- US Maritime Industry Banking On The Panama Canal Expansion?
August 27 2013 6:06 AM
Looks like the U.S. maritime industry is doing pretty well for itself and may even get a boost in the coming years.
- Oil prices firm in overnight trading
August 23 2013 8:50 AM
Oil prices are in positive territory heading into the last trading session of the week with everything in the complex setting up for a negative week. Supply issues remain in the forefront as the main price catalyst for the complex with mostly positive macroeconomic news hitting the media airwaves. That said the US FOMC meeting minutes raised concern in the marketplace over an early tapering of the massive quantitative easing program currently in play in the US. Many interpreted the minutes as tapering could begin as early as next month. This view has permeated throughout the market sentiment since mid-week and has resulted in light selling in most risk asset markets.
- Here's All You Need To Know About Scotch
August 22 2013 10:34 AM
The Scottish Whisky -- and no, there's no "e" -- industry grows every year despite not really changing.
- Oil prices drifting lower ahead of EIA report
August 21 2013 8:49 AM
Oil prices are drifting lower ahead of this morning's EIA oil inventory report as well as this afternoon's release of the minutes from the last US Fed FOMC meeting. Last night's API report was mixed with draws in crude oil and gasoline and a build in distillate fuel (see below for more details). The market has been retracing this week in spite of the ongoing supply issues in Libya and now in Iraq. Yesterday the strikes in Libya ratcheted up once again with violence in one of the ports and moves to head off attempts by strikers to sell oil themselves at the largest crude oil terminal according to a report by Reuters. However, the Libyan oil ministry said yesterday that two terminals are ready to resume exports. A mixed picture coming from Libya but one that is still evolving.
- NG prices regaining its footing on warm weather
August 21 2013 8:40 AM
Although the spot Nat Gas contract made a pass at the lower range support level in overnight trading the market has since reversed and is now higher on the session after failing to remain below the technical support level of $3.415/mmbtu. With the tropics completely uneventful and the nuclear power sector running at relatively normal levels the only upside price driver for the Nat Gas market will be the weather as the tail end of the summer evolves.
- Global Mining Companies Are Booking Huge Write-downs
August 20 2013 3:25 PM
Falling metals prices, especially for gold and copper, have forced mining companies to take big write-downs.
- NG prices holding in new trading range
August 20 2013 10:05 AM
Nat Gas futures are trading either side of the unchanged level as trading just gets underway in the US. The spot contract broke out of its trading channel to the upside yesterday and so far has remained above the old resistance or now new support level of $3.415/mmbtu. The next resistance level is around the $3.56/mmbtu area. Yesterday's breakout was a combination of supportive short term weather forecasts along with technical buying.
- EU Requests WTO To Rule On Chinese Anti-Dumping Duties On Steel Products
August 17 2013 5:12 PM
The EU asked the WTO to rule in a dispute over anti-dumping duties imposed by China on imports of steel tubes from Europe.
- Thailand Adds A Nearly $1B Rubber Program To Its Subsidy Bill
August 16 2013 2:51 PM
Thailand offers a 30 billion baht subsidy to help offset a plunge in rubber prices.
- Demand For Gold Up 53% In Q2 As Markets Shift Eastward
August 16 2013 9:20 AM
Future demand for gold will be dominated by eastern markets and big importers like India and China, according to the World Gold Council.
- Oil prices firm on supply concerns
August 15 2013 8:14 AM
The supply side of the equation continues to dominate the oil market sentiment. The issues in Libya and Egypt in particular have dominated the media air waves and thus the market sentiment of oil market participants. Libyan production has been mostly shut in for an extended period of time as strikes continue at the export terminals. As such there have been no exports from a country that desperately needs the revenue stream.
- Oil prices lower on bearish inventory report
August 14 2013 8:15 AM
The main economic news item of the day (so far) is the EU is now officially out of recession. The data showed that the EU exited recession in Q2 led by Germany and France. Q2 GDP in the 17 nation euro area expanded by 0.3 percent after contracting by 0.3 percent the previous quarter. The latest GDP came in better than the 0.2 percent market consensus. Compared to a year earlier the economy contracted by 0.7 percent.
- Oil prices mostly higher
August 12 2013 11:29 AM
Most of the commodities in the oil complex are starting the week with a small gain (so far) as market participants are looking at more positive economic signs coming from the developed world economies. Japan Q2 GDP expanded by 2.6 percent an improvement but still below the market consensus. The US economy is growing slowly but at a steady pace and many are expecting data this week to show that the EU recession may finally be over. An article in the Wall Street Journal this morning highlights that for the first time since the start of the global financial crisis the advanced global economies… including Japan are contributing more to growth than the emerging market countries.
- Oil prices higher after China data
August 09 2013 10:31 AM
The downside correction in oil prices continued with increased momentum on Thursday as market participants did not react much to the latest positive Chinese data as overall concerns about global oil consumption growth as well as the potential end to the stimulus program (QE3) in the US brought out the sellers. In addition the weekly inventory snapshot was biased to the bearish side as I discussed in yesterday's newsletter. The market have been in the midst of a downside correction that has now been in place for the last five sessions.
- Potash CEO: Price Worries Have Been Exaggerated
August 09 2013 7:17 AM
The ending of a joint venture by two large potash companies may not hurt prices.
- New Pipeline Safety Technology Could Bring Industry and Environment Together
August 08 2013 1:24 PM
The 2010 Kalamazoo spill and the 2013 Exxon leak in Arkansas are the most glaring incidents, but these are just the big leaks that are found right away and reported.
- Myanmar's Proposed Rice Subsidy May Backfire On Farmers
August 07 2013 6:04 AM
A draft law that is intended to help the country's farmers may instead cripple them.
- Oil mostly higher
August 06 2013 10:33 AM
The oil complex is slightly higher ahead of the US trading session. Overnight trading was quiet with some positive economic data out of the UK and Italy offset a tad by the Libyan government indicating that production increased a bit although the main terminal remains closed. Output out of Libya is still less than half of normal as labor disputes have shut a major portion of the oil sector down.
- RBA Cuts Key Rate, Hopes Non-Mining Sectors Will Drive Growth
August 06 2013 5:50 AM
The rate cut is aimed at helping the country reduce its dependence on mining, as growth slows in key markets like China.
- The United States of OPEC
August 05 2013 2:05 PM
As someone who cheers for the success of this great country, I desperately want to believe in the concept of America's energy independence. In the past decade we have been inundated with predictions of the U.S. becoming the next Saudi Arabia of oil and natural gas production. Fracking, tar sands, shale gas, et al., are supposed to bring about a manufacturing renaissance and trade surplus in the near future. But, as of now there isn't much evidence we are headed in that direction.