Market Pulse - Commodities
Commodities: WTI buoyed by DoE data, dip in US dollar
Commodities were awash in green on Wednesday, on the back of US dollar weakness and data revealing an unexpected drop in oil inventories Stateside.
Petrofac lands $1bn contract as Italian court upholds CEO fine
Petrofac's shares climbed on Wednesday after it was awarded a 42-month contract worth around $1bn for the Ain Tsila Development Project in Algeria.
WTI jumps after DoE reports surprise drop in weekly oil inventories
US crude oil inventories shrank unexpectedly again last week, alongside another drawdown in product inventories.
Greatland Gold reaches $65m farm-in agreement with Newcrest
Exploration and development outfit Greatland Gold has inked a $65m farm-in agreement with Newcrest Operations for its Havieron gold-copper project in Western Australia.
US-China negotiators plan next steps for trade deal
Chinese Vice-Premier Liu He and his US counterparts continued negotiations for a US-China trade agreement by phone on Tuesday morning, according to Chinese state-run news agency Xinhua.
Commodities: Brent and copper futures pace gains
Energy and base metals did best at the start of the week, with the former buoyed by news that Saudi was intending to maintain its output below the 10. 0m barrel a day mark in April, resulting in considerably fewer exports.
JP Morgan sees further gains for stocks after short-term consolidation
Strategists at JP Morgan recommend clients add to their positions in global equities in anticipation of further upside in the back half of the year.
Barrick withdraws bid for Newmont, forms joint-venture instead
North American natural resources outfits Barrick Gold and Newmont Mining have agreed to form a joint-venture, combining their mining operations, assets, reserves and talent in the US state of Nevada.
Ascent Resources production falls as Slovenian spat heats up
Independent oil and gas exploration outfit Ascent Resources revealed a steep fall in both revenues and production for February.
Regency Mines warns of potential loan defaults
Exploration and development company Regency Mines has been in funding talks with major investors after shareholders gave the company the authority to issue news share at its annual general meeting in February.
Trade deal with China not imminent, US ambassador says
Hopes of an imminent US-China trade deal were quashed at the end of the week by America's ambassador to Beijing. In an interview with the Journal, US ambassador Terry Branstad said that no date had yet been set for a summit between the two country's leaders as neither side felt that an agreement was "imminent".
Norway wealth fund to cut oil and gas investment
Norwegian $1tn wealth fund announced on Friday it would dump its investments in oil and gas exploration firms but will still own stakes in firms such as BP and Shell that have renewable energy divisions.
Colter partners plummet after well testing disappoints
Shares in Baron Oil, United Oil & Gas, Andalas Energy and Reabold Resources plummeted on Friday after test results showed the north part of the Colter prospect well is "unlikely to yield additional commercial volumes".
Norway SWF to dispose of stakes in oil E&P companies
The world's biggest sovereign wealth fund will offload its stakes in oil and gas explorers and producers but will continue invest in energy companies with refineries and other downstream activities.
Asiamet Resources receives BKM government approvals ahead of schedule
Asiamet Resources' shares climbed on Thursday after receiving two very significant approvals for its 100% owned BKM copper project located in Central Kalimantan, Indonesia.
Premier Oil cuts debt more quickly than expected, ups capex guidance
Premier Oil posted record production for 2018, helping the outfit to turn a profit and cut debt more quickly than anticipated, even as it moved ahead on developing several new prospects, bumping up its plans for capital expenditures in the process.
Rambler Metals names Sanjay Swarup as CFO
Mining and development company Rambler Metals and Mining appointed Sanjay Swarup to the position of chief financial officer on Wednesday, effective immediately.
Pompeo warns Trump may abandon an imperfect China deal
US Secretary of State Mike Pompeo has warned that President Trump could still walk out of negotiations for a trade deal between China and the United States, even as the two superpowers appear close to a resolution.
Director dealings: Kaz Minerals CEO exercises nil-cost options, offloads 242,098 shares
Kaz Minerals chief executive Andrew Southam disposed of 242,098 ordinary shares in the FTSE 250-listed copper company on Monday.
Commodities: Oil finds a bid as US oil rig count slips
Commodity prices were mostly lower on Monday, at least outside of the energy patch, with the Greenback edging up despite renewed criticism of US dollar strength from America's Commander-in-Chief himself.