News
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US-UK deal will save jobs at Jaguar Land Rover facility, ambassador says
May 8 (Reuters) - A limited bilateral trade deal between the United States and Britain will prevent layoffs that were planned at a Jaguar Land Rover TAMO.NS facility in the West Midlands in Britain, Ambassador to the U.S. Peter Mandelson said on Thursday. "This deal has saved those jobs," Ma...Reuters
Thu, May 8
Mexico's Pemex aims to reopen wells to boost falling oil output, documents and sources say
New E&P head says advancing with 'reactivation of closed wells'Some 4,800 wells could be reopened for production, data showsPrograms to extract more barrels are expensive and difficultPemex lacks funds for these strategic projectsBy Stefanie Eschenbacher, Adriana Barrera and Ana Isabel M...Reuters
Thu, May 8
CANADA-CRUDE-Discount on Western Canada Select heavy crude widens
May 8 (Reuters) - The discount on Western Canada Select (WCS) to the North American benchmark West Texas Intermediate futures (WTI) CLc1 widened on Thursday.WCS for June delivery in Hardisty, Alberta, settled at $9.10 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, after havin...Reuters
Thu, May 8
LIVESTOCK-CME cattle higher as grilling season ramps up
By Heather Schlitz CHICAGO, May 8 (Reuters) - Chicago Mercantile Exchange live cattle and feeder cattle rose on Thursday, as demand surged ahead of Mother's Day and the start of grilling season, analysts said.A tight cattle supply and strong demand from consumers and retailers has propelled c...Reuters
Thu, May 8
Citgo posts $82 million loss in Q1 amid weak margins
Crude utilization falls to 95% in Q1 from 98% in Q4Liquidity down to $2.1 bln from $3.8 bln in previous quarterFirst quarter was second period of consecutive lossBy Marianna Parraga HOUSTON, May 8 (Reuters) - Venezuela-owned refiner Citgo Petroleum registered an $82 million net loss in the first ...Reuters
Thu, May 8
Mexico's Pemex plans to reopen wells to boost declining production, documents and sources show
MEXICO CITY, May 8 (Reuters) - Mexican state energy company Pemex plans to reopen old wells in a bid to squeeze more barrels out of them to boost declining production, according to two documents and four sources, as it struggles to reach an ambitious government target.Earlier this week, Pemex said i...Reuters
Thu, May 8
MP Materials swings to quarterly loss on rising production costs
May 8 (Reuters) - U.S. rare earths producer MP Materials MP.N said on Thursday that it swung to a first-quarter loss due in part to rising production costs and interest expenses, though results met investors' expectations. The results are the first since the Las Vegas-based company said last ...Reuters
Thu, May 8
Nutrien paints bullish fertilizer industry picture despite poor Q1 results
Nutrien sees strong global fertilizer demand despite trade warsWeather delays and high energy costs impacted Q1 earningsAnalyst sees potential struggles due to low corn profitabilityBy Ed White WINNIPEG, Manitoba, May 8 (Reuters) - Nutrien NTR.TO offered a bullish outlook for the 2025 global fert...Reuters
Thu, May 8
Republican US lawmakers voice support for IRA energy tax credits
WASHINGTON, May 8 (Reuters) - Republican U.S. lawmakers sent a letter to the head of the House Ways and Means Committee on Thursday voicing their support for tax credits boosted in former President Joe Biden's Inflation Reduction Act, legislation for which no Republicans voted.WHY IT'S IMPOR...Reuters
Thu, May 8
US ordered to pay $600K to families sickened in Pearl Harbor fuel spill
By Diana Novak Jones May 8 (Reuters) - A federal judge in Hawaii ordered the U.S. government on Wednesday to pay about $600,000 to six families impacted by a 2021 fuel spill that tainted drinking water at the Joint Base Pearl Harbor-Hickam near Honolulu after finding that the tainted water was th...Reuters
Thu, May 8
Trump calls for 30-day Russia-Ukraine ceasefire
WASHINGTON, May 8 (Reuters) - U.S. President Donald Trump called on Thursday for a 30-day unconditional ceasefire between Russia and Ukraine and said that both countries will be held accountable for the "sanctity of these direct negotiations."Trump said in a social media post: "If the ce...Reuters
Thu, May 8
UK, US have 'more serious work to do' on trade, British official says
WASHINGTON, May 8 (Reuters) - The United States and the United Kingdom have more serious work to do on liberalizing trade, a British official said on Thursday, after the two allies announced a limited bilateral trade deal that leaves in place U.S. President Donald Trump's 10% tariffs on British ...Reuters
Thu, May 8
EXCLUSIVE-Kraft Heinz asks coffee suppliers for 60 days' notice for tariff hikes
Kraft Heinz asks coffee suppliers for 60 days' notice for price hikes from tariffsAsks suppliers to reverse price hikes if tariffs are removedHopes coffee suppliers work with it to mitigate tariff impactBy May Angel and Jessica DiNapoli LONDON/NEW YORK, May 8 (Reuters) - Food maker Kraft Hein...Reuters
Thu, May 8
US Cash Crude-Grades weaken as WTI/Brent spread narrows to most since March
May 8 (Reuters) - U.S. cash crude differentials largely weakened on Thursday, dealers said, as U.S. crude's discount to the international benchmark Brent narrowed. U.S. crude futures' discount to Brent narrowed to as much as $3.28 a barrel on Thursday, the narrowest since March 31. A narrowe...Reuters
Thu, May 8
Britain's IAG to buy Boeing and Airbus jets, sources say
US Commerce Secretary says Britain to order Boeing jetsIndustry sources say IAG to split order with AirbusDeal includes around 30 Boeing 787, 30 Airbus jets, they sayBy Andrea Shalal and Paul Sandle WASHINGTON/LONDON, May 8 (Reuters) - The United States said on Thursday Britain would purchase $10...Reuters
Thu, May 8
Texas oil drilling applications hit 4-year low as producers weigh OPEC+ hike, trade war
By Georgina McCartney HOUSTON, May 8 (Reuters) - Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, fell to their lowest last month since February 2021, consultancy Enverus said, amid concerns that rising OPEC+ supplies and a trade war will continue to hit crude ...Reuters
Thu, May 8
ICE canola futures soften following stocks report
WINNIPEG, Manitoba, May 8 (Reuters) - ICE canola futures edged lower on Thursday following a few-surprises Statistics Canada crop stocks report, despite stronger competing vegoils. • July canola RSN5 settled down 40 cents at $700.90 per metric ton. November RSX5 fell 50 cents to $662.50.• Statistics...Reuters
Thu, May 8
US Plains HRW Wheat-Spot basis bids mostly steady as futures sink to new lows
CHICAGO, May 8 (Reuters) - Spot basis bids for hard red winter (HRW) wheat were mostly steady around the southern U.S. Plains on Thursday as easing futures prices underpinned values, grain merchants said. Most K.C. HRW wheat contracts on the Chicago Board of Trade fell on Thursday to new contract lo...Reuters
Thu, May 8
Chevron's refinery in El Segundo, California, took some units offline earlier this week - sources
NEW YORK, May 8 (Reuters) - Chevron's CVX.N 269,000-barrel-per-day (bpd) refinery in El Segundo, California, took some units offline earlier this week, energy industry intelligence service Wood Mackenzie said on Thursday.The 100,500-bpd crude distillation unit and the 56,000-bpd vacuum distillat...Reuters
Thu, May 8
China lifts suspension on five Brazilian soy exporters ahead of Lula visit
China resumes Brazilian soy imports from five firmsSuspensions were due to phytosanitary issuesMove comes ahead of Lula's state visitBy Laurie Chen and Ella Cao BEIJING, May 8 (Reuters) - China, the world's largest soybean buyer, has lifted restrictions for Brazilian soybean shipments fro...Reuters
Thu, May 8
