Jane Street seeks extension to respond to Indian regulator
According to the July 3 directive from the Securities and Exchange Board of India, the trading firm had 21 days to respond to the order.
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Reuters
8 minutes ago
- Reuters
Oil little changed after OPEC+ proceeds with September output hike
SINGAPORE, Aug 4 (Reuters) - Oil prices edged higher on Monday, paring earlier losses, as traders expect the market to absorb another large output hike by OPEC+ in September, while worries about disruptions to Russian oil shipments to major importer India also provided support. Brent crude futures climbed 11 cents, or 0.16%, to $69.78 a barrel by 0647 GMT, and U.S. West Texas Intermediate crude was at $67.52 a barrel, up 19 cents, or 0.28%. Both contracts closed about $2 a barrel lower on Friday. The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share. It cited a healthy economy and low stockpiles as reasons behind its decision. The move, in line with market expectations, marks a full and early reversal of OPEC+'s largest tranche of output cuts, plus a separate increase in output for the United Arab Emirates, amounting to about 2.5 million bpd, or about 2.4% of world demand. "This additional production appears to have little impact because it was so well flagged ahead of time," said Michael McCarthy, chief executive officer of online trading platform Moomoo Australia. It appeared that traders focused on the comments from state OPEC producers that previous additions were easily absorbed, particularly across Asia, he said. Analysts at Goldman Sachs expect that the actual increase in supply from the eight OPEC+ countries that have raised output since March will be 1.7 million bpd, because other members of the group have cut output after previously overproducing. Still, investors remain wary of further U.S. sanctions on Iran and Russia that could disrupt supplies. U.S. President Donald Trump has threatened to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine. At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said on Friday and LSEG trade flows showed. This puts about 1.7 million bpd of crude supply at risk if Indian refiners stop buying Russian oil, ING analysts led by Warren Patterson said in a note. This would potentially erase the expected surplus through the fourth quarter and 2026 and provide OPEC+ the opportunity to start unwinding the next tranche of supply cuts totalling 1.66 million bpd, they added. However, two Indian government sources told Reuters on Saturday the country will keep purchasing oil from Russia despite Trump's threats. Concerns about U.S. tariffs impacting global economic growth and fuel consumption are also hanging over the market, especially after U.S. economic data on jobs growth on Friday was below expectations. U.S. Trade Representative Jamieson Greer said on Sunday that the tariffs imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations.
Reuters
40 minutes ago
- Reuters
Malaysia's end-July palm oil stocks to hit near two-year high
KUALA LUMPUR, Aug 4 (Reuters) - Malaysia's palm oil inventories are forecast to rise for a fifth consecutive month in July to reach their highest level in almost two years, as production growth outpaced exports, a Reuters survey showed on Monday. Palm oil stocks are expected to rise to 2.25 million metric tons, up 10.8% from June, according to a median estimate of 11 traders, planters, and analysts polled by Reuters. Crude palm oil output is expected to reach 1.83 million metric tons, an 8% increase from the previous month, snapping last month's decline and hitting a one-year high. Stocks are expected to increase due to a jump in production and adjustments to domestic consumption figures, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. Bagani said that a stock level above 2 million tons during peak production season is not concerning, given that Indonesia's palm oil export supplies remain tight due to their ongoing B40 biodiesel mandate. "However, palm oil has to compete hard with South American and Black Sea soybean oil, which have had very good crop yields this season," he said. Exports of palm oil products are projected to grow 3.2% to 1.3 million metric tons, reversing last month's decline, the survey showed. Malaysian July exports were capped by aggressive selling at a discount by rival Indonesia, which wanted to ship as much as possible before a higher export duty becomes effective in August, said Tajgir Rahman, general manager, trading and procurement at IFFCO. The Malaysian Palm Oil Board (MPOB) is scheduled to release its monthly data on August 11. Breakdown of July estimates (in metric tons): * Official stocks of 2,030,580 tons in June plus the above estimated output and imports yield a total July supply of 3,918,275 tons. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in July is estimated to be 368,275 tons.
Reuters
40 minutes ago
- Reuters
India's JSW Steel, Japan's JFE to invest $669 million to boost electrical steel output
Aug 4 (Reuters) - A joint venture between India's JSW Steel ( opens new tab and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on Monday. JSW and JFE will equally fund a combined 19.66 billion rupees for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the funds. Cold rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon emissions. JSW JFE Electrical Steel will raise production of the steel at its Nashik plant to 250,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest 43 billion rupees. The companies will invest the remaining 15.45 billion rupees to augment capacity of an upcoming facility in Vijayanagar to 100,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange filing. JSW JFE's Nashik plant was bought in January from Germany's Thyssenkrupp ( opens new tab in a 41.59 billion rupee deal. ($1 = 87.4070 Indian rupees)
