China's coal futures fell 8% to their downward limit in night trading on Tuesday as the state planner said it was looking at ways to intervene and bring record high prices of the fuel back down to a "reasonable range".
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing's efforts to bolster supply. Thermal coal for January delivery, the most actively traded contract on the Zhengzhou Commodity Exchange, hit a record high of 1,982 yuan per tonne. Prices are up more than 260% year to date.
Oil futures rose on Tuesday and were near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic heating needs. The Brent crude benchmark rose 75 cents to settle at $85.08 a barrel. Prices have been climbing the last two months.
Plains All American Pipeline LP (PAA): * PLAINS' CUSHING TERMINAL TO BECOME DELIVERY POINT FOR BENCHMARK WTI CRUDE OIL FUTURES CONTRACT Source text for Eikon: Further company coverage:
Saudi Arabia's crude oil exports rose in August for a fourth consecutive month to the highest since January 2021, the Joint Organisation Data Initiative said on Monday. The kingdom's crude oil exports rose to 6.450 million barrels per day in August, up from 6.327 million bpd in July.
Oil prices pulled back after touching multi-year highs on Monday, trading mixed as U.S. industrial output for September fell, tempering early enthusiasm about demand. Production at U.S. factories fell by the most in seven months in September as an ongoing global shortage of semiconductors depressed motor vehicle output, further evidence that supply constraints were hampering economic growth.
* Brent touches most since Oct 2018, WTI highest since Oct 2014. * U.S. drillers add oil and gas rigs for sixth week in a row. * China cuts independent refinery oil import quotas. By Jessica Jaganathan.
Canada-based oil firm PetroTal Corp (PTALF) is hopeful to meet its plans to almost double crude production in Peru this year, despite protests by indigenous groups hitting a key pipeline in the country, the firm's general manager said on Friday.
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