imported on a spot cargo basis. The spot cargo of 160,000m3 of LNG originated from an LNG liquefaction project in North America, marking the first time that Keppel Gas has diversified its gas supply portfolio beyond Southeast Asia. The LNG cargo reached Singapore ...

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Could Spot Iron Ore be on Track for $100/Ton?

According to Reuters, spot 62% grade iron ore for delivery to China recently rose 1.6% to $93 per metric ton and the most-traded May 2019 iron ore contract on the Dalian Commodity Exchange soared as much as 4.1% to 710.5 yuan ($106) per ton — the highest for the Asian benchmark since 2013. Such robust price performance was not a one-day spike, but was reflected across the week as the contract gained nearly 10% during the first week of April on a combination of strong steel mill buying and concerns ...

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Oil slips to $71, hit by talk of higher OPEC+ production

Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts. Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute. [EIA/S] “We have already seen these inventories going higher in the last week’s print,” said Naeem Aslam, chief market analyst at TF Global Markets in ...

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Middle East leads the pack in 2018 FID bonanza

Last year marked a turning point for the upstream industry. In 2018, the number of project FIDs rose globally to pre-crisis levels. The Middle East was the focal point for much of this activity and was the site of 11 out of the 49 projects sanctioned globally. The region led the pack in both sanctioned capex and reserves, accounting for almost 40% of global volumes and 55% of capex. And of the projects sanctioned globally in 2018, the Middle East is home to 3 of the 4 biggest in terms ...

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U.S. shale output forecast to hit record 8.46 million bpd in May -EIA

U.S. crude oil output from seven major shale formations is expected to rise by about 80,000 barrels per day (bpd) in May to a record 8.46 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 42,000 bpd to a fresh peak of about 4.14 million bpd in May. In North Dakota’s Bakken region, shale production is estimated to rise by about 11,000 bpd to ...

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Credit Suisse slashes Asian LNG price outlook

Credit Suisse has slashed its outlook for average spot LNG prices in Asia next year to USD 6/MMbtu (EUR 18/MWh) amid an overhang of supply it expects will peak in 2020. “Our global LNG supply-demand modelling shows 2020 as the year of most ‘oversupply’,” the Swiss investment bank’s head of oil and gas research in Australia, Saul Kavonic, told Montel in an emailed statement. The outlook represents a discount of nearly 20% relative to where the forward market is pricing the region’s benchmark Japan/Korea Marker at USD 7.40/MMbtu. “The long-known ...

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Global Stocks Gain as Fed Officials Signal Confidence

Global stocks opened higher on Tuesday, reversing declines from the beginning of the week a day after Fed officials in separate speeches signaled confidence in the U.S. economy. In Europe, the Stoxx Europe 600 was up 0.2% in morning trading. In Asia, the Shanghai Stock Exchange was up 2.4%, Hong Kong’s Hang Seng Index rallied 0.9% and Japan’s Nikkei gained 0.2% on hopes for a resurgence in Chinese growth. Futures pointed to small gains when U.S. indexes open with Dow Jones Industrial Average futures up 0.3% and S&P 500 futures ...

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Sterling brushes aside sturdy jobs data; volatility drops

Expectations for volatility in the British pound plummeted to their lowest levels in more than a year on Tuesday after European Union leaders and the British government last week announced Brexit would be delayed for up to six months. Sterling implied volatility gauges slipped across the board, extending a recent decline, to their lowest levels since January 2018, as no significant Brexit-related developments were expected this week. Outside the drop in implied volatility measures in the currency derivatives markets, wider moves in the pound were limited with the British currency ...

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China first-quarter GDP growth seen cooling to 6.3 percent, but March may suggest rebound – Reuters poll

China’s first-quarter economy growth likely cooled to the weakest pace in at least 27 years, a Reuters poll showed, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March. Signs of improvement in the world’s second-largest economy would add to growing optimism that Washington and Beijing are nearing a trade deal, reviving business confidence and easing worries of a significant slowdown in global growth. But analysts do not expect a sharp rebound in China’s economy like recoveries in the past, which ...

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China economic slowdown: 3 reasons why it’s different this time

China’s influence on global commodity markets is unparalled. It’s a matter of scale. • China imports more than 60% of domestic demand for oil, gas and iron ore. • Its imports of oil, LNG and coal account for around a fifth of global seaborne trade. • The country is now the world’s largest consumer of bulk commodities. China drives liquidity and price formation like no other That’s why producers, traders and investors inevitably worry when risks and uncertainties emerge in China. Which is where we are today. Daily headlines feed ...

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U.S.-China Trade Resolution Expected Soon, GE’s Culp Says

U.S.-China relations will continue to evolve as negotiations between the two countries stretch over decades, but a resolution to the current trade dispute will likely happen in the “not too distant future,” General Electric Co.’s Chief Executive Officer Larry Culp said. His comments came as Treasury Secretary Steven Mnuchin said the U.S. is open to facing “repercussions” if it doesn’t live up to its commitments in a potential trade deal with China, a sign that the two sides are edging closer to an accord to end their nine-month trade and ...

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Tanker Market Rates 16/04/2019

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

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Germany sees no need for stimulus to tackle slowdown – spokesman

The German government sees no need for a stimulus package to reinvigorate Europe’s biggest economy, a spokesman said on Monday. “We have a very solid budget policy,” said government spokesman Steffen Seibert. “And we are coupling solid budgets with an increase in investments and this should in the coming years improve the basis for more growth.” “The budget stipulates investment spending that is significantly higher than in the previous legislative period and as such we see no need for a stimulus package,” he added. Seibert was responding to comments by ...

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The BRICs were supposed to take over the global economy. What happened?

The BRIC acronym was coined by Goldman Sachs chief economist Jim O’Neill in 2001. He predicted four emerging economies — Brazil, Russia, India and China — were on their way to reshape the world economy. Opponents said the countries were too different culturally and socially to be grouped together and that ultimately, it was a Goldman Sachs marketing ploy. Still, in the first decade, the countries met all expectations and beyond. Investment banks, think tanks and academia capitalized on the successes and everyone was talking about BRIC. In 2010, the ...

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