MARKET MOVEMENTS:
-- Brent crude oil is up 0.5% at $92.49 a barrel.
-- European benchmark gas is up 1.1% to EUR35.09 a megawatt
hour.
-- Gold futures are down 0.1% at $1,933.10 a troy ounce.
-- LME three-month copper futures are down 0.1% at $8,388 a
metric ton.
-- Wheat futures are up 1.7% to $5.98 a bushel.
TOP STORY:
Saudi Oil Cuts Set to Keep Gasoline Prices Higher
Saudi Arabia's decision to extend cuts to its crude-oil output
until the end of the year is likely to lead to a significant supply
shortfall for the rest of the year, keeping prices higher at the
pump, according to the International Energy Agency.
In its monthly report, the IEA said cuts from the Organization
of the Petroleum Exporting Countries, a cartel of oil-producing
nations where Saudi Arabia is the largest producer and de facto
leader, have led to 2.5 million barrels a day being removed from
the market since January, though this has mostly been mitigated by
record supply coming from the U.S. and Brazil, with non-OPEC supply
up by 1.9 million barrels a day.
However, with Saudi production as well as Russian exports being
reduced until the end of the year, the market is now likely to see
a significant shortfall of about 1.1 million barrels a day in the
fourth quarter, which is likely to support prices, the IEA said
Wednesday. The unwinding of the cuts in 2024 should bring the
market back to surplus, but a lack of oil inventories could mean
high volatility in the market, the Paris-based agency added.
OTHER STORIES:
China's Electric-Vehicle Makers Face EU Antisubsidy Probe
The European Union is launching an antisubsidy investigation
into China's electric-vehicle makers, opening a new front in the
battle for leadership of the global clean-technology industry.
The probe, announced Wednesday, reflects growing concern in
Europe about the impact of low-price products from China on the
bloc's domestic industries. It could result in tariffs if officials
from the European Commission, the bloc's executive body, conclude
that Chinese EV manufacturers are receiving subsidies that are
hurting Europe's auto industry.
"Global markets are now flooded with cheaper Chinese electric
cars," European Commission President Ursula von der Leyen said in a
speech on Wednesday. "Huge state subsidies" are keeping prices
artificially low and distorting the European market, she said.
--
BP CEO Bernard Looney Resigns Over Past Relationships With
Colleagues
BP CEO Bernard Looney resigned abruptly Tuesday over past
relationships with colleagues, the company said, less than four
years after taking over the London-based oil giant and embarking on
an ambitious plan to position it at the vanguard of the global
transition to renewable energy.
Looney's resignation was a surprise, and the company said in a
release on Tuesday that his departure is immediate.
The company on Tuesday evening said Looney was not fully
transparent about past personal relationships with colleagues. BP
said Chief Financial Officer Murray Auchincloss would serve as CEO
on an interim basis.
--
Sigma Lithium Mulls Alternatives as Proposals Roll In
Sigma Lithium is evaluating strategic alternatives receiving
several proposals for its subsidiary in Brazil.
The Canadian lithium producer said Wednesday that it has
received several proposals for itself, for its wholly owned
subsidiary Sigma Mineracao as well as the Grota de Cirilo project
in Brazil.
It didn't identify any of the interested parties, but said they
include companies in the energy, auto, batteries and lithium
refining industries.
Sigma said the proposals it received from the potential
strategic partners differ in nature and structure and are still in
the process of review and negotiations.
MARKET TALKS:
Palm Oil Closes Higher, Tracking Soybean Oil's Gains
1012 GMT - Palm oil closed higher, tracking soybean oil's
overnight gains on the Chicago Board of Trade, amid the recent
spike in crude oil prices, Abdul Hameed, director of sales at
Pakistan-based Manzoor Trading, says in a research note. Pricier
crude encourages the use of biofuels derived from vegetable oils.
Meanwhile, analysts expect strengthening El Nino conditions through
the North Hemisphere winter until February 2024, which could cause
major disruptions to the world's agricultural production and
supply. The Bursa Malaysia Derivatives contract for November
delivery is MYR44 higher at MYR3,727 a ton ($796.88).
(sherry.qin@wsj.com)
--
Metals Pause as China Property Worries Weigh
0746 GMT - Metals prices are subdued as concerns over China's
property sector linger. Three-month copper prices on the LME inch
down 0.1% to $8,382.50 a metric ton while aluminum ticks up 0.2% to
$2,200 a ton and zinc adds less than 0.1% to $2,484 a ton. Concerns
about China's property sector have been a consistent drag on metals
prices in recent weeks. Home sales in China are slowing while
concerns about the nation's real-estate giants remain high,
Australian bank ANZ says in a note. "Industrial metals fell as the
outlook for China's property sector weakened. Investor sentiment
remains bleak," the bank says in a note.
(william.horner@wsj.com)
--
Oil Holds at 10-Month High on Supply Worries
0730 GMT - Oil prices hold steady at a roughly 10-month high as
investors worry about supply cuts tightening the market. Brent
crude oil rose 0.3% to $92.32 a barrel. The modest increases add to
strong gains Tuesday that came after an OPEC report that left
demand and supply forecasts largely unchanged, but implied a large
deficit of over 3 million barrels a day would build towards the end
of the year. That would challenge Saudi Arabia and Russia's recent
unilateral steps to reduce global oil flows in an attempt to boost
price. Both are members of OPEC+ whose stated goal is to balance
the oil market. Investors are awaiting the IEA's monthly report
later Wednesday for their view on the global oil outlook.
(william.horner@wsj.com)
--
Iron Ore Rises on China's Better-Than-Expected Credit Data
0303 GMT - Iron ore prices are higher in early Asian trading
despite China's property sector losing momentum after a rebound
driven by a raft of stimulus measures. Analysts reckon that
investor sentiment is boosted by China's stronger-than-expected
credit data in August. "Traders look through the weak home sales to
focus on stronger credit that should provide some support for steel
demand," ANZ analysts say in a research note. The most traded iron
ore contract on the Dalian Commodity Exchange is up 0.8% at
CNY931.0 a ton ($127.67). (sherry.qin@wsj.com)
--
China Key Chemicals Demand To Decrease Over Time, OPIS Panelists
Say
1751 ET - China is exporting increasingly larger volumes of
polyethylene and building significant capacity to produce more,
paving the way for self-sufficiency in one key chemical segment,
said Uptal Sheth, executive director, Asia Plastics & Polymers
at Chemical Market Analytics at the OPIS World Chemical Forum in
Houston. But China's appetite for these chemicals will gradually
decline in the coming decades as economic growth slows down, while
India's will increase, he said. A young and large population in
India is going to be driving chemical consumption there, said
Ramkumar Shankar, the managing director of chemical company
Chemplast Sanmar. "India is a beacon of hope in a sea of gloom," he
said. (benoit.morenne@wsj.com; @benmorenne)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
September 13, 2023 07:05 ET (11:05 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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