Market Pulse - Commodities
BP to take $1.7bn charge on Deepwater Horizon spill
BP said it expected to take a post-tax non-operating charge of around $1. 7bn in the fourth quarter as part of the class action settlement of the disastrous Deepwater Horizon oil well spill in the US in 2010.
Shell gives green light for revival of Penguins field in North Sea
Royal Dutch Shell has given the go-ahead for its first new manned oil and gas rig in the northern North Sea in almost 30 years, as it redevelops the Penguins oil and gas field.
Harvest Minerals expands Brazilian operations after strong finish to trading year
AIM-listed fertiliser producer Harvest Minerals was set to substantially expand operations at its wholly-owned Arapua project in Brazil after sales of KPfértil accelerated in the tail-end of the 2017 calendar year.
Prospex Oil and Gas kicks off flow-testing at Italian asset
European-focussed energy investor Prospex Oil and Gas announced on Friday that flow-testing at the Podere Maiar-1 well in Italy had begun, with results from the testing expected to be available before 19 January.
Commodities: Traders eyeing multiple risks in 2018, including from US policy
Commodities were little changed on Wednesday despite the generally risk-off tone in other markets on the back of a report that China might be mulling reducing or stopping its purchases of US government debt.
Electric car makers face higher costs as Congo eyes higher cobalt tax
The Democratic Republic of Congo has taken the first steps towards hiking taxes on cobalt exports by more than double, a move that could potentially increase the cost of a key material used in electric car batteries.
Soco International opts to impair $220m of charges from non-core African assets
Oil and gas exploration and production group Soco International, which had been in merger talks with Kuwait Energy for some time, announced on Wednesday that production from its Vietnamese operations remained in line with guidance.
Ineos launches challenge to Scottish fracking ban
Ineon, the petrochemicals group owned by Jim Ratcliffe, has applied for a judicial review of the Scottish government's decision to ban fracking announced in October.
2018 outlook for miners compelling, Barclays says
The outlook for miners remains "compelling", analysts at Barclays told clients, pointing to a raft of positive drivers for the sector.
Commodities: Analysts eye downside risks for WTI, even as spot natural gas hits triple digits
Commodities were unwanted at the end of the week, amid heavy selling in the energy and agricultural space, as analysts eye the downside risks for crude oil futures from current levels.
Saudi Aramco IPO looks more likely as change in legal status paves the way for flotation
Saudi Aramco, the Dhahran-based petroleum and natural gas company which had recently been forced to deny plans that it was abandoning its $2tn flotation of 5% of the company, received a shot in the arm on Friday after a royal decree converted the firm into a joint stock company, allowing it to expand its shareholder base beyond the Saudi Arabian government.
Cabot Energy reports higher than expected production rates from 10-32 sidetrack well
AIM-quoted oil and gas company Cabot Energy provided an update on drilling and flow tests at its 10-32 sidetrack well in the Rainbow area in Canada on Friday after that start of its drill programme in December, which ran longer than expected.
Trump proposes massive expansion of offshore drilling
The Trump administration is planning a massive expansion of offshore drilling by opening up protected areas in the Pacific and Atlantic oceans.
Commodities: WTI futures gain after DoE inventory data
Commodities were little changed on Thursday, with some analysts pointing to an apparent lack of conviction following the previous month's sharp gains as a factor dampening activity in markets.
Norwegian court dismisses Greenpeace's Arctic oil lawsuit against state
An Oslo court has granted Norway permission to undertake further oil exploration in the Arctic on Thursday, dismissing a lawsuit filed by Greenpeace and the Nature and Youth Group that claimed they were in violation of the people's right to a healthy environment.
US oil inventories fall sharply as refineries ramp-up production
US crude oil inventories dropped sharply sharply last week, albeit alongside big increases in product stockpiles as refineries ramped-up production.
Oil prices reach two-year high as Iranian tensions panic market
Political unrest in Iran helped oil hit its highest price in more than two years on Thursday as OPEC-led output cuts and cold weather in North America boosted demand for the fossil fuel.
JP Morgan believes markets underestimating potential for synergies at Wood Group
Analysts at JP Morgan reiterated their 'overweight' stance for shares of Wood Group, telling clients it remained a 'top pick' in the oil field services space for 2018.
Commodities: Energy futures jump on US inventory data, winter freeze
Bullish US weekly oil inventory data amid record-low temperatures across the eastern half of the States boosted energy prices almost across the board, helping to buoy the entire commodities complex.
Asia close: Stocks storm out of the gates
Asian stocks stormed out of the gates at the start of the New Year, despite the release of mixed readings on factory sector activity in China and on the heels of a possible overture to deescalate tensions on the Korean peninsula from the North's leader, Kim Jong Un.