Hopes for a potential peace plan in Ukraine have sent shockwaves through the energy market this week, causing the gasoil crack spread to plummet to $25 per ton from $35 per ton in a matter of days. A peace deal could lead to the easing of current sanctions imposed on Russia. Should such a de-escalation
Gold prices rose to a two-week high and were on track for a fourth consecutive monthly high on rising bets that the US Federal Reserve will cut interest rates next month. Meanwhile, silver prices have outperformed gold this week, with the metal on COMEX hitting a new record high on Friday. The metal has spiked
Global investment in geothermal energy is set to soar, with capital expenditure (capex) projected to climb by approximately 20% annually through 2030, according to the latest analysis from Rystad Energy. The growing momentum in geothermal energy, which harnesses heat from the earth’s depths, is expanding its reach beyond established centers in Southeast Asia and the
Gold prices rose to an over one-week high on Wednesday as hopes for an interest rate cut by the US Federal Reserve next month increased. Silver prices also rose 1%, tracking gains in gold, with the metal nearing the $52 per ounce level. Meanwhile, oil prices were volatile throughout the day amid uncertainty over a
Volatility in energy markets, especially oil prices, is far from over amid the uncertainty surrounding the peace deal between Russia and Ukraine. Last Friday, the West Texas Intermediate oil prices fell to their lowest level of $56 per barrel in a month after having traded close to $61 earlier in the week. Last week’s selloff
Russia is looking to expand its energy partnership with China, with Deputy Prime Minister Alexander Novak announcing in Beijing on Tuesday that Moscow sees opportunities to increase oil exports and enhance cooperation on liquefied natural gas (LNG) supplies. Since Russia initiated its military action in Ukraine in February 2022, China and India have emerged as
After having spent most of the day in the red, gold prices rebounded due to renewed expectations of a December interest rate cut by the Federal Reserve. On the other hand, silver prices dipped nearly 2%, but hopes for a rate cut limited losses. Oil prices fell, and were set for a weekly decline as
Gold prices were largely unchanged on Thursday, even as the dollar strengthened against a basket of major currencies. Prices had fallen 1% earlier on Thursday, but the yellow metal recovered somewhat as the day progressed. Meanwhile, silver prices were largely unchanged from the previous close after falling sharply earlier in the day. On the other
Russia’s central bank announced Wednesday that its engagement with the domestic gold market—both buying and selling for the National Wealth Fund (NWF)—has been on the rise, citing the yellow metal’s growing liquidity. The central bank of Russia has seen a substantial portion of its foreign exchange reserves, held in key Western currencies such as the
Exxon Mobil announced Tuesday that its Fife ethylene plant (FEP) in Scotland will shut down in February 2026, citing a combination of high supply costs, weak market conditions, and the challenging UK economic and policy environment as reasons for the closure. European chemicals producers, which constitute the European Union’s fourth-largest exporting sector, trailing only machinery,