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Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Oil prices dip to settle at 3-week low on US and China economic concerns
Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the U.S. and China and signs of growing supply. Losses were limited by optimism U.S. trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 74 cents, or 1.1%, to settle at $68.44, while U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 1.3%, to settle at $65.16. For the week, Brent was down about 1% with WTI down about 3%. New orders for U.S.-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter. Meanwhile, the U.S. is preparing to allow partners of Venezuela's state-run PDVSA starting with U.S. oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), news U.S. refiners would welcome, as it would ease tightness in the heavier crude market. U.S. energy firms last week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said. In China, the world's second-biggest economy, fiscal revenue dipped 0.3% in the first six months from a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May. Asian spot prices slip to 10-week Low on Tepid Demand, Rising Supply Asian spot liquefied natural gas (LNG) prices slipped for a second consecutive week to a ten-week low, weighed down by tepid demand and increasing supply from new projects. The average LNG price for September delivery into north-east Asia was at $11.90 per million British thermal units (mmBtu), industry sources estimated. This is down from $12.30 per mmBtu last week and its lowest since May 16. Despite the heatwave, spot demand in Northeast Asia has remained limited, as much of the additional cooling demand is being met by cheaper coal-fired power generation. Also, increased renewables generation has pushed some coal-fired generation out of the baseload mix, allowing more available dispatchable capacity to meet peak demand. The prospect of supply growth in the coming months also weighed on prices, particularly with expectations that Canadian supply will increase following the commencement of production at the LNG Canada project. Meanwhile, Venture Global's Plaquemines export facility, which has begun production from its second phase, has reached record output, while the Greater Tortue Ahmeyim project offshore Mauritania and Senegal has been operating smoothly since loading its first cargo. In Europe, The futures price at the Dutch TTF hub dropped to $11.19 per mmBtu. A fall in spot Asian LNG demand over the past weeks has allowed European buyers to bid at wider discounts to the TTF to secure cargoes. — By The Al-Attiyah Foundation
Hans India
4 days ago
- Business
- Hans India
Sridhar urges Taiwanese to invest in TG's booming textile sector
Hyderabad: Telangana's Industries and IT Minister, D Sridhar Babu, has extended a cordial invitation to Taiwanese industrialists, urging them to invest in the state's burgeoning textile sector and become integral stakeholders in the 'Rising Telangana' narrative. Highlighting the abundant opportunities available in Telangana compared to other Indian states, the Minister underscored the state's rapid emergence as a formidable player in the textile industry. On Friday, a high-level Taiwanese textile delegation, comprising 11 members and led by Justin Huang, President of the Taiwan Textile Federation (TTF), paid a courtesy visit to the Minister at Dr. B.R. Ambedkar Telangana Secretariat. 'Within a short span, Telangana has made significant strides in the textile sector, positioning itself on par with other leading states,' the Minister stated. He noted that the Gross State Value Added (GSVA) from industries for 2024-25 stands at Rs 2.77 lakh crore, with textiles playing a key role. 'Telangana produces some of the finest quality cotton in India,' he added. Sridhar Babu emphasised that the Kakatiya Mega Textile Park (KMTP), developed with special focus by the state government, has become a 'game-changer.' He explained that KMTP offers integrated, world-class infrastructure — from ginning, spinning, weaving, and processing to garmenting — all in one place. 'Leading companies like Youngone, Kitex, and Ganesha Ecosphere have already invested here,' he confirmed. The park is strategically connected to the Hyderabad–Nagpur–Vijayawada Industrial Corridor and benefits from excellent logistics and transport infrastructure. He pointed out vast opportunities for investment in areas like functional textiles, eco-friendly dyeing, and textile recycling. The Minister also assured the visiting delegation of the Telangana Government's commitment to driving industrial growth through global partnerships. 'We offer customised land parcels, plug-and-play facilities, a skilled workforce, effective leadership, a stable government, and strategic geographic advantage,' he stated. He further noted that sectors such as technical textiles, ESDM (Electronics System Design & Manufacturing), sustainable manufacturing, innovation, and R&D are ideal for collaboration with Taiwanese enterprises. Minister Sridhar Babu also proposed that, should Taiwanese investors come forward, the government would explore setting up a dedicated Telangana–Taiwan Manufacturing Zone and exclusive Textile Clusters. He reaffirmed Telangana's readiness to work closely with the Taiwan Textile Federation for the sector's growth.
Business Recorder
4 days ago
- Business
- Business Recorder
Global LNG: Asian spot prices slip to ten-week low on tepid demand, rising supply
SINGAPORE: Asian spot liquefied natural gas (LNG) prices slipped for a second consecutive week to a ten-week low, weighed down by tepid demand and increasing supply from new projects. The average LNG price for September delivery into north-east Asia was at $11.90 per million British thermal units (mmBtu), industry sources estimated. This is down from $12.30/mmBtu last week and its lowest since May 16. 'Prices fell this week in part because of persistent weak Asian demand, with limited additional spot demand in northeastAsia during a heatwave because much of the additional cooling demand is being met by cheaper coal-fired generation,' said Martin Senior, head of LNG pricing at Argus. 'Also, increased renewables generation has pushed some coal-fired generation out of the baseload mix, allowing more available dispatchable capacity to meet peak demand.' Japan and South Korea have seen soaring temperatures during the summer months, incurring power generation demand for cooling needs. The prospect of supply growth in the coming months also weighed on prices, said Siamak Adibi, FGE's director for gas and LNG supply analytics, adding that supply from Canada will grow in the coming months after the LNG Canada project began production. Global LNG: Asian spot LNG prices inch up as hot weather boosts cooling demand 'This supply is to meet Asian demand directly,' Adibi said. He also noted Venture Global's Plaquemines export facility, which started its second phase production, has reached record output while the Greater Tortue Ahmeyim project offshore Mauritania and Senegal has had smooth operations since loading its first cargo. In Europe, S&P Global Commodity Insights assessed its daily North West Europe LNG Marker price benchmark for cargoes delivered in September on an ex-ship basis at $10.869/mmBtu on July 24, a $0.44/mmBtu discount to the September futures price at the Dutch TTF hub. Argus assessed the price at $10.92/mmBtu, while Spark Commodities assessed the August price at $10.723/mmBtu. 'A fall in spot Asian LNG demand over the past few weeks has allowed European buyers to bid at wider discounts to the TTF to secure cargoes,' said Argus' Senior. Meanwhile, Europe's gas storage season is progressing steadily, with storage levels currently around 65%, said Hans Van Cleef, head of energy research at EqoLibrium. 'The injection pace must remain strong to reach the minimum target of 80% before November 1,' he said. 'Since gas withdrawals from storage were higher this past winter compared to previous years, the storage refill task for this year is more substantial.' The U.S. arbitrage to north-east Asia via the Cape of Good Hope continues to incentivise U.S. cargo deliveries to Europe while the arbitrage via Panama is pointing to Asia, said Spark Commodities analyst Qasim Afghan. In LNG freight, Atlantic rates held steady at $33,750/day on Friday, while Pacific rates declined to $37,250/day, he added.
Business Recorder
18-07-2025
- Business
- Business Recorder
Global LNG: Asian spot LNG prices decline on muted demand, high inventories
LONDON: Asian spot liquefied natural gas (LNG) prices declined this week due to weaker demand and strong inventories and as buyers in south Asia found current prices too high. The average LNG price for September delivery into north-east Asia was at $12.30 per million British thermal units (mmBtu), down from $12.90/mmBtu last week, industry sources estimated. 'Prices have been in a slow downtrend this week due to ample supply and higher inventories. However, we expect Asian utilities to start stepping in to procure for cooling demand as temperatures rise in Asia,' said Toby Copson, chairman at Davenport Energy Partners. 'Demand remains relatively weak on a macro scale with European hubs reflecting that,' he added. Cooling demand from a heatwave in Japan and South Korea has mostly been met by coal, said Martin Senior, head of LNG pricing at Argus. Some production outages have cropped up, including at Australia's Gorgon's third LNG train, the U.S.' Elba Island terminal and United Arab Emirates' Das Island undergoing maintenance, he said. 'However, the outages have not pushed Asia to compete for Atlantic basin (cargoes) and current prices were too high for many price sensitive buyers in south Asia and China to compete for spot supply,' Senior added. In Europe, gas prices rose slightly during the week on Norwegian unplanned maintenance but dipped on Friday as supply from Norway rose. Global LNG: Asian spot LNG prices inch up as hot weather boosts cooling demand The European Union on Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry. The package also includes banning transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea, and with Russia's financial sector. 'While the new EU sanctions package puts a definite halt to the re—utilisation of Nord Stream, it does not change the supply outlook for European gas markets. The 2027 Russian gas phase-out still sticks, which is why the TTF market reaction was rather muted,' said Florence Schmit, energy strategist at Rabobank. U.S. President Donald Trump's threat to impose a 100% tariff on countries buying Russian energy in 50 days failed to rattle the market, she said. 'The tariff rate, alongside the 50-day pause, signalled that this might be more noise than reality…Russia sanctions remain an upside risk although a limited one for now,' Schmit added. S&P Global Commodity Insights assessed its daily North West Europe LNG Marker (NWM) price benchmark for cargoes delivered in September on an ex-ship (DES) basis at $11.397/mmBtu on July 17, a $0.450/mmBtu discount to the September futures price at the TTF hub. Argus assessed the price at $11.435/mmBtu, while Spark Commodities assessed the August price at $11.269/mmBtu. The U.S. arbitrage to north-east Asia via the Cape of Good Hope continues to point to Europe. The arbitrage via Panama is also pointing to Europe instead of Asia, said Spark Commodities analyst Qasim Afghan. In the LNG freight market, Atlantic rates rose to $33,750/day on Friday, while Pacific rates remained relatively steady at $38,250/day, Afghan added.
India Gazette
14-07-2025
- Politics
- India Gazette
"What is wrong in visiting graveyard of martyrs?" Mamata Banerjee after J-K CM Abdullah claims restricted from Naqshband Sahib
Kolkata (West Bengal) [India], July 14 (ANI): West Bengal Chief Minister Mamata Banerjee on Monday termed as 'unacceptable' 'shocking' and 'shameful' the alleged action by security forces to prevent Jammu and Kashmir Chief Minister Omar Abdullah from visiting the Naqshband Sahib in Srinagar. 'What is wrong in visiting the graveyard of martyrs? This is not only unfortunate, it also snatches the democratic right of a citizen. What happened this morning to an elected Chief Minister Omar Abdullah is unacceptable. Shocking. Shameful,' Mamata Banerjee said in a post on X. On Sunday, Jammu and Kashmir Police sealed the Martyrs' cemetery in Srinagar and confined top political leaders, including Abdullah, inside their residences. barring them from visiting the Martyrs' Graveyard (Mazar-e-Shuhada), to mark the anniversary of the protesters shot dead by Maharaja Hari Singh's Dogra forces on July 13, 1931. Omar Abdullah had been in West Bengal to participate in the Travel and Tourism Fair (TTF) travel trade show Kolkata 2025 and on Thursday he had attended a conference with Mamata Banerjee in Howrah. Meanwhile the Jammu and Kashmir today said that police attempted to stop him from reciting Fatiha (prayers) in the memory of 22 'martyrs' who were killed for protesting against Maharaja Hari Singh's rule. He said he jumped over the boundary wall of the Mazar-e-Shuhada to offer being placed under 'house arrest' yesterday. 'Paid my respects & offered Fatiha at the graves of the martyrs of 13th July 1931. The unelected government tried to block my way forcing me to walk from Nawhatta chowk. They blocked the gate to Naqshband Sb shrine forcing me to scale a wall. They tried to physically grapple me but I was not going to be stopped today,' Abdullah's post on X read. The graveyard is attached to the shrine of Khwaja Bahawuddin Naqshbandi. Abdullah also expressed anguish over the lack of media coverage in local newspapers on the issue of 'the entire elected government being locked up'. 'Take a look at our local newspapers - both from Jammu and from Srinagar, English & vernacular. You'll be able to distinguish the cowards from the ones with guts. The cowards have completely buried the fact that the entire elected government was locked up yesterday, along with most elected representatives. The newspapers with some guts have put it on the front page. Shame on the sellouts who buried the story, I hope the size of the envelope was worth it,' J-K chief minister said. Abdullah also came down heavily on the 'unelected nominees of New Delhi' for allegedly locking up the elected representatives of Jammu and Kashmir. The J-K Chief Minister also shared pictures on his X account of police outside his residence, with armoured vehicles parked and movement restricted, as the regional parties, including the National Conference (NC), were denied permission to visit the martyrs' graveyard. Martyrs' Day in Kashmir, which was previously observed as an official holiday in the State was delisted after the abrogation of Article 370 in 2019. (ANI)
