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Polish sea-borne LPG import growth slowed to 7% in 2023

Growth in sea-borne imports of liquefied petroleum gas (LPG) to Poland slowed 7% last year to 1.084 million metric tons, from a jump of more than 70% in 2022, with sea terminals working almost at capacity, according to traders and LSEG data. Sea-borne imports account for some 35% of total LPG supplies to Poland, while deliveries by rail was more than 50%. Poland also remained the main destination for Russian LPG, which was banned by the European Union last month over the conflict in Ukraine. Some traders say Russia may ...

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US EIA projects 2024 coal exports down 9% on year at 91 mil st

The US Energy Information Administration Jan. 9 revised downward its 2024 coal export projection to 91 million st, which if realized would be 9% lower than 2023 exports of 100 million st. The EIA’s January Short-Term Energy Outlook marked a 2.7% downward revision on the month for 2024 projected coal exports. Coal exports in 2025 are projected to recover 4.8% on the year to 95.4 million st. Lower coal demand was reflected in the EIA’s 2024 US coal production estimate representing an all-time low. The EIA projected that coal production ...

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Metals price outlook 2024

At the turn of the year, S&P Global Commodity Insights looks into the trends that will drive metals markets in 2024 and provides price and balance forecasts. Macroeconomic headwinds to remain a backdrop against commodities markets Amid the ongoing global battle against inflation in major economies throughout the year, geopolitical and financial events further shaped 2023, with many ripple effects that will likely carry into 2024. Two major events related to financial markets — the collapse of some banking institutions in the US and Europe and the narrowly averted US ...

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Soybeans near 2-year lows as South American supply outlook improves

Chicago soybean futures regained some ground on Thursday but remained near their lowest levels since December 2021 amid lacklustre demand for U.S. exports and an improved supply outlook from South America. Corn futures rose but were close to their lowest since December 2020. Wheat also gained. The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.9% at $12.47-1/4 a bushel by 0404 GMT after slipping to $12.34 on Tuesday. However, prices were still down nearly 4% so far this month. The price outlook for ...

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Oil prices firm as Middle East tensions heat up

Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East. futures gained $1.03, or 1.3%, to $77.83 a barrel by 0916 GMT and U.S. West Texas Intermediate crude futures rose 98 cents, or 1.4%, to $72.35, though gains were capped by a surprise build in stockpiles. The United Kingdom Maritime Trade Operations (UKMTO) authority received a report on Thursday that a vessel about 50 nautical miles east of Oman’s coast was boarded by ...

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The Commodities Feed: Russian aluminium dominates LME stocks

Energy – Large US oil builds Oil prices fell yesterday after the EIA reported an unexpected build in crude oil inventories over the last week. However, tension in the Middle East continues to grow with the Houthis launching a large missile and drone attack in the Red Sea. The attack targeted both commercial vessels and warships, but reports suggest that there was no damage to vessels or injuries. EIA weekly inventory data shows that US commercial crude oil inventories increased by 1.34m barrels over the week, which was quite different ...

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Europe’s oil stocks in December down yr/yr -Euroilstock

Total fuel and crude stocks held by European refiners stood at 1.002 billion barrels in December, down by a marginal 0.3% on the month and steeper 2.1% on the year, Euroilstock data showed on Wednesday. Middle distillate stocks stood at 385 million barrels, slightly below both November and December 2022 levels, the data showed. Gasoline inventories were 1% higher on the month but down by almost 2% on the year in December, at 106 million barrels. European refiners’ crude intake stood at 9.681 million barrels per day (bpd), around 4% ...

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Stocks rise before US data, bitcoin stalls after ETF green light

World stock markets rose on Thursday ahead of key U.S. inflation data and amid widespread excitement in the crypto world after the United States approved the first exchange-traded funds (ETFs) to track bitcoin. MSCI’s top world index was up 0.3% as London, Paris, and Frankfurt all swept higher, and after Tokyo’s Nikkei breached the 35,000 point barrier for the first time since 1990 overnight in Asia. (T) The exuberant mood looked likely to continue on Wall Street, where E-mini futures for the S&P 500 were up 0.3% and all the ...

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How an election-packed 2024 could swing world markets

Countries making up over 60% of the world’s economic output and more than half of its population hold elections this year. Markets face a “ballot box bombshell”, financial services group Morningstar says, adding: “prior experience of this kind of event risk shows big changes can cause sell-offs”. Here’s a look at the elections that matter for markets, in roughly chronological order for the coming year. 1/ TAIWAN Date: Jan 13 Back story: Taiwan’s ruling Democratic Progressive Party (DPP) is competing mainly with the opposition Kuomintang (KMT) for the presidency and ...

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Dollar eases ahead of US inflation data, bitcoin stands firm

The dollar edged lower on Thursday as traders waited for U.S. inflation data to confirm whether bets on as many as five Fed interest rate cuts this year were justified, while weak Japanese wages data sent the yen to a six-week low against the euro. Bitcoin neared $47,000, trading close to a two-year high, with investors welcoming the much-anticipated U.S. approval of spot bitcoin exchange-traded funds. The approval opens the way for institutional buying and had been priced in over recent months, driving the cryptocurrency up 70% since mid-October. The ...

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Is China’s consumption story over? Here’s what experts are saying

After a year of uneven and disappointing post-pandemic recovery in 2023, China’s consumer sentiment may finally start to improve this year. Last year, the world looked to China’s grand reopening as the catalyst that could pull the global economy out of its pandemic slump, but those hopes were proven wrong as analysts warned the world’s second largest economy may not meet its own target of 5% growth for 2023. For an economy that’s so heavily reliant on its manufacturing capabilities, market players are now looking toward the services and consumption ...

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China’s policy dilemma: is boosting credit deflationary?

China’s central bank faces a major hurdle in quelling the threat of deflation: more credit is flowing to productive forces than into consumption, exposing structural flaws in the economy and reducing the effectiveness of its monetary policy tools. The People’s Bank of China (PBOC) is under pressure to cut interest rates as falling prices raise real borrowing costs for private businesses and households, curbing investment, hiring and consumer spending. Deteriorating asset quality from the property crisis and local government debt woes is also pressuring central bankers to release liquidity into ...

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Retailers rush to avoid delays to spring collections due to Red Sea attacks

Retailers worldwide are stocking up on goods before China’s Lunar New Year holiday and seeking air or rail alternatives to transportation via the Red Sea in a scramble to avoid empty shelves this spring, executives and experts told Reuters. One European retailer said it was delaying marketing campaigns for some specific goods until stocks were secured. Major container ship operators like Maersk MAERSKb.CO and Hapag-Lloyd HLAG.DE are re-routing vessels away from the Suez Canal – the shortest route from Asia to Europe – after militant attacks on vessels in the ...

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Shipping costs rise by up to 250% due to Red Sea attacks

The cost of shipping goods through the Red Sea has surged since Yemen’s Houthi rebels began attacking commercial vessels in late November, and this continuing disruption may lead to higher inflation globally, industry analysts have said. Charges for transporting a 40-foot container from China to Europe through the key waterway have surged to about $4,000 at present, according to the Drewry World Container Index, which tracks container freight rates on eight major routes to and from the US, Europe and Asia. That is a 248 per cent jump from $1,148 ...

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Hapag-Lloyd to continue to avoid Suez Canal, decide again next week

Germany’s Hapag-Lloyd will continue to divert its vessels away from the Suez Canal and around the Cape of Good Hope for security reasons, a spokesperson for the company said on Tuesday. “We deem the situation still dangerous,” the spokesperson for the world’s fifth-biggest container liner said. “We have daily re-assessments and will have next decisions taken Monday Jan. 15.” Like rivals, Hapag-Lloyd is avoiding the Red Sea area after Yemen’s Houthi militant group began targeting commercial vessels, disrupting global trade, to show their support for Hamas. Source: Reuters (Reporting by ...

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