Economic News

The drop barely dents the year's gains. The contract is up 124.5 per cent since January, while Brent crude is up about 77 per cent year on year.

The headline gain hides a violent fortnight. After China's National Day holiday, spot methanol briefly touched its highest level in nearly six years. It then fell hard as chemical plants that turn it into plastics shut down rather than pay the price.

Naphtha rarely makes headlines. This year it has, because the war with Iran cut off the Gulf, which supplies more than half of Asia's imports. Steam crackers from Singapore to South Korea have cut runs or declared force majeure.

US natural gas is cheap in a year when gas almost everywhere else is dear. Henry Hub, the American benchmark, traded at US$3.0995 per million British thermal units (MMBtu) on 19 October. That is 15.9 per cent lower than at the start of the …

US propane at Mont Belvieu, Texas, rose to US$1.10 a gallon on 16 October. That is 72.77 per cent above where it started the year and 71.83 per cent higher than a year ago. Prices jumped 9.54 per cent in a single week.

Australia's monetary policy outlook remains uncertain as persistent inflationary pressures, global economic disruptions and changing financial conditions complicate the Reserve Bank of Australia's assessment of interest rates.

Australian households are showing signs of financial restraint as higher interest rates influence spending patterns, property transactions and borrowing decisions. While consumer activity is losing momentum, the Reserve Bank of Australia (RBA) believes its monetary policy measures are gradually filtering through the economy.