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Corn prices supported by US planting delays; wheat rebounds

Chicago corn futures were little changed on Thursday after closing higher in the last session as storms delayed planting in parts of the U.S. Midwest, although plentiful world supplies kept a lid on the market. Wheat gained ground on bargain-buying after falling for the last five sessions. The most-active corn contract on the Chicago Board of Trade was unchanged at $3.61-3/4 a bushel by 0708 GMT, soybeans rose 0.1 percent to $9.02-1/2 and wheat added 0.6 percent to $4.60-1/2 a bushel. U.S. farmers, who have spent the last month sifting ...

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US 2019 coal production expected to fall 9.2% on year to 684.1 million st: EIA

The US will likely produce 684.1 million st of coal in 2019, the US Energy Information Administration said, cutting its estimate from a month ago by 1.6%. The 2019 production would be 9.2% lower than the 753.7 million st produced in 2018, while 2020 production is estimated at 640.1 million st, the EIA said in its April Short-Term Energy Outlook. The 684.1 million st expected in 2019 would be the lowest production since 670.16 million st was produced in 1978. Power sector coal consumption is projected to be 553.3 million ...

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Disparity between Permian oil and gas prices continue to grow

The price gap between Permian Basin oil and gas will continue to widen as steady demand for crude continues to overwhelm oversupplied natural gas markets, an analysis by S&P Global Platts showed. Permian natural gas prices have fallen to record lows as planned maintenance on key transmission lines strands gas, forcing some regional gas processing plants to flare, according to recent filings with Texas state regulators. However, as takeaway crude pipeline capacity grows, so does demand for oil, pulling up gas production along with it. Disparity between value of the ...

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The next chapter in oil benchmarks?

What can be guaranteed looking at well-trodden mountain range paths? All are interconnected. Consider that the range represents the global oil market and that each path is an oil price benchmark. No benchmark works in isolation, each act as a ‘guide’ to offer market participants the necessary transparency to trek the summits of success in trading ecosystems. The robustness of these symbiotic relationships—in the Middle East and beyond—has a major bearing on the black gold market. Three benchmark markets largely define global crude oil trading— Brent, WTI and Dubai—with Brent ...

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U.S. natural gas-fired combined-cycle capacity surpasses coal-fired capacity

The amount of generating capacity from natural gas-fired combined-cycle (NGCC) plants has grown steadily over time, and in 2018, surpassed coal-fired plants as the technology with the most electricity generating capacity in the United States. As of January 2019, U.S. generating capacity at NGCC power plants totaled 264 gigawatts (GW), compared with 243 GW at coal-fired power plants. Total capacity for generating power in the United States across all types of natural gas-fired generating technologies surpassed coal as the primary capacity resource more than 15 years ago. However, different natural ...

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Why are U.S. natural gas prices in Texas below zero?

In an unusual event, U.S. natural gas prices in West Texas have been trading in negative territory for more than two weeks, largely due to a lack of pipeline space, forcing some drillers to pay those with spare pipeline capacity to take unwanted gas. Spot prices at the Waha hub NG-WAH-WTX-SNL – where prices for gas in the Permian basin are set – fell to a record low of minus $4.28 per million British thermal units last week. Prices have been negative in the real-time or next-day markets since March ...

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Russia to expand annual LNG production to 140 million tons

Russian Energy Minister Alexander Novak expects the country’s output of liquefied natural gas (LNG) to rise more than tenfold to 140 million tons per year by 2035 as global demand for the fuel soars. LNG shipments from Russia amounted to 12.86 million tons last year. According to the minister, annual production will grow to 73 million tons as early as 2025. “Russia has got a wide range of opportunities for expanding LNG production. Lots of LNG plants are currently being projected and becoming operational,” Novak said speaking at the 5th ...

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Europe Is Sinking the Global Economy While Juicing U.S. Stocks

The soft spot for the global economy is a source of strength for the U.S. stock market. A basket of American companies with outsized exposure to Europe is up about 23 percent this year, outpacing the S&P 500 Index’s 15 percent advance and the 12 percent gain in European equities in dollar terms. The situation is a transatlantic conundrum: the International Monetary Fund blames the continent for its softest global growth outlook since the financial crisis, while the Trump administration is readying tariffs on $11 billion in imports from the ...

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Out-of-sync and out-performing China markets lure foreign inflows

Not for the first time, China’s markets are marching to their own beat. Just as investors come to terms with a bleak outlook for global growth and earnings, with weak German industrial and trade data just the latest portents of gloom, China’s economy may be bottoming out, helped by Beijing’s early moves to prop up a stuttering economy. At the same time, Chinese regulators’ drive to open up financial markets to foreign involvement is making the country more accessible, and a potentially rich target for foreign investors looking to diversify. ...

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Brexit delay agreement pushes pound higher

The pound against the US dollar (GBPUSD=X) climbed following the UK and European Union agreeing to delay Brexit until 31 October this year. Sterling rose against the dollar to pop above $1.31 after the possibility of a no-deal Brexit — which would’ve been the default outcome of Britain leaving the EU on 12 April if an extension was rejected by the bloc — was quashed temporarily. Late last night, Britain and the EU agreed to a “flexible extension” of Brexit until 31 October this year, after five hours of talks ...

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How Populists Can Ruin a Global Recovery

There is a strange sound of relief coming out of the International Monetary Fund. The IMF has slashed its global growth forecasts to the lowest level since the financial crisis, but it also believes policy makers may have stepped in just in time to avoid a turn for the worse. Central bankers deserve credit for pausing on their long road back to a more normal monetary policy. This has helped to bring some calm to financial markets and may help to lift growth in the second half of this year. ...

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China says discussed remaining issues with U.S. trade negotiators

China’s commerce ministry said on Thursday that senior trade negotiators from the United States and China discussed the remaining issues in a phone call following the last round of talks in Washington. Both teams will keep in close communication and work at full speed on the trade talks, ministry spokesman Gao Feng told reporters in a regular briefing. Source: Reuters (Reporting by Yawen Chen and Beijing Monitoring Desk; editing by Darren Schuettler)

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What the US will lose in a trade agreement with China, thanks to Donald Trump

As the US and China get closer to a possible trade deal, the World Trade Organisation is set to lose its principal role as an arbiter of disputes. That has significant consequences for global trade, and underlined the re-emergence of bilateral agreements that once hindered global trade and development for decades. It’s no surprise that US President Donald Trump’s go-it-alone strategy to upend the status quo runs straight through Geneva. As a presidential candidate, he ran on rebellion. Once in office, he wasted no time reversing US participation in a ...

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Donald Trump’s four-week time frame to end US-China trade war is an ‘uncertain timetable’, says state media

Donald Trump’s four-week time frame for the United States and China to settle on an agreement to end the trade war is not guaranteed, with an editorial in a newspaper closely affiliated with Beijing urging patience “as neither side has made any promise that there will definitely be a deal.” US President Trump met Chinese Vice-Premier Liu He on Thursday and said that the two nations would know “over the next four weeks” whether a trade deal could be reached. But while it is still uncertain when, or even whether, ...

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IMF says Germany, China and others might need fiscal stimulus

The International Monetary Fund warned that fiscal stimulus could be needed in Australia, Germany, China and several other countries due to the risk of a sharper-than-expected economic slowdown. The global lender said there was a case that these countries, which also included South Korea and Japan, should enact “limited, high-quality fiscal stimulus.” In its Fiscal Monitor report published as officials gather in Washington for the spring meetings of the IMF and World Bank, the IMF said any fiscal stimulus in China and Japan should be accompanied by a “credible medium-term ...

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