Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories increased by 3.3 million barrels in the week ended July 24, following a 2.6-million-barrel increase the previous week, and compared with analysts' estimate of a 2.5-mmbbl decline, according to a Bloomberg-compiled survey.
The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.
The governments of Australia and Western Australia will conduct a jointly funded AU$4 million pre-feasibility study for a new large-scale oil refinery in the state, to be built by Perdaman, according to a Tuesday statement.The proposed refinery is expected to create thousands of jobs, boost the local economy, and help secure diesel for regional communities in Western Australia.This is the first agreement to be signed as part of the Australian government's AU$10 million support for feasibility studies into furthering fuel refining capabilities, as it seeks to retain current refining capability in the decade beyond 2030, per the statement.Australia currently has two oil refineries: in Brisbane, Queensland and in Geelong, Victoria.
Moody's Ratings upgraded JSW Steel's (BOM:500228, NSE:JSWSTEEL) long-term issuer rating to Baa3 from Ba1 and assigned a stable outlook, according to a Monday press release.The ratings agency cited the company's stronger credit profile following debt reduction and its position as India's largest steel producer with cost-competitive operations.The ratings agency also upgraded JSW Steel's senior unsecured ratings to Baa3 from Ba1 and withdrew its Ba1 corporate family rating.Moody's expects JSW Steel's debt-to-EBITDA ratio to improve to 2.0x to 2.5x over the next 12 to 18 months from 3.4x in fiscal 2025-26, supported by debt repayment using proceeds from the sale of a 50% stake in Bhushan Power & Steel.The agency said the stable outlook reflects expectations that the company will continue to grow earnings while maintaining financial discipline as it expands capacity to meet rising steel demand in India.
PJM will file two proposals with the Federal Energy Regulatory Commission as it expects large electricity loads to increase by 70 gigawatts by 2038, the grid operator said Monday.The proposals would establish a Reliability Backstop Procurement to attract new generation and an Interim Resource Adequacy Service to support large load growth while protecting reliability during periods of capacity shortages.PJM expects new large loads to increase by 70 GW by 2038, while 15 GW of generation has retired since 2022. The 2028/2029 capacity auction also ended 6,831 megawatts below the system's reliability requirement for the grid serving 67 million people.The board said the region needs additional power supplies without placing unnecessary cost burdens on consumers."The present trajectory of rapid load growth, tightening supply and rising capacity costs is not sustainable," the board said, adding that the "region needs substantial new investment in supply, and the central affordability question is how the costs of that investment should be allocated."PJM launched a bilateral contracting process with a June 9 request for proposals and expects the first buyer-seller matches in August. The process will continue into early next year and reduce the amount of new generation PJM needs to procure.The grid operator plans a one-time Reliability Backstop Procurement from Sept. 30 through Oct. 21, with results expected in early December.Winning projects can secure commitments of up to 15 years, while accepted offers will face a $555/MW-day cost cap, according to PJM.Eligible resources include new generation that adds new installed capacity and maximum facility output, qualifying Capacity Interconnection Rights created or transferred from units deactivated after April 10, 2026, and resources that failed to secure commitments in the 2028/2029 auction.The proposal also covers new annual demand response and distributed energy resources, provided aggregators demonstrate qualifying sites and contracts for the full 15-year commitment. Eligible projects must begin operating by June 1, 2032.Resource developers will pay for transmission network upgrades and include those costs in their offers.PJM will allocate procurement costs to Load Serving Entities in affected areas, while state regulators will determine how those costs apply across customer classes.The board also instructed PJM to exclude incremental new large loads from future Reliability Pricing Model auctions beginning with the 2029/2030 delivery year.The move aims to prevent existing customers from absorbing higher capacity costs created by new demand.PJM will create a Large Load Registry for customers with at least 50 MW of peak demand at one site or connected sites within a one-mile radius. The registry will improve load forecasts and transparency while protecting confidential information.Under the proposed Interim Resource Adequacy Service, new large loads without dedicated generation by June 1, 2027, or other secured supply will reduce demand before broader emergency load management measures begin during capacity shortages.PJM said the proposed cost allocation framework follows Ratepayer Protection principles supported by data centers, the White House and PJM governors.The board added that states will play a key role in assigning retail costs because PJM cannot allocate them directly to individual data centers.