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W. Africa Crude-Angolan term allocations emerge

Term allocations for September-loading Angolan cargoes emerged with healthy volumes again going to Chinese state firms as August-loading cargoes had not yet sold out. Sonangol allocated six cargoes to China’s Sinochem, one to China’s Unipec and one to India’s IOC. At least two Angolan August cargoes remain unsold, a source said, from previous estimates of up to 10 available. Sonangol kept unchanged offers for September spot cargoes, offering Dalia at dated Brent plus 50 cents, Girassol at plus $3.50 and Gimboa at minus 50 cents. Source: Reuters (Reporting by Robert ...

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US Cash Crude-Grades firm on first day of September trade

U.S. grades mostly strengthened on Friday, the first day of September trade, dealers said. Mars Sour gained 40 cents, while WTI at East Houston, also known as MEH, strengthened 20 cents. WTI Midland remained unchanged. U.S. oil rigs, an indicator of future supply, rose by three in July, putting the count up for the first month since March, according to Baker Hughes’ rig count report. Also on the supply side, wildfires continued to rage in Canada, threatening supply. Meanwhile, Nigeria’s major Dangote oil refinery is reselling cargoes of U.S. and ...

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Mexico’s Pemex swings to $14 bln quarterly loss on lower sales, currency losses

Mexico’s state-owned oil company Pemex swung to a 256 billion peso ($14 billion) second-quarter net loss on Friday, red ink the energy giant chalked up to lower sales, a higher cost of sales and large currency exchange losses. The quarterly loss compared to a net profit of more than $25.4 billion in the same period of last year. Pemex said the loss would have been even higher if not for a lower tax bill and a slower rate of deterioration of fixed assets, according to a filing with the Mexican ...

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Yellen says G7 can reach deal on $50 bln Ukraine loan by October

U.S. Treasury Secretary Janet Yellen told Reuters on Friday that “things look good” for Group of Seven wealthy democracies to agree the terms of a $50 billion loan to Ukraine backed by Russian assets by October. Yellen said in an interview on the sidelines of a G20 finance leaders meeting in Brazil that talks to advance the loan were constructive, including over U.S. demands for reassurances that the assets would stay frozen for a longer period of time. “We’ve had constructive conversations here. And we’re working closely together to try ...

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Investors turn long on Singapore dollar after 7 months; bearish bets on Asian FX ease – Reuters poll

Investors turned bullish on the Singapore dollar for the first time since mid-December as the city-state’s growth and inflation dynamics continue to support the local unit, while bearish bets on most Asian currencies eased, a Reuters poll found on Thursday. Long positions on the Singapore dollar were at their highest since early April 2023, while bearish bets on the Malaysian ringgit fell to levels seen in April last year, according to a fortnightly poll of 10 analysts. The Monetary Authority of Singapore (MAS) does not seem to be in a ...

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Geopolitics is back to break markets’ stride

Politics has toppled global markets from record peaks and over a turbulent few weeks stepped to the fore as investors confront the prospect of an increasingly fractious Europe, isolationist America and a slowdown in the pulse of world trade. Geopolitics topped the risk list of sovereign money managers this year and, after a roaring rally, money is rushing out of potential flashpoints – such as Taiwan’s stock market – and into havens such as gold, which hit an all-time high last week. The line of thinking is that a period ...

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Take Five: Scores on the doors for Big Tech

It’s a big week for central banks, with policymakers in the United States, Japan and Britain all due to reconsider lending rates and markets on edge over more earnings from U.S. tech giants. In Venezuela, voters head to the polls to elect a president. Here’s your look at what’s happening in markets in the coming week, from Kevin Buckland in Tokyo, Ira Iosebashvili and Rodrigo Campos in New York and Amanda Cooper in London. 1/SEPTEMBER QUESTION The steep selloff in markets in recent days is shining a spotlight on the ...

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Why Nigerians are praying for the success of a new oil refinery

A prayer was held a few months ago in Kano, a very religious city in northern Nigeria. It was organised to pray for the success of a huge new Nigerian oil refinery that next month is due to start producing petrol for the first time. Praying for such an industrial facility might seem incongruous, but many Nigerians are hopeful that the Dangote Petroleum Refinery will lead to both a big increase in the availability of petrol, and a subsequent drop in prices. The $19bn (£15bn) refinery, based along the coast ...

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Europe Gasoline/Naphtha-Gasoline margins rise sharply

Northwest European gasoline refining margins rose on Friday by over $1 to $13.50 a barrel amid sharp declines in crude prices, recovering from sharp drops in the previous session. Shell sold one Eurobob E10 gasoline barge to TotalEnergies. Another 2,000 metric tons of E5 barges traded as Mabanaft bought from Gunvor. Independently held gasoline stocks in storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3.1% in the week to Thursday, data from Dutch consultancy Insights Global showed. U.S. gasoline stocks fell by 5.6 million barrels last week ...

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Asia’s AI-chip trade growth continues to boom

The most remarkable thing about Northeast Asian economies – South Korea, Japan, and Taiwan – is the robust growth in exports fuelled by an upswing in the global tech cycle. Strong demand for AI-related semiconductors and their equipment is the main driver here, supporting overall economic growth. We’ve been delving into the trade data to get a sense of the global trend of the vast semiconductor market. South Korea: the biggest beneficiary of the AI tech boom South Korea’s ICT sector (Information and Communication Technology) has seen strong growth, mostly ...

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First Bank of England rate cut since 2020 hangs on knife edge

The Bank of England’s first interest rate cut since 2020 hangs in the balance next week, with greater uncertainty than usual as key policymakers have not spoken publicly for more than two months due to rules in the run-up to July 4’s election. Investors are left guessing whether recent higher-than-expected services prices are enough to prevent the central bank cutting rates from their 16-year high of 5.25%. Interest rate futures show a 50% chance of a quarter-point rate cut on Aug. 1. And while most economists in a Reuters poll ...

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India’s GSPC seeks LNG cargo for Sept-Oct delivery, sources say

India’s Gujarat State Petroleum Corp (GSPC) is seeking a liquefied natural gas (LNG) cargo for delivery between September and October, two industry sources said on Thursday. It is seeking the cargo for delivery between Sept. 25 and Oct. 10 to the Mundra terminal on the country’s west coast. The tender closes on July 26. Source: Reuters (Reporting by Emily Chow, Editing by David Goodman)

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Copper falls below $9,000 level, prompting Chinese buying

Copper prices dipped below $9,000 per metric ton on Thursday for the first time since April on funds selling, but prices are likely to be supported by improved buying interest from China. Three-month copper on the London Metal Exchange CMCU3 traded 0.69% lower at $9,019.5 per metric ton by 1047 GMT. It earlier dipped to $8,900 to its lowest since March 28, breaking support level at $8,981.99, the 200-day moving average. “Funds continued to sell after overshoot since May and they are still not stopping,” a trader said. The most-traded ...

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Wheat and soybeans ease, corn steady as weather watched

Chicago wheat and soybeans eased on Thursday while corn ticked up, as investors weigheda dry spell in part of the U.S. crop belt against favourable field conditions so far this year. The dry weather in a swathe of the northern United States and Canada supported two-week peaks for corn and soybeans this week, but high yield estimates from a U.S. spring wheat crop tour this week tempered concern about potential damage. Plentiful global supply and export competition from cheaper South American and Black Sea suppliers were also capping U.S. grain ...

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South Korean buyer purchases about 18,500 T feed barley, traders say

A South Korean importer purchased an estimated 18,500 metric tons of animal feed barley expected to be sourced from east Europe and Russia, European traders said on Thursday. Some 13,500 tons expected to be sourced from east Europe was bought at an estimated $249 a ton cost and freight (c&f) included and 5,000 tons expected to be sourced from Russia was bought at about $244 a ton c&f, they said. The barley was sought for arrival in South Korea around Oct. 30. Reports reflect assessments from traders and further estimates ...

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