Commodities News

Canada to become 3rd party in US-Mexico GM corn import dispute

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 more

WTI Crude falls on weak macro data ahead of Fed Chair Powell’s speech

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 more

Hong Kong to impose import controls on Japanese seafood from Aug 24th

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 more

WTI Crude Oil edges lower on potential supply tightness easing

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 more

Sinopec reserves in Bazhong gasfield bolstered by 30.55 bcm

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 more

Hungary to receive LNG shipments from Qatar in 2027

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 more

WTI Crude edges up as investors weigh China economy woes vs. US inventory draw

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 more

WTI Crude rises despite contrasting 2024 demand forecasts by OPEC and IEA

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 […] Read more

WTI Crude Oil surges as supply cuts outweigh China demand woes

Futures on US West Texas Intermediate Crude Oil surged to fresh highs on Wednesday, as supply cuts from top oil producers countered China demand concerns and recent US oil stock build. Yesterday Saudi Arabia’s cabinet reaffirmed its support for precautionary measures by OPEC+ members to stabilize the market. Last week, Saudi Arabia extended its voluntary […] Read more

WTI Crude Oil Futures fall after supply cut-supported rally

Futures on US West Texas Intermediate Crude Oil retreated on Monday following a sustained rally, as Saudi Arabia and Russia announced supply cuts extension through September. WTI Futures have already registered six consecutive weeks of gains, mostly due to supply tightening. Last week, top producer Saudi Arabia extended its voluntary oil production cut of 1 […] Read more