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Macron Reportedly Urges EU to Delay New Methane Rules for Oil, Gas Importers

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French President Emmanuel Macron has urged the European Commission to delay implementation of the new methane reporting rules for oil and gas importers, noting that it could result in legal hurdles for the latter amid tighter energy supplies, multiple media outlets reported Tuesday.

The reports cited a letter written by Macron to European Commission President Ursula von der Leyen on Friday. In it, Macron urged the EU to temporarily ease fuel quality rules and said the move could increase European kerosene and diesel production by 5% to 20% amid rising supply pressures, Reuters reported.

The new EU rules, due to be implemented from Jan. 1, call for monitoring and verification of methane emissions for fuel deliveries to the bloc to curb greenhouse gas emissions and proposes to fine companies for any violations.

Macron has requested implementation of the rules to be delayed by a year to Jan. 1, 2028. Germany, among many other EU members, have already asked for the postponement of the rules, the Reuters report said.

The French president's office did not immediately respond to a request for comment from.

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Commodities

US Power Update: Prices Show Wide Regional Swings, With PJM Above $500/MWh

US electricity markets saw wide price swings, with locational marginal prices varying sharply across regions as power demand shifted.The Independent Electricity System Operator led the markets at 5 p.m. ET with a locational marginal price of $36.47 per megawatt-hour, compared with $30/MWh for the Independent System Operator of New England, which posted the lowest price at that hour.For intraday peaks, PJM Interconnection reached $518.41/MWh at 1:35 p.m. ET, while the IESO recorded the lowest locational marginal price at $0/MWh at 2:45 a.m. ET.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across most of the US from Sept. 29-Oct. 5, with near-normal readings in some areas of the West.

Commodities

Natural Gas Update: US Futures Fall on European Decline

US natural gas prices fell to a one-week low on Monday, pressured by a sharp decline in European gas prices, while forecasts for hotter US weather helped limit the losses.In US trading, both the front-month Henry Hub contract and the continuous contract fell by 2.85% to $2.829 per million British thermal units.In Europe, the front-month Dutch TTF gas futures contract dropped 7.417% to 73.620 euros ($84.40) per megawatt-hour, while British NBP futures declined 7.469% to 183.36 pence ($2.45) per therm.Losses in US gas prices were tempered by forecasts for hotter weather that could boost demand from power generators for air conditioning, Barchart said. The Commodity Weather Group said on Monday that forecasts had shifted hotter, with above-average temperatures expected across the US Gulf Coast through Sept. 30.US gas production remained robust, while inventories were above historical averages, limiting the potential for a sharper price rally. In Europe, gas prices fell after details of Germany's latest gas storage tenders indicated that the volumes sought would be lower than initially expected.

Commodities

Market Chatter: Meta's Alberta Data Center Boosts Province's Appeal to US Hyperscalers, Capital Power Says

Capital Power CEO Avik Dey said Meta's (META) planned CA$13 billion ($9 billion) Alberta data center has boosted the province's appeal to hyperscalers, who view the project as a vote of confidence in the government's artificial intelligence strategy, Reuters reported on Monday.Dey reportedly said the company is in talks with several firms seeking electricity for potential projects and expects other US hyperscalers to follow Meta.More than 100 data centers have been proposed in Alberta, which offers abundant natural gas, available land and a cold climate. Capital Power will initially supply 250 megawatts of electricity to Meta's site.Capital Power did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$META