2025-01-21 07:34
NEW DELHI/SINGAPORE, Jan 21 (Reuters) - Indian refiners Mangalore Refinery and Petrochemical Ltd (MRPL) (MRPL.NS) , opens new tab and Bharat Petroleum Corp Ltd (BPCL) (BPCL.NS) , opens new tab issued tenders this week seeking crude oil, trade sources said on Tuesday, after harsher U.S. sanctions disrupted Russian supply. The tenders come more than a week after Washington announced sweeping sanctions targeting Russian producers and tankers, disrupting supply from the world's No. 2 producer and tightening ship availability. MRPL issued its first crude import tender in more than a year, seeking offers of 1 million or 2 million barrels on a cost and freight (C&F) or a delivered at port (DAP) basis to be delivered on Feb. 16-28, according to the notice and sources. The notice did not specify which crude grades were sought but the sources said MRPL is open to offers of both sweet and sour crude. The tender will close on Jan. 23 with bids valid on the same day. Separately, BPCL is seeking 12 million barrels of Abu Dhabi's flagship Murban crude oil in an annual tender, the sources said. The refiner plans to buy 1 million barrels of the light sour crude per month from April 2025 to March 2026, they said. Technical bids are due later this week, while commercial bids will be submitted next week, one of the sources said. Another source said BPCL bought 8 million barrels of Murban and 4 million barrels of Oman in its previous annual tender. The companies typically do not comment on commercial deals. Late last week, top Indian refiner Indian Oil Corp (IOC.NS) , opens new tab purchased 7 million barrels of Middle Eastern and African crude via tenders. Separately, Indian state refiners have asked Abu Dhabi National Oil Co (ADNOC) to offer pricing of its crude on a delivered basis to manage costs, three refining sources said on Monday. Sign up here. https://www.reuters.com/markets/commodities/indian-refiners-seek-crude-after-us-sanctions-disrupt-russia-oil-supply-2025-01-21/
2025-01-21 07:17
Jan 21 (Reuters) - UK North Sea-focused oil and gas company Serica Energy (SQZ.L) , opens new tab forecast higher production in 2025 on Tuesday. Serica has expanded production sharply through acquisitions and investments in the last few years. However, the company struggled with outage at its Triton floating production storage and offloading (FPSO) vessel in the North Sea in 2024, which hit its annual production. Following the resumption of production into the Triton FPSO, production has been ramping up, Serica said in a statement on Tuesday. "The five-well drilling campaign at Triton is now half-way through and delivering excellent results," Serica CEO Chris Cox said. The company expects 2025 production to be 40,000 barrels of oil equivalent per day (boepd), up from 34,600 boepd in 2024. Sign up here. https://www.reuters.com/business/energy/uks-serica-energy-forecasts-higher-production-2025-2025-01-21/
2025-01-21 07:12
HONG KONG, Jan 21 (Reuters) - China's installed capacity of solar power and wind power climbed by 45.2% and 18%, respectively, in 2024, the National Energy Administration said on Tuesday, as the country seeks to ramp up renewable energy use and upgrade its power system. Last August, China's state planner unveiled a three-year plan to upgrade the power system, increasing its use of renewable energy and easing the strain of rising power demand on the national grid. Installed capacity of solar power reached 890 million kilowatts, while wind power touched 520 million kilowatts, the administration said. Total installed power generation capacity in 2024 increased by 14.6% year-on-year, reaching 3.35 billion kilowatts. For 2025, Greenpeace analysts said renewable power could meet all of China's new power demand growth. That would "pave the way for China's power sector to achieve peak emissions by 2025", according to Greenpeace East Asia Beijing-based project leader Gao Yuhe. Last year was the warmest ever for China since record-keeping began six decades ago, according to the meteorological data. Sign up here. https://www.reuters.com/business/energy/chinas-solar-wind-power-installed-capacity-soars-2024-2025-01-21/
2025-01-21 07:00
Dollar soars against Mexican peso and Canadian dollar US stocks rise after Trump avoids day-one tariffs Markets remain on edge about trade levies NEW YORK/LONDON, Jan 21 (Reuters) - World stocks rose on Tuesday and the dollar gained after plunging the previous day as Donald Trump's return to the White House brought mixed messaging on tariffs and highlighted markets' twitching about trade policy. The Canadian dollar and Mexican peso bore the brunt of the market swings after Trump said he was mulling imposing 25% tariffs on the neighboring countries as soon as Feb. 1. Still, some investors were relieved that Trump did not announce a more comprehensive sweep of tariffs at the start of his second presidency, and that supported a pull-back in the 10-year Treasury bond yield . "Markets are still absorbing the flurry of executive orders released by Trump, but there is still a sense of relief in general," analysts at TD Securities said in a note. The MSCI index for world stocks (.MIWD00000PUS) , opens new tab climbed 0.7%, and U.S. shares were mostly higher. The S&P 500 index (.SPX) , opens new tab added 0.9%, the Nasdaq (.NDX) , opens new tab rose 0.6%, and the Dow Jones (.DJI) , opens new tab jumped 1.2%. A jump in the dollar had sent the Mexican peso sliding well over 1% earlier, while the Canadian dollar tumbled to a five-year low of $0.689, although the selloff later moderated somewhat , . Jan Von Gerich, chief strategist at lender Nordea, said investors should not assume that U.S. tariffs have been averted for good. "We shouldn't get too carried away by this, the fact that he didn't start with tariffs doesn't mean that they won't come later," he said. "For the global equity market, I think it's all about Trump now." European shares were muted after Asia eked out small gains overnight, with investors and governments comforted by the fact that the European Union and China have dodged tariffs for now. Europe's continent-wide STOXX 600 index (.STOXX) , opens new tab was 0.4% higher while MSCI's Asia ex-Japan stock index (.MIAPJ0000PUS) , opens new tab added 0.3%. The dollar index , which measures the currency against six peers, was flat at 108.01. It had earlier risen to 108.79, although it failed to make back the 1.2% it lost on Monday in its biggest daily fall since November 2023. The euro ended the session flat at $1.04200, after jumping 1.42% a day earlier. BOND YIELDS DIP AS CHINA HANGS ON Many investors and foreign capitals had expected tariffs to be among a raft of executive orders Trump signed in his first day in office. The dollar has risen about 5% since Trump won the Nov. 5 election, partly as investors have braced for wide-ranging levies that would likely hurt America's trading partners. As such, a more measured announcement from Trump on Monday with regard to tariffs knocked the U.S. dollar overnight. The U.S. 10-year Treasury yield was down 4.7 basis points on Tuesday at 4.558%. They were nonetheless still up around a percentage point since the Federal Reserve started cutting rates in mid-September, reflecting a strong economy and dwindling prospects for large Fed reductions this year. Chinese stocks were steady as Trump largely steered clear of definitive threats against the country's exports, although he warned he could impose tariffs if Beijing failed to approve a U.S. deal to be a half-owner of short-video app TikTok's U.S. business. "It's part of a transactional methodology," said Timothy Graf, head of macro strategy for EMEA at State Street. "It's better news than just slapping 60% or 100% tariffs on something, but something is going to be coming, I would think." China's CSI 300 index (.CSI) , opens new tab was unchanged while Japan's Nikkei 225 (.N225) , opens new tab climbed 0.32%. Oil prices fell on Tuesday as investors assessed Trump's plans to boost U.S. energy production, as well as the delay on tariffs. Brent crude was down 0.8% at $79.50 a barrel, while U.S. crude was 2.3% lower at $75.90 a barrel. Sign up here. https://www.reuters.com/markets/global-markets-wrapup-1-tv-2025-01-21/
2025-01-21 06:51
OSLO, Jan 21 (Reuters) - The Swedish government on Tuesday said it has proposed raising the property tax on wind farms to 0.5% of the taxation value from 0.2% currently, bringing it in line with that of other forms of electricity generation. The amendment to the law is proposed to enter into force on Jan. 1 of 2026, Sweden's finance ministry said in a statement. Sign up here. https://www.reuters.com/business/energy/sweden-seeks-raise-property-tax-wind-farms-2025-01-21/
2025-01-21 06:50
Dollar drifts near its lowest since Jan 7 Trump says thinking of tariffs on Canada and Mexico Markets also await next week's FOMC meeting and PCE data Jan 21 (Reuters) - Gold prices jumped to an over two-month peak on Tuesday, supported by a weaker dollar and as markets flocked to the safe-haven asset amid uncertainty surrounding U.S. President Donald Trump's potential tariffs. Spot gold climbed 1.3% to $2,742.48 per ounce by 02:36 p.m. ET (1936 GMT), reaching its highest level since Nov. 6 and nearing the all-time high of $2,790.15 set in October. U.S. gold futures settled 0.4% higher at $2,759.20. The dollar index (.DXY) , opens new tab slipped 1.2%, holding close to a two-week low hit in the previous session and making bullion less expensive for holders of other currencies. "Today's move has largely been about the threat of U.S. blanket tariffs following Trump's inauguration. The information with respect to potential tariffs has only come in at a trickle," said Daniel Ghali, commodity strategist at TD Securities. The newly elected president has not provided any specific details about the universal tariffs or extra surcharges on key trade partners, a key plank of his election campaign. He has, however, hinted at the possibility of imposing duties on Canadian and Mexican goods as soon as Feb. 1. During the first year of Trump's first administration in 2017, bullion logged a 13% yearly gain, its best annual performance in seven. Bullion is considered a safe investment during economic and geopolitical uncertainty, but Trump's proposed policies are widely seen as inflationary, which could push the U.S. Federal Reserve to maintain higher interest rates for a longer period to curb price pressures. High rates hurt the non-yielding asset's appeal. "The market is probably also looking ahead to next week's FOMC meeting and Personal Consumption Expenditure (PCE) data, particularly the inflation read," said Peter Grant, vice president and senior metals strategist at Zaner Metals. "I don't think anybody is expecting the Fed to do anything next week, but certainly the policy statement will be looked at very closely for hints about the remainder of the year." Spot silver rose 0.9% to $30.77 per ounce. Palladium gained 1.1% to $955.50 and platinum was little changed at $942.40. Sign up here. https://www.reuters.com/markets/commodities/gold-gains-dollar-dips-trumps-tariff-plans-focus-2025-01-21/
