Goldman Sachs commodity analysts expect Brent crude to slump to the low $50s next year, citing an expected oversupply of some 1.8 million barrels daily towards the end of the year.
The surplus will swell as soon as this year, the analysts also said in a client note cited by Reuters. The prediction is in tune with the International Energy Agency’s latest projection for the oil market. In it, the IEA projected supply growth of as much as 2.1 million barrels daily this year, compared with a much more modest demand growth of 700,000 barrels daily, resulting in a surplus of 1.4 million barrels daily.
In another recent sign that many expect an oil surplus on the global market, hedge funds and other speculators cut their bullish bets on Brent and WTI to the lowest in 16 years, according to Bloomberg. The driver behind this behavior, Bloomberg wrote, was receding fear of additional U.S. sanctions on Russian oil, even though the prospects of a peace deal became distant once again after Ukraine’s president stated he would not be making any territorial concessions.
Even so, Brent crude and West Texas Intermediate have been trending upwards this week. Brent was changing hands for $67.32 per barrel at the time of writing, and WTI was trading at $63.32 per barrel. Disruption is looming over the oil market right now as the U.S.' additional tariffs on India are set to take effect today.
If the tariffs affect Indian purchases of Russian oil, this will have the opposite of a bearish impact on global prices, regardless of any estimates of a supply overhang, which Energy Intelligence also joined, predicting a surplus of 800,000 barrels daily for this year.
Meanwhile, oil demand in China, the world’s largest importer, is picking up, and so are imports. The improvement is noticeable on a sequential basis, however, while on an annual basis, demand was down, although imports were up on both bases.
By Irina Slav for Oilprice.com
https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sees-Oil-Falling-Below-55-in-2026.html
The China stock market on Tuesday halted the four-day winning streak in which it had rallied almost 160 points or 4.4 percent. The Shanghai Composite Index now sits just beneath the 3,870-point plateau although it may move back to the upside again on Wednesday.
The global forecast for the Asian is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead.
The SCI finished modestly lower on Tuesday following losses from the financial shares, property stocks and resource companies.
For the day, the index lost 15.18 points or 0.39 percent to finish at 3,868.38 after trading between 3,859.76 and 3,888.60. The Shenzhen Composite Index rose4.47 points or 0.18 percent to end at 2,440.79.
Among the actives, Industrial and Commercial Bank of China was down 0.53 percent, while Agricultural Bank of China collected 0.28 percent, China Merchants Bank declined 0.80 percent, Bank of Communications retreated 0.91 percent, China Life Insurance dipped 0.35 percent, Jiangxi Copper lost 0.52 percent, Aluminum Corp of China (Chalco) rallied 1.24 percent, Yankuang Energy skidded 0.97 percent, China Petroleum and Chemical (Sinopec) slipped 0.34 percent, Huaneng Power fell 0.40 percent, China Shenhua Energy shed 0.69 percent, Gemdale slumped 0.94 percent, Poly Developments dropped 0.96 percent, China Vanke stumbled 2.37 percent and PetroChina was unchanged.
The lead from Wall Street is mildly positive as the major averages were flat for much of Tuesday before a late push nudged them up into the green at the close.
The Dow gained 135.60 points or 0.30 percent to finish at 45,418.07, while the NASDAQ added 94.98 points or 0.44 percent to close at 21,544.27 and the S&P 500 rose 26.62 points or 0.41 percent to end at 6,465.94.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of earnings news from Nvidia (NVDA), with the AI darling and market leader due to report its second quarter results later today.
Traders are also keeping an eye on the latest developments in Washington after President Donald Trump said he is removing Fed Governor Lisa Cook from her position. Trump accused her of making false statements on one or more mortgage agreements.
Meanwhile, Trump has threatened to impose "substantial additional tariffs" on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.
Crude oil prices moved sharply lower on Tuesday, reflecting concerns about erratic U.S. trade policies. West Texas Intermediate crude for October delivery tumbled $1.55 or 2.4 percent to $63.25 a barrel.
Closer to home, China will see July figures for industrial profits later this morning; in June, profits were down 1.8 percent on year.
For comments and feedback contact: editorial@rttnews.com
https://www.rttnews.com/3569221/higher-open-called-for-china-stock-market.aspx
The Sonadrill joint venture, formed by Seadrill and Angola’s state-owned Sonangol, is preparing to start a new offshore drilling campaign between the third quarter of 2025 and early 2026, according to industry reports published on Monday, August 25.
As part of the plan, the venture signed two contracts. One covers Seadrill’s West Gemini rig, contracted by Sonangol for 284 days. The other, awarded by Azule Energy Angola, a BP and Eni joint venture, assigns the Sonangol Libongos rig for a firm 525 days with extension options.
These contracts extend Sonadrill’s activities in Angola’s deepwater sector, where it currently operates three offshore rigs. The move comes as national oil production continues to fall.
The National Agency of Petroleum, Gas and Biofuels (ANPG) said last week that crude output, usually around 1.1 million barrels per day, fell to 998,757 b/d in July 2025, the lowest level since March 2023. Angola had been producing more than 2 million b/d as recently as 2008. The regulator did not specify reasons for the decline.
Angola is stepping up efforts to slow the drop. In July, TotalEnergies and ExxonMobil launched new exploration studies with ANPG on offshore blocks 17/06 near Luanda and 32/21 in the Lower Congo Basin. The goal is to identify additional reserves near producing fields to help stabilize output and prevent a prolonged fall below the symbolic 1 million b/d threshold.
Other initiatives include advancing projects such as Agogo and building the Cabinda refinery, which will have a capacity of 30,000 b/d, a project designed to raise Angola’s refining capacity and reinforce its regional position.
Gas prices could drop to sub-$3 per gallon in the US by October/November, driven by a transition to cheaper winter gasoline and Americans staying closer to home during colder months. However, potential challenges include hurricane season and trade/trade uncertainty, which could impact refining capacity and oil production.
Gas prices in the US are expected to drop to sub-$3 per gallon by October/November, driven by a transition to cheaper winter gasoline and Americans staying closer to home during colder months. This shift could significantly impact the oil and gas industry, affecting both production and refining capacity.
The potential drop in gas prices is a result of several factors. The transition to cheaper winter gasoline, which is typically less expensive to produce and refine, is a key driver. Additionally, as Americans stay closer to home during colder months, demand for gasoline is expected to decrease, further contributing to the price drop.
However, there are potential challenges that could impact refining capacity and oil production. The ongoing hurricane season could disrupt refining operations and oil production, leading to temporary shortages and higher prices. Trade uncertainty, including potential disruptions in global oil markets, could also affect the stability of gas prices.
Range Resources Corporation (NYSE: RRC), a major player in the oil and gas industry, has been performing well operationally despite the challenges posed by weaker natural gas prices. The company reported solid production in Q2 2025, with total production averaging 2.197 Bcfe per day. While the company's free cash flow has been affected by the drop in natural gas prices, it has also benefited from tax changes and slight efficiency improvements, which have helped offset the impact.
The Maysan Refinery expansion project in Iraq, led by Prime Minister Mohammed Shia Al-Sudani, is another example of efforts to increase refining capacity. The project aims to expand the refinery's capacity from 40,000 to 110,000 barrels per day, contributing to Iraq's goal of converting 40% of crude oil exports into refined petroleum products by 2030.
In conclusion, while the expected drop in gas prices could present challenges for the oil and gas industry, it also presents opportunities for companies that can adapt to changing market conditions. The ability to navigate these challenges and take advantage of potential opportunities will be key for investors and financial professionals to consider.
References:[1] https://seekingalpha.com/article/4816149-range-resources-tax-change-benefits-offsets-impact-from-weaker-natural-gas-prices
[2] https://en.964media.com/34423/
https://www.ainvest.com/news/cheaper-gas-prices-experts-predict-3-gallon-2025-2508/
Hungarian Prime Minister Viktor Orban has escalated his rhetoric towards Ukraine, warning that the public threats made by Ukrainian President Volodymyr Zelensky against his country "will not go without consequences," in a new development that fuels tensions between Budapest and Kyiv over sharp disagreements regarding Ukraine's accession to the European Union.
In a post published by Orban on the 'Fight Club' page, affiliated with supporters of the ruling Hungarian Civic Union party on social media, he said:
"Zelensky has openly threatened Hungary, admitting that they are targeting the (Druzhba) pipeline because we do not support their accession to the European Union. This once again proves that Hungarians made the right decision."
Orban pointed out that "Ukraine is trying to blackmail Europe through bombings and threats," adding that "this approach will not help them join the European Union."
He concluded with a warning: "Zelensky's statements will not remain without consequences."
* Kyiv Accused of Targeting Energy Infrastructure
Hungarian Foreign Minister Peter Szijjarto announced on August 22 that the Druzhba oil pipeline had been attacked by Ukrainian forces, describing the incident as "an attempt to drag Hungary into war."
As a result of the attack, oil supplies to both Hungary and Slovakia were temporarily suspended due to emergency maintenance work.
In response to a question about whether the strikes on the Druzhba pipeline would increase the chances of Hungary retracting its veto against Ukraine's EU membership, Zelensky said on August 24:
"We have always maintained friendly relations with Hungary... and now, the existence of (Druzhba) depends on Hungary."
* Budapest Wields the Electricity Card
In a related context, Gyorgy Gulyas, head of the Hungarian Prime Minister's Office, emphasized that Hungary is "the primary supplier of electricity to Ukraine," confirming:
"Without us, energy security in Ukraine could not be guaranteed."
Gulyas reminded that his country had previously warned its eastern neighbors that it might cut off electricity supplies to them if "hostilities" against Hungary continued.
* Washington Prevents Ukraine from Using U.S. Missiles Against Russia
In a related development, reports indicate that the Pentagon continues to prevent Kyiv from using U.S. missiles to strike targets within Russian territory, a move that reflects ongoing U.S. caution in escalating the conflict with Moscow, despite rising tensions in Eastern Europe.
These mutual statements come at a highly sensitive time, as Ukraine seeks to secure broad European support for its EU membership, while Hungary continues to obstruct this path due to what it describes as "security and political concerns," which threatens to escalate the dispute to more dangerous levels if statements and actions from both sides are not moderated.
Gold touched a two-week high on Tuesday as the dollar weakened on Fed independence worries and ahead of a looming key U.S. inflation report.
Spot gold edged up by 0.3 percent to $3,374.83 per ounce in European trade, while U.S. gold futures were up 0.1 percent at $3,421.72.
The dollar slipped after U.S. President Donald Trump dismissed Federal Reserve Governor Lisa Cook over alleged mortgage borrowing impropriety, the latest in a series of attacks on the central bank's independence.
Trump said there was enough evidence that Cook had made false statements on mortgage applications.
Trade tensions also kept investors on edge, with Trump threatening 200 percent tariffs on China if Beijing does not export rare-earth magnets to the U.S.
At the Oval Office on Monday, Trump spoke of Washington's strength in its standoff with Beijing and warned that if he played the "incredible cards" at his disposal, it would "destroy China."
"We are going to have a great relationship with China... They have some cards. We have incredible cards, but I don't want to play those cards. If I play those cards, that will destroy China. I am not going to play those cards," he said.
In economic releases, U.S. reports on durable goods orders and consumer confidence may garner some attention in the New York session.
The Case-Shiller Home Price Index and the Richmond Fed Manufacturing Index are also due.
Richmond Federal Reserve President Thomas Barkin will speak before the Montgomery County Chamber of Commerce.
The Fed's preferred readings on consumer price inflation will be released on Friday and analysts say that inflation likely stayed too hot for comfort in July.
For comments and feedback contact: editorial@rttnews.com
https://www.rttnews.com/3569028/gold-hovers-near-two-week-high.aspx
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Is This 1 Momentum Stock a Screaming Buy Right Now?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
Agnico Eagle Mines (AEM)
Toronto, Canada-based Agnico Eagle Mines Limited is a gold producer with mining operations in Canada, Mexico and Finland, and exploration activities in Canada, Europe, Latin America and the United States. It successfully completed its merger with Kirkland Lake Gold in February 2022.
AEM sits at a Zacks Rank #1 (Strong Buy), holds a Momentum Style Score of B, and has a VGM Score of B. The stock is up 2.3% and up 10.4% over the past one-week and four-week period, respectively, and Agnico Eagle Mines has gained 66% in the last one-year period as well. Additionally, an average of 2,525,049 shares were traded over the last 20 trading sessions.
Momentum investors also pay close attention to a company's earnings. For AEM, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.52 to $6.94 per share for 2025. AEM boasts an average earnings surprise of 10%.
Investors should take the time to consider AEM for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
https://finance.yahoo.com/news/heres-why-agnico-eagle-mines-135001083.html
China’s Zijin Mining Group Co. Ltd sees unprecedented global uncertainties on the critical and precious metals markets amid rising protectionism and trade barriers, the biggest Chinese and the world’s largest metals miner in terms of market value said on Wednesday.
Zijin Mining, which is now the third top valued metals miner behind Rio Tinto and BHP, flagged in its half-year earnings report that “Geopolitical risks are increasingly severe, and regional conflicts are spreading globally. Global uncertainties have become unprecedented.”
Following the tariff and trade war initiated by the United States, “The global political and economic orders established since World War II are facing comprehensive challenges.”
Against this backdrop, the competition for critical minerals among major powers “has entered a high-intensity confrontation phase,” Zijin Mining said, warning that the changing global order may impact the prices of metals and critical minerals and affect the company’s revenue, profits, and new overseas projects.
“Differences in politics, policies and laws among various countries and regions, as well as resource nationalism sentiments, may pose certain challenges to construction and production operations,” said the Chinese metals miner, which generates most of its revenues and profit from gold and copper.
In the copper market, Zijin Mining expects wide fluctuation in prices due to the U.S. copper tariffs, while Chinese demand remains resilient amid infrastructure investment growth and the long-term structural supply gap in refined copper.
The attractiveness of gold as an asset has increased due to global trade uncertainties, a weak U.S. dollar, and high levels of gold purchases from central banks, Zijin said.
In the lithium market, it will still take time to achieve a clearing of the oversupply, the Chinese company said.
The heavily concentrated supply of critical minerals in a handful of countries and China’s export controls are raising the risk of “painful disruptions” in the market, the International Energy Agency (IEA) warned in May in its annual report, Global Critical Minerals Outlook.
Despite major deals and government support in the West for building domestic supply chains, China has raised its market share over the past few years, the IEA’s report found.
By Tsvetana Paraskova for Oilprice.com
Veronica Bolton Smith, CEO of the Critical Minerals Africa Group (CMAG), has been confirmed as a speaker at the upcoming African Mining Week (AMW), Africa’s premier gathering for mining stakeholders, taking place in Cape Town from October 1–3, 2025.
Smith will join the Women Pioneering Leadership in Africa’s Mining Industry panel, where she is expected to highlight Africa’s pivotal role in the global energy transition. Boasting 30% of the world’s reserves of critical minerals such as cobalt, lithium, copper, rare earths and graphite, Africa plays a crucial role in the ongoing transition to clean energy technologies.
CMAG is fostering deeper cooperation between Africa and global stakeholders to unlock the continent’s critical minerals potential amidst an anticipated 12% increase in sub-Saharan Africa’s GDP by 2050, on the back of increased commodity revenues. Recent market performance underscores this potential. Driven by increased cooperation with global investors, Zimbabwe – Africa’s top lithium producer – recorded a 30% increase in lithium exports in the first half of 2025, shipping 586,197 metric tons of spodumene concentrate compared to 451,824 metric tons during the same period in 2024. Meanwhile, Zambia boosted copper production by 29.9% in Q1 2025 compared to Q1 2024, as the country enhances global partnerships to achieve a 2031 production increase target of 3 million tons per annum. The increase followed a 4% rise in GDP in 2024, largely fueled by copper exports.
Amidst several milestones across Africa’s critical mineral jurisdictions, Smith is also expected to emphasize the transformative role of women leaders in strengthening Africa’s supply chains, advancing local beneficiation and championing sustainable and inclusive mineral development. Industry trailblazers such as Khadidja Hassane Abdoulaye, Secretary of State for Petroleum, Mines and Geology, Chad, Emma Townshend, Executive: Corporate Affairs, Implats, Marna Cloete, President and CFO, Ivanhoe Mines and many more exemplify how female leadership is reshaping Africa’s mining landscape.
By spotlighting women’s leadership, skills development and STEM participation, AMW 2025 will provide a key platform for Smith to outline how inclusivity and innovation can enhance Africa’s critical minerals sector while positioning the continent as a global supplier of choice.
African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
Galileo Resources announced yesterday the start of a reverse circulation (RC) drilling program on its copper exploration license PL253 in Botswana. The company did not disclose the financial details of the initiative, which is part of its strategy to identify new copper deposits in southern Africa.
The campaign will involve four RC drill holes designed to test exploration targets identified in recent studies on the PL253 license. The site is located in the Kalahari Copper Belt (KCB), a strategic zone that also hosts Cobre’s Kitlanya West copper prospect.
“Our drilling program now underway on PL253 is being carried out in an area with a highly prospective address. Significant exploration commitment by BHP [Group Ltd] and others has placed the spotlight on this underexplored northwestern limb of the KCB and provides considerable encouragement for our program,” said Colin Bird, CEO of Galileo Resources.
Still, the chances of Galileo making a major discovery remain uncertain. Average copper grades have fallen 40% since 1991, making new finds increasingly rare. Of 239 copper deposits discovered between 1990 and 2023, only 14 have advanced to production projects over the past decade, according to the International Energy Agency.
Beijing: Iron ore prices were rangebound on Wednesday as growing supply offset solid near-term demand for the steelmaking ingredient.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) dipped 0.38 per cent to 777.5 yuan ($108.70) a metric ton as of 0237 GMT.
The benchmark September iron ore on the Singapore Exchange rose 0.26 per cent to $102.6 a ton as of 0227 GMT.
Healthy steel margins drove daily hot metal output to hover around 2.4 million tons, generating firm demand for raw materials, including iron ore, and preventing a price slump.
Meanwhile, supply of the key steelmaking ingredient is seen increasing in the rest of the year, straining prices, said analysts.
Shipments from key supplier Australia missed expectations in the first half of the year as typhoons disrupted first-quarter shipments.
Moreover, downstream steel consumption showed signs of softening as demand from manufacturing fell, broker Galaxy Futures said.
Doubts are mounting over whether steel demand will seasonally pick up in September as expected.
Soft demand for steel could dent appetite for feedstocks.
Meanwhile, other steelmaking ingredients , coking coal and coke, fell 2.96 per cent and 2.1 per cent , respectively.
Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar slipped 0.67 per cent , hot-rolled coil shed 0.74 per cent and wire rod fell 1.93 per cent . Stainless steel added 0.16 per cent.
($1 = 7.1529 Chinese yuan) (Reporting by Amy Lv and Lewis Jackson; Editing by Sumana Nandy)
By Metal Miner - Aug 27, 2025, 11:00 AM CDT
Steel
According to MetalMiner’s sources, ArcelorMittal sought another increase in its hot rolled coil coffers on August 5. This is in addition to the increase the steel industry leader sought in the previous week. Reports indicate that the Luxembourg-headquartered company is now seeking up to €610 ($705) per metric ton EXW for Q4 delivery, up almost 3.4% from the €590 ($685) it was seeking in the previous week.
Traders Doubt Buyers Will Accept Hikes
One industry trader did not believe that buyers would so readily accept the hikes, especially considering that offers in the week of July 21 were €530-540 ($615-625), themselves off by €10 per metric ton from late June. Meanwhile, downstream cold rolled coil currently carries an average premium of €100 ($115) per metric ton. “Right now, not yet,” the source noted.
Many agree that the restart of building activity towards the summer’s end, as well as the implementation of the Carbon Border Adjustment Mechanism, which comes into effect from January 1, 2026, are likely to see buyers accepting the increase.
“EU mills are for sure pushing prices upwards due to the uncertainty surrounding CBAM,” the trader said, referring to ongoing confusion regarding the rules of the new mechanism. “It will be important to get some clarity on that soon, to ensure imports can continue arriving in 2026.”
Offers and deals on imports have been heard at €490 ($565) per metric ton CFR European ports. But once again, it is the lack of clarity over CBAM rules that has made them less attractive. This comes as end users fear having to pay back charges in 2027 on steel acquired in the previous year.
EU Steel Industry Makes Recommendations Pre-CBAM
Based on an initiative from France, the European Steel Association (Eurofer) is also calling for the European Commission to strengthen safeguard measures before January 2026. For starters, the steel industry group recommends cutting 40-50% of import quotas from all third countries.
The proposal, which Eurofer submitted on July 29, notes that “The ambition, stated in the Steel and Metals Action Plan, of a highly effective level of protection must be translated into a reinforced ambition compared to current safeguard measures.”
It went on to add that “It must create the conditions for the European steel industry to get back to sustainable utilization rates, close to the target rate of 85% identified by the Commission in its action plan.”
Back in March, the EC also introduced a several-point document titled “A European Steel and Metals Action Plan,” which stipulated the replacement of current steel safeguards by July 1, 2026, with the goal of protecting against global overcapacities in the sector.
