Stock Markets
Oil rises 3% as storm batters US Gulf of Mexico production
By Arunima Kumar
(Reuters) -Oil prices rose more than 1% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact on U.S. output, though a gloomy demand outlook capped gains.
Brent crude futures for November were up 95 cents, or 1.4%, to $71.56 a barrel by 1322 GMT. futures for October rose $1.02, or 1.5%, at $68.33.
Both contracts gained more than 2% on Wednesday as offshore platforms in the U.S. Gulf of Mexico were shut and coastal refinery operations were disrupted by Francine’s landfall in southern Louisiana.
“Hurricane Francine has likely disrupted about 1.5 million barrels of U.S. oil production, which we estimate will reduce September production in the Gulf of Mexico by around 50,000 barrels per day (bpd),” UBS analysts said.
They added that they expect the price of to move back up above $80 per barrel over the coming months.
Nearly 39% of oil and almost half of production in the Gulf of Mexico was offline on Wednesday, the offshore regulator said. A total of 171 production platforms and three rigs had been evacuated.
“The region accounts for about 15% of U.S. oil production, with any disruptions in production likely to tighten supplies in the near term,” said Priyanka Sachdeva, senior market analyst at Phillip Nova, a Singapore-based brokerage.
But with the storm set to dissipate after landfall, the oil market’s attention began to turn to lower demand.
On Thursday the International Energy Agency (IEA) cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2%, to 900,000 bpd, citing muted Chinese demand.
U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration (EIA) said on Wednesday.
However, the medium-term trend remains bearish for WTI crude, supported by weak demand from China and “growth scare concerns” in the U.S., said Kelvin Wong, senior market analyst at OANDA.
Earlier in the week, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth this year and trimmed its expectation for 2025, its second consecutive downward revision.
Both oil benchmarks tanked on Tuesday after the downward revision.
Meanwhile, the European Central Bank cut interest rates again on Thursday as inflation in the euro zone slows and economic growth falters, but provided almost no clues on its next step. Lower interest rates could stimulate economic growth and increase demand for oil.
By Fedja Grulovic
TRUSINA, Bosnia (Reuters) – Women sat on the ground in tears in the Bosnian village of Trusina on Sunday as an excavator dug through the remains of their homes that were destroyed in the country’s deadliest floods in years.
A flash flood swept through the Jablanica area, southwest of Sarajevo on Friday, killing at least 15 people, the cantonal government said, and the search for those missing continued on Sunday.
In Trusina, no people were reported to have died, but houses, orchards and gardens were devastated.
“It is difficult to believe that an orchard, garage, car and another smaller house was here,” Duda Sutlic said “Everything disappeared in 10 minutes.”
“I was happy here. I had a life and I worked hard. Today I have no strength. All we have left now are our pensions – 500 marka ($282.21).”
A meteorologist Nedim Sladic told N1 TV that in under six hours, the region around Jablanica received as much rain as usually falls in three or four months.
Ecologists say the floods in Bosnia have been particularly damaging because years of neglect of river beds, deforestation and uncontrolled construction and exploitation of wood and stone have aggravated the impact of climate change.
Other parts of Europe have also been hard hit by flooding as well as extreme heat and wildfires.
“Everything that my father created and that I have created after him disappeared in 30 minutes,” Admir Poturovic, another resident of Trusina said.
“But life goes on. One has to move on” he said.
($1 = 1.7717 marka)
Stock Markets
OceanaGold’s Waihi North and Macraes Listed as Proposed Projects Under the Fast-track Approvals Bill in New Zealand
VANCOUVER, BC, Oct. 6, 2024 /PRNewswire/ – OceanaGold (OTC:) Corporation (TSX: OGC) (OTCQX: OCANF) (“OceanaGold” or the “Company”) welcomes the inclusion of projects at both our Waihi and Macraes mines in the list of proposed projects under the New Zealand Government’s Fast-track Approvals Bill for regionally and nationally significant infrastructure and development projects.
Yesterday, the New Zealand Government released the names of 149 Listed Projects that will be eligible to apply for approvals through processes under the proposed Fast-track Approvals Act. Included in the list was the Waihi North Project, which includes the highly prospective Wharekirauponga (WKP) proposed underground mine, as well as the Macraes Phase 4 Project, a mine extension permit.
Gerard Bond, President & CEO of OceanaGold, said “I am delighted to see both of our projects on the list for consideration under the new Fast-track Approvals Bill. We welcome a clear and timely regulatory process in New Zealand which supports the development of projects that can provide economic benefits while respecting important environmental, cultural and social protections. Expediting the permitting of our projects will preserve the jobs of 1,000 employees we have in New Zealand, provides new jobs and will deliver wider economic benefits for the local communities and the country.”
The Fast-track Approvals Bill is expected to be passed into law later this year, allowing listed projects to apply directly to a Government-appointed expert panel for final decision.
www.oceanagold.com
About OceanaGold
OceanaGold is a growing intermediate gold and producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company’s most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company’s name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company’s control. Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.
Stock Markets
Thousands stage pro-Palestinian protests worldwide, on eve of Oct 7 attack that triggered Gaza war
PARIS (Reuters) – Thousands of pro-Palestinian demonstrators protested in cities around the world on Sunday on the eve of the first anniversary of the deadly Oct. 7 Hamas attack on Israel that triggered the war in Gaza.
Demonstrations were held in major cities from Jakarta to Istanbul to Rabat, and followed protests on Saturday in major European capitals as well as Washington and New York.
“We are here to support the Palestinian resistance,” said protester Ahmet Unal in Istanbul, where thousands assembled.
In Paris, the Jewish community gathered on Sunday to mark one year since the attack by Palestinian militant group Hamas, when militants attacked southern Israeli communities, killing 1,200 people and taking about 250 hostages, according to Israeli figures.
Israel’s subsequent military campaign against Hamas in Gaza has killed nearly 42,000 Palestinians, according to Gaza’s health ministry, and laid waste to the enclave.
Israel launched air attacks on Beirut’s southern suburbs overnight and early on Sunday, the most intense bombardment of the Lebanese capital since Israel sharply escalated its campaign against Iranian-backed group Hezbollah last month.
In Jakarta, the capital of Indonesia, the world’s most populous Muslim-majority country, at least 1,000 pro-Palestinian protesters gathered on Sunday morning near the U.S. embassy demanding that Washington stop supplying weapons to Israel.
In Sydney, thousands of pro-Palestinian protesters gathered ahead of the Oct. 7 anniversary, chanting and waving Lebanese and Palestinian flags amid a heavy police presence.
One person was arrested for waving an Israeli flag with a swastika in the middle of it instead of the Star of David.
In Rabat, thousands of Moroccans marched, calling for a halt to the violence in Gaza and Lebanon, in one of the largest protests in the country since the beginning of the war in Gaza.
Protesters demanded an end to Morocco’s diplomatic ties with Israel, chanting “no to normalisation, Palestine is not for sale,” referring to Morocco’s establishing of diplomatic relations with Israel.
Over the past year, the scale of the killing and destruction in Gaza has prompted some of the biggest global demonstrations in years, including in the U.S., which saw weeks of pro-Palestinian college campus encampments.
Advocates have raised concerns over antisemitic and Islamophobic rhetoric in some protests and counter-protests related to the conflict. Rights advocates have warned about rising threats against Jews and Muslims around the world.
The United States and other allies have supported Israel’s right to self-defence, but Israel has faced wide international condemnation over its actions in Gaza, and now over its bombarding of Lebanon.
Prime Minister Benjamin Netanyahu says his government is acting to prevent a repeat of the Oct. 7 assault by Hamas.
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