China has succeeded in muscling aside Russia as Central Asia’s top trade partner. Now, Beijing appears intent on capturing a share of the regional arms market. Until very recently, China was a non-factor as an arms supplier to Central Asian states. For most of the post-Soviet era, Russia dominated the regional arms market, especially sales to Kazakhstan, Tajikistan and Uzbekistan. But Russia’s arms exports have plummeted since the Russian army became bogged down in Ukraine, opening up opportunities for other nations, including Turkey,…

Reuters reports that U.S. refiners will refrain from making any substantial investments in expanding domestic crude processing or reducing reliance on Canada and Mexico, for instance, as the industry rallies around a war cry of frustration with the Trump administration over a global tariff war that threatens to strip demand and possibly spark a worldwide recession.  "We consider the adoption of the 'reconciliatory tariffs' will result in weaker global GDP growth and so lower oil demand growth, oil prices and weaker refining margins, as exemplified…

President Trump announced a 90-day pause on increased tariffs for most countries willing to negotiate trade deals, but simultaneously increased tariffs on China, citing a “lack of respect.” China has retaliated against the US tariff increase by imposing levies on US goods and restricting exports of rare earth minerals, which are critical for tech and defense industries. Researchers have identified coal ash as a potential domestic source of 11 million tons of rare earth elements, offering a possible long-term solution to the US’s…

US government bonds have entered a “meltdown” as long-yield Treasuries briefly reached over five per cent last night amid market panic over Donald Trump’s tariffs. US 30-year Treasury yields spiked briefly above five per cent last night, before settling at 4.85 per cent, up from 4.45 per cent before Trump unveiled his tariffs. The last time the 30-year US Treasury yield rose this much in three years was January 1982, when yields were 14 per cent. The 10-year yield, a global benchmark for borrowing costs, jumped to 4.51 per cent…

Via Metal Miner The Stainless Monthly Metals Index (MMI) remained sideways, with an upside bias. Meanwhile, nickel prices dropped to lows last seen in 2020. Overall, the index rose by 2.16% from March to April. Buyers Hold Back from Stainless Market The U.S. stainless steel market remains lackluster. While March witnessed a modest increase in shipments, some suppliers noted that the overall market felt weak. Meanwhile, prices appeared stable during the month, with suppliers noting little change despite Outokumpu’s recent discount announcement. …

Saudi Aramco, the Kingdom’s giant national oil company, on Wednesday, announced the discovery of 14 new oil and natural gas that could add over 80 million cubic feet of gas per day and over 8,000 barrels of oil per day to Saudi Arabia’s fossil fuels expansion efforts, Arab News reports.  The discoveries were made primarily in the Eastern Region and the vast Empty Quarter, with a mix of oil and gas reservoirs identified, and while moderate in volume compared to the Kingdom’s vast reserves, analysts are heralding this as a…

There is no doubt that AI advancements and data centers will be sucking up more electricity in the coming years, and power demand in the United States will grow after a decade of stagnation. What’s in doubt is how much additional power-generating capacity the AI boom will need and how electric utilities will navigate through the complex supply-demand balances in various regions. U.S. power utilities have announced billions of U.S. dollars in capital plans for the next few years and are getting a lot of requests from Big Tech for new power…

Saudi oil giant Aramco and China’s top refiner, Sinopec, will expand a joint venture petrochemicals complex in Saudi Arabia under an agreement signed on Wednesday. Aramco and China Petroleum & Chemical Corporation, as Sinopec is known, own the Yanbu Aramco Sinopec Refining Company (Yasref) on the west coast of Saudi Arabia, with Aramco holding 62.5% and Sinopec 37.5% in the venture. The companies signed on Wednesday a so-called Venture Framework Agreement (VFA), which will to pave the way for a major petrochemical expansion at Yasref,…

Venezuela’s armed forces were placed on high alert over the weekend as Caracas accused foreign actors of plotting a false flag attack targeting ExxonMobil’s operations in the oil-rich Essequibo region—an area administered by Guyana but long claimed by Venezuela. The 160,000-square-kilometre maritime zone, home to some of Exxon’s largest offshore discoveries since 2015, has become the latest flashpoint in a decades-old territorial dispute. Venezuela’s military command vowed to respond with "vigorous action" to any perceived…

Venezuela’s armed forces were placed on high alert over the weekend as Caracas accused foreign actors of plotting a false flag attack targeting ExxonMobil’s operations in the oil-rich Essequibo region—an area administered by Guyana but long claimed by Venezuela. The 160,000-square-kilometre maritime zone, home to some of Exxon’s largest offshore discoveries since 2015, has become the latest flashpoint in a decades-old territorial dispute. Venezuela’s military command vowed to respond with "vigorous action" to any perceived…

Crude oil inventories in the United States saw an increase of 2.6 million barrels during the week ending April 4, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading sharply down prior to the crude data release by the U.S. Energy Information Administration, continuing their slide after another volley in the tariff war between the United States and China was manifest in an announcement of 84% tariffs levied on the US beginning April 10. On Tuesday, the American Petroleum Institute…

Chevron will boost the so-called triple fracs — fracturing three wells with one frac spread at one time — to more than half of its wells in the Permian basin, a Chevron executive told Reuters, amid efforts to reduce the costs and times of fracking at the world’s top shale basin. Chevron plans to use triple-frac on between 50% and 60% of its wells in the Permian, up from 20% of wells “triple-fracked” last year, Jeff Newhook, a completions operations manager at the U.S. supermajor, told Reuters in an interview. The triple-frac…

Chevron will boost the so-called triple fracs — fracturing three wells with one frac spread at one time — to more than half of its wells in the Permian basin, a Chevron executive told Reuters, amid efforts to reduce the costs and times of fracking at the world’s top shale basin. Chevron plans to use triple-frac on between 50% and 60% of its wells in the Permian, up from 20% of wells “triple-fracked” last year, Jeff Newhook, a completions operations manager at the U.S. supermajor, told Reuters in an interview. The triple-frac…

Oil prices plunged early on Wednesday as China retaliated to the U.S. tariff of 104% on Chinese goods, and Brent Crude sank to below $60 per barrel for the first time in four years. As of 8:31 a.m. EDT, the front-month Brent Crude futures prices were plummeting by 5.25% at $59.46. The U.S. benchmark, WTI Crude, plunged by 5.59% to $56.09, close to the $55 per barrel mark. That level is already $10 a barrel below the average $65 per barrel price U.S. producers need to profitably drill a new well, as they indicated in the Dallas Fed Energy…

Oil prices plunged early on Wednesday as China retaliated to the U.S. tariff of 104% on Chinese goods, and Brent Crude sank to below $60 per barrel for the first time in four years. As of 8:31 a.m. EDT, the front-month Brent Crude futures prices were plummeting by 5.25% at $59.46. The U.S. benchmark, WTI Crude, plunged by 5.59% to $56.09, close to the $55 per barrel mark. That level is already $10 a barrel below the average $65 per barrel price U.S. producers need to profitably drill a new well, as they indicated in the Dallas Fed Energy…

China's retaliatory tariffs in response to US actions have intensified the economic standoff, causing significant disruption in global commodity markets. WTI and Brent crude oil prices have fallen to their lowest levels since 2021 due to fears of recession and oversupply amidst the ongoing trade war. Analysts warn that continued trade tensions, combined with OPEC+ output hikes and weakening Chinese consumption, could lead to further declines in oil prices. 7m ago 8:06am CST How We Got Here: A Tariff Timeline February 1, 2025President Donald Trump…

President Donald Trump signed several executive orders on Tuesday that should incentivize the construction of new coal power plants in the latest stark departure from his predecessor. “We're bringing back an industry that was abandoned,” Trump said, as quoted by Reuters. “We're going to put the miners back to work,” the U.S. president added. Coal power plants have declined as share of U.S. generation capacity over the years, especially with the influx of cheap natural gas. Coal plants currently generate a fifth of U.S. electricity,…

Crude oil prices slumped to their lowest level since 2021 after the U.S. announced a fresh 50% tariff for Chinese imports following Beijing’s refusal to withdraw its retaliatory 34% tariffs announced in response to Washington’s imposition of a 34% tariff rate on top of already existing levies. At the time of writing, Brent crude was trading at $60.36 per barrel, with West Texas Intermediate at $57.04 per barrel, both down by close to 4% from Tuesday’s close. Since the start of the year, the benchmarks have shed lover $10 per barrel…

The U.S. stock market bounced back on Tuesday, making the first sizable gains ever since U.S. President Donald Trump imposed a minimum 10% tariff on all imports from 90 countries, roiling financial markets across the globe. However, oil markets have struggled to advance after posting heavy losses to trade at multi-year lows on fears of a full-blown trade war. Brent crude for June delivery slipped 0.4% to trade at $63.94 per barrel at 11.45 am ET on Tuesday, a level they last touched in February 2021, while WTI crude for May delivery was flat on…

The tariff war is in full swing, but the analysis of their effect has focused on economies. While this makes sense, a look at some of the industries set to bear the brunt of the protectionist measures might be useful—because it might reveal a means of solving the trade deficit problem that has been irking President Trump enough to make him pick the trade equivalent of the nuclear option. The petrochemical industry has been the fastest-growing arm of the oil and gas industry for years. This is especially true of China, which has emerged as…