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Malaysian palm oil futures ended with a modest recovery on Friday and logged a third consecutive weekly gain as the strength in rival edible oils countered a firmer yen. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed 12 ringgit, or 0.3%, higher at 3,877 ringgit ($857.17) a metric ton. Palm rose 1.1% for the week, up a third consecutive week for its longest-winning streak since February. “Palm was higher after giving up hefty gains yesterday, buoyed by higher bean oil and some bargain-buying ...

California, the seventh-biggest U.S. crude oil producer, has put a near halt on issuing permits for new drilling this year, according to state data. The state’s Geologic Energy Management Division, known as CalGEM, has approved seven new active well permits in 2023. That compares with the more than 200 it had issued by this time last year. The stalled approvals represent the latest tension between California’s bold environmental ambitions and its role as a major oil and gas producer and consumer. New drilling permits have steadily declined since Gavin Newsom ...

The US oil and gas rig count shed six rigs leaving 732 for the week ended July 5, with both the Bakken Shale and Marcellus Shale setting new recent low levels in the mid-20s not seen since 2021, an analysis of S&P Global Commodity Insights data showed. The Williston lost the most rigs of any of the eight large domestic unconventional plays – eight rigs – leaving that basin’s rigs in the mid-20s, a level not seen since October 2021, the July 13 analysis showed. And, the natural gas-prone Marcellus ...

China’s financial regulators have invited some of the world’s biggest investors to a rare symposium next week, three sources said, seeking to encourage foreigners to keep investing in the world’s second-largest economy despite its recent weakness and rising geopolitical tensions. The meeting in Beijing next Friday will focus on the current conditions of U.S. dollar-denominated investment firms in China and the main challenges facing them, according to the sources who have direct knowledge of the matter and invitation documents reviewed by Reuters. The gathering comes at a time when global ...

Oman plans to develop a multi-purpose port in the Wilayat of Masirah as part of the strategic goals of Oman Vision 2040, said the acting Director General of Fishing Ports at the Ministry of Agriculture, Fisheries and Water Resources. Speaking to Times of Oman’s sisterly radio channel Al Shabiba, Eng. Saif bin Abdullah Al-Amiri, Acting Director General of Fishing Ports at the Ministry of Agriculture, Fisheries and Water Resources, said that the establishment of a multi-purpose port in the Wilayat of Masirah comes as part of the directives of the ...

With energy security leaping up the agenda, Europe is facing the fact it still needs oil and gas for the foreseeable future. But does the region have enough supply to meet ongoing demand as the energy transition progresses? In a recent webinar we tackled the big topics for European upstream, from energy security and fiscal disruption to regional gas supply and major new projects. Fill out the form to watch the replay, or read on for a quick introduction to some of the themes discussed. Will the UK be able ...

A Singaporean container ship drifted out of its channel and collided with another ship, causing a dock collapse at Cai Mep – Thi Vai Terminal. The accident happened on Thursday afternoon as the terminal in Ba Ria – Vung Tau Province, 80 km southeast of Ho Chi Minh City, was receiving heavy rains. The ship Wan Hai A02 stretching 335 m long, 51 m wide, and having a loading capacity of 140,000 tons drifted out of its navigational channel when reaching a bending area on Thi Vai River near the ...

POSCO displays a model of hydrogen reduction ironmaking at its booth at the 2023 World Climate Industry EXPO at BEXCO in Busan on May 25. Korea’s steel industry will need to produce more than 10 million tons of steel through a hydrogen reduction ironmaking method by 2040 at the latest if it wants to meet its greenhouse gas reduction target of limiting a global temperature rise to 1.5 degrees C or less, a study has found. Nonprofit think tank Next released the report “Carbon Neutralization Roadmap and Strategy for the ...

Pakistan LNG Ltd (PLL) received its first bids in a year to buy spot cargoes of liquefied natural gas (LNG) from commodities trader Trafigura, to deliver two cargoes in January and February. The South Asian nation had struggled to procure spot cargoes of the super-chilled gas for the past year after Russia’s invasion of Ukraine pushed global gas prices to record highs, leaving it to face widespread power outages. A source with knowledge of the matter said on Friday that PLL received one bid at $23.47 per million British thermal ...

China’s consumer prices will likely decline in July before recovering, Liu Guoqiang, deputy governor of the People’s Bank of China, told reporters Friday. Official measures of consumer prices have barely changed in the last several months amid tepid demand, in contrast to high inflation in the U.S. and Europe. “This year CPI’s year-on-year growth has softened, and July may see a decline,” Liu said. He claimed the drop was only a “phase” due to the recovery of demand and base effects. “At this time there is no deflation, and there ...

NASDAQ-Adv: 2,903 Dec: 1,525 NYSE-Adv: 2,937 Dec: 1,012 (Source: Nasdaq)

A ship operated by the Islamic Republic of Iran Shipping Lines (IRISL) has docked and unloaded at a port in Libya amid Iran’s efforts to increase its export activity in Africa. IRISL’s deputy for marketing Amir Bayat said on Thursday that the Iranian ship that left Libya earlier in the day was the second to dock in the North African country in less than two months. Bayat said the IRISL currently sends container and dry bulk ships to ports in East Africa every two weeks, adding that Iranian ships also ...

The euro zone almost eliminated its trade deficit in May, non-adjusted data showed on Friday, as exports of chemicals and machinery picked up and the value of imported energy products, notably from Russia, declined. The European Union statistics office Eurostat said the seasonally unadjusted trade balance of the 20 countries sharing the euro was a 0.3 billion euro deficit in May compared with a 30.3 billion euro shortfall a year earlier. Adjusted for seasonal swings, the May trade deficit was a modest 0.9 billion euros from 8.0 billion euros in ...

The U.S. dollar recovered modestly on Friday after falling sharply the last few days, as investors consolidated losses ahead of the weekend, but its trajectory remained tilted to the downside with the Federal Reserve near the end of its rate hike cycle amid softening inflation. The greenback, however, was on track for its biggest weekly decline since November against a basket of six major currencies. The dollar index edged 0.1% higher at 99.869, after touching a 15-month low of 99.574 earlier. The index was down 2.3% for the week, its ...

Global bond exchange-traded funds have hit $2 trillion in assets under management for the first time, after a wave of new money rushed into the products in the first half of the year, BlackRock said on Friday. The landmark figure, reached this week, highlights the growing appeal of both the ETF structure and of the juicy yields available on bonds. Yield-hungry investors have poured around $170 billion into the products since January, according to BlackRock data. Around $1.38 trillion of assets under management are in U.S. bond ETFs, and roughly ...