Malaysia’s benchmark crude palm oil prices are expected to stay supported at 4,000 ringgit ($885.15) a tonne in the near term due to tight availability of surplus, the Malaysian Palm Oil Association (MPOA) said on Saturday. Production in the world’s second largest producer in 2023 is forecast...
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America is more energy independent than ever
A recent Citibank research note got my attention. “Total gross crude and other liquid exports hit a record of 11.128 million barrels per day, more than the total output of either Russia or Saudi Arabia,” Citi energy analysts wrote on March 1. “U.S. net crude imports fell to lows not seen since the...
https://www.hellenicshippingnews.com/america-is-more-energy-independent-than-ever/
Dollar slides as Fed rate hike expectations trimmed on SVB collapse
The dollar fell on Monday on heightened expectations the Federal Reserve will be less aggressive with monetary policy as authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank. The U.S. government announced several measures early in the Asian trading day, saying...
Russian wheat and fertiliser exports rise despite restrictions
Russia has repeatedly claimed that western sanctions are negatively affecting its agricultural exports in an effort to possibly block the renewal of a crucial grain deal next week, but data provided to The National suggest an overall increase in Russian fertiliser and wheat exports in 2022. This...
https://www.hellenicshippingnews.com/russian-wheat-and-fertiliser-exports-rise-despite-restrictions/
Record-breaking fuel demand in India surges 5% with cheap Russian oil boost
Fuel demand in India hit its highest level in at least 24 years in February amid a boost in the country’s industrial activity by cheap Russian oil, latest official data revealed. The country’s fuel consumption rose by more than 5 percent to 4.82 million barrels pre-day – or 18.5 million tonnes – in...
U.S. freight movements fall amid excess inventories
U.S. manufacturers and distributors are still struggling to digest excess stocks of raw materials and finished products ordered before an abrupt slowdown in merchandise spending in the second half of 2022. Total inventories of raw materials, work-in-progress and finished items held by...
https://www.hellenicshippingnews.com/u-s-freight-movements-fall-amid-excess-inventories/
Wheat rises for second session on weaker dollar; Black Sea deal in focus
Chicago wheat futures gained more ground on Monday, underpinned by a weaker U.S. dollar, with the market’s focus on talks this week to renew a Black Sea deal that will allow Ukraine to continue shipping grains. Soybeans and corn rose on support from a severe drought that will impact output in key...
The Commodities Feed: Natural gas prices surge
Energy – European gas prices surge The oil market has continued to move higher in early morning trading today, following a strong close at the end of last week. ICE Brent settled almost 1.5% higher on Friday. The strength in the market comes despite the continued weakness we have seen in equities...
https://www.hellenicshippingnews.com/the-commodities-feed-natural-gas-prices-surge/
FBX Index March 2023: Looking forward
Cometh the bull/bear market cycle in container freight, with February being the month where some of the last bastions of high market rates ex-Asia fall away and into levels we haven’t seen since 2019. The launch of container freight futures on The Singapore Exchange (SGX) coincides with this,...
https://www.hellenicshippingnews.com/fbx-index-march-2023-looking-forward/
India jostles with China for April ESPO crude from Russia, prices jump
Private Indian refiners are jostling with independents in China for Russian ESPO crude loading in April, pushing prices higher after Moscow lowered exports of its flagship grade Urals, industry sources said. China, which is set to import record volumes of Russian crude in March, typically sweeps up...