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CIP Launches Perigus Energy After Orsted Carve-Out, Targeting European Onshore Renewables Growth

A new European onshore renewables platform has been launched following the Apr. 30 completion of the 1.44 billion euros ($1.7 billion) Copenhagen Infrastructure Partners' acquisition of Orsted's European onshore business through the CI V flagship fund, CIP said in a statement on Thursday.The business, formerly part of Orsted, has been rebranded as Perigus Energy and is now owned by CIP. The deal marks the formal separation of the asset base into a standalone company focused on onshore wind, solar, and battery storage development across Europe.Headquartered in Cork, Ireland, the company employs more than 200 people across offices in Regensburg, Lauf, Potsdam, Essen, Hamburg, London, Edinburgh, and Madrid. It said its immediate focus is to expand its multi-gigawatt pipeline and bring additional renewable capacity online across Europe.Perigus Energy will operate projects in Ireland, Germany, the United Kingdom, and Spain, with an installed and under-construction capacity of 826 megawatts. The portfolio currently supplies electricity equivalent to roughly 600,000 European homes and includes five additional projects under construction in Ireland and Germany.The company said its existing contracts, commercial arrangements, and counterparties remain unchanged following the transaction. Its revenue base is supported by a mix of government-backed support schemes and corporate power purchase agreements.Chief executive Kieran White said the business builds on long-standing operational roots in Irish and German renewable development."While our name is new, our people are experienced, and our mission the same," White said. "The high volatility in international energy markets demonstrates clearly Europe's need for secure, home-grown and green electricity."

Commodities8d ago

US Oil Update: Futures Drop as Iran Proposes Peace Framework via Pakistan

Crude oil futures slipped in midday trading on Friday as Iran delivered a fresh proposal for peace talks to the US through Pakistani mediators, fueling hopes for a diplomatic breakthrough that could eventually reopen the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 2.94% to $101.96 per barrel, while Brent futures were down by 2.04% to $108.12/bbl."With Hormuz remaining largely shut, oil prices have surged more than 25% over the past two weeks, driven by tightening supply and heightened geopolitical risk," Soojin Kim, research analyst at MUFG, said.Tensions between the US and Iran remain elevated despite a ceasefire. President Trump expressed displeasure with the current state of peace talks with Iran on Friday, blaming the country's disjointed leadership for preventing a deal to end the conflict that has roiled global energy markets.Iran sent its latest proposal for negotiations with the US to Pakistani mediators on Thursday, according to media reports, as Trump threatens to maintain the blockade of Iranian ports amid behind-the-scenes diplomacy to end the Middle East conflict.US envoy Steve Witkoff reportedly sent a list of amendments on Monday to reinsert the nuclear issue into the agreement under discussion, with one of the amendments demanding that Iran commit to not attempting to move any enriched uranium.On Friday, the US Department of the Treasury said it could sanction vessels that pay tolls to Iran for safe transit through the Strait of Hormuz, even if those payments are made as charitable donations to Iranian NGOs.The Department said Iranian demands for toll payments may include fiat currency, digital assets, offsets, informal swaps, or charitable donations made to the Iranian Red Crescent Society, Bonyad Mostazafan, or Iranian embassy accounts.Traffic through the Hormuz was cut by half on Apr. 30 to seven crossings from the previous day, with traffic split between four commercial and three non-commercial movements, according to Kpler.OPEC+ is expected to agree at the group's meeting over the weekend on another symbolic production increase of 188,000 barrels per day for June, following the UAE's surprise departure.Rystad analysts said the departure removes one of the few producers in the alliance with meaningful spare capacity and a strong compliance record, undermining OPEC+'s role as a coordinated supply manager.

Commodities8d ago

US Natural Gas Update: Futures Edge Higher as Lower Output Offsets Ample Supply

US natural gas futures inched higher in midday trading on Friday as lower production helped counterbalance still-loose fundamentals across the market.Both the front-month Henry Hub contract and the continuous contract rose 0.14% to $2.77 per million British thermal units.Trading was volatile through the session, with prices ranging from a low of $2.746 to a high of $2.821/MMBtu. The market followed Thursday's 4% gain made after the weekly storage build came in smaller than feared.Supply-side support came from reduced output. US natural gas production held broadly steady at lower levels over the past week, averaging about 106.4 billion cubic feet per day, according to NRG Energy.Weak regional pricing and an unusually warm April prompted producers, particularly in the Appalachian basin, to scale back activity, Bloomberg reported. Despite recent softness, total US output on Friday was still estimated at 109.7 Bcf per day, up 3.1% over the year.Demand showed modest improvement over the week, averaging roughly 104.2 Bcf/d. NRG said gains were driven by stronger power-sector burn late in the period, while earlier-week softness partially offset the increase.Bloomberg data showed Lower-48 demand at 70.8 Bcf/d on Friday, up 5.6% from a year earlier. Weather-driven demand is expected to firm a bit into mid-May, with below-average temperatures forecast across the eastern US through May 10, according to Commodity Weather Group data cited by Bloomberg.LNG feedgas demand eased slightly, averaging around 18.4 Bcf/d over the week, down from earlier highs in the upper-18 Bcf/d range and slipping into the mid-17 Bcf/d area by April 30, NRG said. Bloomberg pegged Friday flows at 19.1 Bcf/d, down 2.7% from the previous week, citing continued lower volumes at the Cameron LNG terminal in Louisiana.Despite minor production declines and stable demand growth, overall fundamentals remained loose. That imbalance continued to support above-average storage builds.The US Energy Information Administration reported a 79 Bcf injection into the inventory on Thursday, well above the five-year average increase of 63 Bcf. Stockpiles now sit 8% above the five-year norm and 6% higher than a year ago.

Commodities8d ago

Weekly Renewable Diesel Prices Climb, Biodiesel, Ethanol Stay Flat, The Digest Says

Weekly retail prices rose for renewable diesel and remained unchanged for biodiesel and ethanol, according to price assessments by The Digest.For the week of April 22 to April 30, biodiesel's Renewable Fuel Standard value of $1.29 per gallon was unchanged from the previous week. Biodiesel's Low Carbon Fuel Standard value of $0.52/gal is equal to a week ago. Additionally, the biofuel's tax credit value at $1/gal and energy value of $3.27/gal were unchanged. Biodiesel's retail price of $6.08/gal on Thursday was the same as a week ago.Renewable diesel's retail price of $7.08/gal this week is up from $6.67/gal a week ago. RD's energy value of $4.26/gal on Thursday, up from $3.85/gal a week ago. The RD's RFS value is $1.29/gal, unchanged from a week ago. Its tax credit value of $1/gal was unchanged over the week. RD's LCFS value is $0.52/gal, unchanged from a week ago.Ethanol's weekly performance was mixed. Its LCFS value of $0.13/gal is unchanged from a week ago. Ethanol's energy value of $0.74/gal and RFS value of $1.13/gal were all flat from a week ago. Also, the retail price of $2/gal is unchanged from a week ago.For sustainable aviation fuel, its energy value at $4.90/gal was below $5.04/gal a week ago. SAF's retail price of $8.25/gal was down from $8.39/gal a week ago. SAF's RFS value was $1.29/gal, unchanged from a week ago. Its LCFS value at $0.52/gal is unchanged from a week ago, and its tax credit value was unchanged at $1.54/gal.Note: These values are for delivery into a US market with a clean-fuel standard. Conventional ethanol is modeled at a Carbon Intensity of 70, while RD, SAF, biodiesel, and cellulosic ethanol are modeled at a CI of 20, and green hydrogen at CI -5. Individual companies or processes may have CI scores that are higher or lower than those used to calculate LCFS credits.

Commodities8d ago

Update: US Active Rig Count Rises by 3, Baker Hughes Says

(Updated to include additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by three to 547 in the week ending May 1, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by one from 407 the previous week to 408, while the number of gas rigs increased by one from 129 the previous week to 130.The number of miscellaneous rigs in the US rose by one from eight the previous week to nine, the data revealed. The US had 472 oil, 108 gas, and four miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by four to 670 from 674 the previous week.Price: $69.30, Change: $-0.38, Percent Change: -0.54%

$BKR

Commodities8d ago

US Active Rig Count Rises by 3, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by three to 547 in the week ending May 1, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by one from 407 the previous week to 408, while the number of gas rigs increased by one from 129 the previous week to 130.Price: $69.27, Change: $-0.41, Percent Change: -0.58%

$BKR

Commodities8d ago

US Active Rig Count Rises by 3, Baker Hughes (BKR) Says

Price: $69.39, Change: $-0.28, Percent Change: -0.41%

$BKR

Commodities8d ago

EMEA Natural Gas Update: Futures Slip as Iran Sends Fresh Proposal to Washington

European natural gas futures traded lower after-hours on Friday after Iranian state media reported that Tehran had sent another proposal for negotiations with the US via Pakistani diplomatic channels, a development seen as potentially paving the way for renewed transit through the Strait of Hormuz.The front-month Dutch TTF contract fell 1.211% to 45.43 euros ($53.36) per megawatt-hour, while the UK NBP contract slipped 1.533% to 111.15 British pence ($1.51) per therm.US President Donald Trump, speaking to reporters at the White House on Friday, said, "Iran wants to make a deal, but I'm not satisfied with it," CNBC reported.Market participants continue to weigh geopolitical risk against relatively stable European supply conditions and weaker demand elsewhere. In a Thursday note, S&P Global analysts said Europe has benefited from "significant demand destruction elsewhere," noting that although the war has effectively removed about 20% of global LNG supply, European imports have remained broadly steady.The note said Asia has absorbed much of the demand adjustment. It said China recorded a 19% year-on-year drop in LNG imports in March, according to government data.Benchmark LNG prices remain elevated, but off recent highs, they said. The JKM benchmark for Northeast Asia put prices at $18.309/MMBtu on April 30, up 8.3% on the day. The DES Northwest Europe LNG marker was assessed at $15.719 per MMBtu on Apr. 29, up 7.9% day-on-day.The analysts said both benchmarks remain above pre-conflict levels but have retreated from peaks seen in the early weeks of the disruption.European storage levels remain below last year's levels. Gas Infrastructure Europe reported inventories at 32.49% as of Friday, compared with 39.22% a year earlier.CERA analysts project EU storage could reach about 80% by the end of October under a base-case scenario, assuming a resumption of steady Hormuz transit by Jun. 1.EU LNG imports rose slightly year over year in March, supported by cargoes already en route when the conflict began in late February, according to CERA data. However, that buffer has since faded, with April imports down roughly 6.9% from 2025 levels.Looking ahead, Severe Weather Europe said Friday it is monitoring the potential development of a "super El Nino" pattern. One scenario that could develop would be an increase in the risk of dry conditions and drought across Central Europe this summer.

Commodities8d ago

Northland Power Signs 30-Year Deal With TSMC for 1,022 MW Hai Long Wind Project

Northland Power signed a 30-year power deal with Taiwan Semiconductor Manufacturing Company for its 1,022 megawatt Hai Long offshore wind project, the company said Thursday.Northland Power entered a long-term corporate power purchase agreement with Taiwan Semiconductor Manufacturing Company for additional output from the Hai Long offshore wind project in Taiwan, the company said.The project combines three sites totaling 1,022 MW, including Hai Long 2A at 294 MW, Hai Long 2B at 224 MW, and Hai Long 3 at 504 MW, located 45 to 70 kilometers offshore.Northland holds a 30.6% stake in the project alongside Mitsui & Co. at 40% and Gentari International Renewables at 29.4%, the company said.The new 30-year agreement extends Northland Power's partnership with Taiwan Semiconductor Manufacturing Company, which began in 2022 and already includes power supply from the Hai Long 2B and Hai Long 3 facilities, the company said.Northland will shift Hai Long 2A into the new agreement after completing administrative steps in 2026, allowing TSMC to purchase 100% of the project's total electricity output, it said.Christine Healy, President and Chief Executive Officer of Northland Power, said the agreement "reinforces the strategic importance of Hai Long" and will enhance long-term economics and shareholder value once the transition is complete.

Commodities8d ago

Market Chatter: Brazil Targets Fuel Self-Sufficiency With 32% Ethanol, 16% Biodiesel Blend

Brazil plans to raise ethanol in gasoline to 32% in the coming days while also signaling a higher biodiesel blend, President Luiz Inacio Lula da Silva said Thursday, Reuters reported.Brazil will increase the gasoline-ethanol blend to 32% from 30% and raise the biodiesel blend to 16% from 15% after additional testing, the report noted.The Energy and Mines Ministry will review the proposal on May 7 and expects the higher ethanol mix to support Brazil's push toward gasoline self-sufficiency, the report said.Authorities will conduct further testing before increasing the biodiesel blend to 16% from 15%, according to the report.has reached out to Brazil's Energy and Mines Ministry for any 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.)

Commodities8d ago

Exxon Mobil Keeps $20 Billion Buyback Target on Track After Strong Q1 Earnings, TPH Energy Says

Exxon Mobil (XOM) reported stronger-than-expected first-quarter 2026 earnings, driven by better-than-expected downstream performance, TPH Energy Research analyst Jeoffrey Lambujon said in a Friday note.The company reported Q1 adjusted EPS of $1.16, beating the $0.93 TPH estimate and the $0.98 Street estimate, TPH said.The company generated cash flow before working capital of $10.46 billion, slightly below the $10.86 billion TPH estimate and the $10.70 billion consensus.Lower capital spending of $6.19 billion, compared with the $6.61 billion TPH estimate and the $6.71 billion consensus, supported stronger free cash flow conversion.Exxon produced about $4.46 billion in free cash flow pre-working capital, which funded total shareholder returns of roughly $9.2 billion.The company returned about $4.9 billion through share buybacks and $4.3 billion in dividends, keeping it on track for $20 billion in full-year 2026 buybacks.Downstream results significantly outperformed expectations, with combined earnings of about $0.09 billion, versus TPH losses of $0.99 billion and a consensus of $1.17 billion.Energy products reported a narrower loss of $0.56 billion, outperforming the TPH estimate which expected $1.39 billion loss and Street expectations for a $1.61 billion loss.Specialty products delivered $0.65 billion in earnings, beating the $0.40 billion TPH estimate and the $0.43 billion Street estimate, the note added.Upstream earnings came in at $5.74 billion, below the $5.82 billion TPH estimate and below the $6.10 billion Street estimate.Production averaged about 4.59 million barrels of oil equivalent per day, below the 4.68 million boe/d TPH estimate and below the 4.63 million boe/d Street estimate.Operational updates include Golden Pass LNG targeting first production in late March and first cargo in April, the note added.Exxon highlighted Permian output near 1.7 million b/d through 2026, in line with 1.69 b/d million estimates, while Guyana production exceeded 0.9 million b/d and carbon capture capacity reached 10 million tons annually, TPH said.Price: $152.54, Change: $-1.80, Percent Change: -1.16%

$XOM

Commodities8d ago

Chevron Tops Q1 Earnings Estimates on Strong Production, Refining Results, TPH Says

Chevron (CVX) reported stronger-than-expected Q1 earnings, driven by solid performance in both its oil production and refining businesses, alongside disciplined spending and higher cash returns to shareholders, TPH Energy Research analyst Jeoffrey Lambujon said in a Friday note.The company posted adjusted earnings of $1.41 per share, well above analyst expectations of $0.87 to $0.92.The upstream segment, which covers oil and gas production, delivered $4.14 billion in adjusted earnings, beating forecasts and accounting for over half of the overall earnings surprise. Results were led by international operations.Production totaled 3.86 million barrels of oil equivalent per day, broadly in line with expectations.Downstream operations, which include refining and fuels, posted a smaller loss of $470 million, also better than expected, helped by stronger US refining results. That segment accounted for roughly 40% of the total earnings beat.Capital spending came in at $4.06 billion, below analyst estimates, reflecting tighter project execution and cost control. Operating cash flow before working capital changes was $7.14 billion, slightly below some forecasts but supported by a $1 billion inflow from equity affiliate loan activity tied to the Tengizchevroil project, a joint venture project at Kazakhstan's Tengiz oil field.After adjustments, free cash flow totaled $4.13 billion for the quarter.The company returned $6.0 billion to shareholders during the period, including $2.5 billion in share buybacks and about $3.5 billion in dividends. The dividend policy remains unchanged at $1.78 per share following a roughly 4% increase announced earlier this year.Chevron kept its full-year 2026 guidance steady, with capital spending expected between $18 billion and $19 billion and production forecast at 3.98 to 4.10 million barrels of oil equivalent per day. Management said cost-reduction efforts remain on track.Looking ahead, the company highlighted continued operational momentum into the second quarter, supported by high utilization across key assets, including projects in Australia LNG, the Eastern Mediterranean, and Kazakhstan.Chevron also pointed to progress in heavy oil operations in Venezuela and a recently expanded agreement related to power infrastructure development with Microsoft (MSFT).Price: $190.69, Change: $-2.63, Percent Change: -1.36%

$CVX$MSFT

Commodities8d ago

Market Chatter: BP Explores Sale of UK North Sea Assets Under New CEO's Disposal Drive

BP (BP) is reviewing its presence in the UK North Sea and considering a sale of part or all of its operations in the basin, as the energy giant seeks to streamline its portfolio and slash debt, Bloomberg reported on Friday, citing industry sources.The company is conducting an internal review of its UK upstream operations, with a full divestment of its remaining oil and gas assets in the region projected to fetch about 2 billion British pounds ($2.7 billion).The review is ongoing, and no final decision has been made on whether to proceed with a divestment, the report said.The London-listed energy firm remains one of the few oil majors still operating in the aging basin. Its evaluation comes as rivals continue to exit or scale back their presence in the region.Chevron (CVX) and ConocoPhillips (COP) recently sold off their North Sea assets, while Shell (SHEL), Exxon Mobil (XOM), and TotalEnergies (TTE) have moved to restructure or divest portions of their holdings, often through joint venture agreements.BP did not respond to' request for comments.BP has reduced its footprint in the UK North Sea over the past decade, including by selling its stake in the Shearwater field to Shell and divesting the Forties pipeline system to Ineos Group Holdings.The oil firm retains a 45% interest in the Clair field, the largest oilfield on the UK Continental Shelf.Plans to dispose of additional assets could rank among the first strategic moves under CEO Meg O'Neill, who took the helm in April as the company's first external appointee.O'Neill and Chairman Albert Manifold vowed to address years of underperformance, which have drawn pressure from activist investor Elliott Investment Management and led to the departure of former CEO Murray Auchincloss.(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: $46.55, Change: $-0.84, Percent Change: -1.76%

$BP$COP$CVX$SHEL$TTE

Commodities8d ago

TC Energy Q1 2026 Pipeline Deliveries Rise 3% Over Year Earlier

TC Energy Corporation (TRP) reported Friday Q1 2026 that Canadian natural gas pipeline deliveries averaged 29.7 billion cubic feet per day in the first quarter of 2026, up 3% from a year earlier, with a new all-time daily delivery record of 33.2 Bcf set on Jan. 22.It said receipts on the NGTL pipeline system averaged 14.6 Bcf/d, broadly in line with the same period in 2025, while NGTL deliveries reached a record 18.3 Bcf on Jan. 22. Western receipts on the Canadian Mainline pipeline system averaged 5.0 Bcf/d, also consistent with year-earlier levels.In the US, natural gas pipeline flows averaged 32.6 Bcf/d during the quarter, a 5% increase from the first quarter of 2025. The system set a new daily delivery record of 39.9 Bcf on Jan. 29. The ANR system also posted a record, with deliveries reaching 10.6 Bcf on the same day. Overall, six individual US pipelines recorded new all-time delivery highs during the quarter. Deliveries to LNG export facilities averaged 3.9 Bcf/d, up 12% from a year earlier.In Mexico, natural gas pipeline flows averaged 2.8 Bcf/d, down from the first quarter of 2025, primarily due to operational adjustments. Deliveries to power generation facilities averaged 1.2 Bcf/d, in line with the prior-year period.Separately, Bruce Power reported nuclear fleet availability of 88.2% in the first quarter of 2026, up from 87% in the same period in 2025. Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers' Union, and the Society of United Professionals.It said its cogeneration power plant fleet achieved 99.5% availability in the first quarter of 2026, up from 98.6% in the first quarter of 2025.Price: $66.53, Change: $-0.41, Percent Change: -0.61%

$TRP

Commodities8d ago

Dominion Energy Reports Q1 Sales Growth, Advances Offshore Wind Project

Dominion Energy Inc (D) reported Q1 earnings on Friday, reporting electricity sales growth of 4.3% over the year, driven by commercial load gains and continued data center expansion.The company served about 4.1 million utility customers in Q1, with commercial customers driving 48% of regulated electricity sales, it said.Residential customers contributed 32% of sales, while industrial customers accounted for 9%, and government and other users made up 11%.The company expanded contracted data center capacity to about 51 gigawatts, up from roughly 48.5 GW reported in December, a 5% increase.Dominion Energy advanced its Coastal Virginia Offshore Wind project to about 75% completion, with nine turbines installed and 167 remaining as it targets the majority of the installation by the end of 2026 and full completion in early 2027.The project carries an updated capital budget of about $11.4 billion, with about $9.4 billion already invested and about $2 billion remaining.Dominion Energy keeps its $65 billion capital investment plan for 2026 through 2030 unchanged.Price: $65.04, Change: $+0.53, Percent Change: +0.83%

Commodities8d ago

Ethanol, Biomass-Based Diesel RIN Weekly Prices Move Higher, EcoEngineers Says

The Renewable Identification Numbers weekly markets traded higher during the week of April 22 to April 29, according to the EcoEngineers Carbon Market Snapshot.Current year D4 2026, biomass-based diesel RIN prices were trading at $1.96 per RIN on Thursday, up from $1.89/RIN a week ago.D5 2026 advanced biofuel RINs were trading around $1.95/RIN, compared with $1.89/RIN a week ago.D6 2026 corn-based ethanol RIN prices finished trading on Thursday at $1.92/RIN, below $1.84/RIN a week ago.

Commodities8d ago

US Biofuels Update: Chicago Soybean Oil Remains Bullish on Crude Oil Strength

Chicago soybean oil futures rose for a fourth straight session on Friday, bringing weekly gains to more than 5%, due to elevated crude oil prices.The July soybean oil contract on the Chicago Board of Trade was up 0.51% to 74.92 cents per pound on Friday, the first trading day of May. The rise in soybean oil helped the corresponding soybean contract log a 0.21% increase to $11.98 per bushel.Delays in Argentine soybean harvesting dampened concerns of surplus supply. Progress with its harvest reportedly advanced to 18.3% from last week's 10.2%, but remained way below the seasonal average of around 60%.In Brazil, domestic prices remained firm despite a record crop, due to robust domestic and international demand, ADM Investor Services reported, citing Brazil's Center for Advanced Studies on Applied Economics, Cepea.The Middle East conflict also continued to serve as a tailwind, as higher crude oil prices increased the competitiveness of biofuels and boosted soybean oil demand, Cepea reportedly said.In the US, output of soybean oil used in biofuels reached a seven-month high at about 1.1 billion pounds in February, data from the Energy Information Administration showed. This also represents 44.34% of the total biodiesel feedstock, according to Barchart and ADM.Ethanol prices on the NYMEX, meanwhile, dropped 1.59% to $2.01 per gallon on Thursday, reversing a 3% jump in the previous session due to a rise in weekly exports and declines in output and inventories.

Commodities8d ago

US Natural Gas Update: Futures Rise Amid Below Forecast Storage Injection, Drop in Output

US natural gas futures were up on Friday, after gas injection into storage fell short of forecasts, alongside a drop in output over the past week.The front-month Henry Hub natural gas contract and the continuous contract both rose 0.47% to settle at $2.78 per million British thermal units, and are set to end the week up by 3.11%, according to data from TradingEconomics.The US Energy Information Administration reported a net injection of 79 billion cubic feet into storage for the week ended April 24, bringing total gas inventories to 2,144 Bcf. While this marks a decline from 103 Bcf in injections last week, it was still higher than the five-year average of 63 Bcf.It still came in below expectations at 83 Bcf, missing forecasts and trailing last year's 88 Bcf, according to Investing.com data, which points to a bullish tilt in the report overall.Meanwhile, US natural gas production has weakened over the past week, dropping by 2 Bcf per day, with major producers such as EQT (EQT) cutting output due to low prevailing prices, according to TradingEconomics.Weather forecasts too have turned bullish, with the eastern two-thirds of the country expected to see below-normal temperatures during the first few weeks of May, according to the National Weather Service.However, this is not expected to result in incremental demand for heating gas, as normal temperatures are set to climb over the course of this month.Finally, natural gas deliveries to LNG export facilities edged higher on Friday, at 19.1 Bcf, compared to 18.81 Bcf on Thursday, according to estimates from the Bloomberg LNG Feedgas Model. However, the estimates are still below the 30-day moving average of 19.67 Bcf.Price: $58.39, Change: $-1.69, Percent Change: -2.81%

$EQT

Commodities8d ago

Exchange-Traded Funds Higher, Equity Futures Mixed Amid Continued Earnings Results

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) gained 0.1% in Friday's premarket activity, as earnings reports continued to pour in.US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures gaining 0.3%, and Nasdaq futures slipping by 0.2% before the start of regular trading.The S&P Global US manufacturing purchasing managers index for April will be released at 9:45 am ET, followed by the ISM Manufacturing Index for April at 10 am ET.The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.In premarket action, bitcoin was up by 1.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.3% higher, Ether ETF (EETH) advanced 2.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.6%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was also flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.Estee Lauder (EL) shares were up more than 11% pre-bell after the company reported higher fiscal Q3 earnings and said it expects to eliminate between 9,000 and 10,000 positions as part of a revised profit recovery program.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 1.2%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.Moderna (MRNA) stock was up more than 3% premarket after the company reported a narrower-than-expected net loss and higher revenue.EnergyThe iShares US Energy ETF (IYE) was down 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.4% lower.Imperial Oil (IMO) stock was down more than 2% before Friday's opening bell after the company reported lower Q1 net income and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.Aon (AON) shares were up 3% pre-bell after the company reported higher Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 0.4% and the iShares US Industrials ETF (IYJ) was inactive.Gates Industrial (GTES) stock was up more than 3% before the opening bell after Timken (TKR) agreed to sell the assets of its belts business to Gates.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.3%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.03%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 0.4%, while the iShares Semiconductor ETF (SOXX) fell by 0.8%.Apple (AAPL) shares were up about 3% in premarket activity after the iPhone maker's fiscal Q2 results topped market estimates.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.6% to $102.31 per barrel on the New York Mercantile Exchange. Natural gas gained by 0.3% to $2.78 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2%, while the United States Natural Gas Fund (UNG) was 0.8% higher.Gold futures for May were down by 0.5% to $4,607.80 an ounce on the Comex. Silver futures added 1.5% to $75.31 an ounce. SPDR Gold Shares (GLD) was 0.5% lower, and the iShares Silver Trust (SLV) gained by 0.8%.

$^DJI$^IXIC$^SPX$AAPL$AON$BETH$BITO$EEM$EETH$EL$EXI$FAS$FAZ$GLD$GTES$IBB$IGM$IGV$IMO$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MRNA$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities8d ago

Exxon Q1 Hydrocarbons Output Rises YoY Despite Middle East Disruptions

Exxon Mobil (XOM) Friday reported a year-over-year increase in its Q1 oil and gas production, as higher output from the Americas more than offset supply disruptions in the Middle East.For the quarter ended March 31, the upstream segment's oil and gas output stood at 4.59 million barrels of oil equivalent per day, a rise from the previous year's 4.55 mboe/d but a decline from the prior quarter's 4.99 mboe/d.Net production of crude oil, natural gas liquids, bitumen, and synthetic oil was up year over year to 3.3 million barrels per day from 3.1 mmbbls/d, as higher output from the US, Canada and other American regions offset declines in Asia. Q1 output, however, was down versus the previous quarter's 3.5 mmbbls/d.Net natural gas production came in lower at 7.8 million cubic feet per day, relative to year-ago levels of 8.5 mcf/d, largely due to lower Asian output. Q1 production was also down versus Q4's 8.7 mcf/d.During the period, the company noted that Guyana achieved a record quarterly production of more than 900,000 gross barrels of oil per day, but the Middle East conflict negatively impacted overall output levels.Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, achieved first production from Train 1 at the end of March, Exxon said, resulting in a 5% year-over-year increase in US exports.The company posted a decline in Q1 refinery throughput, primarily due to reduced processing in Europe and Asia. Throughput totaled 3.5 mmbbls/d in Q1, compared with 3.8 mmbls/d a year ago and 4.1 mmbbls/d a quarter earlier.Nonetheless, energy product sales grew year over year to 5.6 mmbbls/d from 5.3 mmbbls/d, as higher US sales more than offset a drop in non-US volumes. Except for heating oils, kerosene, and diesel, all other energy products logged corresponding sale increases.Q1 sales, however, were lower than Q4's 5.8 mmbbls/d, due to scheduled maintenance and Middle East disruptions, the company said.Chemical product sales totaled 5.4 million tons in Q1, up versus 4.8 mmt a year earlier, but down compared with the previous quarter's 5.7 mmt.Special product sales also grew to 1.98 mmt in Q1, versus 1.94 mmt in the prior year and 1.92 in the previous quarter, with high-value products achieving a record sales volume, according to the report.

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Commodities8d ago