At the Gastech conference in Bangkok, Thailand, industry representatives said that demand for liquefied natural gas in China and India could recover after the war in the Middle East ends and prices return to normal levels. OilPrice reports.
High prices curb purchases
According to the outlet, the war in Iran and the closure of the Strait of Hormuz have significantly limited LNG supplies from Qatar and the United Arab Emirates. Producers in the Persian Gulf have found alternative ways to deliver oil: oil is transported in small vessels through the strait and then transferred to other ships near the coast of Oman.
For LNG, such ship-to-ship transfer is considerably more difficult due to the physical and chemical properties of the cargo. According to OilPrice, in recent weeks only individual LNG cargoes may have been able to leave the Strait of Hormuz after being transferred to vessels outside it. These volumes were insufficient to offset the substantial supply losses that have continued since March.
Last week, spot LNG prices in Asia rose to their highest level since 2022. This week, the price of gas for October delivery to Northeast Asia remained above $25 per million British thermal units.
Importers' assessments
Deepak Gupta, chairman of Indian gas distributor GAIL, said that the sharp rise in gas prices directly affects demand in India, as many sectors of the economy are price-sensitive. “Prices have gone through the roof ... and that definitely affects demand, when it comes to India,” he said.
Luo Yizhou, CEO of PetroChina International, linked the current reduction in purchases in China to high prices. According to him, expensive gas temporarily restrains demand but will not destroy it. He expects consumption to recover when prices return to below $10 per million British thermal units.
Industry representatives at Gastech stressed that the Asian market has significant growth potential, but buyers take into account the cost, reliability and flexibility of supplies.
Air Liquide’s profitability gap with Linde in focus
Air Liquide currently forecast an improvement in profit margins – recurring operating income – of 100bps in each of 2026 and 2027, for a cumulative gain (ex-energy cost pass through) of 560bps over 2022-27. This metric has improved from 16.2% in 2022 to 20.7% in 2025, and 20.9% in H1 2026.
https://www.linkedin.com/pulse/air-liquide-margin-gap-linde-back-focus-elliott-reportedly-fqtge
The US Energy Information Administration (EIA) expects US crude oil output to reach a new record in 2026, according to its latest forecast (US EIA analysis, 10/09/2026). “We forecast US crude oil production will average 13.8 million barrels per day (b/d) in 2026, surpassing the previous record of 13.7 mb/d set in 2025”, said the EIA.
During the first half of 2026, US crude oil production averaged 13.7 mb/d, up 2% (0.3 mb/d) compared with the same period in 2025. The increase was mainly concentrated in the Permian region of Texas and New Mexico and in the Federal Gulf of Mexico.
A further four projects are expected to come online by the end of 2026, providing an additional contribution to production growth forecast for the year. The EIA stated that “Hurricanes in the Gulf of America could disrupt the production and development timeline of these new projects, although experts predict a milder-than-normal hurricane season this year”.
Since 2017, the United States has become the largest oil producer in the world. Oil production is concentrated in onshore Texas, around the Gulf of Mexico, North Dakota, California, and Alaska (Enerdata Global Energy Research). According to our data, US oil production (crude and NGL) has increased by around 4.3%/year since 2020. It more than doubled between 2011 and 2019 (+10%/year). Non-conventional sources now account for more than 50% of total oil production.
Fuel prices in Singapore rose on Monday (Sept 14) after over two months of unchanged prices — with posted prices for diesel crossing the $4 mark, while 98-octane petrol prices again hovered close to $4 per litre.
Shell was first to kick off changes, announcing in a price board update at 12pm on Monday that it has increased prices across its fuel offerings — 95-, 98-octane petrol, V-Power, and diesel — by 8 cents respectively.
Then, at 2.30pm, Caltex posted a 12-cent increase across its 92-, 95-, 98-octane petrol and diesel prices.
Esso was the last of the three fuel companies here to make a move, mirroring Shell to raise prices across its fuel offerings — 92-, 95-, 98-octane petrol and diesel — by 8 cents each.
Following the latest round of price adjustments, the price of the more popular 95-octane petrol now ranges from $3.36 at SPC to $3.49 at Caltex.
Meanwhile, the price of diesel now ranges from $3.89 at SPC and Sinopec to $4.07 at Caltex.
At the time of this article's publication, only SPC and Sinopec have not posted adjustments to their fuel prices.
The last round of fuel price adjustments, over July 6 and 7, was reported by AsiaOne on July 8.
At that time, prices for Brent oil futures were around US$76 (S$97) per barrel.
As of 8.13am on Tuesday morning (Sept 15), Brent crude futures has risen to US$106.93 a barrel.
This comes as Iran-backed Houthi forces in Yemen launched fresh attacks on Saudi Arabia on Monday, while Gulf Arab states postponed planned discussions with Iran, fuelling concerns that the Middle East conflict could widen and disrupt global oil supplies.
Reuters, citing three sources, reported that Washington has so far resisted Saudi requests for direct military intervention beyond intelligence support.
Trump said over the weekend he had spoken with the crown prince and that the Houthis had also contacted Washington urging it to stay out of the conflict.
Meanwhile, Iran's Revolutionary Guards (IRGC) said in a statement: "The IRGC Navy firmly declares that the Strait of Hormuz is closed and still under our smart control."
https://www.asiaone.com/singapore/petrol-pump-prices-sept-14-middle-east-war-shell-caltex-esso
A massive fire glows over the cityscape following a Ukrainian drone strike on the Syzran Oil Refinery in Russia’s Samara region. (Source: OSINT channel Exilenova+)
Ukrainian Defense Forces launched coordinated strikes against critical Russian industrial facilities, targeting the Syzran Oil Refinery in the Samara region and the Atlant Aero enterprise in Taganrog, Rostov region, the General Staff of the Armed Forces of Ukraine reported on September 15.
The strike on the Rosneft-owned Syzran Oil Refinery sparked a significant fire, directly hitting the primary crude processing unit (AVT-6) and the facility’s tank farm.
Ukraine’s sustained deep-strike campaign has systematically targeted Russia’s energy infrastructure, successfully hitting all 11 of the country’s largest oil refineries. These precision operations have previously disabled over 42 percent of Russia’s designed refining capacity and reduced crude processing volumes to levels last seen in 2002.
The resulting disruption has triggered widespread domestic gasoline shortages, forced Moscow to seek external fuel imports, and inflicted an estimated $13.5 billion in cumulative financial losses on the Russian refining sector.
With an annual processing capacity of 8.9 million tons, the Syzran Oil refinery serves as a key supplier of gasoline, diesel, and aviation fuel for the Russian armed forces, the General Staff wrote.
Simultaneously, explosions and fires were recorded at the Atlant Aero facility in Taganrog. The enterprise specializes in manufacturing unmanned aerial vehicles and components, specifically producing “Molniya” strike and reconnaissance drones and supplying parts for the “Orion” UAV system utilized by the Russian military.
The General Staff also provided an updated damage assessment from a recent operation. Following a recent strike, military intelligence confirmed the destruction of three storage tanks and damage to eight others at the Slavyansk EKO oil refinery in Slavyansk-na-Kubani, Krasnodar region.
The European Union (EU) has set a goal of producing at least 60 gigawatts (GW) of offshore wind energy in the North Sea by 2030, and 300 GW by 2050. The wind turbine footprint in the North Sea will continue to increase as a result, but a newly documented problem may present unintended consequences of the expansion. A study by researchers from Germany has highlighted that these North Sea wind farms may harm coastal rainfall patterns.
The study calculated that precipitation in some coastal areas of the North Sea could decrease by 10% to 15% as a result of how turbines alter wind speeds on a regional scale. Because of how turbines extract energy from wind, they end up slowing that airflow down. The large numbers of planned wind turbines could affect regional air movement. According to the study, wind speed at roughly 33 feet above sea level in this region could slow down by 4-7 mph. A potential solution could be this company's new bladeless wind turbines.
Wind turbines also cause vertical mixing of air, and marine air could rise more actively, which promotes cloud formation over wind farms. Precipitation could increase by as much as 12% to 18% in these areas. But air masses that move from wind farm locations towards land would end up containing less moisture, resulting in up to a 15% reduction in rainfall over parts of Denmark, Germany, and the Netherlands. Western Britain was projected to see up to an 8% reduction in rainfall.
https://www.bgr.com/2255833/europe-offshore-wind-farms-creating-unexpected-weather-problem/
Copper Prices Hold Near Seven-Week Lows as Supply Concerns Ease
Copper futures traded close to $6.3 per pound on Tuesday, sitting at seven-week lows after new deliveries to London warehouses reduced worries about supply, according to Trading Economics.
Warehouses overseen by the London Metal Exchange saw their biggest inflows of the metal in almost four weeks, which pushed London prices into contango and pointed to ample availability.
Prices had climbed to record highs the previous week as traders diverted shipments toward US warehouses ahead of possible tariffs on refined metal, then fell back sharply after reports that the Trump administration, under the current President of the United States, had delayed a decision on the matter.
The wider metals complex also stayed under pressure before an anticipated US Federal Reserve interest rate hike this week.
Separately, data from China, the top consumer, showed industrial output grew more than expected in August, while retail sales, fixed asset investment and new home prices indicated continued softness in economic activity.
https://www.indexbox.io/blog/copper-prices-hold-near-seven-week-lows-as-supply-concerns-ease/
TSX-V-listed emerging copper and palladium miner Generation Mining has secured about $140-million of investment from Canada Growth Fund (CGF), which supports the progression of the Marathon project, in Ontario, to a final investment decision and construction.
The CGF investment comprises $90-million in common shares of Generation Mining as part of a broader equity financing of $200-million, and a $50-million investment in a convertible note, as part of the company's $100-million convertible notes offering.
CGF is helping to unlock significant private capital for strategically important Canadian critical mineral projects by anchoring the equity financing required to advance projects and helping companies to access committed lending facilities.
Marathon is expected to be a significant Canadian source of copper and palladium. "By advancing a new Canadian source of copper and palladium, we are strengthening North American supply chains, supporting good jobs in Northwestern Ontario and building the projects that will power Canada's economy for generations to come," comments Canadian Energy and Natural Resources Minister Tim Hodgson.
The Marathon project is expected to produce 2.1-million ounces of palladium, 532-million pounds of copper, 488 000 oz of platinum, 160 000 oz of gold and three-million ounces of silver over its 13-year lifetime.
This manufacturer of special steels previously belonged to Liberty Steel
The UK Government has announced its intention to carry out a public purchase (nationalisation) of the assets of Speciality Steel UK (SSUK), a major producer of speciality steels for the aerospace, defence and automotive industries. This is stated in a government statement.
SSUK, which was previously part of businessman Sanjiv Gupta’s Liberty Steel, faced prolonged financial difficulties following the collapse of its key creditor, Greensill Capital, in 2021, and entered into liquidation in August 2025.
SSUK’s four production sites — in Roterham, Stockbridge, Brinsworth and Wednesbury — provide over 1,300 jobs and are equipped with electric arc furnaces. They manufacture critical components, including aircraft landing gear parts, helicopter rotors, and casings for rockets, projectiles and artillery systems.
Throughout the liquidation process, the government funded the work of an independent liquidator to ensure the safety of the enterprises and to cover wage payments. The authorities’ priority remained the search for a private buyer, and a potential investor was identified at the start of the year. However, following a detailed review, the government concluded that this proposal did not ensure the long-term stability of the enterprises or represent good value for money for taxpayers.
Business Secretary Jonathan Reynolds emphasised that the government does not intervene in the private sector without good reason, but cannot allow a strategic sector to decline. The state acquisition will enable jobs to be safeguarded and buy time to determine the best long-term development model for the sites as part of the country’s updated Industrial Strategy.
Over the coming months, the Department for Business, Innovation, Science and Trade will work with local authorities to draw up a detailed plan for the agreement. All future decisions and financial commitments will be covered within existing budgets, subject to due diligence. The financial cost of the potential nationalisation is not being disclosed at this stage.
As reported by GMK Center, in July the British government announced that British Steel would be brought into public ownership. The nationalisation directly affected the steelworks in Scunthorpe, where around 2,700 people are employed. Meanwhile, the former owner — the Chinese Jingye Group — is demanding adequate compensation from the British government for the seized asset.
For its part, India had been counting on a 29–35% increase in quotas
India has agreed an individual annual quota for steel exports with the European Union. According to the agreed text of the free trade agreement (FTA), the total quota will amount to 1.64 million tonnes per year. Shipments exceeding this limit will be subject to a 50% EU duty. This is reported by SteelRadar.
The total volume of duty-free exports consists of two parts:
The new aggregate quota will cover approximately 68.4% of the total volume of Indian steel exports to the EU, which stood at around 2.4 million tonnes in 2025 (by way of comparison, the WTO base quota covered only 39.4%).
The quota covers a wide range of steel products, including hot-rolled and cold-rolled sheets and strips of alloy and non-alloy steel, coated sheet steel, stainless steel products, as well as long products, reinforcing bars and wire rod. The majority of the quota is allocated to flat-rolled products, with hot-rolled sheets and strips accounting for the largest share — 509.6 thousand tonnes.
Despite the expansion of access, representatives of the Indian steel industry noted in a report to the Indian Ministry of Commerce that the guaranteed volume falls short of the sector’s current needs, as the industry had been expecting a 29–35% increase in quotas. They emphasised that this could place the country at a disadvantage in terms of access to the European market.
Furthermore, according to the Global Trade Research Initiative (GTRI) think tank, the preferential quota does not exempt Indian exporters from the European Carbon Border Adjustment Mechanism (CBAM). GTRI estimates that, once the CBAM is fully implemented, additional carbon costs could amount to an average of up to 35% of the cost of production.
The agreement must go through the necessary approval and ratification procedures. It is expected that the process will be completed and the new quotas will come into force by the end of 2026.
As reported by GMK Center, India will be able to export 1.1 million tonnes of steel to the UK each year duty-free under the Comprehensive Economic and Trade Agreement (CETA), which came into force on 15 July.
The average price of HRC in the US for the first ten days of September was $1,225 per short tonne
The American steel producer Nucor has once again raised its spot price (CSP) for hot-rolled coil (HRC). The price has risen by $10 compared with the previous week and now stands at $1,200 per short tonne. This is reported by Steel Market Update.
The CSP price for the California Steel Industries (CSI) joint venture also rose by $10 per short tonne — to $1,260/t.
Nucor has been raising the price of hot-rolled coils for several weeks running; in August, the increase was $5–10/t.
According to the steel manufacturer, delivery times remain unchanged — between three and five weeks.
According to Steel Market Update, the average price of hot-rolled coils in the United States as at 8 September stood at $1,225 per short tonne (an increase of $20 compared with the previous week).
Current prices are significantly higher than last year’s figures. During the same period in 2025, Nucor’s spot price to consumers stood at $875 per short tonne, whilst Kallanish’s market quotations for US HRC ranged from $825 to $865 per short tonne.
Overall, at the start of September, the US domestic flat steel market is facing limited availability of both spot materials and contract-based products — buyers continue to report these difficulties.
In addition, producers of long products are seeking to raise prices for merchant bar (MBQ). In particular, Nucor and Gerdau have announced price increases of $30–50 per short tonne, depending on the product type.
It should be noted that ArcelorMittal has raised prices for HRC in Europe by €20/t ($23/t) for deliveries in November 2026. This is due to rising costs of raw materials and energy.
https://gmk.center/en/news/nucor-has-raised-the-price-of-hot-rolled-coils-to-1-200-per-short-tonne/
[SMM Stainless Steel Daily Review] SS futures stop falling and recover; steel mills hold prices firm amid weak demand pressure on stainless steel spot According to SMM on September 15, SS futures stopped falling and rebounded. Although prices dipped to 13,460 yuan/mt during the session, they recovered and rallied near the close. As of market close, the most-traded SS contract settled at 13,560 yuan/mt. In the spot market, although SS futures stopped falling and rebounded, spot prices at steel mills still showed inverted price spreads.
Market sources reported that steel mills held meetings to discuss production cuts. Coupled with tight supply at some mills and restricted-price sales, spot prices remained stable for the time being. Downstream, however, remained cautious and on the sidelines due to weak demand, and spot market trading continued to be sluggish. SS futures most-traded contract. At 10:15 a.m., SS2610 was quoted at 13,505 yuan/mt, down 20 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 665-1,065 yuan/mt.
In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; cold-rolled raw-edge 304/2B coil, Wuxi average price was flat, Foshan average price was flat; Wuxi cold-rolled 316L/2B coil price was flat; hot-rolled 316L/NO.1 coil, Wuxi quotes were flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures overall extended a low-level subdued consolidation pattern. Disappointing peak-season expectations dominated futures sentiment, and bearish sentiment in the market continued to build. The end-user recovery has yet to materialize, and market expectations for a rebound have completely fallen through.
