Basic Materials

  • Wollongong Coal axes 80 jobs after loss AAP - 1 hour 16 minutes ago

    Wollongong Coal will axe 80 jobs and shutter its Russell Vale mining operations after widening its annual loss to $200 million. The company said mining would be suspended at its Russell Vale Colliery in southern NSW because of difficult operating and financial conditions. Weak coking coal and steel prices have weighed on the profitability of one of Australia's longest running coal mining operations which began in 1887.

  • Metgasco to sue after talks with NSW stall AAP - 1 hour 20 minutes ago

    Gas explorer Metgasco will sue the NSW government for compensation over its decision to suspend the company's drilling licence at Bentley, in northern NSW, last year. Metgasco has also indicated it is pushing ahead with plans to drill at its controversial Rosella site near Lismore - and it wants the government to guarantee police protection from protesters when it moves in. The company has been in talks with the state government after energy minister Anthony Roberts yanked its Rosella licence in 2014, days before thousands of protesters were expected to form a blockade at the drill site, and up to 800 police officers were detailed to monitor their activities.

  • Metgasco takes NSW govt back to court AAP - 2 hours 59 minutes ago

    Metgasco is taking the NSW government back to court after the pair failed to strike a compensation deal over the suspension of the coal seam gas explorer's drilling licence. Metgasco says it will go to court to seek damages for the suspension and also wants a judicial review to have a permit for an area near Grafton renewed and a production licence awarded for the Richmond Valley area. Metgasco in April won a long-running Supreme Court legal battle over the government's decision in 2014 to suspend its drilling licence near Lismore in northern NSW.

  • Atlas Iron reshuffles executive team AAP - 3 hours ago
    Atlas Iron reshuffles executive team

    Atlas Iron will shave another $1 million off its costs by reshuffling its senior executive team. The iron ore miner says it has reduced the number of senior executives from five to three. Ken Brinsden has moved from executive director to non-executive director while chief commercial officer Mark Hancock will also take on the role of chief financial officer following the resignation of Brian Lynn in August.

  • China, oil prices drag Aust bonds down AAP - 4 hours ago

    The Australian bond market has been weighed down by a spike in oil prices, nervousness about China's pace of growth and fears of a September US rate rise. Nomura rate strategist Andrew Ticehurst said the ...

  • Commodities markets summary AAP - 6 hours ago

    Oil prices sank along with the euro after the European Central Bank forecast that the eurozone would continue to contract next year and only return to growth in 2014.

  • Not so fast. Oil may test $30 again: Trader CNBC - 7 hours ago
    Not so fast. Oil may test $30 again: Trader

    U.S. crude capped its best three-day gain in 25 years Monday to close above $49, but traders may see $30 oil again this year, Anthony Grisanti said.

  • USDCAD Hit Fresh Low as US Crude Oil Broke above the 48 Dollar Mark DailyFX - 8 hours ago

    USDCAD Hit Fresh Low as US Crude Oil Broke above the 48 Dollar Mark

  • Asia stocks extend losses as Shanghai hit by more weak data AFP - 10 hours ago
    Asia stocks extend losses as Shanghai hit by more weak data

    Asian stocks sank on Tuesday, with Shanghai tumbling more than three percent, following another batch of data showing weakness in China's economy, while gold and the yen advanced as fears over the world economy sent investors into safer assets. Traders are also keeping an eye on the release Friday of a crucial US jobs report, which could play a key role in the Federal Reserve's decision on whether to raise interest rates next month, adding to market uncertainty. There are fears a rate hike will further jolt confidence in the global economy, which has already been rocked by the rout in Chinese stock markets.

  • OPEC 'ready to talk' to other oil producers MarketWatch - 10 hours ago

    The Organization of the Petroleum Exporting Countries on Monday expressed concern about the drop in oil prices and said it stands "ready to talk" to other producers. In an article in its monthly ...

  • Low oil price puts pressure on US banks Financial Times - 12 hours ago

    The low crude price is putting US banks under pressure from regulators to move quickly in classifying oil and gas loans as troubled assets when borrowers slide into difficulty, says a top financier. Bill ...

  • Famed oil bear loses his growl CNBC - 13 hours ago
    Famed oil bear loses his growl

    Stephen Schork has nailed the plunge in oil prices. So why is he changing his tune now?

  • Weak ruble helps Gazprom second-quarter profits AFP - 14 hours ago
    Weak ruble helps Gazprom second-quarter profits

    The Russian gas behemoth Gazprom announced Monday second-quarter net profit of 293.8 billion rubles, an increase of 29 percent over a year earlier, thanks to a weak ruble. April-June net profit -- equal to $4.57 billion or 4.08 billion euros -- rose by around 100 billion rubles over the same period in 2014 due to currency factors, it said. Turnover fell back four percent to 1,265 billion rubles, the company said.

  • Gold slips, threatens to fall in 5 of last 6 sessions MarketWatch - 14 hours ago

    Gold futures slip, putting the metal on pace to record its fifth decline in six sessions.

  • Is This the Time to Look for Bargains in Energy? US News - 14 hours ago

    Investors who bought up energy stocks or crude oil futures a few months ago when it seemed like petroleum prices had bottomed are likely feeling some pain after the late-August drop in the equities market. Greater concerns about China's economy, despite the government's attempts to stabilize its sinking stock market, spurred both a late-August sell-off in energy prices and the stock market. All this oversupply is hanging over energy prices and the sector, including oil-producer stocks and even some master limited partnerships.

  • Palmer launches new legal attack on CITIC AAP - 17 hours ago
    Palmer launches new legal attack on CITIC

    Clive Palmer's Mineralogy has launched fresh legal action against Chinese-owned enterprise CITIC over claims it owes the Australian company $10 billion in damages. The Palmer United Party founder announced on Monday that proceedings had been filed in the Supreme Court of Western Australia to claim the "net present value" of royalties owed by CITIC. Mr Palmer said the foreign company had shipped up to $500 million worth of iron ore concentrate without meeting its contractual obligations.

  • Oil prices leap 8% on lower US output, OPEC signal AFP - 17 hours ago
    Oil prices leap 8% on lower US output, OPEC signal

    Oil prices surged higher Monday as the US government lowered its domestic production estimate and OPEC said it was "ready to talk" to producers about multi-year low prices. US benchmark West Texas Intermediate for October delivery jumped $3.98 (8.8 percent) to $49.20 a barrel on the New York Mercantile Exchange, its third straight winning session. Over the past three winning sessions WTI has gained 27.5 percent and Brent is up 25.52 percent.

  • US crude oil soars 8.8% on lower US output, OPEC signal AFP - 18 hours ago
    US crude oil soars 8.8% on lower US output, OPEC signal

    US crude oil closed nearly nine percent higher Monday as the government lowered its domestic production estimate and OPEC highlighted concern about multi-year low prices. US benchmark West Texas Intermediate for October delivery jumped $3.98 (8.8 percent) to $49.20 a barrel on the New York Mercantile Exchange. WTI, which had opened in negative territory, pushed higher after the Department of Energy said that US domestic production in June was 9.3 million barrels a day, about 100,000 barrels lower than its previous estimate.

  • US crude oil soars 8.8% to $49.20 a barrel AFP - 19 hours ago
    US crude oil soars 8.8% to $49.20 a barrel

    US crude oil closed nearly nine percent higher Monday as the government lowered its domestic crude production estimate and OPEC signaled concern about multi-year low prices. US benchmark West Texas Intermediate ...

  • US lowers estimate of domestic crude oil output AFP - 19 hours ago
    US lowers estimate of domestic crude oil output

    The US government cut its estimate of domestic oil production on Monday, helping send crude prices sharply higher. The Department of Energy said that domestic production in June was 9.3 million barrels a day, about 100,000 barrels lower than the previous estimate. Monthly estimates for the January to May period were all revised lower by as much as 130,000 barrels a day.

  • Eni 'supergiant' gas field find a gamechanger: CEO CNBC - 19 hours ago
    Eni 'supergiant' gas field find a gamechanger: CEO

    Eni's discovery of potentially the world's largest natural-gas field off the Egyptian coast will be a gamechanger in terms of energy stability, the company's CEO said.

  • Oil, Copper Drop as China Jitters Linger. Gold Muted amid Macro Events DailyFX - 22 hours ago

    Oil, Copper Drop as China Jitters Linger. Gold Muted amid Macro Events

  • Oil prices drop after huge rally AFP - Mon, Aug 31, 2015 1:10 PM AEST
    Oil prices drop after huge rally

    Oil prices fell Monday, coming under pressure as dealers took profits from huge gains in last week's rally and tried to gauge the outlook for the US economy and its need for crude. Brent crude for October delivery fell 79 cents to $44.31 per barrel in early afternoon London deals in a subdued market due to a public holiday in Britain. Dealers said last week's rally was largely due to news the US economy grew at an annual rate of 3.7 percent in the second quarter, up from a previous estimate of 2.3 percent, stoking hopes of a pickup in demand from the world's top oil consumer.

  • Rosneft 2Q profit tumbles 22% AFP - Mon, Aug 31, 2015 11:28 AM AEST
    Rosneft 2Q profit tumbles 22%

    Russian oil giant Rosneft on Monday said its net profit fell by 22 percent in the second quarter from a year earlier, a stronger result than expected as the weak ruble partly offset falling oil prices. Rosneft's earnings were below expectations, however, at 1.312 trillion rubles ($19.5 billion). Russia's oil and gas sector has been hit by a 50-percent drop in oil prices since last year, but at the same time the ruble has lost the same amount of value, hiking ruble earnings for oil and gas sold in dollars.

  • U.S. Open Construction Is on Hold Until After Tournament The Wall Street Journal - Mon, Aug 31, 2015 10:51 AM AEST

    John Isner had been concerned about the ongoing construction at the Billie Jean King National Tennis Center, where the U.S. Open begins Monday. Isner, seeded 13th and the top-ranked American in the men’s field, was worried that the still-in-progress $150 million roof project over Arthur Ashe Stadium would create unusual shadows on the court. The retractable roof will not be operational until 2016, but ahead of this year’s tournament, the construction crews completed the 6,500-ton steel superstructure that hangs over the stadium.

  • Eurozone inflation steady at 0.2 percent in August AFP - Mon, Aug 31, 2015 10:49 AM AEST
    Eurozone inflation steady at 0.2 percent in August

    Inflation in the 19-country eurozone was unchanged at 0.2 percent in August, official data showed Monday, slightly higher than analysts expected. The consumer price rise rate is still well below the 2.0 percent hoped for by the European Central Bank after its unprecedented economic stimulus programme. Falling oil prices meant that energy was in heavily negative territory at -7.1 percent.

  • Industry pushes for speedy China FTA deal AAP - Mon, Aug 31, 2015 12:11 AM AEST
    Industry pushes for speedy China FTA deal

    Three leading industry groups will launch a national advertising campaign pushing federal parliament to ratify the free trade agreement with China by the end of the year. The National Farmers' Federation, the Minerals Council of Australia and the Australian Chamber of Commerce and Industry say any delay in parliament ratifying the FTA deal will deprive business of new job and export opportunities. The campaign will focus on the farming, mining, energy and small business sectors and aims to convince Australians the deal is good for Australia.

  • Rolls Royce cooperating with Brazil corruption probe AFP - Sun, Aug 30, 2015 11:19 PM AEST
    Rolls Royce cooperating with Brazil corruption probe

    Britain's Rolls-Royce is cooperating with investigators in a massive corruption scandal at Brazilian state oil giant Petrobras, a spokesman said on Sunday. The engineering company confirmed it had been contacted by investigators involved in the probe, which has engulfed Brazil's political and business establishment amid allegations of a massive kickbacks scheme. "We are cooperating with investigating authorities in Brazil but are unable to comment further on a continuing investigation," a Rolls-Royce spokesman said in a statement.

  • 'Largest ever' Med gas field found off Egypt AFP - Sun, Aug 30, 2015 8:28 PM AEST
    'Largest ever' Med gas field found off Egypt

    Italian energy giant Eni on Sunday announced the discovery of the "largest ever" offshore natural gas field in the Mediterranean, in Egypt's territorial waters. The discovery, confirmed by Egypt's oil ministry, could hold a potential 30 trillion cubic feet (850 billion cubic metres) of gas in an area of about 100 square kilometres (40 square miles), Eni said in a statement. "It's the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world?s largest natural-gas finds," the firm said.

  • 'Largest ever' Med gas field found off Egypt: Eni AFP - Sun, Aug 30, 2015 6:56 PM AEST
    'Largest ever' Med gas field found off Egypt: Eni

    Italian energy giant Eni on Sunday announced the discovery of the "largest ever" offshore natural gas field in the Mediterranean, in Egypt's territorial waters. The discovery, confirmed by Egypt's oil ministry, could hold a potential 30 trillion cubic feet (850 billion cubic metres) of gas in an area of about 100 square kilometres (40 square miles), Eni said in a statement. The so-called Zohr project is "the largest gas discovery ever made in Egypt and in the Mediterranean Sea," it said, adding the find would meet Egypt's own natural gas demands for decades.

  • 11 dead, dozens hurt in fire at Saudi oil giant housing complex AFP - Sun, Aug 30, 2015 3:59 PM AEST
    11 dead, dozens hurt in fire at Saudi oil giant housing complex

    At least 11 people were killed and 219 injured in Saudi Arabia Sunday when a fire broke out at a residential complex housing employees of oil giant Saudi Aramco, authorities said. Photographs published on the civil defence website showed plumes of black smoke rising from the windows of one of the buildings. Firefighting teams "are combing all towers to ensure there are no people" trapped inside, said the civil defence.

  • Regulator orders 95 Nexen pipelines suspended in Canada AFP - Sun, Aug 30, 2015 2:21 AM AEST
    Regulator orders 95 Nexen pipelines suspended in Canada

    The oil and gas producer Nexen Energy, a Canadian subsidiary of China's CNOOC, was forced to suspend operations Saturday at 95 pipelines after a major leak last month. The leak in Alberta, western Canada, spilled some 31,500 barrels (five million liters) of oil sands, prompting concern and criticism from environmental groups. The Alberta Energy Regulator (AER) ordered the immediate suspension after it accused Nexen of "noncompliant activities" at the firm's Long Lake oil-sands operations in terms of maintenance and monitoring.

  • The Fed won't wait for 2 pct inflation to raise rates: Fischer AFP - Sat, Aug 29, 2015 6:07 PM AEST
    The Fed won't wait for 2 pct inflation to raise rates: Fischer

    Federal Reserve Vice Chairman Stanley Fischer warned Saturday that the US central bank will not wait for inflation to hit two percent before raising interest rates. Fischer said he was confident that US inflation was on track to meet the two percent target that the Fed considers a sign of a healthy economy, even though changes in the personal consumption expenditure index "have recently been only above zero" due to temporary factors like declining oil prices.

  • Obama defends Shell Arctic drilling decision AFP - Sat, Aug 29, 2015 10:15 AM AEST
    Obama defends Shell Arctic drilling decision

    Two days before heading to Alaska to raise climate change awareness, US President Barack Obama on Saturday defended his controversial decision to allow Shell to drill in the Arctic's Chukchi Sea. The Obama administration's green light for the Anglo-Dutch oil giant angered environmental groups which have decried the "hypocrisy" of the president, who in recent months has stressed the need for aggressive actions against climate change. "I know there are Americans who are concerned about oil companies drilling in environmentally sensitive waters," Obama said in his weekly address, noting that the drilling leases had been purchased before he took office.

  • Gold Reverses as Fed Expectations Rebound- US NFP to Clear the Way DailyFX - Sat, Aug 29, 2015 9:31 AM AEST

    Gold Reverses as Fed Expectations Rebound- US NFP to Clear the Way