Market Pulse - Commodities
Serica Energy boasts "excellent" first half financial performance
AIM-listed company Serica Energy reported an "excellent" first half financial performance alongside strong cash flows.
Katoro Gold to hit production targets ahead of schedule and on budget
Tanzania-focused gold exploration and development company Katoro Gold announced it was "well ahead of schedule, within budget and on course" to meeting its production objectives by the end of 2018.
Canadian Overseas Petroleum announces "significant progress" in funding for Nigerian asset
West African focused oil and gas exploration and development firm Canadian Overseas Petroleum (COPL) announced that it had made "encouraging progress" towards securing a funding deal for its OPL 226 offshore development project on the southwestern coast of Nigeria in the Gulf of Guinea.
Brazil revokes Amazon reserve mining decree
Faced with opposition by the courts and a public outcry, the government of Brazil has officially cancelled plans to open up a vast natural reserve in the Amazon to commercial mining.
Commodities: Brent hits YTD high as Turkey threatens Kurdish oil exports
Gains in energy futures boosted the commodities complex as Turkey said it could sever Kurdish exports passing through its territory on their way to the port of Ceyhan in protest over the region's referendum which began on Monday.
Stellar Diamonds progresses on Tongo mining licence
Stellar Diamonds paid for its environmental licence at Tongo, clearing the way for the corresponding mining licence to be issued, and extended the longstop date for the agreements with Octea Mining pertaining to Tongo-Tonguma.
Volkswagen eyeing cobalt contracts to accelerate electric vehicle swerve
Cobalt suppliers are working on potential long-term contracts with Volkswagen as the car manufacturer looks to pivot towards electric vehicles, boosting potential demand for a metal that is often a key component in lithium-ion batteries.
Deutsche Bank upgrades Glencore on EV exposure, downgrades Anglo American
Analysts at Deutsche Bank singled out Glencore and Rio Tinto even as they sounded a confident note on the metals and mining sector as a whole, telling clients that capital and supply discipline and a heightened focus on cash flows would allow the sector to re-rate over the medium-term.
Stifel upgrades Tullow following TLOS ruling
The Tribunal for the Law of the Seas's ruling in favour of Ghana in its maritime dispute with Ivory Coast removes "a key downside risk" for Tullow Oil and its interest in the TEN oilfield offshore the former, analysts at Stifel said.
Tullow Oil to restart production from TEN following TLOS ruling
Tullow Oil will begin drilling at its TEN fields offshore Ghana following a favourable ruling by the Special Chamber of the International Tribunal of the Law of the Sea at the weekend.
Europe close: Stocks finish higher on strong PMI readings
Stocks on the Continent finished mostly higher on the back of strong survey readings on the euro area's manufacturing and services sector and ahead of the German general elections at the weekend, although fresh barbs from Pyongyang were a drag on sentiment.
Thousands of steel workers protest ThyssenKrupp merger in Germany
Thousands of steel workers gathered in Western Germany on Friday to protest the proposed merger of ThyssenKrupp and Tata Steel's European operations which was expected to result in approximately 4,000 job losses.
Philips 66 announces asset sale to master limited partnership
Energy manufacturing and logistics firm Phillips 66 announced on Friday that it would be selling assets back to its master limited partnership (MLP), Phillips 66 Partners, as part of a deal worth $2. 4bn, including debt, making it the latter's biggest acquisition to date.
Chevron cancels drillship contract with Transocean
Chevron blew a hole in Transocean's share price on Thursday after cancelling its contract for ultra-deep water drillship Discoverer Clear Leader one year ahead of its scheduled expiry, effective from the following November.
Interest rates set to tumble in Brazil, Pantheon Macroeconomics says
Consumer prices in Brazil edged higher in September but remained well below the central bank's target level, which meant policy rates were set to tumble, according to some economists.
Higher imports, domestic output boost US oil stockpiles, DoE says
US oil inventories jumped last week even as rising imports offset a partial recovery at the country's refineries.
Tata and ThyssenKrupp reach agreement on steel merger
The European arm of Mumbai-based holding company Tata announced on Wednesday it had agreed to the first stage of a joint-venture with German steel manufacturer ThyssenKrupp.
Credit Suisse upgrades Tullow Oil, downgrades Ophir Energy
Analysts at Credit Suisse rejigged their recommendations for European Exploration and Production outfits, telling clients the sector was better positioned to emerge from the cycle, while its year-to-date de-rating had made it more "attractive".
BlueRock Diamond nearing monthly target production
BlueRock Diamonds, the diamond mining company and operator of the Kareevlei Diamond Mine in the Kimberley region of South Africa, said it was nearing its target of 25,000 tonnes of production per month.
TomCo secures JR Technologies patent via subsidiary
AIM-listed oil investors TomCo announced on Tuesday that it had made further progress in its initial agreement with JR Technologies (JRT) and Venture Development Partners to assist the firm to develop and implement new oil shale processing technology.