August 28, 2023 9:51 am
Futures on US West Texas Intermediate Crude Oil edged higher on Monday after China announced measures to prop up stuttering economic recovery. The country halved stamp duty on stock trades effective August 28th, which provided certain support to oil prices early during Monday’s session. However, “after last week’s modest (Chinese central bank interest) rate cut, […]
Read moreAugust 25, 2023 9:43 am
Teikoku Databank reported on Friday that China’s suspension of Japanese seafood imports after the wastewater release from the crippled Fukushima nuclear plant had affected over 700 Japanese food exporters. The market research firm noted that 727 Japan-based companies exported food products to China, or 8% of all Japanese business entities that export goods to China. […]
Read moreAugust 25, 2023 7:33 am
Canadian officials announced on Friday that the country would join as a third party in the dispute settlement between the United States and Mexico in regard to genetically modified corn in imported tortillas and dough. Last week, the United States escalated its objections to Mexico’s restrictions on genetically modified corn imports and requested a dispute […]
Read moreAugust 24, 2023 8:09 am
Futures on US West Texas Intermediate Crude Oil retreated on Thursday, following a series of weak macro data from major economies and ahead of a highly anticipated speech by Federal Reserve Chair Jerome Powell tomorrow, which could offer interest rate guidance. The latest manufacturing purchasing managers’ index surveys indicated a rather shaken health of major […]
Read moreAugust 22, 2023 12:28 pm
Hong Kong’s Chief Executive John Lee announced on Tuesday that he was strongly against Japan’s release into the ocean of treated radioactive water from the Fukushima nuclear plant. The financial hub will immediately put in place import controls on seafood from Japan, Lee said. Japan intends to begin releasing over 1 million tons of treated […]
Read moreAugust 22, 2023 7:38 am
Futures on US West Texas Intermediate Crude Oil were trading slightly lower on Tuesday, as market players awaited more clarity on the possible resumption of Iraqi oil exports, which could alleviate supply tightness. Iraq’s oil minister Hayan Abdel-Ghani is expected to discuss several matters, including the resumption of oil exports via the Ceyhan oil terminal, […]
Read moreAugust 21, 2023 12:36 pm
China’s Ministry of Natural Resources has given state oil and gas company Sinopec Corp certification for another 30.55 billion cubic meters (bcm) of proven geological reserves in the Bazhong gasfield of the Sichuan basin. With those new reserves, Sinopec’s total proven geological reserves in the northeastern part of the Sichuan basin have reached 154.7 billion […]
Read moreAugust 18, 2023 12:36 pm
Hungary’s Minister for External Economy and Foreign Affairs Peter Szijjarto announced on Friday that the country could begin receiving shipments of liquefied natural gas from Qatar, the largest LNG exporter worldwide, in 2027. “We have reached a political agreement, which is now followed by talks between energy companies Qatargas and Hungary’s MVM to determine the […]
Read moreAugust 16, 2023 12:41 pm
Futures on US West Texas Intermediate Crude Oil were registering small gains on Wednesday, as concerns over China’s sluggish economy were weighed against potential tighter supply in the US. Chinese retail sales, investment figures and industrial production fell short of market expectations, adding to concerns that sluggish recovery could last longer than anticipated. China’s central […]
Read moreAugust 11, 2023 12:56 pm
Futures on US West Texas Intermediate Crude Oil held ground above $83 per barrel on Friday despite a divergence between 2024 demand growth forecasts issued by the OPEC group and the International Energy Agency. WTI Futures hit highs unseen since November 2022 on Thursday, while Brent Futures – their highest level since January, amid a […]
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