2024-04-09 20:57

MEXICO CITY, April 9 (Reuters) - Mexican Pemex crude oil production is down some 20,000 barrels per day following a fire at an offshore platform on Saturday that left several injured and at least one dead, a source at the state energy company said. While the reduction amounts to a 1% decrease, a prolonged outage would further dent already falling crude oil production that hit its lowest level in 45 years in February. The Akal-B platform in the Gulf of Mexico was still out of service on Tuesday as workers sought to restore operations, the source told Reuters, speaking on condition of anonymity because he was not authorized to speak publicly. Pemex did not respond to a request for comment. The company has not provided updates on the fire since Sunday, when it reported that it was carrying out an inspection and evaluating the causes of the fire "to reestablish operations at the processing center." Pemex puts its current production of oil and condensate at 1.8 million bpd, of which 1.5 million is crude oil, the lowest level in 45 years. Local media reported that a second worker died as a result of the fire. Reuters was not able to confirm the second death. Pemex had reported the first death, from a contractor, COTER. In recent years, the oil company has recorded several fatal accidents at its offshore facilities, which some experts attribute to a lack of investment in key maintenance. Pemex has repeatedly denied this. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/mexican-pemex-crude-output-reduced-by-20000-bpd-after-platform-fire-source-says-2024-04-09/

2024-04-09 20:54

SAO PAULO, April 9 (Reuters) - Brazil's state-run oil company Petrobras said on Tuesday it has discovered oil deposits in the ultra-deep waters of the Potiguar basin, in the Equatorial Margin. This is the second well in Potiguar where the firm has found hydrocarbons. Both finds are still subject to further studies, Petrobras said. Potiguar is located in the so-called Equatorial Margin, an extensive area in northern Brazil that is seen as the most promising frontier for oil and gas exploration for Petrobras. The discovery was made near the border between the northeastern states of Ceara and Rio Grande do Norte, at a depth of 2,196 meters, the company said. Petrobras plans to drill 16 wells in the Equatorial Margin in five years, but Brazilian environmental regulator Ibama, whose workers are striking, has been slow to issue new permits, delaying exploration projects. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/brazils-petrobras-discovers-oil-deposits-ultra-deep-waters-potiguar-basin-2024-04-09/

2024-04-09 20:50

LAUSANNE, Switzerland, April 9 (Reuters) - Shell's (SHEL.L) New Tab, opens new tab former CEO, Ben van Beurden, said on Tuesday that European oil and gas companies will find it increasingly difficult to compete with U.S.-listed rivals. There are "a deeper pool of investors and capital in New York and the attitude is more positive towards oil and gas companies," van Beurden, who stepped down in 2021, told the FT Commodities Global Summit "All of this conspires against companies listed in Europe and increasingly this will be a problem," he said. Shell's shares were "massively undervalued," van Beurden added. Shell's current CEO, Wael Sawan, was quoted by Bloomberg Opinion on Monday as saying the British company was looking at "all options" including switching its listing to New York from London. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/commodities/shell-disadvantage-us-listed-rivals-says-former-ceo-2024-04-09/

2024-04-09 20:28

TSX gains 0.5% to post new record high Materials sector adds 2.1% BlackBerry shares climb 7.4% Tilray Brands tumbles 20.3% April 9 (Reuters) - Canada's main stock index rose to a record high on Tuesday as higher gold prices bolstered the shares of metal mining companies and investors awaited a key U.S. inflation report as well as a Bank of Canada interest rate decision this week. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) New Tab, opens new tab ended up 101.48 points, or 0.5%, at 22,361.78, eclipsing the previous all-time record closing high that was set on Friday. "You had a nice rally in all things that matter to Canada," said Matt Skipp, president of SW8 Asset Management. "You've had oil prices move considerably higher ... you've got precious and base metals rallying on the thought that even if inflation is somewhat higher, (interest) rates are still headed down." The materials sector rose 2.1% as gold notched a record high ahead of U.S. inflation data on Wednesday that could offer clues on the timeline for expected Federal Reserve interest rate cuts. The sector includes metal miners and fertilizer companies. Investors expect the Bank of Canada to leave its benchmark interest rate on hold at a 22-year high of 5% on Wednesday but to then begin an easing campaign in June. The price of oil settled 1.4% lower at $85.23 a barrel, crimping gains for energy. The sector ended 0.4% higher. Still, oil remained within reach of the six-month high it posted on Friday. Some analysts are concerned that higher oil prices could revive inflation pressures. "If we start to get an uptick in inflation, I think the rally (in stocks) loses steam," Skipp said. "We are getting close to an inflection point." BlackBerry Ltd (BB.TO) New Tab, opens new tab shares advanced 7.4% after the software firm announced a collaboration with AMD to develop robotic systems. In contrast, shares of Tilray Brands Inc tumbled 20.3% after the company's results missed estimates. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/tsx-futures-muted-ahead-boc-decision-commodities-limit-declines-2024-04-09/

2024-04-09 20:18

MOSCOW/KYIV, April 9 (Reuters) - Russia said on Tuesday that Ukraine attacked the Russian-controlled Zaporizhzhia nuclear plant for a third day with a drone but Ukrainian officials denied that Kyiv had anything to do with the attacks. Ukraine has denied it is behind a series of drone attacks on the plant over the past three days, including three on Sunday, which the International Atomic Energy Agency (IAEA) said had endangered nuclear safety. "The unique training centre of the Zaporizhzhia nuclear plant was attacked," the Russian-controlled plant said in a statement. The drone fell on the roof of the training centre, it said. No one was injured. The Kremlin has said the drone strikes were carried out by Ukraine and were very dangerous with extremely grave potential consequences. Ukrainian military intelligence said Kyiv does not attack nuclear facilities. "Ukraine's position is clear and unequivocal– we do not commit any military actions or provocations on nuclear facilities," Andriy Yusov, a spokesperson for Ukraine's military intelligence, said on national TV. Ukraine's foreign ministry drove the point home, saying in a statement that Russia was the only threat to the Zaporizhzhia plant, which "has not only seized, militarised and is trying to hijack a nuclear power plant, but also uses it as a platform for propaganda." RIA state news agency said the drone attack on the training centre happened just 10 minutes after representatives of the International Atomic Energy Agency mission passed by. Mikhail Ulyanov, Russia's ambassador to international organisations in Vienna, said on the Telegram messaging app that the call by the EU's foreign policy chief for Russia to withdraw from Zaporizhzhia "sounds like an encouragement for further Ukrainian attacks." European Union foreign policy chief Josep Borrell said earlier on Tuesday that drone attacks on the plant increase the risk of dangerous nuclear accidents. "Such attacks must stop," Borrell said on social media platform X. "Russia should withdraw from Zaporizhzhia nuclear power plant." An extraordinary meeting of the U.N. nuclear watchdog's 35-nation Board of Governors called by Russia to discuss attacks on the Russian-held Zaporizhzhia Nuclear Power Plant in Ukraine is due to be held on Thursday, four diplomats said. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/russia-says-ukraine-struck-nuclear-plant-again-kyiv-denies-attack-2024-04-09/

2024-04-09 18:51

Canadian dollar weakens 0.1% against the greenback Loonie trades in a range of 1.3548 to 1.3598 Price of U.S. oil settles 1.4% lower Canadian bond yields fall across the curve TORONTO, April 9 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Tuesday as oil prices fell and investors priced in some risk that the Bank of Canada would signal the start of an interest rate cutting campaign at this week's policy decision. Money markets expect the Canadian central bank to leave its benchmark rate on hold at a 22-year high of 5% on Wednesday but to then begin cutting in June. "Even if the Bank of Canada does not cut rates tomorrow, the market seems to be positioned for either a dovish comment or further weakness in the Canadian dollar," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. Speculators have raised their bearish bets on the Canadian dollar to the highest since December, data from the U.S. Commodity Futures Trading Commission showed on Friday. "The case (for a rate cut) is building ... inflation has fallen more than expected for the past two months and the unemployment rate is up to 6.1% from 5% a year ago," Chandler said. The Canadian dollar was trading 0.1% lower at 1.3585 to the U.S. dollar, or 73.61 U.S. cents, after trading in a range of 1.3548 to 1.3598. On Friday, it touched a three-month low at 1.3647. U.S. crude oil futures settled down 1.4% at $85.20 a barrel, giving back some recent gains for a second day. Oil is one of Canada's major exports. Canadian government bond yields moved lower across the curve, tracking moves in U.S. Treasuries after a former Federal Reserve official said that three interest rate cuts remain likely this year. The 10-year was down 6.4 basis points at 3.562%, after approaching on Monday the top of its range for the past few months. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-weakens-ahead-potential-boc-dovish-shift-2024-04-09/