Highlights
The Biden Administration said yesterday it has halted the approval process on all pending decisions on US Liquified Natural Gas (LNG) export projects until the Department of Energy can update the underlying analyses for authorizations. What does that mean?
It means environmentalists scored what they call a “historic win” and a huge win for Russia. Now Europe will have to beg Russia for natural gas unless this approval process gets back on track very soon, which is highly unlikely.
Four new LNG export projects were stopped yesterday.
Palm oil is the world’s most used vegetable oil and it is the #1 competitor for soybean oil, the world’s #2 most used vegetable oil. Indonesia and Malaysia produce more than 90% of the world’s palm oil.
Malaysia palm oil futures were a bit weaker yesterday, but managed to close higher for the third consecutive week. For the week, Malaysia’s palm oil futures price was up 1.27% as heavy rain this month in Malaysia has drastically reduced January production and exports to China and India.