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Commodities

Norway's Sverdrup Oilfield Back to Two-Thirds Capacity After Outage

Equinor has resumed production at the Johan Sverdrup oilfield in the North Sea, reaching two-thirds of its capacity by mid-morning on Tuesday following a power outage, as reported by Reuters. Output at western Europe's largest oilfield was halted on Monday due to an onshore power outage that disrupted

Trump's Energy Secretary Pick Celebrated in Middle East

US President-elect Donald Trump's nomination of oil industry veteran Chris Wright as energy secretary has been met with enthusiasm in the Middle East, with one Saudi government official anonymously describing the choice as "fantastic," according to a report from S&P Global. However, the potential

Gold Prices Plunge on Fed Rate-Cut Uncertainty

Gold prices are experiencing their most significant weekly decline in over three years, with prices down more than 4% this week, reports Reuters. This sharp drop is attributed to increased expectations that the US Federal Reserve will adopt a less aggressive approach to interest rate cuts, bolstering the dollar and

Saudi Crude Oil Supply to China to Fall in December on Weak Demand

Saudi Arabia's crude oil supply to China is set to decline to around 36.5 million barrels in December, marking the second consecutive monthly decrease and the lowest volume since July, according to trade sources cited by Reuters. The decline is attributed to weak demand from the world&

Hurricane Rafael Impact: Over 25% of Gulf Oil Production Remains Offline

More than a quarter (27.59%) of U.S. Gulf of Mexico oil production and 16.67% of natural gas output remained offline Sunday, following Hurricane Rafael. The Bureau of Safety and Environmental Enforcement (BSEE) activated its Hurricane Response Team and is monitoring operators as they work to restore operations.

LNG Market to Remain Tight Until 2027, Delaying Buyer's Market: Bloomberg

Europe's hopes of a buyer's market for liquefied natural gas (LNG) by mid-2025 have been dashed, with the market set to remain tight for at least another two years, says Javier Blas of Bloomberg. This comes as a series of project delays and continued strong demand

Gold's Record Highs Shouldn't Halt Its Climb: UBS

UBS maintains its positive outlook on gold, predicting further price appreciation in the coming months despite the precious metal reaching record highs this week, in a note published Friday by its Chief Investment Office. Gold prices surged past USD 2,758 per ounce this week, marking a new all-time high

Gold Shines as De-Dollarization Drives Safe-Haven Demand

Gold's recent surge to an all-time high, breaching $2,750 per ounce, has ignited renewed interest in precious metals. This rally, according to a note from J.P. Morgan Asset Management, is fueled by a confluence of factors, including persistent macroeconomic uncertainty, heightened geopolitical risks, and a growing

Goldman Sachs Warns of Oil Price Spike on Middle East Supply Fears

The recent missile attack by Iran on Israel has raised concerns about potential disruptions to oil supplies from the Middle East, prompting a spike in oil prices, according to a note published by Goldman Sachs yesterday. "While there’s been persistent geopolitical turmoil, with wars in Ukraine and the

Crude Oil Prices Soar Amid Middle East Tensions

Oil prices surged on Thursday, reaching their highest levels in a year, driven by escalating tensions in the Middle East and fears of potential supply disruptions. West Texas Intermediate (WTI) crude rose more than 5% to close at $73.71 per barrel, while Brent crude climbed over 5% to settle