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Insiders Expect Container Shortage at Chinese Ports Amid Red Sea Crisis

After the Red Sea crisis forced ships to extend their routes around the Cape of Good Hope, industry insiders have expressed their concerns about a possible empty container shortage at Chinese ports after the Chinese New Year holiday. The Red Sea crisis not only affects transportation in local waters but also impacts the global shipping industry and supply chains, Chen Yuanhan, vice president of C. H. Robinson North Asia, told Yicai, adding that the ripple effects are just beginning to show. Circumnavigating Africa increases the cost and time of cargo ...

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India’s commercial mine auction may not offset imports soon

This five-part series on the thermal coal market analyzes the impact of India’s commercial auction of mines on imports; Indonesia’s continued domination as the top exporter; how South Africa’s transportation issues are unlikely to hurt supply to India; the effect of renewables on the JKT market; and China’s buying pattern and its impact on future prices. Auctioning coal mines for commercial sale has been one of the most touted pledges by India to increase domestic production and reduce dependency on imports, but slow operational development, financing troubles and low private ...

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Most base metals climb; tin leads gains as Indonesian exports ease

Prices of most non-ferrous metals rose on Thursday, lifted by a softer dollar and upbeat sentiment in Chinese equities, while tin outperformed the sector amid Indonesian supply tightness. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.3% at $8,338 per metric ton by 0803GMT. The most-traded March copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed down 0.2% at 67,960 yuan ($9,444.53) a ton. Meanwhile, tin prices climbed after shipments of refined tin from major producer Indonesia dropped 99% in January from last year, as miners ...

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The Commodities Feed: Refined product strength

Energy – US product draws EIA weekly inventory numbers show that US commercial crude oil inventories increased by 5.52m barrels over the last week, which was above market expectations. This build was driven by a rebound in crude oil imports, which increased by 1.3m b/d WoW, while exports also fell by 298k b/d WoW. EIA numbers also showed a 300k b/d increase in crude production. The refined product numbers were more constructive. Gasoline inventories fell by 3.15m barrels over the week, while distillate stocks fell by 3.22m barrels. Looking at ...

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Oil rises on slim progress in Gaza peace talks, weaker dollar

Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices. Brent crude futures rose 35 cents, or 0.4%, at $79.56 a barrel at 0730 GMT. U.S. West Texas Intermediate crude futures climbed 31 cents, or 0.4% to $74.17 a barrel. Wider Middle East tensions have kept the market on edge since October, with limited progress in talks to end the Gaza conflict. Israeli Prime Minister Benjamin Netanyahu rejected Hamas’ latest offer for a ceasefire and return of hostages held in ...

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OPEC says continued investments in oil projects crucial for global energy security

The global energy industry has to ensure that investments to the oil industry continues to flow despite a changing landscape, and any big shift in focus could potentially act as a stumbling block for energy security as well as create a volatile market, OPEC Secretary General Haitham al-Ghais said. “We need to reiterate that the misguided notion of no longer investing in new oil projects would undermine the security of energy supplies and lead to major volatility,” he told the India Energy Week Conference in Goa. Global oil demand growth ...

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Europe oil product markets hurting as Red Sea attacks delay deliveries, IEA exec says

Delays in oil product deliveries due to ships being diverted avoid attacks in the Red Sea are impacting product markets in Europe in particular, an International Energy Agency executive said on Wednesday. “We’re currently seeing a difficult situation with respect to the Red Sea and the Suez canal,” Keisuke Sadamori, IEA’s director of energy markets and security, told Reuters on the sidelines of the India Energy Week at Goa, adding that there has been delays in various deliveries of oil products. The Iran-aligned Houthis have been targeting commercial vessels with ...

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LNG sale and purchase agreements signed in 2023 support U.S. LNG projects

Developers advanced three liquefied natural gas (LNG) projects to the construction phase in 2023, following the signing of sale and purchase agreements (SPA)—contracts specifying the terms and conditions of LNG supplies between seller and buyer—underpinning the projects. Developers signed contracts with buyers for almost 22 million metric tons per year of LNG last year, or about 3 billion cubic feet per day (Bcf/d) of natural gas, according to data from the U.S. Department of Energy (DOE) and from company websites. The volumes contracted in 2023 totaled 52% less than the ...

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US EIA trims gas production forecast, despite January consumption surge

The US Energy Information Administration lowered Feb. 7 by 1.71 Bcf/d to 113.08 Bcf/d its natural gas marketed production estimate for the US in the first quarter of 2024, despite record-breaking consumption in January. In its February Short-Term Energy Outlook, the EIA also lowered its 2024 production forecast by 740 MMcf/d to 114.03 Bcf/d. The softer production estimates come even with the 3.03 Bcf/d rise, to 108.18 Bcf/d, in the agency’s forecast for US natural gas consumption in Q1. January consumption was 118 Bcf/d, “the most in any month on ...

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EMEA Majors to Still Depend on Oil and Gas in 2035 Despite Low-Carbon Growth

EMEA oil majors will still generate 75%-85% of their EBITDA in 2035 from traditional hydrocarbon businesses, according to Fitch Ratings’ estimates, even though they are implementing comprehensive transition plans that will gradually boost the share of low-carbon activities. A recently published scenario analysis uses Fitch assumptions and publicly announced guidance from issuers and aims to illustrate a view of what EMEA majors’ cash flow profiles and credit metrics may look like in 2030 and 2035 under their transition plans. We expect the ramp-up of low-carbon businesses to be back-loaded, with ...

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Asian equities climb on China policy boost bets, FX muted

Most Asian equities gained on Thursday, with prospects of support measures from Chinese authorities boosting sentiment, even as data showed persistent deflationary pressures in the world’s second-largest economy. Equities in China .SSEC climbed 1.0%, recovering for a third straight session after touching a five-year low on Monday. Other regional equities also advanced, with shares in Philippines .PSI rising as much as 1.4%, hitting their highest level in a year. Stocks in South Korea .KS11 rose up to 0.8% to a more than one-month high. China replaced the head of its ...

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Dollar remains a force to reckon with; analysts wary of US currency’s strength: Reuters poll

A resurgent dollar is more likely to stay strong than not over the coming months, according to foreign exchange strategists polled by Reuters, as markets reassess how soon the Federal Reserve may cut interest rates. Bucking a brief downward trend that started late last year, the gained nearly 2.0% in January alone. Various Fed officials pushed back on rampant market speculation for a rate cut in March, with the probability now down to less than 20% from a peak of around 90%, according to rate futures. A blowout U.S. jobs ...

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Dollar consolidates after Fed comments; yen slips

The U.S. dollar traded in a narrow range on Thursday and held just below a 12-week high reached earlier in the week, as traders digested comments from policymakers in the previous session. On Wednesday, several Fed speakers gave a range of reasons for feeling little urgency to start easing policy in the United States soon or to move quickly once they do. “Central banks need to be convinced that, not only will inflation come down, but that it will stay down,” said Colin Asher, senior economist at Mizuho. The market ...

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Red Sea tensions drive down WAF Suezmax rates, disrupt Persian Gulf trade flows

Disruption in the Red Sea has led to an influx of westward ballasters into the Atlantic region from the Persian Gulf, which has in turn played a major part in driving down freight rates for Suezmax voyages loading in West Africa, according to sources. Platts, part of S&P Global Commodity Insights, assessed the freight rate for the key 130,000 mt WAF-UK/Continent route at $16.98/mt on Feb. 6, down from a two-month high of $23.61/mt, where rates had stood for most of the first half of January. The freight cost for ...

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Ammonia/LPG Carriers Remain Newbuilding Favorites

Ship owners keep focusing on new fuel technologies, when it comes to newbuilding orders, with ammonia being among the preferred options at this stage. In its latest weekly report, shipbroker Allied Shipbroking said that “as the first month of 2024 concludes, we can see the continua tion of some of last year’s themes. In particular, contracting of ammonia/LPG carriers has remained strong and already we have seen around 20 such vessels reported as ordered, totalling more than 1.6m cbm. HD KSOE has been the main beneficiary of this trend, and ...

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