2025-10-23 11:51

Mideast benchmark Dubai premium more than doubled to 3-week high Similar jumps seen in Oman, Murban premiums China, India to buy more oil from Iraq, West Africa, Brazil SINGAPORE, Oct 23 (Reuters) - Spot premiums in crude markets jumped on Thursday on expectations that U.S. sanctions on top Russian producers will spur China and India's demand for supplies from the Middle East, Africa and South America, trade sources and analysts said. Washington hit major suppliers Rosneft (ROSN.MM) , opens new tab and Lukoil (LKOH.MM) , opens new tab with sanctions over the Ukraine war, sparking concerns over tighter supply of oil from Russia, the top supplier to China and India. Global oil benchmark Brent futures rose by more than 4% on Thursday. Sign up here. Indian refiners and some Chinese companies, buyers in the world's top importers, are set to curtail Russian oil imports to comply with the new sanctions, sources said, turning to other countries for alternative supply. That sparked a jump in spot premiums for key Middle Eastern benchmarks on Thursday after slumping earlier this month on ample supply as the Organization of the Petroleum Exporting Countries and their allies are increasing output. Cash Dubai's premium settled at a three-week high of $2.71 per barrel, more than double the $1.26 per barrel of the previous session, Reuters data showed. It hit a 22-month low on October 2. Spot premiums for other benchmark grades GME Oman and IFAD Murban also jumped to one-month highs at $3.12 and $2.86 a barrel, respectively, the data showed. Privately-owned Reliance Industries (RELI.NS) , opens new tab will stop importing oil under a long-term deal to buy nearly 500,000 barrels per day of crude from Russian oil major Rosneft, two sources with direct knowledge of the matter said on Thursday. Indian state refiners including Indian Oil Corp (IOC.NS) , opens new tab, Bharat Petroleum Corp (BPCL.NS) , opens new tab and Hindustan Petroleum Corp (HPCL.NS) , opens new tab are also reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the oil companies, a source with direct knowledge of the matter said. In recent days, Reliance has purchased spot crude cargoes from Brazil and the Middle East, including Qatari al-Shaheen and Land grades, Iraqi Basra Medium, which could be used to partly replace Russian supplies, traders said. It was seen in the market on Thursday scouting for supplies, said a Middle Eastern trader approached by Reliance. "We expect most substitute crudes will be sourced from the Middle East. The urgent need for sour barrels should enable the current Basra overhang to clear faster than we previously anticipated," said Richard Jones, a crude analyst at Energy Aspects. "Today’s rally in Dubai has left Brent-Dubai swap-swap trading deeper in negative territory, supporting Atlantic basin arbs to Asia." Brent's premium to Dubai quotes was at 1 cent a barrel on Thursday, having turned negative since the start of this week, LSEG data showed. A narrowing of the price gap makes Brent-linked grades from the Atlantic Basin more attractive for buyers in Asia. Rosneft and Lukoil were also sanctioned by Britain last week. https://www.reuters.com/business/energy/spot-crude-premiums-jump-us-sanctions-russian-producers-drive-china-india-demand-2025-10-23/

2025-10-23 11:41

Oct 23 (Reuters) - JP Morgan analysts on Thursday maintained a bullish outlook on gold, forecasting prices could reach an average of $5,055 per ounce by the fourth quarter of 2026. The forecast is based on "demand assumptions that see investor demand and central bank buying averaging around 566 tons a quarter in 2026," the bank said in a note. Sign up here. "Gold remains our highest conviction long for the year, and we see further upside as the market enters a Fed rate-cutting cycle," Natasha Kaneva, Head of Global Commodities Strategy at JP Morgan, said. The combination of a "Fed cutting cycle with overlays of stagflation anxiety, concerns around Fed independence, and broader debasement hedging" supports gold's upside, Gregory Shearer, Head of Base & Precious Metals Strategy said. On the dollar, the bank noted that the rally is "not a de-dollarization or not a debasement story, but it is most likely a dollar diversification story," highlighting that foreign holders of U.S. assets are gradually redirecting small allocations into gold. JP Morgan analysts also highlighted that recent market consolidation is healthy. The pullback reflects the market digesting the rapid price gains since August, said Kaneva. "It's normal if you're paralyzed with fear, because the price moved so fast ... It's just a very clean story - you have a lot of buyers, and you have no sellers," she said. She reiterated a long-term target of $6,000/oz by 2028, stressing that gold should be viewed on a multi-year horizon. Spot gold has achieved several record highs this year, with the latest peak of $4,381.21 hit on Monday, marking a significant year-to-date gain of nearly 57% and setting the stage for its strongest annual performance since 1979. https://www.reuters.com/business/jp-morgan-sees-gold-averaging-5055oz-by-late-2026-2025-10-23/

2025-10-23 11:29

TOKYO, Oct 23 (Reuters) - The peak of Japan's Mount Fuji was capped with snow for the first time this winter on Thursday, reaching the milestone 21 days later than the average since records began in 1894, the meteorological agency said. This year's snowfall came two weeks earlier than 2024, when snow settled on the 3,776-metre (12,388-ft) mountain only on November 7, the latest since records began. Sign up here. The sacred mountain is among Japan's most enduring symbols - its snow-capped summit has inspired some of Japan's greatest works of art, such as Katsushika Hokusai's "Great Wave Off Kanagawa," which now features on the back of the 1,000-yen note. While the first snowfall on Fuji has arrived later in recent years, the cause was uncertain, Mamoru Matsumoto of the Kofu observatory office of the meteorological agency told Reuters last year. Japan recorded its highest-ever temperature in August when it reached 41.8 degrees Celsius (107.2 Fahrenheit) in the city of Isesaki to the northwest of Tokyo. Fuji's "first" snowfall is defined as the first point after summer at which all or part of the mountain is visibly covered in snow or "white-looking solid precipitation" when observed from below, according to the Kofu observatory office of the meteorological agency. https://www.reuters.com/sustainability/climate-energy/japans-mount-fuji-sees-snow-first-time-this-winter-21-days-later-than-usual-2025-10-23/

2025-10-23 11:22

Total ordered to pay 8,000 euros to each of three suing NGOs Must remove carbon neutrality claims from website or face fines First application of French greenwashing law to an energy firm EU-level greenwashing law stalled in negotiations PARIS, Oct 23 (Reuters) - Oil major TotalEnergies (TTEF.PA) , opens new tab misled consumers when it launched a 2021 ad campaign depicting mostly wind and solar farms and claiming it could become carbon neutral by 2050, a French civil court found on Thursday, in the first decision applying France's greenwashing law to an energy company. The court ordered the company to pay 8,000 euros ($9,330) in reparations to each of the three NGOs that brought the case, and pay a total of 15,000 euros to cover their legal fees. Sign up here. Total must also remove from its website all statements regarding carbon neutrality and the energy transition that were deemed misleading, and post a link to the legal decision, in a month or face penalties of up to 20,000 euros per day. EU SEEKS TO CRACK DOWN ON 'GREENWASHING' "TotalEnergies ... committed misleading commercial practices in diffusing on its website messages based on allegations it aimed to achieve carbon neutrality by 2050 and be a major actor of the energy transition, which are likely to mislead consumers about the scope of the group's environmental commitments," the decision reads. TotalEnergies did not immediately respond to a request for comment. "This historic decision is the first time in the world that a major oil and gas firm was found liable for having misled the public by greening its image regarding its contribution to the fight against climate change," Friends of the Earth France said in a statement. Amid a surge in climate claims by companies in recent years, the European Union and other jurisdictions have moved to clamp down on false or exaggerated statements, notably by financial firms offering sustainable funds, though EU talks have stalled on penalties for companies using claims to sell products. Major oil and gas companies have been criticised for claiming their businesses are climate friendly, because they continue to produce fuels that release planet-warming gases even as they invest in cleaner energy technologies. In 2021, Total changed its name to TotalEnergies, pledging to gradually reduce its greenhouse gas emissions and invest in wind, solar and battery technologies, while expanding its more lucrative business of oil and gas exploration and production. That prompted civil society groups Greenpeace France, Friends of the Earth France and Notre Affaire A Tous to sue Total in 2022, arguing that it was deceiving consumers with advertisements implying the company was pivoting to produce only or mostly green energy. While TotalEnergies has invested the most of any global oil major in renewables, with a current portfolio of 26 gigawatts of gross installed renewables capacity, more than 97% of its income last year came from activities that are not environmentally sustainable, according to EU green investment disclosures. A separate criminal investigation on the advertisements by the Nanterre prosecutor's office, which could also involve financial penalties, is ongoing. ($1 = 0.8575 euros) https://www.reuters.com/sustainability/boards-policy-regulation/french-court-rules-totalenergies-misled-consumers-with-carbon-neutrality-claims-2025-10-23/

2025-10-23 11:21

DOHA, Oct 23 (Reuters) - Gas-producing countries must make clear that they oppose trade barriers and "discriminatory measures" that disadvantage energy products, Qatar's Energy Minister Saad al-Kaabi said on Thursday. "We must be clear in our opposition to trade barriers and discriminatory measures that disadvantage energy products, especially natural gas,” Al-Kaabi said at a ministerial meeting of the Gas Exporting Countries Forum in Doha. Sign up here. He did not clarify what he was referencing. However, Qatar and the United States have heaped pressure on the European Union to scale back a law on sustainability rules, which could fine violators 5% of global revenue. Al-Kaabi told Reuters last week that Qatar will not be able to do business in the EU, including supplying liquefied natural gas, if further changes are not made to the bloc's corporate sustainability rules. On Thursday, al-Kaabi also said that the outlook for natural gas and particularly LNG is positive, "despite geopolitical tensions and faltering climate policies". The positive outlook is driven by economic growth in Asia and booming power demand from data centers and artificial intelligence, he said. https://www.reuters.com/business/energy/qatar-energy-minister-says-gas-producing-countries-must-make-clear-they-oppose-2025-10-23/

2025-10-23 11:04

LONDON, Oct 23 (Reuters) - Unilever CFO Srinivas Phatak said on Thursday the demerger of the group's ice cream business could happen in early December if The Magnum Ice Cream Company listing gains automatic SEC approval following the publication of its prospectus next month. Unilever is delaying the ice cream spin-off due to the U.S. government shutdown and Phatak said that in the unlikely event that lasts for another month, a new SEC rule allowing companies statements' to become effective automatically could be triggered. Sign up here. "There is a window available in the unlikely event that over the next one month, the SEC doesn't return because of the U.S. government shutdown," Phatak said. "Then the alternate route of an automatic approval could kick in. It is not the default option." https://www.reuters.com/business/unilever-cfo-says-sec-automatic-approval-could-see-ice-cream-demerger-december-2025-10-23/