Market Pulse - Commodities
Oil futures spike on reports Iran warming to idea of output freeze
Reports that Iran might now be more willing to join international efforts to prop up the price of crude oil sent crude futures into reverse, resulting in a spike in prices in afternoon trading.
Serica Energy announces further delays to North Sea production
Serica Energy, a UK based energy exploration and production company, announced that it was facing further production delays at its Erskine field in the North Sea due to maintenance issues.
Oil price recovery 'fragile', says Goldman Sachs
The oil price recovery remains fragile, Goldman Sachs said in a note, as three remaining large sources of oil supply disruptions – Nigeria, Iraq and Libya – have all shown signs of increasing output since last Wednesday.
Commodities: Nigerian militants to cease attacks, Iraq to increase oil output
Commodity prices came under pressure amid some hawkish central bank rhetoric and as energy futures gave way after an extended run higher, with the latter weighed down by expectations of increased supplies out of Iraq and perhaps also from Nigeria.
Europa Oil&Gas provides technical update on license option 16/22
Europa Oil&Gas's recently awarded licensing option 16/22 had un-risked indicative resources in the range of between 300 to 600m barrels of oil equivalent, the company said in a technical update.
Stellar Diamonds to acquire Octea Mining's Tonguma project in reverse take-over
Stellar Diamonds announced that it would combine its operations in Sierra Leone to create the second-largest diamond mining operation in West Africa.
Commodities: Oil price rally set to fade, Maquarie says
Energy futures managed a higher close despite data showing that US oil firms brought another 10 rigs into operation in the latest week.
S&P cuts rating on Mongolia's long-term sovereign debt
A significant weakening in the country's growth prospects led analysts at Standard & Poor's to sour in their view on the creditworthiness of Mongolia's long-term debt.
FX round-up: Sterling dives on renewed Brexit jitters
Sterling suffered a torrid time on most major crosses this afternoon as renewed Brexit jitters returned to the market and investors moved quickly to ditch the once-proud British currency.
Infrastrata repays loan from Baron Oil early
InfraStrata repaid its loan from Baron Oil early but modified the terms of its loan agreement, extending the latter's right to buy into its Islandmagee development in exchange for a cash payment.
Stellar Diamonds shares suspended ahead of reverse take-over announcement
Stellar Diamonds announced the LSE would suspend trading in its shares pending the announcement of a potential reverse takeover.
Independent Oil & Gas's first appraisal well at Skipper comes up dry
Independent Oil and Gas first operated appraisal well on its Skipper discovery failed to encounter hydrocarbons but confirmed the commerciality of the field, according to the company's directors.
Macquarie downgrades Glencore to neutral, awaiting guidance
Macquarie downgraded its recommendation on shares of Glencore to 'neutral', telling clients that the commodity trader's "impressive debt reduction is now largely priced-in".
Lonmin closes project financing for bulk tailings project
Lonmin managed to clinch project financing for its Bulk Tailings Treatment Project, which analysts said would allow the miner to add low-cost production as it progresses on restructuring the business.
UniCredit sees crude oil futures heading higher in 2017, decline rates accelerating
Oil prices would likely head higher in the back-half of 2017 as world demand held up and natural declines in production at existing fields accelerated, a top strategist said.
Unemployment Down Under unexpectedly drops in July, sending Aussie higher
Australia´s job market continued to be trundle along, the latest government data revealed, potentially eliminating the case for lower interest rates Down Under in 2016 even, although the details of the same report were far weaker than the headlines would suggest, according to some economists.
Premier Oil boosts full-year 2016 production guidance
Premier Oil increased its full-year production guidance, adding that it had reduced its cost base over the first half of the year which was expected to lead to higher free cash flow generation.
Polymetal ups stake in Tarutin deposit
Polymetal upped its stake in the Tarutin deposit to 75% via an all-share deal.
Tullow announces first oil from TEN fields
Crude oil began flowing from Tullow Oil´s TEN fields offshore Ghana on time and on budget.
Commodities: Soros bails out of Barrick Gold
Commodities were generally higher as the greenback lost ground despite supportive comments from Fed officials on Tuesday, amid news that Soros’s investment vehicle had dumped its stake in Barrick Gold and that Chinese trading volumes had plummeted.