July 1, 2024
Chicago 12, Melborne City, USA
Commodities

New Arctic Shipping Fuel Rules May Heighten Oil Spill Risks, Report Warns

The Arctic region could face heightened environmental risks from oil spills if ships switch to very-low sulfur fuel oil (VLSFO) under new fuel regulations, the Arctic Council cautioned on Monday. This warning follows a United Nations shipping agency, the International Maritime Organization (IMO), implementing a ban on heavy bunker fuel oil (HFO) in Arctic waters,

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Commodities

WTI Reaches Six-Week High Near $81 on Geopolitical Tensions and Fed Rate-Cut Expectations

West Texas Intermediate (WTI) futures on NYMEX surged to a six-week high, trading near $80.70 during Wednesday’s Asian session. The rise in oil prices is attributed to growing expectations of Federal Reserve rate cuts starting in September and escalating geopolitical tensions in the Middle East and Europe. Analysis: The CME FedWatch tool indicates a 67%

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Commodities

Democratic Senators Call for Investigation into Alleged OPEC and Oil Industry Collusion

In a significant move with potential market implications, U.S. Senate Majority Leader Chuck Schumer and 22 Democratic Senators have requested an investigation into alleged collusion and price-fixing between the oil industry and the Organization of the Petroleum Exporting Countries (OPEC). This call for action, directed at Attorney General Merrick Garland and Antitrust Chief Jonathan Kanter,

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Commodities

Post-COVID, China Doubles Down on African Mineral Investments

China’s flagship economic cooperation program is resurging after the pandemic, with a significant focus on Africa. According to a Reuters analysis of lending, investment, and trade data, China is reaffirming its commitment to African modernization and mutual cooperation through substantial financial commitments and record trade figures. However, the relationship remains primarily extractive, not fully aligning

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Commodities

Unlocking Argentina’s Copper Wealth: Economic Reforms Key for Milei

Argentina harbors vast ambitions for its untapped copper reserves in the Andean north, aiming to become a top 10 global producer. This potential has drawn the interest of major investors like Glencore, Lundin Mining, and First Quantum Minerals. However, realizing this potential hinges on significant economic reforms. Newly elected libertarian President Javier Milei faces the

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Commodities News

Shell Investors Back Company’s Climate Strategy Amid Protests

In a significant shareholder meeting, Royal Dutch Shell’s leadership faced a contentious vote where the majority of shareholders endorsed the company’s current climate strategy, despite vocal opposition from climate activists. The vote followed adjustments to Shell’s carbon reduction targets for 2030, which CEO Wael Sawan revised downward earlier this year, citing robust demand for natural

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Commodities News

Predictive Analysis Suggests Imminent Bottoming Out of Oil Prices, Say Experts

Analysts from McClellan Financial Publications forecast an impending stabilization in oil prices in the near future. Their predictive model, which intriguingly aligns the movements of gold prices—projected forward by nearly 20 months—with subsequent shifts in crude oil markets, anticipates a notable trend reversal. Despite the inherent uncertainties in any predictive model, historical data underscores a

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