Latest Commodity News

Recognizing the potential of its unconventional natural gas reserves, Saudi Aramco is making significant investments to strengthen its domestic and international gas and LNG business.

They aim to increase their role in the global LNG market, reduce crude oil burn for power generation, and free up more crude for export.

The development of the Jafurah field and the expansion of the Master Gas System are central to this strategy.

Jafurah, a massive shale gas project comparable to those in the United States, is estimated to yield substantial volumes of raw gas, condensate, and other derivatives.

The company has already secured billions of dollars in contracts for these developments, signaling their commitment to long-term gas production and trading.

Ivanhoe Mines' Kipushi mine in the Democratic Republic of Congo (DRC) has started commercial production of zinc concentrate.

In its first full year of production in 2024, Kipushi aims to produce between 100,000 and 140,000 tonnes of zinc in concentrate.

Off-take agreements for the high-grade zinc concentrate have been signed with CITIC Metal and Trafigura Asia Trading.

The estimated average zinc production capacity over the first five years will make Kipushi one of the largest zinc mines globally.

Global seaborne crude oil shipments saw a significant decline of 1.08 million barrels per day (bpd) in June, with falling exports from Saudi Arabia being a major contributor.

The world's top crude oil exporter witnessed a drop of 529,000 bpd, bringing its shipments down to 5.606 million bpd from 6.135 million bpd in May.

Factors such as increased domestic oil consumption for power generation during summer months were behind this decline.

Other producers, including Iran, Iraq, West Africa, the U.S. Gulf Coast, and the North Sea, also experienced decreased shipments.

However, Brazil, Qatar, and Russia's flagship grade Urals saw an increase in seaborne shipments.

Saudi Arabia's crude exports had earlier reached a 9-month high in March, but fell in April, while its crude oil production and direct crude burn increased month-over-month and year-over-year in April.

With the emergence of a new type of consumer driven solely by finding the best deals through technology, retail analyst Bruce Winder predicts that some retailers won't be able to adapt and survive in this new era of consumer behavior.

These consumers leverage technology like never before to seek out the best bargains, posing significant challenges for retailers trying to stay afloat.

The process industries face challenges in scaling advanced digital solutions, yet co-creation and technology partnerships offer opportunities for efficiency, productivity, energy management, and sustainability.

The mining industry is leveraging IoT, AI, and data analytics for energy optimization, emissions reduction, and renewable energy integration.

ABB showcases examples of successful digital transformations, demonstrating the potential for economic growth and sustainability in the process and mining industries.

The World Gold Council (WGC) has published a report on the outlook for gold, suggesting that the gold market is fairly efficient and broadly reflects the available market information.

Despite the absence of strong Western flows, gold has performed well so far this year, and the WGC believes it can continue to perform well, supported by contributions from other sectors even if rates remain as expected.

However, the WGC also warns that a pullback could occur in the second half of the year if central bank demand drops drastically, rates remain high for longer, and Asian investor sentiment flips.

Hurricane Beryl has rapidly intensified into a fearsome Category 5 storm, shattering records as the earliest storm of its magnitude in the Atlantic hurricane season.

The Caribbean has already felt its impact with landfall in Grenada's Carriacou Island.

While traders remain concerned about possible disruptions to energy production in the Gulf Coast, the hurricane's trajectory suggests a landfall in Mexico's Yucatan Peninsula and a potential northward curve toward the US Gulf Coast later this week.

The confluence of factors, including geopolitical tensions, robust demand, and the rapid onset of the hurricane season, has pushed WTI prices to two-month highs.

Shell, along with other oil companies, is facing uncertain market conditions and changing energy landscapes.

As a result, Shell has decided to temporarily pause on-site construction work at its biofuels plant in Rotterdam.

This decision aims to ensure project delivery and competitiveness in the current environment.

Shell remains committed to its net-zero emissions target by 2050, with low-carbon fuels playing a crucial role in its strategy.

However, the company acknowledges uncertainties in the energy transition and is adjusting its targets accordingly.

In the midst of the bustling hurricane season, oil markets face uncertainty as a category 5 hurricane approaches Jamaica.

Political considerations arise with the impact of US gasoline prices on voter satisfaction becoming a focal point.

Despite overall lower gasoline prices and consumption, swing states like Arizona, Georgia, and Nevada exhibit unique trends, raising concerns about pump price volatility in Trump-voting states.

Market movers include SLB winding down operations in Libya due to unpaid dues, Repsol contemplating selling assets in the Eagle Ford play, ENI planning divestments, and Saudi Aramco signing contracts for gas field development and grid expansion.

Meanwhile, the Biden administration delays SPR replenishment, Russia extends gasoline export ban waiver, China creates a new driller for tight oil, and a federal judge challenges the pause on LNG terminal approvals.

TotalEnergies makes gains in Africa, while China halts solar data publication.

Air travel surges in the US, hedge funds capitalize on cobalt price plunge, Rio Tinto negotiates with workers in Mongolia, TotalEnergies mulls South African exit, AngloAmerican faces challenges, and China's factory activity contracts.

Rio Tinto, the world's second largest miner, has recalculated employee salaries due to changes in Mongolia's labour law.

The company is ramping up production at its Oyu Tolgoi copper mine and expects it to become the world's fourth-largest by 2030.

Operating costs for new copper mines have significantly increased over the years, making expansion and development of existing mines preferable to acquisitions.

Meanwhile, wage negotiations are underway at Escondida, the world's largest copper mine, in Chile.