Finnish petrol station operator Teboil, a subsidiary of Russian oil major Lukoil, announced on Wednesday that it is preparing to close all its petrol stations in Finland. This action is due to fuel shortages resulting from US sanctions imposed on its parent company, according to a Reuters report. Teboil, a significant player in Finland’s fuel
Oil prices fell sharply on Wednesday due to oversupply concerns and rising inventories in the US. Meanwhile, gold and silver were higher ahead of the release of key US economic data. Base metal prices were also higher ahead of key economic indicators from the US, which is likely to pave the way for the Federal
Russia’s central bank announced Wednesday that its engagement with the domestic gold market—both buying and selling for the National Wealth Fund (NWF)—has been on the rise, citing the yellow metal’s growing liquidity. The central bank of Russia has seen a substantial portion of its foreign exchange reserves, held in key Western currencies such as the
Exxon Mobil announced Tuesday that its Fife ethylene plant (FEP) in Scotland will shut down in February 2026, citing a combination of high supply costs, weak market conditions, and the challenging UK economic and policy environment as reasons for the closure. European chemicals producers, which constitute the European Union’s fourth-largest exporting sector, trailing only machinery,
Gold prices slipped to a one-week low on Tuesday as traders scaled back on their expectations of interest rate cuts by the US Federal Reserve. Silver prices were also lower, tracking losses in the yellow metal. The metal also fell below $50 per ounce on COMEX to a one-week low. Meanwhile, oil prices, after having
Gold and silver prices fell on Monday as traders assessed expectations of rate cuts by the US Federal Reserve. Meanwhile, oil prices were steady as loadings have restarted at the Russian export hub of Novorossiysk, a Black Sea port, following a two-day pause caused by a Ukrainian attack. Prices of base metals were also in
Expectations are rising for a significant increase in US natural gas demand over the next few years. This anticipated surge is primarily fueled by two factors: expanding LNG export capacity and greater consumption from the power sector, driven by continued investment in data centers, according to an ING Group report. The US stands as the
Crude oil price paused on its downtrend in Thursday’s intraday trade after hitting a fresh three-week low earlier in the session. A weaker US dollar helped offset some losses from the previous session by rendering the commodity less expensive for buyers holding foreign currencies. Nonetheless, it remains under selling pressure as the market digests the
India’s ambitious foray into the green hydrogen economy is currently facing significant headwinds, with a recent assessment from a US-based energy think tank highlighting critical impediments to its progress. The core of the problem lies in the disappointingly slow pace of project commissioning. This sluggishness is primarily attributed to a dual challenge: first, a pervasive
The global market for raw sugar is currently experiencing a significant downturn, with prices plummeting to levels not seen in half a decade. Last week, the price of raw sugar touched a five-year low, reaching 14 US cents per pound, and has shown minimal recovery since that time. This decline is part of a broader,