Financial News · Live Terminal

Page 12 of 101

European Commission Approves Stonepeak Purchase of Castrol

The European Commission approved Stonepeak's acquisition of UK-based Castrol after determining the deal would not create competition concerns, according to a statement on Tuesday.Investment funds advised or managed by affiliates of US-based Stonepeak Partners will acquire sole control of Castrol Group Holdings under the transaction, according to the Commission.Castrol's business primarily focuses on developing, manufacturing and selling lubricants, greases, coolants and other related fluid products, the Commission said.The regulator concluded that the companies' limited market positions would prevent the deal from harming competition and reviewed the transaction under its simplified merger procedure.

Commodities7d ago

Utility-Scale Solar Overtakes Natural Gas in California Power Generation, EIA Says

Utility-scale solar generation exceeded natural gas-fired electricity generation in the California Independent System Operator system during the first five months of 2026, marking a significant shift in the region's power mix, the US Energy Information Administration said in a Tuesday note.Solar electricity generation in CAISO rose 21% compared with the same period in 2024, while natural gas generation fell 60%.Utility-scale solar generated more electricity than natural gas on a daily basis on 82% of days between January and May 2026, up sharply from 21% of days during the same period in both 2024 and 2025.The change reflects substantial growth in renewable energy and storage capacity across the CAISO system.According to the Preliminary Monthly Electric Generator Inventory, utility-scale solar capacity increased 19% from April 2024 to April 2026, reaching 25 gigawatts.Net battery storage capacity expanded 79% over the same period to 16 GW. By contrast, natural gas generation capacity remained essentially unchanged at 29 GW. Overall net generating capacity increased 14%, or 11 GW.Battery storage systems, many of which are co-located with solar facilities, have played an increasingly important role in supporting grid operations.These systems store excess solar generation during midday hours and discharge electricity at night. Battery storage discharges during the first five months of 2026 were three times higher than in the same period of 2024.Despite increased output from solar and batteries and a 7% rise in electricity demand, CAISO's net electricity generation declined 19% over the period as imports from neighboring power systems doubled.The increase in imports was driven by the availability of lower-cost electricity from outside California.Hydroelectric imports from the Pacific Northwest rose as drought conditions eased in the region. CAISO also began receiving power in April from the newly commissioned SunZia wind project in New Mexico.Generator retirements also contributed to changes in the system's resource mix. Between May 2024 and May 2025, CAISO retired 555 megawatts of generating capacity, including a 300-MW battery storage facility that was damaged by a fire in January 2025.

Commodities7d ago

Two Iran-Linked Tankers Transit Eastward via Hormuz Strait, Bloomberg Analysis Shows

Two tankers associated with Iran are moving eastward through the Strait of Hormuz ahead of the signing of an interim peace deal between Iran and the US later in the week, which is expected to reopen a vital conduit, Bloomberg reported Tuesday, citing ship-tracking data.One of the vessels is in the Strait, while the other has already crossed the waterway and reached the Gulf of Oman, though it is still to exit the US blockade line, which extends from the easternmost tip of Oman to the Iran-Pakistan border, the report said.Both the fuel carriers had their transponders turned on while passing through the conduit.Iran is expected to reopen the Strait of Hormuz, while the US has committed to end its maritime blockade once the interim peace agreement is signed in Switzerland on Friday, the report said.Meanwhile, according to a Reuters report on Tuesday, the US military has overseen dozens of covert ship-to-ship oil transfers to keep Gulf energy exports moving, using drones and helicopters to guide waiting tankers.The operation near the Strait of Hormuz uses a ship-to-ship transfer method that Iran has long used to bypass sanctions. The transfers take place at two locations, off the coast of Fujairah in the UAE and near the Omani port of Sohar, the report said, citing 11 people familiar with the matter.At least 92 ships were part of the operation, which started in early May, Reuters reported, citing ship tracking data.Satellite images reviewed by Reuters showed 17 pairs of ships conducting oil transfers simultaneously at the two sites as recently as June 11, the report added.has reached out to the United States Central Command for a comment.

Commodities7d ago

Hormuz Crisis Exposes Southeast Asia's Energy Vulnerabilities, IEA Says

Southeast Asia must accelerate efforts to diversify its energy supplies and strengthen regional cooperation after disruptions in the Strait of Hormuz exposed deep vulnerabilities in the region's energy system, the International Energy Agency said on Tuesday.The IEA said in its 2026 Southeast Asia Energy Outlook that the Middle East conflict and the near shutdown of energy shipments through the strategic waterway have underscored the risks facing one of the world's fastest-growing energy markets.The region relies heavily on Middle Eastern crude, with about 60% of its oil imports originating from the Gulf.The IEA said that half of the oil products refined or consumed across Southeast Asia are derived from Middle Eastern crude, leaving economies vulnerable to supply disruptions and price shocks.The agency said the ongoing conflict has already triggered shortages of petrochemical feedstocks, chemical products and liquefied petroleum gas used by millions of households for cooking.Though governments have responded with emergency measures to reduce demand, including encouraging remote work, the IEA said policymakers must look beyond short-term fixes and address structural weaknesses in Southeast Asia's energy system."Southeast Asia is a crucial region shaping global energy trends and set to account for 20% of the growth in the world's energy demand over the next decade, second only to India", said Fatih Birol, IEA executive director.He added that the energy crisis has exposed structural weaknesses in Southeast Asia's energy sector that need to be addressed rapidly and robustly.The IEA forecasts that Southeast Asia's energy import bill will reach $160 billion this year, and could climb to $400 billion by mid-century under current policy settings, equivalent to about 5% of regional economic output.The agency points to diversification as a key strategy, with countries increasingly turning to domestic energy resources and renewable power. Renewable generation capacity is projected to nearly triple within the next decade under existing policies, while solar deployment is showing signs of accelerating.The 2026 Southeast Asia Energy Outlook report shows that the Philippines emerged as the second-largest destination for Chinese solar exports during the first quarter of 2026, with imports about three times higher than a year ago.Coal is also expected to receive renewed support as governments prioritize energy security. However, the IEA said that nuclear power is gaining attention as a longer-term option despite concerns over costs and lengthy construction timelines.Electricity is expected to play a key role in Southeast Asia's energy transition. Power demand is set to grow at twice the pace of overall energy consumption and is projected to rise through 2050 as populations expand, economies industrialize and demand for cooling increases.The stock of residential air conditioners across Southeast Asia is also set to triple by 2035, while electric vehicle adoption is accelerating.The IEA said one in five cars sold in the region is now electric, with governments considering additional incentives to reduce dependence on imported fuels.

Commodities7d ago

Market Chatter: Coal Market Tightens After Shanxi Accident, Indonesia Export Changes

Coal prices could remain supported amid supply disruptions in China and Indonesia, alongside energy market volatility linked to the Iran conflict, according to a Reuters report on Tuesday.After the Iran war disrupted traffic through the Strait of Hormuz, utilities in Japan and South Korea increased purchases of higher-quality coal as the availability of liquefied natural gas tightened.The shift in buying helped lift Newcastle coal prices above $150 per metric ton, close to the strongest levels seen in nearly two years, the report said.China and India had curbed demand for lower-grade Indonesian coal by relying on ample inventories and renewable generation, but a deadly mine accident in Shanxi has since tightened coal supply in China.As domestic output tightens, China could import 27.8 million metric tons of thermal coal in June, up 27.6% from a year earlier, the report added, citing DBX Commodities Chief Executive Officer Alexandre Claude.Supply concerns intensified further after Indonesia moved to place coal exports under a new state-owned entity, Danantara. Claude said shrinking inventories and constrained seaborne supply leave prices vulnerable to further gains.Production from Indonesia's thermal coal sector fell 7% over the year during January through April, while exports could slide roughly 11% this year to 446 million tons if current trends continue, McCloskey's Scott Dendy said, according to the report.Growing electricity demand across Southeast Asia is adding pressure to coal markets. Hot weather has lifted consumption in Vietnam and the Philippines, while Thailand may increase imports as tighter gas supplies limit alternatives, the report added, citing I-Energy Resources Director Vasudev Pamnani.Rystad Energy estimates the fallout from the Iran conflict alone could add another 70 million tons of coal demand across Asia-Pacific markets in 2026, according to a June research note cited by the report.At the same time, Argus expects global coal supply to fall 5.7% next year to 985 million tons. Analysts also expect El Nino weather conditions to strengthen electricity demand and support additional coal consumption.Drought-like conditions in northern China could reduce hydropower generation, while hotter weather may increase air-conditioning demand, Nanjing University associate professor Peng Qihua said. Lower hydropower output typically boosts coal consumption in China, the report said.Supply-side pressures are also affecting major exporters. McCloskey's Scott Dendy said Russian coal output has weakened as a stronger rouble and higher transportation costs leave roughly two-thirds of producers operating at a loss.Although Australia could increase exports this year, higher mining expenses and constrained diesel supplies may limit growth. Meanwhile, Indian buyers are showing greater interest in South African cargoes, but DBX expects vessel clearance and shipping delays to weigh on June exports.(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.)

Commodities7d ago

Queensland Renewable Project Scaled Back, Redesigned as Hybrid Energy Hub

Plans to develop what was once proposed as the largest wind farm on Australia's main electricity grid have been significantly scaled back and redesigned into a hybrid renewable energy project in north Queensland, Bogunda Energy Hub said in an announcement Tuesday.Renewable Energy Partners this week launched a website for its proposed Bogunda Energy Hub, almost two years after first unveiling plans for a wind development of up to 5 gigawatts near Hughenden in the state's north.The revised project will combine up to 850 megawatts of wind generation, 500 MW of solar capacity and a 500 MW battery energy storage system with four hours of storage.The development is planned alongside Powerlink's CopperString transmission project, which is designed to connect Queensland's North West Minerals Province to the state's main electricity grid.REP said the project, which retains the name "Bogunda," meaning "big wind" in the local Yirandhali language, remains in the early stages of development. Ecological surveys and grid connection studies are expected to begin shortly."The site is ideally located adjacent to Powerlink's CopperString project which is set to be complete by 2032 (subject to approvals) and will connect North West Queensland to the National Electricity Market," REP said on the project website.According to the company, the completed development would comprise 136 wind turbines, over 714,000 solar panels and a large-scale battery energy storage system. REP estimates the facility would generate enough electricity to supply more than 500,000 Queensland households.

Commodities7d ago

Slower Winds Reportedly Increase China's Fossil-Fuel-Derived Electricity Supply in May

Fossil-fuel-derived power generation in China, mainly from coal, increased 2.1% in May, versus a year prior, due to slower winds and despite additions to its renewables capacity, multiple media outlets reported on Tuesday, citing the National Bureau of Statistics of China.In the first five months of 2026 alone, the increase in fossil-fuel derived power was 3.4%, according to Reuters, citing the bureau.Hydropower output meanwhile increased 13% compared with a year earlier and did not offset the increase in thermal power generation as demand for electricity grew.The article quoted an analyst at the Centre for Research on Energy and Clean Air who wrote on X, formerly Twitter, that winds from March to May were the worst for power generation in more than a decade.Power generation country-wide was 784.3 billion kilowatt-hours from all sources in May, a 4.2% increase versus May 2025, while power produced from January to May this year increased 3.6% year on year.The figures are likely understated since they do not include generation from small-scale renewables, the article said.Electricity consumption in the country is expected to grow between 5% and 6% this year to more than 11 trillion kilowatt-hours, according to a state-owned power generator, Huadian, at the Coaltrans conference in Beijing last week, the article said.The Shanghai Metals Market website said that China's coal production in May was 400 million tons, down 1.7% from that month in 2025 while the Jan-May figure at large industrial enterprises was 1.98 billion mt, down 0.3% on year.Crude oil production by large industrial enterprises was 18.57 million metric tonnes of crude, rising 0.5% year on year. Growth slowed 0.7 percentage points from April with production averaging 599,000 mt.Crude oil production at large industrial enterprises over the Jan. to May period was 91.31 million mt, up 1.1% year on year. Crude oil processing declined to 53.72 million mt, down 9.1% year on year.The decline was 3.3 percentage points more than April's year-on-year decline, the website's article said. Daily volumes processed were 1.73 million mt.Over the Jan. to May period, crude oil processed at large industrial enterprises fell 2.2% year on year to 292.8 million mt.Natural gas production by large industrial enterprises in May also fell 2.2% year on year to 21.7 billion cubic meters, versus a 1.9% increase seen in April. Average daily output fell by 700 million cubic meters, according to Reuters and .Over the Jan. to May period, natural gas production at large industrial enterprises summed 111.7 billion cubic meters, up 1.7% year on year.The bureau could not be reached for comments by.

Commodities7d ago

Equinor Targets Higher Production in 2030 as Demand Rises

Norwegian energy company Equinor (EQNR) said Tuesday it aims to increase its production to 2.3 million barrels of oil equivalent per day by 2030, as part of its broader strategy to deliver more energy as demand grows.This represents production growth of around 150,000 barrels of oil equivalent per day, according to the company. Equinor's output reached a record high of 2.1 mmboe/d in 2025."Our strategy is to maximize value on the Norwegian continental shelf, deliver focused growth in international oil and gas, build a competitive integrated power business and create more value uplift through trading and market optimization," company president and chief executive Anders Opedal said at Equinor's capital markets day.The company noted that it will allocate around 60% of its capital budget to further develop the Norwegian continental shelf, which is now expected to produce 1.35 mmboe/d in 2030 and 1.30 mmboe/d in 2035, following a 100,000 boe/d upward revision in its outlook."Increased recovery and high exploration activity will continue to add new recoverable resources to extend longevity," Equinor said, adding that its investment opportunities have break-even prices below $35 per barrel and payback time of less than two and a half years.The company also plans to develop six to eight new tie-back projects annually through 2035.Meanwhile, its international oil and gas business is expected to receive around 30% of the capital budget, to help boost production by 30% to 950,000 boe/d by 2030.Equinor also said that around 10% of its capital budget will be allocated to its power business, which is anticipated to produce more than 20 terawatt-hours of electricity by 2030. This represents a four-fold increase in production driven by projects now being built.The company highlighted that it intends to deliver reliable supply, as electrification and artificial intelligence drive power demand and create greater need for flexible power generation.

$EQNR

Commodities7d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday Ahead of Fed Policy Meeting

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.04%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Tuesday's premarket activity, ahead of the Fed's monetary policy committee meeting on interest rates.A decision on interest rates is due tomorrow.US stock futures were also higher, with S&P 500 Index futures up 0.01%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.2% before the start of regular trading.In premarket action, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) retreated by 1.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.02%.Power Play:HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) was up 0.2%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was down 0.7%.Alvotech (ALVO) stock was down more than 6% premarket after the company priced an underwritten public offering of about 22.7 million shares at $3.75 per share, for gross proceeds of about $85 million.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.2%, while the Vanguard Industrials Index Fund (VIS) was up 0.5% and the iShares US Industrials ETF (IYJ) was inactive.SpaceX (SPCX) stock was up more than 4% before the opening bell following a 19.6% rise at the prior close. The company said it has signed an agreement to acquire Cursor in a deal with an implied equity value of $60 billion.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.5%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 0.4%, while the iShares Semiconductor ETF (SOXX) rose by 0.5%.Qualcomm (QCOM) shares were up more than 4% in premarket activity after CEO Cristiano Amon told CNBC the company is developing more than 40 new AI device designs as it prepares for the next wave of "agent" powered consumer electronics.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1.1%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.1% higher.Tesla (TSLA) shares were down nearly 1% pre-bell after closing Monday with a 1.2% gain. Global electric vehicle sales are expected to be slower than previously expected, especially in the United States, hurt by the withdrawal of regulatory support for electrification in the country, according to a Tuesday note published by BloombergNEF.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Fiserv (FISV) shares were up more than 1% pre-bell after the company said it has launched tender offers to buy all $750 million of 5.15% senior notes due 2027, and all $2 billion of 4.40% senior notes due 2049.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.3%.TotalEnergies (TTE) stock was up nearly 1% before market open, a day after the European Commission said it had approved a joint venture between TotalEnergies and Masdar focused on renewable energy projects in the Asia-Pacific region.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.9% to $78.40 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.9% to $3.18 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.9%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for July advanced by 0.2% to $4,360.00 an ounce on the Comex. Silver futures rose by 0.4% to $70.44 an ounce. SPDR Gold Shares (GLD) was up by 0.6%, and the iShares Silver Trust (SLV) rose by 0.7%.

Dow JonesNasdaq CompositeS&P 500$ALVO$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$FISV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QCOM$QQQ$RTH$SLV$SOXX$SPCX$SPY$TSLA$TTE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities7d ago

Biofuels Update: Soybean Complex Retreats on Fundamentals, Crude's Plunge; Palm Oil up

The Chicago soybean complex eased on Tuesday amid looser demand and supply fundamentals, and as crude oil prices continued to decline on prospects of higher supplies from the reopening of the Strait of Hormuz.The July soybean contract on the Chicago Board of Trade lost 0.87% to $11.09 per bushel. The corresponding July soybean oil contract fell 0.77% to 73.80 cents per pound in early trade.Indicating weaker domestic demand, members of the US National Oilseed Processors Association reportedly crushed 208.8 million bushels of soybeans in May, down 1.4% from a month earlier and below expectations for 216 million bushels.The average daily crush of 6.7 million bushels was also at an eight-month low, according to Mark Soderberg of ADM Investor Services.Chinese buying also remained subdued, despite last month's US-China summit.Soybeans inspected for export totaled 36.6 million metric tons in the current marketing period through June 11, down significantly from the previous year's 45.5 mmt, as per the latest data from the US Department of Agriculture.On the supply side, the agency reported that soybean planting progress across 18 US states reached 95% as of June 14, up from 93% recorded a year ago, which was also the average pace in the last five years.The USDA rated 66% of crops in good-to-excellent condition, higher than the previous week's 65% and comparable to the prior year's percentage.In South America, supplies remained ample, with Brazil's 2025/26 record crop exceeding 180 mmt.Soybean oil prices in the region dropped to record discounts in late May and early June as a result of rising supplies, while Chicago prices climbed to their highest levels since 2022 during the period, according to S&P Global."Participants said the divergence reflects a growing separation between a soybean oil market increasingly influenced by renewable diesel demand and biofuel policy in the US and a global export market still governed primarily by traditional vegetable oil fundamentals, including export demand, freight economics and competition from palm oil," S&P Global said.In Asia, Malaysian palm oil futures rebounded on Tuesday, driven by a weaker local currency and a recovery in exports during the first half of June, despite lower crude oil prices.The Bursa Malaysia Derivatives' July and August crude palm oil contracts rose about 2% to 4,501 Malaysian ringgit ($1,111.50) per metric ton and 4,539 ringgit/mt, respectively.The Malaysian ringgit eased against the US dollar by 0.45% on Tuesday, to end a three-session rally. This makes exports cheaper to international buyers, potentially increasing the attractiveness of Malaysian shipments.The country's export market is currently facing competition with rising numbers of Indonesian cargoes, as exporters rush to sell ahead of the full implementation of the new single-gate export policy next year.Still, Malaysia reportedly logged a 9.6% to 23.8% month-over-month increase in shipments in the June 1-15 period, based on cargo surveyor estimates.For July, the Malaysian Palm Oil Board lowered the crude palm oil reference to a level that keeps export duty at 10%.In India, the government reportedly raised the base import price for crude palm oil by $14/mt and that of crude soybean oil by $4/mt, to reflect global price trends and foreign exchange rates.Price differentials between the two vegetable oils have been narrowing in favor of soybean oil.In May, India's palm oil imports reportedly rose to 551,000 metric tons from 513,403 mt the previous month, but volumes remained below average levels. Soybean oil purchases, on the other hand, jumped 38% month-over-month to 497,000 mt, the highest in five months.On the supply side, "ample rainfall in Malaysia's producing regions is supporting palm oil's entry into a seasonal production increase cycle," according to price reporting agency MySteel.However, analysts expect that a developing El Nino weather phenomenon will reduce supply relative to previous season's levels, buoying prices in H2 through 2027.In the US, July ethanol prices on the NYMEX edged lower by 1.46% to $1.86 per gallon on Monday.

Commodities7d ago

DBS Slashes Brent Crude Forecasts for 2026, 2027; Says Prices May Have Peaked in Q2

DBS has lowered its price forecasts for Brent crude by $5 for 2026 and 2027 and suggested that oil prices may have peaked in Q2 for now.The Singapore-based financial institution expects Brent crude to now average between $80-$85/barrel in 2026, down from its previous estimates of $85-$90/bbl, and $70-$75/bbl in 2027 compared with $72-$77/bbl earlier. It had previously projected oil prices to hover in the $90-$110/bbl range in Q2 before a deal was struck."We reckon 2Q26 will represent the peak of oil prices for a while, as gradual resumption of Gulf supplies, lifting of sanctions on Iranian oil exports and UAE's exit of OPEC all point towards a well-supplied market over the next few quarters," said Suvro Sarkar, head of energy research at DBS in an emailed statement to."Chinese demand has also come under the scanner, with a sharp dip in oil imports in May being seen as having some components which could be more long term in nature," he added.DBS said despite the announcement of the interim US-Iran agreement announced earlier this week, shipowners and traders were still awaiting for clarity on the deal and re-opening of the Hormuz to assess whether safe transits are possible through the waterway. Previous US reviews had suggested a few months were needed to fully clear the Strait of mines.Other uncertainties too remain, including Israel's potential unwillingness to accept a ceasefire in Lebanon, and sticking points in the form of Lebanon and the extent of unfreezing of Iranian assets, it said.However, the announcement could result in the transit of a steady stream of vessels through a Strait, given that a handful of vessels have crossed the waterway over the last few weeks through waters close to Oman, while avoiding detection."Iraq and Kuwait would be keen to cut prices and sell their stored oil as fast as possible as they have been the worst hit in terms of exports over the last three months. This means the supply-demand gap could close quite fast in 3Q, and we could be in surplus territory by 4Q, even if some production in the Gulf is not back to pre-war levels," Sarkar said.According to DBS, a combination of factors have helped keep oil prices lower than expected including the exports of more supplies than anticipated through the Gulf, weaker Chinese demand, higher exports from countries like US, Canada, and Venezuela, and "support from inventory drawdowns, which have allowed both physical oil supplies and oil prices to remain within manageable levels, without causing any major panic till now."

Commodities7d ago

Sweden's Vattenfall Picks Rolls-Royce SMR for Nuclear Power Project

Swedish utility Vattenfall said on Monday that it was selecting UK-based Rolls-Royce small modular reactors over its US rival, GE Vernova (GEV), to supply small modular reactors for its nuclear power project on the Varo Peninsula.According to the company's press release, Rolls-Royce was selected from over 70 different options, in a process that took over four years, in what is set to be the country's first turn towards nuclear energy in over four decades, in its bid to decarbonize and strengthen economic competitiveness.Vattenfall noted that Rolls-Royce SMR offers an efficient and industrialized concept, with a proven pressurized water reactor technology. As the construction takes place in an industrialized and controlled environment, it reduces delays."We are very pleased to announce that Rolls-Royce SMR has been selected by Videberg Kraft," said Martin Darelius, the acting head of new nuclear at Vattenfall, who also added that the company offers "the strongest conditions for delivering a successful project."The British government too had lobbied in favor of the multi-billion-pound deal Rolls-Royce, with Prime Minister Keir Starmer calling it a "major win for Britain's economy," as it highlights the country's technology and innovation in helping drive Europe's clean energy transition.

$GEV

Commodities7d ago

Energy Dome, Salt River Project to Develop Battery Facility in Arizona

Italy-based Energy Dome and US non-profit utility Salt River Project have agreed to add a 19-megawatt, 10-hour battery system to Arizona grid, under a 20-year tolling scheme, according to a joint statement on Monday.The project, which is also a collaboration between SRP and Alphabet's (GOOGL) Google, will be co-located on the site of Coronado Generating Station in St. Johns, Arizona, according to the report.Energy Dome will own and operate the facility, while SRP will dispatch the output. Google, through a cost-sharing agreement with SRP, will fund a portion of the project.The companies expect the facility to come online in 2029.Energy Dome, a provider of capacity solutions for utilities and artificial intelligence infrastructure, will use its carbon dioxide battery and long-duration energy storage process to develop the project.SRP said adding energy storage is part of its broader strategy to "at least double the number of generating resources on its power system by 2035 to meet increasing energy demand in the Phoenix metropolitan area."

$GOOG$GOOGL

Commodities7d ago

Gazprom Moscow Oil Refinery Hit in Ukrainian Drone Attack, Fire Extinguished, Officials Say

A major Moscow oil refinery owned by Gazprom Neft was hit by a Ukrainian drone, causing a blaze which has since been extinguished, according to the capital city's mayor, Sergei Sobyanin and a statement from the city emergency services, on Tuesday.Sobyanin said that no one was injured in the attack on the refinery, which, according to Gazprom Neft, supplies more than one-third of the gasoline and diesel consumed in the Moscow region.No further details were provided regarding damage to the facility or limitations on production as a result of the drone strike.Ukraine has been intensifying attacks on Russian territory in what is now the fifth year of Russia's full-scale war on its neighbor, as its drone capabilities improve, putting energy assets within reach.Ukraine says it is targeting Russia's energy infrastructure to deprive it of resources, some of which are used to fund the conflict.Russian news agency Interfax reported separately that oil company Tatneft has introduced temporary limits on sales of gasoline and diesel. The company said it would only accept payment for fuel in cash, the article said.The sale limit is 30 liters for gasoline passenger cars, 60 liters for diesel passenger cars and 300 liters for trucks.

Commodities7d ago

Norway's Statkraft Launches Hydropower Expansion Project

Norwegian state-owned energy giant Statkraft will proceed with the construction of the Blafjell Pump project, an infrastructure project to optimize water inflows into Blasjo, the country's largest hydropower reservoir by energy capacity.The 300 million Norwegian Krone ($31.48 million) asset upgrade is projected to increase annual electricity generation within the Ulla-Forre power plant complex by 54 gigawatt-hours, the company said.Construction work is scheduled to begin immediately, following the awarding of key contracts worth a combined 250 million Norwegian Krone to four local and regional contractors across Karmoy, Suldal, Voss, and Grenland, it stated.Statkraft aims to commission the Blafjell Pump by December 2027.Concurrently, the utility will carry out mandatory regulatory dam safety modifications required by the Norwegian Water Resources and Energy Directorate on four structural barriers at the western end of Blasjo, with all site works slated for completion by 2028.

Commodities7d ago

IMO Calls Interim US-Iran Deal Key Step in Restoring Hormuz Maritime Safety

The International Maritime Organization on Monday welcomed the interim peace agreement between the US and Iran and said it was a major step towards restoring safety on the crucial Strait of Hormuz."This signals a crucial return to peace, dialogue, multilateralism and diplomacy, and in particular, an important step toward restoring safety in this vital maritime corridor for seafarers and ships, as well as safeguarding the fundamental principle of freedom of navigation," the IMO said in a statement.According to the IMO, there have been at least 46 verified attacks against international shipping in and around the strait since the beginning of the conflict on Feb. 28.The agreement allows the organization to move forward with its plans to evacuate thousands of trapped seafarers stranded in the area, in collaboration with member states and partners, the statement said."However, its implementation will require time to ensure that all necessary safety and security guarantees are in place," the statement added.

Commodities7d ago

Market Chatter: ConocoPhillips Expected to Secure Syrian Contract This Week

ConocoPhillips (COP) is expected to secure a contract from the new Syrian government this week, the first by a US energy major, the Financial Times reported.The Texas-based oil and gas exploration and production company is likely to sign a deal with state-owned Syrian Petroleum to develop existing gasfields and explore new ones, along with Novaterra Energy. The deal will expand on a memorandum of understanding signed in November, the report said.Last month, ConocoPhillips had signed another MoU with Syrian Petroleum, along with QatarEnergy and TotalEnergies (TTE) to assess offshore exploration opportunities.The Syrian government intends to revive the country's economy, which has been hard hit by war and economic sanctions.According to projections by experts the country requires 18 million cubic metres of gas to support its power grid everyday.It currently relies on imports from Azerbaijan and Qatar and electricity availability has improved recently to 13 hours from 2 hours, the report said.has reached out to ConocoPhillips, Syrian Petroleum and Novaterra Energy separately for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$COP

Commodities7d ago

Karoon Energy Cuts 2026 Production Guidance Over Snags in JV Output

Australia-based Karoon Energy has reduced its calendar year 2026 production guidance after the operator of its Who Dat joint venture, LLOG Exploration, said it cannot resume production through the Who Dat E manifold in 2026 as planned, Karoon said on Tuesday.LLOG advised that it is working on a remediation plan to restore deferred production, including the removal in Q3 of a broken riser. Depending on the outcome of laboratory analyses, E manifold production should resume from H2 2027, it said.Karoon has revised its overall production guidance down to between 7.2 million and 8.2 million barrels of oil equivalent, down from 8.1 to 9.2 million barrels. For the Who Dat project, guidance is now for 1.2 to 1.5 million boe, down from 2.1 to 2.5 million boe.Current production from Who Dat is 3,000 barrels of oil equivalent per day, with output from the A-1 ST well on track to start in the coming weeks with G-1 ST well operations to follow in Q4 pending approvals.Production guidance for projects in Brazil is unchanged, Karoon said.The company said that mechanical issues and weather delays had affected the SPS-92 and PRA-2 intervention programs at Bauna, but that work was proceeding and both wells would come online in the next few weeks, as previously stated.

Commodities7d ago

Market Chatter: US-Iran Deal Must Be 'Material' to Resume Hormuz Transit, Mitsui OSK Lines Chief Says

The US-Iran deal must be "material" to give shipowners the confidence to transit through the Strait of Hormuz, the Financial Times reported Tuesday, citing Mitsui OSK Lines chief executive Jotaro Tamura.Despite the recent US-Iran agreement that includes the reopening of the channel, Tamura reportedly said that many operators would wait before crossing as they take a more cautious approach following several false restarts in the past.The deal should translate into "real" situations in the Strait, the chief executive told FT, noting that the resumption of transit will likely take "at least a couple of weeks, or if not, a month."Mitsui, the world's biggest tanker operator in terms of number of vessels, has a fleet of 900 ships. Of this total, more than 200 carry crude oil, petroleum products and chemicals.It was able to get four vessels out of the Gulf before the deal announcement, Tamura reportedly said, without having to pay any fees to Iran. At present, Mitsui has at least seven ships stranded in the Gulf.has reached out to Mitsui to seek further information about its plans for the remaining tankers.The International Maritime Organization, on Monday, said its plan to evacuate seafarers stuck in the area "will require time to ensure that all necessary safety and security guarantees are in place."(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

NWS Warns of Heavy Rainfall Across South Texas, Western Gulf Coast, Lower Mississippi River Valley

The US National Weather Service said parts of South Texas, the western Gulf Coast, and Lower Mississippi River Valley are expected to experience excessive rainfall through Thursday, with risks of considerable local flash flooding.Meanwhile, the region stretching from central and northern California and the Pacific Northwest is likely to encounter hot temperatures.The NWS early Tuesday issued a red flag warning for Utah's Vernal, Duchesne, Price, Delta, Manti, Richfield, Delta, Milford, St. George, Zion National Park, Escalante, Bryce Canyon National Park, Capitol Reef National Park, Green River, Moab, Monticello, Blanding, and Bluff. These places primarily fall under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was raised for New Mexico's Farmington, Chama, Gallup, and Santa Fe. TXNM Energy (TXNM) unit Public Service Co. of New Mexico and Xcel Energy (XEL) are among the primary electricity suppliers in the state.Affected areas in Colorado included Craig, Rangely, Meeker, Rifle, Vail, Grand Junction, Aspen, Buena Vista, Montrose, Nucla, Gunnison, Lake, Telluride, Alamosa, Durango, Cortez, Saguache, Canon City, San Luis, Salida, South Fork, Creede, Wolf Creek Pass, and Leadville. The state is primarily served by Xcel Energy and Black Hills (BKH) unit Black Hills Energy.Also covered under a red flag warning watch were Wyoming's Glenrock, Bill, Lusk, Lance Creek, Glendo, Douglas, Torrington, Wheatland, Chugwater, and Cheyenne. These areas primarily fall under the service area of PacifiCorp's Rocky Mountain Power.In Nebraska, areas placed under a warning for fire weather conditions included Harrison, Chadron, Scottsbluff, Bridgeport, Alliance, Harrisburg, Kimball, Sidney, Rushville, Oshkosh, Arthur, Hyannis, Chappell, and Ogallala. A majority of Nebraska is covered under the service area of regional transmission organization Southwest Power Pool, with Midcontinent ISO also serving some areas.A red flag warning was issued for Idaho's Mountain Home, Twin Falls, Shoshone, Burley, Malad City, Preston, Montpelier, Arco, Mackay, Dubois, Rexburg, Rigby, Idaho Falls, Driggs, Blackfoot, Palisades, Pocatello, Soda Springs, and Island Park. Rocky Mountain Power and Idacorp's (IDA) Idaho Power are among the major service providers in these places.Maupin, Condon, Fossil, Hermiston, Pendleton, The Dalles, primarily served by PacifiCorp's Pacific Power, were the affected areas in Oregon.In Washington, a red flag warning was raised for Goldendale, Sunnyside, Yakima, Walla Walla, Pasco, Connell, Moses Lake, Ellensburg, Wenatchee, Winthrop, Chela, Omak, Coulee Dam, Spokane, Rosalia, Ritzville, and Pullman. Meanwhile, a flood warning was raised for areas near Winthrop. Puget Sound Energy, Pacific Power, and Avista (AVA) unit Avista Utilities are among the primary electricity service providers in the state.The NWS issued an extreme heat warning for California's Shasta Dam, Redding, Red Bluff, Corning, Paradise, Oroville, and Quincy, primarily served by PG&E (PCG) unit Pacific Gas and Electric Company. A similar warning was raised for Grand Canyon Village in Arizona, where Pinnacle West Capital (PNW) unit Arizona Public Service Company is the primary service provider.In Missouri, the NWS raised a flood warning for Nevada, Joplin, Osage Beach, Lebanon, Springfield, Camdenton, Boonville, Columbia, Chillicothe, Carrollton, St. Louis, Washington, and Jefferson City. Evergy (EVRG), Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in Missouri.Also covered under a flood warning watch were Princeton, Peoria, Pekin, Canton, Havana, Jacksonville, Champaign, Decatur, Chester, and areas near Quincy. Ameren's Illinois unit and Exelon (EXC) subsidiary ComEd are among the major service providers in Illinois.In Texas, the NWS issued a flood warning for Laredo, Corpus Christi, Victoria, Refugio, Bay City, San Antonio, Bryan, and Beaumont. The Texas units of American Electric Power (AEP) and Entergy (ETR) and Centrepoint Energy (CNP) are among the major service providers in these places.A similar warning was issued for areas near Coffeyville and Iola in Kansas, where Evergy is among the major service providers.The NWS also issued flood warning for certain pockets of Louisiana and Iowa.

$AEE$AEP$AQN$AVA$BKH$CNP$ETR$EVRG$EXC$IDA$PCG$TXNM$XEL

Showing 221-240 of 2015

Commodities7d ago