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Regulator Dismisses Petition Related to 3.2-GW Coal Power Procurement for Rajasthan State in India

The Rajasthan Electricity Regulatory Commission, the power regulator for India's Rajasthan state, has dismissed a petition seeking the review of an order to not approve a proposed 3.2-gigawatt coal-fired power procurement proposal for the state, according to a filing on Friday.The state-owned Rajasthan Urja Vikas & IT Services, which carries out bulk power procurement and power trading activities on behalf of the state distribution companies in Rajasthan, had sought the commission's reassessment of petition for initiation of a tariff-based competitive bidding process for procurement of 3,200-megawatt, or four 800-MW coal-fired round-the-clock power for 25 years.The petition was originally dismissed by the commission in November last year, stating that the requirement of 3,200-MW RTC power "needs to be reassessed."The commission had also noted then that the proposed large-scale addition of coal-based capacity appeared to be misaligned with the Integrated Clean Energy Policy and the national transition towards a higher share of renewable energy, according to the filing.Following the order, the petitioner approached the Central Electricity Authority, a division under the Union Power Ministry, requesting it to reassess the requirement of 3,200 GW of coal-based power for the state.In response, the CEA issued three directions/clarifications regarding re-assessment of thermal capacity required by Rajasthan to meet long term demand.The Commission disposed off the petition in view of the clarification from the Central Electricity Authority, while noting that the petitioner may prepare an updated plan which needs to be updated annually on a rolling basis.Considering the progress of already planned/identified/upcoming projects, a decision regarding tie-up of power from different sources lies entirely with the distribution companies, it further added.

Commodities83d ago

Santos Produces First Oil at Alaska Pikka Phase 1 Project

Australian energy company Santos has officially started oil production from the Pikka Phase 1 development on Alaska's North Slope, the company said on Monday.Initial flow has been routed through the Lease Automated Custody Transfer meter into the Pikka sales pipeline, it said.Santos operates the asset with a 51% interest, alongside joint-venture partner Repsol, which holds the remaining 49%.Production will initially remain intermittent as essential subsystems are integrated, with volumes expected to scale to 20,000 gross barrels per day over the coming weeks, the company noted.Output will be capped at this level for about one month until reservoir pressure maintenance is secured via water injection from the newly commissioned Seawater Treatment Plant.Following subsequent well tie-ins and inventory buildout, the project is on track to reach its peak plateau capacity of 80,000 gross bbl/day during the third quarter of 2026, as per the statement.First sales revenue from the development is projected to materialize within two to three months, the company said.

Commodities83d ago

Market Chatter: NextEra Energy Seeks to Acquire Dominion Energy for $66 Billion

NextEra Energy (NEE) is potentially seeking to acquire Dominion Energy (D) for about $66 billion in a mostly-stock deal, in what would be the largest deal in the power sector on record, Bloomberg reported at the weekend, citing sources familiar with the matter.The deal could be announced as soon as Monday and would involve NextEra giving 0.8 shares for each Dominion share. There would also be a supplementary cash component to the transaction, the article said.Sources asked not to be identified because details have not been made public, they said.The transaction would mean that NextEra shareholders would own 75% of the newly-formed enterprise, the sources said.According to Bloomberg's own estimates, the deal would value Dominion at about $116 billion, including debt, and make it the biggest merger deal in 2026 so far with the exception of SpaceX's merger with xAI.The sources said no decision has been made and that the deal did not yet look certain to proceed.Representatives for NextEra and Dominion did not immediately respond to Bloomberg requests for comment.has reached out to both companies seeking comment.The article noted that there is now a merger wave in a "once-sleepy power sector" spurred by strong growth in demand for power after years of stagnation.(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.)

$D$NEE

Commodities84d ago

NWS Forecasts Dangerous Fire Weather Conditions Across Southern High Plains, Southwest US

The US National Weather Service on Sunday forecast dangerous fire weather conditions in the region stretching from the southern High Plains into the Southwest US, while heat is spreading across eastern US.Meanwhile, the region extending from the Great Lakes into the central/southern Plains is expected to experience Severe storms, including very large hail, strong tornadoes, and winds.The northern to central Rockies region is likely to encounter heavy late-season snow and cold temperatures.The NWS issued a red flag warning early Monday Raton, Clayton, Taos, Roy, Los Alamos, Santa Fe, Glenwood, Socorro, Ruidoso, Roswell, Portales, Clovis, Tucumcari, Santa Rosa, Las Vegas, Albuquerque, Moriarty, Orogrande, Carlsbad, Hobbs, Artesia, Alamogordo, Silver City, Lordsburg, Truth or Consequences, Deming, Antelope Wells, and Hatch.TXNM Energy (TXNM) unit Public Service Co. of New Mexico and Xcel Energy (XEL) are among the primary electricity suppliers in New Mexico.In Texas, a red flag warning was raised for El Paso, Fabens, Pine Springs, Van Horn, Seminole, Post, Lubbock, Guthrie, Aspermont, Canadian, Childress, and Vernon. These places are primarily served by Xcel Energy, American Electric Power's (AEP) Texas unit, and Sempra (SRE) unit Oncor.Oklahoma's Gage, Elk City, Beaver, Guymon, Altus, Hobart, and Boise City. OGE Energy (OGE) unit Oklahoma Gas & Electric and American Electric Power subsidiary Public Service Co. of Oklahoma are the major electric utility service providers in the state.Also covered under a red flag warning were the following areas in California: Reading, Shasta Dam, Red Bluff, Corning, Alder Springs, Paradise, Oroville, Marysville, Woodland, Auburn, Sacramento, Fairfield, Vallejo, Lodi, Stockton, Tracy, Modesto, Turlock, Merced, Los Banos, Madera, Fresno, Selma, Hanford, Coalinga, Avenal, Tulare, Porterville, Delano, Bakersfield, and Taft. These places are primarily served by PG&E (PCG) unit Pacific Gas and Electric Company and Edison International (EIX) unit Southern California Edison.In Kansas, where Evergy (EVRG) is among the major service providers, a red flag warning was raised for Ulysses, Dodge City, and Liberal. Meanwhile, a flood warning was raised for areas near Hays, St. Joseph, Leavenworth, Chillicothe, and Grant City, while an alert for flash flooding was raised for Russell and Lincoln.Colorado's Kim, Trinidad, and Springfield were also covered under a red flag warning watch. Meanwhile, a freeze warning was raised for Rangely, Meeker, Craig, while a winter storm warning is raised for Steamboat Springs and Kremmling. The primary service providers in the state are Xcel Energy and Black Hills unit (BKH) Black Hills Energy.A freeze warning was also raised for Utah's Duchesne, Nephi, Delta, Manti, Richfield, Milford, Ogden, Park City, Provo, and Cedar City. The state mostly falls under the service area of PacifiCorp unit Rocky Mountain Power.In Idaho, a freeze warning was raised for Twin Falls, Shoshone, Arco, Rigby, Hailey, Blackfoot, and Idaho Falls, primarily served by Idacorp (IDA) subsidiary Idaho Power.Also placed under a freeze warning watch were Wyoming's Douglas, Gillette, Wright, Bill, Glenrock, Lance Creek, Lusk, Glendo, Torrington, Wheatland, and Chugwater. Meanwhile, a winter storm warning was raised for Casper, Muddy Gap, Rawlins, Laramie, Centennial, Medicine Bow, Elk Mountain, Centennial, Dubois, Lander, Rock Springs, and Riverton. Rocky Mountain Power is the primary electricity provider in Wyoming.Nebraska's Harrison and Scottsbluff were also covered under a freeze warning watch.The NWS also issued flood warnings for certain pockets of Louisiana, Missouri, and Washington.

$AEP$BKH$EIX$EVRG$IDA$OGE$PCG$SRE$TXNM$XEL

Commodities84d ago

Asia Biofuels Update: Palm Oil Edges Higher on Strong Crude Oil, Weak Ringgit

Strong crude oil prices and a weaker local currency helped buoy Malaysian palm oil futures, which rose around 2.5% on Monday, despite signs of slowing export demand.Crude palm oil futures on the Bursa Malaysia Derivatives exchange extended gains for a second straight session, with the June and July contracts rising to 4,495 Malaysian ringgit ($1,129.88) per metric ton and 4,526 ringgit/mt, respectively, by midday trade.The biofuels market continued to find support from rising energy prices, as the US and Iran war drags on. Improving economics of biodiesel versus gas oil supports Indonesia's and Malaysia's plan to increase blending of palm oil in biodiesel, as a move to boost domestic fuel supply.On Monday, the Malaysian ringgit eased by a further 0.6% against the US dollar, making exports cheaper and more attractive to foreign buyers. This further supported the palm oil market, which has been recently pressured by weakening exports.Cargo surveyor AmSpec Agri Malaysia, as cited by Trading Economics, estimated Malaysia's shipments in the first half of May to have declined from a month earlier by 16.5%.This followed a 14.3% month-over-month drop in April, largely due to a reported decline in shipments to the Middle East and softer Indian demand.In China, import cargoes were offered at profitable margins, but "consumption remained relatively weak," according to Chinese price reporting agency MySteel.On the supply front, Malaysian production is expected to rise in the coming months following a seasonal low in Q1, providing a boost to the plantation sector, according to Affin Hwang Investment Bank, as cited by The Star.April domestic palm oil output has already seen a recovery, surging 18.4% from a month earlier to 1.6 million metric tons.Palm oil prices will find support from biodiesel policies supporting richer blends and from geopolitical tensions going forward, the investment bank reportedly said.

Commodities84d ago

Argentina to Grant Tax Benefits to Attract $25 Billion to Vaca Muerta Oil Project

Argentina will include the LLL Oil project, located in the country's Vaca Muerta shale area, in its RIGI incentive program, offering tax benefits and guarantees to attract $25 billion in investment, Horacio Marin, CEO of state oil company YPF said on Linkedin on Friday.Marin said the project was the largest ever included under RIGI and the country's largest-ever export-focused oil project.The YPF-owned project will generate more than $100 billion in export revenue over its lifetime, Marin said. Export revenue is estimated at $6 billion per year from 2032 from 240,000 barrels of daily output drawn from 1,152 wells."For years we said that Vaca Muerta was going to change the story of Argentine energy. Today we're entering this phase," Marin said."What lies ahead in the next two years is unprecedented. We will achieve it with passion and with our people who go the extra mile every day to turn huge challenges into concrete results," he said."We are building a company and an industry of world class."A Bloomberg article on the development said that the company would likely need to attract significant capital from banks and other companies most likely outside the country.It noted that the country has achieved a jump in oil output in recent years after this was stymied by years of regulatory shifts. However, it said that major international oil companies have given the country a wide berth of late.TotalEnergies (TTE), Exxon Mobil (XOM) and Equinor (EQNR) have all divested since President Javier Milei took office more than two years ago, Bloomberg noted.

$EQNR$TTE$XOM

Commodities86d ago

Weekly US Natural Gas Posts Gains on Warm Weather Forecasts Despite Soft Demand

US natural gas markets edged higher over the week as weather forecasts pointed to above-normal temperatures expected to lift cooling demand, even as overall consumption remained muted across much of the US.The front-month June contract price rose to $2.96 per million British thermal units from $2.75/MMBtu on May 8.The front-month June contract price rose over the week to $2.86/MMBtu from $2.73/MMBtu on May 8, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Wednesday.Natural gas spot prices rose by $0.13/MMBtu to $2.88/MMBtu during the week ended May 13, according to the EIA, from $2.75/MMBtu the prior week.This comes despite near-normal temperatures prevailing across most of the US, with limited heating or cooling needs, leading to lower gas consumption. Total gas demand dropped 0.5 billion cubic feet per day, or by 1% from the prior week, according to LSEG data.This was led by a 1.8 Bcf/d, or 13% decline in residential and commercial consumption, which was largely offset by a 1.8 Bcf increase in demand from the electric power sector.Additionally, LNG feedgas continued to average around 17 Bcf/d, compared to the 30-day moving average of 18.75 Bcf. This is largely due to several major LNG facilities undergoing planned maintenance.Prices surged across most regional hubs during the week, but not all, with Waha reporting a $0.36/MMBtu increase. In the power sector, the Electric Reliability Council of Texas, also known as ERCOT, supplied 20% more natural gas-fired generation, owing to a steep decline in wind and nuclear generation, which fell by 19% and 12%, respectively.The net injection into storage for the week ended May 8 was 85 Bcf, up from 63 Bcf the prior week, bringing total gas inventories to 2,290 Bcf, according to EIA data. The injection was slightly below analyst forecasts of 86 Bcf, supporting prices, according to data compiled by Investing.com.During the same week last year, the EIA reported a net injection of 109 Bcf, with the five-year average for this period at 84 Bcf.Total gas inventories at 2,290 Bcf are now 51 Bcf, or 2% above the corresponding period a year ago, and 140 Bcf, or 7%, higher than the five-year average for this period.Nearly all regions reported a net injection of working gas for the week ended May 8, with the East and South Central regions injecting 27 Bcf, while the Pacific and Mountain regions remain above their respective year-ago and five-year average levels.Analysts at NRG Energy noted that storage replenishment has been much slower so far this year, with surpluses relative to prior-year figures starting to fall.Meanwhile, the US gas rig count dropped by one from 129 the previous week to 128, in the week ending May 15, according to data from Baker Hughes (BKR) released Friday. That compares with 108 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by three to 675 from 672 the previous week.Weather forecasts are now pointing to above-normal temperatures across most of the country over the last week of this month, according to the National Weather Service. This is expected to add to cooling gas demand over the next two weeks.A total of 37 liquefied natural gas-carrying vessels left US ports during the week, up by seven, compared to 30 vessels last week, with a total capacity of 141 Bcf, up by 26 Bcf compared to the prior week.In international markets, European TTF gas prices averaged $15.68/MMBtu for the week ended May 13, $0.17/MMBtu higher than the previous week.The Japan-Korea Marker averaged $16.93/MMBtu, about $0.03/MMBtu higher than the prior week.In project development news, Caturus announced a final investment decision on its $13 billion Commonwealth LNG project in Cameron Parish, Louisiana. The company also secured $9.75 billion in financing for the 9.5 million metric tons per annum export terminal, which is scheduled to enter service in 2030.Speaking during a CNBC interview reposted by the Department of Energy, US Energy Secretary Chris Wright said the market had lost about 10 Bcf/d of gas exports amid disruptions affecting LNG trade flows.Wright said the US currently exports about 20 Bcf/d of natural gas, roughly double the volumes exported by the next-largest global suppliers. He added that the US is still adding about 2.5 Bcf/d of new export capacity this year.

$BKR

Commodities86d ago

Iowa, Missouri, Sue New York Over Mandatory GHG Reporting Program, Alleging Overreach

Iowa and Missouri sued New York on Thursday over its mandatory Greenhouse Gas Reporting Program, which imposes reporting requirements, compliance costs, and penalties on out-of-state fuel suppliers, including producers of ethanol, biodiesel and other biomass-derived fuels.The suit was filed in the US District Court for the Eastern District of Missouri, alleging that the program requires fuel suppliers to register with New York and report the amount of liquid fuel that they may sell there, regardless of where the initial sale or production occurs.Iowa and Missouri officials believe this violates the US Constitution.In 2019, New York enacted a law requiring substantial reductions in the state's greenhouse gas emissions by 2030 and even greater reductions by 2040.The court document stated that the law did not specify how those reductions would be achieved. Rather, it directed New York's environmental agency to issue regulations supplying those details. Those emissions reduction regulations have not yet been issued.In December 2025, New York issued regulations establishing a Mandatory Greenhouse Gas Reporting Program, or the GHG Rule.The rule does not set emissions limits. It imposes reporting and compliance obligations to generate information that New York intends to use to create regulations that will reduce New York's greenhouse gas emissions considerably by 2030.The GHG Rule also states that New York may enter and inspect a reporting entity's property without notice, impose civil and criminal penalties, and enjoin any violations.But the GHG Rule does not apply only to entities located in or doing business in New York. Instead, it reaches activity beyond New York's borders.As currently written, the GHG Rule extends to fuel suppliers in Iowa and Missouri, as well as to AmFree's members in the biofuels industry, according to the court filing.Iowa produces the most ethanol and biodiesel of any state in the US. Missouri is the thirteenth-largest ethanol-producing state.

Commodities86d ago

PG&E Activates Emergency Center Ahead of California Fire Risk

Pacific Gas and Electric (PCG) said Friday it activated its Emergency Operations Center as a dry offshore wind event raised wildfire risks across parts of Northern California for Sunday and Monday.PG&E said dry and fair weather conditions will continue Friday with west to northwest winds staying mostly below 30 miles per hour before a low-pressure system brings stronger northerly winds over the weekend.Wind gusts could reach 30 mph to 45 mph along the North Coast and coastal gaps Saturday, while gusts across the Sacramento Valley may range between 25 mph and 35 mph, PG&E said.By Sunday morning, winds are expected to shift northeast with gusts reaching 35 mph to 50+ mph across the Sacramento Valley and 30 mph to 40 mph through the San Joaquin Valley.Localized gusts could exceed 55+ mph across elevated Bay Area terrain and portions of the western Sacramento Valley, according to PG&E.The company said winds will weaken slightly on Sunday night before isolated gusts of 20 mph to 35 mph redevelop on Monday across the Sacramento Valley and nearby terrain.A Fire Weather Watch remains in effect from early Saturday through Monday evening across the Central Valley due to gusty winds and low humidity levels, PG&E said.Dead fuel moisture levels are trending below normal, while lower-elevation vegetation species, including Chamise and Sagebrush, are approaching flammable conditions.Northern Operations Predictive Services expects normal fire activity in May before conditions rise above normal from June through August as vegetation becomes more flammable, PG&E said.Southern Operations Predictive Services expects wildfire activity across the region to remain near normal levels through August.The utility said 448 of 788 circuits located in High Fire Risk Areas currently have Enhanced Powerline Safety Settings enabled, while another 30 buffer-only circuits also remain activated.

$PCG

Commodities86d ago

US Natural Gas Update: Prices Strengthened on Forecast Heat in the East Next Week

US natural gas futures extended gains in after-hours trade on Friday to a six-week high due to an expected increase in cooling demand from the US East Coast next week.Front-month Henry Hub futures and the continuous contract both rose by 2.32% to $2.961 per million British thermal units.Weather forecaster Vaisala said Friday that above-average temperatures are expected across the Rockies and the East Coast for May 25-29, Barchart reported.The expected heat wave is already leading to seasonal highs in natural gas demand from the power generation sector, the Energy Buyers Guide said in a Friday note."That consumption is approaching 35 Bcf per day for the first time since early March and is expected to hit new highs early next week as the heat peaks in the populous East," it said, adding that cooling degree day totals in the days ahead are expected to stay well below typical peak-summer levels, but the unusually early arrival of heat is drawing close attention from natural gas traders anticipating a potentially hotter-than-normal summer overall.The market also drew support from expectations that the Strait of Hormuz will remain closed for the foreseeable future, following a high-level summit between US and Chinese leaders that failed to yield progress toward reopening the key shipping route. Continued disruptions could increase demand for US exports to help offset lost supplies from Qatar and the UAE.Additionally, a lower-than-expected inventory injection boosted sentiment on Thursday when the US Energy Information Administration reported an 85 billion cubic foot injection into storage for the week ended May 8. The build fell short of analysts' expectations and was well below the 109 Bcf increase recorded in the same week a year earlier. The latest data left the storage surplus versus the five-year average at 6.5%, while the surplus over the year compressed to 2.3%, the EIA said.According to Barchart, citing BNEF data, US gas production averaged 109.7 Bcf/d on Friday, up 3.2% year over year. Demand on Friday totaled 67.4 Bcf/d, an increase of 0.4% from a year earlier, and net LNG feedgas flows to US export terminals were estimated at 17.5 Bcf/d, up 1.9% week over week.

Commodities86d ago

Market Chatter: Trump Administration Moves to Fast-Track Arctic Oil Permits in Alaska Reserve

The Trump administration plans to streamline permitting for oil projects in the National Petroleum Reserve-Alaska, seeking to accelerate crude production in the US Arctic amid heightened concern over global energy supplies, Bloomberg reported on Friday.The 23-million-acre reserve, about 500 miles north of Anchorage, was originally designated for naval oil supplies and is estimated by the US government to contain 8.8 billion barrels of recoverable oil.The Interior Department is expected to create a new framework for approving oil production facilities and related infrastructure in the reserve. Officials said qualifying projects could undergo environmental review and receive permits in as little as 30 days.The proposed initiative centers on an Interior Department effort to conduct a broad environmental review of a typical reserve development, examining the impacts of wells, gravel roads, processing units and other common infrastructure.That review would lay the groundwork for a future rule establishing criteria for oil and gas projects eligible for expedited permitting based on the broader environmental analysis.The Interior Department's Bureau of Land Management is to launch the effort with an environmental impact statement and a 45-day public comment period on the study's scope.The Interior Department did not immediately respond to a request for comment from.The proposal could reportedly benefit companies including ConocoPhillips (COP), Santos and Repsol, all of which hold leases in the reserve, as well as ExxonMobil (XOM), Shell (SHEL), Armstrong Oil & Gas and other oil companies that bid about $164 million on leases in the reserve during a record-setting government auction in March."We know we can speed up permitting a common sense way," Burgum reportedly told Bloomberg in an interview.Burgum was reportedly set to announce the plan on Friday near the Willow project during a visit to oil and mining sites in Alaska.Bloomberg said environmental groups warned the proposal could weaken scrutiny of long-term energy projects and their impacts on wildlife, ecosystems and Indigenous communities.(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.)

$COP$SHEL$XOM

Commodities86d ago

Outside Investors Mostly Add Bullish Positions in Biofuels' Futures, Options Markets, CFTC Says

Money managers mostly added to their bullish or net long positions in the biofuel futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report released Friday.The weekly COT Report, as of the week ending May 12, showed that money managers are net long, a bet that the market will go higher, in the California LCFS market by 62,975 contracts, up from 60,714 contracts a week ago.The COT report showed that money managers added to their net long position to 1,078 contracts in the D6 RINS Current Year futures and options markets.In the D4 Biodiesel RINS Current Year futures and options markets, money managers hold a net long position of 2,473, down from 3,453 a week ago.For ethanol, money managers are net long by 6,601 contracts, up from 6,263 contracts a week ago in the futures and options markets.Money managers are net long soybean oil futures and options by 162,287 contracts, down from 165,725 contracts a week ago.Money managers are net short Malaysian palm oil futures by 1,335 contracts, up from 1,065 contracts a week ago.

Commodities86d ago

Market Chatter: BP Plans Pipeline Gas Trading Layoffs Amid LNG Push

BP (BP) plans to cut about 20 jobs from its pipeline gas trading business as the company increases focus on liquefied natural gas trading, Reuters reported Friday, citing two sources familiar with the matter.BP will shut down its pipeline gas trading desk and shift remaining staff into the company's rapidly growing LNG trading business.The move reflects wider changes across Europe's gas market, following countries' reduced reliance on Russian pipeline supplies and increased LNG imports after the 2022 energy crisis.European energy companies have generated billions from gas trading by benefiting from price swings across regional and derivatives markets during recent supply disruptions.One source said lower pipeline gas trading activity across Europe likely played a role in BP's decision to reduce the team's size.BP has identified LNG as a core part of its strategy as the company works to lower debt levels and refocus spending on oil and gas projects after its unsuccessful expansion into renewables.BP continues expanding LNG trading activities in Europe, Asia, and the Middle East while supplying customers in Japan, Korea, Kuwait, Singapore, Taiwan, and Australia through long-term contracts, according to the company website.BP didn't 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.)

$BP

Commodities86d ago

US Biofuels Update: Soybeans Drop on Lack of China Trade Progress

Biofuels feedstock futures closed mixed on Friday, as soybean traders, disappointed by a lack of trade deal announcements from the US-China summit, are now taking profits on the past month's gains.The Chicago Board of Trade July soybean futures contract closed 1.30% lower on Friday at $11.77 per bushel, while the CBOT July soybean oil futures contract settled 0.30% higher at 73.88 cents per pound.The Nymex June ethanol futures contract settled 1.64% lower on Wednesday at $1.95 per gallon.Rhett Montgomery, DTN analyst, said traders are moving on from the trade summit."In a similar price action to corn, over the past two sessions, July soybean futures erased 52 cents of value, with traders disappointed over the lack of volume-specific details emerging from President Trump's visit to China. Prices have retreated towards the bottom end of the March/April range," Montgomery said.Meanwhile, the National Oilseed Processors Association on Friday said the US April soybean crush totaled 211.856 million bushels, up 11% over the year but down from March and below the trade's expectation of 214 mb.April's soybean oil stocks totaled 1.947 billion pounds, up 28% year over year, down from March, and below the trade's expectation of 1.954 billion pounds.

Commodities86d ago

Money Managers Uphold 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 12, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 214,128 long positions, up 89 from May 5, while short positions increased by 2,462 to 82,083.Producers, merchants, processors, and users held 818,972 long positions and 449,114 short positions.

Commodities86d ago

Canada, Alberta Advance Energy Export, Power Grid Agreement

Canada and Alberta reached a new agreement Friday that targets stronger carbon markets, cleaner electricity expansion, and increased energy exports to Asian markets, the Prime Minister's office said in a release.Prime Minister Mark Carney and Alberta Premier Danielle Smith announced the implementation agreement as part of broader plans to strengthen Canada's economy and diversify exports.The agreement follows a memorandum signed in November that focused on expanding Alberta's energy sector, increasing renewable investment, and lowering emissions through cooperative policies.Canada and Alberta agreed to raise the effective carbon price to CA$115 ($83.59) per ton by 2030, CA$130 by 2035, and CA$140 by 2040.Under the Technology Innovation and Emissions Reduction system, Alberta also agreed to tighten emissions benchmarks gradually while introducing a minimum floor price for TIER credits beginning in 2030.The federal and Alberta governments will jointly issue 75 million tons of Carbon Contracts for Difference to support emissions-reduction projects, with costs shared equally.Canada and Alberta also agreed to work toward doubling Alberta's electricity grid by 2050 through expanded nuclear, wind, solar, and geothermal generation, as well as lower-carbon generation capacity.The two partners will launch a joint Electricity Working Group focused on grid modernization, energy storage, transmission expansion, and support for artificial intelligence and data center demand.To expand energy exports, Alberta plans to submit a proposal for a new bitumen pipeline to Asian markets to Canada's Major Projects Office by July 1, 2026.Canada will seek national interest designation for the project under the Building Canada Act by Oct. 1, 2026, while continuing consultations with Indigenous communities and British Columbia.The proposed pipeline depends on the Pathways Project, which Canada and Alberta said could cut annual emissions by 16 million tons while generating CA$16.5 billion in gross domestic product.The project will also generate CA$12.2 billion in labor income while supporting as many as 43,000 jobs annually.Large oil sands producers will also need to cut carbon intensity by 2% annually through emissions reductions, carbon credits, or direct carbon payments under the agreement, Bloomberg reported.The governments also reaffirmed plans to finalize a methane equivalency agreement by late 2026, aiming to reduce Alberta oil and gas methane emissions by 75% below 2014 levels by 2035.Prime Minister Mark Carney said Friday, "Today's agreement reinforces that Alberta and Canada are lands where the opportunities are plentiful, the rules are clear, and one project means one review. We are building a Canada that works with a more prosperous, sustainable, and resilient economy for all."

Commodities86d ago

Sherritt Moves to Exit Key Cuba Operations After Expanded US Sanctions

Sherritt International plans to dissolve key Cuba joint ventures after expanded US sanctions threatened its ability to continue operations, the company said in a Friday statement.After the US administration widened sanctions against Cuba through a May 1 executive order, Sherritt decided to halt direct involvement in Cuban joint venture operations, the company said.Sherritt owns a one-third stake in Energas, a Cuban joint venture that converts raw natural gas into electricity supplied to Cuba's national power network.In addition, the company holds interests in two oil and gas exploration production-sharing contracts as well as a related drilling services agreement.Sherritt said it plans to surrender its Energas interest as well as its oil, gas and drilling assets while expecting no compensation for those operations.Dissolution procedures under the Energas agreement could take months or even years, prompting the company to seek accelerated relief from the Alberta Court of King's Bench at a May 19 hearing.Sherritt's interests also include its 50% stake in the Moa nickel and cobalt joint venture with Cuba's General Nickel Company, known as GNC.According to the company, exiting Cuban operations could help reduce risks linked to banking access and auditor availability following the expanded US sanctions.The company said it has already informed Cuban authorities about the planned separation and will continue working with stakeholders to complete the process.

Commodities86d ago

US Natural Gas Update: Prices Rise on Short-Term Supply Concerns

US natural gas futures advanced in midday trading Friday after a smaller-than-expected storage build and continued signs of easing production, reinforcing a tighter near-term supply backdrop.Henry Hub front-month futures and the continuous contract both rose 2.38% to $2.963 per million British thermal units.The upward move followed Thursday's report from the US Energy Information Administration, which showed an 85 billion cubic foot injection into storage for the week ended May 8. The build fell short of analyst expectations and was well below the 109 Bcf increase recorded in the same week a year earlier.The latest data left the storage surplus versus the five-year average at 6.5%, while the surplus over the year arrowed to 2.3%, the EIA said.Demand trends were mixed. Power sector consumption declined by 1.2 Bcf per day Thursday and is expected to fall by another 0.7 Bcf/d Friday, according to NRG Energy. Residential and commercial demand provided a partial offset on Thursday with a 0.6 Bcf/d increase, though that segment is forecast to drop by 1.3 Bcf/d on Friday.On the power pricing front, wholesale electricity prices in the PJM Interconnection grid region reached $136.53 per megawatt-hour in Q1 2026, nearly double the $77.78/MWh recorded in the same period last year, NRG said. The increase has been attributed largely to rising load from data centers.Aegis Hedging said Friday that rising power prices are expected to improve margins for gas-fired generation, reinforcing gas demand as the system adjusts to higher structural electricity load growth from data center expansion.Hotter temperatures on the US East coast could bring some elevated power demands and some hourly price volatility to NYC electricity markets next week, Tradition Energy's Gary Cunningham said in a Friday note.The "heat shouldn't be enough to create any real strain on the grid, and the price volatility from PJM to New England will likely be capped at ~$150/MWh," Cunningham said.US dry gas production slipped from about 107.7 Bcf/d over the weekend to 106.0 Bcf/d midweek before rebounding toward 107.2 Bcf/d Friday, according to NRG.LNG feedgas deliveries declined from a record 18.8 Bcf/d in April to around 17.0 Bcf/d so far in May, hitting a 15-week low amid seasonal maintenance at facilities including Golden Pass LNG and Freeport LNG, NRG said.In project development news, Caturus announced a final investment decision on its $13 billion Commonwealth LNG project in Cameron Parish, Louisiana. The company also secured $9.75 billion in financing for the 9.5 million tonnes per annum export terminal, which is scheduled to enter service in 2030.

Commodities86d ago

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

(Updates with additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US rose by three to 551 in the week ending May 15, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by five from 410 the previous week to 415, while the number of gas rigs dropped by one from 129 the previous week to 128.The number of miscellaneous rigs in the US dropped by one from 9 the previous week to 8, the data revealed. The US had 465 oil, 108 gas, and three miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by three to 675 from 672 the previous week.Price: $64.72, Change: $+0.11, Percent Change: +0.17%

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Commodities86d 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 551 in the week ending May 15, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by five from 410 the previous week to 415, while the number of gas rigs dropped by one from 129 the previous week to 128.Price: $64.72, Change: $+0.11, Percent Change: +0.16%

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Commodities86d ago

Weekly US Natural Gas Posts Gains on Warm Weather Forecasts Despite Soft Demand

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