Latest news with #FinancialTimesCommoditiesGlobalSummit
Yahoo
02-04-2025
- Business
- Yahoo
European Gas Falls as Traders Assess Latest Ukraine Agreements
(Bloomberg) -- European natural gas prices dropped after Moscow and Kyiv agreed to a partial ceasefire in the Black Sea, feeding speculation it's the first step toward broader peace talks that could help bring back some Russian supply. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Trump Slashed International Aid. Geneva Is Feeling the Impact. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says How SUVs Are Making Traffic Worse Benchmark futures fell as much as 3.7% as traders assessed the outcome from talks in Saudi Arabia involving US, Russian and Ukrainian officials. Ukrainian President Volodymyr Zelenskiy said his forces would observe the partial ceasefire immediately, and another round of talks with the US may take place soon. The Kremlin confirmed the agreement on safe navigation in the Black Sea, but said it was dependent on some sanctions relief. Europe is ending winter with inventories lower than usual, raising the prospect of a challenging stockpiling season. Russian pipeline flows across Ukraine stopped at the start of January when a transit agreement expired, meaning Europe now receives even less fuel from its former top supplier. Delegates attending the Financial Times Commodities Global Summit in Lausanne this week said limited volumes of Russian gas could return, including via the link that transits Ukraine. But, even if a full truce were secured, that would take time. 'We don't see a lot of volumes coming before 2026,' said Marco Saalfrank, head of continental Europe merchant trading at Swiss utility and trader Axpo Holding AG. Transportation agreements would take time to draft, while one of the possible routes — an undamaged Nord Stream 2 pipeline from Russia to Germany — would require authorizations from a number of European nations to be used, he said. In a tight market, Russian pipeline and liquefied natural gas is the only spare source of supply, according to Anne-Sophie Corbeau, a researcher at Columbia University's Center on Global Energy Policy. Allowing Ukraine transit to resume could make some Eastern European leaders happy and lower regional prices, she said on a panel. Read Also: US Sees Russia, Ukraine Choosing a Longer War Over Bad Deal Seasonal prices continue to point to a lack of market incentives to refill gas inventories during the summer. There's a risk that storage injections will be slow at the beginning of the season as traders await a price correction or more supply to the market. 'We expect the tightness in the market to persist until we see more LNG in the market and there will be a certain delay,' Saalfrank said. 'It has also become more difficult to store gas in Ukraine and Europe has no buffer anymore.' Dutch front-month futures, Europe's gas benchmark, traded 3.6% lower at €41.20 a megawatt-hour at 5:54 p.m. in Amsterdam. --With assistance from Elena Mazneva. Business Schools Are Back Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
26-03-2025
- Business
- Yahoo
Bloomberg: Ukraine needs to import record 5 billion cubic metres of gas due to Russian attacks
Ukraine may import a record 5 billion cubic metres of gas from Europe because of Russian attacks on energy infrastructure and depleted reserves. Source: Bloomberg Details: Dmytro Sakharuk, CEO of the trading arm of DTEK, Ukraine's largest private energy company, has said that "we believe that Ukraine will need up to 5 billion cubic metres in the season from April 2025 to April 2026". In an interview at the Financial Times Commodities Global Summit, he stated that this is much more than the previous season's maximum of 1 billion cubic metres. Sakharuk said that the country had already used up its gas reserves because of Russia's strikes. "Those stocks should be rebuilt. That's why the volumes here are also quite substantial," Sakharuk said. Recent attacks have significantly reduced gas production by state-owned Naftogaz by a third. This has forced Ukraine to buy expensive fuel from the EU. "Even if a halt in attacks on energy infrastructure falls into place, it will take time for Ukraine's domestic output to normalise," Sakharuk said, adding that new attacks cannot be ruled out. The gas market is becoming increasingly tense, with prices in Europe rising ahead of the stockpiling season. Background: Ukraine may buy significant volumes of US gas this year through terminals in Germany, Greece, Lithuania and Poland. Ukraine's Naftogaz and Polish energy company ORLEN signed a memorandum of strategic cooperation for the supply of liquefied natural gas (LNG). Kyiv sees prospects for cooperation with the US, particularly in the supply of liquefied natural gas (LNG). Support Ukrainska Pravda on Patreon!
Yahoo
26-03-2025
- Business
- Yahoo
Trafigura Starts Review of Ailing Australian Smelting Assets
(Bloomberg) -- Trafigura Group has launched a strategic review of its struggling Nyrstar zinc and lead smelting assets in Australia, with Chief Executive Officer Richard Holtum calling for government intervention. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Trump Slashed International Aid. Geneva Is Feeling the Impact. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says How SUVs Are Making Traffic Worse 'Smelting capacity is a national security issue and therefore there probably needs to be significant government support for it,' Holtum, who became Trafigura CEO at the start of this year, said at the Financial Times Commodities Global Summit in Lausanne, Switzerland. Despite discussions among Western governments over challenging China's dominance of minerals supply chains, metals processing plants across the world have been under financial strain as competition for raw materials heats up and costs stay high. In a sign of a supply shortfall relative to smelter demand, spot treatment charges for zinc and lead concentrates have mostly stayed below zero since 2024's second half — meaning smelters have had to pay to process ore. Trafigura operates two smelters in Australia through its majority ownership of global processor Nyrstar. In Hobart it has a 280,000 ton per year capacity primary zinc smelter and in Port Pirie it has a 180,000 ton per year lead smelter. Those operations, which employ about 1,300 people, are 'uneconomical' in the face of Chinese competition, the CEO said. Nyrstar has already announced plans to cut around 25% of output at its zinc smelter in Australia from April. Another major zinc producer, Glencore Plc, is also pushing ahead with a review of its global zinc smelting assets, raising the possibility that tightness in the concentrate market will pass into metals. 'There are no sacred cows here,' the CEO said. 'So what we're looking at is every single asset that we own, we're doing a strategic review of some of our struggling assets, Nyrstar Australia being a particular one.' Zinc declined 0.6% to $2,955 a ton on the London Metal Exchange at 11:11 a.m. in Singapore, while lead was also down. --With assistance from Winnie Zhu and Jessica Zhou. (Updates with context about treatment charges and production review in fourth and sixth paragraphs. Also added prices in last paragraph.) Google Is Searching for an Answer to ChatGPT Business Schools Are Back The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
26-03-2025
- Business
- Bloomberg
Trafigura Starts Review of Ailing Australian Smelting Assets
Trafigura Group has launched a strategic review of its struggling Nyrstar zinc and lead smelting assets in Australia, with Chief Executive Officer Richard Holtum calling for government intervention. 'Smelting capacity is a national security issue and therefore there probably needs to be significant government support for it,' Holtum, who became Trafigura CEO at the start of this year, said at the Financial Times Commodities Global Summit in Lausanne, Switzerland.
Reuters
25-03-2025
- Business
- Reuters
Gunvor CEO Tornqvist does not see oil demand keeping up with supply growth
LAUSANNE, March 25 (Reuters) - Global commodity trader Gunvor's chief executive Torbjorn Tornqvist does not see oil demand keeping up with supply at current rates, he said in a keynote interview at the Financial Times Commodities Global Summit in Switzerland on Tuesday. "We are gradually, slowly, moving into a slacker environment," he said at the summit in Lausanne. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "If producers produce what they do today, the increases come as planned, we don't see demand catching up with that." The Organisation of Petroleum Exporting Countries and allies (OPEC+) will likely stick to a plan to raise oil output for a second consecutive month in May, four sources told Reuters on Monday. However, Tornqvist said that a backwardated market structure - where future prices are lower than those for prompt delivery - and a lack of oil in floating storage had helped to balance oil prices. "Prices have been stuck in the range of low $70s, and that's probably a fair price," he said, but added that if there are no interferences to supply anywhere then prices could move a bit lower.
