Business
Diesel prices remain elevated as tight US and European fuel supplies pressure markets. In the US, retail diesel averaged $5.257 a gallon on August 10, down slightly from $5.348 a week earlier but still significantly above the $4.578 average recorded on July 6. During the week ending July 31, distillate inventories decreased by 3.5 million barrels to 107.2 million barrels, according to the EIA. This stockpile was 5.1% lower than a year ago and 16.1% below levels from two years prior. European costs for converting crude into diesel have also hit notable highs. The premium for European low-sulfur gasoil over crude reached a record $74.66 per barrel on July 30. Diesel margins in Europe increased by nearly 10% on August 10, with European Central Bank data indicating diesel pump prices around €1.98 per litre in the third week of July. Their analysis pointed to refining margins contributing approximately €0.35 per litre during the initial three weeks of July, a sharp rise from previous levels. Refinery Interruptions Limit Diesel Supply Disruptions at refineries have further constrained fuel production, compounding an already tight global market. An attack targeted a refinery in Russia’s Tatarstan region, exacerbating reduced Russian refining activity. Saudi Arabia’s Jazan refinery has also remained offline since July 27 following an earlier attack. These issues affect regions that typically
Gold extended its upward momentum for a third consecutive session on Tuesday, building on last week’s notable rebound. Spot gold increased 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak established last week. Meanwhile, U.S. gold futures advanced 1.7% to $4,492.60. These gains followed a pattern of rising prices on Friday and Monday, as global bullion markets responded to U.S. economic indicators and anticipated interest rate moves.
Denmark’s July inflation slowed to 1.7% as consumer price growth eased from June. The consumer price index for July reached 102.92, with 2025 set as the baseline index of 100. Holiday home rentals and package holidays contributed 1.24 percentage points to the monthly increase. Food prices accounted for an additional 0.15 percentage point. Conversely, declines in clothing, hotel accommodation, and footwear prices collectively reduced the monthly inflation rate by 0.34 percentage point.
The ongoing heat wave in South Korea has led to significant increases in the prices of fresh vegetables, as prolonged extreme temperatures hinder shipments and damage agricultural yields nationwide. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach was priced at 1,978 won per 100 grams on Aug. 7, representing a 152.3% surge compared to the previous month. The cost of ten cucumbers reached 8,313 won, marking a 54.8% rise. Blue lettuce saw a 41.7% increase, while zucchini climbed 46.6% to 1,504 won.
This move to enlarge the satellite constellation responds to increased security needs and changing defense operational requirements across Europe. The upgraded design features technical improvements to the baseline satellite hardware, along with an additional 66 low Earth orbit satellites dedicated to defense forces, national security agencies, and emergency responders. Technical evaluations indicate that this expansion will boost secure governmental communication capacity by 60 percent within the EU and by 54 percent worldwide, strengthening regional response capabilities during complex crises and infrastructure emergencies.
In June, South Korea achieved a historic current account surplus of $49.73 billion, driven mainly by a significant surge in semiconductor exports. The Bank of Korea reported that this figure surpasses the previous monthly record of $38.61 billion set in May. June marked the first time the monthly surplus exceeded $40 billion. The growth was largely fueled by robust goods exports, as technology shipments expanded at a much faster pace than imports.