2025-07-28 07:03
United States, EU avert trade war with 15% tariff deal US, China to resume tariff talks in bid to extend truce OPEC+ panel likely to keep oil policy steady, sources say SINGAPORE, July 28 (Reuters) - Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Brent crude futures inched up 61 cents, or 0.89%, to $69.05 a barrel by 0647 GMT, while U.S. West Texas Intermediate crude stood at $65.75 a barrel, up 59 cents, or 0.91%. Sign up here. The U.S.-European Union trade deal and a possible extension in the U.S.-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. "With the risk of a prolonged trade war and the importance of the August tariff deadlines being steadily defused, markets have responded positively," he added in a note. Sunday's U.S.-EU framework trade pact sets an import tariff of 15% on most EU goods, half the threatened rate. The deal averted a bigger trade war between two allies that account for almost one-third of global trade and could crimp fuel demand. Also set for Monday is a meeting in Stockholm of senior U.S. and Chinese negotiators aiming to extend before an August 12 deadline a truce holding off sharply higher tariffs. Oil prices settled on Friday at their lowest in three weeks weighed down by global trade concerns and expectations of more oil supply from Venezuela. State-run oil company PDVSA is readying to resume work at its joint ventures under terms similar to Biden-era licences, once U.S. President Donald Trump reinstates authorisations for its partners to operate and export oil under swaps, company sources said. Though prices were up slightly on Monday, gains were limited by the prospect of OPEC+ further easing supply curbs. A market monitoring panel of the Organization of the Petroleum Exporting Countries and their allies is set to meet at 1200 GMT on Monday. It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week, though another source said it was too early to say. ING expects OPEC+ will at least complete the full return of 2.2 million barrels per day of the additional voluntary supply cuts by the end of September. That would work out to a supply hike in September of at least 280,000 barrels per day. However, there is clearly room for a more aggressive hike. The producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. JP Morgan analysts said global oil demand rose by 600,000 bpd in July on year, while global oil stocks rose 1.6 million bpd. In the Middle East, Yemen's Houthis said on Sunday they would target ships of companies that do business with Israeli ports, regardless of nationality, in what they called a fourth phase of military operations against Israel over the Gaza conflict. https://www.reuters.com/business/energy/oil-rises-us-eu-deal-boosts-trade-optimism-2025-07-28/
2025-07-28 07:02
KYIV, July 28 (Reuters) - Ukraine's state-owned oil and gas major Naftogaz has signed its first deal with Azerbaijan's SOCAR to import natural gas via the Transbalkan route, it said on Monday. "For the first time, a test shipment of gas is being delivered through the Transbalkan route along the Bulgaria–Romania–Ukraine corridor," Naftogaz said in a statement on its website. Sign up here. The Ukrainian company said the agreement was for a small volume of gas, and did not specify timelines. "This is a small volume but strategically important step that paves the way for long-term cooperation," Naftogaz CEO Serhiy Koretskyi was quoted in the statement. https://www.reuters.com/business/energy/ukraine-signs-first-transbalkan-gas-deal-with-azerbaijans-socar-2025-07-28/
2025-07-28 06:48
NEW DELHI, July 28 (Reuters) - India's top gas importer, Petronet LNG (PLNG.NS) , opens new tab, is looking to raise a 120 billion rupee (about $1.4 billion) local currency loan to fund the expansion of a plant, its head of finance, Saurav Mitra, said in an analyst call on Monday. The company is building a petrochemical plant in India's western state of Gujarat at the cost of 206.85 billion rupees. Sign up here. Petronet aims to spend 300 billion rupees in the next few years, and most of that on building a petrochemical project, Mitra said. Its capital expenditure for 2026-27 would be higher than the 50 billion rupees estimated for the current fiscal year to March 2026, he said. Last week, the company's board approved setting up a 5 million tons per year LNG import terminal in the eastern state of Odisha at the cost of 63.5 billion rupees. ($1 = 86.5050 Indian rupees) https://www.reuters.com/business/energy/indias-top-gas-importer-petronet-seeks-120-billion-rupee-loan-2025-07-28/
2025-07-28 06:40
July 28 (Reuters) - South Africa's Valterra Platinum (VALJ.J) , opens new tab reported an 81% slump in half-year profit on Monday, hit by lower output and costs associated with its demerger from Anglo American Platinum. Valterra's headline earnings were 1.2 billion rand ($67.62 million) in the six months to June 30, down from 6.5 billion rand in the same period last year. Sign up here. The miner said its sales of platinum group metals (PGM) sales decreased by 25% to 1.48 million ounces in the first half, mainly owing to the impact of flooding at its Amandelbult operations after heavy rains in February. Valterra declared an interim dividend of 2 rand per share, down 79% from the payout a year earlier. The world's biggest PGM producer by value demerged in June and is now listed separately in Johannesburg and London while global mining giant Anglo restructures its business to focus on copper. ($1 = 17.7452 rand) https://www.reuters.com/world/africa/valterra-platinums-half-year-profit-plunges-81-lower-sales-2025-07-28/
2025-07-28 06:36
July 28 (Reuters) - Australia's Boss Energy (BOE.AX) , opens new tab on Monday flagged operational challenges at its flagship Honeymoon uranium project in South Australia, sending its shares to a three-year low. The uranium miner, which owns 100% of the Honeymoon project, warned that issues in ramping up operations could delay reaching full capacity, after the site exceeded production guidance for fiscal 2025. Sign up here. The Subiaco-headquartered company also flagged a rise in cash costs for fiscal 2026, citing shorter processing times and changes to the chemical mix used in extraction. "Honeymoon continues to ramp up, however the removal of nameplate targets and increased cost outlook have cast doubts over the project's long-term value," Jefferies analysts said in a note. Boss Energy said it expects to spend between A$27 million and A$30 million ($17.73 million-$19.70 million) on the project in fiscal 2026, which Jefferies said is higher than its estimates. "Higher costs are expected to negatively impact the project's profitability and BOE's future earnings," said George Ross, senior analyst at Argonaut. "FY26 guidance has shocked the market... significant increase in production capital costs was not anticipated by the market." The stock fell as much as 44.7% to A$1.880, its lowest since July 14, 2022, before closing 44% lower. It was the top loser on the broader ASX200 benchmark index (.AXJO) , opens new tab, which ended 0.4% higher. Jefferies analysts said the recent board changes have reduced the chances of Boss Energy engaging in acquisitions as they are more focused on internal growth. Boss Energy, which went public in 2007, said last week Chief Executive and Managing Director Duncan Craib would step down from the roles later this year and transition to a non-executive director role in 2026. Craib has been with the firm since 2017. Chief Operating Officer Matt Dusci was named as his successor, effective October 1. ($1 = 1.5232 Australian dollars) https://www.reuters.com/business/energy/australias-boss-energy-flags-honeymoon-uranium-project-challenges-shares-plunge-2025-07-28/
2025-07-28 06:36
July 28 (Reuters) - British meat producer Cranswick (CWK.L) , opens new tab reported 7.9% growth in first-quarter like-for-like revenue on Monday, supported by resilient consumer demand for premium ranges as well as new business wins. The company, which supplies fresh pork, sausages, and bacon to supermarkets across Britain and exports to China, said premium meats continued to outperform as consumer appetite for natural protein, that derived from unprocessed sources like meat, is increasing. Sign up here. Cranswick has been expanding its operations across the pig production chain with recent acquisitions including sausage manufacturer Blakemans and UK pig genetics firm JSR Genetics . The company reported a 9.7% growth in reported revenue, partly helped by Blakemans' integration. The East Yorkshire based company has been ramping up capital spending to boost capacity, across its sites and said it has committed an additional 14 million pounds ($18.78 million) to expand output and product range at its Lincoln pet food facility. For the full year ending March 28, Cranswick expects to report adjusted pre-tax profit in line with market expectations of between 206.5 million pounds and 213.6 million pounds, according to a company compiled poll. ($1 = 0.7457 pounds) https://www.reuters.com/world/uk/uks-cranswicks-revenue-rises-healthy-demand-premium-meat-2025-07-28/
