This morning in metals news: Rio Tinto and Meridian Energy have reached a deal that will allow New Zealand’s Aluminum Smelter to continue operating the Tiwai Point aluminum smelter; BHP unveiled plans to build a new wind fence; and the Energy Information Administration (EIA) forecasts U.S. oil and natural gas production will fall this year. […]
Tag: Oil
After a difficult 2020 for oil, could it bounce back in 2021?
The oil price is caught between a short-term recovery and the medium-term prospect of peak oil, as countries ramp up programs to decarbonize by switching power generation sources and banning internal combustion engines (ICE). The oil price has been seesawing between vaccine optimism and pandemic pessimism. Yet, it has managed a gradual recovery from its […]
Oil price buoyed by coronavirus vaccine reports
It would seem the stock markets are not the only beneficiaries of good news on the results and roll-out of vaccines protecting against the coronavirus. The oil price has been a significant beneficiary too, briefly touching the highest level since March this week, before easing slightly. According to the FT, Brent crude gained 3.8% to […]
This Morning in Metals: Panasonic, Equinor, Norsk Hydro sign MOU to explore potential European lithium-ion battery business
This morning in metals news: Norsk Hydro has signed a memorandum of understanding to explore a potential lithium-ion battery business; U.S. import prices fell slightly in October; and Gulf of Mexico oil production fell in August by the largest amount since 2008. Sign up today for Gunpowder, MetalMiner’s free, biweekly e-newsletter featuring news, analysis and […]
Oil price bounces back on encouraging COVID vaccine news
The oil price was not alone in responding positively to this week’s encouraging news from Pfizer and BioNTech regarding progress with their mRNA COVID vaccine. The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be […]
The market’s reaction to the U.S. presidential election results so far
Markets are sharing wider society’s caution today, as early results show the U.S. presidential election result is in the balance. Against some predictions, the incumbent has held on to Florida and thereby kept himself firmly in the running. Other swing states may not see results for 24 or even 48 hours. Postal votes received before […]
This Morning in Metals: Aluminum price retraces below $1,800/mt
This morning in metals news: The aluminum price retraced this week General Iron is building a new metal shredding home in Chicago Finally, the United States Geological Survey (USGS) reported estimates on undiscovered Gulf Coast Basin oil reserves The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding […]
Oil majors struggle in low-price, low-demand environment
The oil majors are not having a great pandemic. Consumers reacted to earlier lockdowns and continued pandemic restrictions, leading to a massive drop in demand. On the other hand, prices initially collapsed after Saudi Arabia led an assault on the U.S. shale market and engaged in a spat with Russia over prices. Set that against […]
This Morning in Metals: Copper price bounces back
This morning in metals news: the copper price bounced back Tuesday after a down Monday session; ArcelorMittal issued a statement on the European Commission’s policy proposals aimed at reducing emissions; and U.S. oil exports have fallen in each month since February. The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with […]
Oil price recovery stumbles as some OPEC producers miss output cut targets
OPEC+’s production cuts have been pretty successful at steadying the oil price this year. First, the cuts steadied the market. Furthermore, rising prices came in the face of oversupply and a pandemic-induced collapse in demand. However, the alliance of producers remains far from a solid coalition. The MetalMiner 2021 Annual Outlook consolidates our 12-month view […]
