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Critica Begins Western Australia Rare Earth Project Scoping Study in the March Quarter

-- Critica (ASX:CRI) said the scoping study for the Jupiter rare earth project in Western Australia formally began during the March quarter, according to a Wednesday Australian bourse filing.

The study integrates beneficiation, downstream processing, infrastructure, and development assumptions to define a base-case development pathway.

It plans to continue and complete the 140-drill hole resource upgrade drilling at Jupiter in the June quarter. It also plans to prepare and dispatch an additional 20,000 kilograms of bulk sample for pilot-scale treatment to support ongoing optimization, performance improvement, and intermediate concentrate generation.

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Commodities

Asia Biofuels Update: Malaysian Palm Oil Rises Further on Higher Soybean Oil, Bullish Fundamentals

Malaysian palm oil futures extended gains for a third straight session on Wednesday, driven by an overnight rally in soybean oil prices, an advancing B50 biodiesel program in Indonesia and potential output cuts due to the El Nino weather phenomenon.The Bursa Malaysia Derivatives' May crude palm oil contract gained 0.87% to 4,530 Malaysian ringgit ($1,145.82) per metric ton. The June contract was up 0.95% to 4,578 ringgit/mt.The effect of higher crude oil prices in the previous session trickled down to edible oils, boosting soybean oil and palm oil, which are both used as biofuel feedstock.In Indonesia, use of palm-oil based biodiesel will be expanded by implementing a higher blending ratio of 50%, versus the current 40%, beginning July 1.Preliminary results of B50 testing showed that the fuel was meeting the required specifications, local news agency Antara reported, citing Energy and Mineral Resources Ministry Director General Eniya Listiani Dewi.Road tests and engine inspections for the transportation sector are expected to be completed by June.Indonesia's imports of conventional diesel will reportedly discontinue with the B50 implementation, reducing fossil fuel consumption by about 4 million kiloliters per year. The current B40 program has curbed diesel purchases by 3.3 million kiloliters, according to Dewi.Higher biofuel demand in Indonesia will reduce exportable supplies of palm oil, potentially boosting Malaysia's export market.Cargo surveyors reportedly estimated a 25.6% to 25.8% month-over-month drop in Malaysian shipments for the first 20 days of April.In the first half of April, exports fell from a month earlier by 324,724 metric tons to 580,018 mt, primarily due to a 114,650 mt decline in shipments to the Middle East, according to an analysis by price reporting agency Fastmarkets.The ongoing geopolitical tension has weighed on Malaysia's export market, particularly with a weakening demand from Iran, The Edge Malaysia reported, citing Malaysia External Trade Development Corp. chairman Reezal Merican Naina Merican.Merican reportedly said that shipments of palm oil and palm-based products to Iran slumped 86.1% year over year to 90 million ringgit in Q1.Iran did not import any palm oil from Malaysia in the first half of April, according to Fastmarkets.Going forward, palm oil price movements will be driven by developments in the energy market and supply fundamentals, according to BMI Research, as cited by Business Today.While production may rise following a seasonal low, El Nino conditions emerging between May and October pose a key upside risk.BMI reportedly projects palm oil prices to ease to around 4,200 ringgit/mt in Q2, assuming de-escalation in the Middle East conflict, and it expects prices to average at 4,300 ringgit/mt for the year.

International

Moody's Changes Thailand's Outlook to Stable from Negative

Moody's changed the outlook on the government of Thailand to stable from negative, according to a Tuesday release by rating agency.The ratings firm also affirmed the foreign and local currency issuer and local currency senior unsecured ratings at Baa1, and Thailand's foreign currency commercial paper rating at P-2.The move comes amid the easing of downside risks from a tariff shock after the US reduced levies on Thai exports to levels which are largely in line with regional peers.Risks related to higher oil prices due to the Middle East conflict are expected to weigh on growth but will be comparable to peers.

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Commodities

US Active Rig Count Slips by 1 Week Over Week, US-Focused Service Firms Perform Strongly in Q1: RBC

Baker Hughes (BKR) US active land rig count fell by one week over week to 529, RBC Capital Markets said on Monday, while the US oil land rig count was flat at 397.The gas land rig count decreased by two in the week to 125, while miscellaneous rigs increased by one. The US oil land rig count fell by four month over month, while the gas land rig count fell by six over the same period.The Permian Basin's active rig count was flat over the week at 242. That region alone has 61% of the Lower 48 rigs and 46% of total land rigs in the US.US December production, based on EIA data, was 13.2 million barrels a day, rising 1% year over year, mainly driven by rising offshore production, which climbed 12% year over year.At the same time, land production decreased by an average 111,000 barrels per day as increases in New Mexico were partially offset by reductions elsewhere.Natural gas withdrawals in the US were 132 billion cubic feet per day, up 4% and supported by gains in Louisiana and New Mexico, RBC said.The three most active drillers in the Permian Basin are Helmerich & Payne (HP), with 88 rigs and 35% of the total, Patterson-UTI Energy (PTEN) with 31 rigs and Nabors Industries (NBR) with 27 rigs.The most active Permian operators are Exxon Mobil (XOM) with 34 rigs, Occidental (OXY) with 20 and ConocoPhillips (COP) with 16.In Haynesville, the rig count fell by 1 to 55 and the three most active drillers were Helmerich & Payne with 10 rigs, Independence Contract Drilling (ICD) with 9 and Precision Drilling (PD) with 8.WTI crude stocks fell by 5% week on week, RBC said.NOV (NOV) lowered its first quarter guidance due to financial impacts from disruption in the Middle East during March. Its updated EBITDA guidance is for $177 million,RBC has downgraded NOV to sector perform it said, noting less compelling risk/reward opportunity in its shares.Stocks in RBC's coverage universe within oil and gas services have risen by 36% this year with US-focused firms outperforming those with exposure in the Middle East.

$BKR$COP$HP$NOV$OXY$PTEN$XOM