Basic Materials

  • Gold Carves Lower High in April- Bearish Below $1327 DailyFX - 4 hours ago

    Gold Carves Lower High in April- Bearish Below $1327

  • Turkey to seek price reduction for Russian gas AFP - Fri, Apr 18, 2014 6:07 PM AEST
    Turkey to seek price reduction for Russian gas

    Energy-dependent Turkey will ask for a discount on the price of the gas it buys from Russia, its energy minister said on Friday, with tension over Ukraine a background factor. "The negotiations and agreements we concluded with Russia give us the right for a price revision in the coming months," Energy Minister Taner Yildiz told reporters in Ankara. "We will convey our demands on this to Russia and Gazprom officials," he added. Gazprom deputy head Alexander Medvedev will hold a meeting with Turkish government officials on Monday for further discussions, according to the minister.

  • US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00 DailyFX - Fri, Apr 18, 2014 12:05 PM AEST

    US Dollar Approaching Key Chart Barrier, Crude Oil Aims Above 105.00

  • Iran oil exports rise to 1.2 mn barrels per day AFP - Fri, Apr 18, 2014 8:40 AM AEST
    Iran oil exports rise to 1.2 mn barrels per day

    Iran's crude oil exports have hit 1.2 million barrels per day, almost doubling from eight months ago when the country elected a new president, a top government official said Friday. Mansour Moazami, who holds the planning brief among the Islamic republic's five deputy oil ministers, said the numbers were 20 percent above forecasts and they would rise further. "When the government took office, exports were around 700,000 barrels per day," Moazimi was cited as saying by Mehr, a semi-official government news agency. He said the updated figure of 1.2 million was supplemented by 200,000 barrels per day of derivative gas products from crude.

  • Gold Still Trading Heavy DailyFX - Fri, Apr 18, 2014 6:52 AM AEST

    Gold Still Trading Heavy

  • Like It or Not, 'Pizza Cake' Could Soon Be a Thing Entrepreneur - Fri, Apr 18, 2014 5:20 AM AEST
    Like It or Not, 'Pizza Cake' Could Soon Be a Thing

    Boston Pizza customers can now vote on whether the chain should begin selling a Pizza Cake, a gas-powered pizza cutter or a pizza air freshener.

  • Gold Prices Likely to Trade Lower as Recovery Falls Flat DailyFX - Fri, Apr 18, 2014 12:00 AM AEST

    Gold Prices Likely to Trade Lower as Recovery Falls Flat

  • Canteen catering giant Sodexo says 1H profit up 18% AFP - Thu, Apr 17, 2014 6:51 PM AEST
    Canteen catering giant Sodexo says 1H profit up 18%

    Catering giant Sodexo, providing canteen services from government departments to oil rigs, reported a 17.8-percent jump in first-half profits on Thursday, helped by cost-cutting and strong emerging markets growth in its benefits and services business. The benefits and services business, which deals with employee rewards cards or meal tickets, posted strong growth, with organic revenue up 15.1 percent thanks to momentum in its South American, Asian and European businesses. We had good results, especially the 11.4 percent rise in operating income, excluding foreign exchange impacts and before exceptional charges," Chief executive Michael Lande said on a conference call.

  • Ex-BP employee charged over BP stock sales after spill AFP - Thu, Apr 17, 2014 5:49 PM AEST
    Ex-BP employee charged over BP stock sales after spill

    Regulators Thursday charged a former BP employee who worked on the Deepwater Horizon oil spill with insider trading after he sold $1 million worth of BP stock days after the disaster. Keith Seilhan, who coordinated BP's cleanup of the giant oil spill, sold his family's entire portfolio of BP stock over two days in late April 2010 after he learned the spill was far bigger than BP was saying publicly, according to the US Securities and Exchange Commission. BP at the time estimated the flow rate to be just 5,000 barrels a day, the SEC said. "Seilhan sold his family's BP securities after he received confidential information about the severity of the spill that the public didn't know," said Daniel Hawke, head of the SEC enforcement division's market abuse unit.

  • Crude Oil Retreats, Gold and Silver Exposed To Ebbing Ukrainian Concerns DailyFX - Thu, Apr 17, 2014 5:42 PM AEST

    Crude Oil Retreats, Gold and Silver Exposed To Ebbing Ukrainian Concerns

  • Santos LNG projects nearly complete AAP - Thu, Apr 17, 2014 5:13 PM AEST

    Australia's biggest domestic gas producer Santos is likely to be exporting more than it supplies for local use by 2015. The company's two massive liquefied natural gas projects in Queensland and Papua New Guinea, built to produce higher priced exports, are on track to be operating within the next year. The good news about its growth projects and prospects overshadowed a flat first quarter production and sales performance that missed estimates. Chief executive David Knox said on Thursday the Santos-operated $US18.5 billion Gorgon coal seam gas project (GNLG) was 80 per cent complete - up from 75 per cent in February - and on track for first LNG in 2015.

  • Santos production disappoints, Woodside meets analyst forecasts ABC - Thu, Apr 17, 2014 3:17 PM AEST
    Santos production disappoints, Woodside meets analyst forecasts

    Santos produced 12.2 million barrels of oil equivalent in the March quarter - the 'barrels of oil equivalent' measurement is based on the approximate energy released by burning one barrel of crude oil. Santos shares eased 0.2 per cent to $13.41 by 3:11pm (AEST) following the results. Rival Woodside Petroleum announced a 5 per cent rise in production during the March quarter compared to the same time last year.

  • Woodside could move quickly in Canada AAP - Thu, Apr 17, 2014 2:27 PM AEST
    Woodside could move quickly in Canada

    Woodside Petroleum could be forced to move quickly on a growth project in Canada after agreeing a three-year land use deal. The company has signed a land access agreement with the British Columbia government to conduct feasibility studies to build a liquefied natural gas (LNG) export facility at Grassy Point on the northwest coast of Canada. "The agreement is for three years and is subject to Woodside meeting milestones, including making annual payments, obtaining an export licence and commencing environmental approvals processes," Woodside said in a statement on Thursday. The company is still assessing the feasibility of building an LNG plant in Canada, a year after submitting an expression of interest.

  • Why high oil prices are good for airlines AAP - Thu, Apr 17, 2014 2:01 PM AEST

    These changes, along with high oil prices, have created an insurmountable roadblock to startup airlines that hope to undercut established carriers. Last year, they paid an average of $US3.03 a gallon, according to the Bureau of Transportation Statistics. High oil prices forced the major airlines to do business differently. Now - since fuel is such a great expense - that doesn't happen, said Scott Kirby, president of American Airlines, at a recent aviation symposium in Phoenix.

  • USD/CNH: Chinese Yuan Depreciation to Blame on Gold Selloff? DailyFX - Thu, Apr 17, 2014 2:00 PM AEST

    USD/CNH: Chinese Yuan Depreciation to Blame on Gold Selloff?

  • Chinese gold demand may rise 20% by 2017 AAP - Thu, Apr 17, 2014 1:01 PM AEST

    China's annual demand for gold could jump around 20 per cent by 2017 as more of its increasingly wealthy population seek new ways to make money, the World Gold Council predicts. The forecast by the World Gold Council (WGC) comes after China became the world's largest gold-consuming nation in 2013, overtaking India. Annual demand for gold in the form of jewellery, coins and bars is set to hit "at least 1,350 tonnes by 2017", the WGC said in a report on China. Gold prices slumped by nearly a third last year as investors abandoned the perceived safe-haven investment in favour of stocks and other riskier bets.

  • Woodside revenue up, production down AAP - Thu, Apr 17, 2014 12:46 PM AEST
    Woodside revenue up, production down

    Energy giant Woodside Petroleum has lifted its first quarter revenue despite a small slide in production. But, production was up five per cent compared to the same time a year ago due to the restarting of its floating production facility at its Vincent oil field, also off the WA coast. However, the first quarter revenue was up 15.9 per cent on the same period in 2013, at $US1.675 billion ($A1.79 billion), thanks to the higher oil volumes and better LNG prices.

  • Santos sales revenue jumps 28% AAP - Thu, Apr 17, 2014 10:37 AM AEST

    Santos has increased first quarter sales revenue from a year ago by 28 per cent despite a flat production performance. Australia's second-largest sole producer of oil and gas collected $913 million in sales revenue in the three months to the end of March, on the back of higher third-party crude oil sales. Santos' realised average oil price was up 13 per cent from the preceding three months to $128 per barrel. A major contributor to that fall was weaker quarterly crude oil production of 2.5 million barrels, down 15 per cent, due to lower production out its Fletcher Finucane and Cooper Basin projects.

  • Home Depot Joins the Shale Rush The Wall Street Journal - Thu, Apr 17, 2014 9:53 AM AEST

    Home Depot Inc. has all but given up on opening new stores in the U.S., but the home-improvement retailer made an exception in January to open a store in an area it said it couldn't pass up: Minot, N.D., in the heart of the American shale oil and gas boom. "If you had said to me seven years ago, you'll be opening a store in Minot, North Dakota, I would have asked, Why?" Chief Executive Frank Blake said in an interview. The 100,000 square-foot store is more than a four-hour drive from Home Depot's nearest location and is the only U.S. store Home Depot opened in the fiscal year ended Feb. 2. Home Depot is among a number of retailers including Wal-Mart Stores Inc. and GameStop Corp. targeting oil and gas towns in North Dakota, Texas and Louisiana, in an otherwise dour environment for retail real estate.

  • Commodities markets summary AAP - Thu, Apr 17, 2014 7:55 AM AEST

    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.

  • Gold Stable after Wipeout DailyFX - Thu, Apr 17, 2014 7:42 AM AEST

    Gold Stable after Wipeout

  • 5 Ways to Run Out of Money in Retirement US News - Wed, Apr 16, 2014 11:59 PM AEST

    Retirement is a balancing act. So what throws people off balance in retirement? If you approach retirement income this way, you can get yourself in trouble. Your retirement income gas gauge isn't only there to tell you when to slow down -- it can also tell you when there is room to step on the gas.

  • Telecom Italia overhauls board, elects new chairman AFP - Wed, Apr 16, 2014 10:06 PM AEST
    Telecom Italia overhauls board, elects new chairman

    Telecom Italia investors elected a new chairman Wednesday and overhauled the company's board in a bid to bring greater transparency and efficiency to Italy's largest phone group. Giuseppe Recchi, outgoing chairman of oil group Eni, was elected as part of a restructuring of the board which saw independent directors favoured over executives from shareholder Telefonica, Italian media reports said. The revamp aims to give chief executive Marco Patuano greater flexibility in tackling the group's mammoth debts and funding investments to boost growth. There had been concern among investors over the influence on the board of Spanish group Telefonica, the group's largest shareholder and a direct rival to the Italian company in Brazil.

  • US oil prices flat following bearish supply report AFP - Wed, Apr 16, 2014 7:56 PM AEST
    US oil prices flat following bearish supply report

    Oil prices in New York Wednesday finished essentially flat as a bearish US oil inventory report offset concerns that rising political tensions in Ukraine could affect energy supplies. US benchmark West Texas Intermediate for May delivery edged up by a penny to $103.76 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for June delivery advanced 24 cents to $109.60 a barrel in London on the Intercontinental Exchange. The political crisis over Ukraine propelled oil prices higher in the early part of the day.

  • US gains and mining updates boost shares AAP - Wed, Apr 16, 2014 5:13 PM AEST

    The share market closed higher as investors were encouraged by good corporate earnings reports from the United States and shrugged off economic growth figures out of China. US investors had rediscovered enthusiasm for some stocks that had previously been considered overvalued, following a better than expected earnings report from Intel, the world's largest maker of microprocessors, CMC chief market strategist Michael McCarthy said. "That's been reflected in the action here today," Mr McCarthy said. Some reasonably solid production reports from miners BHP Billiton and Fortescue Metals had helped to boost the resources sector, he said.

  • Oil prices hit one-month highs on Ukraine, weak dollar AFP - Wed, Apr 16, 2014 5:08 PM AEST
    Oil prices hit one-month highs on Ukraine, weak dollar

    Oil hit one-month peaks on Wednesday boosted by Ukraine tensions and the weak dollar, but later diverged as traders digested the biggest weekly gain in US crude stocks for 13 years. New York's main contract, West Texas Intermediate (WTI) for May delivery, hit $104.99 per barrel -- the highest level since early March. Brent North Sea crude for June rallied to a similar one-month peak at $110.36 a barrel. "The price of crude oil continues to rise in response to the escalation of the crisis in Ukraine," said analyst Fawad Razaqzada at trading site Forex.com.

  • Gold and Silver Plunge, Crude Oil Vulnerable Ahead Of Inventories Data DailyFX - Wed, Apr 16, 2014 5:08 PM AEST

    Gold and Silver Plunge, Crude Oil Vulnerable Ahead Of Inventories Data

  • Bad news in China is good for BHP AAP - Wed, Apr 16, 2014 4:28 PM AEST
    Bad news in China is good for BHP

    BHP Billiton has lifted its full year guidance for iron ore output on a day bad Chinese economic news was good news for the mining giant. The release of weaker quarterly economic growth figures in China - including a five year low in industrial production growth - sparked predictions it would combat that with an infrastructure spending stimulus package. Shares in BHP fell after the morning release of its quarterly production update but then jumped - as did fellow iron ore miners Rio Tinto and Fortescue Metals - on the release of China's data.

  • Russia's natural gas is Vladimir Putin's political and economical weapon ABC - Wed, Apr 16, 2014 3:58 PM AEST
    Russia's natural gas is Vladimir Putin's political and economical weapon

    For Vladimir Putin, natural gas is not just a resource. I cannot recall now whether we were heading back to Moscow from Makhachkala, Samara, or Ulyanovsk. There on the tarmac on the side of a Soviet-era Tu-154 jet were the proud words â Ð Ð°Ð·Ð¿Ñ Ð¾Ð¼ Рвиаâ , or Gazprom Avia. To understand how energy exports - especially natural gas â have helped fuel Mr Putin's long reign, look no further than Gazprom.

  • State budget will hurt WA households AAP - Wed, Apr 16, 2014 3:57 PM AEST

    Households will be slugged by the West Australian budget because the state government "maxed out" spending on big projects and increased public sector wages, the new treasurer warns. Mike Nahan, who replaced Troy Buswell as treasurer last month after the later allegedly hit several vehicles while driving home after a wedding, blamed the ailing budget position on falling revenue from sources such as payroll tax and iron ore mining. Mr Nahan said that as revenue fell, spending on hospitals and a new stadium had racked up large debt. Among the mistakes was the state government's "unrealistic deadline" for the Fiona Stanley Hospital and the botched Muja power station refurbishment, Mr Nahan said.

  • State budget will hurt WA househoulds AAP - Wed, Apr 16, 2014 3:53 PM AEST

    Households will be slugged by the West Australian budget because the state government "maxed out" spending on big projects and increased public sector wages, the new treasurer warns. Mike Nahan, who replaced Troy Buswell as treasurer last month after the later allegedly hit several vehicles while driving home after a wedding, blamed the ailing budget position on falling revenue from sources such as payroll tax and iron ore mining. Mr Nahan said that as revenue fell, spending on hospitals and a new stadium had racked up large debt. Among the mistakes was the state government's "unrealistic deadline" for the Fiona Stanley Hospital and the botched Muja power station refurbishment, Mr Nahan said.

  • Oil prices advance on Ukraine, weak dollar AFP - Wed, Apr 16, 2014 3:47 PM AEST
    Oil prices advance on Ukraine, weak dollar

    Global oil prices rallied on Wednesday on Ukraine tensions and the weak dollar, and before weekly crude inventories data in top consumer the United States. New York's main contract, West Texas Intermediate (WTI) for May delivery, hit $104.82 a barrel -- the highest level since early March. Brent North Sea crude for June rallied to a similar one month peak at $110.20 a barrel. "Crude oil prices have extended gains for a third consecutive session today, supported by a weaker US dollar and persistent tensions in Ukraine, which have raised concerns over oil supplies in the region," said Sucden brokers analyst Myrto Sokou.

  • Santos suspends gas drilling after accident at Mount Kitty field in Northern Territory ABC - Wed, Apr 16, 2014 3:29 PM AEST

    An international gas company says it has suspended drilling at a central Australian well until all investigations into an accident at the site last weekend have been concluded. Santos has been doing exploratory drilling at the Mount Kitty gas field in the Southern Amadeus basin for the past seven months. In the same week its joint venture partner Central Petroleum announced a flow of up to 500,000 cubic feet of gas a day, a drill rig toppled over at the site, about 220 kilometres south-west of Alice Springs. The Northern Territory Government has launched an investigation into the incident but the Mines Department has confirmed that no one was injured.

  • Fortescue plans to boost production by 35% AAP - Wed, Apr 16, 2014 3:23 PM AEST

    Fortescue Metals plans to boost production by 35 per cent over the next three months, a target boss Nev Power says is "absolutely realistic". The Pilbara iron ore miner plans to ship 41.6 million tonnes in the June quarter after notching up 30.8 million tonnes of shipments in the previous quarter, despite weather interruptions. Chief executive Nev Power says milder weather will help the company achieve its ambitious June quarter target after reaching full production in March. "Absolutely it's realistic," Mr Power told reporters on Wednesday.

  • What you need to know from BHP Billiton Limited’s 3Q production report The Motley Fool Australia - Wed, Apr 16, 2014 12:42 PM AEST

    BHP Billiton Limited (BHP.AX) has this morning released a set of impressive results for its third quarter operations which included record production across four commodities as well as an upgraded full-year guidance for both iron ore and metallurgical coal. Record production at all Queensland Coal operations and a successful ramp-up at its Daunia mine also saw the miner increase its guidance for metallurgical coal (also used in steel production) for the year. The full-year guidance of 1.7 million tonnes for copper remained unchanged while guidance for petroleum production was rebased at 245 million barrels of oil equivalent (MMboe) following the successful divestment of Liverpool Bay.