US crude exports reached 1.73m bpd in Oct
US crude oil exports reached 1.73 million barrels per day in October compared with 1.47 million bpd in September, foreign trade data from the US Census Bureau showed this week.
Exports reached 22 different countries in the month, including top destinations of Canada (279,000 bpd), China (448,000 bpd) and the Netherlands (181,000 bpd). US exports left to Poland, Togo, Turkey and Trinidad and Tobago for the first time, according to data from the US Energy Information Administration. Domestic exports totaled nearly 1.68 million bpd, while foreign exports totaled 52,675 bpd
Palm oil eases on slowing demand outlook
Palm oil on the European vegetable oils market eased on Wednesday, tracking technical selling in Malaysian palm oil futures and due to expectations of slowing demand and larger stocks.
Asking prices for crude palm oil were mostly between $2.50 and $12.50 a tone down, with weaker soyoil futures and a stronger dollar adding to the pressure. Malaysian palm oil futures closed between 15 and 28 ringgit per tone down. At 1730 GMT, CBOT soyoil futures were between flat and 0.23 cents per lb down on a sharp fall in energy markets and pressured by news that Canada’s 2017 canola harvest will be record high and larger than anticipated.
Copper steadies after sharp losses
Copper steadied on Wednesday after sharp falls in the previous session, while other metals fell on concerns that China could see a weaker first half of 2018 and as investors looked to reduce their long exposure before the end of this year.
Three-month copper on the London Metal Exchange ended up 0.1 percent at $6,550 a tone, having plummeted 4.2 percent on Tuesday, its steepest daily drop since July 2015.
Malaysian palm oil edges up
Malaysian palm oil futures edged up in early trade on Wednesday on support from a stable ringgit and a technical rebound after a fall to a more than four-month low in the previous session.
Palm oil slid in its last two sessions due to a strengthening ringgit, which makes the tropical oil more expensive for holders of foreign currencies and lowers demand.
The ringgit, which rose to its highest since September 2016 against the dollar on Tuesday, was little changed in Wednesday’s trade around noon. It was last up just 0.02 percent at 4.0650 ringgit to the dollar. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 0.2 percent at 2,568 ringgit ($631.73) a tone at the midday break, in line for a first gain in three days. Palm, however, is down 1.3 percent so far this week, on track for a sixth week of losses.
Russian Jan-Aug gold output at 193.58 tons
Russia produced 193.58 tons of gold in the first eight months of 2017, up from 179.73 tons in the same period last year, the finance ministry said in a statement, last week. Production for the period included 158.13 tons of mined gold compared with 147.64 tons a year ago. Silver production totaled 688.89 tons, up from 682.73 tons in the same period of 2016, the ministry added.
New York cocoa falls to 2-month low
New York cocoa futures prices fell to a two-month low on Tuesday with the market weighed on by generally favorable crop conditions in West Africa, heightening the prospect of a second consecutive global surplus in 2017/18.
March New York cocoa was down $8, or 0.4 percent, at $1,995 a tone at 1238 GMT after dipping to a low of $1,989, the weakest for the second month since Oct. 2. Dealers noted that the current premium for New York over London remained unusually higher with prices in Europe weighed on by supplies of cocoa from Cameroon which is considered less desirable than supplies from Ivory Coast or Ghana.
Wheat eases for 4th session, Soybeans up
Chicago wheat futures slid for a fourth consecutive session on Thursday, hitting the lowest in more than two weeks as abundant supplies weighed on the market, with the latest data from Canada showing higher than expected production. Soybean edged higher, rising for a fourth session out of five as concerns over dryness in Argentina supported the market.
The decline in wheat was unsurprising given slow US exports, said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. The catalyst seems to have been a higher estimate of Canada’s wheat crop by the local official statistician, he said. The estimate was the best part of 10 percent higher than where analysts were pegging the number, so it was a big shock. Canadian farmers harvested larger crops than expected this autumn, reaping record-large canola output and a surprisingly big wheat crop, a Statistics Canada report showed. Canola production topped 21.3 million tones, 8 percent higher than Statscan’s September estimate. The all-wheat harvest at 30 million tones exceeded Statscan’s previous estimate by 10.5 percent.
Russia launches Yamal Arctic Gas terminal
Russia on Tuesday launched the first terminal for liquefied natural gas project, Yamal LNG, in the Russian Arctic, Russian gas producer Novatek said.
The Yamal project began production of liquefied natural gas (LNG) on the first production line intended to supply 5.5 million tons of LNG per year, Novatek said in a statement.
The project is led by Novatek with France’s Total, China National Petroleum Corporation and Silk Road Fund. On Friday, the first liquefied natural gas is set to be shipped from the port of Sabetta on the Yamal peninsula. It will be transported on the world’s first ice-class LNG tanker, named after Christophe de Margerie, the head of Total who was killed in a plane accident in Russia in 2014.