China has eased its restrictions on exports of rare earth elements by approving “a certain number” of export licenses, its commerce ministry said on Thursday in what could be the beginning of eased access to rare earths for the global supply chains.    A certain number of applications has been approved, the ministry said, as carried by Reuters. However, China did not elaborate on whether U.S. firms have been granted licenses or how many applications have been approved.  “China will continue to strengthen the…

China has eased its restrictions on exports of rare earth elements by approving “a certain number” of export licenses, its commerce ministry said on Thursday in what could be the beginning of eased access to rare earths for the global supply chains.    A certain number of applications has been approved, the ministry said, as carried by Reuters. However, China did not elaborate on whether U.S. firms have been granted licenses or how many applications have been approved.  “China will continue to strengthen the…

India and Pakistan are weighing their options in case the Israel-Iran conflict disrupts oil supplies through key chokepoints. While many analysts are still not convinced that Iran can actually afford to close the Strait of Hormuz, as it has threatened, it’s a big gamble, and Indian refiners are making backup plans. Indian refiners are considering supplies from West African producers and other alternative energy sources as the world’s second-largest importer of crude grows wary of the unfolding situation. Meanwhile, India’s neighbor,…

Russian President Vladimir Putin claimed he is ready "to find a solution" to his war with Ukraine and to potentially meet with the Ukrainian leader, even as the death toll from Russia's latest attack on Kyiv rose to 28 people. "We need to find a solution that would not only put an end to the current conflict but also create conditions that would prevent similar situations from recurring in the long term," Putin told foreign media in a televised briefing on June 18 in St. Petersburg. Putin said talks could resume at some point after June 22, the…

Russia believes that Moscow, its OPEC+ ally Saudi Arabia, and the United States could work together to stabilize the oil market if necessary, the head of Russia’s sovereign wealth fund told Reuters on Thursday. “There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets,” Dmitriev, chief executive of the Russian Direct Investment Fund, told Reuters on the sidelines of an economic event in Russia.   “It is early…

Tanker rates for the route via the Strait of Hormuz have doubled since Israel started bombing Iran last Friday, the Financial Times has reported, citing shipowners growing reluctance to sail through the chokepoint. The daily rate for a very large crude carrier chartered from the Gulf of China, for instance, has jumped from $19,998 last Thursday to over $47,600 this week, the publication noted, citing figures from Clarksons Research, a maritime analysis provider. The insurance sector is responding to the situation as well, raising premiums for vessels…

Geopolitics could move Brent crude higher by around $10 per barrel, Goldman Sachs has estimated, from a starting point in the mid-$70s. However, the bank admitted oil could top $90 in case of Iranian supply disruption. Goldman’s analysts pointed to the disruption of oil flows via the Bab el-Mandeb Strait by the Yemeni Houthis’ attacks on vessels as an example of the fragility of Middle Eastern oil export security. Its base-case scenario, the bank said, remains the same, with Brent averaging $60 per barrel in the final quarter of the…

Oil demand is set to plateau rather than drop off a cliff after it peaks, the International Energy Agency (IEA) predicted this week, citing “policy settings and market trends.” But here’s the thing about policy settings and market trends: they change. That oil demand is set to peak before 2030 has been repeated ad nauseam by various forecasters, including, notably, Chinese energy majors Sinopec and CNPC. Indeed, OPEC is the only forecaster of demand that does not see it peaking anytime soon. Of course, OPEC is interested in its…

The European Union countries planning to expand their nuclear power capacities will need as much as $277 billion (241 billion euros) in investments by 2050, according to Brussels’ estimates. That’s only the investment needed for the conventional large-scale nuclear reactors currently in the plans of nearly half of the EU member states. The sum doesn’t include investment in Small Modular Reactors (SMRs), Advanced Modular Reactors (AMRs), or microreactors, or investment in nuclear fusion efforts. Some EU countries are open to returning…

For years, Russian gas was seen as the bedrock of Europe’s industrial competitiveness, reliable, abundant, and above all, cheap. But as Europe transitions away from Russian energy, the true cost of that dependency is finally coming into view. This article reconsiders the myth of cheap Russian gas, showing that beyond the apparent price advantage, the continent paid a high price in terms of strategic exposure, political leverage, and security risks. Europe is now charting a more resilient energy future, and it’s a shift long overdue.…

Last Friday the world woke to the kind of news that rattles the oil markets. In the early hours of June 13, Israel launched airstrikes against Iran, reportedly hitting nuclear sites and killing several senior military officials, including Hossein Salami, head of the Revolutionary Guard. Israeli Prime Minister Benjamin Netanyahu called it a “strategic action” aimed at neutralizing what he described as existential threats. The reaction in the oil markets was swift. Brent crude jumped nearly 8%, briefly topping $78.50, and West Texas Intermediate…

Via Metal Miner The Aluminum Monthly Metals Index (MMI) moved sideways as the global price of aluminum ticked modestly higher. Overall, the index rose 0.73% from May to June. Track other MetalMiner monthly indexes here, and compare how the overall industrial metal market is performing. Aluminum Midwest Premium Finds A Peak The Midwest Premium found a peak in mid-June. Following successive tariff-induced spikes throughout the year’s first half, the premium hit a new all-time high at $0.615/lb on June 9. This marked a staggering 161% rise since…

King Charles III’s property firm is to invest up to £400m of fresh capital into the UK’s offshore wind supply chain, it has been announced. The Crown Estate has earmarked £350m for investment into the construction of a new port and supply chain infrastructure it said would support “accelerated delivery of UK offshore wind projects.” The other £50m will support “early-stage project development,” delivered via a succession of funding rounds. Investment from The Crown Estate, which manages a £16bn…

Iron ore, widely seen as a real-time barometer of China's economic pulse, is flashing fresh warning signs. Prices slid for a fourth straight session in Singapore, dropping below $93 a ton and hitting their lowest level in nine months. China, the world's largest consumer of iron ore, imports more than 70% of globally traded volumes. That gives iron ore prices an outsized role as a proxy for Chinese economic momentum, and the latest trade data suggests the world's second-largest economy is still struggling to gain momentum, remaining mired in deflation.…

Argentina's Vaca Muerta shale play posted significant first-quarter gains in 2025, building on last year's strong performance, with oil output surging 26% and gas production rising 16% year-on-year, according to Rystad Energy estimates. This growth is shifting Argentina away from its historical dependence on gas imports, pushing the nation closer to energy self-sufficiency. Furthermore, with the help of investment incentives for infrastructure and storage projects, Argentina is looking toward the potential export and monetization of its gas reserves…

Canada could produce its first-ever liquefied natural gas (LNG) for export from the Pacific coast as early as this weekend, according to industry sources familiar with project timelines cited by Reuters. LNG Canada, a massive $40-billion project in Kitimat, British Columbia, is completing cooldown operations on Train 1, which are scheduled from June 16 to 19. If production begins as expected, it would mark a milestone for Canada’s natural gas industry: the country’s first operational LNG export terminal and the only one on North America’s…

Canada could produce its first-ever liquefied natural gas (LNG) for export from the Pacific coast as early as this weekend, according to industry sources familiar with project timelines cited by Reuters. LNG Canada, a massive $40-billion project in Kitimat, British Columbia, is completing cooldown operations on Train 1, which are scheduled from June 16 to 19. If production begins as expected, it would mark a milestone for Canada’s natural gas industry: the country’s first operational LNG export terminal and the only one on North America’s…

The Strait of Hormuz may be one of the most strategically sensitive energy corridors in the world, but the oil market isn’t blinking, yet, with Eni CEO Claudio Descalzi predicting Iran will not be able to afford this option.  Brent’s muted response at around $77 per barrel on Wednesday, signals that traders see the odds of an actual closure as remote, despite intensifying hostilities between Iran and Israel.“It would be very difficult to stop the Strait of Hormuz, because everybody would be affected, including Iran,”…

Crude oil inventories in the United States fell by 11.5 million barrels during the week ending June 13, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 420.9 million barrels, roughly 10% below the five-year average for this time of year. Crude prices were mixed ahead of the report amid broader macro signals. The American Petroleum Institute (API) on Tuesday had estimated a 10.133-million-barrel drop for the week ending June 13 after analysts had estimated…

Norwegian state-owned utility Statkraft announced plans on Wednesday to slash annual costs by 2.9 billion NOK ($292 million) by 2027, warning that staff layoffs may follow in the second half of the year. The move comes amid mounting cost pressures across Europe’s power sector and reflects deeper financial strain among major renewable-focused utilities. Europe’s largest producer of renewable energy, Statkraft said the cuts aim to “safeguard long-term value creation” as inflation, higher financing costs, and uncertain power…