Crooked Bough News Round-up

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As of 11/22/24 10:55pm. Last new 9/14/24 2:04pm.

+ Goldman Sachs expects oil prices to average around $80/bbl in 2024—Goldman Sachs expects Brent prices to average around $80 per barrel this year, despite a 2024 deficit and geopolitical uncertainty, citing an anticipa...

+ Russia’s Novak says oil market balanced thanks to OPEC+—The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Nov...

+ Middle East Crude-Oman, Dubai extend gains, Murban slides—Middle East crude benchmark premiums for Oman and Dubai extended gains on Friday, while that for Murban retreated. Chinese refiner Rongsheng Petrochem...

+ Global oil and gas contract value declines despite steady volume in Q3 2024, reveals GlobalData—The global oil and gas contract activity saw a 35% quarter-on-quarter decrease in total disclosed value from $55.3 billion in Q2 2024 to $35.7 billion...

+ Oil heads for weekly gains as Ukraine war intensifies—Oil prices were set for their biggest weekly rise in almost two months on Friday, gaining 4% as an intensifying war in Ukraine returned a geopolitical...

+ Oil heads for weekly gains on anxiety over intensifying Ukraine war—Oil prices held steady on Friday, on track for a weekly rise of 5%, as the Ukraine war intensified and Chinese imports were set to increase in Novembe...

+ Cost of support measures for fossil fuels decreased sharply in 2023 but remains elevated relative to its historical average—The cost of government support measures for the production and consumption of fossil fuels decreased sharply in 2023, as energy prices softened from t...

+ Singapore middle distillates stocks rise for fourth week to six-week high—Singapores middle distillates inventories rose for the fourth straight week to a six-week peak as net exports of jet fuel slid further while those of ...

+ European oil giants step back from renewables path—Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The Br...

+ Trump’s oil and gas friendly energy secretary pick seen as ‘fantastic’ in Middle East—US President-elect Donald Trumps selection of oil industry veteran Chris Wright as energy secretary will likely be welcome in the Middle East where hy...

+ Russia’s Putin, Iraqi PM discuss OPEC+ coordination on oil price stability—Russian President Vladimir Putin held a phone call with Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday during which they discussed the OPEC+...

+ OPEC+ may stick with deep oil cuts for longer due to weak demand—OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and dif...

+ A major turn: Big Oil bets on biofuels with more than 40 projects planned by turn of decade—Under increasing pressure to decarbonize and shift away from traditional fossil fuels, the world’s leading oil and gas companies are ramping up invest...

+ Oil climbs on supply jitters as Russia-Ukraine war escalates—Oil climbed more than 1% on Thursday as Russia and Ukraine launched missiles at each other, an escalation of the war that fed supply worries despite a...

+ Middle East Crude-Benchmark premiums rise as oil prices gain—Middle East crude benchmark spot premiums for Oman, Dubai and Murban ticked up on Thursday, tracking gains in oil prices. Oil prices climbed on Thursd...

+ COP29: OPEC head tells Baku summit oil and gas are ‘gift from God’—OPEC Secretary General Haitham al-Ghais used his speech at the UN Climate Change Conference in Baku on Nov. 20 to emphasize the pivotal role oil and g...

+ US crude oil stocks climb as slack refinery runs offset stronger exports—US crude oil inventories moved higher in the week ended Nov. 15 as lower refinery runs offset stronger exports. US commercial crude stocks climbed 550...

+ The Commodities Feed: Geopolitical risks build—Energy – Natural gas proves to be more sensitive to geopolitical risks Oil prices edged lower yesterday despite growing geopolitical risks related to ...

+ Oil up on Russia-Ukraine missile exchange, outweighing US crude stock rises—Oil prices rose on Thursday as Russia and Ukraine launched missiles at each other, overshadowing the impact of a bigger-than-expected increase in U.S....

+ Oil discoveries fuel battle for strategic island off West Africa—At just one kilometer long, the tiny West African island of Mbanie might seem an unlikely focal point for a bitter territorial dispute. But a string o...

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As of 11/22/24 10:55pm. Last new 11/22/24 5:28pm.

+ UKMTO Weekly Piracy Report 16 – 22 November 2024—Warnings, advisories and piracy incidents in the Indian Ocean Area by the UKMTO in the past week. Source: UKMTO (United Kingdom Maritime Trade Operat...

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As of 11/22/24 10:55pm. Last new 11/15/24 12:23pm.

+ Russia’s Dec western port oil loadings may slip by 100,000 bpd, sources say—Oil loadings from Russias western ports in December are expected to slip by some 100,000 barrels per day (bpd) to 1.8 million bpd amid rising refinery...

+ Kremlin says new U.S. sanctions are an attempt to hinder Russian gas exports—The Kremlin on Friday said that new U.S. sanctions on Russias Gazprombank were an attempt by Washington to hinder the export of Russian gas, but saida...

+ Kogas, Japanese buyers say not using US-sanctioned Gazprombank for Sakhalin 2 LNG imports—State-run Korea Gas and several Japanese buyers of Sakhalin 2 LNG said Nov. 22 that they are not using the US-sanctioned Russian Gazprombank for their...

+ Russia is preparing to lift gasoline exports ban, deputy PM says—Russia is preparing to lift its gasoline exports ban and the necessary paperwork will be ready in near future, Deputy Prime Minister Alexander Novak t...

+ India mulls lifting ban on 100% broken white rice: sources—The Indian government is mulling to lift the ban on exports of 100% broken white rice (WR), industry sources told SP Global Commodity Insights, a move...

+ South Korea’s MFG buys up to 70,000 T corn in private deal, traders say—South Koreas Major Feedmill Group (MFG) purchased an estimated 65,000 to 70,000 metric tons of animal feed corn in a private deal on Thursday without ...

+ Rio Tinto lifts force majeure on alumina exports from Gladstone: sources—Diversified miner Rio Tinto has lifted the force majeure on alumina exports from its Gladstone operations in Australia, market sources told SP Global ...

+ Nigeria wants term buyers for new Utapate crude, seeks to double output—Nigeria is seeking term customers for its new crude oil grade Utapate and is aiming to double output by the end of 2025 from 40,000 barrels per day, s...

+ U.S. oil imports, exports up last week—Both the U.S. crude oil imports and exports increased during the week ending Nov. 15, the U.S. Energy Information Administration (EIA) said Wednesday....

+ UK LNG imports surge as country becomes preferred destination for diverted cargoes—The UK is set to receive its highest LNG volumes since February as it becomes the preferred destination for diverted LNG cargoes due to slot availabil...

+ US ethanol exports on pace for record year, fueled by low prices and increased opportunity overseas—US fuel ethanol exports have surged to 29.598 million barrels in the first eight months of 2024, 34.92% higher than the same period in 2023, Energy In...

+ China crude oil imports set for November rebound, but it’s price not demand—Chinas crude imports are on track to rebound in November to the highest in three months, but the increasing appetite of the worlds largest oil importe...

+ US LNG exports primed to jump as price arb to Europe opens wide—United States exports of LNG to Europe are set to jump in the coming weeks after the price spread between domestic natural gas and Europes main gas pr...

+ Indonesia’s September palm oil exports down 30% y/y, GAPKI says—Indonesias palm oil stocks climbed in September as exports and domestic consumption declined, while output improved slightly, data from the main palm ...

+ Taiwan buys estimated 80,000 T of wheat of U.S. origin, traders say—The Taiwan Flour Millers Association purchased an estimated 80,000 metric tons of milling wheat to be sourced from the U.S. in a tender on Thursday, E...

+ China’s October soy imports from US climb for seventh month—Chinas soybean imports from the U.S. more than doubled in October from a year earlier, marking a seventh month of growth, as buyers accelerated shipme...

+ Iraq’s fuel oil exports head for record year after Oct volumes jump—Iraqs fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October, as domestic demand eased while o...

+ LNG buyers shape 2025 strategy amid expectations of tighter supply—Anticipation of potential increases in 2025 spot LNG prices is shaping buyers purchasing strategies, as the global LNG market braces for tight conditi...

+ Asia’s jet fuel imports from India to hit multi-year highs in November—Asias imports of jet fuel from India are set to hit multi-year highs in November ahead of peak winter demand after refinery outages and lower exports ...

+ China’s Oct coal imports from Russia rise 13%—Chinas coal imports from Russia rose 13% in October from the same month a year earlier despite sanctions on Moscow, customs data showed on Wednesday. ...

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As of 11/22/24 10:55pm. Last new 11/22/24 1:13pm.

+ Singapore revises Q3 GDP higher, upgrades 2024 outlook—Singapore on Friday upgraded its economic outlook for 2024 as third quarter gross domestic product growth beat expectations and initial estimates, hel...

+ Robust services drive India’s business activity to 3-month high in Nov, cost pressures grow—Indias business activity rose at its fastest pace in three months in November, helped by an improving services industry and record job creation, but o...

+ China stimulus spurs healthy mean reversion in Asia: Manishi Raychaudhuri—It’s still unclear whether the Chinese government’s efforts to revive the country’s ailing economy will prove successful, but the stimulus measures al...

+ Global banks weigh halting fresh credit to India’s Adani after U.S. indictment, say sources—Some global banks are considering temporarily halting fresh credit to Indias Adani Group but staying put with existing loans following U.S. prosecutor...

+ China’s economic recovery instills confidence in global growth—In a world of mounting uncertainties, China is injecting certainty into the global economic landscape with a mix of targeted and effective policies th...

+ Japan considering raising income tax threshold in fresh economic stimulus—Japan is set to kick off discussions on raising the basic tax-free income allowance in effective permanent tax cuts worth up to $51 billion, a step th...

+ UK retail sales dived before new government’s budget, ONS says—British retail sales fell by much more than expected in October, according to official data that added to other signs of a loss of momentum in the eco...

+ Japan’s inflation holds above BOJ target, fanning Dec rate hike bets—Japans core inflation in October held above the central banks 2% target and a key index stripping away the effect of fuel accelerated, data showed on ...

+ German economy grew less than expected in Q3, statistics office says—Germanys economy grew less than previously estimated in the third quarter, the statistics office reported on Friday, in further bad news for a country...

+ ECB will closely watch for risk of undershooting target, Villeroy says—The European Central Bank is not behind the curve in cutting interest rates but must watch for the risk of undershooting its inflation target and depr...

+ Euro zone business activity falls sharply in November, survey shows—Euro zone business activity took a surprisingly sharp turn for the worse this month as the blocs dominant services industry contracted and manufacturi...

+ China says it is willing to talk with US to push forward bilateral trade—China is willing to conduct active dialogue with the United States based on the principles of mutual respect and promote the development of bilateral ...

+ Tariffs could hurt growth, boost inflation for all, Bundesbank chief warns—Europe and the U.S. will both take a growth hit if there is a new trade war and inflation could also rise, increasing pressure on EU leaders to kick s...

+ US business activity gauge rises to 31-month high in November—A measure of U.S. business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policie...

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As of 11/22/24 10:55pm. Last new 11/22/24 4:49pm.

+ Average tax revenues in the OECD remain steady as spending pressures grow—The average level of tax revenues among OECD countries was largely unchanged in 2023 as governments sought to ease cost-of-living pressures amid growi...

+ OECD GDP growth remains stable in the third quarter of 2024—Gross domestic product (GDP) in the OECD rose by 0.5% in the third quarter of 2024, slightly up from 0.4% in the previous quarter,1 according to provi...

+ IMF warns Asia retaliatory tariffs could undermine growth—The International Monetary Fund (IMF) warned on Tuesday that tit-for-tat tariffs could undermine Asias economic prospects, raise costs and disrupt sup...

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As of 11/22/24 10:55pm. Last new 11/22/24 7:07am.

+ The Swedish Club announces General Increase for 2025—The Board of The Swedish Club has announced a 5% General Increase for PI for 2025, and a General Increase of 5% for FDD to reflect the Club’s continue...

+ Electronic (Paperless) Trading: Covantis eBL powered by Secro—Circular issued by International Group clubs Members are referred back to circular of 8 December 2023 by which the International Group (the Group) app...

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As of 11/22/24 10:55pm. Last new 11/21/24 4:07pm.

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As of 11/22/24 10:55pm. Last new 1/26/24 6:57am.