2025-09-01 11:03
Fed's Daly reiterates support for rate cut, given labour market risk Silver gains more than 2% to breach $40 mark, highest since 2011 Platinum up 1.9% Sept 1 (Reuters) - Gold hit a more-than-four-month high on Monday to trade around $30 shy of all-time highs, buoyed by U.S. Federal Reserve rate cut bets and a softer dollar, while silver breached $40 per ounce for the first time since 2011. Spot gold was up 0.7% at $3,471.28 per ounce by 1141 GMT, its highest since April 22, when it touched a record $3,500.05. U.S. gold futures for December delivery gained 0.8% to $3,543.70. Sign up here. Spot silver jumped 2.1% to $40.49 per ounce, its highest since September 2011. The U.S. dollar (.DXY) , opens new tab was trading near its lowest since July 28 against a basket of major currencies, making dollar-priced bullion cheaper for overseas buyers. "Gold, and especially silver, extended Friday's strong gains, supported by sticky U.S. inflation, weakening consumer sentiment, (expected) rate cuts ... and concerns over Fed independence," said Saxo Bank's head of commodity strategy, Ole Hansen. The U.S. personal consumption expenditures price index rose 0.2% month-on-month and 2.6% year-on-year, in line with expectations, data showed on Friday. "Silver is making a move higher in response to expectations of lower rates, while a tight supply market is helping to maintain an upward bias," said KCM Trade's chief market analyst, Tim Waterer. Gold reached a record price of $3,468.80 at the LBMA exchange's morning auction, while silver notched up a 14-year auction high of $40.75, the LBMA said. San Francisco Federal Reserve Bank President Mary Daly reiterated her support for a rate cut, citing labour market risks. "The market is watching for Friday's U.S. job market report, anticipating that this would allow the Fed to resume rate cuts from September onwards," said UBS analyst Giovanni Staunovo. August non-farm payrolls are expected to have grown by 78,000 jobs, a Reuters poll showed, versus 73,000 in July. Non-yielding gold typically performs well in a low-interest-rate environment. Meanwhile, U.S. Trade Representative Jamieson Greer said on Sunday that President Donald Trump's administration was continuing talks with trade partners despite a U.S. court ruling that most of the tariffs are illegal. Elsewhere, platinum gained 2.4% to $1,397.49 and palladium added 0.8% for $1,117.98. https://www.reuters.com/world/india/gold-trades-near-record-highs-us-rate-cut-bets-silver-14-year-high-2025-09-01/
2025-09-01 10:54
Equinor supports Orsted's rights issue Will subscribe for shares worth up to $941 million Says it sees value in strategic collaboration with Orsted Will nominate candidate to Orsted’s board Orsted shares rise 4.7% COPENHAGEN/OSLO, Sept 1 (Reuters) - Norway's Equinor (EQNR.OL) , opens new tab will pump nearly $1 billion into Orsted's (ORSTED.CO) , opens new tab emergency fundraising , opens new tab, it said on Monday, bolstering the Danish offshore wind power developer's efforts to cope with U.S. President Donald Trump's hostility to the sector. The energy company said it planned to participate in Orsted's 60-billion Danish crown ($9.4 billion) rights issue by subscribing for new shares worth up to 6 billion crowns. It will maintain its 10% stake in the company, it added, helping remove some uncertainty for the offshore wind farm developer. Sign up here. Shares in Orsted, which tumbled to record lows after the company's surprise announcement in August of the capital raise and are down 85% since their 2021 peak, rose as much as 4.7% on the Equinor news. Separately, Norway's sovereign wealth fund, which holds around 3% of shares in Orsted, said it would vote in favour of the capital raise at an extraordinary meeting of shareholders on September 5. Equinor, which is 67%-owned by the Norwegian state, is the second-biggest shareholder in Orsted. The Danish state, which holds just over 50% of Orsted, has already confirmed its commitment to participate. "In response to the challenges facing offshore wind, the industry will see consolidation and new business models," Equinor said in a statement, adding it seeks "closer industrial and strategic collaboration" with Orsted. The offshore wind industry, which has struggled in recent years with soaring inflation and logistical problems that sent costs soaring, faced a further setback when Trump suspended licensing on his first day back in office in January. His administration has also stymied some developments, including a temporary halt in April to an Equinor project off New York. Analysts said Equinor had little choice but to participate in Orsted's capital raise as sitting out would dilute its stake. RBC analysts described it as being “between a rock and a hard place”. Equinor, which has said the purchase of its stake in Orsted was a long-term bet on the sector, plans to nominate a candidate to Orsted’s board ahead of its next annual general meeting. ($1 = 6.3751 Danish crowns) https://www.reuters.com/sustainability/climate-energy/equinor-inject-nearly-1-billion-into-orsted-following-us-setbacks-under-trump-2025-09-01/
2025-09-01 10:50
MOSCOW, Sept 1 (Reuters) - Recent Ukrainian drone attacks shut down facilities accounting for at least 17% of Russia's oil processing capacity, or 1.1 million barrels per day, according to Reuters' calculations. Following is a summary of attacks in recent weeks on key energy sites in Russia, one of the world's biggest energy producers. Sign up here. SYZRAN REFINERY The Ukrainian military said there was a fire in August in the Syzran oil refinery area in the Samara Region, which had a processing capacity of 8.5 million tonnes per year before the fire. The military also said on August 15 that it had struck the Syzran oil refinery. The Syzran oil refinery suspended production and crude intake, according to two industry sources. KRASNODAR REGION REFINERIES On Saturday, Kyiv's military recorded multiple explosions and a fire at the Krasnodar oil refinery in Russia's south, which produces 3 million tonnes of light oil products annually. A small fire ignited by debris from a destroyed drone was promptly doused at the Slavyansk oil refinery in the region, authorities said on August 13, with no casualties reported. On August 7, fallen drone debris caused a fire at the Afipsky refinery also in Krasnodar Region, though the extent of the damage was not immediately clear. On July 7, debris fell on Russia's Ilsky oil refinery in the Krasnodar Region due to a drone attack. UST-LUGA Russia's Ust-Luga Baltic Sea oil export terminal will operate at around 350,000 barrels per day in September, or about half its usual capacity, following damage to pipeline infrastructure from Ukrainian drone attacks, two industry sources told Reuters. DRUZHBA PIPELINE Hungary and Slovakia saw supplies via the Soviet-built Druzhba pipeline interrupted following the Ukrainian military strike on the Unecha oil pumping station in Russia's Bryansk Region. Ukraine's military also said on August 13 that its drones struck the Unecha pumping station. Damage and a large-scale fire were reported. However, crude flows through the Druzhba pipeline system were not affected at that time. NOVOSHAKHSTINSK A fire broke out following a drone strike at an industrial site in Russia's southern Novoshakhtinsk city, home to an oil refinery, authorities said in August. VOLGOGRAD REFINERY The Ukrainian military said on August 14 its drones had hit a Russian refinery in the Volgograd Region, causing huge fires. The Volgograd refinery has been shut down after being hit by drone attacks, two sources familiar with the matter said. The refinery, operated by Lukoil, was forced to halt operations for a little over a week back in February after a drone strike. SARATOV REFINERY Ukraine said it struck an oil refinery in Russia's Saratov Region in an overnight drone attack on August 10, causing an explosion and fire, though the extent of the damage was unclear. The Saratov refinery was forced to suspend fuel production after a drone strike in February. SOCHI OIL DEPOT A Ukrainian drone attack on August 3 caused two oil tanks to catch fire at an oil depot in Sochi in southern Russia, but the blazes were later extinguished, local authorities said. NOVOKUIBYSHEVSK REFINERY Primary oil processing at Russia's Novokuibyshevsk refinery, which is operated by oil company Rosneft, has been halted since August 2 following a Ukrainian drone attack the previous week, two industry sources said. RYAZAN REFINERY The Ryazan oil refinery, also operated by Rosneft, halted around half of its refining capacity on August 2 following a Ukrainian drone attack, three industry sources said. The Ryazan refinery has been struck several times. It was forced to halt operations after a drone strike in late-January, and again in February. https://www.reuters.com/business/energy/russian-energy-facilities-targeted-drone-attacks-2025-09-01/
2025-09-01 10:46
PARIS, Sept 1 (Reuters) - French oil major TotalEnergies (TTEF.PA) , opens new tab has been awarded an exploration permit for the Nzombo area off the coast of the Republic of Congo, close to its already operational Moho facilities, it said on Monday. TotalEnergies said it will operate the asset with a 50% stake, while QatarEnergy will hold a 35% interest and Congo's national oil company SNPC the remainder. Sign up here. The permit is for a 1,000 square km area located 100 km off the coast of Pointe Noire, and would add to a portfolio of "high-impact prospects", said Kevin McLachlan, TotalEnergies' senior vice-president for exploration. The work programme includes the drilling of one exploration well, which is expected to begin before the end of 2025, the company said. TotalEnergies currently produces 65,000 barrels of oil per day in the Republic of Congo, mostly through offshore wells. SNPC also owns 15% of the Moho production facilities, according to TotalEnergies' website. https://www.reuters.com/business/energy/totalenergies-wins-new-offshore-exploration-permit-congo-republic-2025-09-01/
2025-09-01 10:32
LONDON, Sept 1 (Reuters) - Yemen's Houthis said on Monday they launched a missile towards the Israeli-owned tanker Scarlet Ray near Saudi Arabia's Red Sea port city of Yanbu in a rare attack off the Saudi coast. The Liberia-flagged vessel's Singapore-based manager, Eastern Pacific Shipping, owned by Israeli magnate Idan Ofer, said the chemical tanker was undamaged and under the command of its captain. Sign up here. "We are aware of security reports alleging that our managed vessel Scarlet Ray was the target of a suspected Houthi attack," Eastern Pacific said in a statement on Monday, adding that all crew members were safe and accounted for. Britain's maritime agency UKMTO said on Sunday it had received a report of an incident from a captain who witnessed "a splash in close proximity to their vessel from an unknown projectile and heard a loud bang" 40 nautical miles southwest of Yanbu. UKMTO did not identify the party responsible, but said authorities were investigating. The Iran-aligned Houthis have launched multiple attacks on vessels in the Red Sea since 2023 that they deem to be linked with Israel in what they say is solidarity with Palestinians in the war in Gaza. Attacks near Saudi Arabia’s Red Sea coast, which is further north, have been rare in recent years. Any Houthi targeting of vessels along this coast will raise alarm as crucial energy exports are transported to global markets from Saudi terminals. "While … the projectile did not impact the vessel, the strike demonstrates a clear show of strength," said Ellie Shafik, head of intelligence with UK-based maritime risk management company Vanguard Tech. "It is too early to determine whether this represents a broader strategy of escalation, or is a one-off response to the Israeli targeting of Houthi ministers. However, Saudi Arabia is unlikely to tolerate repeated strikes occurring so close to its … territory." The prime minister of Yemen's Houthi-run government and several other ministers were killed in an Israeli strike on the capital Sanaa, the head of the Houthi Supreme Political Council said on Saturday, in the first such attack to kill senior officials. Saudi Arabia led a coalition that launched a military campaign in Yemen from early 2015 to support the Gulf-backed government against the Houthis, who had seized the capital Sanaa in 2014. The coalition has in the past foiled attempted assaults using explosive-laden boats it says were launched by the Houthis. https://www.reuters.com/world/middle-east/houthis-say-they-launched-missile-israeli-linked-tanker-near-saudi-arabias-yanbu-2025-09-01/
2025-09-01 10:26
Russian drones knock out Ukraine power facilities Zelenskiy vows more strikes deep inside Russia OPEC+ due to meet on September 7 LONDON, Sept 1 (Reuters) - Oil prices rose 1% on Monday on worries over supply disruptions stemming from intensified Russia-Ukraine airstrikes as well as a weaker dollar. Brent crude was up 62 cents, or 0.9%, at $68.10 a barrel by 1019 GMT. U.S. West Texas Intermediate crude gained 65 cents, or 1%, to $64.66. Trading is expected to be muted because of a U.S. public holiday. Sign up here. Brent and WTI crude registered their first monthly declines in four months in August, losing 6% or more on increased supply from the OPEC+ producer group. "Crude fell in August and has started September with no clear direction within established ranges as fears of a fourth-quarter supply glut are offset by geopolitical tensions," said Ole Hansen, head of commodity strategy at Saxo Bank. Investors were focused on Beijing, where Chinese President Xi Jinping, Russian counterpart Vladimir Putin and Indian Prime Minister Narendra Modi are attending a regional summit. Also on the radar was OPEC+ meeting on September 7, Hansen added. Markets remain concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day (bpd), according to tanker tracker data cited by ANZ analysts. Ukrainian President Volodymyr Zelenskiy vowed on Sunday to retaliate with more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports. A Reuters poll on Friday showed that oil prices are unlikely to gain much from current levels this year, as rising output from top producers adds to the risk of a surplus and U.S. tariff threats weigh on demand growth. Coming out of the summer season, oil inventories should rise in the last quarter of 2025 and the first quarter of 2026, HSBC analysts said in a note, with a surplus of 1.6 million barrels per day in the fourth quarter. Elsewhere, the U.S. labour market report this week will give a read on the economy's health and test investor confidence that interest rate cuts are coming soon, a view that has strengthened appetite for riskier assets such as commodities. Ahead of the data, the dollar was close to a five-week low on Monday, making oil less expensive for buyers using other currencies. https://www.reuters.com/business/energy/oil-rises-weaker-dollar-russia-supply-disruptions-2025-09-01/
