Market Pulse - Commodities
Commodities: NYMEX gasoline on a tear as traders take stock of Harvey
Energy futures are racing higher across the board as markets continued to take stock of the situation on the US Gulf coast in the wake of hurricane Harvey, especially after the storm made landfall the day before near the Louisiana border forcing Motiva's refinery at Port Arthur - the country's largest - offline.
Tharisa commissions DC furnace, agrees to licence Lonmin Chrome plant
Chrome production and resource group, Tharisa said on Thursday that its subsidiary Arxo Metals had commissioned the construction of a one-megawatt direct current furnace to assist in the production of platinum group metal (PGM) alloys.
China August manufacturing PMI rises unexpectedly, but economists wary
Factory activity in Asia's largest economy registered an unexpected pick-up in August, official data revealed, but some economists were mistrustful.
US crude oil stores drop as refineries up production, DoE says
US crude oil stockpiles drew down sharply last week as imports fell off and refineries ramped up production.
Shale oil set to continue piling pressure on oil majors, Citi says
When valuing the oil majors, investors need to take into account the investment necessary to replenish their resource reserves with the impact that has on the companies' reserve life and balance sheet gearing, Citi said.
Hurricane Harvey halts Pantheon Resources operations in eastern Texas
AIM-listed oil and gas exploration company, Pantheon Resources said Hurricane Harvey would damage its operations in East Texas, but to what extent the tropical storm would impact its ability to operate would likely not be known until early September.
Sector movers: Geopolitical tensions boost precious metals miners
Precious metals miners are heading up gains on the top flight index amid renewed geopolitical tensions on the Korean peninsula but as a group, miners are in the red, weighed down by falls in the likes of Antofagasta, Glencore, BHP Billiton and Rio Tinto.
Citi more cautious, cuts Wood Group, Amec Foster Wheeler valuation
Analysts at Citi reiterated their 'neutral' stance on shares of Wood Group and Amec Foster Wheeler, telling clients they continued to see the proposed tie-up as a "defensive" deal given the still "challenging" environment for oil and gas activity.
Eco Atlantic nears completion of 3D seismic survey offshore Guyana
Eco Atlantic Oil and Gas said it had nearly completed a seismic survey of the Orinduik Block offshore Guyana nearly two years ahead of schedule and that it was evaluating new assets.
BlueRock Diamonds on track to meet production target at Kareevlei
BlueRock Diamonds, the operator and owner of South Africa's Kareevlei Diamond Mine, announced on Thursday that it was on track to reach its target production level of 25,000 tonnes amid evidence of continued improvements in production.
Commodities: Latest Trump comments help lift gold higher as risk off theme takes hold
The latest round of comments from the White House were enough to push safe haven assets higher on Wednesday as the US President threatened to allow a US government shutdown if he did not obtain sufficient funding to build a wall along the US/Mexico border.
Pressure from investors forces BHP board changes
BHP chairman, Jac Nasser, announced on Wednesday that Grant King, a non-executive director, will not stand for re-election to the board "owing to concerns expressed by some investors. ".
US oil inventories dip despite rising imports and domestic output, DoE says
US crude oil stockpiles dipped last week, despite a rise in imports and domestic oil production.
Shell starts production at Niger Delta project
Anglo-Dutch oil giant, Royal Dutch Shell announced on Wednesday that following the reported success of the first phase of the project it had commenced gas production from the second phase of its Gbaran-Ubie project located in the Niger Delta region of Nigeria.
Empyrean expects initial resource estimates for Jade and Topaz within weeks
Empyrean Resources said it had successfully completed the seismic survey for its 29/11 block offshore China on schedule, including additional data to help evaluate a possible tie-in between its Jade and Topaz prospects and an existing neighbouring oil discovery.
Malawi renews Mkango's Thambani licence for two years
The government of Malawi has granted Mkango Resources a further two year renewal for the exclusive Thambani licence in Malawi, the group announced on Wednesday.
Vedanta revenues soar on higher commodity prices
Vedanta Resources announced record earnings on Wednesday for the quarter ending 30 June thanks to significantly higher commodity prices and increased sales volumes.
Enquest lowers short-term production guidance
Enquest lowered its full-year production forecast as a result of prolonged commissioning which led to lower-than-expected operational efficiency from the floating production storage and offloading vessel at its Kraken field.
Kenmare Resources rides increased production levels into the black
Operators of the Moma Titanium Minerals Mine in northern Mozambique, Kenmare Resources posted an 82% increase in profit for the six months leading up to 30 June.
Casa Mining starts first phase of drilling at Akyanga
Ortac Resources announced part-owned Casa Mining had begun drilling the 1. 5moz Akyanga deposit in the Democratic Republic of Congo, which management believes may contain a high grade gold resource of over 2Moz.