2025-09-15 12:13

NEW DELHI, Sept 15 (Reuters) - Sanctioned vessel Noble Walker carrying Russian oil has changed course to India's Vadinar port after the country's Adani Group banned entry of blacklisted ships at its Mundra port, ship tracking data showed on Monday. The Noble Walker, carrying about a million barrels of Russian crude for Indian refiner HPCL Mittal Energy Ltd, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler. Sign up here. The vessel has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil. HMEL did not respond to a Reuters email seeking comment. Reuters has not been able to find any contact information for Mancera Shipping which owns Noble Walker, according to LSEG data. Last week, Adani issued orders barring entry of vessels that are sanctioned by the EU, Britain and the United States at its 14 ports including Mundra in western India. Indian refiners HMEL and Indian Oil Corp (IOC.NS) , opens new tab use the port for oil imports, including from Russia. India has become the biggest buyer of seaborne Russian oil after Western sanctions imposed on Moscow for its 2022 invasion of Ukraine. However, India has been tightening surveillance of vessels and transactions involving Russian supplies. Russian oil is mostly shipped by a so-called shadow fleet after the United States, EU and Britain imposed a raft of sanctions targeting vessels, traders and companies among others to curb Moscow's oil revenue, its economic lifeline. Another sanctioned tanker, Spartan, a suezmax carrying 1 million barrels of Russian crude, was anchored near Mundra port on Monday. The vessel was supposed to discharge its crude at the port on Monday, Kpler data showed. https://www.reuters.com/business/energy/sanctioned-ship-with-russian-oil-switches-indian-port-after-adani-ban-data-shows-2025-09-15/

2025-09-15 12:08

Orsted faces financial challenges amid Trump's anti-wind policies Orsted plans to issue 901 million new shares Issue price of DKK 66.6 vs Friday's close of DKK 200.3 Right to sell subscription rights limits share price fall COPENHAGEN, Sept 15 (Reuters) - Danish offshore wind developer Orsted (ORSTED.CO) , opens new tab will offer heavily discounted shares in its $9.42 billion rights issue to raise funds as U.S. President Donald Trump's resistance to renewable energy projects curtails its activities in the United States. Orsted has expanded rapidly over the past decade through an aggressive financing model, where it has sold stakes in projects under development to help to fund construction and free up capital for new projects. But it has recently faced supply chain disruption, surging interest rates and project delays. Sign up here. Two thirds of the new capital is earmarked for Sunrise Wind. Potential co-investors had fled the U.S. project after the White House ordered Norway's Equinor to halt a neighbouring wind farm in April. OVERALL AMBITION IS FOR A SUCCESSFUL RIGHTS ISSUE The world's biggest offshore wind developer set the price of its rights issue at 66.6 Danish crowns ($10.46) per share, a 67% discount to Friday's close of 200.3 crowns, or a 39% discount to a weighted price of 109 crowns derived when trading rights are subtracted, according to a prospectus. "The overall ambition is, of course, to make sure that the rights issue is a success," Orsted finance chief Trond Westlie told Reuters when asked about the subscription price. "It's consistent with ... transactions done in similar contexts and circumstances, and therefore we believe it's in line with market standards." Existing shareholders will have the right to buy 2.14 new shares for each share they currently own, with the option to sell their rights if they don't wish to participate. The company will now review its strategy of selling stakes in projects under development to help to fund construction, Westlie said. "Farm-downs have been a very profitable way when returns have been good and interest rates low. That has changed," he added. Orsted's shares lost 1.8% in Copenhagen by 1130 GMT and are down 85% from their January 2021 peak. Trading on Monday and Tuesday includes subscription rights, limiting the share price fall, Sydbank analyst Jacob Pedersen said, adding that when these begin to trade separately on Wednesday, the share price will drop sharply. LAWSUIT OVER STOP-WORK ORDER ON REVOLUTION PROJECT U.S. officials also issued a stop-work order last month against Orsted's nearly complete Revolution Wind project. The joint venture overseeing it subsequently filed a lawsuit against the administration. After the rights issue is completed, Orsted will have a liquidity reserve of 145 billion Danish crowns, which the CFO said would be sufficient to complete its current projects. Orsted has 420 million shares outstanding and plans to add 901 million new shares in the rights issue. The company's biggest shareholders, the Danish government with 50.1%, Equinor (EQNR.OL) , opens new tab with 10% and Andel A.M.B.A with 5%, have said they will participate in the share issue, which closes on October 2, with trading in the new shares expected to start on October 10. The sale of the remaining shares is fully underwritten by a group of banks. ($1 = 6.3661 Danish crowns) https://www.reuters.com/sustainability/climate-energy/offshore-wind-group-orsted-sets-deep-discount-share-issue-trump-policies-hit-us-2025-09-15/

2025-09-15 12:00

LAUNCESTON, Australia, Sept 15 (Reuters) - China's surplus crude surged to just over 1 million barrels per day (bpd) in August as robust imports and domestic production trumped an increase in refinery processing. China's refiners processed 14.94 million bpd in August, up 7.6% from the same month last year to be the second-strongest month in the past 17, according to data published on Monday by the National Bureau of Statistics. Sign up here. However, crude oil imports were 11.65 million bpd in August and domestic output rose 2.4% from the same month in 2024 to 4.3 million bpd. This gave a combined total of 15.95 million bpd available to refiners, leaving a surplus of 1.01 million bpd once the actual processing rate is subtracted, or almost double the 530,000 bpd surplus in July. China does not disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of oil processed from the total of crude available from imports and domestic output. For the first eight months of the year, the average volume of surplus crude in China was 990,000 bpd, the bulk of this being built up from March onwards as crude imports and domestic output rose at a faster rate than refinery processing. It is worth noting that not all of this surplus crude is likely to have been added to storage, with some being processed in plants not captured by the official data. But even allowing for gaps in the official data, it is clear that from March onwards China has been importing crude at a far higher rate than it needs to meet its domestic fuel requirements. Why have Chinese refiners been building up inventories, especially when the widespread market expectation is that prices are likely to trend lower as the OPEC+ group of eight exporters continue to wind back their voluntary output cuts? Part of the answer is that the expected move to oversupply is relatively recent and China's refiners are more likely to have been buying more crude than they need because there already was a moderating price trend. Global benchmark Brent futures trended lower from the peak so far this year of $82.63 a barrel on January 15 to a low of $58.50 on May 5. However, since then, prices had a brief spike back above $80 a barrel during the conflict between Israel and Iran in June, before settling into a range anchored around $65. MORE TO BE STORED? The question for the market is whether prices at this level will be enough to continue to encourage China's refiners to keep adding to inventories. During last week's APPEC oil and gas events in Singapore, the likely path for China's stockpiles was a keenly debated topic. The consensus view was Chinese refiners had the ability to add more crude to storage, but there was disagreement over whether this was likely. The key for China's refiners is usually price, and the signs are that they are shifting their view to believe that prices should be more around $50 to $60 a barrel than the current $60 to $70 range. But it's also worth noting that China is still buying significant volumes from the three exporters currently under some form of Western sanctions, namely Russia, Iran and Venezuela. Imports from Venezuela were 561,000 bpd in August, according to data compiled by commodity analysts Kpler, which was the strongest month in records going back to 2013. Arrivals from Venezuela are also poised to increase further in September, with Kpler tracking imports of 755,000 bpd so far. Imports from Iran were 1.02 million bpd in August, up from 737,000 bpd in July, according to Kpler. However, seaborne arrivals from Russia were down to 1.03 million bpd in August from 1.25 million in July, although Kpler is expecting a rebound to 1.13 million bpd in September. China's crude stockpiling has been something of an X-factor in oil markets so far this year, and it is likely to remain so given the opaque nature of how it is conducted. If prices do trend lower amid increasing supply, the reasonable expectation is that China will keep buying more oil than it needs. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. The views expressed here are those of the author, a columnist for Reuters. https://www.reuters.com/markets/commodities/china-keeps-building-crude-oil-stockpiles-even-processing-gains-2025-09-15/

2025-09-15 11:51

Ukraine attacks more Russian energy facilities over the weekend Trump presses NATO nations to halt Russian oil purchases US Federal Reserve interest rate decision in focus LONDON, Sept 15 (Reuters) - Oil prices were little changed on Monday as investors assessed the impact of Ukrainian drone attacks on Russian refineries, while U.S. President Donald Trump said he was prepared to impose sanctions on Russia if NATO nations stop buying Russian oil. Brent crude futures rose 7 cents, or 0.1%, to $67.06 a barrel by 1121 GMT while U.S. West Texas Intermediate crude was at $62.80 a barrel, up 11 cents, or 0.18%. Sign up here. Oil remains range-bound between $65-70, underpinned by disruption risks from Ukrainian attacks on Russian energy facilities and renewed calls from Trump for tougher secondary sanctions on Russian crude buyers, said Saxo Bank analyst Ole Hansen. Ukraine launched a large attack with at least 361 drones targeting Russia overnight, sparking a brief fire at the vast Kirishi oil refinery in Russia's northwest, Russian officials said on Sunday. Both crude contracts gained more than 1% last week as Ukraine stepped up attacks on Russian oil infrastructure, including the largest oil exporting terminal, Primorsk. Primorsk has a capacity to load about 1 million barrels per day of crude, while the Kirishi refinery processes about 355,000 barrels per day of Russian crude, equal to 6.4% of the country's total. Pressure is mounting on Russia as U.S. President Trump said on Saturday that the U.S. was prepared to impose fresh energy sanctions on Russia, but only if all NATO nations ceased purchasing Russian oil and implemented similar measures. Oil also received some support from solid refinery demand in China last month and a decline in US crude inventories, while weaker economic data from China weighed on prices, said UBS analyst Giovanni Staunovo. Investors are also awaiting the interest rate decision by the U.S. Federal Reserve at its September 16-17 meeting, at which the bank is expected to reduce interest rates. Lower borrowing costs could boost fuel demand. Last week, softer job-creation data and rising inflation in the U.S. raised concerns about economic growth in the world's largest economy and oil consumer. https://www.reuters.com/business/energy/oil-holds-steady-investors-assess-attacks-russian-energy-facilities-2025-09-15/

2025-09-15 11:45

Slew of central bank meetings on deck, focus on the Fed Fed expected to cut by 25 bps; BOJ, BOE tipped to hold steady Euro dips after Fitch downgrades France's credit rating MUMBAI, Sept 15 (Reuters) - The dollar slipped on Monday at the start of a week of central bank policy decisions, including from the U.S. Federal Reserve, while the euro eased slightly after Fitch downgraded France's credit rating late last week. Sterling rose 0.5% to $1.3619, its strongest since early July, while the dollar was down 0.2% against the Japanese yen at 147.38 yen. Sign up here. The euro nudged up against the dollar, but slipped about 0.1% each against sterling and the yen . The common currency was also down about 0.3% each against the Norwegian and Swedish crowns . Fitch Ratings downgraded France's sovereign credit score after hours on Friday, citing the government's rising debt burden. The move strips the euro zone's second-largest economy of its AA- status. The downgrade was largely priced in by the markets in advance, as reflected in the muted reaction seen in the euro to the announcement, said Nick Rees, head of macro research at Monex Europe. Analysts have pointed out that while fiscal worries in France could limit the euro's gains in the near term, they are unlikely to spur a meaningful decline in the currency. Data shows that speculative net long positions on the euro against the U.S. dollar continue to hold strong, ticking up to $18.4 billion as of the week ended September 8, near a two-year peak. The euro's resilience is underpinned by expectations of Federal Reserve policy easing alongside diminishing prospects for further European Central Bank rate cuts. "The widening policy divergence opening up between the ECB and Fed heading into year-end will help to lift EUR/USD towards the 1.2000-level although the pair is currently struggling to break out of the recent trading range between 1.1500 and 1.1800," analysts at MUFG said in a note. Investors are closely monitoring this week's key rate decisions in the U.S., Japan, United Kingdom, Canada and Norway, with the Federal Reserve's decision on Wednesday taking centre stage. Money markets are fully pricing in a 25 basis-point Fed rate cut, with a 5% chance of an outsized 50 bp reduction. Just as important will be Fed members' "dot plot" projections for rates, and guidance from Fed Chair Jerome Powell for gauging the extent and pace of further easing. "We expect the statement to acknowledge the softening in the labour market, but do not expect a change to the policy guidance or a nod to an October cut," analysts at Goldman Sachs said in a note. Both the Bank of England and Bank of Japan are expected to keep policy rates unchanged this week. Analysts are focusing on the BoE's plans to slow its reduction of government bond holdings and the BOJ's commentary to gauge the likelihood of a rate hike over the remainder of the year. Among other currencies, the dollar was weaker against the Swiss franc , as well as the Norwegian and Swedish crowns . The onshore yuan meanwhile got a slight lift from a weaker greenback despite Monday's grim economic data, which showed China's factory output and retail sales in August logged their weakest growth since last year. Also on investors' radars were talks between U.S. and Chinese officials, who concluded a first day of talks in Madrid on Sunday on their strained trade ties and a looming divestiture deadline for Chinese short-video app TikTok. https://www.reuters.com/world/middle-east/dollar-slips-ahead-central-bank-decisions-french-downgrade-weighs-euro-2025-09-15/

2025-09-15 11:25

Wall St futures broadly steady, European stocks up Euro shows little reaction to Fitch downgrade of France Rate cuts seen from Fed, BoC; steady for BoE, BOJ SYDNEY/LONDON, Sept 15 (Reuters) - Global shares held near record highs on Monday at the start of an action-packed week that looks certain to see the U.S. Federal Reserve resume its easing cycle, and perhaps leave the door open to a series of interest rate cuts. The Bank of Canada is also expected to cut rates by a quarter point this week, while the Bank of Japan and the Bank of England are both seen holding rates steady. Sign up here. MSCI's all-country index (.MIWD00000PUS) , opens new tab hovered just shy of last week's record high, while stocks in Europe (.STOXX) , opens new tab rose 0.5% on the day. S&P 500 futures and Nasdaq futures were up 0.1-0.2%. Markets expect a quarter-point cut from the Fed, which would take its funds rate to 4.0-4.25%, with futures implying just a 4% chance of 50 basis points. Key too will be Fed members' "dot plot" projections for rates and guidance from Fed Chair Jerome Powell on the extent and pace of any further easing. Futures already have 125 basis points of cuts priced in by late 2026, so anything less than dovish will disappoint investors. "The key question for the September FOMC meeting is whether the Committee will signal that this is likely the first in a series of consecutive cuts," said David Mericle, chief U.S. economist at Goldman Sachs. "We expect the statement to acknowledge the softening in the labor market but do not expect a change to the policy guidance or a nod to an October cut." U.S. President Donald Trump continued his attacks on the central bank on Sunday, saying Powell was incompetent and hurting the housing market. "Uncertainty surrounding the future path for Fed policy means that some traders are now bracing for volatility around Wednesday’s Fed decision, with options markets pricing in a 1% swing in either direction, which would be one of the biggest daily moves in weeks," XTB research director Kathleen Brooks said. Meanwhile, the euro shrugged off Fitch's downgrade of France late last week, rising 0.2% to $1.1754. It was a touch weaker against sterling, trading at 86.4 pence, down 0.1% on the day . The euro has been underpinned by a steady outlook for EU rates, with the European Central Bank signalling last week it was in a "good place" on policy. A host of ECB officials are due to speak this week, including President Christine Lagarde. Elsewhere, the dollar eased 0.2% against the yen to 147.39 , while the Norwegian crown rose to multi-month highs against the euro and to a 2023 high against the dollar ahead of the Norges Bank policy meeting later this week. CHINA DATA MISSES Talks between U.S. and Chinese officials on their strained trade ties and China's divestment from short-video app TikTok on Monday entered a second day in Madrid. Data released on Monday showed the Chinese economy lost some momentum in August, with a slew of activity indicators - from industrial output to retail sales - coming below forecasts. Falls in property investment deepened, while home prices declined another 0.3% in August, extending a downward trend that has persisted since early 2023. "Given the slowdown of the past few months, we expect that there's a strong case for additional short-term stimulus efforts," said Lynn Song, ING's chief economist, Greater China. "We continue to see a high possibility for another 10bp rate cut and 50bp reserve-requirement-ratio cut in the coming weeks." Separately, China's market regulator said on Monday that a preliminary investigation had found that Nvidia (NVDA.O) , opens new tab had violated the country's anti-monopoly law, marking the latest hit for the U.S. chip giant. The company's shares fell around 2% in premarket trading. In commodities, oil prices pared earlier gains, leaving Brent crude roughly unchanged on the day at $67 a barrel, backing down after a rally on the back of Ukrainian drone attacks on Russian refineries. Gold, meanwhile, held steady at $3,640 an ounce , just below last week's all-time high of $3,673.95. https://www.reuters.com/world/china/global-markets-wrapup-3-2025-09-15/