Back in the 1970’s, Arab oil embargoes caused short-term pain for the West due to rising crude prices. However, it also spurred a drive for fuel efficiency that ultimately reduced the country’s reliance on foreign oil. At the same time, it boosted the GDP per unit of energy consumed. Will history repeat itself? There’s no […]
Tag: Oil
Metal Market News: Glencore Hit By Record Fines
$1.5 billion US is a lot of money by any measure. However, the reality is that Glencore is making so much in this climate of metal scarcity and elevated prices, they likely won’t have a hard time accommodating the fine. So when metal market news broke of their massive, three nation fine, there was not […]
Ukraine Invasion Changes Global LNG Equation in Favor of US
Japan is reportedly actively considering extending financial support to the US to boost liquefied natural gas (LNG) production. Incidentally, the US is already the world’s 3rd largest exporter of LNG behind Qatar and Australia. However, the country is set to play an even bigger role in global LNG production and export as the Russian market […]
Aluminum MMI: Global Aluminum Prices Drop Alongside Other Base Metals
From a technical perspective, global aluminum prices began to change structure in short time frames, which could suggest further price drops. Currently, prices are beginning to approach previously-established lows. However, a bullish trend reversal can’t occur until aluminum establishes a clear price floor. Source: MetalMiner Insights The Aluminum Monthly Metals Index (MMI) dropped by 8.84% […]
The MetalMiner take on initial sanctions imposed by the West on Russia
Although the West issued a new round of sanctions late on Sunday, it remains unclear what effect they will have. The new sanctions, including the prohibition of Russia flying over European airspace, as well as the funding of arms for Ukraine, came on Sunday. Nobody at MetalMiner believed the earlier sanctions through Friday would put […]
How much further does the oil price have to run?
Having risen solidly from mid-December, the oil price took a bit of a hit just prior to the new year as worries about the spread of the omicron variant and its possible impact on travel and GDP growth hit prices. The new year has started more optimistically, though. While significant work days are being lost […]
US will release 50 million barrels of oil from its strategic reserves — will it affect prices?
Well, so far, the simple answer to the question posed in the headline is “no.” On Tuesday, the White House announced the Department of Energy will “make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and […]
Oil prices on the rise amid signs of distress heading into winter
Goldman Sachs seems to think oil prices could hit $100 per barrel by the end of the year. So do many consumers, fearing further inflationary pressure on costs that have risen across the commodities landscape this year. We’re offering timely emails with exclusive analyst commentary and some best practice advice. Sign up here. Oil inventories […]
This Morning in Metals: Rio Tinto, BC Works union reach agreement in principle
This morning in metals news: Rio Tinto said it had reached an agreement with the union representing workers at its BC Works; the Census Bureau reported new orders for manufactured durable goods increased in August; and, lastly, oil prices rose last week. More MetalMiner is available on LinkedIn. Rio Tinto, BC Works union reach deal […]
This Morning in Metals: Aluminum prices reach 10-year high following Guinea coup
This morning in metals news: Aluminum prices reach 10-year highs after a coup in Guinea threatens to disrupt global bauxite supply. In other news, steep commodity prices send China’s factory-gate inflation to a 13-year high. Also in the news, Hurricane Ida’s damage leaves more than 75% of U.S. Gulf of Mexico oil production offline. Each […]
