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German coal ramps up to highest since March, gas dips below average

German hard-coal-fired generation ramped up to the highest weekly average since March for the first week of August, while gas generation fell sharply after reaching a six-month-high in July, transmission operator data aggregated by Fraunhofer ISE showed Aug. 8. Hard-coal output averaged 6.36 GW for Week 31 (Aug. 1-8), up 21% week-on-week, while gas fell 24% to 4.26 GW. Gas-fired generation hit a record Eur437.48/MWh Aug. 3 compared to just Eur184.12/MWh for an older coal units, S&P Global Commodity Insights data based on front-month prices show. Spot coal into Europe ...

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China’s Dalian soybean, soyoil options make debut trade

China’s soybeans and soyoil options made their debut trade on the Dalian Commodity Exchange on Monday, as the world’s biggest commodity buyer looks to provide more hedging tools and improve its pricing power. Domestic investors can now trade options for both of Dalian’s No. 1 soybean and No. 2 soybean contract, for non-GMO and GMO soybeans respectively, as well as its soyoil contract. The exchange had already begun trading soymeal options trading in 2017. “I think there will be good interest in the soybean oil options. The soybean meal options ...

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Palm rises to 8-day peak as Indonesia lowers export tax threshold

Malaysian palm oil futures rose on Tuesday to their highest in eight days, after top producer Indonesia lowered its export tax threshold on crude palm oil, bridging the discount gap against Malaysian palm oil. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 63 ringgit, or 1.55%, to 4,134 ringgit ($928.15) a tonne by the midday break, up for a third consecutive session. Indonesia lowered its threshold for applying export tax on crude palm oil to a reference price of $680 per tonne, ...

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European gas oil futures anticipate recession

Hedge fund position changes last week in U.S. and European petroleum futures illustrate the contrasting economic outlooks on the two sides of the North Atlantic. Hedge funds and other money managers purchased the equivalent of 3 million barrels in U.S. diesel futures and options in the week ending on Aug. 2. In the three most recent weeks, investors have purchased a total of 13 million barrels, doubling their position to 26 million barrels. As a result, bullish long positions outnumber bearish short ones by a ratio of more than 3:1 ...

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Western Fields Dinged by Dryness; East Fares Better

Crop Watch producers in the western U.S. Corn Belt trimmed crop ratings across the board after a hot and mostly dry week last week, though recent rains have bolstered prospects in the east. Western areas are likely to face another hot and dry stretch this week, but cooler temperatures and rain chances in the east should prevent stress on those crops into mid-month. The 11 Crop Watch producers have been reporting weekly on their yield potential and crop conditions. Both are scored on a 1-to-5 scale, with 3 representing average ...

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Nigerian oil output falls 6% in July as pipeline closures persist

Nigerian crude oil output fell 6% month on month in July as pipeline closures and maintenance at major fields continued to impede Africa’s largest oil producer, industry sources said Aug. 8. A senior official from the country’s oil ministry told S&P Global Commodity Insights the field that feeds the major export grade — Bonny Light — remains heavily disrupted. Nigeria has had to deal with a barrage of security, operational, and technical problems at its key oil infrastructure since early 2021. Crude and condensate production in July fell to 1,314,074 ...

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China set for new tax probe on independent oil refiners – sources

China is set to begin another round of tax inspections on independent refiners that will last months, adding to pressure on refinery operations which are already running well below capacity, five trading and refinery executives told Reuters. The world’s top crude oil importer has been clamping down on independent refiners since early last year, including probes into quota trading and fuel tax evasion, as Beijing seeks to curb excessive fuel processing and recoup state tax revenue losses. With fuel demand already sluggish under Beijing’s zero-COVID policy, the probes hastened a ...

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Energy production declined by record amounts in several states in 2020

In 2020, energy production in the United States fell by record amounts compared with 2019, mostly as a result of decreased economic activity during the COVID-19 pandemic. Wyoming had the largest drop in total energy production among the states, decreasing by 1,264 trillion British thermal units, mostly due to decreased coal production. Seven states saw their largest annual energy production decline in at least 60 years, as reported in our State Energy Data System. To calculate U.S. total energy production and to compare different types of energy reported in different ...

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India’s July fuel demand rises 6.1% year-on-year

India’s fuel demand in July rose 6.1% year-on-year, but fell 5.7% from the previous month, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday. Consumption of fuel, a proxy for oil demand, totalled 17.62 million tonnes in July, down from 18.68 million tonnes in June. Sales of gasoline, or petrol, were 6.8% higher from a year earlier at 2.81 million tonnes. Gasoline and gas oil sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and ...

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FX Daily: Window of carry sees renewed interest in EMFX

USD: Dollar stability can allow some interest in high yield EMFX A very quiet Monday and what looks the same again today has seen the dollar soften slightly across the board. The moves have not been particularly large, but we have seen steady out-performance in currencies like the Brazilian real (BRL), Mexican peso (MXN) and a few selected commodity-linked currencies in the G10 space. The moves are a reminder that FX markets never fully settle and that even in quiet periods, investors rotating into yield can generate some movement. An ...

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U.S. spending bill to cut inflation, deficit over time – Moody’s

A sweeping bill passed by the U.S. Senate on Sunday and intended to fight climate change, lower drug prices and raise some corporate taxes, will bring down inflation over the medium to long term and cut the deficit, ratings agency Moody’s Investors service told Reuters. The legislation, known as the Inflation Reduction Act, however, will not bring down inflation “this coming year or next year,” said Madhavi Bokil, senior vice president at Moody’s Investors Service. “We do think that this act will have an impact (of cutting inflation) as it ...

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Wait and see: U.S. companies curb investment as they await Fed moves

Business investment appears to be an early victim of red-hot U.S. inflation and rising interest rates. Nonresidential fixed investment, which is how the Commerce Department lumps together things like spending by businesses on new buildings and renovations of existing ones, slipped 0.1% on an annualized basis in the second quarter. This acted as a drag on gross domestic product, the broadest measure of U.S. economic output. It also ended a seven-quarter run of outsized additions to GDP that on average were more than double the category’s historic contributions to growth. ...

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Insufficient domestic demand major challenge for economy

As the resurgent COVID-19 pandemic that hit parts of China earlier this year increasingly comes under better control, economic recovery is gradually taking shape. But due to outbreak disruptions that continue to periodically appear, no signs of a sustained economic rebound were evident as of the end of June. Less-than-stellar data in consumption, investment and market confidence show that mild recovery rather than a robust rebound is more likely in the second half. As the peak of outbreak disruptions recedes, policies regarding population flows and transportation have been adjusted accordingly. ...

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PIMCO: US CPI Preview

This week focus turns to inflation, where recent commodity price weakness will become apparent across the range of inflation measures. We also think core inflation will decelerate on a month-over-month basis from last month’s alarmingly hot print. However, we expect another firm core CPI print and rising unit labor costs to reaffirm the strength in underlying inflation pressures. The US CPI report will likely present somewhat more mixed messages about inflation. We think the most important thing to watch is whether rental measures remain on the pace from last month, ...

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Baltic Dry Index falls to 1564 down 02 points

Today, Tuesday, August 09 2022 , the Baltic Dry Index decreased by 02 points, reaching 1564 points.

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