Connect with us

Commodities

Vietnam city says approves LNG project to be developed by Exxon Mobil By Reuters

Published

on



© Reuters.

HANOI (Reuters) – Vietnam’s port city of Haiphong said authorities had approved a $5.09 billion liquefied power and terminal project due to be developed by Exxon Mobil Corp (N:) and to start power generation in 2026-27.

In a statement issued late on Thursday, the city’s People’s Committee said the power plant would have an initial capacity of 2.25 gigawatts (GW) and that would be expanded to 4.5 GW by 2029-2030.

It said the project would also include a terminal with a capacity of six million tonnes of LNG per year.

Exxon Mobil did not immediately respond to a request for comment.

In June, Vietnam’s government said it welcomed Exxon Mobil’s move to invest in the country following a phone call between Prime Minister Nguyen Xuan Phuc and Irtiza Sayyed, President of ExxonMobil LNG Market Development Inc.

The government said in a statement at the time that a power project in Haiphong could use LNG imported from the United States or other countries.

The Institute of Energy of Vietnam is drafting a new master power development plan and has compiled a list of 22 LNG power plants with a combined potential capacity of up to 108.5 GW, the first of which will be operational by 2023.

The Haiphong committee said on Thursday the city had also approved another $1.9 billion LNG power project with a capacity of 1.6 GW.

It said the first phase of the plant would be operational from 2025 and the entire plant from 2028, but did not specify a potential developer or investor.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Commodities

U.S. EPA considering E15 labeling changes at gas pumps: sources By Reuters

Published

on

By


© Reuters. A sign advertising E15, a gasoline with 15 percent of ethanol, is seen at a gas station in Clive

By Stephanie Kelly

NEW YORK (Reuters) – The U.S. Environmental Protection Agency is considering changes to labels for gasoline containing higher blends of ethanol, or E15, in an effort to appease the biofuel industry’s concerns that current labels discourage use of the fuel, according to four sources familiar with the matter.

Expanding the market for E15 has long been a policy goal for farmers and producers of ethanol, a corn-based product, but concerns that some older vehicles don’t run well on the product have been a headwind. Current federal E15 labels warn of possible engine damage.

The Trump administration, meanwhile, has been trying to shore up support in the Farm Belt ahead of the election through favorable announcements for biofuel advocates.

An announcement for a proposal on the labeling changes could come soon, two of the sources said. None of the sources could say exactly how the administration might alter the labeling.

EPA and the White House did not immediately comment.

President Donald Trump in mid-September said in a tweet he would allow states to permit fuel retailers to use their current pumps to sell E15.

Under U.S. law, refiners must blend billions of gallons of biofuels into their fuel pool, or buy credits from those that do. Refiners that prove the requirements harm them financially can get waivers from the obligations.

So-called small refinery exemptions, or SREs, have been a lightning rod of controversy between the Corn and Oil lobbies. Biofuel advocates say the exemptions hurt demand for their product, while the oil industry refutes that and says the waivers helps small refiners stay afloat.

The Trump administration in September sided with farmers in the ongoing debate when it rejected scores of requests from refiners for waivers that would have retroactively spared them from their obligation.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Commodities

Gold Rock-Solid Just Above $1,900 as Dollar Holds, Dow Plunges By Investing.com

Published

on

By


© Reuters.

By Barani Krishnan

Investing.com — A meltdown in stocks a week before the U.S. election and amid alarming new Covid-19 cases sent investors scurrying to safe havens on Monday, solidifying gold’s hold at just above $1,900 an ounce.

While the gain — just $5 on the day for gold futures — was nothing to shout about, it was remarkable for one reason: it came despite a rally in the dollar, which typically would have sent the yellow metal the other way.

It was the second time over the past two weeks that the pair moved the same way, the last being on Oct. 16, when both were down about 0.2% on the day. While it’s too early to suggest that the inverse correlation trade between the dollar and gold is over, the breakdown was certainly something to muse over

“Gold prices are hanging in there despite a strong dollar as investors flee to safe-havens over anxiety over the coronavirus crisis (and) growing expectations for a ‘blue wave’,” said Ed Moya at OANDA in New York, referring to the win expected for “blue” or Democratic party candidate Joe Biden versus red or Republican party president Donald Trump.

settled at $1,905.70, up 50 cents, or 0.03%, as the  plunged almost 3%.

, which reflects real-time trades in bullion, was up $1.99, or 0.1%, at $1,903.55 by 3:00 PM ET (19:00 GMT).

The , which pits the greenback against six major currencies, was up 0.3% at 93.04.

Back in March, when risk aversion for the year was at its heights right after the global outbreak of the coronavirus, gold and the dollar surged at the same time.

The dollar then sank and gold continued its climb almost relentlessly, gaining more than $500 or 30% to hit record highs of almost $2,090 on Comex in early August.

At that point, gold tumbled as investors turned back to the dollar, which became the haven of choice due to its standing as a reserve currency. Gold hit 11-week lows of around $1,851 by late September before digging its heels into the low $1,900 support last week.

“From what we know, people are being drawn to gold now for different reasons now,” said Phillip Streible, chief market strategist at Blueline Futures in Chicago.

“The possibility of additional stimulus is certainly one; we all know another relief plan is happening, it’s just a matter of when. Another is that people are still reliving the after the election in 2016 when the Dow swung up 1,500 points overnight. So there’s this theory that gold could continue to dive with all the uncertainty we have over the present election before snapping back. Gold could benefit over this week and it has had low volatility anyway.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Commodities

Have Wheat Prices Topped Out ? – Growing Your Money

Published

on

By


Have Wheat Prices Topped Out ?

Wheat Futures—Wheat futures in the December contract  is currently trading lower by 10 cents at 6.22 a bushel or 1.62% this Monday afternoon in Chicago as many commodity sectors are lower today due to the fact that the Coronavirus is making new headlines once again as the Dow Jones Industrial Average is down nearly 900 points.

Wheat prices are trading far above their 20 and 100 day moving average as the trend remains to the upside, however for the bullish momentum to continue prices have to break the October 20th high of 6.38 which happened in last week’s trade.

I have been recommending a bullish position over the last month or so from around the 5.40 level and if you took that trade continue to place the stop loss under the 2 week low on a hard basis only standing at 5.87 as an exit strategy, however the chart structure will start to improve on a daily basis later this week as the monetary risk will be reduced substantially.

At the present time I also have bullish recommendations in soybeans and soybean meal which continue to hit contact highs today as the entire sector has entered into a long-term bullish secular trend in my opinion so stay long as the volatility will remain extremely high. 

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

 

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER—@seeryfutures

 Email: mseery@seeryfutures.com
If you’re looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.

 

  

 



Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme.