Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories increased by 9.07 million barrels in the week ended Aug. 7, following a 2.69-mmbbl increase the previous week, and compared with analysts' estimate of a 500,000-bbl 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.
Hindustan Copper (BOM:513599, NSE:HINDCOPPER) plans to supply copper concentrate from Chilean miner Codelco's assets to domestic producers Hindalco (BOM:500440) and Adani Enterprises' (BOM:512599, NSE:ADANIENT), as India's demand for the metal surges, Reuters reported Tuesday, citing sources familiar with the matter.The company is also reportedly exploring a Codelco joint venture for mining and sales.In April, India's mines secretary said Coal India (BOM:533278, NSE:COALINDIA) and NTPC Mining are in talks for additional copper blocks, Reuters reported.Hindustan Copper had signed a preliminary deal with Codelco last year, followed by a non-disclosure agreement and the appointment of a deal advisor in May, the news outlet said.Hindustan Copper, Hindalco and Codelco did not immediately respond to' requests for comment.(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.)
US natural gas futures ended higher Monday, with stronger winter pricing and a firming forward curve supporting the market despite elevated production and inventories.The front-month Henry Hub contract and the continuous contract both rose 4.40% to $2.78 per million British thermal units.Stronger LNG exports from the US Gulf Coast and hedge fund short covering helped lift natural gas prices, as higher flows to export terminals reduced gas available to the domestic market, according to a Bloomberg report.NYMEX natural gas prices ended last week modestly higher, with gains concentrated in the upcoming winter months, NRG Energy said.The 2027 calendar year contract increased just over three cents to $3.316/MMBtu, while the 2029 strip remained the highest calendar strip at $3.696/MMBtu, NRG Energy said.US natural gas prices had climbed toward $2.80 earlier last week before retreating toward $2.60 by Aug. 7 as high production and inventory levels weighed on the market, JOGMEC Journal said.US gas inventories reached 3,117 Bcf as of July 31 following a 33 Bcf weekly injection, with stocks 0.4% below year-earlier levels but 6.7% above the five-year average, according to Energy Information Administration data cited by JOGMEC Journal.Natural gas production also continued to rise, reaching 109.1 Bcf/d by the end of last week, up 1.3 Bcf/d from Thursday, while overall demand remained largely unchanged, NRG Energy said.
The Trump administration extended the Jones Act waiver for 90 days to protect critical resource supplies and support US military and economic needs, the White House said Monday.In an email reply to, a White House spokesperson said the new waiver will take effect Aug. 17, addressing US maritime industry concerns while helping prevent supply shortages that could disrupt military operations and the economy.The waiver makes two key changes. First, the Department of War must consult with the Maritime Administration (MARAD) on the availability of Jones Act vessels before each individual shipping voyage and then determine whether the waiver applies to that voyage.The waiver also narrows the range of commodities and energy resources eligible for relief, limiting shipments to specified products, the White House said.The White House also shared data showing that more than 230 tankers have sought the waiver to move US cargoes between US ports, creating more than 86 million barrels of additional capacity for oil and energy products.According to the White House, MARAD data shows 210 Jones Act waivers have been utilized, while the relief has enabled up to a 50% increase in domestic deliveries of gasoline, diesel and jet fuel.California received 51 cargoes, the most among US destinations, reflecting its limited pipeline connectivity and reliance on marine deliveries to balance regional supply, the White House said.Movements on Jones Act-qualified vessels remained relatively steady during the waiver period, indicating that the relief supplemented rather than displaced existing US-flag capacity during periods of elevated demand.Waived vessels have delivered more than 14 million barrels of crude oil and more than 20 million barrels of gasoline, diesel, jet fuel and blending components to US markets, the White House added.The covered commodities under the revised waiver include fuel blend stocks, diesel fuel, gasoline, jet fuel, crude oil, fuel oil, gas oil, bunker fuel, liquefied petroleum gas, bitumen and petroleum coke.The list also includes chemicals derived from petroleum or natural gas, liquefied natural gas, naphtha, soybean oil and fertilizers.The latest reporting covers 160 completed voyages, while 50 additional voyages have 10 days to file cargo details.