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India Raises Windfall Taxes on Petrol, Diesel, Jet Fuel Exports

India raised windfall taxes on petrol, diesel and aviation fuel exports with immediate effect through three government notifications issued by the Ministry of Finance on Monday.The ministry increased the export duty on petrol to 3.5 Indian rupees ($0.03) per liter from 2.5 rupees per liter, according to the notification.Two notifications raised diesel export levies to 24 Indian rupees per liter and 1.5 Indian rupees per liter, increasing the combined export duty to 25.5 Indian rupees per liter from 15.5 Indian rupees per liter.The Ministry of Finance also increased the export duty on aviation fuel to 22 Indian rupees per liter from 14.5 Indian rupees per liter.The three notifications amend earlier Central Excise notifications issued on March 26, 2026 and took effect immediately upon publication in the Official Gazette, the ministry said.Soaring oil prices prompted India to introduce the windfall tax in July 2022. The government later removed the levy in December 2024, but restored it in March 2026 after oil prices surged during the US-Israeli war with Iran.

Commodities4d ago

US Natural Gas Update: Prices Edge Higher in Subdued Trade

US natural gas futures ticked up slightly in midday trade on Monday as forecasts for hotter weather later this week offset pressure from strong domestic production and slightly weaker LNG export demand.The front-month Henry Hub contract and the continuous contract each rose 0.47% to $2.76 per million British thermal units.NatGasWeather.com forecast moderate-to-high national demand over the next two to three days, strengthening to high-to-very-high demand during days four through seven.The forecaster said hot conditions would persist across the western and southern US, with daytime highs ranging from the 90s to 110s degrees Fahrenheit, while rainfall would keep large parts of the rest of the country cooler through Wednesday.It added that most of the country is expected to turn hot to very hot from Thursday through Sunday, with highs in the 90s to 110s, except for cooler temperatures in the 70s and 80s across the Northern Plains.NRG Energy said US natural gas production increased last week, peaking at 109.4 billion cubic feet per day on Friday before easing to 108.5 Bcf/d over the weekend.Trading Economics said its estimates show production remained robust overall through July, with output in the Lower 48 states averaging around 110.6 Bcf/d, matching the record monthly high set in December 2025.NRG said total natural gas demand fell to 108 Bcf/d from 114.5 Bcf/d last week, driven primarily by lower power-sector consumption as milder temperatures reduced cooling demand.LNG export demand eased slightly in July, with flows to major export terminals averaging 17.2 Bcf/d, down from 17.4 Bcf/d in June, partly due to scheduled maintenance at Freeport LNG's Texas facility, Trading Economics said.

Commodities4d ago

RWE Signs 15-Year Google Power Deal for 155 MW Oklahoma Solar Project

RWE signed a 15-year power purchase agreement with Google (GOOG) for the full 155-megawatt Crooked Creek Solar project in Oklahoma, RWE Americas said Monday.The agreement covers all electricity from the Crooked Creek Solar project in McCurtain County. RWE expects to begin construction later this year and plans to bring the facility into commercial operation in 2028.Once operational, the project will supply electricity for Google's operations in the Southwest Power Pool market while supporting economic growth in McCurtain County and nearby communities, the companies said.The project is expected to create up to 250 onsite jobs at peak construction, generate about $24.3 million in local economic activity and contribute another $1.4 million in state and local tax revenue during construction, RWE said.Crooked Creek adds to RWE's Oklahoma portfolio, which includes the 148-MW Boiling Springs wind project in Woodward County and six power projects under development totaling 1.6 gigawatts, the company said."Our agreement with RWE adds critical new generation to the local system, boosting the amount of affordable and reliable power supply for Oklahoma and the region," said Will Conkling, Director of Energy and Power at Google.Price: $373.74, Change: $+17.09, Percent Change: +4.79%

$GOOG$GOOGL

Commodities4d ago

EPA Grants 1 Full, 2 Partial Small Refinery Exemptions, Denies 3

The Environmental Protection Agency on Monday granted a full exemption for one small refinery exemption petition, while granting two others only a 50% exemption and deeming three petitions ineligible.The EPA consulted with the Department of Energy on decisions on six individual small refinery exemption petitions from four refineries seeking exemptions from their Renewable Fuel Standard obligations for the 2023 and 2024 compliance years.EPA said it is adjudicating SRE petitions pursuant to the authority granted to the agency under the Clean Air Act section 211(o)(9)(B).The CAA provides that a small refinery may petition EPA at any time for an extension of its exemption from the RFS program's obligations on the grounds of disproportionate economic hardship.Additionally, these adjudications are based on EPA's determination that, when extending an exemption in whole or in part to a small refinery that has already retired renewable identification numbers to comply with its RFS obligations, Section 211(o) of the CAA limits the agency to returning some or all of those retired RINs, commensurate with the degree of the exemption.

Commodities4d ago

US Land Rig Count Holds at 572 While Oilfield Services Stocks Decline, RBC Says

US active land drilling rigs held steady at 572 last week as the Permian added rigs, while oilfield services stocks declined and basin activity remained mixed, RBC Capital Markets said in a Monday note.The Baker Hughes (BKR) US land rig count remained unchanged at 572. Oil rigs held at 436 and gas rigs stayed at 127, while oil rigs increased by four over the month and gas rigs rose by one.The Permian added two rigs to 260, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Among drillers, Helmerich & Payne (HP) operated 90 Permian rigs, or 32% of the total, followed by Patterson-UTI (PTEN) with 32 rigs, or 11%, and Nabors Industries (NBR) with 29 rigs, or 10%, RBC said.Among operators, ExxonMobil (XOM) led the Permian with 35 rigs, followed by Devon Energy (DVN) and Occidental Petroleum (OXY) with 21 rigs each. Private operators accounted for 45% of active Permian rigs, up from 42% a year earlier.The Eagle Ford also added two rigs to 49. Among drillers, Helmerich & Payne operated 17 rigs, Nabors Industries had 12 and Patterson-UTI had seven, RBC said.Among operators, ConocoPhillips (COP) led the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators accounted for 54% of active Eagle Ford rigs, up from 36% a year earlier, RBC said.The Williston rig count remained unchanged at 27. Among drillers, Nabors Industries operated 16 rigs, Patterson-UTI had seven and Helmerich & Payne had five, according to RBC.Among operators, Chord Energy (CHRD) led the Williston with five rigs, while Chevron (CVX) and ConocoPhillips each operated three. Public operators accounted for 37% of active rigs, compared with 38% a year earlier, RBC said.Oilfield services stocks under RBC coverage declined 3.3% over the week, while West Texas Intermediate crude fell 3.8%. Liberty Energy (LBRT) gained 7.8%, Baker Hughes rose 5.7% and Nabors Industries advanced 2.8%.The weakest performers were Atlas Energy Solutions (AESI), down 9.8%, Trican Well Service, down 11%, and Ensign Energy Services, down 11.6%.RBC added that its oilfield services coverage group has gained 30.1% year to date, compared with a 10.1% gain for the S&P 500 Index.Price: $60.46, Change: $-0.03, Percent Change: -0.05%

$AESI$BKR$CHRD$COP$CRGY$CVX$DVN$EOG$HP$LBRT$NBR$OXY$PTEN$XOM

Commodities4d ago

EMEA Natural Gas Update: Futures Pare Losses in Later Trade on Supply Issues

European natural gas futures pared earlier losses in after-hours trading on Monday as supply concerns resurfaced after prices tumbled earlier on reports that the US called off plans to bomb Iran and was pursuing peace talks instead.The front-month Dutch TTF contract fell 1.999% to 57.890 euros ($66.61) per megawatt-hour, while the front-month UK NBP contract dropped 1.476% to 142.150 British pence ($1.91) per therm.European gas prices fell to around 57.5 euros/MWh after President Donald Trump said he had canceled a planned weekend attack on Iran, saying Tehran and other Middle Eastern nations had assured him they were working toward a deal, according to Trading Economics. Trump said negotiations were set to begin later on Monday, easing fears after days of escalating tensions that had driven energy prices sharply higher.However, traders remained cautious after an explosion was reported near a tanker off the coast of Oman, while Iran said it was not engaged in peace talks, keeping concerns over Middle East energy supplies in focus.European natural gas prices surged 36% in July as renewed fighting fueled worries over liquefied natural gas shipments from the Persian Gulf and Europe's ability to rebuild gas inventories ahead of winter. Storage facilities ended last month about 55% full, below the pace needed to meet pre-winter targets.On Monday, European gas inventories stood at 57.11% of capacity, compared with 68.85% a year earlier, according to Gas Infrastructure Europe. Inventories also remained well below the five-year average of 73.5% for this time of year, according to the Swiss Federal Office of Energy.Heatwaves have also strained Europe's energy infrastructure. Hungary's Paks Nuclear Power Plant is expected to shut down for the first time in 44 years because of persistently low water levels in the Danube River.Still, Atmospheric G2 said Monday that August could end on a cooler, wetter note, with forecasts pointing to lower temperatures, stronger winds and more rainfall across much of mainland Europe, particularly southern regions.

Commodities4d ago

Envision Energy Secures 200 MW Wind Project in Vietnam with REE Energy

Envision Energy said on Monday it has secured a landmark 200 megawatts nearshore wind project in Vietnam with REE Energy, marking its largest overseas nearshore contract to date.The project will deploy 25 Envision wind turbines tailored for low- to medium-wind conditions, as per the statement.Batch deliveries are scheduled to begin in the second quarter of 2027, with full grid connection targeted for October 2027, the company said.

Commodities4d ago

US Fuel Retailers See Margins Rebound as Gasoline Demand Improves, RBC says

US fuel retailers saw a partial recovery in gasoline margins last week as pump prices rose faster than wholesale fuel costs, while demand showed early signs of improvement, RBC Capital Markets strategists said in a note on Friday.RBC analysts said estimated average US retail fuel margin expanded by about $0.06 per gallon in the week ended July 30, reversing some of the previous week's decline. Retail gasoline prices increased by about $0.13/gal over the week, outpacing a $0.07 rise in wholesale prices.However, despite the weekly improvement, longer-term profitability remained stable, with 12-month and 12-week moving averages for fuel margins holding in the low- and mid-40 cents-per-gallon range, respectively.The margin recovery comes as fuel retailers navigate continued crude oil volatility linked to geopolitical tensions, including uncertainty surrounding the Iran conflict, which has raised concerns over the sustainability of fuel margins heading into H2 2026.Meanwhile, US gasoline demand also showed modest improvement. The Energy Information Administration said gasoline supplied, a proxy for consumption, rose 1.1% over the week for the period ending July 24, following a 1.2% increase in the previous week.RBC analysts said investor attention during upcoming Q2 earnings calls for convenience store operators is likely to focus on consumer demand trends, fuel margin durability, and companies' ability to execute growth strategies through 2026 and beyond.Meanwhile, consolidation remains a key theme in the sector. Couche-Tard announced plans to acquire all outstanding shares of Poland's Zabka through a voluntary tender offer, expanding its footprint in one of Europe's largest convenience retail markets.The acquisition is projected to strengthen Couche-Tard's international growth strategy as global convenience retailers seek scale, diversify revenue streams and build resilience against volatile fuel markets.

Commodities4d ago

US Rig Counts Show Mixed Signals as Horizontal Activity Modestly Recovers, TPH Says

US land drilling activity showed conflicting signals last week, though a modest recovery in horizontal rigs offered a stabilizing counterweight to ongoing data volatility, TPH Energy strategists said in a note Monday.TPH analysts said that data trackers presented a split picture for the week. The Enverus rig count fell by 3 rigs over the week to 613, bringing its trailing four-week average to a net gain of three.On the contrary, Baker Hughes (BKR) reported an unchanged count of 572 rigs, flat from the prior week with a trailing four-week addition of one.Jeff Leblanc, analyst at TPH, said that Enverus data showed horizontal activity climbing by four rigs, clawing back the bulk of the previous week's six-rig drop.Public operators drove the rebound, adding four rigs to their active count. However, TPH analysts said that the fluctuations point more toward routine data volatility rather than a broader structural shift in upstream spending.Regionally, activity held steady across three major basins, while the Permian Basin added four rigs and the Niobrara lost three.TPH analysts forecast modest gains in active rig counts in the coming weeks, buoyed by commentary from major contract drillers Patterson-UTI (PTEN) and Nabors Industries (NBR), both of which indicated expectations for higher corporate activity during recent earnings calls.Offshore, drilling in the Gulf of Mexico remained unchanged over the week, holding at 15 floating rigs and three jackups currently online.Rig activity in Canada surged by 15 rigs over the week to reach 217 rigs, outpacing the 176 rigs working during the same period last year.Price: $10.33, Change: $-0.15, Percent Change: -1.43%

$BKR$NBR$PTEN

Commodities4d ago

California LCFS Credit Deficit Deepens Under Tougher 2026 Standards

California's low-carbon fuel market became more constrained during the first quarter of 2026 as stricter emissions standards and lower production of renewable fuels widened the program's supply deficit, according to new data released by the California Air Resources Board, TPH Energy Research analyst Matthew Blair said in a note on Monday.The state's Low Carbon Fuel Standard, which is designed to reduce the carbon intensity of transportation fuels by requiring fuel suppliers to generate or purchase emissions credits, recorded a credit shortfall of 2.8 million metric tons in the first quarter. That compared with a deficit of 1.9 million metric tons in the fourth quarter of 2025.Credit generation fell to 6.9 million metric tons from 7.8 million metric tons in the previous quarter, reflecting both tougher compliance requirements that took effect at the start of the year and lower production of renewable fuels.California strengthened the program's carbon-intensity target to 24.2% below 2010 levels for 2026, up from a 22.75% reduction required last year. The stricter standard reduced the number of credits earned for each gallon of qualifying low-carbon fuel.Renewable diesel production also declined during the quarter after uncertainty surrounding the federal Renewable Volume Obligation program delayed investment and production decisions. Renewable diesel volumes in California fell to 456 million gallons in the first quarter from 530 million gallons in the previous quarter.Meanwhile, emissions deficits generated by conventional gasoline and diesel increased to 9.8 million metric tons from 9.6 million metric tons, as the tougher compliance standard more than offset a seasonal decline in gasoline consumption.The state's bank of unused LCFS credits ended the quarter at 36.8 million metric tons, little changed from the previous quarter. However, because demand for credits increased, the bank now represents about 339 days of compliance demand, down from 379 days at the end of 2025 and more than 600 days in the second quarter of last year.The tightening balance between credit supply and demand has helped lift LCFS credit prices. Credits traded around $75 per metric ton at the end of last week, compared with roughly $56 at the beginning of the year.Higher LCFS credit prices generally improve returns for producers and marketers of low-carbon fuels, including renewable diesel and renewable natural gas.

Commodities4d ago

AI-Driven Selloff, Softer Frac Pricing Pressure Energy Services Outlook, TPH Says

Investor optimism over oilfield service pricing weakened last week as frac pricing gains failed to materialize and AI-linked energy stocks sold off, TPH Energy Research said in its Monday energy weekly note.Halliburton (HAL) and Liberty Energy (LBRT) cooled expectations for broader hydraulic fracturing pricing gains, TPH said.Upstream companies had already signaled mostly stable pricing in early July, but the industry's reluctance to discuss its 2027 outlook surprised investors, according to TPH.The AI-driven market pullback weighed on modular power companies. Shares of Solaris Energy Infrastructure (SEI) fell about 36% from June 30 before rebounding 18% since Thursday, TPH said.TPH attributed the selloff to the unwinding of AI trades after leveraged South Korean retail investors and AI-focused funds, including Situational Awareness, managed by Leopold Aschenbrenner, liquidated positions.Despite slower-than-expected contract awards, TPH said electricity markets remain short of power over the next several years. That supply imbalance continues to support the long-term investment case, according to the note.Enbridge (ENB) said the Blackcomb pipeline, with about 2.5 billion cubic feet per day of Permian takeaway capacity, is moving toward commissioning. The startup should provide a clearer picture of Permian gas production, according to TPH.TPH expects Blackcomb to further tighten the Waha basis by about 20 cents to 30 cents during the first half of 2027 as additional pipeline capacity enters service.TPH added the market continues to overestimate Permian production shut-ins. Improvements in Waha pricing since the Hugh Brinson project and the Gulf Coast Express expansion entered service support a stronger outlook.On natural gas, TPH said weaker prices are prompting producers to adjust 2027 development plans.Price: $32.04, Change: $-0.22, Percent Change: -0.67%

$ENB$HAL$LBRT$SEI

Commodities4d ago

Texas Power Demand Surges to Record as Heat Wave Pushes ERCOT Above 91 GW, EIA Says

Electricity demand in the Electric Reliability Council of Texas shattered previous records during a summer heat wave, reaching 91.1 gigawatts on July 22, the US Energy Information Administration said in a note on Monday.Alexander Mey, an energy economist at the EIA, said the new peak, registered at 6:00 p.m. CT, surpassed the region's previous record of 85.5 GW set on Aug. 10, 2023, by about 6%.The EIA said natural gas and solar resources shouldered the bulk of the generation during the record-setting hour, accounting for 48% and 32% of the supply, respectively.ERCOT officials noted that the record could be challenged again before the end of the summer if additional heat waves grip the region.The agency said demand pressures have extended beyond Texas. On July 27 at 5:00 p.m. CT, electricity demand in the neighboring Southwest Power Pool peaked at a record 57.9 GW.EIA analysts expect grid demand records to continue falling in regions experiencing industrial growth and high temperatures.

Commodities4d ago

India to Reportedly Reserve Half of ONGC Oil Storage Facility for Strategic Stocks

India will reserve half of a planned 1.75 million-metric-ton oil storage facility being built by state-run Oil and Natural Gas Corporation for the country's strategic petroleum reserves, news outlets reported Monday.India's largest oil and gas explorer last month announced plans to build the storage facility at Mangaluru in the southern state of Karnataka, where its subsidiary Mangalore Refinery and Petrochemicals operates a 300,000-barrel-per-day refinery.The project is part of New Delhi's broader push to expand its Strategic Petroleum Reserve capacity with private sector participation.Under current rules, part of India's existing SPR capacity can be used for commercial purposes. The country has 5.33 mmt of strategic storage across three sites in southern India, Mangaluru, Padur and Visakhapatnam, managed by state-owned Indian Strategic Petroleum Reserves.MRPL has already leased half of the existing 1.5-mmt strategic storage facility at Mangaluru.Junior oil minister Suresh Gopi reportedly said Monday that India has sufficient crude oil and petroleum product storage to cover 74 days of its net crude import requirements, including inventories held in refinery tanks, offshore facilities and the country's 35,000 kilometer or 22,000 mile pipeline network.India is also planning to build about 4 mmt of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5-mmt facility at Padur in southern India, both in partnership with private companies.India's Ministry of Petroleum and Natural Gas did not immediately respond to' request for comment.

Commodities4d ago

Fuse Expands US Nuclear Security Partnerships Under 5-Year Nevada Deal

Fuse Energy Technologies signed a five-year research agreement with the Nevada National Security Sites, expanding its role across the US nuclear security enterprise, the company said Sunday.The Cooperative Research and Development Agreement creates a long-term partnership between Fuse and Mission Support and Test Services at the Nevada National Security Sites, a key US Department of Energy National Nuclear Security Administration research facility.The companies will initially focus on validating next-generation fusion technology, improving tritium capabilities, increasing neutron yield in pulsed fusion generators and strengthening the US pulsed power industrial base, the company said.Fuse is expanding its collaboration across the US Department of Energy's National Nuclear Security Administration as it develops technologies that support strategic deterrence and the commercialization of fusion energy, the company said.The new agreement builds on Fuse's existing Cooperative Research and Development Agreements with Los Alamos National Laboratory and Sandia National Laboratories, creating a broader network of partnerships across the National Nuclear Security Administration, according to the company.Nevada National Security Sites provides research, testing and training capabilities that support stockpile stewardship, high-energy density science and other national security missions, Fuse said."By combining the expertise of the national laboratories with the agility of the private sector, we can solve harder problems faster and accelerate the technologies that will shape the future," said J C Btaiche, Fuse's founder and chief executive officer.

Commodities4d ago

Questerre Shuts Brazil Oil Shale Facility After Pipe Failure

Questerre Energy said on Monday it had temporarily halted operations at its PX Energy oil shale processing facility in southern Brazil after a pipe failure in the furnace, as the energy firm pursues repairs and upgrades.The Canadian energy firm expects the facility to remain offline for three to four weeks, resulting in lost production and revenue. It estimates direct costs for the corrective work at about CA$1.5 million ($1.1 million).Questerre said it would use the unplanned shutdown to carry out additional maintenance aimed at boosting production by addressing operational inefficiencies that emerged after the facility's scheduled turnaround in 2025.The energy firm said the improvements are projected to enhance operating efficiency and increase production rates once the plant resumes operations.Questerre said that stronger output over the following three to six months could help offset the costs and lost revenue associated with the shutdown. However, it cautioned there was no guarantee those gains would be achieved.However, despite the unscheduled outage, Questerre maintains its timeline for its next major scheduled plant turnaround in May 2027, citing long lead times required for replacement components.The company said it will provide further updates upon the completion of the current maintenance work.

Commodities4d ago

Italy's Prysmian to Acquire Atkore in $3.8 Billion Enterprise Value Deal

Italy-based Prysmian on Monday said it reached an agreement to acquire Illinois-headquartered electrical and infrastructure solutions provider Atkore (ATKR), valuing the target at an enterprise value of $3.8 billion."The transaction will expand Prysmian's presence in North America by adding a highly complementary portfolio of cable-adjacent electrical infrastructure products, accelerating its evolution into a fully-fledged electrical solutions provider," the company said in a statement.Prysmian will pay $95 per share in cash for the deal, a premium of about 23% over the 90-day volume-weighted average share price as of July 31.The merger will help create an electrical infrastructure solutions provider that will combine complementary products, enhance commercial network and enable faster delivery times and installation processes, supporting investment in electrification and AI-driven infrastructure.The Boards of Directors of the two companies have approved the deal unanimously, with a closing targeted by the end of 2026, contingent upon shareholder and regulatory approvals and other customary conditions, according to the statement.Price: $93.48, Change: $+20.52, Percent Change: +28.13%

$ATKR

Commodities4d ago

European Wind Turbine Costs Set for 1st Decline Since 2020, Wood Mackenzie Says

European wind turbine costs are on track for their first decline since 2020 as intensifying competition and lower tender prices reshape the market, Wood Mackenzie said in a report on Monday.Across leading European onshore markets, rising tender volumes have pushed winning prices lower. To protect margins, suppliers must cut manufacturing costs while continuing to invest in larger and more efficient turbine designs.A packed 2026-27 auction calendar will test Europe's redesigned offshore wind tender framework. Longer contracts for difference of 20 years or more, broader award criteria and new incentives seek to restore investor confidence, Wood Mackenzie said.After failed offshore tenders in 2024 and 2025, governments shifted more project risk away from developers under the new framework.The next 18 months of auctions will determine whether the reforms can withstand ongoing cost pressures, according to the report.Under China's 15th Five-Year Plan, wind and solar should account for more than 50% of installed power capacity by 2030. Although offshore projects still face obstacles, onshore wind continues to expand rapidly, according to the report.To maintain that growth, developers must secure stronger electricity demand. As market-based pricing expands and mechanism prices decline, trading strategies and energy storage will play a larger role in returns than construction volumes.Older wind turbines will continue operating at many of the best wind sites outside China into the next decade as a growing decommissioning backlog slows replacements.High repowering costs, advanced maintenance and limited policy support continue to discourage upgrades, Wood Mackenzie strategists said.Although repowering activity is gradually accelerating, the strongest efficiency gains will come from sites with superior wind resources and grid access. Over time, that trend should steadily improve the overall fleet, according to Wood Mackenzie.

Commodities4d ago

Global Energy Technologies Market Could Reach $1.9 Trillion by 2035, IEA Says

The global market value of key energy technologies, including solar, wind, batteries, electric vehicles, heat pumps, and electrolyzers, is projected to reach $1.9 trillion by 2035, International Energy Agency strategists said in a Monday report.This market value is almost at par with the 2025 value of the crude oil market, IEA said.Stronger policy support could further raise the market value to $2.6 trillion, with electric vehicles leading the growth, according to the report.In 2025, the market for key energy technologies exceeded $1.1 trillion following a 20% average annual growth over the past decade. Industries expanded despite declining prices, particularly for solar photovoltaic modules, IEA noted."Cross-border trade has supported the rapid scaling of these energy technologies, even as trade policies affecting them have become more restrictive," the agency said, citing tariffs, duties, and local-content provisions as examples.In terms of demand, IEA highlighted that cost-competitiveness and fossil fuel security concerns have largely driven growth for these technologies.In the EU, fossil fuel imports as a share of total energy consumption are expected to fall to 40% in 2035 from 55% in 2024, while energy technology imports are projected to rise to $165 billion from $65 billion.At the same time, IEA noted that exports from China, a major technology manufacturer, could more than double to $735 billion by 2035.The agency also said that "manufacturing investment is cooling as capacity remains comfortably above today's demand levels," although "growth is taking place in several regions," such as the EU, Korea, and India.Going forward, IEA sees that increased domestic manufacturing will strengthen the supply chain, while international trade will be key to meeting demand as technology deployment surges.

Commodities4d ago

Sahara Upstream Deploys 2nd Vessel for Crude Collection at OML 18 in Nigeria

Sahara Upstream has deployed a 380,000-barrel medium-range tanker to Nigeria to improve logistics capacity at the OML 18 oil production site, it said in a statement on Monday.The 62,000 cubic meter-capacity vessel will serve as an additional mother vessel for OML18 crude oil evacuation alongside the MT D Bayero and expand infrastructure used at one of Nigeria's main upstream assets.The vessel, MT D Adesanya, will be stationed at Bonny Anchorage and receive crude from shuttle vessels operating at the field before transferring crude to the Cawthorne floating storage and offloading facility.Its presence will reduce turnaround times by increasing capacity for shuttle vessels to discharge and return to the production facility.

Commodities4d ago

US Natural Gas Update: Futures Edge Higher on Bullish Weather Forecasts, Drop in Output

US natural gas futures edged higher on Monday, amid bullish near-term weather forecasts and a drop in gas output over the weekend.Both the front-month Henry Hub contract and the continuous contract gained 0.33% to $2.756 per million British thermal units.Weather forecasts are pointing to another major heat dome forming over the US, with afternoon temperatures across the Southwest and central Plains expected to reach between 105 and 110 degrees Fahrenheit, according to a report by Severe-Weather EU. This is expected to keep cooling demand, along with gas-fired power burn, elevated in the near-term.Meanwhile, gas output, which had touched 109.4 billion cubic feet per day on Friday, dropped back to 108.5 Bcf/d over the weekend, according to NRG Energy, further supporting prices.LNG export feedgas flows are expected to edge higher on Monday, at 18.05 Bcf, which is above the 30-day moving average at 17.95 Bcf, according to the Bloomberg LNG Feedgas Model, while still remaining below the recent historic highs.This is primarily due to the Freeport LNG facility in Texas undergoing planned maintenance, which began on July 10 and is expected to last until late August.

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Commodities4d ago