Latest news with #globalenergy
CTV News
07-07-2025
- Business
- CTV News
ADVERTISEMENT Watch Canada can become an ‘energy superpower': Economist on first shipment of liquified natural gas Economist Jeff Rubin discusses Canada's LNG exports to Asia, including market potential and its role in meeting global energy demands.
Watch Economist Jeff Rubin discusses Canada's LNG exports to Asia, including market potential and its role in meeting global energy demands.
Yahoo
23-06-2025
- Business
- Yahoo
Oil jumps to 5-month high after Iran votes to close Strait of Hormuz
Oil prices surged to a five-month high on Monday after Iran signalled it may close the strategically critical Strait of Hormuz in retaliation for US strikes on its nuclear facilities. Brent crude rose 0.8% to $77.62 a barrel, while West Texas Intermediate climbed by the same margin to $74.42 in early trading. Prices spiked as high as $81 over the weekend before settling down. Tensions escalated after Iran's parliament on Sunday approved a motion to block the narrow waterway, through which roughly 20% of global oil and gas supplies pass. The final decision rests with the Supreme National Security Council, according to Iranian state media. At its narrowest, the Strait of Hormuz measures just 21 miles wide and is one of the most important transit routes for global energy. Any disruption would have ramifications for supply and pricing. Deutsche Bank analysts warned that oil could surge to $120 a barrel if Iran follows through on the threat. 'The next steps for markets,' said Jim Reid, 'are really all about whether the Iranian regime weaponises oil.' Read more: Economics Nobel laureate calls for a 'working-class liberalism' Reid added that crude had been trading around $68 a barrel before concerns emerged over possible Israeli strikes on Iran. 'Around a third probability puts oil at around $85/bbl,' he said. 'So perhaps financial markets are pricing in a lower probability of a closure.' Polymarket showed the odds of a Strait closure before July had climbed to 32%, up from 10% on Friday. The probability had peaked at 52% on Sunday afternoon, shortly after the Iranian parliament endorsed the move. Gold prices dipped in early European trading as safe haven buyers moved into the dollar following US airstrikes on Iranian nuclear facilities, a sharp escalation in the Middle East that rattled global markets. Gold futures were down 0.5% at $3,369.70 an ounce at the time of writing, while the spot gold price fell 0.3% to $3,357.03 per ounce. The pullback in bullion came largely as a result of dollar strength. The US dollar index ( which tracks the greenback against a basket of six currencies, rose 0.3% to 99.03. Rising fears of Iranian retaliation helped push oil prices higher, stoking concerns that renewed energy shocks could fuel inflation and prolong the current high interest rate environment. The dollar gained on the back of these expectations, building on modest gains made last week after the Federal Reserve maintained a cautious stance on rate cuts. Read more: How to avoid finance scams on social media Despite short-term pressure, analysts at Bank of America said they expect gold to rise significantly in the coming months, forecasting prices could hit $4,000 an ounce, roughly 18% above current levels, by mid-2026. 'While the war between Israel and Iran can always escalate, conflicts are not usually a sustained bullish price driver,' they wrote. 'As such, the trajectory of the US budget negotiations will be critical, and if fiscal shortfalls don't decline, the fallout from that plus market volatility may end up attracting more buyers.' The pound was lower against the dollar, trading at $1.3441 at the time of writing, as surging oil prices provided a tailwind for the greenback. Oil, priced in US dollars, tends to increase demand for the currency when prices rise as the US remains the world's largest oil producer, positioning its economy to benefit from higher export values. 'The US dollar's strength is driven not just by oil, but by its position as the dominant currency in global trade,' said Humphrey Percy, an analyst at SGM Foreign Exchange. 'The demand for dollars tends to surge when oil prices rise, especially given the US' status as the world's top oil producer.' Additionally, the US dollar continues to serve as a safe-haven asset in times of geopolitical uncertainty. Investors often flock to the greenback during market turbulence, particularly when risks are heightened, as in the case of ongoing tensions in the Middle East. Stocks: Create your watchlist and portfolio 'For the twin prime reasons of ultra-high geopolitical uncertainty, and the lack of a credible alternative given that the US dollar accounts for 88% of one side of all currency transactions globally, USD remains a currency to buy rather than sell, at least for the next six months,' Percy explained. This combination of rising oil prices and geopolitical tensions has exerted downward pressure on the pound. In other currency moves, the pound was higher against the euro, up 0.1% to €1.1681 at the time of writing. In equities, the UK's FTSE 100 (^FTSE) lost 0.2% to 8,762 points at the time of in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-06-2025
- Business
- Yahoo
Oil jumps to 5-month high after Iran votes to close Strait of Hormuz
Oil prices surged to a five-month high on Monday after Iran signalled it may close the strategically critical Strait of Hormuz in retaliation for US strikes on its nuclear facilities. Brent crude rose 0.8% to $77.62 a barrel, while West Texas Intermediate climbed by the same margin to $74.42 in early trading. Prices spiked as high as $81 over the weekend before settling down. Tensions escalated after Iran's parliament on Sunday approved a motion to block the narrow waterway, through which roughly 20% of global oil and gas supplies pass. The final decision rests with the Supreme National Security Council, according to Iranian state media. At its narrowest, the Strait of Hormuz measures just 21 miles wide and is one of the most important transit routes for global energy. Any disruption would have ramifications for supply and pricing. Deutsche Bank analysts warned that oil could surge to $120 a barrel if Iran follows through on the threat. 'The next steps for markets,' said Jim Reid, 'are really all about whether the Iranian regime weaponises oil.' Read more: Economics Nobel laureate calls for a 'working-class liberalism' Reid added that crude had been trading around $68 a barrel before concerns emerged over possible Israeli strikes on Iran. 'Around a third probability puts oil at around $85/bbl,' he said. 'So perhaps financial markets are pricing in a lower probability of a closure.' Polymarket showed the odds of a Strait closure before July had climbed to 32%, up from 10% on Friday. The probability had peaked at 52% on Sunday afternoon, shortly after the Iranian parliament endorsed the move. Gold prices dipped in early European trading as safe haven buyers moved into the dollar following US airstrikes on Iranian nuclear facilities, a sharp escalation in the Middle East that rattled global markets. Gold futures were down 0.5% at $3,369.70 an ounce at the time of writing, while the spot gold price fell 0.3% to $3,357.03 per ounce. The pullback in bullion came largely as a result of dollar strength. The US dollar index ( which tracks the greenback against a basket of six currencies, rose 0.3% to 99.03. Rising fears of Iranian retaliation helped push oil prices higher, stoking concerns that renewed energy shocks could fuel inflation and prolong the current high interest rate environment. The dollar gained on the back of these expectations, building on modest gains made last week after the Federal Reserve maintained a cautious stance on rate cuts. Read more: How to avoid finance scams on social media Despite short-term pressure, analysts at Bank of America said they expect gold to rise significantly in the coming months, forecasting prices could hit $4,000 an ounce, roughly 18% above current levels, by mid-2026. 'While the war between Israel and Iran can always escalate, conflicts are not usually a sustained bullish price driver,' they wrote. 'As such, the trajectory of the US budget negotiations will be critical, and if fiscal shortfalls don't decline, the fallout from that plus market volatility may end up attracting more buyers.' The pound was lower against the dollar, trading at $1.3441 at the time of writing, as surging oil prices provided a tailwind for the greenback. Oil, priced in US dollars, tends to increase demand for the currency when prices rise as the US remains the world's largest oil producer, positioning its economy to benefit from higher export values. 'The US dollar's strength is driven not just by oil, but by its position as the dominant currency in global trade,' said Humphrey Percy, an analyst at SGM Foreign Exchange. 'The demand for dollars tends to surge when oil prices rise, especially given the US' status as the world's top oil producer.' Additionally, the US dollar continues to serve as a safe-haven asset in times of geopolitical uncertainty. Investors often flock to the greenback during market turbulence, particularly when risks are heightened, as in the case of ongoing tensions in the Middle East. Stocks: Create your watchlist and portfolio 'For the twin prime reasons of ultra-high geopolitical uncertainty, and the lack of a credible alternative given that the US dollar accounts for 88% of one side of all currency transactions globally, USD remains a currency to buy rather than sell, at least for the next six months,' Percy explained. This combination of rising oil prices and geopolitical tensions has exerted downward pressure on the pound. In other currency moves, the pound was higher against the euro, up 0.1% to €1.1681 at the time of writing. In equities, the UK's FTSE 100 (^FTSE) lost 0.2% to 8,762 points at the time of in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
18-06-2025
- Business
- Bloomberg
Bloomberg Surveillance TV: June 18, 2025
- Rafael Grossi, IAEA Director - Jim Bullard, Dean of the Purdue Business School and former St. Louis Fed President - Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock - Claudia Sahm, Chief Economist at New Century Advisors Rafael Grossi, IAEA Director, joins to discuss the outlook for global energy prices amid the escalating conflict between Israel and Iran. Jim Bullard, Dean of the Purdue Business School and former St. Louis Fed President, looks ahead to today's Fed meeting and discusses whether the Fed will soon cut rates. Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock, talks about the outlook for equities amid continued global uncertainty and rising geopolitical tensions. Claudia Sahm, Chief Economist at New Century Advisors, talks about whether the Fed will lower rates should the labor market show signs of deteriorating.
Zawya
10-06-2025
- Business
- Zawya
Qatar accounts for 18.8% share of global LNG exports in 2024: IGU
Qatar's 18.8% share of global LNG exports brings the joint LNG exports of the three largest exporters in 2024 to 60%, says the International Gas Union (IGU) in its latest report. Qatar's exports slipped by 0.99mn tonnes to a total of 77.23mn tonnes in 2024, largely on par with the market's nameplate capacity of 77.1mn tonnes, IGU noted in its 'World LNG Report 2025'. Currently, Qatar is the third largest global LNG exporter. Ahead of Qatar are the US and Australia. Despite delays in new projects, the US defended its position as the world's largest LNG exporter in 2024, exporting a total of 88.42mn tonnes, equal to 21.5% of global LNG output and up 3.89mn tonnes from 2023. Australia maintained its position as the second-largest exporter with export volumes of 81.04mn tonnes in 2024, up 1.48mn tonnes from the previous year, comprising 19.7% of global exports. Global LNG liquefaction capacity grew by 6.5mn tonnes per year (MTPY) in 2024 to a total of 494.4 MTPY by year-end. Despite capacity growth, the global average utilisation rate decreased slightly to 86.7% from 88.7% in 2023, due to maintenance, power disruptions, and a series of mechanical outages across various facilities. In terms of liquefaction capacity, as of the end of 2024, there were 22 markets operating LNG export facilities. The US remained the market with the largest operational liquefaction capacity, at approximately 97.5mn tonnes per year, with an increase of 4.5MTPY compared to 2023. Australia and Qatar ranked second and third with 87.6MTPY and 77.1MTPY, respectively, maintaining the same capacity as the previous year. 'The top three LNG export markets currently represent more than half of global liquefaction capacity,' IGU noted. As of the end of 2024, there is 1,121.9MTPY of potential liquefaction capacity in the pre-FID stage, an increase of 75.3MTPY compared to 2023. With the Russia-Ukraine conflict still ongoing and a huge decline in Russian piped gas volumes in the market, a wave of proposed liquefaction projects has emerged to offset the loss of Russian supply. Some projects have also been fast-tracked to help meet demand. However, only a portion of pre-FID projects are going to proceed. According to IGU, global LNG demand is projected to stay on a long-term growth trajectory on the back of a strong increase in demand from markets in Asia and Asia Pacific. Although LNG contributes to global decarbonisation efforts by serving as a substitute for coal in power generation or for fuel oil in shipping, the LNG industry also needs to address emissions from its own supply chain. Cost inflation notwithstanding, these ongoing decarbonisation efforts continue to manifest themselves in an ever more efficient LNG fleet and innovative emission reduction measures undertaken by LNG projects worldwide, the report noted. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
