US ENERGY PRICES SPIKE
US consumer prices unexpectedly fall in June
In June, U.S. consumer prices unexpectedly decreased by 0.1%, following no change in May, according to the Labor Department. This marks a second consecutive month of stable CPI readings, suggesting a slowdown in inflationary pressures. Over the past year through June, the Consumer Price Index (CPI) rose by 3.0%, a slight decline from May's 3.3% increase and slightly below economists' expectations.
Oil Minister Hardeep Puri says India offers Rs 100 bn investment opportunities in explorations & productions
Union Minister Hardeep Singh Puri announced India offers an investment opportunity of at least 100 billion by 2030 in energy exploration and production. He highlighted the potential of India's 26 sedimentary basins, stating that despite progress, much of the potential remains untapped. Puri also mentioned that only 10% of India's sedimentary basins are currently under exploration, but this will increase to 16% by 2024.
India-Russia energy cooperation helped control fuel prices & inflation in India: PM Modi to Putin
PM Modi Putin meet: Indian Prime Minister Narendra Modi and Russian President Vladimir Putin held a formal dialogue at the 22nd Annual Bilateral Summit. PM Modi highlighted the benefits of India-Russia energy cooperation in controlling fuel prices and inflation in India, and noted that Russian manufacturing in India is creating jobs for Indian youth. Upon his arrival in Moscow, PM Modi received a Guard of Honour, and Putin warmly welcomed him.
Oil rebounds as U.S. stockpiles drop, interest rate cut outlook brightens
Oil prices rebounded due to falling U.S. crude stockpiles and rate cut hopes. WTI and Brent futures rose. Investors anticipate economic growth from rate cuts. Powell's comments and limited Texas energy issues post-Hurricane Beryl supported prices. API and EIA foresee higher demand. Crude stocks fell by 1.923 million barrels on July 5. Gasoline inventories also decreased as ports reopened.
Oil settles lower on worries Hurricane Beryl could hit US demand
Oil prices declined as Hurricane Beryl impacted U.S. refinaries, lowering Brent futures to $85.75. Gaza ceasefire hopes eased supply concerns. Texas faced significant damage; Kazakhstan to compensate for OPEC+ excess. China’s imports fell, India’s fuel consumption rose. Analysts, including Gelber and Ritterbusch, noted de-risking. U.S. and UK elections may influence outcomes.
Crude oil prices at two-month highs. What is causing the surge?
Crude oil prices rose 6% in June due to OPEC+ production cuts and US summer fuel demand. WTI, Brent, and MCX futures gained. Geopolitical risks, hurricanes, like Hurricane Beryl, influenced prices. Energy agencies predict slower oil demand growth and surplus amid energy transitions. China's and India's demand are key. Fed rate cut decisions also impact oil markets.
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Miners drag Australian shares lower on weaker iron ore prices
Australian shares fell due to iron ore price drops, affecting hot metal output and the S&P/ASX 200 index (7799.00). Energy stocks dropped amid Gaza ceasefire and Gulf storms. Financials and Commonwealth Bank of Australia dipped. Gold stocks rose, hitting June 11 highs, following U.S. jobs data and possible rate cuts. The S&P/NZX 50 declined 0.5%.
Spike in maritime shipping rates is no pandemic flashback
This round of supply-chain difficulties originates with the threat from Yemen’s Houthis, which is keeping container ships from using their normal route from Asia to Europe through the Suez Canal.
Talen asks US regulators to reject challenge to Amazon data center deal
Talen Energy defends its Amazon data center deal against claims by utilities, stating it won't raise power costs or affect grid reliability. The dispute could set a precedent for future data center agreements. FERC's decision pending.
Oil prices on track for fourth straight week of gains
Oil prices stabilized in Asian trade, set for a fourth week of gains amid strong U.S. summer demand and supply concerns. Brent and WTI prices rose. Russia's Rosneft and Lukoil to cut July exports. Saudi Aramco lowered Asian prices. Sentiment boosted by geopolitical tensions, a 12.2 million barrels draw, potential Fed rate cuts, and the Gaza conflict.
South Korean stocks rise ahead of US jobs data
South Korean KOSPI up 0.67%, driven by U.S. jobs data, Federal Reserve rate cut hopes. Samsung, SK Hynix up; LG Energy Solution down. Samsung forecasts high Q2 profit. Won appreciated, bond yields fell; Foreigners bought 411.6 billion won. Hyundai Motor flat, Kia down, Naver, Kakao up. Offshore, won at 1,378.3. Three-year treasury bond yield fell by 1 bp.
Oil prices slide on fears of slow US demand after surprise inventory build
Oil prices dropped due to rising U.S. stockpiles, affecting market sentiment. Brent crude traded at $84.17, and U.S. West Texas Intermediate at $80.58 per barrel. Escalating conflicts in Gaza, notably in Rafah, contribute to market uncertainties amidst concerns over weakening demand.
JSW Energy inks power purchase agreements via its arms for 1,325 MW renewable projects
JSW Energy has signed power purchase agreements with subsidiaries for wind and solar projects, totaling 1,325 MW. This brings the company's total locked-in capacity to 13.6 GW. The agreements account for 36% of the company's pipeline capacity, aiming to achieve 20 GW capacity by 2030.
Vedanta to raise Rs 1,000 crore via debt issue; stock spikes 6%
The billionaire Anil Agarwal-led Vedanta is in the middle of splitting into six different units in a move aimed at shoring up the group's financial performance
US import prices unexpectedly fall in May
Import prices dropped 0.4% last month after an unrevised 0.9% surge in April, the Labor Department's Bureau of Labor Statistics said on Friday. That was the first decline in import prices since December. Economists polled by Reuters had expected import prices, which exclude tariffs, to edge up 0.1%.
Oil prices extend rally on potential U.S. crude purchase for reserve
Oil prices rose on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, supported by expectations of rising fuel demand this summer. Market focus is on the Fed's policy meeting and upcoming reports from OPEC and the International Energy Agency. Analysts expect Brent to rise to $86 a barrel in the third quarter.
Oil prices climb as OPEC+ reassures markets, ECB cuts interest rate
Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe's interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.
Oil slips for sixth consecutive day on big builds in US oil, fuel stocks
Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.
Oil dives 3%, OPEC+ decision fails to allay demand worries
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
OPEC+ extends major oil production cuts until 2025 to stabilise market
OPEC+ has announced an extension of its substantial oil production cuts into 2025, aiming to stabilise the market amid sluggish demand growth, elevated interest rates, and increasing U.S. oil production. The group will maintain its current reduction of 5.86 million barrels per day (bpd), with specific cuts being extended and gradually phased out.
Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise
Oil prices fell on Friday due to concerns over inflation risks, U.S. crude inventories, and OPEC+ negotiations to extend oil production cuts.
Oil prices down on demand woes as markets await U.S crude stockpiles data
Oil prices down on Thursday as markets await U.S. crude oil stockpiles data. Brent futures at $83.52 a barrel, U.S. WIT crude at $79.19. API figures show inventory changes.
Oil prices little changed as markets look to OPEC+ meeting
Oil prices in holding pattern ahead of OPEC+ meeting on June 2 to discuss maintaining output cuts. Brent crude contract inches up to $82.23 a barrel in early Asian trading.
Oil flat as firming US gasoline demand offsets rate jitters
Oil market cautious ahead of OPEC+ meeting on June 1 to discuss extending 2.2M bpd output cuts. U.S. fuel demand and Fed's inflation concerns impact prices.
Oil falls for fourth straight session, US demand in focus
Oil prices fell on Thursday for the fourth session in a row, as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world's biggest oil market.
Oil prices fall on worries of higher US interest rates
Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel at 0004 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5%, at $77.14.
Oil slips for third day on prospect of US rates staying high
Brent crude futures were down 87 cents, or 1.1%, at $82.01 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 81 cents, or 1%, to $77.85 at 1255 GMT. Both benchmarks settled about 1% lower on Tuesday.
Oil slips for third session on likely 'higher for longer' US rates
U.S. crude oil and gasoline inventories rose last week, while distillates fell, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
Oil prices rise on moderate US inflation data, strong demand
U.S. consumer prices rose less than expected in April in a boost to financial market expectations for a September rate cut by the Federal Reserve, which could temper dollar strength and make oil more affordable for holders of other currencies.
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