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Germany Reportedly Passes Heating Law Rollback, Drops 65% Renewable Requirement for New Systems

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Germany's parliament approved a heating law overhaul on Friday, removing the 65% renewable requirement for new systems while keeping a 2045 climate-neutral heating target, according to multiple media reports.

The legislation lets homeowners install new gas and oil heating systems without meeting the previous 65% renewable energy threshold.

Instead, suppliers must gradually increase climate-neutral fuel blends from 10% in 2029 to 60% by 2040 and 100% by 2045, according to the reports.

The government said the changes give households greater flexibility and simplify rules introduced in 2023.

Lawmakers secured Friday's vote after Germany's constitutional court rejected the Left party's last-minute request to delay the measure on Thursday.

Environmental groups and opposition politicians argued the revised law weakens climate policy and could slow the shift away from fossil fuels.

German Federal Ministry for Economic Affairs and Energy did not immediately reply to' request for comment.

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Update: Market Chatter: Petrobras Eyes Bolivia Upstream Return, YPFB Partnership

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$PBR
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US Natural Gas Update: Futures Fall Over 6% After Storage Build, Freeport LNG Maintenance

US natural gas futures tumbled in after-hours trading on Thursday, following government data showing a larger-than-expected increase in storage and as maintenance at the Freeport LNG export terminal was set to begin, pointing to weaker near-term demand.The front-month Henry Hub contract and the continuous contract both fell 6.23% to $3.012 per million British thermal units.The US Energy Information Administration said working gas in storage increased by 61 billion cubic feet during the week ended July 3, exceeding analysts' expectations for a build of between 51 Bcf and 57 Bcf. The injection also surpassed the five-year average increase of 51 Bcf for the period.Total gas inventories rose to 2,983 Bcf, the EIA said. While stocks remained 15 Bcf below year-earlier levels, the surplus to the five-year average widened to 185 Bcf from 175 Bcf the previous week.The larger-than-expected storage injection reinforced expectations of a looser supply-demand balance, weighing on prices.Additional pressure came from the start of a planned maintenance turnaround at the Freeport LNG export facility on the US Gulf Coast, scheduled for Friday, Reuters reported.The work, which is expected to continue through the end of next month, will reduce feedgas demand by keeping gas that would otherwise be liquefied for export in the domestic market.Weather forecasts also added to the bearish sentiment. Pinebrook Energy Advisors said the latest midday run of the Global Forecast System Ensemble model showed lower cooling demand next week, implying weaker natural gas consumption from power generators.Barchart, citing BNEF data, said US dry gas production rose to 113.5 Bcf per day on Thursday, up 1.9 Bcf/d from Wednesday and 6.8% higher than the same day a year earlier.Lower-48 gas demand also increased by 1.9 Bcf/d day over day to 78.1 Bcf/d, edging up 0.1% from a year ago. According to Celsius Energy, power sector gas consumption, or Powerburn, totaled 43.8 Bcf on July 7, up 0.3 Bcf from the previous day but 4.4 Bcf below the year-earlier level.Over the past seven days, Powerburn averaged 42.5 Bcf/d, down 1.1 Bcf/d from the corresponding period last year, it said.

Commodities

Market Chatter: Petrobras Eyes Bolivia Upstream Return, YPFB Partnership

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