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Eni Tests HVO Biofuel on MSC Cruise Ship, Cuts GHG Emissions by 80%

Eni (E) and MSC Cruises completed a 2,000-hour marine biofuel trial that cut greenhouse gas emissions by about 80%, Eni said Tuesday.Eni and MSC Cruises tested Enilive's Hydrogenated Vegetable Oil diesel on the cruise ship MSC Opera without modifying the vessel's engine.One of the MSC Opera engines was powered with 100% HVO fuel for about 2,000 hours while recording engine efficiency and emissions performance data during the trial.The trial showed that marine engines can use pure HVO biofuel immediately without technological upgrades, while maintaining performance levels similar to those of conventional fossil marine fuels, Eni said.The trial reduced nitrogen oxide emissions by 16%, lowered particulate emissions and cut life-cycle greenhouse gas emissions by around 80% versus traditional marine fuels through the use of fully biogenic HVO feedstocks.Wartsila supported the collection and evaluation of engine data during the tests, while Bureau Veritas independently certified the experimental results, according to Eni.HVO biofuel offers an immediate solution for shipping companies seeking to meet FuelEU Maritime emissions targets and lower compliance costs, Enilive Chief Executive Officer Stefano Ballista said.Enilive produces HVO at biorefineries in Venice and Gela using waste materials including used cooking oil, animal fats and agri-food industry residues, Ballista added.HVO, liquefied natural gas and bio-LNG can accelerate shipping decarbonization as MSC targets net-zero greenhouse gas emissions by 2050, MSC Cruises Chief Energy Transition Officer Michele Francioni said.Price: $55.52, Change: $+0.05, Percent Change: +0.10%

Commodities89d ago

Market Chatter: Eni Reportedly Explores 1 Billion Euro LNG Asset Funding Deal, Reuters Says

Eni (E) has asked Morgan Stanley to assist in raising funds from infrastructure investors, including Apollo Global Management, KKR, and Stonepeak, in a potential transaction backed by its floating liquefied natural gas assets, Reuters reported on Tuesday, citing people familiar with the matter.According to Reuters, discussions remain at an early stage, and a transaction is not guaranteed, as the structure and terms are still subject to change.The proposed deal could raise at least 1 billion euros ($1.17 billion) for Eni, one of the sources told Reuters.Neither Eni, Morgan Stanley, nor the named investors immediately responded torequests for comment.Reuters reported that the plan aligns with Eni's broader strategy to attract infrastructure capital to free up balance-sheet capacity for new upstream oil, gas, and LNG developments.One structure under consideration would involve an infrastructure fund providing an initial cash injection into a special-purpose vehicle, which would then be entitled to receive cash flows generated by Eni's FLNG assets.The discussions come amid intensifying global competition for LNG cargoes across Europe and Asia, as supply disruptions linked to geopolitical tensions continue to ripple through markets.Eni has built a significant FLNG portfolio, including three floating liquefaction units operating offshore Mozambique and Congo, processing natural gas for export. The company is also advancing FLNG capacity, including a multi-billion-dollar project in Mozambique and two additional units for YPF in Argentina, targeted for completion by 2030.If completed, the structure would provide investors with exposure to long-term cash flows from assets across Africa and other regions outside the Middle East, offering diversification away from geopolitically sensitive supply zones.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.45, Change: $-0.01, Percent Change: -0.02%

Commodities89d ago

US Biofuel Sector Needs Unprecedented D4 RIN Output to Meet 2026, 2027 Obligations, Study Says

The level of D4 Renewable Identification Number generation required to meet the final US Renewable Volume Obligations in 2026 and 2027 will have to reach unprecedented levels, according to a new study by the University of Illinois.The research findings follow the Environmental Protection Agency's late March announcement of its final "Set 2" rule establishing RVOs under the Renewable Fuel Standard for 2026 and 2027.RINs are compliance credits that function as the "currency" of the RFS program.In an article that first appeared on FarmdocDaily on Monday, a website hosted by the University of Illinois, economists projected that required D4 net RIN generation must increase from 7.10 billion RIN gallons in 2025 to 11 billion to 12 billion RIN gallons in 2026 and 2027."Those are levels that have no precedent in the history of the US biomass-based diesel industry," the economists said.In their article, the economists examined the recent monthly pace of D4 RIN generation alongside the pace required to meet the final RVOs."In short, the required D4 net RIN generation is the crucial number that the biomass-based diesel sector must hit in each of the next two compliance years, and the cushion provided by the RIN bank is essentially exhausted after 2026," the economists stated in the article.The economists analyzed D4 RIN net generation from January 2023 through the latest available 2026 data and compared it with the average monthly pace of D4 RIN net generation required to satisfy total D4 demand in each calendar year."The required monthly pace was 652 million RIN gallons in 2023, rose to 758 million RIN gallons in 2024, and fell to 592 million RIN gallons in 2025. Under the final Set 2 rule, the required monthly pace jumps to 916 million RIN gallons in 2026 and 991 million RIN gallons in 2027. RIN generation incorporates both imports and domestically produced biomass-based diesel," the economists said.The article noted that the biomass-based diesel sector must shift to monthly D4 RIN generation levels. However, aside from one transitory exception, this level has not been achieved in any month over the past three years. The sector would then need to sustain these levels for 24 consecutive months.So far, monthly D4 RIN net generation in early 2026 has remained well below the pace needed to meet the 2026 RVO.The latest available data show monthly D4 RIN net generation of 436 million gallons in January, 478 million in February, and 649 million in March 2026, according to FarmdocDaily.

Commodities89d ago

Equinor Marks 5,000 Gullfaks Cargoes as North Sea Field Extends Lifespan

Equinor (EQNR) completed shipment of oil cargo number 5,000 from the Gullfaks field in the North Sea, marking nearly four decades of production and exports to Europe, the company said Tuesday.Production at Gullfaks began in 1986 with an original operating target through 2007, but the field continues to supply weekly crude cargoes to international buyers nearly two decades later.The field has produced about 2.8 billion barrels of oil equivalent, almost double the company's initial estimate.The Gullfaks field also handles export volumes from the Snorre and Visund fields, along with several subsea developments.Gullfaks crude carries low sulfur content and light oil characteristics, allowing refiners to produce gasoline, diesel, jet fuel, liquefied petroleum gas and naphtha for petrochemical manufacturing.Equinor delivers Gullfaks crude to refineries in Sweden, the UK and Poland, while some shipments also move to the company's Mongstad refinery in Norway, according to the company.The company transports crude through shuttle tankers designed to carry about 800,000 barrels of oil per voyage between the Norwegian continental shelf and European customers."Together, we deliver highly reliable logistics that enable oil to be transported quickly and safely from the Norwegian continental shelf to our customers," said Heidi Aakre, Equinor's head of shipping.Price: $38.30, Change: $+0.08, Percent Change: +0.21%

$EQNR

Commodities89d ago

Odfjell Drilling Reports Full Q1 Fleet Coverage, Tight Market Outlook

Scotland-headquartered Odfjell Drilling reported Q1 earnings Tuesday, showing that its owned rig fleet is fully contracted, supported by a firm contract backlog of about $2 billion and $3 million in priced options.The drilling firm highlighted high utilization across its fleet, with financial utilization in Q1 remaining steady at 96%, the same as for the corresponding period a year ago.The company said its contract coverage extends across most of its rigs, including units operating in the North Sea and other international markets.Meanwhile, Odfjell described the Norwegian market as tight, citing limited supply and high barriers to entry for rigs operating on the Norwegian Continental Shelf.Most units in the sector are either fully contracted, working overseas or would require significant investment to enter the market, the energy firm said.Odfjell's next available rigs are not expected to enter the market until H2 2027.Beyond Norway, Odfjell has outstanding tenders in markets including Namibia and the UK, alongside growing interest in deepwater projects.

Commodities89d ago

Acen Renewable Output Surges 32% on Strong Wind, Overseas Gains

Philippine energy company Acen said Tuesday that Q1 2026 renewable energy output rose 32% year on year, driven by stronger contributions from its operations in Australia and Laos, as well as the resumption of wind operations in Ilocos Norte, the Philippines.The company said renewable energy generation reached 2,230 gigawatt-hours during the January-to-March period.Revenue from electricity sales increased 42% to 10.74 billion Philippine pesos ($187.6 million) in the first quarter of 2026, from 7.55 billion pesos a year earlier.Acen said the cost of purchased power rose 10% to 4.89 billion pesos in the quarter, compared with 4.43 billion pesos in the same period last year.

Commodities89d ago

Parex Posts Stronger Q1 Production Ahead of Frontera Asset Acquisition

Colombia-based Parex Resources reported Q1 earnings Tuesday, showing total average daily production of 44,735 barrels of oil equivalent per day, up from 43,658 boe/d a year earlier.The company produced 43,249 barrels per day of crude oil for the quarter ended March 31, compared with 42,857 b/d a year earlier.Parex increased light and medium crude oil production to 13,980 b/d in the quarter from 10,650 b/d a year earlier, while heavy crude oil production declined to 29,269 b/d from 32,207 b/d.Natural gas production was 8.9 million cubic feet per day in the first quarter, up from 4.8 MMcf/d a year earlier.Average daily oil and natural gas sales reached 44,561 boe/d in the quarter, compared with 43,863 boe/d a year earlier.Produced crude oil sales totaled 43,075 b/d for the quarter, compared with 43,049 b/d in the year-ago period.Parex expects H2 2026 production to range between 82,000 boe/d and 91,000 boe/d after adding Frontera Energy's Colombian assets and new producing properties in the Magdalena Basin.Parex agreed to acquire Frontera Energy's Colombian upstream assets for $500 million plus assumed debt and a potential $25 million contingent payment, with the transaction expected to close in the second quarter of 2026 pending remaining conditions and approvals.The company expects second-half capital expenditures between $275 million and $295 million.

Commodities89d ago

US DOE Renews Emergency Orders to Bolster Puerto Rico Grid Ahead of Peak Demand

The US Department of Energy renewed two emergency orders on Tuesday to strengthen Puerto Rico's power grid as the island prepares for rising summer electricity demand and the 2026 hurricane season.The orders, effective May 12 through Aug. 9, authorize the Puerto Rico Electric Power Authority to dispatch generation units beyond normal permitting limits to maintain critical capacity. The measures also extend vegetation management efforts to reduce outages caused by storm damage to transmission lines.The DOE has framed the emergency measures as part of broader efforts to reduce the risk of widespread outages, particularly during severe weather.Puerto Rico's transmission infrastructure has faced repeated disruptions in recent years, with storms and high winds posing ongoing threats to high-voltage lines.The Department said the renewals build on actions taken in 2025 and early 2026 to stabilize the grid and prevent island-wide blackouts."Renewing these orders ensures critical work moves forward, urgent reliability changes are addressed, and Puerto Rico's grid is ready to withstand rising energy demand," Energy Secretary Chris Wright said.The agency said the directives are meant to address ongoing reliability challenges while supporting longer-term modernization efforts.The orders allow generators to operate beyond normal permitting limits, a step the DOE said is intended to address ongoing reliability challenges and help prevent island-wide blackouts.The DOE plans to continue working with local authorities to ensure grid reliability for the island's 3.2 million residents and to reduce the economic costs associated with prolonged outages.

Commodities89d ago

Tata Energy's Renewable and Transmission Sectors Gain in Q4 of Fiscal 2026

India's Tata Energy reported Tuesday Q4 results for fiscal 2026 for its renewable energy and power transmission businesses, showing gains in solar manufacturing, rooftop solar installations, and transmission operations.The renewables business posted fourth-quarter profit after tax of 4.06 billion Indian rupees ($48 million). For the full fiscal year ended March 2026, PAT rose 59% year-on-year to 19.94 billion rupees.The company's solar cell and module manufacturing business reported fourth-quarter PAT of 2.65 billion rupees, up 40% year over year. Full-year PAT more than doubled to 8.57 billion rupees, helped by manufacturing yields above 95%.The rooftop solar segment reported fourth-quarter PAT of 1.86 billion rupees, up 94% year on year. Full-year PAT jumped 150% to 4.99 billion rupees.The transmission and distribution business posted fourth-quarter PAT of 9.49 billion rupees, up 54% from the same period last year. Full-year PAT increased 49% to 29.78 billion rupees.Meanwhile, the Odisha power distribution companies, or DISCOMs, reported fourth-quarter PAT of 3.04 billion rupees, up 11% year-on-year. Full-year PAT rose 84% to 8.09 billion rupees.

Commodities89d ago

US Natural Gas Update: Futures Slide Amid Drop in Domestic Demand, Steady Output

US natural gas futures were down on Tuesday amid a steep drop in domestic demand, while gas production continues to remain steady.Both the front-month Henry Hub contract and the continuous contract were down by 2.65% to $2.833 per million British thermal units.Supply remains above demand, averaging 107.2 billion cubic feet per day, while demand softened to 98.7 Bcf/d from 105 Bcf/d last week, according to NRG Energy.At the same time, LNG export feedgas flows are averaging about 17 Bcf/d, compared with the 30-day moving average of 18.87 Bcf/d. This is due to scheduled maintenance across several LNG export facilities, which is expected to last a few more weeks.However, weather forecasts have turned bullish, with almost the entire country expected to see above-normal temperatures from May 19 to May 25, according to the National Weather Service.This is expected to create meaningful early-season cooling demand, according to Pinebrook Energy Advisors, which should result in "higher natural gas burn for power generation and tighten the fundamental balance."

Commodities89d ago

Biofuels Update: Chicago Soybean Oil, Malaysian Palm Oil Diverge

Higher crude oil prices helped Chicago soybean oil recover on Tuesday, but failed to lift Malaysian palm oil as weaker market fundamentals dragged prices down.In early trade, the July soybean oil contract on the Chicago Board of Trade rebounded 0.99% to 74.47 cents per pound.The July soybean contract gained for a third consecutive session by 0.37% to $12.17 per bushel, as the market awaited the Trump-Xi summit and the latest agricultural supply and demand outlook.Market participants have been hoping China will confirm additional purchases of US soybeans, as the two leaders meet on May 14 and 15.Meanwhile, the US Agriculture Department is expected to raise its production outlook for 2026 due to higher planted acreage, according to analysts. The May outlook typically sets the tone for the new crop year.In terms of exports, data for the current marketing year through May 7 showed US soybean inspections totaled 34.0 million metric tons, down from the previous season's 43.9 mmt. Weekly inspections however rose to 655,294 metric tons, relative to the previous week's 505,468 mt and the prior year's 439,814 mt.In Asia, weaker market fundamentals offset the influence of rising crude oil and rival soybean oil to weigh on Malaysian palm oil futures on Tuesday.The Bursa Malaysia Derivatives' June crude palm oil contract declined 0.76% to 4,450 Malaysian ringgit ($1,128.88) per metric ton, and the July contract slipped 0.78% to 4,481 ringgit/mt.Lower exports and higher production in April, which lifted domestic stocks, pressured prices. Malaysia's exports declined 14.3% from a month earlier to 1.3 mmt, as production jumped 18.4% to 1.6 mmt, industry data showed.At the same time, Malaysian inventories rose 1.7% month over month to 2.31 mmt, and remained significantly higher than the year-ago levels of 1.87 mmt.In May, export demand trends were mixed, with Intertek Testing Services estimating shipments to have risen 8.5% during the first 10 days of the month versus the same period in April, and AmSpec Agri Malaysia seeing a 10.8% decline, Trading Economics reported.A weaker local currency could boost export competitiveness, particularly with the Malaysian ringgit edging lower by another 0.35% against the US dollar on Tuesday.Going forward, expectations of increased domestic demand in Malaysia and Indonesia, with the implementation of higher biofuel mandates, are likely to support prices.For this week, PhillipCapital said prices are likely to be "rangebound, due to stronger Chicago soybean oil and crude oil prices, supported by improving export data and a weaker ringgit."Meanwhile, in the US, June ethanol prices on the NYMEX steadied at $1.93 per gallon on Monday.This week, the US House is set to vote on a legislation to allow year-round sales of E15, a gasoline blended with 15% ethanol.That would raise domestic consumption of corn by about 500 million bushels for every percentage point increase in ethanol blending, Brownfield reported, citing Jan TenBensel, chairman of the Nebraska Ethanol Board. The standard ethanol blend in the country currently stands at 10%.

Commodities89d ago

Market Chatter: Shell to Divest French Motorway Filling Station Network

Shell (SHEL) is planning to sell its network of 60 motorway petrol stations in France, French newspaper Les Echos reported on Tuesday.The energy major has reportedly shared internal documents with employees and suppliers outlining plans to sell roughly 60 highway sites currently operated under multi-year contracts with motorway concessionaires such as Vinci, Cofiroute, and ASF, the report said.While Shell does not directly own the stations, it manages the branding, fuel supply, and maintenance services for the network, which generated a robust operating profit of 108.5 million Euro ($127.5 million) in 2025.According to the report, Shell has informed worker representatives that it intends to identify a buyer by the third quarter of 2026, with a goal to finalize the transaction in early 2027.The company declined to 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.)

$SHEL

Commodities89d ago

UK Energy Regulator Ofgem Approves Early Construction Funding for Scottish Power Transmission

UK energy regulator Ofgem has approved 'early construction funding' for several large power transmission projects in Scotland, it said on Tuesday, a step which will help tackle lack of grid capacity to deliver surging volumes of wind power.Interestingly, the Ofgem press release noted that the approval will help ensure that scarce substation components and HVDC cables can be sourced amid a "global race to secure key components" as many countries pursue decarbonization goals.Procurement delays that arise when such components are not immediately available can significantly increase project costs, Ofgem said.The approval is not an agreement to provide funding, but rather a step that includes the projects in a regulated remuneration framework that outlines future permitted revenues for investors in the projects to recoup their capital.The grid expansion itself will also help the UK unlock more value from its renewable energy investments by reducing curtailment or the disconnecting of renewable power due to lack of grid capacity to carry it to populous or industrial areas that can absorb it.The cost of compensating wind farm owners during such events is ultimately added to consumer power bills.Ofgem said that the projects should start delivering benefits to consumers by 2030 if the investments are executed to schedule.

Commodities89d ago

Constellation Energy Reports Dip in Nuclear Power Generation in Q1

Constellation Energy (CEG), one of the largest utilities in the US, reported a dip in its nuclear power generation amid increased refueling outages, in a Q1 earnings update on Monday.The company's nuclear fleet, which includes its owned output from the Salem and South Texas Project generating stations, produced 44,666 gigawatt-hours of electricity during the quarter, down from 45,582 GWh last year.This was attributed to a decline in capacity factors, essentially the maximum possible electricity output from the reactors, to 92.3% down from 94.1%, as planned refueling outage days increased to 99, from 88 days last year.Constellation said its combined-cycle and cogeneration natural gas fleet generated approximately 23 million megawatt-hours of electricity while operating at a 47.1% capacity factor.The company said its expanded retail and commercial platform now delivers about 275 million megawatt-hours of electricity annually and around 800 billion cubic feet of natural gas annually across customers in 40 states.Total capital expenditures stood at $1.27 billion, up from $806 million last year, with the company forecasting $3.9 billion in capital expenditures for the full-year.

$CEG

Commodities89d ago

Venture Global Posts Record LNG Exports in Q1

US liquefied natural gas exporter Venture Global (VG) said Tuesday it has exported a record 130 cargoes in Q1, with 481 trillion British thermal units of liquefied natural gas sold during the period, as the commissioning of the Plaquemines project progressed.Of the total cargoes exported in Q1, 92 came from Plaquemines. The remaining 38 came from Calcasieu Pass facility.Q1 volumes were almost twice the year-ago sales of 67 cargoes and 253 TBtu of LNG, company data showed.Venture Global said around 84% of available cargoes for the year were considered sold.It expects to export 147 to 154 cargoes from the Calcasieu plant in 2026, as the facility operates at around 11.2 million tons per annum. Venture Global said it targets to increase capacity to 12.4 mtpa over the next two to three years.From the Plaquemines project, it estimates that around 347 to 369 cargoes will be exported, as the first phase of the facility reaches commercial operations in Q4. The plant's second phase is expected to reach the milestone in mid-2027.Venture Global said that it has concluded a deal with TotalEnergies (TTE) to supply 850,000 tons per annum of LNG for around five years, beginning in Q2.It has also agreed with Vitol to increase their existing five-year LNG supply deal to 1.7 mtpa from the previous 1.5 mtpa.The company has also finalized a 20-year sales and purchase agreement with Hanwha Aerospace and a five-year binding agreement with Trafigura.

$TTE$VG

Commodities89d ago

Exchange-Traded Funds, Equity Futures Fall Pre-Bell Tuesday Amid Consumer Inflation Report Release

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 1% lower in Tuesday's premarket activity amid the consumer price date report for April.US stock futures were also lower, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures slipping 0.04%, and Nasdaq futures falling 0.9% before the start of regular trading.The NFIB Small Business Optimism Index edged up to 95.9 in April from 95.8 in March, while expectations for business conditions weakened, according to National Federation of Independent Business data on Tuesday.The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.6% in April, as expected and following a 0.9% increase in March, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate for a 0.3% increase. Core CPI rose by 0.2% in March.In premarket activity, bitcoin was down by 1.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.6% lower, Ether ETF (EETH) retreated 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost by 1.5%.Power Play:EnergyThe iShares US Energy ETF (IYE) was up 0.8%, while the State Street Energy Select Sector SPDR ETF (XLE) gained by 1.2%.Venture Global (VG) stock was up more than 11% before the opening bell after the company reported higher Q1 earnings and revenue.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.4%, while the Vanguard Industrials Index Fund (VIS) was inactive and the iShares US Industrials ETF (IYJ) gained 0.04%.Hub Group (HUBG) stock was down more than 5% before the opening bell after the company said it filed a Form 12b-25 with the US Securities and Exchange Commission to delay its Q1 2026 Form 10-Q filing as it continues work on previously disclosed financial restatements.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) decreased by 0.5%.GameStop's (GME) shares were down more than 4% pre-bell after eBay (EBAY) said its board has rejected an unsolicited, non-binding buyout offer from GameStop.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Figure Technology Solutions (FIGR) shares were up more than 4% pre-bell after the company swung to a Q1 net income and higher revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.2%, and the iShares US Technology ETF (IYW) was 1.5% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 1.1%, while the iShares Semiconductor ETF (SOXX) lost 2.2%.Qnity Electronics (Q) shares were up more than 3% in premarket activity after the company reported higher Q1 adjusted earnings and net sales.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) gained by 0.5%, while the iShares US Healthcare ETF (IYH) slipped 0.2%. The iShares Biotechnology ETF (IBB) was flat.Novo Nordisk (NVO) stock was up more than 2% premarket after the company said the higher dose of Wegovy helped people with obesity lose "significant amounts" of weight irrespective of how quickly their body responds to the treatment, based on a new sub-analysis from a clinical trial.CommoditiesFront-month US West Texas Intermediate crude oil rose 3.6% to $101.55 per barrel on the New York Mercantile Exchange. Natural gas was down 0.4% at $2.90 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced 3.3%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Gold futures for May declined by 0.4% to $4,709.30 an ounce on the Comex. Silver futures fell 1.8% to $84.37 an ounce. SPDR Gold Shares (GLD) was 0.7% lower, and the iShares Silver Trust (SLV) fell by 2.8%.

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Commodities89d ago

Santos Greenlights Agogo Gas Tie-In Project in Papua New Guinea

Santos has reached a Final Investment Decision to proceed with the Agogo Production Facility Tie-In Project in Papua New Guinea, a project that will shore up long-term feedgas supply for the PNG LNG export terminal, the company said on Tuesday.The project includes the installation of a new 19-kilometre pipeline connecting the Santos-operated APF to existing PNG LNG infrastructure, alongside the drilling of two new wells and significant facility modifications, it said.Targeting its first gas in the second quarter of 2028, the project is expected to deliver incremental production capacity of about 135 mmscf/d, of which Santos' net share is 54 mmscf/d as per the statement.The development carries an estimated gross capital expenditure of $400 million over the next three years, with Santos' share totaling about $160 million, the company added.By utilizing existing processing and export infrastructure, the project offers a low-risk brownfield solution to convert 66 mmboe of undeveloped reserves into developed reserves, potentially extending the production profile beyond 2050, it said.Operational preparations are already well-advanced, with Chief Operating Officer Brett Darley confirming that key regulatory approvals, land access, and joint venture clearances are in place.The next phase of execution will focus on finalizing detailed designs and awarding the two primary construction contracts, the company added.

Commodities89d ago

Indonesia Needs $2.4 Billion in Annual Grid Investments to Meet Energy Transition Goals, IEEFA Says

Indonesia's Electricity Supply Business Plan, from 2025 to 2034, requires $2.4 billion in annual investments to support the deployment of renewables, promote industrial electrification, and inter-island grid integration, according to a report by the Institute for Energy Economics and Financial Analysis.The figure mentioned by the report is significantly above the $1.4 billion average annual investments that have been earmarked for the nation's grid since 2019.IEEFA warned that the country's current financing framework, under which transmission assets are funded through state utility PLN's consolidated balance sheet, was inflating financing costs and obscuring the economics of grid infrastructure, while also being exposed to fuel and forex volatilities.This, the report argued, increases the cost of borrowing for transmission infrastructure, while slowing down renewables deployment."Transmission is a capital-intensive, long-term infrastructure asset with stable and predictable usage patterns," the report said, adding that when financed as a low-risk regulated utility, it can attract long-term capital at borrowing costs closer to sovereign rates.To address the issue, the report proposed establishing a separate PLN transmission company through corporate restructuring and financial ring-fencing while maintaining state ownership and oversight.It pointed to examples from India and Vietnam, where state-backed transmission entities have successfully attracted large-scale financing through regulated tariff structures and clearer corporate governance.India's Power Grid Corporation, for instance, has self-financed an average of about $2.5 billion annually in grid investments over the past decade, according to the report.The report concluded by noting that Indonesia would require over $24.4 billion in investments over the next decade to finance its planned grid expansions. This is in addition to renewable energy additions, which require roughly four times that amount, underscoring the scale of capital needed to modernize the country's electricity system.

Commodities89d ago

VoltaGrid Secures $1 Billion From Blackstone, Halliburton; Agrees to Acquire Propell Energy

VoltaGrid, a Texas-based energy management and generation company, Monday said it has inked a deal for strategic equity investments amounting to $1 billion from funds managed by Blackstone's (BX) Blackstone Tactical Opportunities and Halliburton (HAL).The investments are in the form of a $775 million primary capital raise and a $225 million secondary purchase from existing investors, the company said in a statement.Proceeds from the new funding will be used to "accelerate deployment of VoltaGrid's behind-the-meter power generation solutions for data centers, microgrids, and industrial applications," the statement said.VoltaGrid has also entered into an agreement to acquire Propell Energy Technology and its affiliates, a key supplier to the company and a partner in the manufacturing of its high-inertia QPac system developed for AI data centers, the company said.The company expects the acquisition to help lower execution risks across its about 7.5 gigawatt order book between now and 2030 by strengthening supply chain access and control.As part of the deal, Propell's existing facilities in Granbury, Texas will be expanded to include two additional next-generation automated manufacturing plants, which are expected to increase its capabilities by about 300 megawatts per month of capacity.Both the deals are expected to close in the mid of this year, subject to customary closing conditions.

$BX$HAL

Commodities89d ago

Market Chatter: Chinese Independent Refiners Stave Off Fuel Production in May Amid Declining Margins

Some refiners in China's largest independent refining hub of Shandong have reduced fuel production in May, pressured by a decline in refining margins amid a spike in crude costs, weak domestic demand and excess products, Reuters reported Tuesday.The output reduction is despite a government directive to the small refiners, better known as teapots, to keep production steady to protect domestic supplies following the energy crisis due to the Iran war, the report said, citing trade and refining sources.Average operating rates have dropped to about 50% and are likely to fall further. Last month, operating rates averaged about 55%, the report said, citing an unnamed source.The independent refiners are staring at an estimated loss of 500-600 yuan ($74 to $88) per metric ton of crude processed in the last week of April.China's teapot refineries are the largest purchasers of sanctioned crude from Russia and Iran, which usually are available at a discount to ICE Brent. However, the sanctioned stockpiles are now trading at a premium following the disruption in Middle East supplies amid the effective closure of the Strait of Hormuz waterway, the report said.Most of these independent refiners exhausted their previously procured cheaper stockpiles in April and are preferring to sit on the sidelines rather than purchasing expensive cargoes, the report said, citing sources.has reached out to China National Energy Administration for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Commodities89d ago