Despite the pick-up in economic activity around the globe after lockdowns triggered by the Covid-19 pandemic, Brent crude oil prices are likely to remain range-bound between $35 – 40 per barrel till the third quarter of the current calendar year 2021 (CY21), but move up to $45 – 50/barrel in the second half of CY21, suggests a […]
The International Grains Council (IGC) raised its forecast for global wheat production in the 2020/21 season, with improved outlooks for Australia and China more than offsetting a downward revision for the European Union. In its monthly update, the inter-governmental body increased its global wheat crop forecast by 2 million tonnes to 768 million tonnes, up […]
The natural gas industry sees no change to the strong long-run outlook for demand following the COVID-19 crisis, but expects a supply shortfall in the next four years as the pandemic lockdowns and oil price collapse lead to delays on gas projects. Gas producers, buyers, liquefied natural gas (LNG) developers and a major contractor said […]
With or without China, world wheat stocks are set to reach a new high by mid-2021, though record demand should prevent supplies from becoming too burdensome. However, China is going on its eighth consecutive year of producing more wheat than it uses, further expanding already-massive stockpiles and nudging its share of global wheat supplies to […]
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the BP Statistical Review of World Energy 2020. There was also a partial unwinding of some of the one-off factors that boosted energy demand in 2018. “This slowdown was particularly evident in the US, Russia and India, each of […]
Commodity prices have fallen sharply on fears of a second wave of covid-19 spread, only to recover on hopes of another stimulus coming. Base metals, bullion and energy futures started with a sharp decline of up to 4 per cent on MCX but recovered later in the day amid high volatility. Most prices have improved smartly over […]
Crude oil prices accelerated their fall after the Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after […]
Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, has issued a tender to import a total of up to 24 million barrels of crude oil from the United States between October this year and March next year, Reuters reported, citing tender documents it has seen. IOC wants to import 2 million barrels each […]
Gold price edged higher on Monday, rebounding from the previous session’s steep fall, as investors are hopeful of further monetary policy action from the US Federal Reserve this week. Spot gold climbed 0.4% to $1,690.90 per ounce, while US gold futures rose 1.0% to $1,698.20 per ounce in New York. Investors believe the Fed reserve […]
As most countries have been gradually reopening from their lockdowns since mid-May, recovery of economic activities is expected in the third quarter, claims the recently released Short Range Outlook (SRO) report for 2020 and 2021 by Wordsteel. Even though all steel-using sectors are affected by the lockdown measures, the mechanical machinery and automotive sectors are […]
