Basic Materials

  • Why has my truck's gas mileage crashed? Bankrate.com - 7 hours ago

    The gas mileage in my pickup has been just terrible for months now. It's an older truck, and my friend said that a car's gas mileage decreases as it ages. Why has my gas mileage been so terrible? An older car may have worse gas mileage than when it was new, but if it does, it's not because it is high in miles.

  • How oil is preparing for a new world order CNBC - 8 hours ago
    How oil is preparing for a new world order

    A new oil order has arrived and it will be marked by greater uncertainty and generally lower oil prices, strategists say.

  • Chevron selling $5b stake in Caltex AAP - 9 hours ago
    Chevron selling $5b stake in Caltex

    US energy giant Chevron is looking to sell its $5 billion stake in Caltex Australia but says the decision won't affect its Gorgon and Wheatstone gas interests. Chevron expects shares in oil refiner and distributor Caltex will be sold to a range of Australian and global institutional investors. Executive vice president of downstream and chemicals Michael Wirth said Chevron's sale comes as part of a regular review of its portfolio and commitment to generate cash to support its long term priorities. The massive sale, reportedly at a slight discount to its market value, does not alter Chevron's focus on moving Western Australia's $US54 billion Gorgon project and the $30 billion Wheatstone liquefied natural gas (LNG) projects towards start-up, president of international products, downstream and chemicals Mark Nelson said.

  • Buckle Up! Oil 'could fall to $30' say trading pros CNBC - 9 hours ago
    Buckle Up! Oil 'could fall to $30' say trading pros

    Against a backdrop of political chaos in the Middle East, hedge fund managers said the oil price would remain volatile and could fall as low as $30.

  • Chevron selling 50% stake in Caltex AAP - 9 hours ago
    Chevron selling 50% stake in Caltex

    US energy giant Chevron is looking to sell its 50 per cent stake in Caltex Australia. Chevron expects shares in the oil refiner and distributor will be sold to a range of Australian and global equity market ...

  • $A falls as market gets nervous AAP - 10 hours ago

    The Australian dollar briefly fell below 78 US cents for the first time since the beginning of the week on falling iron prices and rising global political tensions. Easy Forex currency dealer Andreas Tjahja said traders were moving into safe haven currencies like the US dollar, which is putting downward pressure on the Australian dollar. At 1700 AEDT, the Australian dollar was at 92.97 Japanese yen, up from Thursday's close of 92.96 yen, and at 71.68 euro cents, up from 71.21 euro cents.

  • Clive Palmer's empire feeling the pinch from falling iron ore prices ABC - 10 hours ago

    Clive Palmer's business empire is feeling the pinch with a drop in iron ore prices and this week's $3 billion writedown of his prized asset, the Sino Iron project in Western Australia. Mr Palmer's Chinese partner and mine operator CITIC announced in Hong Kong on Tuesday a larger-than-expected "impairment" against the troubled Pilbara project.

  • Gold Extends Above 1200 Figure, SPX 500 Selloff Pauses to Digest DailyFX - 12 hours ago

    Gold Extends Above 1200 Figure, SPX 500 Selloff Pauses to Digest

  • Fortescue CEO Nev Power backs Andrew Forrest's call for production cap; Baosteel critical ABC - 12 hours ago
    Fortescue CEO Nev Power backs Andrew Forrest's call for production cap; Baosteel critical

    Fortescue is standing by its idea for a cap on iron ore production, despite serious criticism from major customers and an investigation by Australia's competition watchdog. The Australian Competition and Consumer Commission revealed to the ABC's The World Today program on Wednesday that it would be investigating Mr Forrest's comments because they may be construed as urging cartel behaviour. "There are provisions within the act that allow for totally export driven industries to put things in place that are not available for domestic supply and there are a host of options that are available," he told presenter Elysse Morgan.

  • Evolution talks with Egyptian billionaire AAP - 13 hours ago

    Evolution Mining is in talks to buy Egyptian billionaire's gold mine in Kalgoorlie as it looks to take advantage of weak prices. Evolution said discussions were taking place with the Naguib Sawiris' private company La Mancha Resources regarding the Frog's Leg Gold Mine. Mr Sawiris, whose business interests are more geared towards telecommunications in the Middle East, paid nearly $500 million for La Mancha in 2012 for an exposure to gold. Gold prices are flat in 2015, hovering around $US1200 an ounce, and down $US100 from a year ago.

  • Oil drops after Yemen-inspired gains AFP - 14 hours ago
    Oil drops after Yemen-inspired gains

    Oil prices fell Friday after spiking the previous day as Saudi Arabian jets struck rebel targets in Yemen, sparking supply fears in the crude-rich Middle East. Brent North Sea crude for delivery in May sank 63 cents to $58.56 a barrel in London midday deals. US benchmark West Texas Intermediate (WTI) for May slid 81 cents to $50.62 a barrel. "Oil prices ... are shedding some of the strong gains they had achieved over the two previous days," said Commerzbank analyst Carsten Fritsch.

  • Barnett backs Twiggy's iron ore cap call AAP - 14 hours ago

    Andrew Forrest's call to ease iron ore production to boost its ailing price was careless - but the reaction has been over the top, the West Australian premier says. The Fortescue Metals chairman made the comment at a business function in China this week, prompting the competition watchdog to launch an investigation, concerned the call may be in breach of laws covering cartel behaviour. Colin Barnett said there had been an over-reaction to Mr Forrest's idea, including by Rio Tinto chief executive Sam Walsh, who labelled it a "harebrained scheme" and "absolute nonsense". "I don't think Andrew Forrest ever used the word cartel and I think the response has been a little bit exaggerated," the Liberal leader told Fairfax radio on Friday.

  • Oil stocks lead share market gains AAP - 17 hours ago

    The Australian share market is marginally firmer as a Saudi-led bombing campaign in Yemen boosts oil stocks. Energy stocks were the best performers on Friday morning as the Saudi-led coalition bombed Houthi Shi'ite rebels in support of Yemen's embattled president, Phillip Capital senior client adviser Michael Heffernan said. "I don't think there's any doubt that it's been beneficial for oil stocks," he said. The big banks were mixed with National Australia Bank adding six cents to $38.71 and Westpac finding 13 cents at $39.08.

  • Cramer Remix: I'm making a call on oil unrest CNBC - 18 hours ago
    Cramer Remix: I'm making a call on oil unrest

    "Mad Money" host Jim Cramer is eyeing the Middle East's impact on oil.

  • Gina Rinehart says other countries will supply iron ore if Australia cuts back ABC - 18 hours ago
    Gina Rinehart says other countries will supply iron ore if Australia cuts back

    Gina Rinehart has rejected a suggestion from the chairman of Fortescue Metals Andrew Forrest that big mining companies should collude to cap iron ore production. Speaking in Hong Kong last night, Mrs Rinehart said it was impossible to control the falling iron ore price and customers would go elsewhere if Australia did not supply it at the best price. Mrs Rinehart's slapdown caps a bad week for Mr Forrest, who is being investigated by the Australian Competition and Consumer Commission which has warned even the suggestion might risk civil and criminal sanctions on cartels.

  • Rinehart steps up campaign against costs AAP - 18 hours ago
    Rinehart steps up campaign against costs

    Mining billionaire Gina Rinehart has stepped up her criticism of governments for imposing too many costs on the mining sector amid a commodity price downturn. A protracted slump in iron ore prices has put many miners under financial pressure, and Ms Rinehart says government costs need to be reviewed to keep Australian miners competitive. "If Australia doesn't supply iron ore, there's other countries who will, so we need to do what we can to cut Australia's high costs, and the even higher Pilbara ones in particular," Ms Rinehart said as she accepted a lifetime achievement award at the Mines and Money conference in Hong Kong. "That's where Australian governments come in, or should come in.

  • Mideast on verge of Arab Spring 2: Expert CNBC - 19 hours ago
    Mideast on verge of Arab Spring 2: Expert

    The conflict has pitted two big oil production nations against each other, Saudi Arabia and Iran.

  • Commodities markets summary AAP - 20 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.

  • Oil heading higher? Energy stocks don't think so CNBC - 20 hours ago
    Oil heading higher? Energy stocks don't think so

    Even as crude oil surges, energy stocks actually dipped on Thursday. What's behind the divergence?

  • War in Yemen: What it means-and doesn't mean CNBC - 22 hours ago
    War in Yemen: What it means-and doesn't mean

    Fighting in Yemen may not disrupt energy supplies out of the Middle East just yet, but there's much more to worry about than just oil.

  • Global Energy Security at Risk in Yemen; Oil and Gold Prices Rise DailyFX - 23 hours ago

    Global Energy Security at Risk in Yemen; Oil and Gold Prices Rise

  • Asian markets up in edgy trade, dealers eye Yemen crisis AFP - Fri, Mar 27, 2015 3:51 AM AEDT
    Asian markets up in edgy trade, dealers eye Yemen crisis

    Asian markets advanced Friday, clawing back some of the previous day's losses but traders remain on edge as they track the crisis in Yemen, with fears that unrest in the country could turn into a wider Middle East conflict. The gains came despite another sell-off on Wall Street, although the euro struggled to regain its recent strength after tumbling in New York from levels above $1.10 earlier in the day. Oil price also dipped a day after surging in reaction to the unrest in Yemen. US traders ran for the sidelines Thursday after it emerged that Saudi Arabian jets targeted rebel positions as part of its support of Yemen's president, who fled his presidential complex Wednesday after it was attacked by a warplane.

  • The gold chart looks great. Here's my target: Trader CNBC - Fri, Mar 27, 2015 3:33 AM AEDT
    The gold chart looks great. Here's my target: Trader

    Gold is rising for a seventh straight day, and according to one technician, the charts are predicting more gains to come.

  • Why recent oil 'bottom' may hurt stocks: Gartman CNBC - Fri, Mar 27, 2015 1:28 AM AEDT
    Why recent oil 'bottom' may hurt stocks: Gartman

    A recent bounce in oil from multiyear lows indicates prices have "probably bottomed," but that could hurt stocks, investor Dennis Gartman tells CNBC.

  • Gold’s relationship with the U.S. dollar is about to change MarketWatch - Thu, Mar 26, 2015 11:17 PM AEDT

    As the gold market moves to the East from the West, the metal’s relationship with the U.S. dollar will shrink.

  • SA premier should 'grow up' on GST debate AAP - Thu, Mar 26, 2015 9:57 PM AEDT
    SA premier should 'grow up' on GST debate

    West Australian Premier Colin Barnett has lashed his South Australian counterpart for saying a possible change to the GST carve-up formula could see WA "rob" smaller states. The Commonwealth Grants Commission, which decides what each state gets, is reportedly considering using a "lagged five-year moving average" for iron ore prices rather than a three-year average. Mr Barnett was far from warm, however, when asked about SA Premier Jay Weatherill's response to the possible change. Mr Weatherill accused WA of "moral bankruptcy" - a term he has previously used to describe WA's long-running campaign for a bigger share.

  • Oil prices surge as Yemen crisis escalates AFP - Thu, Mar 26, 2015 9:25 PM AEDT
    Oil prices surge as Yemen crisis escalates

    Oil prices surged Thursday after Saudi Arabian jets struck rebel targets in Yemen, sparking fears that an escalating crisis in the country could threaten crude producers in the Middle East. US benchmark West Texas Intermediate for May delivery soared $2.22, or 4.5 percent, to close at $51.43 a barrel on the New York Mercantile Exchange, its highest level in more than three weeks. The contracts had begun rallying on Wednesday following news that Yemen's President Abedrabbo Mansour Hadi was rushed to a "secure location" after a warplane attacked his presidential complex. Yemen borders major oil producer Saudi Arabia, which on Wednesday launched strikes against Huthi rebels in a bid to help save Yemen's embattled leader.

  • Twiggy's iron ore cap is nonsense: Rio AAP - Thu, Mar 26, 2015 8:49 PM AEDT
    Twiggy's iron ore cap is nonsense: Rio

    Rio Tinto chief executive Sam Walsh has strongly criticised Fortescue Metals founder Andrew Forrest for his "harebrained" scheme to boost iron ore prices by putting a cap on production. Mr Walsh says Mr Forrest's idea is absolute nonsense, against free trade and a throwback to the days of tariffs.

  • Local market closes lower following big falls on Wall Street and the Asian region ABC - Thu, Mar 26, 2015 6:54 PM AEDT

    The local share market has closed sharply lower following big falls on Wall Street and matching falls on markets around the Asian region. Bank Of Queensland shares closed down 3.3 per cent after an underwhelming profit result. BHP Billiton retreated 1.1 per cent and Rio Tinto lost 0.6 per cent, while Fortescue bucked the trend and rose 3.9 per cent along with rival iron ore miner Atlas, which rose 3.5 per cent. Meanwhile, the iron ore cartel saga continued with Rio Tinto's chief Sam Walsh slamming rival Andrew Forrest's idea for a production cap to prop up prices.

  • Air China sees 14% rise in 2014 net profit AFP - Thu, Mar 26, 2015 5:42 PM AEDT
    Air China sees 14% rise in 2014 net profit

    Air China, the country's flag carrier, said Thursday that the global economic recovery and falling oil prices helped lift its net profit by 14 percent last year. Net profit in 2014 came in 3.78 billion yuan ($608.67 million), up from 3.32 billion yuan the previous year, the airline said in a statement filed late Thursday to the Hong Kong Stock Exchange. It credited falling oil prices, recovery in the global economy, and strengthened cost management, as well as recovery in the air cargo market as some of the factors behind the rise. "Profitability of our core business continued to strengthen and the quality of our earnings improved markedly," the airline said.

  • Andrew Forrest knew he was on the record when speaking at Shanghai dinner ABC - Thu, Mar 26, 2015 5:35 PM AEDT

    It has been reported that Andrew Forrest says he believed he was speaking off the record when he made his controversial proposal to a dinner in Shanghai, laying out a strategy of resource company production collusion in order to force China to pay more for Australian iron ore. In the days leading up to the dinner in honour of the Fortescue Metals chairman, I spoke to Mr Forrest's public relations people about our attendance. There was no mention of what's known as Chatham House rules, whereby comments made to a gathering are not to be published. I had asked whether, in addition to our coverage of the speech, we could have an interview with Mr Forrest.

  • Is Yemen the new catalyst for oil? CNBC - Thu, Mar 26, 2015 5:18 PM AEDT
    Is Yemen the new catalyst for oil?

    Oil prices ratcheted up on Thursday on news that Saudi Arabia launched a military operation in neighboring Yemen, however analysts remain skeptical that geopolitical tensions will sustain the rally.

  • Andrew Forrest criticised by Rio Tinto boss Sam Walsh over 'harebrained scheme' to cap iron ore prod … ABC - Thu, Mar 26, 2015 3:38 PM AEDT

    Rio Tinto's chief executive Sam Walsh has delivered a stinging rebuke to the suggestion by Fortescue Metals' chairman Andrew Forrest that Australia's iron ore miners should introduce a production cap in an effort to push up prices. Mr Walsh told a Minerals Council lunch in Melbourne that it was a "harebrained scheme". "I have no idea what was going through Andrew's mind at the time he raised the issue," Mr Walsh told the conference.

  • Oil prices surge on Middle East fears AFP - Thu, Mar 26, 2015 3:24 PM AEDT
    Oil prices surge on Middle East fears

    Oil prices surged Thursday after Saudi Arabian jets struck rebel targets in Yemen, sparking fears that a spiralling crisis in the country could threaten crude producers in the Middle East. Brent North Sea crude for delivery in May rallied $2.46 to reach $58.94 a barrel in London midday deals. US benchmark West Texas Intermediate (WTI) for May jumped $2.17 to $51.37 a barrel. The contracts had begun rallying on Wednesday following news that Yemen's President Abedrabbo Mansour Hadi was rushed to a "secure location" after a warplane attacked his presidential complex.

  • Iron ore cap is nonsense: Rio CEO AAP - Thu, Mar 26, 2015 2:05 PM AEDT

    Rio Tinto chief executive Sam Walsh has described as absolute nonsense and harebrained Fortescue Metals chairman Andrew Forrest's call for a cap on iron ore production to prop up plunging prices. Mr Walsh said he did not know why Mr Forrest had made the comments at the Shanghai business event and suggested he must not have got legal advice first. Mr Walsh said he started in the car industry and artificial protection measures such as tariffs had not stopped it collapsing. Mr Forrest had said the big iron-ore miners, like Rio Tinto and BHP, should cap production to lift the export price from $US55 a tonne to nearer $US90.