2025-07-11 07:20
MOSCOW, July 11 (Reuters) - Russia's largest liquefied natural gas Novatek (NVTK.MM) , opens new tab said on Friday its second-quarter natural gas output increased by 2.8% year on year to 21.18 billion cubic metres. Crude oil and gas condensate output in the April - June quarter rose by 2.2% from the same period a year ago to 3.44 million metric tons, or around 277,450 barrels per day, the company said. Sign up here. https://www.reuters.com/business/energy/russias-novatek-says-q2-gas-output-up-28-yy-2025-07-11/
2025-07-11 07:19
JAKARTA, July 11 (Reuters) - Sovereign wealth fund Danantara Indonesia said on Friday it had signed a memorandum of understanding with the Japan Bank for International Cooperation to jointly finance renewable energy, water management, and power transmission projects in Indonesia. Sign up here. https://www.reuters.com/sustainability/climate-energy/sovereign-fund-danantara-indonesia-japans-jbic-agree-jointly-finance-renewables-2025-07-11/
2025-07-11 06:58
Gas business down $0.1 bln-$0.3 bln Q2 vs Q1 Oil business down $0.6 bln-$0.8 bln Q2 vs Q1 Downstream divsision to benefit from higher margins LONDON, July 11 (Reuters) - BP's (BP.L) , opens new tab second-quarter results are expected to be impacted by lower prices received for gas and oil, while its upstream output is set to be higher than previously forecast, the company said in a trading update on Friday ahead of results due on August 5. Crude oil prices fell in the quarter as OPEC+, made up of the Organization of the Petroleum Exporting Countries and allies such as Russia, started to unwind self-imposed production cuts of 2.17 million barrels per day in April. Sign up here. BP said crude oil prices averaged $67.88 a barrel in the second quarter, compared with $75.73 a barrel in the previous quarter. "In the gas & low carbon energy segment, realisations (prices received), compared to the prior quarter, are expected to have an impact in the range of $(0.1) to (0.3) billion," BP said. "In the oil production & operations segment, realisations, compared to the prior quarter, are expected to have an impact in the range of $(0.6) to (0.8) billion." BP said its gas trading result is expected to be average, without giving further details. BP guided for a rise in average refining margins in the quarter to $21.1 a barrel from $15.2 a barrel in the previous three months. Its customers and products business is set to benefit from the higher refining margins to the tune of $300 million to $500 million compared to the previous quarter, despite higher maintenance activity at its plants. It said oil trading was strong in the division. BP expects its oil and gas output in the second quarter to be above the first quarter, when it produced around 2.24 million barrels of oil equivalent per day, citing its U.S. onshore business as a driver. It had previously guided for a flat trend. Its net debt is expected to be slightly lower than the previous quarter's $27 billion. Rival Shell (SHEL.L) , opens new tab said earlier this week that it expects quarterly earnings to be hit by weaker trading in its integrated gas division and losses at chemicals and products operations. https://www.reuters.com/business/energy/bp-flags-lower-gas-oil-price-hit-second-quarter-2025-07-11/
2025-07-11 06:54
UK GDP falls 0.1% in May, after 0.3% decline in April Drops in industry and construction cancel out services growth Data adds to difficulties for UK growth-seeking government Finance minister Reeves says data "disappointing" July 11 (Reuters) - Britain's economy contracted unexpectedly for a second month running in May, official data showed on Friday, compounding worries at home for finance minister Rachel Reeves as the nation navigates growing global turbulence. Gross domestic product shrank by 0.1% after a 0.3% drop in April, the Office for National Statistics said. Sign up here. Economists polled by Reuters had mostly forecast that gross domestic product would rise by 0.1% from April's level. And while the services sector eked out a sliver of growth, declines in industrial output and construction dragged down overall output. Following a growth surge early in the year, Britain's economy could now be facing flat or weaker growth than previously expected for the April-to-June period, economists said. Friday's data now adds to expectations the Bank of England will cut interest rates next month. "The lack of momentum in the UK economy indicated by these sluggish figures means that an August interest rate cut currently looks inevitable, despite the recent spike in inflation," said Suren Thiru, economics director at accountancy body ICAEW. Prime Minister Keir Starmer's Labour government has struggled to improve growth meaningfully in its first year, with a tax hike on employers and U.S. President Donald Trump's trade wars weighing on the economy. Britain's goods exports to the United States - its single-largest export destination - surged earlier this year as U.S. importers rushed to beat the imposition of Trump's tariffs. But they fell sharply in April. And trade data published on Friday showed only a slight recovery to around 4.4 billion pounds ($6.0 billion) in May, bringing export levels back down to where they were roughly three years ago. Economists say it looks increasingly likely Reeves will need to raise taxes again in her next budget - something she had hoped to avoid. "While today's figures are disappointing, I am determined to kickstart economic growth," Reeves said of Friday's data. Britain's economy expanded rapidly in the first quarter of 2025, outstripping growth in other countries in the Group of Seven advanced economies. In May the Bank of England revised up its full-year growth forecast to 1%. However, much of the growth in early 2025 was likely linked to the expiry of a tax break for some home purchases in April, which boosted the sector before the deadline, as well as a rush by manufacturers to beat higher U.S. import tariffs. The BoE has said it thinks the economy grew by about 0.25% in the second quarter of 2025. After Friday's May figures, June's monthly data will need to show at least a flat reading, assuming no revisions to earlier months, in order to achieve any growth for the quarter, the ONS said. A month-on-month contraction of 0.4% or worse for June would herald a quarterly contraction. "The second straight decline in monthly real GDP in May will increase concerns that the government's growth plan has been derailed by external and domestic shocks," said Raj Badiani, economics director, Europe, at S&P Global Market Intelligence. Yael Selfin, chief economist at KPMG UK, said she expected the economy to have remained flat in the second quarter, but spending by households might now be picking up now. "With wage growth remaining ahead of inflation and borrowing costs set to ease further, a modest pick-up in consumer spending could be on the cards in the second half of the year," she said. ($1 = 0.7386 pounds) https://www.reuters.com/sustainability/sustainable-finance-reporting/uk-economy-shrinks-01-may-ons-says-2025-07-11/
2025-07-11 06:54
Trump announces 35% tariff on Canada Fed's Daly says two rate cuts remain on table for this year Palladium up more than 2% July 11 (Reuters) - Gold prices rose for a third straight session on Friday, as U.S. President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset. Spot gold was up 0.6% at $3,344.02 per ounce as of 1108 GMT. U.S. gold futures gained 0.9% to $3,355. Sign up here. "We're seeing some growing demand for gold as a haven. There are investors looking for some safety assets despite stock markets hitting highs. And any dip in gold is seen as a buying opportunity now," said Carlo Alberto De Casa, an external analyst at Swissquote. On Thursday, Trump said the United States would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners. This followed Wednesday's announcement of a 50% tariff on U.S. copper imports and a similar levy on goods from Brazil. "Rising trade tensions have reinvigorated demand for haven assets such as gold amid the prospect of an economic slowdown. The more dovish Fed is also boosting investor appetite," analysts at ANZ wrote in a note. Federal Reserve Governor Christopher Waller reiterated his belief the central bank could cut rates at its policy meeting later this month. Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year. Lower rates boost non-yielding gold's appeal. Elsewhere, spot silver rose 1.1% to $37.43, platinum rose 0.2% to $1,363.31 and palladium climbed 2.5% to $1,170.24. The premium of the U.S. futures for silver, platinum and palladium against the London benchmarks rose after Trump's copper tariff announcement this week, leading to a spike in lease rates. "Traders unwound open positions on NYMEX/COMEX and had to borrow the other side," said a precious metals trader, adding that this activity in the so-called white metals left gold unaffected. https://www.reuters.com/world/china/gold-rises-trumps-latest-tariffs-firmer-dollar-caps-gains-2025-07-11/
2025-07-11 06:53
Brent, WTI rise 1% after loss in previous session IEA describes tight market despite flagging surplus for 2025 Summer travel demand propping up prompt market Trump says he will make a major statement on Russia on Monday LONDON, July 11 (Reuters) - Oil prices rose by around 1% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus. Brent crude futures were up 76 cents, or 1.11%, at $69.40 a barrel as of 1153 GMT. U.S. West Texas Intermediate crude ticked up 82 cents, or 1.23%, to $67.39 a barrel. Sign up here. At those levels, Brent was headed for a 1.6% gain on the week, while WTI was up around 0.6% from last week's close. The IEA said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation. Front-month September Brent contracts were trading at a $1.11 premium to October futures at 1153 GMT. "Civilians, be they in the air or on the road, are showing a healthy willingness to travel," PVM analyst John Evans said in a note on Friday. Prompt tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus. "OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said in a note. Further adding support to the short-term outlook, Russian deputy prime minister Alexander Novak said on Friday that Russia will compensate for overproduction against its OPEC+ quota this year in August-September. One other sign of robust prompt oil demand was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in over two years. Longer term, however, rival forecasting agency OPEC cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand, the group said in its 2025 World Oil Outlook published on Thursday. Both benchmark futures contracts lost more than 2% on Thursday as investors worried about the impact of Trump's evolving tariff policy on global economic growth and oil demand. "Prices have recouped some of this decline after President Trump said he plans to make a 'major' statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia," ING analysts wrote in a client note. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia's intensifying bombardment of Ukrainian cities. The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimising such challenges. https://www.reuters.com/business/energy/oil-prices-recover-slightly-us-tariffs-opec-downgrade-weigh-2025-07-11/
