OIL INFRASTRUCTURE
Why did the Dow Jones jump 1,250 points today after Democrats won Congress while Tesla, SpaceX and AI stocks struggled? Will a Democratic Congress slow the AI boom? Here's why data centre stocks fell as the US stock market rallied today
US stock market today, Wednesday, November 4 update: Wall Street took the election result well on Wednesday, yet some names missed the rally. Democrats won Congress, and the Dow climbed 1,245 points, or 2.40% by 10:44 am ET. The S&P 500 rose 1.52% and the Nasdaq gained 1.82%. But Tesla, SpaceX and data centre stocks fell, as investors worry tighter rules may slow the AI boom.
US Iran war: UAE plans third crude oil pipeline to avoid Strait of Hormuz
The United Arab Emirates is planning to construct a third oil-export pipeline to minimize reliance on the Strait of Hormuz. This new pipeline would connect the western coast of the UAE to the port of Fujairah on the eastern side. Abu Dhabi National Oil Co. is considering this initiative to bolster its oil supply capabilities. The pipeline could also be utilized by third parties, increasing overall efficiency.
CCI clears KKR's Rs 6,000 crore investment in PETRONAS-backed Gentari Renewables
Global investment firm KKR has received approval from India's Competition Commission to invest in Gentari Renewables India. This clean energy platform is part of Malaysia's PETRONAS group, which focuses on renewable energy projects. KKR plans to invest approximately Rs 6,000 crore in the Indian renewable energy sector. The firm already holds investments in various Indian clean energy companies.
S&P affirms Reliance Industries' 'A-' credit rating, cites Jio listing, stronger earnings
S&P Global Ratings has affirmed Reliance Industries’ (RIL) ‘A-’ long-term issuer credit rating with a stable outlook, citing resilient earnings, strong cash generation and improved funding flexibility following the listing of Jio Platforms.
India's stock market volatility since last Diwali saw 60 stocks lose up to 96%
At least 63 stocks with a market capitalisation of over Rs 1,000 crore have lost more than half their value since last Diwali, with some plunging 60-95% amid a broad-based selloff across sectors. Elitecon International was the worst performer, tumbling 96%, followed by Reliance Infrastructure, Kothari Industrial Corporation and Fischer Medical Ventures.
ETMarkets Smart Talk| Gold, silver or copper? Tata MF fund manager suggests a 50:30:20 commodity allocation: Tapan Patel
In this edition of ETMarkets Smart Talk, we speak with Tapan Patel, Fund Manager – Commodities at Tata Asset Management, who shares his outlook on gold, silver, copper and crude oil, explains the changing dynamics driving commodity prices, and suggests a 50:30:20 allocation to gold, copper and silver, respectively, for investors looking to build a commodity portfolio for the long term.
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Gulf Oil eyes market leadership in India, global expansion to drive next growth phase
Gulf Oil aims to surpass its rival and achieve the market leader status in India's lubricants sector. The company plans to invest approximately ₹55 crore to expand its manufacturing capacity significantly. Growth is expected from B2B, industrial, and infrastructure segments, alongside exploring new niches like data centre cooling.
Death toll hits 31 after Russian strike on Ukrainian aid site, with dozens still missing
A devastating Russian strike on a humanitarian aid gathering in Komyushuvakha has resulted in a tragic death toll of 31, with many residents still unaccounted for, prompting relentless search operations by rescuers and volunteers. Additionally, multiple overnight assaults targeted power facilities, causing extensive destruction and widespread electricity outages throughout Ukraine.
SC notices to Centre, Assam on Oil India plea on rejection of drilling proposal at national park
The Supreme Court has requested responses from the Ministry of Petroleum and Natural Gas regarding Oil India's proposal. This proposal involves hydrocarbon extraction through Extended Reach Drilling beneath Dibru-Saikhowa National Park. Oil India claims that the drilling will not harm the park's ecosystem while addressing energy needs.
Saudi Aramco Q3 profit jumps 34.5% to $36.25 billion despite ongoing US-Iran conflict
Saudi Aramco reported a 34.5% year-on-year rise in third-quarter net profit to $36.25 billion, beating analyst estimates. Higher oil prices and the exit from a joint venture supported earnings, helping offset production disruptions and security risks amid the US-Iran conflict.
Green-debt fees hit nearly $3 billion, topping fossil fuels for fifth year
For the fifth consecutive year, leading global banks generated more revenue from green projects than fossil fuel financing. Data shows these banks earned approximately $3 billion from climate-related financing this year. Major players include Bank of China, BNP Paribas, and Deutsche Bank for green bonds. However, US banks dominated the fossil fuel financing deals, led by Wells Fargo and JPMorgan.
Zelenskyy says Russia preparing massive attack on Ukraine's energy, logistics infrastructure amid US midterm elections
Ukrainian President Volodymyr Zelenskyy indicated that Russia is planning a significant new attack on Ukraine's infrastructure. He expressed concerns that the US midterm elections might distract global attention from the ongoing conflict. Zelenskyy urged international action to prevent Russia from gaining economically or strategically from its attacks. Reports of cyberattacks targeting alert systems in Ukraine and Russia emerged on the same day.
US Embassy in Saudi Arabia warns citizens of possible Houthi attacks, airport disruptions amid rising tensions
A security alert was issued by the US Embassy in Saudi Arabia regarding potential attacks and disruptions. The alert highlights recent hostilities involving Iran-backed Houthi forces targeting civilian infrastructure. Airports in Riyadh, Jeddah, and Dammam are operational, though delays and cancellations have been reported. American citizens are advised to exercise caution, especially at airports, amid rising tensions. Regulatory restrictions prohibit sharing information about missile interceptions to avoid legal issues.
Ambani tops Forbes' global billionaire gainers list with $6 bn wealth jump as Reliance shares soar
Mukesh Ambani has become the largest wealth gainer globally, adding USD 6 billion to his fortune. Reliance Industries shares surged 11.6 percent after a favorable quarterly earnings announcement. The company's consolidated net profit increased by 40.6 percent year-on-year, exceeding analysts' expectations significantly. Core earnings for its refining and Jio Platforms businesses experienced significant growth during the quarter. Ambani's wealth rose to USD 88.8 billion, placing him as the richest Indian.
US stocks today: Nasdaq ends over 1% lower as AI worries persist
US stocks ended mixed on Monday, with the S&P 500 and Nasdaq closing lower as Apple shares slipped ahead of earnings and Oracle fell over plans to raise $20 billion. Falling oil prices amid US-Iran peace hopes offered some relief, while concerns over Big Tech's AI spending persisted.
Nasdaq Outlook: Is the worst over for AI-fuelled tech stocks?
Wall Street’s AI-led rally faced a sharp setback as the Nasdaq recorded its biggest single-day fall since June. Heavy losses in technology stocks reflected growing investor concerns over hyperscaler spending and the returns on artificial intelligence investments.
Goldman Sachs raises oil price forecasts, warns Brent could hit $140 in 2027
Goldman Sachs raised its oil price forecasts amid mounting geopolitical risks and potential Gulf supply disruptions. The bank warned Brent crude could reach $140 per barrel in 2027 under a prolonged supply shock scenario. Shipping attacks, infrastructure damage and Middle East tensions could sustain elevated oil prices and market volatility.
Oil Price Today (November 2): Crude oil falls to $111 as Iran-Qatar talks continue to end war. What are experts saying?
Crude oil price : Oil prices have plummeted dramatically, impacting Brent and WTI crude significantly. As Iranian and Qatari officials engage in talks to mitigate tensions from the US-Israeli conflict regarding Iran, the situation is further aggravated by security threats and oil tanker assaults in the Strait of Hormuz. Experts warn of ongoing price instability post-US midterm elections, creating an unpredictable environment for global energy supply chains and market responses.
Oil slips more than 1% as talks continue on ending Iran war
Oil prices witnessed a decline of more than 1% as Iranian and Qatari diplomats engaged in discussions regarding the US-Israeli conflict. Brent crude futures fell to $111.84 per barrel, alongside a drop in US West Texas Intermediate crude. Analysts express optimism about potential advancements in these negotiations, which have eased short-term pricing worries.
FPI G-Sec outflows nearly halve to Rs 5,400 crore in October
Foreign portfolio investors reduced their selling of Indian government securities and equities in October compared to September. Despite this, high oil prices and global yields pose challenges for sustained portfolio inflows. Economists caution that the slowdown may not indicate a definitive change in foreign investment trends. Political dynamics in other emerging markets might influence foreign capital movement toward India.
Russian strikes cut power to thousands in Ukraine as drones damage Russian facility
Russian strikes on power infrastructure in Ukraine left hundreds of thousands without electricity during the ongoing conflict. President Volodymyr Zelenskiy reported high-intensity attacks in several regions caused severe disruptions to power supply. In response, Ukraine targeted the Kamensky plant in Rostov region, linked to Russian missile production. Nizhny Novgorod authorities confirmed significant damage to an industrial facility from Ukrainian drone attacks.
Saudi Aramco takes 49% stake in AI firm Humain, commits $2.6 billion
Saudi Aramco has announced its acquisition of a 49 percent stake in the AI company Humain. This investment aims to accelerate Humain's growth and advance its AI capabilities both regionally and globally. The Public Investment Fund will retain a 51 percent ownership in Humain. Additionally, Aramco plans to inject approximately 9.9 billion Saudi riyals into the company this year.
Global oil sanctions and chokepoints a means to hold prices hostage: Jaishankar
Addressing the G20 foreign ministers' meeting in Atlanta on Friday (US time), he said the world was facing an energy crisis driven not by a lack of production but by unpredictability, supply disruptions, unaffordable costs and difficulties in access.
Oil prices soar 14% in October to 6-month high as US weighs fresh Iran strikes after midterms. More pain ahead?
Brent crude rose 13.6% in October to settle at a six-month high of $117.64 a barrel, as fears of fresh US strikes on Iran and threats to shipping through the Strait of Hormuz fuelled supply concerns. Analysts warn of further volatility, with Goldman Sachs flagging a possible rise to $120.
EAM Jaishankar slams sanctions, chokepoints disrupting global energy trade, holding prices hostage
S Jaishankar highlighted the challenges posed by disruptions in global oil supplies during the G20 meeting. He pointed out that the current energy crisis results from unpredictability and significant disruptions. Jaishankar emphasized the need for the G20 to ensure that energy markets remain open and predictable. He also mentioned India's efforts in critical minerals and the necessity for reliable energy supplies.
Trump pressure prompts Ukraine to pause strikes on Russian refineries, WSJ reports
Ukraine has paused its strikes on Russian oil refineries following pressure from US President Donald Trump, the Wall Street Journal reported. Ukrainian units were reportedly told in mid-October to complete ongoing missions but hold off on further attacks. The unofficial pause could last until after the US midterm elections and potentially deeper into November, amid renewed efforts to revive peace talks.
Why is Adani betting $3.4 billion on global energy trade chaos?
Adani Group is reportedly exploring a $3.4 billion acquisition of Dutch energy storage giant VTTI as global oil supply disruptions reshape energy trade. With terminals across 16 countries, VTTI could expand Adani Ports' international footprint, strengthen crude oil storage and logistics capabilities, and unlock opportunities in fuel trading, biofuels, hydrogen infrastructure and global energy supply chains amid geopolitical uncertainty.
World Bank sees commodity prices surging 23% in 2026 on Middle East war
Commodity prices were projected to rise 23% in 2026 as the Middle East war disrupted energy supplies and shipping, while grain disruptions and safe haven demand pushed food and metals prices higher. The World Bank warned that further conflict escalation and a severe El Niño could intensify inflation and food security risks.
World Bank sounds alarm on food crisis as energy shock and El Nino push commodity prices up 23%
Global commodity prices are projected to rise significantly in 2026, driven by conflict in the Middle East and supply disruptions. Energy prices are likely to escalate by 32% due to decreased oil supply and increased consumption. Food prices are expected to increase about 10% in 2026 due to rising farm costs and disrupted grain shipments. The World Bank emphasizes the urgency of supporting vulnerable countries facing economic hardships.
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