Category: Commodities

Orsted and Eversource Collaborate for Offshore Wind Farm Project Denmark’s Orsted announced on Thursday that it had submitted a revised proposal with Eversource for the Sunrise Wind project, following New York’s latest offshore wind solicitation. Sunrise Wind aims to establish a 924 MW offshore wind farm that will supply power to New York. Orsted expects […]

Factors Impacting Gold Prices China’s stimulus measures have not only improved risk appetite but have also contributed to a decline in gold demand. The current series of record highs on Wall Street has further fueled this downward trend. Additionally, the strength of the dollar, resulting from stronger-than-expected gross domestic product data, has exerted pressure on […]

Supply Disruptions and OPEC Concerns The West Texas Intermediate (WTI) crude futures fell 0.2% to $73.73 a barrel at 14:30 ET, while Brent oil futures for February delivery dropped 0.3% to $79.18 a barrel. It should be noted that both benchmarks wrapped up the week with a 4% increase. The prospect of supply shortages, due […]

Introduction The US has reopened two rail crossings between Texas and Mexico after a temporary closure of five days. This closure was initiated to redeploy border personnel in response to increasing migrant crossings, as stated by the Biden administration. The reopening comes after the closures led to concerns from railroads, the agriculture industry, and some […]

African Ports Struggle with Red Tape and Poor Infrastructure South Africa’s major ports, including Durban, Cape Town, and Ngqura, are among the worst performing globally, according to a World Bank 2022 index released in May. Durban, the largest port in Africa, is still the most advanced, but ships rerouting around the continent have limited choices […]

Financial Institutions Given Ultimatum: Cease or Suffer Sanctions Senior administration officials have made it clear that financial institutions must choose between halting the shipment of components and goods to the Russian defense sector or facing significant penalties. The United States, European Union, and Britain, along with other allies, have previously imposed sanctions on Russia following […]

Concerns of Credibility and Transparency Both opposition parties and independent observers have expressed reservations about the manner in which the voting process unfolded, casting doubt on the credibility of the eventual results. However, the National Election Commission (CENI) has refuted these claims and plans to release provisional results beginning Friday. In response to concerns surrounding […]

Gold Prices Reach Two-Week Highs Spot gold rose by 0.2% to $2,049.20 per ounce, while gold futures expiring in February increased by 0.5% to $2,060.65 per ounce as of 00:16 ET (05:16 GMT). Both instruments reached their highest levels in over two weeks and are poised for a weekly gain of over 1%. Thursday saw […]

Overview According to forecasts by the China Metallurgical Industry Planning and Research Institute (MPI), China’s steel demand is expected to decrease by 3.3% in 2023 compared to the previous year, and further contract by 1.7% in 2024. These predictions are attributed to a significant decline in construction activity, putting pressure on the world’s largest steel […]

Angola Decides to Exit OPEC, Citing Its Own Interests Angola has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC), dealing a blow to the Saudi-led oil producer group’s efforts to stabilize oil prices through output cuts. Angola’s Oil Minister, Diamantino Azevedo, stated that the country no longer benefits from its […]