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Update: Market Chatter: China, Russia Reach Understanding to Advance Long-Standing Gas Pipeline Plan

(Updates with requests for comment sent to Russian and Chinese governments.)The leaders of China and Russia have reached an understanding on a previously-discussed major gas pipeline, the Power of Siberia 2, between the two, the BBC reported on Wednesday as part of coverage of the Putin-Xi summit.Press secretary to Russian President Vladimir Putin, Dmitry Peskov told reporters that an "understanding already exists" between Putin and his Chinese counterpart Xi Jinping on the project, BBC reported, citing Russia's state-owned Ria Novosti.The project, which has existed on paper for years, but never been built, could transport up to 50 billion cubic meters of gas a year to China, the BBC said.If realized, the project could be transformative for Russia which has all but lost the huge European market over its invasion of Ukraine in 2022. The EU and US have sought to curb Russia's hydrocarbon revenues funding its war on its neighbor.Russian and Chinese authorities did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities82d ago

Ukraine Claims Attack on Russia's Norsi Oil Refinery for 2nd Time This Week

Ukraine said that it attacked a major Russian oil refinery for the second time this week, as Kyiv continues to target Moscow's energy infrastructure.Russia's Lukoil PJSC Norsi Refinery, located in the Nizhny Novgorod region, came under renewed attack overnight, with the primary crude processing unit being struck, according to a Telegram statement by Ukraine's General Staff.This marked the second attack against one of the country's largest refineries in less than a week, with the previous strike resulting in a fire.Regional governor Gleb Nikitin said on Wednesday that two industrial facilities in the town of Kstovo were on fire after being struck by a drone, according to a report by Bloomberg.The refinery has a capacity to process up to 340,000 barrels of oil per day. However, Lukoil, Russia's largest private oil producer, did not immediately respond to' request for a comment on this story.

Commodities82d ago

US LNG Feedgas Drops to 16-Week Low, Reuters Analysis Shows

US LNG feedgas flows sank to their lowest level since late January, hitting 15.1 billion cubic feet per day on Tuesday due to spring maintenance turnarounds at several export terminals, Reuters reported, citing LSEG data.The sharp contraction comes despite a partial operational rebound at the QatarEnergy and Exxon Mobil (XOM) led Golden Pass terminal in Texas, which saw daily feedgas flows recover to roughly 0.3 bcfd after taking in virtually zero supply for six consecutive days following its maiden cargo export in late April, the analysis noted.Monthly average gas flows to US liquefaction plants have retreated to 16.9 bcfd so far in May, down significantly from the historic monthly record high of 18.8 bcfd established in April, it added.Sustained supply disruptions linked to the war in Ukraine and ongoing geopolitical conflicts involving Israel and Iran have kept global gas benchmarks highly sensitive to any shifts in US export velocity, leaving international buyers closely monitoring the conclusion of these seasonal maintenance cycles.

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Commodities82d ago

UK Reportedly Plans to Shift Energy Project Approvals to Parliament

The UK government plans to accelerate delivery of critical energy and infrastructure projects by shifting approval authority to parliament, limiting delays caused by judicial reviews, according to multiple media outlets.A Treasury spokesperson cited by Reuters said Britain's finance minister Rachel Reeves will unveil related reforms giving parliament such authority, to allow faster buildout of power plants, wind farms and grid connections.The government reportedly aims to reduce energy bills and help strengthen energy security through the move.The planned reforms, if implemented, could cut procedural delays and boost investment in systems that will increase electricity supply and add new capacity to the grid, media outlet Traders Union said.The Treasury department did not immediately respond to' request for comment.

Commodities82d ago

Workers Go on Strike at 2 Woodside Energy Natural Gas Facilities in Australia

Workers at Woodside Energy's (WDS) Karratha and Pluto gas facilities in Australia launched a strike on Wednesday, following failed negotiations with third-party maintenance contractor UGL over wage and working conditions, Offshore Alliance workers' union said Wednesday."The end result of UGL's inability to negotiate or accept industrial standards is Protected Industrial Action. The UGL KGP-Pluto [enterprise bargaining agreement] negotiations are no different. PIA commences today at KGP-Pluto and will continue until our EBA is sorted," the union said in a social media post.According to its website, Offshore Alliance is a partnership between the Australian Workers' Union and the Maritime Union of Australia, and covers workers in the offshore oil and gas industry.As previously reported by, Woodside's Karratha gas plant has an export capacity of 14.3 million tons per annum. Pluto LNG currently exports about 5 mtpa, which could double to around 10 mtpa once the second train becomes operational.Earlier this week, Inpex's 9.3 million metric-ton-a-year Ichthys LNG facility in Darwin, northern Australia was served with notice for protected industrial action commencing May 27.According to a Bloomberg report last week, the strike could affect LNG exports from these facilities, triggering a wider supply disruption, particularly as shipments through the Strait of Hormuz remain largely restricted.Australian LNG producers are already running close to operational limits to increase supply, the news agency reported, as Asian buyers seek alternative cargoes in response to the disruption to energy flows resulting from the Middle East conflict, the Bloomberg report said.has separately reached out to Woodside Energy and UGL parent company CIMIC for comments.

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Commodities82d ago

Market Chatter: China, Russia Reach Understanding to Advance Long-Standing Gas Pipeline Plan

The leaders of China and Russia have reached an understanding on a previously-discussed major gas pipeline, the Power of Siberia 2, between the two, the BBC reported on Wednesday as part of coverage of the Putin-Xi summit.Press secretary to Russian President Vladimir Putin, Dmitry Peskov told reporters that an "understanding already exists" between Putin and his Chinese counterpart Xi Jinping on the project, BBC reported, citing Russia's state-owned Ria Novosti.The project, which has existed on paper for years, but never been built, could transport up to 50 billion cubic meters of gas a year to China, the BBC said.If realized, the project could be transformative for Russia which has all but lost the huge European market over its invasion of Ukraine in 2022. The EU and US have sought to curb Russia's hydrocarbon revenues funding its war on its neighbor.(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.)

Commodities82d ago

Texas Faces Record Spend to Plug Abandoned 'Orphan' Oil Wells, Says IEEFA

The Railroad Commission of Texas, which regulates the state's oil and gas industry, says it is facing soaring costs for plugging and remediating 'orphan' wells, the Institute for Energy Economics and Financial Analysis said on Tuesday.The commission forecasts a record spend of $202 million to plug its current list of orphan wells that have been approved for remediation and decommissioning using public funds.IEEFA said that "Texas is on a well-plugging hamster wheel whose liability has grown with each passing year,".An oil or gas well is defined as orphaned if it has not produced hydrocarbons in more than a year and its paperwork has been "delinquent" for at least the same period.IEEFA said the rising cost was linked to the number of orphan wells approved for plugging, the growing average depth of each well added to its list and rapid growth in the cost of plugging each one.As of March 2026, the commission's list has 3,632 orphan wells, the highest ever number while the average depth of each is up 61% in a decade to 3,062 feet. The per-well plugging cost is now $55,629, up from $23,807 in 2016.As a result, the outstanding costs the state faces to plug wells has been growing by 22% annually since 2016, IEEFA said, a burden ultimately borne by tax payers.Texas spent $575 million on such work from 1984 to March 2026, plugging 47,757 orphaned wells "left behind by noncompliant or defunct oil and gas operators," IEEFA said.The research said that this was down to irresponsible operators in the oil and gas industry that dodge their clean-up responsibilities at a faster rate than wells are plugged.The number of Texan shut-in or inactive wells overall is 156,664 as of March, with roughly half of operators having now ended production at about one quarter of their wells.The report does not discuss why it is so difficult to trace the companies that formerly operated the wells and have failed to subsequently seal them, given how much effort and time is spent granting access to and permits for oil resources at the outset.

Commodities82d ago

Venezuela Reportedly Pledges International Arbitration Route to Court Foreign Energy Majors

Venezuelan Oil Minister Paula Henao confirmed at a Houston industry conference on Tuesday that forthcoming energy regulations will end decades of state monopoly and allow international arbitration, to spur foreign investment into the country's oil sector, according to media reports.Henao said Venezuela will imminently publish detailed regulations to operationalize its landmark hydrocarbons reform.Speaking at a conference hosted by the American Association of Petroleum Geologists outside Houston, Texas, Henao confirmed that final, 63-page regulations will allow for international arbitration to resolve contract disputes, the reports said.The guarantee addresses a critical, long-standing demand from foreign operators seeking legal certainty before committing investment capital to the South American nation.Draft versions circulating among market participants indicate that private energy companies will finally be permitted to obtain independent operating licenses for heavy crude oil processing, refining, and international trading, according to the reports.The immediate operational focus centers on securing critical field equipment, including wellheads, gas compressors, frequency converters, and chemical supplies necessary to restore aging infrastructure, it noted.With major European players like Repsol and Maurel & Prom already outlining plans to resume drilling at prominent blocks like Urdaneta West next year, the upcoming publication of the regulations in Venezuela's official gazette is widely viewed as a needed signal for a major influx of foreign energy capital.

Commodities82d ago

Middle East Energy Crisis Drives Demand for EVs in Europe, Reuters Analysis Shows

The sharp rise in fuel prices due to the energy supply crisis linked to the ongoing Middle East conflict has boosted sales of new and second-hand electric vehicles in Europe, according to a Reuters analysis on Wednesday.Registrations of new EVs across the continent saw a 34% year-on-year jump in April, the report said, citing exclusive data from research group New Automotive and industry group E-Mobility Europe.The data covers 16 markets accounting for more than 80% of European Union and European Free Trade Association car sales, the report said.Demand rose in countries like Denmark and Netherlands, where electric cars are already well-established, as well as Italy, where EVs haven't really caught on yet, the report said.Meanwhile, online marketplaces have also recorded a surge in searches for new and used EVs, especially for more affordable Chinese brands and models, the report added.While the trend of consumers temporarily shifting to fuel-efficient cars during significant fuel price spikes has been observed as far back as the 1970s, the situation could be different on this occasion.The Iran conflict has fundamentally altered how people view energy security in their daily lives, the report said, citing industry players.

Commodities82d ago

Indonesia Plans to Bring Key Commodity Exports Under Centralized Control

Indonesian President Prabowo Subianto on Wednesday unveiled measures to centralize exports of the country's key commodities, as the government seeks to increase state revenue and strengthen control over its abundant natural resources.In a fiery speech to Indonesia's parliament, Subianto said he found it strange that, despite being the world's largest palm oil producer, the country continues to accept prices set by other countries.He said that the country had lost $908 billion in revenue over the past 34 years because Indonesian commodities were being sold overseas for cheap, before adding that a central government-run enterprise would now sell key exports such as palm oil, coal and ferroalloy, according to a Reuters report."All sales of our resources, from palm oil [to] coal, must be through a (state-operated enterprise) selected by the government as [the] sole exporter," he said.In a press conference on Wednesday, Indonesia's Economic Minister Airlangga Hartarto said that the commodities affected in the first stage of this new norm would be coal, palm oil and ferroalloy, with more being added to the list every three months.He also announced that there would be a three-month transition period, during which exporters and businesses can continue to do business as usual.

Commodities82d ago

Ithaca Energy Holds Production Steady in Q1; Reaffirms 2026 Production Targets

North Sea operator Ithaca Energy's Q1 production averaged 126,000 barrels of oil equivalent per day, down only marginally from the 127,000 boe/d reported in the same period last year, the company said on Wednesday.The company reaffirmed its full-year volume guidance, noting strong operational momentum carrying into the Q2 despite absorbing severe weather disruptions in January.Severe winter weather heavily restricted operating capacity throughout January and the first half of February, dragging January's volumes down to 120,000 boe/d.However, operations staged an aggressive recovery, with output spiking to a two-month average of 129,000 boe/d across February and March as weather-related deferments cleared.Operationally, the quarter marked a major structural transition as Ithaca formally enacted the Cessation of Production at its legacy Greater Stella Area hub on March 27, it added.

Commodities82d ago

BW Energy Q1 Hydrocarbon Output Flat Sequentially, Down YOY

BW Energy's hydrocarbon production averaged 25,200 barrels of oil equivalent per day in the quarter ended March 31, flat quarter over quarter, but down year over year, primarily due to a sharp decline in Gabon's Dussafu oilfield output, the company's Q1 report showed on Wednesday.The upstream energy company produced 36,000 boe/d in the same quarter of 2025.In Gabon, net output from the Dussafu oilfield dropped to 19,200 boe/d from the previous quarter's 22,400 boe/d and the prior year's 28,700 boe/d, with decreases attributed to "natural decline and downtime on electrical submersible pump," according to the company.With equipment restoration completed during the period, the field's production availability averaged 86% in Q1.In Brazil, net production from the Golfinho field averaged 5,900 boe/d, up from the previous quarter's 2,700 boe/d, but down versus the prior year's 7,300 boe/d. With one well under maintenance, production availability averaged 79% in Q1, the company said.BW Energy's sales volume totaled 2.2 million barrels during the period, higher than the 1.8 mmbbls sold in the previous quarter, but lower than the 3.7 mmbbls sold a year earlier.In a similar manner, crude oil sales amounted to $156.3 million in Q1, up from $86.9 million in Q4 2025, but down from $252.2 million generated in the year-ago period.The company expects total production to average between 24,000 boe/d and 27,000 boe/d this year, and to exceed 100,000 boe/d in 2028, due to development projects including MaBoMo Phase 2, Bourdon field, Maromba field, and Golfinho infill wells.BW Energy expects first oil at the MaBoMo platform and the Bourdon field in Gabon by early 2027 and Q1 2028, respectively.In Brazil, the first phase of Golfinho infill wells project is expected to contribute to total production in 2029.

Commodities82d ago

Power Transmission Firm Elia Group Targets Nearly $8 Billion Investment in Belgium, Germany in 2026

Electricity transmission company Elia Group on Wednesday said it is targeting a capital expenditure of 6.8 billion euros ($7.88 billion) in Germany and Belgium this year.In 2026, the company plans to invest about 1.7 billion euros in Belgium and 5.1 billion euros in Germany, Elia said in its Q1 earnings statement for the quarter ended March 31.Elia said it expects the publication of the Belgium's final tariff methodology for 2028-2031 by no later than June 30.The bilateral dialogue phase related to the tariff methodology was completed by Elia Transmission Belgium and the Commission for Electricity and Gas Regulation, with an outcome of the dialogue published by CREG in April.The public consultation period ended last week and the CREG is now expected to adopt a final decision approving the tariff methodology and submit it to the Belgian Parliament, Elia said in its Q1 earnings statement for the quarter ended March 31.In Germany, the second draft of the Network Development Plan Electricity 2037/2045 was published and submitted to independent German regulatory authority BNetzA by transmission system operators 50Hertz, Amprion, TenneT and TransnetBW in early 2026, the statement said.The draft covers topics such as electricity demand, battery storage, flexible loads, hydrogen and offshore grid development and estimates investments of up to 365-392 billion euros through to 2045, it added.Meanwhile, a study on offshore grid infrastructure and wind development towards 2040 by eight TSOs from across the Baltic sea region has identified "around 13 gigawatt of cost-efficient cross-border interconnectors and up to 50 GW of additional offshore wind capacity," the statement added.

Commodities82d ago

India's Solar Industry Seek CERC Intervention to Lift Power Price Cap

India's Central Electricity Regulatory Commission reserved its order on a high-stakes petition seeking an immediate revision of the 10 Indian rupees ($0.10) per unit price cap currently enforced across major Indian power exchanges, following a formal hearing held on May 13.Under current rules, power plants are forced to dump electricity at cut-rate tariffs during off-peak hours just to keep units running. However, the rigid 10 rupee per unit cap deprives them of the ability to recover those losses during high-demand, peak periods.As per the statement the counsel argued that the restrictive ceiling has backfired, rendering the participation of energy storage systems in the Day-Ahead Market "completely unviable."While the commission had previously segmented a "high-price" market to accommodate expensive generators, the petitioner, National Solar Energy Federation of India, revealed that the segment has remained virtually non-functional due to a total lack of buyer interest, it said.This structural breakdown has severely constrained market liquidity and left flexible, clean-energy storage technologies unable to compete effectively, it stated.

Commodities82d ago

NWS Forecasts Severe Thunderstorms, Flooding in Southern Plains, Great Lakes; Record Heat in Eastern US

NWS Forecasts Severe Thunderstorms, Flooding in Southern Plains, Great Lakes; Record Heat in Eastern USThe US National Weather Service on Tuesday said the region stretching from the southern Plains into the lower Great Lakes were expected to experience widely scattered severe thunderstorms capable of producing damaging winds, hail, and flash flooding.Meanwhile, portions of southwest US and southern High Plains will continue to encounter elevated to locally critical fire weather conditions due to the presence of gusty winds and dry conditions.In eastern US, temperature records are expected to be challenged by an early-season heatwave.The NWS early Wednesday issued a freeze warning for Wyoming's Rawlins, Kaycee, Wright, Baggs, Muddy Gap, Bill, Glenrock, Casper, Douglas, Shirley Basin, Medicine Bow, Saratoga, Elk Mountain, Bosler, Laramie, Centennial, Hulett, Sundance, Moorcroft, Newcastle, Riverton, Lander, Dubois, Worland, and Rock Springs..PacifiCorp's Rocky Mountain Power is the primary electricity provider in Wyoming.Colorado's Rangely, Meeker, Craig, and Steamboat Springs were also covered under a similar warning. Xcel Energy (XEL) and Black Hills unit (BKH) Black Hills Energy are the primary electricity providers in the state.In North Dakota, affected areas included Lisbon, Ashley, Jamestown, Fargo, Harvey, Grand Forks, Devil's Lake, Rugby, Bismarck, Langdon, and Grafton. Xcel Energy, MDU Resources (MDU) unit Montana-Dakota Utilities, and Otter Tail (OTTR) subsidiary Otter Tail Power are the major electric utility service providers in North Dakota.A freeze warning was also issued for South Dakota's Miller, Pierre, Huron, Brookings, Redfield, Aberdeen, Watertown, Milbank, Sisseton, and Mobridge. Xcel Energy, NorthWestern Energy (NWE), Montana-Dakota Utilities, Otter Tail Power, and Black Hills Energy are among the major electric utility service providers operating in the state.Idaho's Arco and Rigby, which fall under the service area of by Idacorp (IDA) subsidiary Idaho Power, were also covered by a freeze warning watch.In Minnesota, a freeze warning was issued for Bemidji, Roseau, Thief River Falls, Fergus Falls, Detroit Lakes, Brainerd, Duluth, Ely, International Falls, and Grand Maraias. The main service providers in Minnesota are Otter Tail Power, Allette (ALE) subsidiary Minnesota Power, Xcel Energy and Alliant Energy (LNT).The NWS issued a flood warning for Missouri's Nevada, Osage Beach, Clinton, Jefferson City, Lebanon, Rockport, Grant City, Maryville, Butler, Camdenton, Boonville, Columbia, Sedalia, St. Joseph, Chillicothe, Carrollton, Warrensburg, and Harrisonville. Evergy (EVRG), Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in the state.In Kansas, where Evergy is among the major service providers, the NWS issued a flood warning for Leavenworth, Paola, and areas near Iola.Flood warnings were also issued for certain areas in Indiana, Illinois, Louisiana, and Washington, while Georgetown in Texas was placed under a flash flood warning watch.

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Commodities82d ago

Market Chatter: Large Brent Crude Options Bet Raises Trader Eyebrows After Suspicious Trades

Traders have expressed suspicion over a huge options bet made on Tuesday on Brent crude prices, Bloomberg reported, with the finance industry now more sensitized to unusual trades amid signs of suspicious market behavior.Put options that equate to 134 million barrels of Brent crude were traded in one spread transaction, Bloomberg data showed. A buyer of the spread could make $129 million if July futures contracts fall 19% from current levels by their May expiration.The news agency said that very narrow strike ranges in call and put spreads are typically hedges for binary or digital option trades. Another possibility is that the trade was a hedge for an event-contract trade on a prediction market, the article said.It noted that the call skew or the premium that traders are ready to pay now for options is now at its smallest since before the conflict.The size of Tuesday's transaction was noted by a market now jittery over unexplained large bets after revelations of a pattern of large trades just ahead of social media announcements by US President Donald Trump regarding the Iran war.That has also led to an investigation by the US Department of Justice. Traders told Bloomberg this had diminished their confidence in the integrity of the oil market.(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.)

Commodities82d ago

Asia Biofuels Update: Palm Oil Extends Gains on Indonesia Export Control Plan

Malaysian palm oil futures continued their rally on Wednesday, following reports that the Indonesian government will tighten export controls on some commodities, including palm oil, raising prospects of a supply squeeze.The Bursa Malaysia Derivatives' June crude palm oil contract climbed by a further 1.23% to 4,596 Malaysian ringgit ($1,155.27) per metric ton. The July contract rose 1.25% to 4,628 ringgit/mt, to extend gains for a fourth consecutive session.Shares of Indonesian palm oil producers slumped after reports that a state-backed agency will be established to manage raw material exports, such as palm oil and coal, with a view of increasing state revenue, Bloomberg reported.The move could reduce exportable supplies, particularly as Indonesia begins raising its palm-based biodiesel blending to 50%, from the current 40%, in July.With higher domestic consumption, Indonesia's exports are projected to decline by 1.7 million metric tons from April to September, the Malaysian Palm Oil Council reported Tuesday, citing data from Oil World Research.During the same period, Oil World reportedly expects exports from Indonesia, Malaysia, and Thailand to fall by a combined 2 mmt. In Q1, shipments from the three palm oil producers grew by 1.9 mmt.As domestic intake increases, "a sharp build-up in palm oil stocks is unlikely during the upcoming peak production season in Southeast Asia," MPOC said.Prospects of tightening supply buoyed palm oil prices on Wednesday, but a sluggish demand from India and weaker export volumes in the first half of May continued to cap gains.Nonetheless, MPOC said "palm oil remains the most competitively priced vegetable oil in India, while palm olein prices in Malaysia were also trading at a marginal discount to Argentine soybean oil, a pricing dynamic that should continue to support palm oil demand."

Commodities82d ago

DOE-Backed NLR Launches Agora Grid Test Bed for Data Centers

The National Laboratory of the Rockies launched Agora, a new grid integration platform designed to help data centers support power reliability, it said in a Tuesday statement.The US Department of Energy-backed project replicates the technical complexity of large-scale data center interconnections and marks the first dedicated large-load grid integration test bed across the national laboratory system, the NLR said.NLR developed Agora with support from the DOE's Office of Electricity and industry partners to address growing electricity demand from artificial intelligence and data centers."We built a 20th-century grid - but today we serve a 21st-century, data-driven, AI-enabled economy," Katie Jereza, assistant secretary at DOE's Office of Electricity, said.The laboratory said most data centers currently operate only as large electricity consumers, while utilities have limited visibility into whether facilities can reduce or shift power use during grid stress events.NLR said flexible operations at large facilities such as data centers could lower electricity costs and help utilities avoid rolling blackouts during periods of peak demand.Major industry partners including Schneider Electric, Compass Datacenters and Verrus are already using Agora to test approaches for integrating large electricity loads into the grid."As data centers become one of the fastest-growing sources of electricity demand in the US, utilities are being asked to manage large loads at a scale and speed the grid was not originally designed for," Jaquelin Cochran of NLR said.NLR said Agora creates a plug-and-play environment that brings together utilities, technology providers, researchers and data center developers to coordinate large-load grid integration strategies.Agora will operate alongside other DOE-funded grid management systems under the Advanced Research on Integrated Energy Systems platform focused on reliable, secure and affordable energy technologies.

Commodities82d ago

US Natural Gas Update: Hits Eight-Week High on Eastern Heatwave Demand

US natural gas futures extended gains in after-hours trading on Tuesday, rising for a fifth straight session and pushing benchmark prices to an eight-week high as an early-season heatwave across the eastern US fueled expectations of stronger power-sector demand.The front-month Henry Hub contract and the continuous contract each rose by 3.04% to $3.116 per million British thermal units.Soaring temperatures across the East Coast were sharply increasing air-conditioning demand and lifting gas-fired power burn. Phil Flynn, senior analyst at Price Futures Group, said temperatures along the East Coast could run 20 to 30 degrees Fahrenheit above seasonal norms, threatening or breaking more than 150 temperature records in major cities. "Highs in the 80s and 90s (with triple-digit heat possible in parts of the South and Texas) will spike air-conditioning use and power burn," Flynn said.Weather forecasters said the heatwave in the US Northeast was expected to ease by Thursday. Barchart, citing The Commodity Weather Group, said forecasts had shifted cooler, with mostly normal seasonal weather expected across much of the US between May 24-28.Still, near-term demand remained firm. Gelber & Associates said Tuesday's power burn was tracking near 38.9 billion cubic feet per day, "enough to keep weather sensitivity in the front of the market." Barchart, citing BNEF data, said total Lower 48 gas demand on Tuesday was estimated at 72.2 Bcf/d, up 2.3 Bcf/d from overnight levels and 5.5% higher than a year earlier.Despite stronger consumption, analysts noted the market remained comfortably supplied. Gelber said US dry gas production was estimated at 108.6 Bcf/d, while Canadian imports were running at 4.7 Bcf/d. "The market is not short of supply, but it is becoming more willing to reward heat when power burns are carrying more of the domestic load," the firm said.Gains were capped by weaker LNG feedgas demand as seasonal maintenance at US export facilities reduced feedgas flows to a four-month low. Estimated net gas flows to US LNG export terminals on Tuesday fell by 2.3 Bcf/d to 15.6 Bcf/d, down 15.3% from levels seen a week earlier."If the warmer turn verifies, Henry Hub should keep defending the $3 handle because the balance is finally getting meaningful summer demand from power," Gelber said. "If feedgas stays soft and the cooler front-end limits immediate CDD [cooling demand day] growth, the rally could pause even with prices still technically supported above $3."

Commodities82d ago

Brazil Boosts Soy Oil Exports Amid Record Crop and Weak Local Demand, Bloomberg Analysis Says

Brazil's soy oil exports climbed 47% through April as delayed biodiesel policy changes increased cheap overseas supplies, according to a Bloomberg analysis on Tuesday.A record soybean harvest and heavy crushing activity boosted soy oil production across Brazil, while slower domestic biofuel demand pushed more supplies into export markets, the analysis said.Chicago soy oil futures have rallied nearly 56% this year, although prices at Brazil's Paranagua port have lagged, widening discounts to the lowest levels since 2023, the analysis said, citing data from Commodity3.Lower prices helped lift Brazil's soy oil exports to the second-highest level in nearly 20 years.Brazil still blends 15% biodiesel into diesel fuel after authorities postponed a planned increase to 16% while additional technical testing continues.Strong soybean supplies kept crushing plants operating at high levels as exporters increased vegetable oil shipments to India, Bangladesh, and North Africa, according to the analysis.Joao Paes de Almeida, founder of advisory firm J.Pacta, said abundant soybean supplies will likely keep Brazilian soy oil prices below Chicago benchmarks unless the country raises biodiesel blending mandates.The report said Argentina has also faced unusually large soy oil discounts as record South American soybean supplies continue weighing on regional vegetable oil prices.

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Commodities82d ago

NWS Forecasts Severe Thunderstorms, Flooding in Southern Plains, Great Lakes; Record Heat in Eastern US

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