2025-12-24 02:21

MEXICO CITY, Dec 23 - Mexico's state-owned oil company Pemex has appointed Octavio Barrera as the new head of its exploration and production arm, effective Wednesday, CEO Victor Rodriguez announced on Tuesday in an internal company document reviewed by Reuters. Reuters reported last week that Angel Cid was due to step down from his role as head of Pemex Exploration and Production (PEP) in the coming days, just months after returning to the position, as the company struggles to stem a decline in oil output. Sign up here. Reuters also reported that Cid would be replaced by Barrera, an electronics engineer appointed in May as deputy director of design, engineering and project execution at PEP as part of a company restructuring. According to the official letter, dated Tuesday and signed by Rodriguez, Barrera will hold the position as “acting substitute,” but will perform all the duties established in the company’s bylaws. Pemex did not immediately respond to a request for comment from Reuters. Pemex is grappling with more than $100 billion in debt despite multibillion-dollar capital injections and tax breaks from the government. The leadership change comes amid the company's attempts to increase oil production, currently at 1.6 million barrels per day (bpd), and as it searches for alliances with companies to reach the national oil output goal of 1.8 million bpd. https://www.reuters.com/business/energy/mexicos-pemex-appoints-new-head-production-unit-internal-documents-show-2025-12-24/

2025-12-24 02:18

All three major U.S. stock indexes close modestly higher in shortened session Gold, silver ease from record highs Continuing jobless claims data support case for Fed easing Oil, dollar on course for biggest annual drops in years NEW YORK, Dec 24 (Reuters) - The S&P 500 and the Dow Jones Industrial Average ended at record closing highs on Wednesday, while gold held just below the $4,500 mark by the conclusion of a light-volume, truncated Christmas Eve session. All three major U.S. stock indexes ended the session in positive territory, with the benchmark S&P 500 set to notch a gain of nearly 18% for the year. Sign up here. U.S. Treasury yields eased, while gold and silver edged back from record levels. For the year, the metals are on course to notch gains of 70% and 150%, respectively. "It's been a good year for stocks, there's no question about it, and most global markets followed suit," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "And it’s been a super year for precious metals." Economic data showed seasonally volatile initial jobless claims unexpectedly dipped 4.5% last week, while continuing claims surprised in the other direction, rising 2.0% to 1.923 million, echoing recent consumer surveys showing weakening jobs confidence, and supporting the case for additional interest-rate cuts from the U.S. Federal Reserve in the coming year. "I think (the Fed is) going to cut rates twice in 2026 because the labor market is a lot weaker than the numbers are telling us," Cardillo added. The Dow Jones Industrial Average (.DJI) , opens new tab rose 289.40 points, or 0.60%, to 48,731.81, the S&P 500 (.SPX) , opens new tab rose 22.34 points, or 0.32%, to 6,932.13 and the Nasdaq Composite (.IXIC) , opens new tab rose 51.46 points, or 0.22%, to 23,613.31. Exchanges across the Atlantic closed early, with European shares ending their shortened holiday week near record highs and setting the stage for their strongest annual performance since 2021 amid easing interest rates. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 2.41 points, or 0.24%, to 1,022.51. The pan-European STOXX 600 (.STOXX) , opens new tab index fell 0.01%, while Europe's broad FTSEurofirst 300 index (.FTEU3) , opens new tab fell 0.89 points, or 0.04%. Emerging market stocks (.MSCIEF) , opens new tab rose 5.74 points, or 0.41%, to 1,392.87. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab closed higher by 0.35%, at 716.93, while Japan's Nikkei (.N225) , opens new tab fell 68.77 points, or 0.14%, to 50,344.10. U.S. Treasury yields declined in the wake of the jobless claims data. The yield on benchmark U.S. 10-year notes fell 3.4 basis points to 4.136%, from 4.169% late on Tuesday. The 30-year bond yield fell 3.6 basis points to 4.7948% from 4.831% late on Tuesday. The 2-year note yield, which typically moves in step with interest-rate expectations for the Federal Reserve, fell 1.8 basis points to 3.51%, from 3.528% late on Tuesday. CURRENCY TRADERS EYE YEN The dollar was range-bound, and remained on course for its biggest annual drop since 2017 with more weakness possibly to follow in the coming year as investors weigh the likelihood of further easing from the Fed in 2026. Currency traders remain focused on the yen, alert to the possibility of intervention by Japanese authorities. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.1% to 98.00, with the euro down 0.18% at $1.1773. Crude oil prices gave up earlier gains and were last nominally lower as geopolitical jitters ebbed. Crude prices remained on a path toward their steepest yearly decline in five years. U.S. crude was flat at $58.36 a barrel and Brent fell to $62.25 per barrel, down 0.21% on the day. Gold pulled back slightly after breaching the $4,500 per ounce level for the first time ever. Spot gold fell 0.17% to $4,480.23 an ounce. U.S. gold futures rose 0.01% to $4,483.40 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-1-pix-2025-12-24/

2025-12-24 02:01

Japanese Finance Minister warns of possible yen intervention Fed balancing job market risks with inflation concerns U.S. jobless claims fall, but unemployment rate remains high NEW YORK, Dec 24 (Reuters) - The Japanese yen gained modestly against the U.S. dollar on Wednesday as traders focused on whether weakness in the Japanese currency will prompt officials in the country to intervene. Volumes are light ahead of Thursday’s Christmas Day holiday, when U.S. and many international markets will be closed. Sign up here. The yen has weakened despite the Bank of Japan delivering a long-anticipated rate hike last Friday. The increase had been well-telegraphed and comments from Governor Kazuo Ueda disappointed some in the market who had bet on a more hawkish tone. That has left investors vigilant to official yen-buying from Tokyo, particularly as trading volumes thin towards the year-end, which analysts say is an opportune time for authorities to take action. TOKYO'S READINESS TO INTERVENE Finance Minister Satsuki Katayama said on Tuesday that Japan has a free hand in dealing with excessive yen moves, issuing the strongest warning to date on Tokyo's readiness to intervene. Her remarks arrested the yen's decline. The Japanese currency was last up 0.25% on the day against the U.S. dollar at 155.84 per dollar. The dollar reached 157.77 yen on Friday. “The yen has pulled back from recent highs as repeated warnings from Japanese officials about possible FX intervention limited gains,” FX analysts at LMAX Group said in a note on Wednesday. DOLLAR'S PERFORMACE IS MIXED The dollar was otherwise mixed. The dollar index , which measures it against a basket of other currencies, including the yen and the euro, rose 0.07% to 97.96, with the euro down 0.14% at $1.1778. Sterling weakened 0.13% to $1.3498. The Australian dollar strengthened 0.07% to $0.6705 and the Canadian dollar gained 0.11% to C$1.367 per U.S. dollar. The U.S. currency has fallen this year as the Federal Reserve cuts rates, with more easing expected next year while analysts expect other central banks to have completed their rate reductions. Fed officials are balancing the risks of a slowing jobs market against concerns about stubbornly high inflation. Data last week showed that consumer prices rose less than economists’ had expected in November, but traders are wary about gaps in collecting economic data following the federal government’s 43-day shutdown. A release on Wednesday showed that the number of Americans filing new applications for jobless benefits unexpectedly fell last week, but the unemployment rate likely remained high in December amid sluggish hiring. Fed funds futures traders are pricing in two 25-basis point rate cuts next year, with the first most likely in April. In cryptocurrencies, bitcoin fell 0.39% to $87,330. https://www.reuters.com/world/asia-pacific/dollar-set-worst-year-since-2003-rate-outlooks-diverge-2025-12-24/

2025-12-24 02:00

Dec 24 (Reuters) - Malaysian state-owned energy firm Petroliam Nasional (IPO-PETO.KL) , opens new tab said on Wednesday it would supply Chinese offshore oil and gas company CNOOC (600938.SS) , opens new tab with 1 million metric tons per annum of liquefied natural gas (LNG). The agreement between Petronas LNG and CNOOC Gas and Power Singapore Trading & Marketing builds upon existing cooperation between the two companies, Petronas said in a statement. Sign up here. In 2021, Petronas signed a 10-year LNG supply agreement with a subsidiary of CNOOC valued at about $7 billion. Both CNOOC and Petronas did not immediately respond to Reuters' requests seeking details including the deal tenure. Petronas signed a similar deal in November with Canadian oil and gas company Pembina Pipeline (PPL.TO) , opens new tab to supply 1 million tons per annum of LNG for 20 years from its Cedar LNG project. https://www.reuters.com/business/energy/malaysias-petronas-signs-lng-supply-deal-with-chinas-cnooc-2025-12-24/

2025-12-23 23:44

Gold up over 70% YTD, biggest gain since 1979; silver up over 150% Gold seen targeting $5,000, silver $80 in 6-12 months - analyst Platinum up about 160%, palladium rises over 100% YTD Dec 24 (Reuters) - Gold surged past $4,500-an-ounce for the first time on Wednesday, while silver and platinum also hit record highs, as investors piled into precious metals to hedge against geopolitical and trade risks, and on expectations of further U.S. rate cuts in 2026. Spot gold rose 0.2% to $4,495.39 per ounce by 0552 GMT, after touching a record high of $4,525.19 earlier in the session. U.S. gold futures for February delivery climbed 0.4% to a record high of $4,522.10. Sign up here. Silver gained 1.1% to $72.16 an ounce, after hitting an all-time peak of $72.70 earlier, while platinum jumped 2.5% to $2,333.80 after peaking at $2,377.50. Palladium climbed almost 3% to $1,916.69, its highest level in three years. "Precious metals have become more of a speculative narrative around the idea that, with de-globalisation, you need an asset that can act as a neutral go-between, without sovereign risk particularly as tensions between the U.S. and China persist," said Ilya Spivak, head of global macro at Tastylive. Thin year-end liquidity exaggerated recent price moves but the broader theme was likely to endure, with gold targeting $5,000 over the next six to 12 months and silver potentially pushing toward $80 as markets respond to key psychological levels, Spivak added. Gold has surged more than 70% this year, its biggest annual gain since 1979, driven by safe-haven demand, expectations of U.S. rate cuts, robust central-bank buying, de-dollarisation trends and ETF inflows, with traders pricing in two rate cuts next year. Silver has jumped more than 150% over the same period, outpacing gold on strong investment demand, its inclusion on the U.S. critical minerals list and momentum buying. Gold and silver have "been hitting the accelerator pedal this week" with fresh record highs, reflecting their appeal as stores of value amid expectations of lower U.S. rates and lingering global debt, said Tim Waterer, chief market analyst at KCM Trade. Platinum and palladium, primarily used in automotive catalytic converters to reduce emissions, have surged this year on tight mine supply, tariff uncertainty, and a rotation from gold investment demand, with platinum up about 160% and palladium gaining more than 100% year-to-date. "What we're seeing in platinum and palladium is largely catch-up," Spivak said, adding that the thin nature of those markets leave them vulnerable to sharp swings, even as they broadly track gold, once liquidity returns. https://www.reuters.com/business/safe-haven-gold-ventures-beyond-4500oz-first-time-2025-12-23/

2025-12-23 22:22

Dec 23 (Reuters) - Panama-flagged very large crude carrier Kelly, which had departed from Venezuela carrying oil last week, has returned to Venezuelan waters following the U.S. interception of more tankers, monitoring service TankerTrackers.com said on Tuesday. The U.S. Coast Guard on Saturday intercepted the Panama-flagged tanker Centuries, which was carrying some 1.9 million barrels of Venezuelan Merey heavy crude, and is pursuing a separate empty vessel that was on its way to the OPEC country. Sign up here. Centuries and Kelly departed almost together escorted by Venezuelan navy ships last week, sources said. Kelly is now back fully loaded in Venezuelan waters near state-run oil company PDVSA's Amuay port, TankerTrackers.com said. More than a dozen loaded vessels are in Venezuela waiting for new directions from their owners after the U.S. seized the supertanker Skipper earlier this month and targeted two additional vessels on the weekend. U.S. President Donald Trump last week announced a "blockade" of all vessels under sanctions entering or departing from Venezuela in a move to ramp up pressure over Venezuelan President Nicolas Maduro. Guyana's maritime authority said this month that at least one of the ships was flying a false Guyanese flag. Panama's foreign affairs minister said this week that some U.S.-targeted tankers did not follow the country's maritime rules. https://www.reuters.com/business/energy/loaded-supertanker-returns-venezuelan-waters-amid-us-interceptions-2025-12-23/