Business Materials and Metals

  • *Fort McMurray fire results in 690,000 bpd oil production cut. SINGAPORE, May 6- Oil prices were steady on Friday after a run up on supply disruptions, especially in the Americas, where wildfires continue to rage near Canada's huge oil sand fields, tightening a market suffering global oversupply. A massive fire around the Canadian oil city of Fort McMurray has...

  • BEIJING, May 6- China will take stronger action against illegal coal projects as it tries to tackle a massive capacity glut in the sector, the country's state planning agency said in a notice posted on Friday. The National Development and Reform Commission had ordered the immediate closure of 38 coal projects that breached industry policies, it said on its...

  • NEW YORK, May 5- Canadian crude prices rallied on Thursday as a raging wildfire in northern Alberta shuttered nearly one-third of the nation's oil sands production and closed some pipelines, raising concerns about temporary shortages of feedstock to U.S. refineries. The massive fire forced all 88,000 residents of Fort McMurray, home to thousands of oil sands...

  • May 5- The wildfire that raged on Thursday in Fort McMurray in the heart of the Canadian oil sands region knocked out as much as a third of Canada's daily crude capacity and closed some pipelines. -Nexen Energy, a wholly owned subsidiary of China's CNOOC, said late on Wednesday that it was shutting its Long Lake oil sands facility. Long Lake can produce around 50,000...

  • The massive wildfire near Fort McMurray in Alberta has prompted companies, including Suncor Energy Inc and Shell Canada, to shutter nearly one-third of the nation's oil sands production and has closed key pipelines. Canadian Natural's production could go down to 70,000 barrels per day if the company's Horizon oil sands project- located just north of Fort...

  • May 5- The wildfire that raged unchecked on Thursday in the city of Fort McMurray in the heart of the Canadian oil sands region knocked out as much as a third of the nation's daily crude capacity and closed some major pipelines. -Nexen Energy, a wholly owned subsidiary of China's CNOOC, said late on Wednesday that it was shutting its Long Lake oil sands facility.

  • TORONTO, May 5- Canada's main stock index rose on Thursday, snapping a three-day losing streak as higher oil prices supported energy stocks, while gold stocks also rallied. Gains for the index come one day after it fell to a two-week low of 13,570.02 as a wildfire cut production in Canada's oil sands region. U.S. crude prices rose 3.6 percent to $45.34 a barrel as...

  • *Fort McMurray evacuees told to head to oil sand camps. *Fighting in Libya escalates, disrupts supplies. LONDON, May 5- A wildfire threatening Canada's oil sands region and escalating tensions in Libya sparked concern among investors over a near-term supply shortage, driving crude oil prices up by 3 percent on Thursday.

  • SAO PAULO, May 5- Brazil's Braskem SA, Latin America's largest petrochemical company, reported on Thursday that first-quarter net income tripled from a year earlier to 747 million reais.

  • *Fort McMurray evacuees told to head to oil sand camps. *Fighting in Libya escalates, disrupts supplies. LONDON, May 5- A huge wildfire near Canada's oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday.

  • MELBOURNE, May 5- London copper sank to fresh two-week lows on Thursday, as a stronger dollar prompted commodity markets to take a breather after April's broad-based rally, while a deteriorating technical picture pointed to further consolidation. Data due in coming weeks is expected to show China's economic activity moderated in April after a strong showing...

  • What's the outlook for silver, gold and metals?

    Michael Widmer, metals strategist at BofA Merrill Lynch Global Research, says fundamentals have improved enough to call a bottom in the metals market.

  • LAUNCESTON, Australia, May 5- If you are looking for signs that the China- led surge in iron ore and steel prices is likely to fizzle, the fact that the share prices of producers are lagging miles behind is a strong indicator that the commodity rally may be shaky. Spot iron ore for delivery to China has surged almost 43 percent this year, closing on Wednesday at $61 a...

  • *Fighting in Libya escalates, disrupts supplies. SINGAPORE, May 5- Oil prices jumped on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation's output. Brent was pushed higher by escalating fighting in Libya.

  • *Fighting in Libya escalates, disrupts supplies. SINGAPORE, May 5- Oil prices jumped by more than one percent in early trading on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation's output. Brent was pushed higher by escalating fighting in Libya.

  • MELBOURNE, May 5- London copper was stuck near two-week lows on Thursday, as a stronger dollar prompted commodity markets to take a breather after April's broad-based rally, while a deteriorating technical picture suggested further consolidation to come. *Three-month copper on the London Metal Exchange slipped 0.3 percent to $4,853 a tonne by 0018 GMT,...

  • May 4- The wildfire that raged unchecked on Wednesday in the city of Fort McMurray in the heart of the Canadian oil sands region has disrupted oil company operations nearby. While oil sands facilities are not in the fire's path, a number of companies have curbed activities to allow workers and others to get to safety. -Royal Dutch Shell PLC Chief Financial Officer...

  • WASHINGTON, May 4- The U.S. Commerce Department on Wednesday said it would slap preliminary duties on imports of welded stainless pressure pipe from India after finding the goods were being dumped in the U.S. market at below market prices. The preliminary decision came in response to a complaint brought last year by Bristol Metals, a subsidiary of U.S. steel...

  • WASHINGTON, May 4- The U.S. Commerce Department on Wednesday said it would slap preliminary duties on imports of welded stainless pressure pipe from India after finding the goods were being dumped in the U.S. market at below market prices.

  • *Europe stocks led lower by miners, Asia closes lower. NEW YORK, May 4- Global equity markets fell for a second straight day on Wednesday on mostly weak economic data while metals prices slipped on renewed concerns of a downturn in global growth. In Europe, surveys indicated that growth in the euro zone will be slow but steady, underscoring concerns about the...

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