MARKET MOVEMENTS:
--Brent crude oil gains 0.8% to $94.03 a barrel
--European natural gas rose 1.9% to EUR39.85 a megawatt hour
--Gold futures edged up 0.3% to $1,946.10 a troy ounce
--LME three-month copper futures rose 0.5% to $8,262 a metric
ton
--Wheat futures gained 0.5% to $5.79 a bushel
TOP STORY:
Chevron, Workers Back Brokered Deal to End LNG Strikes
U.S. energy giant Chevron and workers at two of its large
natural-gas operations have agreed on a deal recommended by
Australia's workplace arbiter to end strikes affecting plants that
account for roughly 7% of global liquefied-natural-gas supply.
The labor dispute at the Gorgon and Wheatstone
liquefied-natural-gas facilities in Australia rattled global gas
markets in recent weeks, at times jolting prices sharply higher, as
representatives of Chevron and local unions struggled to find
common ground. Australia rivals Qatar as the world's largest
exporter of LNG.
On Thursday, a recommendation from Australia's Fair Work
Commission was put to both Chevron and its workers. The U.S. oil
company said later that day that it had accepted the recommendation
and, on Friday morning in Australia, Offshore Alliance union
representatives said workers had also endorsed it.
"The unions have advised Chevron Australia and the Fair Work
Commission that industrial action has been suspended," a Chevron
spokesperson said in emailed remarks on Friday. The spokesperson
said the company has continued to meet its supply commitments to
customers locally and globally.
OTHER STORIES:
European Battery Companies Face Uphill Battle to Meet Surging EV
Demand
European battery startups are grappling with how to make
less-expensive batteries at scale as they race to meet demand from
an electrifying car industry, and while investors are still buying
in, there is less enthusiasm than a few years ago.
Battery production capacity to meet demand from car makers,
whose electrification march is fueled by European Union climate
policies, simply doesn't exist yet in the EU, said Gert Meylemans,
the general manager of Eurobat, an association that represents
automotive and industrial battery manufacturers. Eurobat
commissioned a study in 2019 that suggested battery supply would
match demand by 2024. Now, the group says that parity won't even
happen by 2030.
Meanwhile, the penetration of fully electric cars in the EU
automotive market hit an all-time high of 20% of all new sales in
August, according to the European Automobile Manufacturers'
Association.
Investments in Europe's battery industry continue, but Eurobat
says investor enthusiasm has been dampened by the war in Ukraine,
pandemic effects, supply-chain disruptions, higher raw materials
and energy prices, and a complex regulatory framework in the EU.
Europe is also competing with the U.S. and its attractive subsidies
for the industry through the Inflation Reduction Act, which the EU
hasn't matched.
"These things have really disrupted the whole industry, in a
way, both for the established players but also for the newcomers,"
Meylemans said.
---
Weyerhaeuser Cleared on Forest-Carbon Offsets
Weyerhaeuser, the forest-products firm that is the largest
private U.S. landowner, said it has gained approval from an
organization that vets environmental credits to proceed with its
first sale of forest-carbon offsets.
The company, which owns about 11 million acres of U.S.
timberland, is set to join the ranks of forest owners that have
agreed to leave trees standing and absorbing carbon dioxide from
the atmosphere instead of cutting them down in exchange for
payments from companies looking to offset their greenhouse-gas
emissions.
MARKET TALKS:
Russia Diesel Export Ban to End Quickly, Says JPMorgan
1030 GMT - Russia's ban on diesel exports will likely only last
two weeks, until the nation's harvest ends, believes JPMorgan.
Domestic fuel prices have surged to record levels in September,
likely spurring the move, the bank's analysts say. But fuel
shortages are localized in the wheat-producing regions of Krasnodar
and Rostov, causing pain for farmers who use the fuel for
harvesting and sowing winter crops. Adding to that, a lack of
storage facilities could mean the diesel ban will force Russian
refineries to export more crude oil, something that would harm
Moscow's relations with OPEC+ members, Saudi Arabia in particular,
the bank says in a note. (william.horner@wsj.com)
---
Palm Oil Snaps Four-Day Decline
1025 GMT - Palm oil prices rose slightly after four sessions of
declines. The CPO market is under pressure amid high inventories in
Malaysia and Indonesia after increased buying by importers last
month, says Abdul Hameed, director of sales at Pakistan-based
Manzoor Trading. Despite bearish sentiment, the market tone is
expected to recover in October after holidays in China and ahead of
festivals in India, he adds. The Bursa Malaysia Derivatives
contract for December delivery ended MYR2 higher at MYR3,680 a ton.
(jiahui.huang@wsj.com)
---
European Diesel Prices Spike After Russia Bans Exports
1022 GMT - Russia's move to ban diesel exports has sent European
diesel prices sharply higher. Diesel cracks jumped almost 16% to
$42.62 a barrel Thursday, according to data from OPIS. Russia said
the ban is temporary but gave no end date. Analysts say the ban is
aimed at bringing down high diesel prices within the country.
Still, it is hard to ignore the broader geopolitical tensions
between the West and Russia, notes Callum Macpherson, head of
commodities at Investec. Moscow's move to reduce natural-gas flows
also began as temporary measures, he notes. "It might be a
coincidence that this ban has been announced the day after Russia
had a tough time at the UN, or it might be a broadening of the
policy of using energy as a weapon." (william.horner@wsj.com)
---
Oil Gains on Russian Diesel Export Ban
0804 GMT - Oil prices edge higher, paring a weekly loss, after
Russia said it would ban exports of diesel. Brent crude oil gains
0.4% to $93.62 a barrel. Despite the gains, Brent is set for its
first weekly loss following three weeks of consecutive increases.
Fed officials' view that rates would likely stay higher for longer
capped the rally, but Russia's temporary ban on diesel and gasoline
exports has refocused concerns on market tightness. Russia ships
around 1 million barrels a day of diesel and the ban will likely
raise already elevated diesel prices, says ING. "How severe of an
impact the loss of Russian diesel has on the global market will
really depend on how long the export ban is in place," the bank
says in a note. (william.horner@wsj.com)
---
Iron Ore Prices Edge Lower Amid Divergent Signals
0303 GMT - Iron ore prices edge lower in early Asian trade as
market participants continue to assess negative cues from the FOMC
meeting and potential China demand. In the near term, iron ore
prices could be supported by possible demand for steel during
China's upcoming peak construction season, Huatai Futures analysts
say in a research note. Market participants will likely keep an eye
on steel industry policies and the recovery of steel scrap supply,
the analysts add. The most actively traded January 2024 iron ore
contract on the Dalian Commodity Exchange is down 0.2% at CNY862.5
a ton. (jiahui.huang@wsj.com)
(END) Dow Jones Newswires
September 22, 2023 08:11 ET (12:11 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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