Commodities News

PARIS (Reuters) – World food prices rose for a second consecutive month in September, driven by increases in cereals and vegetable oils, to remain about a third above their level a year ago, the United Nations food agency said on Thursday.

NEW YORK (Reuters) -Oil prices dropped nearly 2% on Wednesday, pulling back from multi-year highs, as an unexpected rise in U.S. crude inventories prompted buyers to take a breather after recent torrid gains.

(Reuters) – Soaring energy prices caused alarm among European leaders and sent shivers through global markets on Wednesday, raising concerns of a winter fuel crisis that could play into the hands of gas-rich Russia.

BRUSSELS (Reuters) -European Union countries have enough gas in storage to last through winter, but the surge in prices shows the need to quickly switch to renewable sources and reform the EU gas market, European Energy Commissioner Kadri Simson said.

(Reuters) -Oil prices jumped on Tuesday, with U.S. crude hitting its highest since 2014 and Brent futures climbing to a three-year high, after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.

LONDON (Reuters) – The world’s top miners on Tuesday committed to a goal of net zero direct and indirect carbon emissions by 2050 or sooner, the International Council on Mining and Metals (ICMM) said.

Inflation? Reflation? Stagflation? Whichever ultimately turns out to be correct, markets are running scared, with world stocks at the lowest since July and some 6% off the record highs hit a month ago.

CALGARY, Alberta (Reuters) -Canada on Monday formally invoked a 1977 treaty with the United States to request bilateral negotiations over Enbridge Inc’s Line 5, escalating a long-running dispute over one of Canada’s major oil export pipelines.

(Reuters) -Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production.

LUXEMBOURG (Reuters) -France and Spain on Monday called for a coordinated European response to the surge in global energy prices to protect Europe’s poorest citizens, the competitiveness of its businesses and its 2050 plan to cut greenhouse emissions.

LONDON (Reuters) -OPEC+ said on Monday it would stick to an existing pact for a gradual increase in oil output, sending crude prices to three-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic.

(Reuters) – Iraq’s oil minister said on Sunday that oil prices reaching $100 a barrel will not be sustainable and that OPEC wants stable markets.

(Reuters) – Southwest Gas Holdings is in advanced talks to acquire Questar Pipeline Company, a gas transportation and storage business of Dominion Energy Inc that Warren Buffett tried to buy, people familiar with the matter said on Sunday.

LONDON (Reuters) – British Prime Minister Boris Johnson said on Saturday he would keep immigration rules under review, and did not rule out issuing more temporary visas in an effort to help ease a tanker driver shortage which has led to fuel shortages.

MOSCOW (Reuters) – Russian oil and gas condensate output rose to 10.72 million barrels per day (bpd) in September, the highest level since the 11.34 million bpd pumped in April 2020, Reuters calculations based on an Interfax report showed on Saturday.

(Reuters) -Oil settled above $78 a barrel on Friday, just shy of a three-year high reached earlier this week, on expectations that OPEC ministers will maintain a steady pace in raising supply.

MOSCOW (Reuters) – President Vladimir Putin ordered the Russian government to look at curtailing spending from the state rainy-day fund on Friday, after the finance ministry said the global shift away from oil and gas could jeopardise Russian state finances within a decade.

KYIV (Reuters) -Ukraine said on Friday that Gazprom had suspended the transit of gas to Hungary, days after the Russian energy giant signed a long-term supply pact with the European Union member.

NEW YORK (Reuters) -Oil futures were little changed on Thursday as reports China was prepared to buy more oil and other energy supplies to meet growing demand offset price pressure from an unexpected rise in U.S. crude inventories and a strong dollar.

PARIS (Reuters) – The French government called on Thursday for a review of the European gas and power markets to shed light on a current price spike and come up with a coordinated European response.