Saxo Bank. Commodity rally resumes supported by the four C’s

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Commodities staged a broad comeback this past week with the Bloomberg Commodity Index rising 2.1%, thereby retracing more than half the mid-May correction. Gains were seen across most sectors led by growth-dependent sectors such as industrial metals and energy. Global growth optimism, increased decarbonization efforts and spending by governments received renewed attention. Not least after big-spending President Biden announced a $6 trillion budget plan to boost U.S. economy combined with a continued recovery in global mobility, apart from a few major virus hotspots in Asia. 

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The Historic Week

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Oil risesafter the defeats on climate policies that major oil firms suffered at the hands of shareholders and judges. Last week’s climate-related actions in boardrooms and courtrooms involving some of the largest international oil companies signal a rising threat to the sector, Moody’s Investor Service said in a comment on the industry. “A new court ruling against Royal Dutch Shell and shareholder votes at ExxonMobil and Chevron highlights the increasing credit risk for major oil producers over concerns about climate change,” Moody’said.

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The State of Exploration

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Westwood Global Energy Group: Exploration is under scrutiny as never before given falling future oil and gas demand projections under net zero carbon emissions scenarios. The drop in oil demand and the Covid-19 associated oil price crash combined with the reality of the energy transition, has made many oil and gas companies rethink the strategy of their entire business, including exploration.

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Torzhok Lubricants Plant Expansion Project

Shell announced the launch of Torzhok Lubricants Plant expansion project in Tver Region

The announcement was made by Cederic Cremers, Shell Country Chair Russia, during a ceremony held at the plant in the presence of Alexander Novak, Deputy Chairman of the Russian Federation Government, Igor Rudenya, Tver Governor, regional and federal officials, representatives of oil and gas companies, key customers and media.

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