Latest News
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UK watchdog finds competitors issues in GXO Logistics-Wincanton deal
Britain's competitors guard dog said on Friday the acquisition of Wincanton by U.S.based warehousing firm GXO Logistics, for 762 million pounds ($ 983.97. million), could minimize competitors and raise costs for. clients. The Competition and Markets Authority said GXO and Wincanton. contend closely, particularly for agreements with large retail. clients, and the regulator was worried the merger could. minimize competition, resulting in higher costs being passed down. to consumers. The offer was completed in April - the CMA had actually launched its. investigation in early September. We are examining the decision and will continue to engage. constructively and collaboratively with the CMA to secure a. favorable result, GXO informed Reuters. Earlier this year, GXO outbid CEVA Logistics with a 605. cent per share deal for Wincanton, a company that operates in. about 160 places in the UK and Ireland and is associated with. e-commerce, groceries and non-food retail. Consumers of Wincanton include significant supermarket operators. such as Sainsbury's, Morrisons and Asda. GXO has five working days to submit proposals to attend to. CMA's issues.?
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Taiwan's CPC Corp seeks 3rd jet fuel cargo in 2 months, sources state
Taiwan's stateowned energy major CPC Corp is seeking to purchase its third area jet fuel import freight in less than two months, for December arrival, 3 trade sources with understanding of the matter said on Friday. The refiner is aiming to buy 300,000 barrels of the aviation and heating fuel for Dec. 1-15 delivery to Kaohsiung or Shen Ao port, they included. The tender closes on Dec. 4, with validity to Dec. 5. The variety of purchasing activity is credited to some stocking up activity ahead of imminent refinery upkeep at its Talin production site, one source stated. CPC Corp bought its earlier two cargoes at premiums of about 50 cents a barrel to Singapore quotes, trade sources said earlier. Asia's jet fuel markets have actually been boosted in current weeks by timely month demand strength in both northeast and southeast Asia against a backdrop of somewhat limited supplies and some export restrictions from China's oil majors.
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Brazil to host soy and corn OTC market
Brazil could have its BAB overthecounter (OTC) market for soy and corn in place previously the end of the year, the new market's CEO stated on Friday. BAB has been given the green light from Brazil's securities commission, CEO Eric Cardoni told press reporters. Backed by regional train operator Rumo, BAB was developed to enable hedging by regional traders and farmers to better reflect Brazilian market prices, Cardoni said. Grain costs in Brazil, the world's top soy manufacturer and one of the biggest corn farmers, frequently diverge from those sold Chicago since of various crop durations and logistics costs. Cardoni said the OTC market, in which securities trade without a centralized exchange, will trade agreements in Brazilian reais and might attain trade equivalent to 24 million metric tons of grains by the end of its third year. The quantity would represent nearly half of the anticipated soy output in Brazil's top grain-producing state, Mato Grosso, in 2024/25. Cardoni added that 15 business, the majority of them grain traders, were looking for approval to trade on BAB.
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Russia's Oct pipeline gas exports to Europe up 2.5% y/y, computations reveal
Russian energy giant Gazprom's. typical day-to-day natural gas supplies to Europe in. October edged up by 2.5% a year earlier and held broadly consistent. from September, Reuters computations revealed on Friday. Gazprom's average everyday pipeline exports increased to 90.6. million cubic metres (mcm), according to estimations based on. data from European gas transmission group Entsog and Gazprom's. daily reports on gas transit through Ukraine. That was up from 90.2 mcm in September and 88.4 mcm in. October 2023. Gazprom's overall gas supplies to the European Union. stood at about 2.81 billion cubic metres (bcm) in October, the. data revealed. Of that, 1.5 bcm, or 48.3 mcm daily, was sent out through. Turkey. Gas transit through Ukraine balanced around 1.31 bcm last month,. or 42.3 mcm daily. Gazprom's gas exports to Europe this year have. reached about 26.6 bcm up until now, up 15% year on year. The business, which has actually not published its own regular monthly. stats given that the start of 2023, did not respond to a demand. for comment. Russia supplied about 63.8 bcm of gas to Europe by different. routes in 2022, Gazprom information and Reuters calculations show. The. volume fell by 55.6% to 28.3 bcm last year. At their peak in 2018-2019, yearly flows to Europe reached. in between 175 bcm and 180 bcm.
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Pipeline operator Enbridge's Q3 revenue more than doubles on consistent oil demand
Enbridge published a more than twofold jump in its thirdquarter profit on Friday, as the Canadian pipeline operator took advantage of stable oil need. Data from the U.S. Energy Info Administration showed that overall U.S. oil intake rose in July to the greatest seasonal level because 2019. Demand for fuel was also at the greatest seasonal levels considering that 2019, whereas jet fuel need the greatest for any month considering that August 2019. Enbridge's mainline system transported 2.96 million barrels each day in the quarter, while its adjusted core earnings rose 3.2%. to C$ 1.35 billion, assisted by greater tolls. Mainline is The United States and Canada's biggest crude oil pipeline. network. It transfers light and heavy crude oil, gas. liquids and improved products from Edmonton, Alberta to different. markets in Canada and the U.S. Midwest. The Canadian business reported an earnings of C$ 1.29 billion. ($ 926.13 million) for the quarter ended Sept. 30, compared with. C$ 532 million a year earlier. Its adjusted earnings per share of 55 Canadian cents, nevertheless,. narrowly missed out on experts' average quote of 56 Canadian cents,. according to information assembled by LSEG.
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EBRD plans to invest 1.25 bln euros in Kazakhstan for China-Europe cargo route
The European Bank for Restoration and Development plans to invest 1.25 billion euros ($ 1.36 billion) in 2 Kazakh projects to increase the capacity of a ChinaEurope cargo transport route bypassing Russia, the head of the EBRD said on Friday. The route, called the Trans-Caspian or Middle Corridor, is shorter than a northern route through Russia and is becoming significantly crucial for East-West trade offered Western sanctions on Moscow due to its invasion of Ukraine. The land and sea transportation corridor for products would be an economic advantage for nations whose territories it crosses, including Kazakhstan, Azerbaijan and Georgia. The Trans-Caspian job, I imply, the development of the connection as an option to the Russia trade pattern is very essential, EBRD President Odile Renaud-Basso told Reuters. She stated EBRD had signed a memorandum of understanding with the Kazakh state train business for a potential 750 million euro investment. The other project, worth 500 million euros, is to rehabilitate the Aktobe-Ulgaisyn roadway in Kazakhstan's Western Aktobe region, she said in an interview. The bank is likewise purchasing green energy projects in Kazakhstan and the Main Asian area as an entire, Renaud-Basso said, pointing out a battery energy storage job for renewable manufacturers in Uzbekistan as an example. EBRD likewise prepares a 270 million euro deal with Kazakh state electrical grid operator KEGOC to connect more renewable energy producers to the grid. She stated the bank, which this year purchased a 5% stake in Kazakh flagship carrier Air Astana throughout its preliminary public offering, was keen to participate in more privatisation offers. The EBRD anticipates Kazakhstan's economy to grow 5.5% next year compared to this year's 4% growth, partially due to the expansion of the huge Tengiz oilfield.
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Asian area LNG stable on warmer than average temperature projections
Asian area melted gas (LNG) costs held consistent this week as projections of warmerthanaverage temperature levels in both northeast Asia and northwest Europe topped need expectations. The average LNG rate for December shipment into north-east Asia was at $13.80 per million British thermal units (mmBtu), industry sources estimated. The weather forecast in Europe points to a rather mild start to November, which is even more depressing heating demand, said Florence Schmit, energy strategist at Rabobank London. Weather report for some parts of northeast Asia also indicate temperatures above 10-year averages in the coming 2 weeks, dismal gas need in the area as well, she stated, including that this indicate bearish price movements for European gas and Asian LNG rates in the coming weeks. While Seoul and Shanghai had actually been anticipated for normal temperature levels as the conventional heating season gets underway, the projections were revised to above-average, said Argus head of LNG prices Sam Good, while expectations for below-average temperatures in Beijing and Tokyo were mostly wiped. There was some widening of the European DES-TTF spreads this week, reflecting weak Asian need for Atlantic freights as purchasing interest has trailed off and high prices limit extra purchases, but they primarily tightened up once again later on in the week as European gas centers moved, he stated, describing the rate spread in between delivered LNG and Dutch TTF hub gas. In Europe, S&P Global Product Insights assessed its everyday North West Europe LNG Marker ( NWM) price benchmark for freights delivered in December on an ex-ship (DES) basis at $ 12.664/ mmBtu on Oct. 31, a $0.20/ mmBtu discount to the December gas price at the Dutch TTF center. Argus evaluated the price for December delivery at $12.650/ mmBtu, while Spark Commodities assessed it at $12.699/ mmBtu. In LNG freight, the Atlantic rates dropped to record lows on Friday to $18,250/ day, said Spark Commodities analyst Qasim Afghan. The Pacific rates likewise fell, extending its decreases for a twelfth straight week to $30,500/ day.
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Pakistani rice offered lowest in Indonesia's tender for 500,000 T.
The most affordable rate offered in the global tender from Indonesian state acquiring agency Bulog to purchase about 500,000 metric tons of rice was approximated at $ 479 a ton expense and freight (c&& f) for rice expected to be sourced from Pakistan, European traders stated on Friday. The most affordable offer was said to have actually been produced 26,000 loads. No purchase has yet been reported and price settlements are anticipated to continue in coming days, traders said. A decision is anticipated next week. Reports reflect assessments from traders and even more price quotes of rates and volumes are still possible later. Rice arrival in Indonesia is looked for in November to December and the rice can be sourced from Thailand, Cambodia, Vietnam, Myanmar, Pakistan or India. Price offers were submitted on Friday. 2 other deals of rice from Pakistan were the next most affordable at $484 and $485 a lot c&& f, traders said. The most affordable reported deal for rice from Vietnam was $515,. from Thailand/Cambodia $511, from India $513 and from Myanmar. $ 517.50 all per ton c&& f for consignments ranging from 25,000 to. 30,000 loads. The tender continues heavy rice getting by Indonesia in. global markets to cool domestic prices after a disappointing. domestic harvest. Indonesia's 2024 rice output is estimated at 30.34 million. metric tons, down 2.43% from last year. Most of the decline was. in the January-April duration, when production dropped nearly 15%. on the year. To shore up supply, Indonesia intends to import as much as 3.6. million lots of rice this year. It likewise prepares to sharply. increase the planted location in 2025 and is considering importing 1. million tons of rice from India in 2025. In the new tender, Bulog is seeking white rice of 5% broken. grade from the 2024 crop year, grated not longer than 6 months. ago, traders said.
Algeria wheat tender purchase about 600,000 T, traders say
Algeria's state grains firm OAIC is believed to have actually acquired about 600,000 metric tons of milling wheat in a global tender that closed on Thursday, European traders stated on Friday.
This was at the higher end of trader quotes that had varied from 480,000 to 600,000 loads.
There were still specific trade quotes on Friday putting the purchase below 600,000 tons, but most of traders put the volume at about 600,000 loads.
Prices reported on Friday were again around $263 a ton expense and freight (c&& f) consisted of, they stated. This was the exact same as reported on Thursday night.
Traders presumed that much of the wheat would be sourced from the Black Sea region, though the grain can be sourced from optional origins. Expected origins consisted of Romania and Bulgaria, Ukraine, some Russian and potentially brand-new crop Argentine wheat.
There was continued market talk that diplomatic stress in between Algeria and France had an impact on the tender, with traders not expecting French wheat to be provided.
Traders stated Algeria left out French business from its previous wheat tender on Oct. 8 and needed that participating firms did not offer French-origin wheat in obvious fallout from restored diplomatic tensions in between Algiers and Paris.
Traders said on Wednesday that French business had been welcomed to take part in Thursday's tender but could only provide non-French wheat.
Reports show assessments from traders and even more quotes of costs and volumes are possible later.
The wheat is sought for shipment this year in 2 periods from the primary supply areas including Europe: Dec. 1-15 and Dec. 16-31. If sourced from South America or Australia, shipment is a month earlier.
(source: Reuters)