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Energia Costa Azul Commissions LNG Project but Full Start Months Off, WoodMac Says

Energia Costa Azul appears to have started commissioning work at the ECA Phase 1 LNG project which looks likely to start producing liquefied natural gas in Q3, Wood Mackenzie said late last week.The observation gives some visibility to the gas market about forthcoming new liquefaction capacity, of heightened importance at a time of restricted global LNG supply, WoodMac said.Specifically, satellite monitoring picked up flaring activity at the gas processing zone of Sempra's 3.25 million ton per annum Energia Costa Azul LNG Phase 1 facility located in Ensenada, Mexico, on May 24.Such flaring is usually an indicator of the early stages of commissioning, as the first gas flows into the constructed systems, WoodMac noted.It takes the view that Q2 liquefaction now looks "ambitious", taking into account historical timelines for commissioning at similar projects.Other steps like fuel gas introduction, feed gas processing and liquefaction system cool-down are likely to yet be outstanding and usually take several months, which would indicate first cargoes by Q3.WoodMac says that pipeline data also appears to confirm early commissioning work, with the project having increased gas intake from the Gasoducto Rosarito pipeline to about 100 MMcf/d by May 20.California to Mexico cross-border gas flows have risen correspondingly, to about 0.48 billion cubic feet per day, the highest ever in a month of May.Should the project be delayed, the ramp-up could tighten the outlook for LNG supply globally, underscoring the significance of the project.

IRGC Reportedly Claims 15 Vessel Crossings via Hormuz Over 24 Hours

Iran's Islamic Revolutionary Guard Corps has claimed that four oil tankers were among the 15 vessels that crossed the Strait of Hormuz over the past 24 hours, according to multiple media reports, citing an IRGC statement shared by Fars news agency.According to the reports, the vessels passed the strait after securing permission from IRGC's navy.IRGC warned that any cooperation by the vessels with "hostile forces" would be viewed as an imminent security threat and action would be taken accordingly, the reports said.Meanwhile, Kazem Gharibabadi, Iran's Deputy Foreign Minister, on Sunday said that only Iran and Oman have the right to exercise sovereignty on the Hormuz waterway, which usually handles about 20% of global oil and gas flows, Fars reported.Gharibabadi said Iran has adopted new regulations to control and manage traffic navigation in the waterway, with arrangements to be coordinated with Oman.He further urged Oman to hold its ground against US threats, following President Donald Trump's warning to blow up any country that does not "behave just like everybody else" as far as the Hormuz Strait is concerned.A shadow of uncertainty was cast over the diplomatic efforts to reach a peace deal following an escalation in military tensions in the Middle East.The US Central Command confirmed in a post on X that it conducted self-defense strikes against Iranian radar and drone control sites on Goruk and Qeshm Island, following the shootdown of a US MQ-1 drone over international waters.In response, Iran's Islamic Revolutionary Guard Corps reportedly said on Monday that it targeted an airbase linked to a US attack on a Sirik Island telecoms tower.Meanwhile, in a post on Truth Social early Monday, Trump asserted that Iran wanted to reach a deal with the US and assured it will be a good one for the US.Responding to criticism, Trump urged everyone to settle down as he expects it all to "work out well."

BP to Reportedly Sell 5% Stake in Browse LNG in Australia; Azerbaijan ACG Field Begins Production

Oil supermajor BP (BP) has reportedly agreed to sell 5% of its stake in Australia's Browse liquefied natural gas project to South Korean energy holding company GS Energy for an undisclosed amount, according to multiple media outlets.BP will retain a 39.33% working interest in the under-development project operated by Woodside Energy (WDS). The transaction remains subject to regulatory and joint venture approvals, according to Reuters.BP did not immediately respond to' request for comment.The deal followed last month's announcement from Japan's Inpex that it would buy a 10% stake in the project from PetroChina.The development, estimated to cost AU$48.7 billion ($34.95 billion), is reportedly expected be one of the biggest projects in the country.It has, however, faced regulatory challenges and has not yet received environmental approval, Bloomberg reported, citing concerns over plans to drill near the Scott Reef in the Indian Ocean.On Monday, BP reported that production of non-associated gas at the Azeri-Chirag-Gunashli field in the Azerbaijan part of the Caspian Sea has begun.BP, the operator of the field, noted that ACG contains between 4 trillion and 6 trillion cubic feet of recoverable reserves.

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Market Chatter: Fire Reported at Alkylation Unit of Pemex's Salina Cruz Refinery

A fire was bought under control at the Antonio Dovali Jaime refinery, owned by Mexico's national oil company Petroleos Mexicanos or Pemex, in Salina Cruz, Oaxaca on Sunday night, Mexican newspaper El Sol De Mexico reported on Monday.No injuries were reported in the fire at the refinery's alkylation unit but the incident triggered emergency protocols, the report said.Initial reports indicated the possibility of hydrofluoric acid leak, with company officials noting that technical personnel immediately responded to the situation, the report said.Further investigations are under way to determine the cause of the incident and its potential impact on refinery operations.This is the third incident at the refinery in recent times and comes after a May 11 explosion in a cooling tower of the facility's refining complex in which one person was killed. The refinery also reported a brief fire incident on May 16, Reuters reported.has reached out to Pemex for comments.(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.)

Spain's Bruc Closes Financing for 659 MW, 1.6 GWh Solar and Storage Project

Spanish renewable energy company, Bruc has entered into a financial agreement with Santander and Banco Sabadell, securing 370 million euro ($431 million) to finance the construction of solar power plants and battery energy storage systems.According to the company's statement, it plans to build a solar farm with a total capacity of 659 megawatts, along with 1.6 gigawatt-hours of integrated battery energy storage systems, located across Spain's Aragon region.Once the plants become operational by 2027, they are expected to generate enough electricity to meet the annual consumption needs of 321,000 homes, while preventing 358,000 tons of carbon dioxide emissions.The company also noted that it will be operating its solar-plus-storage plants under power purchase agreements with leading off-takers.

India Curbs Fuel Export Duties; Domestic Jet Prices Flat, Industrial LPG Up

The Indian government has cut its export duties on petrol, diesel and jet fuel, with lower levies effective from June 1, following a drop in global prices of crude oil and petroleum products, according to the Ministry of Finance on Saturday.The duty on petrol exports was reduced by half to 1.5 Indian rupees ($0.02) per liter from the previous 3 rupees/L, imposed on May 16.Export duty on diesel was revised down to 13.5 rupees/L from 16.5 rupees/L, and that on jet fuel was lowered to 9.5 rupees/L from 16 rupees/L."The rates are prescribed based on the average international prices of crude oil, petrol, diesel and jet fuel prevailing during the period since the last review," the ministry said.The government began imposing such duties in late March to prioritize domestic supply of petroleum products, in view of the geopolitical tensions in the Middle East.Meanwhile, excise duties on petrol and diesel used domestically remain the same, according to the statement.At the same time, prices for aviation turbine fuel used in domestic flights are expected to remain steady, following a request from airlines, which are grappling with weak margins due to the US-Iran war, Bloomberg reported Monday, citing spokespeople from state-owned oil refiners.The fuel price for domestic flights will reportedly remain flat at 104,927 rupees per kiloliter in New Delhi for June. Jet fuel prices were increased by 8.6% in April, but were unchanged in May, in line with a government directive.State refiners also reduced jet fuel prices for international flights, according to the report, although the level of price cut was not immediately known.Indian Oil, Bharat Petroleum, and Hindustan Petroleum did not immediately respond to' requests for comment.Indian Oil, meanwhile, raised the price of 19-kilogram commercial liquefied petroleum gas for industrial clients by 42 rupees to 3,113.50 rupees in Delhi, according to its website. In Kolkata, LPG prices were up 53.50 rupees to 3,255.50 rupees.LPG prices have risen sharply this year, from January levels of 1,691.50 rupees in Delhi and 1,795.00 rupees in Kolkata.

Market Chatter: Norwegian Oil, Gas Workers Plan Strike if Wage Negotiations Fail

Almost 8% of offshore oil and gas workers in Norway intend to launch a strike if negotiations over wages, mediated by the state, do not yield any results, Reuters reported Monday, citing labour union data.Three workers unions Styrke, Lederne and Safe, representing about 8,100 members involved in oil production, are involved in negotiations with Norwegian oil companies. Among other demands, workers are seeking a pay hike above inflation, the report said.The three unions represent most of the workers in Norway's offshore oil and gas facilities.A collapse in discussions between the negotiating parties could lead to a curtailment in output, with 617 workers expected participate in the initial strikes if a deal is not reached, with the potential for escalation in action over time, the report saidA spokesperson for Offshore Norway, which is representing the oil industry in these negotiations, in an emailed statement to, said: "We are working on assessing the potential impact of a strike, and should have these numbers within a couple of days."has also reached out to the three trade unions for a 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.)

Australia Extends Temporary Fuel Stockpiling Measures to Ease Domestic Supply Concerns

The Australian government on Saturday extended a measure aimed at ensuring fuel security by allowing the release of petrol and diesel from domestic reserves.According to a statement by Energy Minister Chris Bowen, the country was extending its temporary relaxation of the baseline Minimum Stockholding Obligation for petrol and diesel for a further three months.By reducing the obligations of fuel companies to maintain minimum stocks by 20%, the country expects to free up 762 million liters of petrol and diesel through September, according to a Reuters report.The government noted in its statement that fuel inventories have reached record levels in recent weeks as fuel shipments continue to arrive and demand normalizes. Additional supplies secured through Export Finance Australia have also strengthened the country's fuel security position.However, it also warned that even if shipping were to resume in the Strait of Hormuz, "the return to normal of the global flow of fuels and goods will take months."The statement said that since the relaxation was first introduced in March, it has helped ease supply pressures, while noting that with the latest extension, suppliers will be required to submit updated plans detailing how they plan to respond quickly to spikes in demand.

Datavault AI, Perpetuals Partner to Tokenize Geothermal Infrastructure

Datavault AI (DVLT) and Perpetuals.com (PDC) have signed an exchange agreement to list real-world asset programs, opening a $120 million geothermal energy project and $78.2 million in critical US minerals to compliant, round the clock global trading on a regulated European venue, the company said on Friday.The agreement initially covers the MTB copper project, with provisions to expand across five RWA programs covering gold, copper, geothermal energy infrastructure, and critical minerals, it said.The Triton 1 geothermal energy project tokenization is being developed with privately-owned Triton.The multi-commodity deal targets listing on PM MTF, an EU-licensed Multilateral Trading Facility regulated by the Cyprus Securities and Exchange Commission.Three of the initial programs carry a confirmed targeted issuance exceeding $328 million, it added.

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Bangladesh Reportedly Hikes Retail Fuel Prices

The Bangladesh government has hiked retail fuel rates effective Monday, the second such raise in six weeks, according to multiple media reports on Monday.The import-dependent country raised petrol and kerosene prices by 5 taka per litre, with petrol now at 140 taka ($1.15) per litre and kerosene at 135 taka per litre. Meanwhile, diesel prices remain unchanged at 115 taka per litre, Reuters reported.According to a notification from the Energy Ministry, the revision was in line with the changes in international petroleum product prices, the report said.The move, which follows an ongoing energy supply crisis due to the Iran war, is expected to add to the existing inflationary burden in the country. The government is also considering another price hike, Channels TV reported.In 2024, Bangladesh adopted a mechanism to automatically adjust domestic fuel prices after considering global fuel prices, exchange rates, and import costs.has reached out separately to the Department of Energy and Mineral Resources for a comment.

Update: Market Chatter: Japan's Mitsui Targets Investments in LNG Facilities

(Updates with Mitsui comment in the last paragraph.)Japanese trading house Mitsui & Co. is eyeing investments in liquefied natural gas projects in the Middle East, US and Australia amid an expected increase in global power demand from new data centers, Bloomberg reported Friday, citing chief executive officer Kenichi Hori.The company was looking to pursue growth opportunities in LNG and gas chemicals, Hori told Bloomberg.Noting that additional demand is being created for LNG by companies looking to power artificial intelligence infrastructure with clean energy, Hori said the company could consider equity stakes or securing offtake agreements.The company will reserve some capital for the energy sector as it seeks new assets as part of a new mid-term strategy unveiled this month, the report said.Mitsui, a stakeholder in Abu Dhabi National Oil Company's under construction Ruwais LNG export facility, could consider further investments in the Middle East, Hori said. The region will remain a key global energy supply source despite the disruptions caused to oil and gas flows by the Iran war, Hori added.In an emailed statement to, Mitsui said it continuously pursues opportunities to strengthen its LNG asset portfolio.(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.)

Market Chatter: Stone Ridge Bids $8 Billion for Devon Energy Marcellus Assets

Stone Ridge Asset Management has offered around $8 billion to acquire Devon Energy's (DVN) Marcellus shale assets, Reuters reported Friday, citing people familiar with the matter.This followed last month's closing of the $58 billion merger between Devon and Coterra Energy (CTRA) to form a large-cap shale operator in the US, with a focus on the Delaware Basin.Sources told the news agency that Stone Ridge made the move to initiate conversations about a possible deal, although Devon may or may not consider the proposal.Stone Ridge will use an asset-backed securitization to fund its proposal. If accepted, the deal will have the largest ABS funding in the history of US oil and gas industry, the sources reportedly said, although the actual size of financing was not immediately known.The investment firm, an active buyer of oil and gas assets using ABS, could also partner with another party on a possible Marcellus acquisition. It has previously partnered with Flywheel Energy to acquire Ovintiv's (OVV) Oklahoma assets for $3 billion, according to sources cited by Reuters.Devon had not made any decisions about the Marcellus assets, previously belonging to Coterra and spanning 190,000 net acres in Pennsylvania, according to the report.Asset manager Kimmeridge, a Devon shareholder, earlier urged the company's board to "initiate an accelerated program of non-core asset divestitures," to streamline its portfolio following the merger with Coterra.Devon and Stone Ridge did not immediately respond to' requests for comment.The Marcellus assets were reportedly projected to account for about 20% of Devon's 2026 production outlook of 1.6 million barrels of oil equivalent per day. The Delaware assets, meanwhile, will contribute about 53% of output.(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.)

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NWS Warns of Thunderstorms in Northern Plains, Gulf Coast

The US National Weather Service on Monday said the region stretching from the northern Plains to the Gulf Coast is expected to experience showers and thunderstorms on Monday.Parts of the central Plains region is likely to encounter thunderstorms with large hail and severe wind gusts, the agency said.The NWS issued a flood warning early Monday in Montana's Kalispell, Poison, and parts of Thompson Falls, primarily served by Northwestern Energy (NWE).In Kansas, a flood warning was raised for Paola, Eureka, and areas near Lincoln, while a flash flood warning was issued for Emporia. Eureka, Iola, Topeka, Lawrence, and Manhattan were placed under a severe thunderstorm warning. Evergy (EVRG) is among the major service providers in these places.A flood warning as raised for Mississippi's Hattiesburg and Gulfport. The state is primarily served by Entergy (ETR) and Southern Company's (SO) Mississippi units.A similar warning was issued for Searcy in Arkansas, served by Entergy's Arkansas unit.In Missouri, a flood warning was issued for Nevada, Clinton, Jefferson City, Butler, Warrensburg, Boonville, and Harrisonville. A tornado warning was raised for Kansas City, which was also placed under a severe thunderstorm watch, along with Plattsburg. Evergy, Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in the state.A flash flood warning was raised for areas near Woodward in Oklahoma, while flood warnings were also issued for small pockets in Louisiana, Washington, South Dakota,Meanwhile, seven blazes were active in Canada's oil sands region on Sunday indicating the return of wildfire season in the country, with risks to communities, workers, companies and investors, Reuters reported Sunday.Seven active blazes were detected in Fort McMurray and Lac La Biche areas of northern Alberta on Sunday, which included fires within 20 kilometers of major oil sands facilities, the report said.Canada is the fourth-largest oil producer in the world, with most of its output concentrated in the boreal forest in northern Alberta. While wildfires have always been a factor in this environment, their frequency has increased recently due to climate change, threatening Canadian oil output, the report added.

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US Natural Gas Update: Prices Decline After Hitting Resistance Level

US natural gas futures fell in after-hours trading on Friday after encountering strong technical resistance at the 200-day moving average, wiping out earlier gains, the Wall Street Journal reported.Front-month Henry Hub natural gas futures and the continuous contract both settled down 0.37% at $3.273 per million British thermal units.Earlier in the session, prices climbed to their highest level for nearest-futures contracts in about 2-1/2 months, supported by forecasts for above-normal US temperatures next month that could increase electricity demand for air conditioning and boost gas-fired power generation demand.Barchart, citing data from forecaster Vaisala, said above-average temperatures are expected across much of the northern two-thirds of the US between Jun. 8-12.Support from Thursday's government storage report also helped underpin prices earlier in the day. The US Energy Information Administration said utilities injected 92 billion cubic feet of gas into storage in the week ended May 22, below market expectations for a 95 Bcf to 96 Bcf build and under the 104 Bcf injection recorded in the same week a year earlier.Total gas inventories rose to 2,483 billion cubic feet, about 0.9% above year-ago levels and 6.2% above the five-year seasonal average. The surplus to the five-year average narrowed to 144 Bcf from 149 Bcf the previous week.Barchart, citing data from BNEF, said Lower 48 US gas demand on Friday was estimated at 67.7 Bcf per day, down 2.5 Bcf from the prior day and down 1.9% from a year earlier.NRG Energy estimated gas consumption slipped to around 36 Bcf/d and could ease further toward 34 Bcf/d, reflecting weaker demand across Texas, the Midwest, and the Southeast. However, forecasts indicate a rebound to the upper-30 Bcf/d range over the next two weeks as temperatures rise.Estimated net flows to US LNG export terminals were unchanged on Friday at 18.5 Bcf/d, but were up 2.1% from the previous week.Meanwhile, Lower 48 dry gas production was estimated at 110.6 Bcf/d on Friday, up 200 million cubic feet per day from Thursday and 2.0% higher than a year earlier.

Slower US Oil Exports Pressure Mars Crude Prices, Bloomberg Analysis Says

Mars crude has weakened as US oil exports retreat from recent highs, reducing support for one of the country's key medium sour crude grades, according to a Bloomberg analysis on Friday.Mars crude declined in five of the last seven trading sessions, including a roughly 75% drop in value on Wednesday before a modest recovery on Thursday, the analysis said, citing pricing data from Link Data Services.Strong overseas demand had previously lifted Mars after buyers sought US barrels to replace Middle East supplies disrupted by the Iran conflict.The premium Mars commands over West Texas Intermediate has narrowed to about $1.50 per barrel from an early-April high of $18/bbl as export demand cooled.The Energy Information Administration said US crude exports fell by 1.2 million barrels per day to 4.4 million b/d last week after exceeding 6.4 million b/d in April.Growing demand from domestic refineries and lower US crude inventories have limited the number of barrels available for export markets.Softer oil consumption trends in China have added pressure to demand for US crude grades that recently attracted strong interest from Asian refiners.Strong buying from Asian refiners seeking alternatives to Middle East crude boosted demand for Mars and similar grades, while falling inventories at the Cushing, Oklahoma, storage hub weighed on Gulf Coast barrels, the analysis said.Stockpiles at the Cushing, Oklahoma storage hub dropped to 23 million barrels last week, prompting stronger competition among inland refiners for available crude and adding pressure to Gulf Coast grades, EIA data showed.

Oil Market Overpricing Prospects for Durable Hormuz Ceasefire, RBC Says

Oil markets may be overestimating the likelihood and impact of a near-term agreement between the US and Iran following renewed military clashes in and around the Strait of Hormuz, RBC Capital Markets analysts said in a note on Thursday.The comments followed reports that Washington and Tehran were considering a 60-day ceasefire extension tied to negotiations and unrestricted navigation through the strategic waterway. The US intercepted four Iranian drones in the Strait of Hormuz and struck Iranian military positions near Bandar Abbas on Thursday."We would caution readers that we have been here before," RBC analysts wrote, noting that similar reports of an imminent memorandum of understanding surfaced three weeks ago without producing a lasting breakthrough.RBC said any interim agreement would likely allow only limited and largely one-directional tanker movements, leaving significant logistical obstacles to restoring normal shipping flows. The bank added that Feb. 27 could ultimately represent the peak for Hormuz tanker transits "for the foreseeable future."Western shipping companies may also remain reluctant to resume normal operations due to persistent risks from missiles, drones, and naval mines, as well as elevated insurance costs and sanctions-related legal complications involving Iran's Revolutionary Guard.The analysts noted that since the conflict began, observed global inventories have fallen by roughly 150 million barrels, including about 115 million barrels from SPR drawdowns. Excluding the Middle East, inventories are estimated to be down closer to 200 million barrels.Asia-Pacific inventories have seen the steepest declines, while Middle East crude stocks have risen as stranded Gulf supplies accumulated in storage. RBC said the supply outlook remains largely unchanged and expects inventory draws to continue until demand destruction becomes more severe."Finally, we do wonder whether some elements in Iran are in favor of maintaining the current no -war, minimal -oil status quo, believing that the country's bargaining position will improve once summer is in full swing, and the economic impact of inventory drawdowns becomes more difficult to diminish through headline management," the analysts said.Separately, RBC highlighted accelerating US natural gas infrastructure development, with nearly 32 Bcf/d of pipeline capacity already under construction or partially completed for 2026 and 2027, much of it tied to LNG export growth and Permian takeaway expansion.

Money Managers Maintain Bullish Stance in Crude Markets, CFTC Says

Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended May 22, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 202,764 long positions, down 13,650 from May 19, while short positions were up 9,362 to 87,002.Producers, merchants, processors, and users held 740,442 long positions and 359,922 short positions.

US Biofuels Update: Reported Peace Agreement Weakened Soybean Futures

Biofuels feedstock futures closed mixed on Friday, with the soybeans weaker on a reported peace agreement between the US and Iran.The Chicago Board of Trade July soybean futures contract closed 0.65% lower at $11.86 per bushel, while the CBOT July soybean oil futures contract settled 1.33% higher at 77.72 cents per pound.The Nymex July ethanol futures contract settled 1.50% higher on Thursday at $2.03 per gallon.Reports indicate that a memorandum of understanding has been reached with Iran for a 60-day extension of the ceasefire and for nuclear negotiations to continue, but it is awaiting presidential approval.Todd Hultman, a DTN analyst, said Thursday's news of a possible peace deal with Iran eased some concerns about future energy supplies, but so far, demand for biofuels remains strong and profitable for producers."July soybeans closed down on Friday, showing signs of a possible bearish turn in May, while new-crop soybeans hold firm, encouraged by White House promises of new-crop sales to China. November futures ended down 4 cents at $11.90 and were up 17 cents on the month," Hultman said."July soybean oil closed up at its highest July close in over three years," he said.The analyst added that early Friday, the US Department of Agriculture said 11 million bushels of soybeans were sold for export last week, bringing the total sales and shipments to 1.46 billion bushels, down 18% from this time a year ago.