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South Korea's MFG purchases 132,000 T of corn in a private deal, traders claim
Major Feedmill Group of South Korea (MFG) bought an estimated 132,000 tons of animal feed in a private transaction on Wednesday, without holding an international tender. Two consignments of 66,000 tons were purchased. The origins could be anywhere in the world. Both were purchased at an estimated cost and freight of $238.33 per ton (c&f), plus an extra $1.25 per ton for port unloading. Both consignments were believed to have been sold by ADM, a trading house. They arrived in South Korea on March 30th for one and April 12th for the other. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The purchase followed a previous purchase of 140,000 tons animal feed corn by South Korean animal food maker NOFI in an international auction on Wednesday. Michael Hogan reports.
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Maguire: US gas-fired energy boom will have major emissions benefits in 2024.
In 2024, the United States' gas-fired electricity stations released over 1 billion tons of CO2 in one year. This is a record for the largest gas consumer and producer in the world. According to Ember, the 1.003 billion tons of emissions is a 3.6% increase from 2023 and a 40% increase in emissions from gas-fired electricity generation since 2015. These numbers are large but they lack context. The discharge from the U.S. coal-fired stations last year was just over 620 million tonnes, a new record low because of the lowest coal-fired electricity generation ever recorded. The lower coal production totals show that the U.S. electricity system has made significant reductions in overall pollution, even though gas emissions are on the rise. COAL VS CLEAN The reduction in coal usage has resulted in a total increase of only 0.5% from 2023, to 1.64 billion tonnes, but a decrease of 19% from 2015. This is despite the fact that total electricity production will reach a record high in 2024. The rapid growth in clean energy generation, including solar, wind and hydro assets, has helped to meet most of the increase in consumption over recent years. The total clean electricity production was 35% greater in 2024 than it was in 2015. This is primarily due to the nearly eightfold increase in solar power and a more-than-doubling of output from wind farms. Fossil fuels are still the mainstay of U.S. electricity generation, providing just over 58% last year. The fossil fuel share was 73% natural gas, and 26% coal. The power companies plan to further reduce coal consumption over the rest of the decade while adding renewables to their generation mix in order to keep up with the demand for electricity. Power suppliers will also become more dependent on natural gas in the future, especially to balance systems when intermittent energy production from renewable sources is not enough to meet overall demand. GAS FIX Ember reports that over 30 U.S. States rely on gas to meet 30% or more their electricity requirements. Gas is used in 13 of these states to generate 50% or more electricity. Nine additional states rely between 15% and 30% on gas. According to Global Energy Monitor's report, there are also nearly 50 gas-fired power plants in the U.S. that are either under construction or pre-construction, with a total capacity of around 30,000 megawatts. Natural gas is a major component of the U.S. energy system, and will continue to be so for many decades to come. This means that the overall emissions of natural gas in the U.S. are also expected to continue increasing. Some of these gas plants are being used to replace coal power stations that have been in operation for an average of 45 years, according to the U.S. Energy Information Administration. This means that even though more gas capacity is coming online, some of the most polluting coal plants in the U.S. will be shut down over the same period. This should help to cap overall fossil fuel emissions even as the U.S. energy system becomes ever gassier. These are the opinions of the author who is a market analyst at.
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Guyana's oil exports increase, gaining a market share of Europe in 2024
Guyana's oil output increased 54% to 582,000 barrels a day last year, fueled by European refiners who wanted to replace Middle Eastern crude grades with sweet crudes that were easy to process. The burgeoning oil country has become the fifth largest Latin American crude oil exporter since it began exporting oil early in 2020. It is now behind Brazil, Mexico and Venezuela. Guyana's lighter, sweeter crude grades are gaining market share in Europe. Most refineries there aren't as complicated as those on the Gulf Coast and Latin America, which typically offer heavy, sour oils. A trader for Latin American grades who was not authorized by the media to speak said that Europe is the best market for Guyana crude. He added that Europe was the fastest to adopt and test Guyana's crude grades, Liza, Unity Gold, and Payara Gold, due to their proximity, high quality, and ease of access to suppliers. Shipping data shows that in 2024, Guyana exported 66% or 388,000 bpd of its crude oil to Europe compared to 62% last year. Guyana's crude oil gained popularity in Europe after the Russian invasion of Ukraine 2022. Many refiners avoided sanctioned Russian oil and sought alternative supplies. Homayoun Falikshahi is a senior analyst at Kpler, who specializes in data analytics. He said that last year, the attacks in the Red Sea affected the oil flows coming from the Middle East. This gave crudes from Guyana, Brazil and other countries a better chance of finding buyers in Europe. He added that the higher freight costs for moving oil from the Persian Gulf into the Mediterranean or Northwest Europe made Guyanese Crude more attractive to European refiners. OPENING ROUTES The LSEG data also showed that exports from Guyana to the United States almost doubled last year, to 23,000 bpd. Exports to Asia increased by a smaller amount, to 139,000 bpd. The sales to Latin America and Caribbean remained almost the same at 32,000 bpd. Exports have increased due to the expansion of three floating production units led by U.S. oil giant Exxon Mobil. A fourth facility is expected to add 250,000 bpd capacity in this year. According to Kpler, Exxon Fawley refinery is the largest buyer of Guyanese oil in Europe. Exxon Hess, CNOOC and Exxon Hess, who control the entire oil and gas production in Guyana sell their barrels individually, whereas the Guyanese Government awards each year a marketing contract for its share of the output. BB Energy, a European trading firm, and JE Energy, a global energy company won the contract in 2025 for a second consecutive year. The auction was held in a highly competitive environment with other producers from around the world. In October, the government announced that it had secured a higher premium than market prices this time. Guyana's Energy Minister Vickram Bharrat said that since the two trading companies are based in Britain, they were expected to market the crude oil in Europe successfully. "However there is no preferential market," he said in reference to the markets that the government would most like to see its oil reach. Exxon's consortium currently has three projects in operation - Liza 1 & 2, and Payara. These were producing around 675 000 bpd by the end of last year after upgrades. Exxon will receive a fourth production vessel within the next few months and begin work on Yellowtail this year. Exxon has not commented on its Guyanese crude oil marketing efforts. However, last month it said that 60% of the company's upstream production will come from its "advantaged asset" which includes Guyana.
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South Korea's NOFI purchases approximately 140,000 T corn, traders claim
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 140,000 metric tonnes of animal feed corn at an international auction on Wednesday. The corn was bought in two consignments of 70,000 tons each. A consignment of one ton was purchased at an estimated cost and freight price of $238.84 per ton from Dreyfus Trading House for arrival on April 5, South Korea. The second purchase was made at a price estimated to be $238.89 per ton c&f by CHS, for an April 10th arrival. The port-unloading surcharge is $1.25 per ton for both. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The consignment was to be shipped for arrival on April 5, if it came from the U.S. Pacific Northwest Coast for March 3-22 or the U.S. Gulf coast for February 11-March 2. It could also come from South America between February 6-25, or South Africa from Feb. 16-March 7. Only 52,000 tonnes of the consignment must be provided if it is coming from South Africa. The consignment was to be shipped for arrival on April 10, if it originated from the U.S. Pacific Northwest Coast between March 8-27. If from the U.S. Gulf, between February 16 and 7, or from South America, between February 11 and 2; or South Africa from Feb. 21 to 12. Some Asian traders have expressed interest in buying corn due to the persistent concern that Chicago corn prices will rise because Argentina's corn crops are damaged by drought, despite rain being forecast for Argentina. NOFI purchased approximately 65,000 tons feed wheat at an international auction on Wednesday. (Reporting and editing by Jason Neely, with Michael Hogan)
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South Korea's NOFI purchases about 65,000 T of feed wheat, traders claim
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc. (NOFI) bought about 65,000 metric tonnes of animal feed wheat at an international auction on Wednesday. The cost of the consignment was estimated at $249.99 per ton, plus freight. Plus a surcharge of $1.50 per ton for port unloading. It was thought that the seller is CHS, a trading company. The reports reflect the opinions of traders and it is still possible to estimate prices and volume later. Wheat was to be delivered in one shipment around April 15, from anywhere except Argentina, Russia Pakistan, Denmark, and China. No loading ports are allowed in Ukraine or Russia. The U.S. Pacific Northwest Coast, Australia or Canadian west coast will ship wheat between March 13 and April 1, the U.S. Gulf or Canadian east coast will send wheat between February 21 and March 12, the U.S. Gulf or Europe, or Canada's east coast, between February 21 to 12; from Europe, via the Cape of Good Hope, between the dates of Feb. 6 and 25, from South America, between the dates of Feb. 16 to 7 or South Africa, between the dates of Feb. 26-17. NOFI also released a tender on up to 138,000 tonnes of animal feed corn, which closed also on Wednesday. (Reporting and editing by Michael Hogan)
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Finland: Oil tanker involved in subsea cable damages has serious defects
The Finnish public transport agency announced on Wednesday that a tanker suspected of damaging cables under the Baltic Sea had serious defects and would not be allowed to continue operating until they were repaired. Baltic Sea nations have been on alert since a series of outages in power cables, telecom links and gas pipelines has occurred following the Russian invasion of Ukraine in 2022. NATO has announced that it will increase its presence in this region. The Eagle S tanker, which was carrying Russian oil, was seized by the Finnish police on December 26. They suspected the vessel of damaging the Finnish-Estonian Estlink 2 electricity line and four telecommunications cables. The police investigation continues, but the Finnish authorities have also conducted a port-state inspection on the vessel that ended Wednesday. In a press release, Traficom's Director of Maritime Affairs Sanna Sonninen said that fixing the deficiencies would require outside assistance and take some time. (Reporting from Anne Kauranen, Helsinki; editing by Terje Solsvik)
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Sources say that China could reduce fuel oil imports in response to a tax hike of 2025.
Sources familiar with the issue said that China's fuel imports will drop by early 2025 due to a rise in the import tax on the product, which took effect Jan. 1. This prompted some sellers to lower their prices in order to increase demand. The increase in import duties will further reduce margins for China’s refining industry, which has already been struggling with low margins. Fuel oil is a good feedstock for smaller refineries. This is especially true if they lack or do not have crude oil import quotas. Fuel oil prices are expected to continue to fall in the region due to a slowdown in China imports. Prices have been falling since last quarter because of ample supplies. Beijing raised import tariffs on fuel oil from 1% to 3% in late 2024. The government has also removed "other heavy oil" and "other fuel oil" from the new rule, which will take effect on Jan. 1. This change could reduce the mislabeling of crude oil to bypass the quotas. A fuel oil trader, who ships cargoes to China, said: "We expect some signs of a slowing in demand over the short-term." Due to the sensitive nature of trade, sources declined to identify themselves. The spot premiums for Russian fuel oil M100, a feedstock of choice for Chinese refiners has dropped by $10-$15, to under $60 per metric ton, to Singapore 380cst fuel prices for January. China's imports fell in December due to soft refining margins. Ship-tracking data by Kpler & LSEG revealed that fuel oil imports fell below 1.7 millions tons (348.225 barrels per days) in December after hitting a high of 2.55million tons in November. The state tax bureau is also implementing plans in China to reduce the consumption tax rebates received by refiners when they sell gasoline or diesel fuel refined using imported fuel oil. An executive at an independent refiner said, "We are all waiting to see what the provincial tax bureau will do with the rebates on December imports. But the word is that the government will take it seriously starting in 2025."
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South Korea's NOFI offers 138,000 T of corn and 60,000 T of feed wheat
European traders reported on Wednesday that Nonghyup Feed Inc. (NOFI), a South Korean feedmaker, has launched an international tender for the purchase of up to 138,000 tons of animal feed grain and 60,000 tons feed wheat. Also, the deadline for submitting price offers is Wednesday, January 8. Two consignments of corn, each up to 69,000 tonnes, are required for South Korea. The first consignment of corn is expected to arrive around April 5, if it comes from the U.S. Pacific Northwest Coast between March 3-22 or the U.S. Gulf coast between February 11-March 2. It can also come from South America, between February 6-25, or South Africa between the dates of Feb. 16 and March 7. The second consignment of corn is due to arrive around April 10, if it comes from the U.S. Pacific Northwest Coast between March 8-27 or the U.S. Gulf region between February 16-March 7. It can also come from South America, between February 11-March 2, or South Africa, between Feb. 21 and 12. The Chicago corn contract for May 2025 is being compared to the price of corn per ton. Feed wheat must arrive in one shipment around April 15, from anywhere except Argentina, Russia Pakistan, Denmark, and China. No loading ports are allowed in Ukraine or Russia. The U.S. Pacific Northwest Coast, Australia and Canadian West coast are the main wheat exporters between March 13 and April 1. Other major suppliers include the U.S. Gulf coast, Europe, or Canadian East coast between February 21 to March 12, Europe via Cape of Good Hope, South America, or South Africa. (Reporting and editing by Savio d'Souza; Michael Hogan)
Singapore empowers authorities to freeze bank accounts in rip-off crackdown
Singapore passed a new law on Tuesday permitting authorities to freeze bank accounts of rip-off victims as a last resort procedure to prevent additional losses.
The law empowers authorities to issue limitation orders to banks if they examine that it is needed to secure a victim who is likely to make bank transfers to a scammer, withdraw money and offer it to a fraudster, or request draw-down from a credit center to benefit a fraudster.
The wealthy Asian monetary hub has actually been a significant target of scammers, with 26,587 cases tape-recorded in the very first half of 2024 representing S$ 385.6 million ($ 283.34 million) in losses, according to police stats. Scam victims lost S$ 651.8. million in 2023, with a record loss of S$ 660.7 million in 2022.
Authorities will think about elements such as whether or not the. victim has actually transferred money to the scammer and is still. communicating with the scammer.
These curb orders last for thirty days and cops can restore the. constraint approximately five times or lift the order.
The orders will by default be released to Singapore's 7. major retail banks: OCBC, DBS, UOB, Maybank, Standard Chartered,. Citibank and HSBC. Other banks can also be included.
Sun Xueling, the minister of state for home affairs, stated. the intent was to guarantee that this is done as quickly as. possible and limitation orders need to be imposed or raised. within hours and not days.
Speed is of the essence in order to secure these. people and minimise losses, which sometimes might. involve all of the victim's life cost savings, Sun stated in. parliament on Tuesday.
She included that authorities could not succor the victim. indefinitely and if that individual persisted in making transfers to. fraudsters after the maximum constraint order duration, the. duty must lie with the private.
The Ministry of Home Affairs stated it would consider. broadening the constraint orders to cryptocurrency exchanges,. remittance companies and e-wallet suppliers ought to fraudsters. move their tactics to exploit these platforms.
(source: Reuters)