Oil prices extended their rally on Friday and were on course for a weekly gain, sparked by output disruption in the U.S. Gulf of Mexico after Hurricane Francine forced the evacuation of production platforms. Brent crude futures rose 38 cents, or 0.53%, to $72.35 a barrel by 0735 GMT. U.S. West Texas Intermediate crude futures rose 40 cents, or 0.58%, to $69.37. If those gains hold, both benchmarks will break a streak of weekly declines despite Brent crude dipping below $70 a barrel on Tuesday for the first time since ...

Energy – Oil continues its recovery Oil prices continued their move higher yesterday. ICE Brent settled more than 1.9% higher on the day, leaving it within striking distance of $72/bbl. Supply disruptions from Hurricane Francine continue to provide some support. The latest data from the Bureau of Safety and Environmental Enforcement shows that 41.74% of US Gulf of Mexico oil production has been shut in due to the storm. More than 53% of natural gas production has also been shut in. The IEA’s monthly oil market report yesterday painted a ...

Trillions of US dollars of bank finance to fossil fuel companies is being routed via opaque financial centres in several countries, including the Netherlands, research published this week showed. The study by Tax Justice Network, which campaigns against tax havens, highlights a lack of transparency in funding for energy companies. The study examined 60 global banks’ US$6.9 trillion of syndicated financing of fossil fuel companies, such as coal miners or shipping firms between 2016 to 2023, including loans, credit lines and bonds. “We’re raising the alarm on banks and fossil ...

Iran continued to raise its oil production in August despite the continued pressure of US sanctions that restrict the country’s ability to sell oil in international markets, according to latest data by the Organization of the Petroleum Exporting Countries (OPEC). OPEC data cited in a Tuesday report by the official IRNA news agency showed that Iran’s oil production had averaged 3.277 million barrels per day (bpd) in August, up just 4,000 bpd from July. The increase came despite a fall in total OPEC output in August as the bloc produced ...

Singapore’s middle distillates stockpiles fell 4% week-on-week to below 11 million barrels as a rise in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, official data showed on Thursday. Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 10.919 million barrels for the week ended Sept. 11, slightly down from 11.374 million barrels a week ago, data from Enterprise Singapore showed. O/SING1 For jet fuel/kerosene, net exports surged almost ten-fold from a week earlier as total imports went back to nearly negligible levels. ...

U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in over three years as soon as next month, shortly before they go to vote in November’s presidential election, analysts said this week. Softer gasoline prices, resulting largely from weaker fuel demand and sliding oil prices, are a relief for consumers who have struggled with record high fuel costs that have stoked inflation. Lower prices could also help Vice President Kamala Harris and other Democrats fight off sharp criticism from Republicans over pain at the ...

European stocks advanced on Friday and were poised for weekly gains, supported by miners, while investors shifted their focus to the U.S. Federal Reserve ahead of a long-awaited monetary easing at its meeting next week. The pan-European STOXX 600 index was up 0.5% at 514.4 points, with France’s CAC 40 rising 0.3% after consumer prices in the region’s second-largest economy rose 2.2% year-on-year in August, in line with its preliminary reading. Autos were the top gainers among sectors, jumping 1.5% and were on track for their best day in over ...

USD: Markets might hold keys to a 50bp cut The currency market has cemented its view that the Federal Reserve’s focus has shifted away from inflation this week. The dollar is trading on the soft side after two above-consensus inflation prints (CPI and PPI), with the impact of the former proving to be rather short-lived. The swap market is currently pricing in 37bp of easing for next week’s FOMC meeting, implying equally split chances of a 25bp or 50bp cut. Helping the dovish case overnight were some remarks by former ...

Is India’s attitude toward Chinese investment subtly changing? The question has drawn the attention of not only Chinese investors, but also public opinion in some developed countries. It is an interesting phenomenon. In the latest example, it was reported by Japanese media outlet Nikkei Asia that “India edges warily toward accepting more Chinese investment.” Why are some media outlets in third countries interested in bilateral investment between China and India? Of course, relations between China and India, two of the world’s major emerging economies, can easily attract the West’s attention. ...

Since Vice President Kamala Harris replaced Joe Biden as the Democrat Party presidential candidate, she has been strategically silent about her energy and climate policy platform. Her campaign for the 2020 presidential election indeed outlined an aggressive vision, where she proposed to spend $10 trillion to decarbonise the US economy, establish a carbon tax, and ban fracking. But this time around, her ambiguity on climate policy so far is signalling a departure from her 2020 stance and a move toward the centre. Harris may face mounting pressure to lay out ...

China reported weaker-than-expected consumer price growth for August, signalling continued sluggish domestic consumer demand. This could place further pressure on key sectors in European stock markets, including luxury consumer and mining stocks, which are sensitive to China’s conomic data. China’s consumer prices rose by 0.6% year-on-year in August, falling short of the expected 0.7% but showing a slight improvement from the 0.5% rise in July. However, factory gate prices, as measured by the Producer Price Index (PPI), remained in deflation, dropping by 1.8% compared to a year ago, exceeding the ...

Experts will this week resume a risky operation to salvage the Sounion tanker which was attacked by Yemen’s Houthis in the Red Sea last month and still holds about one million barrels of crude oil, maritime sources said on Thursday. The towing of the Greek-registered vessel – which was struck, lost power and caught fire on Aug. 21 – was paused after it was deemed unsafe by the companies initially involved in the project. Officials have said the towing operation will be particularly delicate, given the full load and a ...

Access to clean maritime fuels is a top priority for the decarbonisation of the shipping sector. The recently published Draghi report on the Future of European Competitiveness identifies shipping as one of the most difficult sectors to decarbonise, requiring around 40 billion in annual investments between 2031 and 2050. The report highlights that, while the EU is a world leader in sustainable renewable and low-carbon fuels for the decarbonisation of transport, it has limited installed capacity and planned production. The EU needs to start building a supply chain for clean ...

The Baltic Exchange’s main sea freight index tracking rates for ships carrying dry bulk commodities fell on Thursday, weighed down by losses in the capesize segment. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 36 points, or 1.8%, to 1,927. The capesize index slipped by 150 points, or 4.4%, to 3,225. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $1,236 to $26,750. The panamax index gained 46 points, or 3.4% to reach1,402 points. ...

Asia’s very low sulphur fuel oil (VLSFO) showed signs of further easing on Thursday as backwardation narrowed at the prompt months, though high sulphur fuel oil (HSFO) held on to its recent strength. Spot activity was thin for VLSFO amid scant offers, while bids also retreated to lower values. Backwardation for the VLSFO balance-September and October timespread narrowed further to $18.75 per metric ton, paring back after hitting its widest level since November 2023 as of last week. Meanwhile, the HSFO market continued to hold onto its recent strength, though ...