- Brent crude oil moved 2.1% higher to $103.75 a barrel.
- European benchmark gas rose 0.4% to EUR206.70 a
- Gold futures rose 1% at $1,737.20 a troy ounce.
-- Three Month copper prices moved 0.9% higher to $7,722 a
-- Wheat futures rose 1.9% to $8.05 a bushel.
Shell Posts Record Quarterly Profit on Soaring Energy Prices
Shell PLC reported a second consecutive record quarterly profit
as the oil major benefited from soaring global energy prices and a
continued rebound in the global economy.
The London-based company said Thursday that strong demand and
higher prices had allowed it to reverse $4.3 billion in impairments
it took early in the Covid-19 pandemic. It also said that strong
fuel-refining earnings had added more than $1 billion in profit in
the second quarter.
Shell's results are the latest sign of a recovery in the
fortunes of the world's largest oil companies, which saw demand
decimated by the outbreak of Covid-19 in early 2020. As the
pandemic took its toll, travel plummeted and weak demand led Shell
and its peers to write down tens of billions of dollars in assets
on expectations of sustained lower oil and gas prices.
Anglo American 1H Earnings Fall Less Than Expected
Anglo American PLC on Thursday reported lower earnings for the
first half of the year, but the results were better than expected
The multinational mining company generated underlying earnings
before interest, taxes, depreciation and amortization of $8.70
billion in the first half of 2022, down from $12.14 billion a year
earlier. This was above the Vuma market consensus of $8.56 billion,
based on 10 analysts' estimates.
Miners Unfazed by China's Plan to Control Iron-Ore Imports
Some of the world's largest iron-ore miners said they expect the
market to continue dictating prices of the commodity despite China
setting up a centralized buying group to try to gain more sway.
China Mineral Resources Group was established by Beijing this
month as part of a drive to secure more control over resources
needed for the country's growth at a time of rising tensions with
the West. More than half of China's iron-ore imports arrive from
Australia, which has faced a trade backlash from Beijing after
calling for an investigation into the origins of Covid-19 in
Australian mining executives said China had kept them in the
dark about the new centralized buying group, although speculation
that Beijing wanted to beef up its negotiating power for iron ore
had intensified after officials published a plan in January to
become more self-reliant in resources and energy.
Gold Investment Remains Attractive Despite Demand Slip on Dollar
Demand for gold fell during the second quarter of 2022 as the
strength of the dollar weighed on prices for the precious metal,
but macroeconomic weakness is still likely to ensure it remains an
attractive investment, the World Gold Council said in a report
Gold demand fell by 8% from the same period in 2021 to 948
metric tons, with much of the weakness related to the dollar's
strength, the WGC said.
Pressure from the greenback pushed gold prices 6% lower during
the quarter, with rising interest rates also a factor, the council
Sierra Leone Awarded $2 Million Grant to Boost Food
Sierra Leone has been awarded a $2 million grant to boost food
production by the African Development Bank Group's African
Development Fund, the country's government said on Wednesday.
The money is targeted toward the production and marketing of
rice. Sierra Leone's agriculture ministry will buy and subsidize
rice seeds, fertilizer and insecticides to help 67,000 small
farmers boost food production during the next two farming
Palm Oil Rises Amid Prospects for Slower Malaysian
1017 GMT - Palm oil rose amid expectations for slower Malaysian
production. Malaysia's crude palm-oil production for July is poised
to decline after reasonably high growth in June, Avtar Sandu,
senior commodities manager at Phillip Nova, says in an email. Palm
production tends to follow a cyclical pattern of high and low
growth as crops need nitrogen for yields to recover, the manager
adds. The benchmark Bursa Malaysia Derivatives contract for October
delivery was up MYR135 at MYR3,961 a metric ton.
European Natural Gas Prices Steady, Hovering Near Record
0911 GMT - European natural gas prices stabilize around the
EUR200 a megawatt-hour level as the market watches for further news
about Russian gas flows through the Nord Stream pipeline. Benchmark
regional prices are down 1.1% at EUR203.62 a megawatt-hour but
remain just below their recently set all-time high of EUR228.40.
Concerns about supply shortages this winter have sent gas prices
soaring even as high prices could weigh on demand, says JPMorgan.
The bank estimates that gas to oil switching will total 700,000
barrels a day between October and March. "Natural gas prices are so
high in Europe that there is simply no economic reason not to find
other fuels," the U.S. bank says in a note.
Oil Rises After Federal Reserve's Interest Rate Hike
0804 GMT - Oil prices rise after the U.S. Federal Reserve
increased interest rates on Wednesday, helping to turn the
macroeconomic mood more bullish. Prices for Brent crude and WTI are
both up 1.6% to $103.30 and $98.84 a barrel, respectively. Stephen
Innes, managing partner at SPI Asset Management, says the Fed's
change in tone "signaled monetary policy is now in neutral
territory," which represents a significant change for markets, as
fewer interest rate hikes are now expected, thus striking a bullish
tone for oil. Further support for oil came from reduced supply as
"U.S. crude stockpiles dropped 4.52 million barrels last week while
exports surged to a record high of 4.55 million barrels per day,"
Innes says in a note. (firstname.lastname@example.org)
Metals Rally Following Fed Rate Hike
0730 GMT - Metals prices are rallying after the Federal Reserve
increased interest rates by 75 basis points. Three-month copper
prices are up 1.9% at $7,801 a metric ton--the highest since July
8--while aluminum is up 1.7% to $2,466 a ton. Gold is also 1.2%
higher at $1,739.20 a troy ounce. "'The worst is behind us!' was
the macro sentiment yesterday and markets saw a strong risk-on
rally," Peak Trading Research says in a note. Following yesterday's
rate hike, Peak says the market is now pricing fewer increases this
year helping to boost sentiment that the economy is not in
recession. "This macro improvement matters," Peak adds.
Write to Yusuf Khan at email@example.com
(END) Dow Jones Newswires
July 28, 2022 07:52 ET (11:52 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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