Here a look at the natural price scenario in The UK and the palm oil futures in Malaysia according to an article from Trading Economies.
UK Natural Gas Prices Tumble
UK natural gas futures plummeted by over 12% to approximately 80 cents per therm, a sharp drop from the two-month high of 111.33 cents reached on August 22nd, as supply concerns faded following Woodside Energy’s preliminary agreement with unions at Australia’s largest LNG project. This agreement has the potential to avert any disruptions to supplies from the world’s primary exporter of super-chilled fuel. The project in Western Australia, along with the Gorgon and Wheatstone LNG facilities of Chevron Corp, account for about one-tenth of global supplies. Workers at Chevron’s installations are also contemplating industrial action, and the combined threats had lent support to LNG prices in the preceding weeks.
Palm Oil Futures Jump Over 1%
Malaysian palm oil futures rose more than 1% to near MYR 3,900 per tonne after declining in the prior two sessions that saw prices retreating to around MYR 3,800, as traders tried to look for bargains amid higher prices of related edible oils. Meanwhile, Malaysia maintained its export tax for crude palm oil for September at 8% and increased its reference price. On cargo data, Intertek Testing Services and Amspec Agri said shipments of Malaysian palm oil products for August 1-20 rose between 9.8% and 17.4% from the same period a month earlier. Separately, an industry association at top producer Indonesia said that China may purchase 7 million tons of palm oil this year and at least 8 million tons in 2024. In India, palm oil imports in July jumped 59% from the previous month to 1.08 million tons, the highest in seven months.
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Source: TradingEconomies
