Energy and commodities highlights: All eyes on India, US trade talks, Nord Stream 2

India and Pakistan’s tense relationship returned to the headlines recently, and while the latest incident had little impact on commodity markets, it brought into focus India’s role as a fast-growing market for raw materials. Saudi Arabia quickly set diplomatic wheels in motion to defuse the situation. Aside from the clear interest in preventing fresh conflict from erupting close to home, Saudi Arabia expects India to become an increasingly important export market for its oil, and is also planning huge refining and petrochemicals investments in India. Meanwhile the US is eyeing India as a potential sink for its rising oil output, with Indian refiners apparently keen to make regular purchases of American crude. Fluctuations in India’s agricultural production could provide opportunities for other global producers. This year an expected lower corn crop means the country is likely to need an additional 1.5 million mt to meet demand. Markets were watching for signs of progress in US-China trade discussions in the past week. Playing down expectations of a quick resolution, a member of a key government advisory committee laid out in stark terms the extent of the US’ requirements to come to an agreement with China. And in another twist in the… continue reading

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Source: CTRM Center

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