2025-07-18 18:52

NEW YORK, July 18 (Reuters) - The U.S. government sided with Argentina's effort to put on temporary hold a court order that it turn over its 51% stake in oil and gas company YPF (YPFDm.BA) , opens new tab to partially satisfy a $16.1 billion judgment won by two investors. In a filing late Thursday night, the government told the 2nd U.S. Circuit Court of Appeals that the public interest supports resolving the dispute on the merits, "free from the rushed compulsion of an unstayed turnover order and any negative effects it may have on U.S. foreign relations with Argentina." Sign up here. The investors, Petersen Energia Inversora and Eton Park Capital Management, separately urged the Manhattan-based appeals court to reject a stay of U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. They said the appeal would likely fail, and Argentina's "strategy of delay and obstruction" against collecting the $16.1 billion judgment, which the country is also appealing, justified the turnover. The investors nonetheless said if the appeals court is not inclined simply to deny a stay, it should return the case to Preska to let Argentina propose alternative collateral or set conditions to avoid "irreversible outcomes" during its appeal. "Plaintiffs have no interest in having the shares become unrecoverable in the (unlikely) event Argentina prevails on appeal, and no interest in running an oil company, and so would accept reasonable conditions to ensure the share transfer can be easily unwound if necessary," the investors' lawyers said. Representatives for Argentina had no immediate comment outside business hours. Argentina has said it would suffer irreparable harm and its economy could be destabilized if it gave up its stake in YPF, the country's largest energy company. It has until July 22 to respond to the investors' filing. Petersen and Eton Park are represented by litigation funder Burford Capital (BURF.L) , opens new tab, which has said it expected to receive 35% and 73% of their respective damages. The litigation arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol (REP.MC) , opens new tab without making a tender offer to minority shareholders. Preska awarded the $16.1 billion judgment in September 2023. The U.S. government expressed its position in a proposed friend-of-the-court brief, which mirrored a position it first took last November during the Biden administration. It said Petersen and Eton Park opposed its motion to file the brief. https://www.reuters.com/business/energy/us-sides-with-argentina-ypf-dispute-investors-suggest-alternative-collateral-2025-07-18/

2025-07-18 18:18

US dollar down 0.3% Indonesia still negotiating details on trade deals Bullion falls over 1% in previous session July 18 (Reuters) - Gold prices rose on Friday as a weaker U.S. dollar and ongoing geopolitical and economic uncertainty boosted demand for the safe-haven metal, while platinum prices eased after reaching their highest level since 2014. Spot gold rose 0.4% to $3,351.18 per ounce, as of 0153 p.m. EDT (1753 GMT), after falling 1.1% in the previous session. Sign up here. U.S. gold futures settled 0.4% higher at $3,358.3. "In the precious metals space, there are gains across the board, courtesy of a weaker dollar," said Marex analyst Edward Meir. The dollar (.DXY) , opens new tab was down 0.3%, making gold cheaper for buyers holding other currencies. "Concerns around growth in U.S. debt and further tariff updates are likely to keep gold in focus, and for now the floor looks well supported," said Suki Cooper, Precious Metals Analyst, Global Research at Standard Chartered Bank. On the tariff front, Indonesia is still working out the details of its new trade deal with the U.S., while Treasury Secretary Janet Yellen told Japan's Prime Minister a "good agreement" is possible. Earlier this week, U.S. President Donald Trump said he was not planning to fire Fed Chair Jerome Powell but left the option open and again criticized him for not cutting interest rates. Market participants are anticipating two U.S. rate cuts by the end of this year, totalling 50 basis points. Gold thrives during economic uncertainty, and lower interest rates boost investor demand as it is a non-yielding asset. Spot platinum fell 2% to $1,428.65 per ounce, after hitting its highest since August 2014 earlier in the day. "We expect an easing in Chinese physical investor and jewellery demand to lead to a pull-back in the price of platinum in Q3 2025," said David Wilson, Senior Commodities Strategist, BNP Paribas Markets 360. Palladium dropped 1.6% to $1,259.09, while silver gained 0.3% to $38.23. Despite long-term concerns from electric vehicle growth and recycled supply, sentiment on palladium in China is positive, with catalyst loadings likely to rise ahead of China 7 emissions legislation from 2028, said Dr. Jonathan Butler, Head of Business Development & Strategy at Mitsubishi Corp. https://www.reuters.com/world/china/safe-haven-gold-gains-global-uncertainty-weaker-dollar-2025-07-18/

2025-07-18 17:59

July 18 (Reuters) - BP (BP.L) , opens new tab has agreed to sell its U.S. onshore wind business to U.S.-based LS Power, as part of its ongoing divestment strategy, the energy major said on Friday, without disclosing a deal value. bp Wind Energy will be owned and operated under power and energy-focused investment and operating company LS Power's Clearlight Energy. Sign up here. BP has come under criticism from investors for its underperformance in recent months, leading to a strategy revamp with promises to cut debt, increase cash flow and a major pivot back to oil and gas after an ill-fated foray into renewables. The company is targeting $3 billion to $4 billion in disposals by the end of this year. It has pledged to divest $20 billion worth of assets by 2027 under CEO Murray Auchincloss' plans. "The absence of consideration in the press release is unusual given the potential size of the transaction," HSBC analyst Kim Fustier said. "This may suggest that the portfolio could be worth less than typical multiples for onshore wind assets," Fustier said, adding that another disposal will likely be needed to reach the disposal target this year. BP struck a deal with Apollo Global Management (APO.N) , opens new tab in March to sell its stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion. The deal comprises 10 operating wind assets with a combined gross generating capacity of 1.7 gigawatts, BP said. The acquisition will increase Clearlight Energy’s operating fleet to about 4,300 megawatts, LS Power said. Shares of the London-listed company were up 1.9%, with other energy companies also tracking a rise in oil prices. https://www.reuters.com/business/energy/bp-sell-us-onshore-wind-business-ls-power-undisclosed-sum-2025-07-18/

2025-07-18 17:51

July 18 (Reuters) - U.S. energy firms this week added oil and natural gas rigs for the first time in 12 weeks, energy services firm Baker Hughes (BKR.O) , opens new tab said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven, its biggest weekly increase since December, to 544 in the week to July 18. , , Sign up here. Despite this week's rig increase, Baker Hughes said the total count was still down 42 rigs, or 7% below this time last year. Baker Hughes said oil rigs fell by two to 422 this week, their lowest since September 2021, while gas rigs rose by nine, the biggest weekly increase since July 2023, to 117, their most since March 2024. In Texas, the biggest oil and gas-producing state, the rig count fell by two to 253, the lowest since October 2021. In the Permian basin in West Texas and eastern New Mexico, the biggest U.S. oil-producing shale formation, the rig count fell by two to 263, also the lowest since October 2021. But in the Haynesville shale in Arkansas, Louisiana and Texas, one of the nation's biggest and fastest-growing gas-producing regions, the rig count rose by three to 41, the most since March 2024. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected a 68% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 105.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. https://www.reuters.com/business/energy/us-drillers-add-oilgas-rigs-first-time-12-weeks-baker-hughes-says-2025-07-18/

2025-07-18 14:48

Stablecoin growth boosts Ethereum demand, says Astronaut Capital's Dibb Ether-linked stocks rise after stablecoin bill passes July 18 (Reuters) - Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives. The bill, expected to be signed into law by President Donald Trump, marks a watershed for the digital asset industry, which has long pushed lawmakers to create rules for digital assets, arguing that a clear framework could drive a wider usage of stablecoins and other crypto tokens. Sign up here. Ether benefits from an increased usage of U.S. dollar-pegged tokens known as stablecoins. Most stablecoins are issued and transacted on the underlying Ethereum blockchain, driving up demand for ether to pay for transaction fees. Shares of BitMine (BMNR.A) , opens new tab, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, soared 12.7%. Other ether holding firms Bit Digital (BTBT.O) , opens new tab and BTCS (BTCS.O) , opens new tab added 6.5% and 22.9%, respectively. SharpLink shares dipped 0.6%. The $3.5 billion SharpLink Gaming (SBET.O) , opens new tab, which has funded its ether treasury through stock sales in recent weeks, said on Thursday that it had added $5 billion to its current $1 billion share sale plan. "The standout proposition of institutional Ethereum accumulation seems to be stablecoin growth which has been further accelerated by the recent success of Circle IPO," said Matthew Dibb, CIO at Astronaut Capital, a Singapore-based crypto asset manager. "Ethereum is by far the biggest beneficiary of stablecoin usage." Stablecoin issuer Circle Internet (CRCL.N) , opens new tab added 6%, while crypto exchange Coinbase Global (COIN.O) , opens new tab gained 7.6% and hit an all-time high for the first since its IPO in 2021. ETHER TREASURY STRATEGY Ether climbed to $3,675.81, its highest since January 6, and was last up 6.6% at $3,643.09, outperforming bitcoin , which eased 0.5% to $118,870 after hitting a record high of $123,153 this week. Ether has also got a boost from a number of companies adding the digital asset to their balance sheets recently, following the example of Strategy (MSTR.O) , opens new tab. Shares of the largest corporate holder of bitcoin have skyrocketed more than 3,000% since 2000 as its underlying asset has ballooned in value. "Time will tell whether these treasury companies outperform the core ETH ETF, but given the success of (Strategy) in recent years, it won't stop them from trying," Astronaut Capital's Dibb said. While many companies have launched copycat strategies with bitcoin, which is capped at 21 million coins and is often viewed as a digital store of value, the pivot to ether has raised some eyebrows as it does not have a cap on maximum supply. "It is hard to comprehend why so many speculators are denying themselves that cardinal benefit by buying their crypto exposure in an equity wrapper that issues new shares regularly," said Michael O'Rourke, chief market strategist at JonesTrading. "While the fixed supply cap is bitcoin's cardinal trait, the cardinal trait of a digital treasury company business model is perpetual dilution through share issuance." https://www.reuters.com/business/media-telecom/crypto-stocks-jump-ether-scales-six-month-high-2025-07-18/

2025-07-18 13:10

July 18 (Reuters) - German chemicals company Wacker Chemie (WCHG.DE) , opens new tab on Friday cut its sales outlook for the 2025 financial year, pointing to weak customer demand stemming from global economic and trade policy uncertainty. "There are no signs of a recovery so far," said Chief Executive Christian Hartel in a statement. Sign up here. Wacker, which supplies polysilicon for roughly half of the world's chips, had expected a resolution to the tariff-related uncertainty that would have allowed demand to recover. "This development has so far not materialised," the company said. It now expects annual sales of between 5.5 billion and 5.9 billion euros ($6.41 billion and $6.87 billion), down from previous guidance of between 6.1 billion and 6.4 billion euros. Wacker said that the change in its guidance had also been prompted by a stronger euro since the beginning of the second quarter of the year, and the expectation that the current exchange rate level will remain unchanged. The euro has gained 12% against the dollar this year on the tariff turmoil and more recently due to worries about U.S. President Donald Trump's massive spending and tax-cut bill, and his relentless criticism of Federal Reserve Chair Jerome Powell for not cutting rates. Wacker posted second-quarter revenue of 1.41 billion euros, in line with expectations in a company provided poll compiled by Vara Research. Its shares fell by as much as 3% but pared losses to stand 1% lower by 1240 GMT. ($1 = 0.8586 euros) https://www.reuters.com/en/wacker-chemie-cuts-guidance-amid-prolonged-tariff-uncertainty-2025-07-18/