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Cespira, Volvo Sign Deal for Hydrogen-Fueled Engine Development

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Canadian clean technology company Westport Fuel Systems (WPRT) on Thursday said that Cespira, its joint venture with Swedish commercial vehicle manufacturer Volvo Group, will commercialize its HPDI technology to enable Volvo's 13-litre engine to run on hydrogen.

The agreement with Volvo builds on the use of HPDI fuel system technology in liquefied natural gas-powered heavy-duty engines and covers the final development and commercialization work required to enable the 13-litre engine to operate on hydrogen, the company said in a statement.

Volvo trucks are currently being tested on roads with a targeted European certified commercial launch before 2030, the statement said.

"Cespira's HPDI fuel system enables direct injection of alternative fuels at high pressures into internal combustion engines, supporting the use of lower-carbon fuels while preserving the performance, durability, and operating characteristics required for heavy-duty applications," the statement said.

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DeepOcean Wins BP Contract for Foinaven Subsea Decommissioning Work

DeepOcean secured a contract from BP (BP) to remove subsea infrastructure at the Foinaven field west of Shetland, UK, extending the existing decommissioning partnership, the company said Thursday.The scope of the project includes the removal of 10 flexible process risers, three dynamic subsea umbilicals and a static umbilical from the former floating production, storage and offloading vessel location.DeepOcean will also remove buoyancy modules, riser protection systems, clamps and other equipment linked to the subsea assets as part of the offshore campaign, the company said.DeepOcean said the project will be directed from its Aberdeen office, which will be responsible for engineering, project delivery and offshore operations. The work at sea is scheduled to be carried out using one of the company's advanced subsea construction vessels.The company said the contract is governed by a sale and purchase agreement jointly developed with BP. The arrangement follows the approach adopted for earlier decommissioning campaigns at the Don and Miller fields.Located west of the Shetland Islands, Foinaven was brought on stream in 1997, five years after its discovery. The field lies approximately 190 kilometers offshore in waters between 330 and 530 meters deep.Foinaven generated around 440 million barrels of oil over its operating life before the FPSO was withdrawn in 2021. That figure exceeded initial development expectations by roughly twofold, according to DeepOcean."This award reflects a progressive and commercially innovative approach to subsea decommissioning," said DeepOcean CEO Oyvind Mikaelsen, adding that the commercial framework is designed to improve efficiency, optimize costs and provide greater operational flexibility for both DeepOcean and BP.

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Commodities

US Natural Gas Update: Smallish Inventory Build Pushes Futures Price Up

US natural gas futures retreated from earlier highs in after-hours trading on Thursday but remained positive after government data showed a smaller-than-expected increase in storage inventories, reinforcing expectations that summer demand could tighten market balances.The front-month Henry Hub futures contract and the continuous contract both rose by 2.23% to $3.215 per million British thermal units.The US Energy Information Administration reported a 73 billion cubic feet injection into storage for the week ended June 12, below the upper end of analyst expectations, which ranged from 66 Bcf to 117 Bcf. Total inventories rose to 2.759 trillion cubic feet.The build matched the five-year average for the period but was below the 97 Bcf injection recorded during the same week last year. Stockpiles now stand about 1% below year-ago levels and 151 Bcf, or 5.8%, above the five-year average."Today's fundamental balances still need to show that summer demand can consistently outrun available supply," Gelber & Associates said in a note. The firm said inventories are 151 Bcf above the five-year average, which helps explain the relatively measured market response despite the supportive headline figure. The latest injection also marked a slowdown from the previous week's 108 Bcf build.On the supply side, US dry gas production was estimated at 111.4 Bcf per day on Thursday, up 1.3 Bcf/d from the prior day and 4.4% above year-earlier levels, Barchart said, citing BNEF data.Gelber & Associates said production is expected to remain within a 110.0-110.6 Bcf/d range. The firm also noted that Canadian imports averaged 5.5 Bcf/d.Trading Economics estimated average US gas production at 109.4 Bcf/d so far in June, slightly below May's average of 109.7 Bcf/d.Barchart, citing weather forecaster Vaisala, reported that most of the Lower 48 states are expected to experience above-normal temperatures between June 28 and July 2, suggesting increased power demand ahead.On Thursday, BNEF said gas demand was estimated at 71.9 Bcf/d, up 2.5 Bcf/d from Wednesday but down 3.1% from a year earlier. Celsius Energy estimated total power-sector gas consumption at 34.7 Bcf/d for Wednesday, up 0.3 Bcf/d from the previous day but roughly 4 Bcf/d below year-ago levels.Meanwhile, estimated net flows to US LNG export terminals were pegged at 19.2 Bcf/d on Thursday by BNEF, up 2.8% from a week earlier but down 0.3 Bcf/d from the previous day.

Commodities

US May RIN Generation Falls From April, Remains Above Year-Ago Level, EPA Says

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