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The Bangladeshi government will import two more cargoes of Liquefied Natural Gas (LNG) from the international spot market to meet the domestic gas demand. The government approved two proposals on Thursday at a meeting of the Cabinet Committee on Economic Affairs chaired by Finance Minister AHM Mustafa Kamal. In line with the approved proposals of state-owned Petrobangla, the Master Sale and Purchase Agreement (MSPA) will be signed with TotalEnergies Gas & Power Ltd, Switzerland, and Vitol Asia Pte Ltd, Singapore. Both the proposals were approved as unsolicited offers on the ...

China has rediscovered its appetite for imports of refined zinc after a prolonged absence from the international market. The country took in 76,800 metric tons of metal in July, the highest monthly tally since April 2019. China has stepped up domestic output of refined zinc this year, but the Shanghai market continues to be plagued by low inventory and tight time-spreads. The Shanghai Futures Exchange (ShFE) zinc price is outperforming the London Metal Exchange (LME) price CMZN3, opening an arbitrage import window through which increasing amounts of metal are now ...

Argentina’s government is putting a focus on stepping up exports of natural gas as production rises in Vaca Muerta, with the first goal to halt gas imports by 2024 or 2025 except at times of high winter demand, Energy Secretary Flavia Royon said Sept. 7. The construction of new takeaway capacity from Vaca Muerta is fueling this export potential, she said at the El Cronista Energy Summit in Buenos Aires. The President Néstor Kirchner Pipeline started operations in July at 11 million cu m/d, when the first section was completed ...

U.S.-European Union talks to create a ‘green steel’ trade deal that boxes out China have hit a wall as an Oct. 31 deadline looms that could bring back tariffs on billions of dollars of transatlantic trade, sources familiar with the negotiations on both sides of the Atlantic told Reuters. U.S. negotiators are frustrated by what U.S. trade sources said isthe EU’s lack of engagement on U.S. proposals in recent weeks. Deep disagreements remain over the structure of any joint trade curbs aimed at reducing carbon emissions and curbing excess production ...

Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. Brent crude fell by 23 cents, or 0.25%, to $90.42 a barrel by 1051 GMT on Monday while U.S. West Texas Intermediate crude lost 46 cents, or 0.53%, to $87.05. The supply cuts overshadowed continuing concern over Chinese economic ...

The price for the Russian pipeline gas for China is expected to be steadily declining in next few years, and is seen much lower than Moscow is selling to Europe, a Russian government document, seen by Reuters on Friday, shows. Oil exports from Russia are also seen declining next year, according to the forecast of Russia’s socio-economic development forecast until 2026, while the price of Russian oil is seen rising in 2024. The economy ministry did not replied to a request for comment. The price of Russian pipeline gas has ...

U.S. manufacturers reported that business activity declined for the 10th month running in August, though declines are becoming less widespread implying the trough in the cycle may be approaching. The Institute for Supply Management’s purchasing managers index increased slightly to 47.6 (16th percentile for all months since 1980) in August up from 46.4 (13th percentile) in July and 46.0 (11th percentile) in June. Despite the improvement, the manufacturing index has been below the 50-point threshold dividing expanding activity from a contraction for ten months since November 2022. The length of ...

ExxonMobil expects Guyana to reach steady oil production of 1 million b/d by 2028 — up from zero in less than a decade — with the gas output mainly reinjected for the time being as the partners look at ways to eventually commercialize the gas portion, the US major’s lead country manager, Alistair Routledge, said. Interviewed in London in August, Routledge voiced confidence in Guyana’s growth as a deepwater oil producer with low emissions, an emerging domestic supply chain and an effective licensing process. Routledge noted the light sweet crude ...

G20 leaders on Saturday agreed to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power, but stopped short of setting major climate goals. The world’s 20 major economies have had disagreements on commitments to reduce fossil fuel use, cut green house gas emissions and increase renewable energy targets. One such sticking point was a proposal by Western countries to triple renewable energy capacity by 2030 and cut green house gas emissions by 60% by 2035, which was opposed by Russia, China, Saudi ...

Wall Street’s main indexes were set to open higher on Monday following gains in megacaps led by Tesla (NASDAQ:TSLA), while investors awaited inflation data due later this week for clues on the U.S. Federal Reserve’s interest-rate path. Tesla jumped 6% in premarket trading as Morgan Stanley upgraded the EV maker to “overweight” from “equal-weight” due to potential growth in its market value because of Dojo, the firm’s supercomputer. Shares of other megacaps including Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) rose between 0.4% and 0.8%. Apple (NASDAQ:AAPL) climbed 1.4% after ...

U.S. stock investors are turning their focus to next week’s inflation data, which could determine the near-term path of an equity rally that has wobbled in recent weeks. Signs the U.S. economy is on track for a so-called soft landing, where the Federal Reserve is able to bring down inflation without badly damaging growth, have helped power the S&P 500’s 16% year-to-date gain. Last week’s employment data played into that narrative, showing the job market remained robust, though not strong enough to spark worries that the Fed would need to ...

A surging stock market powered U.S. household wealth to a record high of more than $154 trillion in the second quarter, aided by a rebound in property values, Federal Reserve data showed. Household net worth rose 3.7% to $154.28 trillion in the period from April through June from $148.79 trillion at the end of the first quarter, the Fed said in its quarterly snapshot of the balance sheets of households, businesses and federal, state and local governments. The data showed households have fully recouped the wealth losses generated by a ...

A potential U.S. government shutdown at the end of September could add to worries about the economy going into year-end and beyond, investors said. Current funding for most government programs expires on Sept. 30. If lawmakers are unable to pass a new budget by then, large swathes of government functions would shut down, an event strategists at Goldman Sachs estimate would reduce U.S. economic growth by 0.2% for each week it lasted. A partial closure of the government, which will not interfere with essential functions like the military or Social ...

USD: BoJ and PBOC drive dollar lower The seemingly unstoppable dollar run is being dented this morning by two currencies that had all but contributed to consolidating USD strength until now: the yen and the yuan. The Bank of Japan’s Governor Kazuo Ueda released an interview where he said policymakers may have enough information by year-end – if wage inflation continues – to make a decision on unwinding some monetary stimulus. The market reaction to this has been significant. The overbought USD/JPY is falling and testing 146.00, and the benchmark ...

If Federal Reserve officials want U.S. financial conditions to tighten enough to cool the economy and inflation without triggering a deep recession, they’re getting a strong helping hand right now from the dollar. The dollar is at a six-month high and has surged 5.5% since mid-July. That rip higher has been fueled by a rise in U.S. bond yields that has made the dollar much more appealing relative to other currencies. Since the dollar index hit a 15-month low and embarked on its current upswing on July 14, Goldman Sachs’ ...