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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.

Commodities7h ago

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.

Commodities8h ago

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

Commodities8h ago

Update: Market Chatter: Trump Venezuela Oil Deal Faces Hurdles to Output Goal

(Updates with the White House response in paragraphs 3-5.)The Trump administration's Venezuela oil deal with North American Blue Energy may struggle to deliver a planned 300,000-barrel-per-day production increase as older, degraded and costly-to-access fields pose hurdles, Bloomberg reported Monday, citing industry executives and analysts.Legacy fields around Lake Maracaibo offer the clearest path to quick output gains, while the Orinoco Belt presents tougher drilling conditions because of its remote location and heavy, tar-like crude, which requires specialized equipment to extract, the report said.White House spokeswoman Taylor Rogers described the deal as "the largest oil deal in world history," which she said will benefit the US and Venezuela for years, more than double US oil reserves and support unprecedented investment by American companies in Venezuela's oil industry.A White House official said, "This is a company that already produces 250k barrels of oil a day. By the end of November, there will be at-cost oil flowing to the market to help bring down gas prices for the American people. It will rapidly scale over the next year."The official said off-take rights could bring material production to the US as early as next year, describing the company as "a proven operator, who knows how to scale production and can operate there."North American Blue Energy did not immediately reply to' request 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.)

Commodities8h ago

Renewable Fuel Equities Rise as Renewable Diesel Margins Hit Five-Year Highs, TPH Says

Renewable fuel equities edged 0.5% higher last week, outperforming the S&P 500, which slipped 0.1%, as refining and feedstock fundamentals remained supportive, TPH Energy Research analyst Matthew Blair said in a Monday note.Soy crushers ADM (ADM) and Bunge (BG) lagged the sector, falling 1.8% and 5.6%, respectively, despite spot soybean crush margins improving by about $3 per tonne on stronger soybean meal prices. The 2026 and 2027 margin curves were little changed. The US soybean crush indicator remains about 24% above its five-year average.Recent renewable identification number generation data also provided a bullish signal for renewable diesel feedstock suppliers, including soybean crushers.Renewable diesel margins were volatile last week as feedstock costs fluctuated, but the broader environment remained exceptionally strong. All spot renewable diesel margin indicators reached new five-year highs, underscoring continued market strength.Midwest ethanol margins also improved, rising 7 cents per gallon on stronger ethanol pricing. Margins have returned to their five-year average despite elevated ethanol inventories.

$ADM$BG

Commodities8h ago

Market Chatter: UK Reportedly Weighs Providing Military Support to Saudi Arabia Against Houthi Attacks

The UK is close to agreeing to provide military support to Saudi Arabia to help counter frequent attacks from Iran-backed Houthi militants, Bloomberg reported on Monday, citing sources familiar with the matter.Prime Minister Andy Burnham is reportedly leaning toward offering what London considers defensive assistance, which may include aerial-refueling support for Saudi forces.The UK government also plans to lobby allies to provide similar aid. Sources said Burnham's administration believes assisting Saudi Arabia will help stabilize the region and protect commercial shipping in the strategic Bab el-Mandeb strait.The Prime Minister's office and the UK Ministry of Defense 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.)

Commodities8h ago

US Refining Margins Surge as Midwest Diesel Cracks Rally, TPH Says

US refining margins surged last week, led by a sharp rise in Midwest diesel cracks, while refining shares extended their rally despite a decline in longer-dated diesel futures margins, TPH Energy Research strategists said in a note on Monday.TPH analysts said that the refining equities gained 4.4% during the week, compared with a 0.1% decline in the S&P 500, taking their quarter-to-date advance to 65.2%.Refiners with greater exposure to the US Midwest, or PADD 2, led the gains. CVR Energy (CVI) rose 8.1%, HF Sinclair (DINO) gained 7.5% and Marathon Petroleum (MPC) advanced 7.3% as Midwest and Mid-Continent diesel cracks jumped $21 and $9 per barrel, respectively.The rally pushed TPH's total US diesel crack up $7 on the week to $97/bbl, far above a five-year average of about $27/bbl. Spot margins strengthened while the futures market fell, with the 2027 diesel crack down $3/bbl during the week, highlighting a widening divergence between near-term refining economics and forward expectations.Gasoline margins also strengthened, buoyed by a $10/bbl increase in the Midwest gasoline crack. TPH's total US gasoline crack rose $3 on the week to $39/bb/, while the broader US 3-2-1 crack, a key measure of refinery profitability, increased $4 to $59/bbl.Price: $109.27, Change: $-6.63, Percent Change: -5.72%

$CVI$DINO$MPC

Commodities9h ago

Oneok July Gas Inlet Hits 10-Month High As Ethane Volumes Fall, TPH Says

Oneok (OKE) July gas inlet reached a 10-month high as higher ethane rejection reduced natural gas liquids volumes, while propane and heavier liquids edged higher, TPH Research said Monday.Oneok gas inlet rose to 1,725 million cubic feet per day in July, up 15 MMcf/d, or 1%, over the month and 43 MMcf/d, or 3%, from the Q2 average.Natural gas liquids volumes fell 14,000 barrels per day, or 4%, over the month to 337,000 b/d and declined 6,000 b/d, or 2%, from the Q2 average.Ethane accounted for more than the entire natural gas liquids decline, dropping 16,000 b/d, or 12%, over the month and 13,000 b/d, or 11%, from the Q2 average, implying a slight increase in propane and heavier liquids.The broader Bakken market also saw weaker ethane volumes, which fell 13% over the month to 151,000 b/d as ethane's share of the natural gas liquids barrel dropped to 29% from 32%.Price: $91.92, Change: $-1.54, Percent Change: -1.65%

$OKE

Commodities9h ago

US Biofuels Update: Ethanol Benefits From Geopolitical Uncertainty, Soybean Jumps on Trade Summit

Ethanol futures remain supported by geopolitical concerns, while soybean oil prices are supported by this week's US-China trade summit in Washington, DC.The Nymex October ethanol futures contract settled 1.17% higher on Friday at $2.16 per gallon.The Chicago Board of Trade October soybean oil futures contract settled 0.86% higher at 68.28 cents per pound on Monday, while the CBOT November soybean futures contract closed 1.80% higher on Monday at $13.27 per bushel.Jason Gehler, Blue Line Futures market strategist, said the ethanol and soybean oil markets have recently shown a risk-on appetite among traders."Ethanol remains strong as geopolitical risks keep the focus on surging gas prices," Gehler said.He added that the likelihood of a strong El Nino adversely impacting South America's output capabilities remains a concern."Soybean oil is coming off a key support area, and downside risk is likely minimized while higher biofuel blending requirements look to remain a theme. The soy complex rose sharply at the start of the week on hopes of expanded export business to China," Gehler said.

Commodities9h ago

Hungary Reportedly Rejects Joint Strategic Fuel Reserve With Ukraine

Hungary will not pursue a joint strategic fuel reserve with Ukraine, Prime Minister Peter Magyar said in parliament, according to multiple media reports on Monday.Magyar criticized MOL Chairman and Chief Executive Officer Zsolt Hernadi for negotiating the proposed fuel reserve memorandum without first consulting the government.Ukraine's Naftogaz Group and Hungary's MOL signed a memorandum to develop petroleum product storage facilities in Hungary near the Ukrainian-Hungarian border during the inaugural Carpathian Eight Summit this week.Hungary's Prime Minister's office and MOL Group did not immediately reply to' request for comments.

Commodities9h ago

Energy Investors Turn to Latin America as Oil Downside Risks Mount, TPH Says

Energy investors are turning their attention to Latin American energy markets and the improving outlook for natural gas, while weighing longer-term downside risks to oil prices, TPH Energy strategists said in a note on Monday.TPH analysts said that Argentina drew particular attention following the consultancy's recent coverage launch, with investors examining crude supply growth, well performance and returns relative to US shale.Venezuela was another prominent theme, TPH said, with investors considering the macroeconomic implications of the consultancy's revised supply outlook and the potential for greater growth at companies including Chevron (CVX) and GeoPark.Oil-market discussions increasingly centered on what could happen if the Iran-US conflict were resolved, potentially removing some supply constraints and adding to an already growing non-OPEC supply base.Natural gas, meanwhile, is attracting renewed interest after a difficult year for the sector. TPH said investors have largely avoided additional gas exposure or held short positions amid rising supply, limited incremental demand in 2026, and concerns over a potential Super El Nino.Price: $205.17, Change: $-4.34, Percent Change: -2.07%

$CVX

Commodities9h ago

US Drilling Outlook Remains Mixed As Oil Holds Steady And Gas Declines, TPH Says

US land drilling edged higher last week as horizontal activity stayed flat and gas drilling weakened, TPH Research said in a Monday note.Enverus counted 642 US land rigs, up 1 over the week and on a trailing four-week basis. Baker Hughes (BKR) reported 585 rigs, up 4 over the week and 2 on a trailing four-week basis.Horizontal activity remained near 530 to 533 rigs after holding mostly flat since mid-August, although the Anadarko basin showed some choppiness. The industry has added 84 rigs since the end of last year, TPH Research said.Canadian activity fell 10 rigs over the week to 195, but remained above the 187 rigs working a year earlier. TPH Research expects oil drilling to remain mostly steady, while gas drilling could continue to decline.Price: $58.05, Change: $+0.80, Percent Change: +1.40%

$BKR

Commodities10h ago

Market Chatter: IDB Maps Two-Year Plan to Reengage With Venezuela, Focused on Power, Economic Framework

The Inter-American Development Bank is preparing a two-year plan to reengage with Venezuela, with a focus on electricity, social protection and the country's broader economic framework, Reuters reported Monday, citing an interview with IDB President Ilan Goldfajn.Venezuela still owes the IDB about $2 billion after the bank halted new lending in 2018 over missed payments. Goldfajn gave no timeline for renewed financing or details on how it would handle the arrears, according to the report.IDB did not immediately reply to' request 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.)

Commodities10h ago

Pakistani Ethanol Producers Seek EU Market Access Through Sustainability Certification

Major Pakistani ethanol producers are seeking International Sustainability and Carbon Certification to expand sales into the EU's fuel ethanol market after losing preferential access to the bloc's industrial ethanol sector, Argus reported Friday.At least eight Pakistani ethanol plants have secured ISCC certification this year, Argus said, citing the ISCC database, including facilities owned by Shah Murad Sugar Mills and Chashma Sugar Mills. More producers are considering certification as they seek to increase export volumes, with bulk shipments gaining share this year after bulk and ISO tank cargoes were evenly split in 2025, Noon Sugar Mills general manager Rana Waseem reportedly said.The EU suspended Pakistan's preferential market access for non-fuel ethanol in June 2025, significantly reducing the competitiveness of Pakistani supplies in their traditional industrial market. The measures excluded fuel-grade ethanol, prompting producers to explore the European fuel segment, where sustainability certification is required for biofuels used to meet EU renewable energy targets.European fuel ethanol currently sells for significantly more than Pakistani exports. Argus put European prices at about $1,136-$1,150 per metric ton, compared with $790-$810 per metric ton for ethanol from Pakistan. Industry participants said ethanol carrying ISCC sustainability certification could fetch an additional $10-$20 per ton, although the premium can vary depending on the buyer and destination.Certification can take several months and requires independent verification across the supply chain, while both sugar and ethanol facilities may need certification. Pakistani exporters also face duties of about $120 per metric ton on EU ethanol shipments following the loss of preferential treatment, increasing the incentive to pursue fuel-market access while the industry watches for a possible review of Pakistan's EU trade status in 2027.

Commodities10h ago

US Awards $99 Million for 21 Projects to Advance Geothermal Energy

The US Department of Energy said on Monday it had selected 21 projects to receive over $99 million to advance geothermal energy development, including field tests of next-generation technologies and exploration drilling.The projects aim to test enhanced geothermal systems and identify promising geothermal resources as the US seeks to expand reliable domestic power supplies.The department said five of the projects will conduct field-scale tests of enhanced geothermal systems, while 16 will carry out exploration drilling to identify and characterize potential next-generation geothermal resources.The projects are expected to help reduce technical and development risks associated with geothermal power and provide data that could support future commercial projects and investment.The DoE said the projects will make data generated through the Geothermal Data Repository publicly available, allowing industry, researchers, and other stakeholders to use information from the field tests and exploration activities.

Commodities10h ago

First Gen Plans $2.55 Billion Renewable Energy Spending Over Five Years

First Gen confirmed plans on Monday to spend up to 160 billion Philippine pesos ($2.55 billion) over five years on renewable energy projects, including hydropower, geothermal, wind, and solar.First Gen disclosed the plans in a letter to the Philippine Stock Exchange, including statements from President and Chief Operating Officer Francis Giles B. Puno.The Philippines-based energy company plans to allocate about 60 billion Philippine pesos for hydropower and 70 billion Philippine pesos for geothermal projects, with the balance going to solar.The company also targets a 13-gigawatt portfolio through about $20 billion in spending over five years. To support its portfolio target, the company has earmarked about 41.7 billion Philippine pesos in 2026 capital expenditures for pumped-storage hydropower projects.First Gen also reaffirmed that it has no plans to divest the unit, Energy Development, after Barito Renewables Energy made an unsolicited $5 billion bid, with Barito the only potential buyer, according to the company.

Commodities10h ago

Envision Energy Energises Morocco's First Large-Scale Battery Storage System

Envision Energy has energized Morocco's first large-scale lithium iron phosphate battery energy storage system at OCP Green Energy's Benguerir mining site, the company said in a statement on Sunday.Envision supplied and commissioned the 25 megawatt/125 megawatt-hour system under a contract signed in late 2025. It is undergoing testing ahead of commercial operation. The five-hour storage system is designed to store surplus solar generation during the day and discharge it during peak consumption periods, cutting the site's peak-hour electricity bill by about 25%, Envision said.Envision supplied the complete battery energy storage system and led commissioning, integrating it with the site's solar generation, grid conditions and industrial load profile. The project is designed for a 25-year operating life with daily charge-discharge cycles.The system received $20 million in support from the Clean Technology Fund, managed through the African Development Bank Group.OCP Green Energy CEO Omar Kadir said storage would help align variable renewable generation with the continuous energy demands of industrial operations while supporting greater integration of renewables into Morocco's power system. The project comes as Morocco targets renewable sources accounting for 52% of installed electricity capacity by 2030.

Commodities10h ago

Market Chatter: Venezuela's Rodriguez to Lead Debt, Energy Talks in US

A Venezuelan delegation led by interim President Delcy Rodriguez is planning talks with US counterparts on energy, debt, and mining during the UN General Assembly this week, Reuters reported on Monday, citing industry sources.The diplomatic push follows preparatory meetings earlier this month, when Oil Minister Paula Henao, Mining Minister Hector Silva, and senior executives from state-run Petroleos de Venezuela attended a G20 energy conference in Houston.During the event, officials signed a memorandum of understanding with US independent producer Continental Resources. Similarly, negotiations have advanced on a separate preliminary accord with Exxon Mobil (XOM) that could pave the way for the energy firm's return to Venezuela's oilfields after years of absence.The US Department of Energy did not immediately reply to' request 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.)Price: $158.87, Change: $-4.67, Percent Change: -2.86%

$XOM

Commodities10h ago

California Declares State of Emergency as Strengthening El Nino Threatens Winter Storms

California proclaimed a statewide state of emergency on Monday as a rapidly intensifying El Nino threatens to unleash a destructive series of fall and winter storms.Governor Gavin Newsom issued the emergency order following updated climate forecasts showing the El Nino continuing to gain strength. The declaration authorizes immediate state intervention to reinforce critical infrastructure, clear drainage systems, and expedite coastal erosion and highway protection projects ahead of the rainfall.El Nino, characterized by the periodic warming of equatorial Pacific waters, fundamentally alters global weather patterns and historically delivers exceptionally wet, turbulent winters to the West Coast. Meteorologists warn the current pattern could mirror previous severe cycles that brought record precipitation and heavy snowpack to the region.The emergency action reflects heightened urgency amid increasingly severe and destructive storms, including atmospheric river events that have caused billions of dollars in structural and environmental damage.While the most intense atmospheric rivers are not expected to hit for several weeks, local officials and public works crews across California have already begun constructing temporary coastal sand berms and distributing sandbags to residents seeking to protect homes and businesses, Bloomberg reported.

Commodities11h ago

Venture Global Poised for Significant LNG Capacity Growth, RBC Says

Venture Global (VG) is poised for significant LNG capacity growth, supported by faster project construction, operational outperformance and a flexible contracting strategy, RBC Capital Markets analysts said in a note on Monday.According to RBC, Venture Global executives Ben Nolan and Almas David said the company can achieve first LNG production in about 30 months using modular construction, roughly 18 months faster than traditional greenfield projects.The analysts expect the company to become the largest US LNG producer by 2028, increasing capacity from 39 million metric tons per annum currently to 85 mtpa by year-end 2028, with potential expansion beyond 115 mtpa.Venture Global has shifted from requiring full long-term contracting before construction to a portfolio approach. Core nameplate capacity is generally contracted for 20 years to support project financing, while excess production can be sold under shorter-term contracts at higher rates.RBC also said Venture Global's roughly $40 billion of debt creates an opportunity for significant interest savings as it refinances higher-cost legacy debt. RBC said it maintains its outperform rating and $16 price target.Price: $13.60, Change: $-0.42, Percent Change: -3.03%

$VG

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Commodities10h ago