2025-04-30 02:58
MUMBAI, April 30 (Reuters) - The Indian rupee is expected to find support from the Chinese yuan at Wednesday's open while market participants remain vigilant for any news related to the India-Pakistan border, where tensions continue to simmer. The 1-month non-deliverable forward indicated that the rupee will open marginally higher-to-flat to the U.S. dollar from the close of 85.2625 in the previous session. Sign up here. It was a choppy session for the rupee on Tuesday, with traders highly sensitive to any news related to India-Pakistan developments. The Indian currency hit a year-to-date high during the day, before reversing course. The rupee is likely in for another choppy session on Wednesday, according to a currency trader at a Mumbai-based bank. He noted that the near-term range appeared well-defined between 85.00 and 85.70. PAKISTAN WARNS OF INDIA STRIKE Pakistan's information minister, Attaullah Tarar, said on Wednesday that the country has credible intelligence that India intends to launch a military strike within the next 24 to 36 hours. This comes a day after the country's defence minister said a military incursion by India was imminent. Tensions are high between the two countries amid India alleging Pakistani involvement in last week’s attack in Kashmir. Meanwhile, most Asian currencies were firmer on Wednesday, with the offshore Chinese yuan trading at 7.2720 to the U.S. dollar. The dollar index (=USD) was little changed, remaining on track for its worst monthly performance in two and a half years, weighed down largely by concerns over President Donald Trump’s trade policy. U.S. data offered little support to the dollar. The Conference Board's U.S. consumer confidence index sank to a half-decade low in April, while job openings dropped in March. The dollar remains highly sensitive to both tariff-related news and US activity data, ING Bank said in a note. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.46; onshore one-month forward premium at 20 paise ** Dollar index at 99.32 ** Brent crude futures down 0.7% at $63.8 per barrel ** Ten-year U.S. note yield at 4.17% ** As per NSDL data, foreign investors bought a net $294.6 mln worth of Indian shares on Apr. 28 ** NSDL data shows foreign investors sold a net $144.9 mln worth of Indian bonds on Apr. 28 https://www.reuters.com/world/india/rupee-traders-monitor-border-news-flow-eye-yuan-strength-2025-04-30/
2025-04-30 00:37
Saudi Arabia signals it can live with lower oil prices US economy contracts in the first quarter Market expects further increase in OPEC+ output NEW YORK, April 30 (Reuters) - Oil prices settled down on Wednesday and recorded the largest monthly drop in almost 3-1/2 years after Saudi Arabia signaled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand. Brent crude futures settled $1.13, or 1.76%, lower at $63.12 a barrel. U.S. West Texas Intermediate crude futures dropped $2.21, or 3.66%, to close at $58.21, the lowest settlement since March 2021. Sign up here. For the month, Brent settled down 15% and WTI was down 18%, the biggest monthly percentage declines since November 2021. Both benchmarks slumped after Saudi Arabia, one of the world's biggest oil producers, signaled it was unwilling to prop up the oil market with further supply cuts and could handle a prolonged period of low prices. "It raises concern that we could be headed towards another production war," said Phil Flynn, senior analyst with Price Futures Group. "Are the Saudis trying to send a message that they are going to get back their market share? We'll have to wait and see." Earlier this month, Saudi Arabia pushed for a larger-than-planned OPEC+ output hike in May. Several OPEC+ members will suggest a ramp-up of output increases for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans. "The trade war directly reduces oil demand and hinders travel by consumers. Combined with OPEC’s unwinding of output cuts, the risk of oversupply is escalating," said Raymond James investment strategy analyst Pavel Molchanov. U.S. President Donald Trump's announced tariffs on all U.S. imports on April 2 and China responded with its own levies, stoking a trade war between the world's top two oil-consuming nations. Concerns over the global economy weakening continued to pressure oil prices. Data on Wednesday showed the U.S. economy contracted in the first quarter, weighed down by a deluge of goods imported by businesses eager to avoid higher costs. Trump's tariffs have made it probable the global economy will slip into recession this year, a Reuters poll suggested. U.S. consumer confidence, meanwhile, slumped to its lowest in nearly five years in April on growing concerns over tariffs, data showed on Tuesday. U.S. crude oil stockpiles fell unexpectedly last week on higher export and refinery demand, limiting some price losses. Crude inventories fell by 2.7 million barrels to 440.4 million barrels in the week ended April 25, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 429,000-barrel rise. https://www.reuters.com/markets/commodities/oil-prices-fall-trade-war-concerns-dampen-demand-outlook-2025-04-30/
2025-04-30 00:36
April 30 (Reuters) - Australian oil and gas major Woodside Energy (WDS.AX) , opens new tab said on Wednesday it had signed a supply deal with BP (BP.L) , opens new tab, under which the British energy giant would supply natural gas to its Louisiana liquefied natural gas (LNG) project. Under the deal, the Louisiana project would buy up to 640 billion cubic feet of gas from the integrated energy major, on a long-term basis, Woodside said in a statement, but it did not disclose any financial details of the agreement. Sign up here. Woodside bought Tellurian for $1.2 billion last year to develop the 27.6 million metric tons a year Louisiana LNG project, formerly called Driftwood, in four phases to meet growing demand for gas. Louisiana LNG would help Woodside produce around 24 million tons per annum (Mtpa) from its worldwide LNG portfolio in the next decade, making up for more than 5% of its global supply, to service demand in Europe and Asia. The project is expected to generate $2 billion in annual net operating cash in the 2030s, offering an internal rate of return of 13% and a payback period of seven years. Earlier this month, Woodside, Australia's top gas producer, agreed to sell a 40% stake in its Louisiana LNG plant to U.S. infrastructure investor Stonepeak for $5.7 billion. https://www.reuters.com/business/energy/australias-woodside-energy-signs-lng-supply-deal-with-bp-louisiana-project-2025-04-30/
2025-04-29 23:06
LONDON, April 30 (Reuters) - Britain is unprepared for the worsening impacts of climate change such as flooding and extreme heat, the country’s independent climate advisers said on Wednesday. Britain was battered by widespread flooding last year which caused travel disruption and damage to homes, and in recent years it has suffered heatwaves, droughts and wildfires. Sign up here. "We have seen in the last couple of years that the country is not prepared for the impacts of climate change. We know there is worse to come, and we are not ready – indeed in many areas we are not even planning to be ready," Julia King, Chair of the Climate Change Committee's (CCC) Adaptation Committee said. In January, scientists said 2024 was globally the hottest year on record with climate change pushing the planet's temperature to levels never before experienced by modern humans and making extreme weather events more frequent and severe. The CCC’s adaptation committee reviews the country's progress to adapting to climate change every two years and makes a report to parliament. Its latest report published on Wednesday said rising sea levels caused by climate change could increase the number of homes at risk of flooding to 8 million by 2050, from the current 6.3 million. Heat related deaths could exceed 10,000 a year by 2050 up from around 3,000 in 2022, when the country saw record temperatures above 40 degrees Celsius. The report also said over half of England’s top quality agricultural land was already at risk of flooding and that this proportion would increase over time. The committee recommended setting better targets for adaptation and improving co-ordination across government to consider climate impacts on areas such as infrastructure and the state-funded health system. https://www.reuters.com/sustainability/cop/britain-unprepared-worsening-impact-climate-change-advisers-say-2025-04-29/
2025-04-29 23:05
RIO DE JANEIRO/SAO PAULO, April 29 (Reuters) - Brazilian state-run oil firm Petrobras (PETR4.SA) , opens new tab reported on Tuesday oil, gas and gas liquids production of 2.77 million barrels of oil equivalent per day (boed) in the first quarter, down 0.2% from a year earlier. Petrobras' oil production in Brazil fell by 1% year-on-year, to 2.21 million barrels per day (bpd), said the firm, adding that the Almirante Tamandare floating production vessel (FPSO) started producing in February at the country's Buzios field. Sign up here. "The start of operations of the FPSO Almirante Tamandare is strategic for Petrobras and represents a sustainable expansion of production," said Renata Baruzzi, head of engineering, technology and innovation in Petrobras' sales and output report. The firm's results were in line with its guidance for the year, that allows for a 4% variation on its 2.8 million boed production target. Total sales of oil, gas and derivatives reached 2.86 million boed, said the firm, a 1.9% drop in comparison with the first quarter of 2024. Total exports fell by 10.4% on a year-on-year basis, to about 760,000 bpd, said the firm. While exports in general declined, the firm saw the share that it sends to Asia, excluding China, grow from 10% to 33% of oil exports. In the first quarter the firm inked a deal with India's Bharat Petroleum Corporation (BPCL.NS) , opens new tab to export up to 6 million barrels of oil per year, starting in 2025. "The agreement strengthens commercial relations between Petrobras and the Indian refining sector, highlighting the importance of India as a market for Brazilian oil," said Petrobras in the filing. Petrobras is set to release full first-quarter earnings on May 12. https://www.reuters.com/business/energy/petrobras-posts-slight-drop-first-quarter-oil-gas-output-2025-04-29/
2025-04-29 22:55
SANTIAGO, April 29 (Reuters) - Copper output from Chile's state-run Codelco rose 22% in April compared to the same period a year before, with an expected output of 105,000 metric tons, Chairman Maximo Pacheco said on Tuesday. The world's largest copper producer slightly recovered last year from a quarter-century production low, and is aiming to increase its output once more this year. Sign up here. Pacheco told an annual shareholders meeting on Tuesday that demand is strong for the red metal, even as he acknowledged geopolitical tensions associated with access to critical minerals. "The market looks good, it looks very strong in Asia, in China, in the United States, in Brazil," he said. Codelco previously said uncertainty around U.S. tariffs imposed by President Donald Trump's administration had prompted more copper shipments to the United States. He also noted that he was seeing more demand from China in the second quarter. Pacheco said he has been working to promote the construction of a new copper smelter in Chile, and that Codelco has offered to supply 1.2 million tons of copper annually in a 20-30 year contract as an incentive to investors. Pacheco also discussed Codelco's efforts to enter the lithium business in Chile, which is the world's second biggest producer of the battery metal. Pacheco said he is optimistic about securing the approval of China regulators for a joint venture with lithium producer SQM at the Atacama salt flat, although he said the timeline is unclear. China is the last country whose regulatory approval is needed for the partnership, which will mark the Chilean state's entry into lithium production. Codelco has already done its part to provide China with all required materials about the planned operation, Pacheco said. Codelco also aims to enter the lithium business with a new project in Chile's Maricunga salt flat. Pacheco said a partner will be named within the coming weeks or months, after Codelco received binding offers from global companies in March. https://www.reuters.com/world/china/codelco-chairman-says-april-copper-output-up-sees-strong-us-china-demand-2025-04-29/
