2025-01-13 12:41
KYIV, Jan 13 (Reuters) - Ukraine's coking coal mine in Pokrovsk in eastern Ukraine - key for its steel industry - has stopped production because of the proximity of advancing Russian forces, two Ukrainian industry sources told Reuters on Monday. "They have all stopped working now," one source said. Pokrovsk is the only mine in Ukraine that produces coking coal and Ukrainian military analyst DeepState said Russian troops were less than 2 km (1.24 miles) from the facility. Sign up here. https://www.reuters.com/markets/commodities/ukraine-halts-production-pokrovsk-coal-mine-russian-troops-near-sources-say-2025-01-13/
2025-01-13 12:35
LONDON, Jan 13 (Reuters) - The Singapore-based Abaxx commodities exchange plans to launch a physically deliverable lithium carbonate contract within weeks after the recent start of its nickel futures, company executives said. The exchange, owned by Canada-listed Abaxx Technologies Inc (ABXX.NLB) , opens new tab, kicked off trading of its nickel sulphate contract on Friday, the first for its battery products. Outside China, there are currently no lithium carbonate futures contracts that are physically deliverable, said Sacha Lifschitz, director of metals markets at Abaxx, who formerly worked for trading houses Glencore and Concord Resources. "All the other (lithium carbonate) contracts outside of China are cash-settled. So we see a clear demand and need," Lifschitz told Reuters. China's Guangzhou Futures Exchange has seen strong growth in its lithium carbonate futures since their launch in July 2023, but there are hurdles for foreigners to participate. Lithium hydroxide, another processed form of the mineral used in electric vehicle batteries, was not suitable for a physically delivered contract because it cannot be stored for any length of time. Abaxx was working with a major producer of lithium carbonate to support the contract, Lifschitz added. The exchange's nickel contract is the world's first futures in nickel sulphate and saw a block trade on the first day between trader Traxys and HNK Alpha, brokered by StoneX, Abaxx said in a statement. There are two approved brands for the contract, both from producer Zhejiang Huayou Cobalt (603799.SS) , opens new tab, but Abaxx hopes to add more brands and producers, Lifschitz said. Abaxx had delayed the launch of the nickel sulphate contract after BHP (BHP.AX) , opens new tab, which had backed the initiative, announced the suspension of its Kwinana nickel sulphate refinery and other facilities in Western Australia. The nickel sulphate contract is priced in dollars and physically deliverable in Singapore, but additional delivery points in Rotterdam and Baltimore are expected to be added. Abaxx's nickel contract has some parallels with the world's more liquid and active nickel contract on the London Metal Exchange . The Abaxx delivery date is the third Wednesday of every month, which is the same date that LME contracts expire, while the Abaxx daily settlement price occurs at 1330 London time, shortly after the official LME nickel price is determined. "You don't have to reinvent the wheel. It's what the industry is used to," Lifschitz said. Sign up here. https://www.reuters.com/markets/commodities/abaxx-plans-lithium-carbonate-contract-within-weeks-after-nickel-launch-2025-01-13/
2025-01-13 12:22
LONDON, Jan 13 (Reuters) - Britain will keep to the fiscal rules set out in finance minister Rachel Reeves' October budget, Prime Minister Keir Starmer said Monday. "We're going to stick to our fiscal rules," Starmer said. "We set out those fiscal rules very early on... because we knew that the missing ingredient in recent years has been economic stability." Asked whether finance minister Rachel Reeves would still be in post at the next election, due in 2029, Starmer said: "I'm confident in our mission for growth, and I'm confident, completely confident, in my team." Sign up here. https://www.reuters.com/world/uk/uks-starmer-says-britain-will-stick-fiscal-rules-2025-01-13/
2025-01-13 12:21
Jan 13 (Reuters) - Futures tied to Canada's main stock index dropped on Monday, mirroring its Wall Street counterparts, as a strong U.S. jobs report lessened the chances of rate cuts this year by the Federal Reserve. March futures on the S&P/TSX index were down 0.63% at 6.25 a.m. ET (1125 GMT). Toronto's composite index (.GSPTSE) , opens new tab tumbled 1.2% on Friday as rising bond yields weighed on equities. An unexpected acceleration in U.S. job growth in December ignited fears that the Fed will keep rates elevated this year. As of now, traders are not fully pricing in even one rate cut in 2025. U.S. stock index futures were also down on Monday. Canadian investors have been on edge as they wonder whether U.S. President-elect Donald Trump, set to take office on January 20, would stick with his plans of a 25% tariff on Ottawa. Later in the week, the key U.S. inflation data on Wednesday could move the market as it could further clarify the Fed's policy outlook. Among commodities, oil rose for a third successive session on Monday, driven by wider U.S. sanctions on Russian oil and the expected effects on exports to top buyers India and China. Gold prices eased, while copper prices edged higher. In corporate news, renewable fuel producer Tidewater Renewables (LCFS.TO) , opens new tab on Friday announced the sale of its interest in the Rimrock Renewables natural gas partnership. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory ($1 = 1.4432 Canadian dollars) Sign up here. https://www.reuters.com/markets/tsx-futures-slide-fears-hawkish-fed-2025-01-13/
2025-01-13 12:14
MOSCOW, Jan 13 (Reuters) - Russian energy giant Gazprom (GAZP.MM) , opens new tab plans to cut staff numbers at its central office in St. Petersburg, a company spokesperson said on Monday, as the company faces severe headwinds from the loss of its markets in Europe. State news agency TASS cited a media outlet called 47news as saying that Gazprom's head Alexei Miller was notified in a letter about plans to cut the central office workforce by around 40%, to 2,500 from 4,100. Approached by Reuters, the company spokesperson confirmed the report. Gazprom's total headcount stands at 498,000. It incurred an annual loss of almost $7 billion in 2023, its first since 1999, as it lost most of its lucrative European market after the start of the war in Ukraine. Its European sales were slashed further when Russian gas exports via Soviet-era pipelines crossing Ukraine came to a halt on New Year's Day after Kyiv refused to renew a transit deal. Coming on top of the closure of previous routes, it marked the end of decades of Russian dominance over Europe's energy markets. Sign up here. https://www.reuters.com/business/energy/russias-gazprom-plans-cut-staff-central-office-2025-01-13/
2025-01-13 12:11
Jan 13 (Reuters) - President-elect Donald Trump has promised to maximize U.S. oil and natural gas production - already at record highs - in part by clearing away what he deems as unnecessary regulation and bureaucracy. Here are some of the energy-related executive orders Trump could announce during his first days in office, as he seeks to follow through on that promise. CLIMATE WITHDRAWAL Trump could order the U.S. to withdraw from the 2015 Paris Agreement, an international pact to fight climate change and limit the rise in global temperatures by slashing fossil fuel-related emissions. Trump withdrew the U.S. during his first term, and transition sources have said he wants to do it again. A withdrawal from the accord is significant because the United States is the world’s largest historical greenhouse gas emitter and an important driver of global climate ambition. GAS EXPORT BOOST Trump has made clear he intends to swiftly lift a moratorium on new liquefied natural gas export permits imposed by President Joe Biden’s administration - something his advisers say could happen within hours of his inauguration on Jan. 20. Biden imposed the freeze in early 2024 to conduct a study on the environmental and economic impacts of rising U.S. gas exports, which have boomed since Russia’s invasion of Ukraine drove European governments to cut Russian gas imports. The study urged caution in issuing new permits. Trump, however, could wait until after the study's comment period ends on Feb. 18 to protect any permit approvals from court cases. ENERGY EMERGENCY Trump may declare a national emergency for U.S. energy, allowing him to fast-track permits for new power infrastructure and other energy projects. The move, which Trump promised on the campaign trail, would fit into his broader agenda to expand energy production as the power grid struggles to prepare for a projected surge in demand from data centers. Natural gas would likely be a big focus, though other sectors like renewables, pipeline operators, and the nuclear industry could also benefit. The declaration could be vulnerable to legal challenges, if his administration cannot firmly establish the existence of a real emergency justifying a shortcut around environmental and other permitting procedures. DRILL, BABY, DRILL Trump is likely to order his administration to vastly expand oil and gas drilling on federal lands and waters, reversing Biden-era moves to minimize fossil fuel development on U.S. acreage. It will be largely up to the discretion of his Interior Department to decide how often, and at what scale, to offer acreage for auction to drillers. About a quarter of the nation's oil comes from federal leases. A big challenge, however, will be expanding auctions to new regions offshore, after Biden used the Lands Act this month to protect vast swathes of the Atlantic, Pacific, and elsewhere from oil development. TILTING AT WINDMILLS Trump has said he intends to put an end to new offshore wind power developments, arguing the industry is expensive, hurts whales, and causes a landfill problem when old turbines are decommissioned. That's a switch from his first term, when his administration supported offshore wind. Trump could follow through on his promise by ordering his Interior Department to stop, or limit, new lease auctions for offshore wind in federal waters. The offshore wind industry, already facing major challenges around rising costs and supply chain issues, has said it expects existing approved projects in the U.S. to continue in the meantime. TARIFFS Trump's promise to impose sweeping tariffs on U.S. imports from just about everywhere - including Canadian crude oil and refined fuel, and solar and electric vehicle battery parts - could have consequences on global trade. The devil will be in the details. Sign up here. https://www.reuters.com/business/energy/trumps-likely-first-moves-us-energy-policy-2025-01-13/
