Vietnam Tackles Gold Fever with Black Market Crackdown
Vietnam has introduced fines of up to $12,000 to deter illicit gold trading, marking a decisive shift after ending a 13‑year state monopoly on gold production and sales. The new penalties target black‑market dealers and unlicensed jewelers, aiming to bring the booming gold market under official oversight. With gold often used as a benchmark for consumer prices, the crackdown seeks to protect investors and increase tax revenue. The move reflects broader efforts to formalize commodity markets amid rising domestic demand.
CVR Energy Inc (CVI) Q4 2025 Earnings Call Transcript
CVR Energy reported a Q4 2025 net loss of $10 million and EBITDA of $20 million, with full‑year EBITDA of $211 million. Ammonia plant utilization fell to 64% due to a Coffeyville turnaround and air‑separation unit issues, while UAN and ammonia prices rose...
Reliance Inc (RS) Q4 2025 Earnings Call Transcript
Reliance Steel & Aluminum reported record 6.4 million tons shipped in FY 2025, raising U.S. market share to about 17 percent. Volume growth was offset by a $114 million LIFO expense that pushed the non‑GAAP gross profit margin to 28.8 percent, just below the 29‑31 percent...
The Good, Bad & Ugly
Funds aggressively rebuilt soybean exposure, buying back 94,316 contracts and pushing net‑long positions to 123,148 contracts—the highest since late 2025. Parallel buying lifted soybean oil to a net‑long of 33,093 contracts, the strongest level since August 2025, benefitting the broader...
China's Solar Industry Braces for Disruption
China’s photovoltaic manufacturing capacity has surged past 1,100 GW annually, roughly twice the world’s current demand of 580 GW. The glut has driven panel prices down and intensified competition among predominantly private firms. Overcapacity is now triggering a wave of bankruptcies and...
Majors' 'Cash Cow' Model Starts to Show Limits
Western oil majors continue to benefit from Brent prices above $60 per barrel, yet a deep‑seated surplus is dampening market optimism. Preliminary 2025 results show that the capital spending commitments made during the 2021‑22 post‑COVID recovery are already under strain,...
Gas and LNG Markets, Feb. 17, 2026
The Energy Intelligence roundup shows European LNG prices falling to two‑month lows as a global supply surge pressures the market. Analysts argue that low‑cost contracts and expanded regasification capacity are crucial for price‑sensitive emerging economies to absorb the influx. At...
Non-Opec-Plus: Flows Poised to Change as Output Grows
In 2026 non‑OPEC‑plus producers are expanding output, prompting a fresh reshuffle of global crude flows. The United States is set to import more Venezuelan oil, freeing domestic barrels for export. India, under pressure to curb Russian supplies, is turning to...
Dairy Margin Coverage Signup Slow in the Dairy State
Most Wisconsin dairy producers have yet to enroll in the USDA’s Dairy Margin Coverage (DMC) program, with only 1,616 of the state’s 5,116 licensed farms—31.5%—signed up as of Feb 17. The enrollment deadline is Feb 26, prompting FSA officials and risk‑management advisors...
Iciest Baltic in 15 Years Threatens to Cut Russian Exports
Russia’s Baltic Sea ports are encased in the thickest ice in 15 years, forcing non‑ice‑class vessels to wait for ice‑breaker escorts. The ice surge has already cut oil exports from Primorsk by roughly one‑third, and waiting times for convoys have...
The Fallacy of European Rare Earth Prices
Over the past year European intermediaries have quoted rare‑earth oxide prices that are several times higher than the volume‑backed market rates, creating widespread confusion. Adamas Intelligence data shows that 75% of yttrium oxide, 96% of dysprosium oxide and 95% of...
France Releases Oil Tanker GRINCH After ‘Several Million Euro’ Penalty for Sanctions Evasion
French authorities released the oil tanker GRINCH after its owner paid a multi‑million‑euro penalty for sanctions evasion. The vessel, seized in the Alboran Sea in January, was suspected of operating under a false Comoros flag as part of Russia’s shadow...
Pro Farmer Podcast | What Will Cotton Acres Shift to in 2026?
The Pro Farmer Podcast aired on February 17, 2026, featured editor Bill Watts, analyst Hillari Mason, and economist Spencer Langford discussing the projected decline in U.S. cotton acreage for 2026. They examined how reduced cotton plantings will intensify competition for...
Q1 2026 Metals Update
Metals futures and options surged in early 2026, hitting a record single‑day volume of 4.2 million contracts on January 30, driven by rising gold and silver prices and a 100 % jump in battery‑metal activity. The launch of a 100‑Ounce Silver futures contract...
Zambia’s Copper Industry Expands Amid Rising Global Demand and Investment
Global demand for copper, driven by AI, renewable energy and electric vehicles, is spurring a rapid expansion of Zambia’s mining sector. Since 2022, more than $12 billion has been poured into the industry, lifting 2024 output by roughly eight percent to...
As Rwanda’s Mineral Exports Surge, Trade Deficit Narrows
Rwanda’s mineral exports jumped 46.2% in 2025, driven by soaring tin, tungsten and tantalum prices and increased mechanised mining. The surge helped narrow the country’s trade deficit from $3 billion to $2.7 billion, with raw tin even achieving a positive balance with...
French Urea Imports Surge in 2H 2025
France’s urea imports surged to 1.15 million tonnes in the July‑December 2025 period, up from 842,000 tonnes a year earlier, as buyers rushed to stock ahead of the EU’s Carbon Border Adjustment Mechanism (CBAM). December shipments more than doubled the three‑year monthly...
East Coast LNG Export Ambitions Fade Further as Another Project Stalls
The Penn LNG export terminal in eastern Pennsylvania appears increasingly unlikely after the project's developer dissolved its corporate entity, halting any progress. Despite earlier claims that the project was still advancing, no permits, financing, or construction milestones have materialized. The...
Antofagasta Profit Rockets 52% as Record Copper Prices Offset Weaker Output
Chilean miner Antofagasta reported a 52% surge in 2025 core profit to $5.2 bn, driven by record copper prices that rose over 40% last year. Despite slightly lower output, the company lifted capital spending to $3.7 bn, mainly for the Centinela concentrator...
Buccaneer Reports Production Gains From East Texas Oil Recovery Pilot
Buccaneer Energy completed an organic oil recovery (OOR) pilot at its Pine Mills field in East Texas, treating one water injector and two producing wells. Post‑treatment production in the pilot zone rose from roughly 15 barrels per day to about 30...
Gold, Silver Prices Crash up to 4%: What Is Driving This Selloff? Should You Buy?
Gold and silver prices plunged up to 4% amid a rallying U.S. dollar and heightened profit‑taking. The sell‑off follows recent geopolitical tensions that initially lifted safe‑haven demand but have now softened. Technically, gold is trading around its 20‑day exponential moving...
Report Labels Unbundling of Eskom as ‘Most Important Economic Reform Since 1994'
A South African Energy Traders Association (SAETA) report declares the unbundling of Eskom Holdings the most consequential economic reform since the end of apartheid in 1994. The study, titled “Policy to power: 10 actions to deliver green, accessible and secure electricity,”...
India Seeks New Steel Export Markets in Middle East and Asia to Offset EU Carbon Tax Impact: Report
India, the world’s second‑largest crude‑steel producer, is pivoting toward the Middle East and Asian markets to cushion the impact of the European Union’s new carbon border adjustment tax. Roughly two‑thirds of its steel exports currently flow to Europe, where the...
EIA Still Sees USA Oil Output Falling Next Year
The U.S. Energy Information Administration’s February short‑term energy outlook projects total U.S. crude oil production, including lease condensate, to fall from an average of 13.60 million barrels per day in 2026 to 13.32 million barrels per day in 2027. The decline is...
Ongoing War Stifles Ukraine’s Grain Exports
Ukraine’s grain exports have slumped dramatically as Russian shelling intensifies attacks on Black Sea ports and energy infrastructure, cutting monthly shipments from 3.6 Mt to 2.5 Mt. Year‑to‑date volumes are 28.5% lower and export value down 18%, eroding billions of foreign‑currency earnings...
Almi Marine Back in Newbuild Arena with Ultramax Pair
Greek dry‑bulk carrier Almi Marine has re‑entered the new‑building market after a four‑year hiatus, signing a contract for two next‑generation 64,000 dwt ultramax vessels with Nantong Cosco KHI Ship Engineering (NACKS). The ships, slated for delivery in the second quarter of...
Indian Veg Oil Buyers Await Clarity on US Trade Deal
Indian vegetable‑oil importers are waiting for concrete details on the pending U.S.–India trade pact that could lower tariffs on U.S. soybean oil. The framework hints at a 0‑15% duty cut and a tariff‑rate quota of roughly 200,000‑250,000 tonnes, but exact...
NKT Signs €6bn Copper Supply Deal
NKT has inked a €6 billion long‑term agreement with Polish miner KGHM to secure copper supplies through 2036, extending their existing partnership by nine years. The contract covers copper needed for NKT’s power‑cable production as it scales up to meet rising...
Guatemala PEG-5 Tender Draws 51 Bidders for 4.7 GW of Capacity
Guatemala’s Generation Expansion Plan 5 (PEG‑5) tender attracted 51 bidders submitting nearly 4.7 GW of capacity, more than three times the 1.4 GW the government sought. About 2 GW of the offers are solar, including hybrid projects with storage, while roughly 700 MW are natural‑gas‑fired...
Australian Vanadium, Sumitomo Electric Partner for Bid in Western Australia’s 500MWh Flow Battery Procurement
Australian Vanadium Limited has formed an exclusive partnership with Japan’s Sumitomo Electric to compete for Western Australia’s AU$150 million, 500 MWh Kalgoorlie vanadium flow‑battery project. The deal makes Sumitomo the sole provider of its flow‑battery technology, engineering services and technical support for...
Japan to Get Factory for Marine Hydrogen Engines in 2029
Yanmar Power Solutions, a Yanmar Holdings subsidiary, will construct an 8,000 m² factory on a 33,898 m² site in Amagasaki, Hyogo, to conduct test runs of marine hydrogen engines. Operations are slated to begin in March 2029, complementing the company’s recent ClassNK type‑approval...
Record Year for Seaborne Grains with Freight Boost Into 2026
Seaborne agricultural trade set a new high in 2025, moving 716.5 million tonnes – a modest 1% year‑on‑year gain that nonetheless broke the previous record. After a 6% slump in the first half, volumes rebounded 7% in the second half, lifting...
Copper Becomes BHP's Biggest Earner as Profits Soar
BHP reported that copper now accounts for the majority of its earnings for the first time, propelling a sharp rise in six‑month profit and revenue. The miner’s shift away from iron ore, which is suffering from weaker Chinese demand, has...
BHP Profit Climbs as Copper Offsets China Drag on Iron Ore
BHP Group posted a 22% rise in underlying attributable profit to $6.2 billion for the six months ended December, propelled by a sharp rally in copper prices. At the same time, demand weakness in China dampened iron‑ore and steelmaking‑coal sales. The...
CHART: EV Battery Metals Index Jumps to 27-Month High
The EV battery metals index surged to a 27‑month high as December’s raw‑material spend topped $2 billion, the first such level since August 2023. Global passenger EV sales likely passed 30 million units in 2025, driving a 25% increase in deployed battery...
Balances: Supply Surplus Narrows After First Quarter
Supply and demand balances show a 3.1 million‑barrel‑per‑day surplus in the first quarter of 2026, the largest for the year and unchanged from the previous month. Asian storage facilities have largely absorbed the excess crude, preventing immediate price spikes. Nevertheless, continued...
Congo Launches Phase 2 LNG Exports From Nguya FLNG Facility
The Republic of Congo has begun Phase 2 LNG exports from the new Nguya FLNG facility, boosting total project capacity to roughly 3 million metric tons per year. Operated by Eni, the unit was commissioned ahead of schedule and shipped its first...
Canada Backs Carbon Capture Buildout to Secure Oil Sands Future, Energy Minister Says
Canada’s energy minister announced a C$16.5 billion Pathways Alliance carbon‑capture buildout in Alberta’s oil sands, linking the project to a new pipeline deal and a higher industrial carbon price. Six of the country’s largest oil‑sands producers will capture and store CO₂...
BIR World Mirror: Scrap Supply Tightness Boosts Steel Prices
The Bureau of International Recycling’s World Mirror report shows U.S. recycled‑steel prices rising as winter storms forced yard closures, tightening obsolete scrap inflows and bolstering export demand. Japan’s prices also firmed amid weak scrap generation and a depreciating yen. In...
Wartsila Building Energy Storage in Support of Belgian Grid
Wärtsilä has been chosen by Gramme Storage 1 to build a 50‑MW/100‑MWh battery energy storage system in central‑eastern Belgium, with construction underway and commissioning expected by mid‑2027. The project will participate in Belgium’s Capacity Remuneration Mechanism, delivering frequency and voltage support...
Oil Prices Edge Higher Ahead of US–Iran Nuclear Talks
Oil prices nudged higher on Monday as traders priced in the upcoming US‑Iran nuclear talks, which aim to ease regional tensions. The market also factored in OPEC‑plus’s plan to increase output later in the year, tempering the risk‑off sentiment. Brent...
M&P Sees Silver Lining in Venezuela
Maurel & Prom (M&P) is lobbying Venezuelan authorities to regain access to its Urdaneta Oeste oil field after being omitted from the government’s initial roster of approved foreign operators. The Paris‑listed firm argues that the field, capable of delivering several thousand...
TotalEnergies, Oman Eye Marsa LNG Expansion
TotalEnergies and Oman’s state‑run OQ Exploration and Production are evaluating a second liquefaction train for the Marsa LNG project, which is currently under construction. The additional train would significantly raise the plant’s export capacity, positioning the facility as a major...
Dangote Drives Nigeria’s Domestic Fuel Supply Above 57% as Imports Retreat
Nigeria’s Dangote Refinery reached full 650,000 bpd capacity in January 2026, processing a record 40.1 million litres of crude per day and supplying 57 % of the nation’s fuel. Domestic output now provides 62 % of premium motor spirit, overtaking imports for the first...
Egypt’s NCIC Issues Fertilizer Sales Tender: Correction
Egyptian fertilizer producer NCIC announced a new tender for March‑loading shipments, closing on 19 February. The offer includes 1,000 t water‑soluble SOP, 20,000 t CAN26 (grade corrected), 20,000 t granular urea, 25,000 t TSP and 20,000 t DAP. Prices reference previous tender sales, with urea spot...
AOM Biodiesel Deals Hit 2-Year High in January
European biodiesel trading on Argus Open Markets surged to its strongest January level in two years, driven by the EU’s revised Renewable Energy Directive (RED III) and Germany’s new rule eliminating carry‑over of surplus GHG certificates. The stricter mandates, which require...
Why Chevron Is Betting Big on Venezuela’s Heavy Crude
Chevron is aggressively expanding its Venezuelan heavy‑crude production to feed its complex Gulf Coast refineries, which are optimized for dense, sulfur‑rich oil. Global supplies of such crude have tightened as Mexican exports fall, Russian barrels are sanctioned, and Canadian logistics...
Niger Stockpiled 1,000t of Yellowcake at Military Base: FT
Niger's military government moved roughly 1,000 tonnes of uranium concentrate, known as yellowcake, to Air Base 101 near Niamey after seizing the Orano‑run mine. The stockpile remains unsold, with potential buyers from Russia, China, the United States and the UAE...
Turkey Secures Barley at Prices Below Initial Tender
Turkey's state grain buyer TMO closed a February tender for 195,000 t of feed barley at $266.20‑268.20 per tonne, pricing below the initial offers. Only 50,000 t were contracted on a CFR basis, with the remainder secured ex‑works from Turkish port stocks....
Silver-Saving Efforts Ramping up in Solar Industry, Says Heraeus
Rising silver prices, now 187 % above early‑2025 levels, are pressuring solar manufacturers as silver paste can account for up to 30 % of cell costs. Heraeus forecasts a decline in photovoltaic silver demand despite stable global installations, citing ongoing substitution efforts....