US natural gas stockpiles in underground storage stood at 2,578 billion cubic feet for the week ending May 29, up 95 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.
Inventories were 3 Bcf below year-ago levels and 138 Bcf above the five-year average of 2,440 Bcf.
At 2,578 Bcf, total working gas remains within the five-year historical range, the EIA said.
Vietnam National Industry-Energy Group, or Petrovietnam, has agreed to buy the first cargo of crude oil from Vitol Asia for delivery to Nghi Son Refinery and Petrochemical, marking the first transaction under a new memorandum of understanding, Petrovietnam said in a statement on Wednesday.The MoU was signed by Petrovietnam and Vitol during a meeting in Singapore held on the sidelines of Vietnamese President To Lam's state visit.Under the MoU, the companies are exploring broader cooperation in crude oil trading, petroleum products, LNG, strategic storage and other energy-related sectors.Petrovietnam said the agreement supports its efforts to diversify crude oil supply sources, strengthen feedstock procurement for NSRP and expand partnerships with major international energy traders.
TransAlta (TAC) has entered into an agreement to acquire two Colorado natural gas peaking facilities totaling 318 megawatts in a $1 billion transaction, the company said Wednesday.The acquisition includes Mountain Peak Power and Canyon Peak Power, indirect Blackstone subsidiaries that own two newly built natural gas peaking plants near Denver, Colorado, the company said.Mountain Peak Power operates a 162 MW facility that entered service in Sept. 2025, while the 156 MW Canyon Peak Power plant is expected to begin commercial operations in Q3 of 2026, the company said.The assets are expected to generate about $80 million in annual adjusted EBITDA and provide long-term contracted cash flows.Chief Executive Officer Joel Hunter said the acquisition will generate long-term contracted cash flows that TransAlta can reinvest in growth opportunities, including the Centralia and Alberta data center developments."It strengthens our business risk profile, is immediately accretive to our free cash flow per Share and establishes a strategic foothold in Colorado, a state we believe has accelerating growth potential," Hunter said.The $1 billion transaction includes $750 million of senior secured project debt and $250 million of equity, with TransAlta simultaneously launching a $350 million bought deal common share offering.TransAlta said net proceeds from the $350 million bought deal offering will fully fund the equity portion of the acquisition, while the project debt is non-recourse, fully amortizing and carries investment-grade ratings.The company said portfolio optimization initiatives, asset recycling opportunities, recovering Alberta power prices and Centralia's return to service are expected to strengthen credit metrics.TransAlta expects to close the acquisition in early Q4 2026, subject to Canyon Peak Power reaching commercial operation, regulatory approvals and other customary closing requirements.Price: $12.90, Change: $-1.56, Percent Change: -10.79%
Korea Electric Power has reportedly secured a contract to develop the second phase of Saudi Aramco's Jafurah combined cycle power plant, with a capacity of 331 megawatts, according to multiple media outlets on Thursday.This followed Kepco's previous contract to develop the first phase of the facility, with a capacity of 317 MW. The plant is targeted for completion this month, according to the reports.Meanwhile, the second phase of the project is reportedly planned for completion in June 2029.The facility will supply power and steam to Aramco for 17 years under a purchase agreement between the two companies, according to reports. Revenue of around 2.1 trillion South Korean won ($1.37 billion) is expected from the deal.The plant is designed to produce 465 tons of steam per hour.Kepco has tapped Doosan Enerbility for the engineering, procurement, and construction of the plant under a contract valued at 840 billion won, Zawya reported.A special purpose company jointly established by the utility and Aramco will handle operations, while the Export-Import Bank of Korea will provide financing support.Kepco and Aramco did not immediately respond to' requests for comment.Kepco intends to enter into additional agreements with Aramco for other co-generation projects to be tendered later this year, The Korea Times reported.