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The Indian Railways has recorded the highest-ever coal loading in the Financial Year (FY) 2023-24, said the Ministry of Railways. In FY 2022-23, coal loading was 727.98 MT (Metric Tons). In the FY 2023-24, it increased 59.6 MT to reach 787.58 MT, informed the ministry. The ministry also informed that in FY 2023-24, the revenue generated was Rs 86,838.35 crore. Exceptional thrust to Coal Loading! Indian Railways registers highest-ever coal loading in FY 2023-24,” the Ministry of Railways said in a post on X. In another development, last month the ...

European wheat futures fell on Friday to their lowest since April, pressured by harvest supplies in the United States and Black Sea region. Traders were also adjusting positions before monthly U.S. Department of Agriculture (USDA) world crop forecasts, expected to include revisions to U.S. and Russian wheat production. September wheat BL2U4 on Euronext was down 1.7% at 219.50 euros per metric ton by 1527 GMT. It earlier fell to 219.25 euros, its lowest since April 22, though it continued to find chart support around the 220 euro level. Chicago wheat ...

Spot basis bids for corn were steady to stronger in the U.S. Midwest on Friday, supported by demand from processors and other grain handlers as Chicago Board of Trade futures prices lingered near multi-year lows, discouraging grain sales by farmers. The corn basis firmed by 4 cents at Decatur, Illinois, a key grain processing site where the basis has improved by 10 cents this week as merchandisers worked to pry supplies from reluctant producers. Corn bids held steady elsewhere after inching higher this week at various Midwest terminals, ethanol plants ...

Qingdao Port International said on Friday it agreed to purchase assets from Rizhao Port and Yantai Port for 9.44 billion yuan ($1.30 billion) as part of its restructuring efforts. Additionally, Qingdao Port said it is seeking to raise an additional 2 billion yuan through the issuance of new class A shares. Hong Kong-listed Qingdao Port is purchasing the entire stake in Rizhao Port Oil Terminal, a 50% stake in Rizhao Shihua Crude Oil Terminal Co, a 53.9% stake in Shandong United Energy Pipeline Transportation and a 51% stake in Shandong ...

San Antonio Terminal Internacional (STI), operated by SSA Marine and SAAM Terminals, reported that Andrés Albertini, the current commercial manager, will take over as general manager of the port terminal on August 1. Albertini holds a degree in industrial engineering with a major in mechanics from Universidad Santa María, a Master of Engineering Management from Universidad de los Andes, and a diploma in finance from the same university. He has over 18 years of experience in the port and aeronautics sectors. “We know that his experience will help us continue ...

Starting August 1st, Rodrigo Galleguillos will take over as Senior Vice President Commercial & Business Development of SAAM Terminals. Galleguillos has an undergraduate degree in business administration and a master’s in finance from Universidad Adolfo Ibáñez, along with an MBA from Bond University (Australia). He has a solid track record in the maritime, port and logistics sector, holding various managerial positions in Chile and Argentina over the past ten years. “In recent years, Rodrigo has led the operations of San Antonio Terminal Internacional, Chile’s main port. This experience, which has ...

Shell has replaced liquefied natural gas (LNG) volume it lost after exiting Russia in 2022 with a string of deals that underpin CEO Wael Sawan’s bet on growing demand for the fuel as he reduces the focus on renewable energy. The new projects in the United Arab Emirates and Trinidad and Tobago and the acquisition of a large trading portfolio put Shell half way to achieving its target to increase LNG volumes by up to 20 million metric tons per year (mtpa) between 2023 and 2030, according to analysts and ...

Combined electricity generation from solar and wind farms in the United States surpassed output from nuclear plants for the first time during the opening half of 2024, cementing renewable energy assets as the primary source of clean power in the country. Electricity generation from utility-scale solar and wind assets during the first half of 2024 was a record 401.4 terawatt hours (TWh), compared to 390.5 TWh from nuclear reactors, data from energy think tank Ember shows. That marked the first time over a half-year period that renewables electricity supplies exceeded ...

U.S. natural gas futures rose more than 2% on Friday after touching their lowest in close to two-months during in the session, boosted by forecasts for hotter weather over the next two weeks that should boost air-conditioning demand. Front-month gas futures NGc1 for August delivery on the New York Mercantile Exchange settled about 2.7% higher at $2.329 per million British thermal units (mmBtu). During the session, the contract dropped to its lowest since May 13. “We are trying to rebound on the expectations that the outlook going forward is going ...

Northwest European diesel barge refining margins were broadly steady at $19.42 a barrel in limited trading activity. Four diesel barges traded in the Platts window, similar to levels in the previous session. ExxonMobil and Belgomine sold to Shell, Vitol and Mabanaft. Independently held gasoil stocks in storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 1.2% in the week to July 11 to 2.16 million metric tons, data from Dutch consultancy Insights Global showed. European diesel markets are looking bearish until September when refinery maintenance season kicks in, ...

Kuwait Petroleum Corporation (KPC) said on Sunday it had made a “giant” oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels. KPC’s CEO Sheikh Nawaf Saud Nasir Al-Sabah said in a video posted by the company on X that the new discovery’s reserves were equivalent to the country’s entire production in three years. Source: Reuters (Reporting by Jaidaa Taha and Muhammad Al Gebaly; Editing by Jan Harvey)

Sedimentary basins offer a strong prospect for India to realize its upstream potential, petroleum minister Hardeep Singh Puri said July 11, as the country looks to attract foreign investments and grow domestic oil and gas output. Highlighting that India’s upstream sector offered an investment opportunity to the tune of $100 billion by 2030, Puri drew the attention of foreign and private investors to India’s 26 sedimentary basins, saying that the bulk of those areas are yet to be explored. “Only 10% of our sedimentary basin area is under exploration today,” ...

Nigerian crude oil was offered at their highest levels in about a month as sales picked up, while Indonesia’s Pertamina sought cargoes in a buy tender. Healthy sales pushed differentials for Nigerian crude higher with flows going to Europe and the United States. Escravos and Forcados were offered at around dated Brent plus $3, while light sweet Qua Iboe and Bonny Light were offered at above dated Brent plus $2. At least 15 cargoes of August-loading Angolan crude remain unsold, in a slow-selling month as Chinese buying remains muted ahead ...

No deals were reported on Friday, a day after a trade made Forties the cheapest grade setting the North Sea benchmark price. PLATTS WINDOW * Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP). * No deals were reported on Friday. * Forties was the cheapest grade in the dated Brent basket on Wednesday after BP sold to Gunvor Aug. 4-6 at dated Brent plus $1.00. Source: Reuters (Reporting by Noah Browning; Editing by Sandra Maler)

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) traded flat on Friday: WCS for August delivery in Hardisty, Alberta, settled at $13.65 a barrel below WTI on Friday, according to brokerage CalRock, holding steady. Refineries along the U.S. Gulf Coast, which process Canadian crude, had limited damage and largely returned to normal operations on Wednesday following Hurricane Beryl. Offshore platforms in the area, which produce some medium crudes that are also used by refineries in Gulf Coast, saw limited damage ...