Commodities

Chevron’s Venezuela license revoked as Trump slams Maduro on elections, migration

President Donald Trump revoked a license granted to Chevron by his predecessor, Joe Biden, two years ago. Trump announced the decision in a late Wednesday post on Truth Social. The decision comes as Trump accuses Venezuelan President Nicolás Maduro o...

Brazil’s Petrobras posts $2.8B net loss in Q4, revenue down 10%

Petrobras, the Brazilian state oil corporation, reported a disappointing fourth quarter with a net loss of 17 billion reais ($2.8 billion), compared to a profit of 31 billion reais the previous year. Reuters reported that the current down cycle is pr...

Short XAU/GBP: bearish breakdown confirms selling pressure, eyes 2,246 support amid strong GBP and weak gold

Brazil’s Ambev delivers robust Q4 earnings but braces for 2025 uncertainty

Brazil’s brewing giant Ambev posted a strong increase in its fourth-quarter adjusted net profit, even as the company contended with slowing total volumes in a challenging market environment. For the October-December quarter, the company posted...

Falling profits and weak exports put pressure on Russia’s wheat industry

SovEcon, a leading agricultural consultancy, has revised its forecast for Russian wheat exports during the 2024-25 season.  The firm has decreased its initial projection by 600,000 metric tons, bringing the new export estimate down to 42.2 milli...

BP to spend $10B annually on oil and gas, scaling back renewable energy plans

BP has decided to reduce its investment in renewable energy and increase its spending on oil and gas to $10 billion annually, according to Reuters.  This strategic shift aims to increase earnings and shareholder returns. The oil major has revise...

Massive power outage hits Santiago, disrupting operations in Chile’s copper mines

Chile’s capital city, Santiago, and major copper mines in the country’s north were hit by a massive power outage on Tuesday, impacting global metal markets. Chile’s government declared a state of emergency and imposed a curfew from...

Botswana, De Beers finalise 10-year diamond sales deal after protracted negotiations

Botswana’s government and De Beers, the diamond mining unit of Anglo American, have finalised a 10-year diamond sales agreement after a protracted negotiation period, Reuters reported on Tuesday.  This new agreement replaces a provisional...

LME market shows mixed signals as copper and lead surpluses narrow

Despite the setback of the last two trading days, the London Metal Exchange (LMEX) index is trading 6.5% higher than at the start of the year, even though the base metals markets are not performing exceptionally well. However, the stark difference in...

Trinidad and Tobago seeks US license extension for pivotal gas project in Venezuela: report

Trinidad and Tobago is seeking US government approval to extend a license for Shell and the National Gas Company (NGC) to pursue the Dragon natural gas venture off Venezuela’s coast, as per a Reuters report. The Dragon field, located in Venezue...

Thailand’s sugar industry facing $60 million in losses: here’s why

Thai companies are facing losses of around $60 million due to China’s ban on sugar syrup, according to a Reuters report. This may result in shutdowns as early as next month. Negotiations by Thai officials to lift the ban have been unsuccessful....

Gold dips on Tuesday, but analysts say $3,000/oz is within reach

Gold prices declined on Tuesday, but managed to stay in proximity to recent highs.  This was due to sustained haven demand, fueled by apprehensions surrounding the potential escalation of US trade tariffs and the deteriorating relationship betwe...

How China’s sanctioned oil imports are rebounding despite global pressure

It seems as though China’s imports of sanctioned oil are rebounding amid trade tensions with the US.  Immediately after Shandong’s shipping ban and the US sanctions on tankers involved in Russian and Iranian trade, Shandong teapot re...

Why US oil and biofuel industries are uniting to influence Trump’s policies

US oil and biofuel groups have joined forces to lobby the Donald Trump administration, according to a Reuters report.  The group is asking for an increase in the amount of renewable fuels required to be blended into the nation’s fuel mix f...

Diamondback expands Permian Basin footprint with $4B Double Eagle deal

Diamondback Energy, a major player in the shale oil industry, has announced its acquisition of certain units of Double Eagle Energy.  The deal, valued at approximately $4.08 billion, will be settled through a combination of cash and stock. Doubl...

Petronas to honor contracts despite Sarawak gas dispute, says Malaysian PM

Malaysian Prime Minister Anwar Ibrahim has confirmed that Petronas, the state energy firm, will uphold all its current contractual obligations. This announcement follows discussions with Petroleum Sarawak Berhad (Petros) regarding gas distribution, w...

Petra Diamonds appoints joint CEOs following Richard Duffy’s resignation and reports $69M loss

In a recent announcement on Monday, UK-headquartered Petra Diamonds revealed a significant change in leadership, appointing joint chief executive officers (CEO) to take the helm.  This decision follows the resignation of Richard Duffy, which was...

What’s driving the surge in iron ore prices?

Iron ore prices experienced a significant surge on Friday on the Singapore Exchange, reaching nearly $109 per ton. This price point marks the highest level observed for iron ore since October of the previous year, signaling a potential rebound for th...

US refiners brace for disruption as tariffs threaten Canadian and Mexican crude supply

US refiners may be forced to find alternative crude oil sources and could face challenges in maintaining optimal refinery operations due to potential tariffs on Canadian and Mexican crude oil, which would significantly limit their options. The propos...

SLV ETF analysis: gold to silver ratio points to more gains

Gold price is in the green for the seven week in a row; hitting a fresh record high on Tuesday at $2,944.63. Its safe haven demand is set to sustain the exceptional performance recorded in 2024.  At the same time, other metals are also on track...