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Bloomberg
2 hours ago
- Business
- Bloomberg
Russian Oil Discount Lowest Since Start of War Despite EU Push
Russia's flagship Urals crude is trading at its narrowest discount relative to benchmark prices since the Kremlin started its war against Ukraine in 2022, suggesting that fresh European sanctions have so far failed to make an impact. The grade shipped from Russia's western ports has traded at an average discount of $11.45 a barrel to the North Sea Dated marker in recent days, according to Argus Media data compiled by Bloomberg. That's the narrowest gap since February 2022, when Russia started its full-scale invasion of Ukraine.
Nikkei Asia
17-07-2025
- Business
- Nikkei Asia
Cobalt prices up as Congo extends export ban on EV battery metal
Congo accounted for 76% of global cobalt mine production in 2024, according to the U.S. Geological Survey. © Reuters SHUGO YAMADA TOKYO -- Prices of cobalt, used in electric-vehicle batteries, have soared since top exporter Congo halted exports, with some expecting the high prices to trigger a shift away from using the rare metal in batteries. The European spot price for cobalt came to around $17.50 per pound as of July 10, up about 50% from the start of 2025, according to U.K. research firm Argus Media. The approximately $11.50 price at the start of the year was the lowest level since 2016.
Reuters
07-07-2025
- Business
- Reuters
US Gulf Coast fuel oil imports at record low as refiners opt for heavier crude
HOUSTON, July 7 (Reuters) - Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude. When refineries run a heavier, sourer crude slate, they produce more heavy residue, which is either processed in a secondary unit to produce higher value products like gasoline or diesel. Gulf Coast-bound fuel oil imports hit a record low at 213,000 barrels per day in June, down from 233,000 bpd on the month, according to ship tracker, Kpler, compared with 430,000 bpd in June 2024. Refineries along the Gulf Coast account for more than 55% of total U.S. refining capacity. The dip was driven by a drop in Mexican crude volumes, which in June slipped to their lowest since April 2020, at just 22,000 bpd, down from 71,000 bpd on the month. Global high-sulphur fuel oil supplies have tightened as seasonal demand for power burn in the Middle East rises between June and August when air conditioning demand spikes, while U.S. sanctions on Russian oil have further tightened supplies in the long term analysts said. This has driven prices higher and made the feedstock a less economic refinery throughput compared with crude. The daily premium for high-sulphur fuel oil over the Mexican flagship, Maya heavy crude averaged $4.20 a barrel in May, the widest monthly average premium since October, according to prices from Argus Media. Gulf Coast refiners favor Maya as they typically run medium and heavy oil. Higher prices for high-sulphur fuel oil have driven refiners to process less of the feedstock and use more heavy crude, a refinery source said. "U.S. refiners are weighing up fuel oil against crude as a feedstock, and so we've seen lower imports, even with a low stock position, as the margins are just not quite as attractive to run more high-sulphur fuel oil over crude," said Austin Lin, principal analyst, refining and oil products at Wood Mackenzie. Longer term, U.S. refiners have been weaning off imported residual feedstocks and relying more on domestic output for refining, a changing crude diet with more heavy, medium crude imports, and tweaked refinery configurations, said Roslan Khasawneh, senior oil analyst at Kpler. "In part, this is why we have seen U.S. fuel oil inventories trending lower to multi-decade lows and slightly higher domestic fuel oil yields since mid to late last year," Khasawneh said. U.S. residual fuel oil stocks on the Gulf Coast fell last week to their lowest since March 1996, according to the Energy Information Administration, at 10.63 million barrels. "Gulf Coast imports have been on a clear downtrend since Russia's invasion of Ukraine, given the U.S. ban on Russian oil imports," Khasawneh added.
Business Recorder
25-06-2025
- Business
- Business Recorder
Chicago soy rises on oil rebound; wheat, corn fall on ample supply outlook
BEIJING: Chicago soybean and soyoil futures edged higher on Wednesday, supported by a rebound in oil prices as investors monitored the fragile ceasefire between Iran and Israel. The most-active soybean contract rose 0.24% to $10.39-4/8 per bushel after three straight sessions of losses. Soyoil gained 0.78% to 53.02 cents per pound. 'Soybean and soyoil are taking a breather as they overshot a bit to the downside,' said Ole Houe, head of advisory services at IKON Commodities in Sydney. Oil prices edged higher after plummeting in the last two sessions, underpinning soyoil, which often tracks crude because it is used in biofuel as a substitute for fossil fuel. 'The crude oil market has stabilised at levels marginally higher than before the Israel-Iran war so that has given some confidence we don't need to slide too much for now,' Houe said. Warm, rainy weather in the US Midwest is expected to aid crop development in the coming days, according to forecasters. Corn eased 0.06% to $4.16 a bushel, hovering near this year's lowest level, as benign weather across the US Corn Belt and strong global crop prospects pressured prices. In Brazil, farmers are estimated to produce a record 123.3 million metric tons of second corn, agribusiness consultancy Agroconsult said on Tuesday. China's May soybean imports from Brazil jump Second corn, which Brazilian farmers are harvesting now, will account for about 80% of national output this year. It is mainly exported in the second half, competing with US corn suppliers on global markets. Wheat slid 0.45% to $5.49-4/8 a bushel, weighed by a strong production outlook across the northern hemisphere and accelerating harvest activity. Argus Media raised its forecast for Russia's 2025-26 wheat output to 84.8 million tons, up from 81.3 million tons a year ago.
Business Recorder
25-06-2025
- Business
- Business Recorder
Chicago grains lower on easing war worries, fair crop weather
PARIS/BEIJING: Chicago soybean, corn and wheat futures fell on Tuesday as a proposed ceasefire between Israel and Iran eased war concerns while weather remained broadly favourable for US crops. Oil prices tumbled on Tuesday after Donald Trump said a ceasefire has been agreed on between Iran and Israel, though the US President later accused both sides of violating the accord. Iranian and Israeli media reported new Israeli air strikes on Iran on Tuesday, despite US President Donald Trump having said Israel had called them off at his command to preserve an hours-old ceasefire. The most active soybean contract slipped 0.6% to $10.40-1/2 per bushel by 1150 GMT. Soybean by product soyoil, widely used in biofuel, was down 2.1% as it tracked crude oil more closely. CBOT corn eased 0.3% to $4.18 a bushel, after earlier setting a latest 2025 low at $4.16-1/4. CBOT wheat fell 1.5% to $5.60-3/4 a bushel. 'Let's see if the ceasefire is real. With no geopolitics, most grains and oilseeds should be moving lower in the next one or two months,' a European trader said. Grain markets remained under pressure from expectations of ample US and global supply, despite weaker than anticipated weekly US crop ratings. Soybean crop ratings held steady at 66% good to excellent, according to US Department of Agriculture data published after Monday's close, missing average analyst expectations. The good/excellent score for corn fell by 2 points to 70% but remained the strongest in five years for this point of the season. Ratings for both winter and spring wheat unexpectedly fell, but an advancing US winter wheat harvest kept the focus on incoming supply. Analysts expect hot weather and rain forecast in the week ahead to support crop growth in the US corn belt, with limited risks of heat stress. For wheat, rain in the northern US Plains has improved soil moisture for spring wheat, while drier weather in the central and southern Plains favoured winter wheat harvesting, according to weather forecaster Vaisala. Broadly favourable production prospects for wheat across the Northern Hemisphere were also weighing on the market as harvesting got going. Argus Media has increased its forecast for Russia's 2025/26 wheat production, now projecting output to reach 84.8 million tons and come well above last year's 81.3 million tons. Egypt's state grains buyer has purchased several hundred thousand metric tons of Black Sea wheat in the past weeks for delivery in July and August, market sources told Reuters, though traders said more sustained demand from importers would be needed to change the tone of the wheat market.
