Breaking News
11 months ago
Oil prices may have risen to a 4 month high, but that is not nearly good enough for the oil exporting cartel – whose many members need the price to rise even more to fund their fiscal budgets – and this morning OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to further short up prices and maintain the continued decline in global commercial inventories. The curbs which total roughly 2 million barrels a day, will remain in place until the end of June. As has been the case, OPEC+ leader Saudi Arabia accounts for half of the pledged reduction. The move is hardly a surprise with traders and analysts widely expecting the extension, seeing it as necessary to offset a seasonal lull in world fuel consumption and soaring production from several of OPEC+’s rivals, most notably US shale drillers which are maximizing output to boost their prospects amid the unprecedented merger wave sweeping the US shale patch; however as shown in the chart below, the latest OPEC+ supply curbs come just as US shale output has peaked and growth is starting to shrink again, assuring that the next move in oil will be […]
11 months ago
The beginning of the Russian-Ukraine war in early 2022 led to a significant tightening in global liquefied natural gas (LNG) supplies as Europe replaced lost Russian LNG with supplies from the US. Currently, LNG markets are stabilizing and, according to one commodity desk, could enter an oversupply period in 2025. In a note to clients, a team of analysts led by Ehsan Khoman, who is in charge of the commodities research desk at MUFG Bank, said the global LNG market is on the verge of transitioning from tight to oversupplied: When factoring in LNG export capacity currently under construction in the US (and other regions), we anticipate ~200mpta of additive global LNG supply capacity before the end of this decade (constituting ~50% of the 409mpta global LNG supply currently ). To put the sheer velocity of this additional supply into context, global LNG demand printed at 401mpta in 2023. This LNG oversupply, beginning to take shape from 2025, leads to risks that global gas prices may decline to around supply cash costs (~EUR15 – 20/MWh), which may lead to the cancellation of US LNG exports (akin to 2020). Khoman highlighted the “chart of the week,” which states that an oversupplied […]
11 months ago
Saudi date exports hit SR1.462bn ($398m) last year, according to data released by the National Centre for Palms and Dates (NCPD). The value of Saudi Arabia’s date exports increased by 14 per cent in 2023, compared to SR1.28bn ($341m) in 2022. By the end of 2023, the number of countries importing Saudi dates had reached 119. Saudi date exports The total value of date and date-byproduct exports increased by 152.5 per cent since 2016, from SR579m ($154m) in 2016 to SR1.462bn ($398m) in 2023, a compound annual growth rate (CAGR) of 12.3 per cent. NCPD Chief Executive Dr Mohammed Alnuwairan credits the success to collaborative efforts among the leadership, date producers and exporters, and public-sector agencies. The efforts involved participating in local and international exhibitions, organizing business missions, facilitating export procedures, and working in partnership with the private sector under a unified strategy aiming to support the date exports. Alnuwairan highlighted promising advancements in the quality and production of processed date products, alongside local and international marketing initiatives, to further solidify the position of Saudi dates in global markets. Exports to China saw a remarkable 121 per cent surge in 2023 compared to 2022, while France experienced a 16 per cent increase. Singapore […]
11 months ago
Indian refiners are concerned that the latest U.S. sanctions against Russia could further impact their ability to import cheap Russian crude as freight rates are set to rise and dent refining margins, industry sources in India. The U.S. levied new sanctions against Russia last week, on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician and anticorruption activist Alexey Navalny. Among the 500 targets of the new sanctions, the U.S. Treasury and State are targeting Russia’s tanker operator Sovcomflot and more than a dozen crude oil tankers linked to the Russian state firm. Refiners in India are now concerned that the new sanctions would make it more difficult to have oil shipped from Russia on non-sanctioned vessels, which would raise shipping costs and eat into the refining margins. India will still buy crude from Russia but only if it is sold below the G7 price cap of $60 per barrel and is shipped on non-sanctioned vessels, an Indian government. Even before the latest U.S. sanctions, Refining margins for India’s biggest state-owned refiners had dropped amid more difficult access to Russian crude and soaring freight rates due to the Red Sea disruption […]
11 months ago
Indian refiners are concerned that the latest U.S. sanctions against Russia could further impact their ability to import cheap Russian crude as freight rates are set to rise and dent refining margins, industry sources in India. The U.S. levied new sanctions against Russia last week, on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician and anticorruption activist Alexey Navalny. Among the 500 targets of the new sanctions, the U.S. Treasury and State are targeting Russia’s tanker operator Sovcomflot and more than a dozen crude oil tankers linked to the Russian state firm. Refiners in India are now concerned that the new sanctions would make it more difficult to have oil shipped from Russia on non-sanctioned vessels, which would raise shipping costs and eat into the refining margins. India will still buy crude from Russia but only if it is sold below the G7 price cap of $60 per barrel and is shipped on non-sanctioned vessels, an Indian government. Even before the latest U.S. sanctions, Refining margins for India’s biggest state-owned refiners had dropped amid more difficult access to Russian crude and soaring freight rates due to the Red Sea disruption […]
11 months ago
The international attacks on Tucker Carlson, especially from within US mainstream media and NATO-connected circles, have only increased following his hugely controversial eight day visit to Russia earlier this month where he interviewed President Vladimir Putin. Russian state media has even this week claimed authorities uncovered an “assassination plot” – rumored to have been backed by Kiev. This week the former FOX prime time host was interviewed about his trip and the whole Putin interview experience in three-hour podcast hosted by Lex Fridman. Tucker Carlson revealed more about what motivated him to do the televised Putin segment, and further discussed his personal take on the Russia-Ukraine war and where it could go from here, now having entered its third year. Interestingly, Carlson’s main critique of the war focused not on Putin or the Kremlin’s actions in Ukraine, which of course are not under his control or influence, but on the impact to America. Carlson explained that the West’s escalation of the conflict long ago into a full-blown proxy war has not only resulted in more needless Ukrainian deaths, but it has been devastating for the United States. “I reject the whole premise of the war in Ukraine from the American […]
11 months ago
Wendy’s is about to test a surge pricing model similar to Uber, in which the cost of menu items will fluctuate throughout the day on ‘high-tech menu boards’ that can update prices in real-time, meaning a burger and fries will cost people more during the lunch or dinner rush than slower times of day. During a recent investor call, CEO Kirk Tanner said that the Ohio-based company will invest $20 million on the high-tech menu boards. “As we continue to show the benefit of this technology in our company-operated restaurants, franchisee interest in digital menu boards should increase further supporting sales and profit growth across the system,” he said, without noting how high prices could ‘surge’ – or whether the base price would actually fall during slower periods. According to a spokesperson, who also didn’t indicate if off-peak prices would be lower than current prices, “Dynamic pricing can allow Wendy’s to be competitive and flexible with pricing, motivate customers to visit and provide them with the food they love at a great value.” “We will test a number of features that we think will provide an enhanced customer and crew experience.” That said, Wendy’s already charges vastly different prices depending on location. In Times Square, a Dave’s […]
11 months ago
OPEC+’s voluntary production cuts that were set to expire at the end of the first quarter could be extended through the end of the year, three OPEC+. Crude oil prices jumped with the news from three anonymous OPEC+ sources who spoke to Reuters, indicating that OPEC+ was considering an extension of its voluntary production cuts into the second quarter to lend further support to the market. What’s more, the sources suggested that the group could keep the voluntary cuts in place through the end of this year. In fact, one of the OPEC+ sources said that the cut extension into the second quarter was “likely”. Oil prices were trading up more than 1% on the news in afternoon trading. But the oil industry was largely already betting on OPEC+ extending its oil production cuts beyond the first quarter and into the next, a Bloomberg survey showed last Friday. The anonymous survey predicted. According to industry watchers, OPEC+ would be forced to keep the oil off the market, with supply continuing to exceed demand. “OPEC+ have no choice but to extend the current cuts in order to avoid a meltdown,” Tamas Varga, analyst at PVM Oil Associates Ltd, said last week. […]
11 months ago
According to Wheels Alive, a UK automobile publication, the EU is considering banning repairs on vehicles that are more than 15 years old. The proposed measure, put forward by the European Commission and pending ratification, seeks to gradually eliminate older, high-emission vehicles to promote the adoption of greener alternatives. This pending legislation, which requires the green light from both the European Parliament and the Council, introduces the concept of a ‘residual vehicle’. Just for perspective, this means vehicles that were manufactured in 2009 or before wouldn’t be considered for major repairs. The EU’s ‘Fit for 55’ initiative aims for a 55% cut in transport emissions by 2030 from 1990 levels and zero direct emissions by 2050, including a 2035 ban on new combustion engine vehicles, with exceptions for future synthetic fuels. Despite these goals, the adoption of low or zero-emission vehicles across the EU is uneven, with some countries like Spain seeing average vehicle ages over 14 years, and over 47% of vehicles older than 15 years, reflecting a broader trend across Europe. The European Commission proposes to tackle this by targeting the longevity of cars, introducing draft regulations to redefine waste management for end-of-life vehicles to encourage recycling and a […]
11 months ago
Bitcoin on Wednesday has hit its two-year high by going past $59,000-mark and the crypto token is now less than $10,000 from its all-time high of $69,000 that it witnessed in November 2021. Euphoric sentiment and institutional buying demand have put the asset on fire. Trades have also doubled down on the asset out of pure FOMO (fear of missing out) about a seemingly new bull rally. The value of all the Bitcoin in circulation has topped $2 trillion this month for the first time in two years, according to crypto platform CoinGecko, while the price of the token itself has doubled in just four months. Bitcoin was last up 4.5% at $59,244, its highest since December 2021. The price spike came as US spot Bitcoin exchange-traded funds (ETF) recorded over $3.2 billion in cumulative trading volumes. Bitcoin has gained 24% since ETF trading began on January 11 and is up 40% year-to-date. The three most popular, run by Grayscale, Fidelity and BlackRock, have seen trading volumes surge. On Monday and Tuesday, around 110 million shares in the biggest three changed hands, about 51% of the 215 million shares traded in the market’s most valuable companies, according to LSEG data. Three weeks […]
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