This Morning in Metals: Oil prices fall to four-week low

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This morning in metals news: oil prices fell to their lowest since early October; Anglo American said it aims to achieve carbon-neutral shipping by 2040; and, lastly, stainless steel producer Outokumpu announced its Q3 2021 results.

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Oil prices dip to lowest in four weeks

crude oil

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Oil prices fell below the $80 per barrel threshold this week, their lowest since early October.

The WTI crude price closed at $78.81 per barrel, the Energy Information Administration reported. The price dropped by $4.00 per barrel from a week ago.

As readers of the MetalMiner Annual Outlook know, oil price are one of three key factors MetalMiner considers when analyzing commodities markets.

The price drop comes despite yesterday’s news that OPEC+ will stick to its output plan, even in the face of U.S. pressure to pump more oil. (We covered the development in the weekly Commodities Roundup on MetalMiner sister site Spend Matters.)

Meanwhile, U.S. crude inventories for the week ending Oct. 29 increased by 3.3 million barrels from the previous week, according to the EIA’s weekly petroleum status report.

Anglo American aims for carbon-neutral shipping by 2040

Miner Anglo American said it aims to achieve carbon-neutral shipping by 2040.

Furthermore, it aims to reduce emissions by 30% by 2030, the firm announced today.

“Connecting our customers with the metals and minerals they need in a way that is safe, efficient and sustainable is a key priority for us, so our ambition for carbon neutral controlled ocean freight is a natural extension of our commitment to be carbon neutral across our mining operations by 2040,” said Peter Whitcutt, CEO of the company’s marketing business.

Outokumpu posts strong Q3 results

Stainless steel producer Outokumpu reported Q3 2021 EBITDA of €295 million, up from €223 million the previous quarter and €10 million in Q3 2020.

Through the first three quarters of 2021, EBITDA reached €695 million, up from €161 million in 2020.

“High realized prices and continuous progress on our margin improvement actions supported our profitability in the third quarter,” CEO Heikki Malinen said. “We increased our adjusted EBITDA to EUR 295 million, which is the best quarter in Outokumpu’s recent history. Stainless steel deliveries decreased by 8% from the second quarter, which is in line with the expected seasonal pattern.”

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