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Commodities

Trump Threatens EU with Tariffs Over Oil and Gas Imports

President-elect Donald Trump has warned the European Union that it must significantly increase purchases of US oil and gas or face tariffs on a wide range of exports, including cars and machinery, reports Reuters. Trump, who takes office on January 20, 2025, issued the ultimatum in a post on Truth

OPEC+ Wary of Renewed US Oil Output Surge Under Trump: Reuters

The prospect of increased US oil production under a second Trump presidency has OPEC+ on edge, reports Reuters. The producer group, responsible for about half of the world's oil output, fears that a resurgence in US shale oil production could further erode their market share and hinder their

Asia LNG Physical MOC Trading Hits Record High on Winter Surge

Trading activity in Asia's liquefied natural gas (LNG) physical market-on-close (MOC) process for January reached an all-time high, driven by increased trading of winter-delivery cargoes, reports S&P Global. The total number of bids, offers, and trades reported during the pricing period, which ran from November 16

Norway Backs Battery Start-Up Morrow with $134 Million Loan

The Norwegian government, through Innovation Norway, has granted Morrow Batteries a 1.5 billion crown ($134 million) loan facility, Reuters reports. This significant investment aims to support Morrow's expansion and bolster Norway's burgeoning battery cell production sector. Morrow, established in 2020, is at the forefront of

Australian Mining Giants Join Forces to Develop Green Iron Plant

Australia's largest iron ore and steel companies have chosen a site for a pilot project aimed at decarbonizing the country's steel industry, reports Nikkei Asia. BHP, Rio Tinto, and BlueScope will collaborate on the NeoSmelt initiative, using electric smelting technology to produce steel from Pilbara iron

Oil Prices Dip on Weak Global Economic Data

Oil prices fell to a one-week low on Tuesday as disappointing economic news from Germany and China dampened demand prospects, reports Reuters. Investors also remained cautious ahead of a Federal Reserve interest rate decision. Brent crude futures fell 1% to settle at $73.19 a barrel, while US West Texas

India's Gold Import Boom Cools as Prices Rebound

India's gold imports, which surged to a record high in November, are set to slow dramatically in December as rising prices prompt buyers to delay purchases, reports Reuters. The sharp decline in imports, which could fall by more than 50% from the previous month, could help stabilize global

Japan Aims for 40-50% Renewable Energy by 2040, Doubles Down on Nuclear Power

Japan is significantly increasing its ambitions for renewable energy, aiming for a 40% to 50% share of its electricity mix by fiscal year 2040, according to a draft revision of its basic energy policy, reports Reuters. This ambitious clean energy push comes as the country also seeks to enhance its

Biden LNG Study Unlikely to Block Exports, but May Highlight Concerns

The Biden administration is set to release a long-awaited study on liquefied natural gas (LNG) exports as soon as Tuesday, but it is unlikely to declare the trade "not in the public interest," according to two industry sources speaking to Reuters. President Biden had paused approvals for new

Record Gold Imports Inflate India's Trade Deficit

India's merchandise trade deficit widened to a record high in November, driven by a surge in gold imports and a decline in exports, reports Reuters. The deficit reached $37.84 billion, significantly exceeding economists' forecasts and more than doubling October's figure of $27.14 billion.