Commodity markets
China clears its backlog of stranded Australian coal — but don’t expect Beijing to buy more soon
A bulldozer pushes coal onto a conveyor belt at the Jiangyou Power Station on January 28, 2022 in Jiangyou, Mianyang City, Sichuan Province of China. Liu Zhongjun | China News Service | Getty Images China has finished clearing a backlog of stranded Australian coal amounting to over $1 billion, China customs data shows. But analysts […]
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China continues to snap up Russian coal at steep discounts
This photo taken on October 24, 2021 shows coal being loaded on a cargo ship in Jiujiang, in China’s central Jiangxi province. STR | AFP | Getty Images Russia’s coal shipments to China have been rising even though overall shipments to China have declined, new data from S&P Global Market Intelligence showed. Russian seaborne coal […]
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Dan Yergin explains why oil prices are falling despite tight supply, Russia tensions
Energy expert Dan Yergin said there are two reasons why oil prices have dropped in the past month despite a market that is still tight: the Fed and Russia’s war in Ukraine. Oil prices had been increasing since last year, spiking to highs after Russia launched an unprovoked war on Ukraine. But since the end […]
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Wall Street is on a one way trip to misery until Fed hikes stop, market forecaster Jim Bianco warns
Until inflation peaks and the Federal Reserve stops hiking rates, market forecaster Jim Bianco warns Wall Street is on a one way trip to misery. “The Fed only has one tool to bring in inflation and that is they have to slow demand,” the Bianco Research president told CNBC “Fast Money” on Tuesday. “We may […]
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Global food prices are soaring. Rice could be next
The spider web rice fields in Flores, Indonesia. The United Nations’ Food and Agriculture Organization Food Price Index shows international rice prices creeping up for the fifth straight month to reach a 12-month high, according to the latest May data published last week. Tanutkij Wangsittidej Food prices have been on the rise in the past […]
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Russia doesn’t have extra oil for new deals with two Indian buyers: Reuters, citing sources
An illuminated logo sits on display above the Rosneft Oil Co. pavilion on June 5, 2019. Russia’s Rosneft is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales to other customers. Andrey Rudakov | Bloomberg | Getty Images […]
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London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos
Traders operate in the Ring, the open trading floor of the new London Metal Exchange (LME) in central London. Matt Clinch | CNBC LONDON — A second U.S. firm has sued the London Metal Exchange for $15.3 million over canceled nickel trades in March. Jane Street Global Trading filed a judicial review claim in the […]
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Oil slips after OPEC+ hike, tight supply limits loss
An oil well pump jack operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021. David Paul Morris | Bloomberg | Getty Images Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases Covid restrictions […]
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How Russia could try to get around the European Union’s oil sanctions
The EU’s partial embargo covers Russian oil brought into the bloc by sea, with an exemption carved out for imports delivered by pipeline following opposition from Hungary. Attila Kisbenedek | Afp | Getty Images Moscow could respond to European sanctions on Russian oil by seeking other buyers for its crude or cutting production to keep […]
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Oil prices slide after report Saudi Arabia could step up if Russian output dips under sanctions
All eyes are on whether Saudi Arabia will raise crude production if Russia’s output significantly falls following European Union oil sanctions. Andrey Rudakov | Bloomberg | Getty Images Oil prices dropped more than 2% following a report that Saudi Arabia is prepared to raise crude production if Russia’s output significantly falls following European Union sanctions. […]
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