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Fortis Posts Higher Q2 Electricity Sales at Key Utilities, Advances Growth Projects

Fortis (FTS) reported Q2 earnings Friday, showing higher electricity sales across several regulated utilities, while advancing key energy infrastructure projects.Fortis' unit, UNS Energy, reported retail electricity sales of 2,829 gigawatt-hours for the quarter ended June 30, up from 2,666 GWh a year earlier.UNS Energy reported wholesale electricity sales of 1,302 GWh, compared with 1,028 GWh for the same quarter last year, while gas sales declined to 2 petajoules from 3 PJ, according to the company.Central Hudson increased electricity sales to 1,168 GWh for the quarter, up from 1,143 GWh a year earlier. Gas sales rose to 5 PJ for the quarter, up from 4 PJ.FortisBC Energy reported gas sales of 39 PJ for the quarter ended June 30, down from 42 PJ for the same quarter last year, Fortis said.FortisAlberta increased electricity deliveries to 4,313 GWh from 4,200 GWh a year earlier, the company said.FortisBC Electric electricity sales declined to 784 GWh in Q2, down from 802 GWh in the year-ago quarter.The company reported other electric sales of 2,330 GWh for the quarter, compared with 2,339 GWh, the company added.Fortis completed the 200-MW Roadrunner Reserve II battery storage project in Arizona during the quarter. The facility can store 800 megawatt-hours of electricity, enough to supply about 42,000 homes for four hours, according to the company.The company also secured approval for the Phase 1B expansion of the Tilbury liquefied natural gas facility in British Columbia. The project carries a cost allowance of up to CA$2.2 billion ($1.57 billion) and could begin construction in mid-2027 before entering service as early as 2031, Fortis said.Fortis invested CA$2.7 billion during the H1 2026 and remains on track to meet its CA$5.6 billion annual capital plan.Price: $57.38, Change: $-0.09, Percent Change: -0.17%

$FTS

Commodities7d ago

EU Approves $333.7 Million Dutch State Aid Package to Boost SAF Production

The European Union on Friday approved a 290 million euros ($333.7 million) Dutch state aid package to accelerate the production of sustainable aviation fuels, supporting projects.The funding will support SAF production projects in the Netherlands, including facilities using advanced biofuels and synthetic aviation fuels, with the schemes expected to help deliver around 285 kilotons of SAF per year once operational.The European Commission said the output would be equivalent to about 350 million liters of kerosene, or enough fuel for about 3,500 intercontinental flights.The Dutch schemes will provide grants for both SAF production investments and early-stage project development costs, including front-end engineering design studies. Funding will be awarded through transparent, non-discriminatory processes on a first-come, first-served basis.The Commission said that support will focus on two emerging technology pathways, including advanced bio-SAF produced without the hydro-processed esters and fatty acids process, and synthetic aviation fuels, also known as e-SAF.The Netherlands said backing these technologies at an early stage would support commercialization and encourage greater diversity in future SAF supply chains.The grants will be paid when companies achieve agreed project milestones and will run from 2027 until 2031 at the latest, with up to five funding rounds planned depending on available resources."The schemes are necessary and appropriate to facilitate the production of SAF," the Commission said, adding that safeguards had been introduced to limit distortions to competition and trade within the bloc.The approval follows a broader European push to scale up clean energy technologies and reduce industrial emissions.Under the ReFuelEU Aviation rules, airlines operating in the EU face increasing SAF blending requirements, creating demand for new production capacity.The EU has also strengthened renewable energy targets through amendments to its Renewable Energy Directive, raising the bloc's renewable energy goal to at least 42.5% of total energy consumption by 2030, with an ambition to reach 45%.

Commodities7d ago

EDF H1 Power Generation as Nuclear Output Rises

France's EDF reported Friday an H1 4.2 terawatt-hour increase in power generation, with total output reaching 206.5 TWh compared with the same period in 2025.The increase was primarily driven by an 8 TWh rise in French nuclear generation, reflecting stronger reactor availability, improved management of planned outages and continued high performance from the company's nuclear fleet, EDF said.EDF said French nuclear generation is expected to reach between 350 TWh and 370 TWh in both 2026 and 2027, and between 345 TWh and 375 TWh in 2028. The company said its long-term objective is to restore nuclear generation potential to more than 400 TWh.Growth was also supported by the continued expansion of the group's renewable energy portfolio.Hydropower generation remained stable at 26 TWh in the first half, supported by strong availability across EDF's hydroelectric assets.Wind and solar generation increased 6% to 17 TWh, helped by additional installed capacity and more favorable wind conditions. EDF's combined portfolio of wind, solar and hydro projects has reached nearly 114 gigawatts of gross capacity.

Commodities7d ago

Midstream Firms Bet on AI, LNG Demand, New Growth Projects, UBS Says

Midstream energy companies are advancing billions of dollars in pipeline and natural gas infrastructure projects as they position for rising power demand, export growth and renewed production activity across key US basins, UBS strategists said in a note on Thursday.UBS analysts said that TC Energy, Enterprise Products Partners (EPD) and DT Midstream (DTM) highlighted continued investment opportunities, citing expanding natural gas demand, artificial intelligence-driven efficiency gains and long-term infrastructure needs as key growth drivers.TC Energy plans to sanction between CA$6 billion ($4.28 billion) and CA$8 billion of new projects in 2026, including its Crossroads pipeline initiative, which represents about CA$1 billion of investment.The energy firm has signed precedent agreements with several anchor customers for Crossroads and is in advanced discussions with additional potential shippers. TC Energy expects to make a final investment decision on the project in Q4.TC Energy is also pursuing artificial intelligence initiatives aimed at improving operational efficiency, targeting about CA$100 million in incremental EBITDA benefits in 2026.Management said it has already achieved about half of that target and expects to provide further details later in the year.TC Energy said it sees opportunities to expand within its existing portfolio in Mexico rather than pursue major new investments in the near term.Enterprise Products raised its 2026 growth capital expectations to between $2.9 billion and $3.4 billion, up from its previous estimate of $2.5 billion to $2.9 billion.The energy firm said the increase reflects early spending on long-lead items for several projects, including Midland Plant 11, Delaware Plant 13 and Frac 15.Enterprise expects growth capital spending in 2027 to remain around $3 billion, with about 80% allocated to projects that have already been sanctioned or publicly announced.The company's management said a recovery in Permian Basin production following recent curtailments would be a long-term positive for the region.Enterprise expects to benefit from increased processing activity and higher equity gas production even if producers do not require significantly higher Waha gas prices to bring additional volumes online.The energy firm is also expanding sour gas infrastructure, with construction underway on Train 5 at its Dark Horse facility acquired from Pinon Midstream, while evaluating the potential addition of Train 6.Meanwhile, DT Midstream said its proposed Midwestern Interstate System Transmission project could enter service as early as the end of 2029.The company said the scale and capital requirements of MIST are comparable to its G3 project, with the pipeline expected to benefit from its strategic location near major demand centers and access to multiple supply sources.DT Midstream highlighted the system's connectivity to pipelines including Vector, Alliance, Texas Gas and Tennessee Gas, while potential expansions of Rockies Express Pipeline and Borealis could provide additional supply options.The company said the strategic value of the Midwestern asset would make replacement costs significantly higher than its current installed value, potentially three to four times greater, supporting longer contract renewal periods.The energy firm expects additional opportunities on its Millennium pipeline system as Enbridge's (ENB) Beacon project advances.Price: $54.95, Change: $-0.48, Percent Change: -0.87%

$DTM$ENB$EPD

Commodities7d ago

Indian Oil Posts Record Q1 Crude, Pipeline Throughput; Motor Spirit, Diesel Sales Hit Highs

Indian Oil reported fiscal Q1 earnings Friday, recording its highest-ever Q1 crude throughput of 19.17 million metric tons, compared with 18.68 mmt for the same quarter last year.The company recorded its highest-ever pipeline throughput of 28.55 mmt for the quarter ended June 30, compared with 26.27 mmt a year earlier.Total sales volume edged down to 26.21 mmt for the quarter, compared with 26.39 mmt in the same period last year.Domestic product sales increased to 25.25 mmt for the quarter, up from 24.97 mmt for the same quarter last year.Exports, however, declined to 959,000 mt for Q1, compared with 1.36 mmt for the year-ago quarter.The company recorded its highest-ever quarterly motor spirit sales of 4.52 mmt, while high-speed diesel sales reached a record 10.87 mmt during the quarter.Natural gas sales volume rose 11% over the year to 1.87 mmt in Q1 from 1.69 mmt a year earlier, according to the company.The company said it increased its domestic market share to 43.1% in Q1 from 41.5% a year earlier, strengthening its position in India's fuel retail market.

Commodities7d ago

Indian Cabinet Approves $8.8 Billion Plan to Expand Offshore Oil, Gas Exploration

India's cabinet has approved an 840.84 billion rupee ($8.8 billion) offshore exploration program aimed at expanding the country's oil and gas exploration activities, the Press Information Bureau said in a statement on Friday.The Samudra Manthan National Offshore Exploration Scheme, approved by the Union Cabinet chaired by Prime Minister Narendra Modi, will be implemented through the 2030-31 financial year, it said.The central sector plan will support a range of activities across the offshore exploration and production sector, including large-scale acquisition, processing and interpretation of seismic data, exploratory drilling in deepwater and ultra-deepwater areas, scientific drilling in frontier basins, and the development of shared offshore production and evacuation infrastructure.The program also includes plans for an integrated Oil and Gas Manufacturing and Services Zone, along with measures focused on digital program management, capacity building, technology adoption, stakeholder engagement and international outreach.The government said the scheme is expected to support the addition of more than 600 million metric tonnes of oil equivalent to India's reserves, increase offshore exploration activity, promote higher domestic oil and gas production, create employment opportunities and encourage investment across the exploration and production value chain.The initiative is part of the government's broader efforts to expand offshore energy resources and strengthen technological capabilities in the sector.The government said the scheme builds on reforms undertaken over the past decade, including opening almost the entire offshore acreage for exploration, modernizing the legislative and contractual framework and strengthening the National Data Repository.The Ministry of Petroleum and Natural Gas said the scheme will use public investment, advanced technologies and infrastructure development to accelerate offshore exploration and production in India, the statement said.

Commodities7d ago

Brookfield Renewable Reports Lower Q2 Generation as Storage Output Declines

Brookfield Renewable Partners (BEP) reported Friday that Q2 2026 total renewable generation was 9,378 gigawatt-hours, down from 9,542 GWh in the first quarter.Hydroelectric generation totaled 5,564 GWh in the quarter ended June 30, compared with 5,668 GWh in the year-earlier period. Wind generation edged up to 2,128 GWh from 2,117 GWh a year earlier, while utility-scale solar generation increased to 1,385 GWh from 1,349 GWh. Storage generation declined to 301 GWh from 408 GWh in the second quarter of 2025.Hydroelectric revenue rose to $543 million from $457 million a year earlier. Wind revenue slipped to $141 million from $146 million, while utility-scale solar revenue increased to $137 million from $126 million. Storage revenue fell to $44 million from $67 million in the prior-year quarter.The company said its hydroelectric segment generated funds from operations of $336 million, driven by strong generation from its Canadian fleet, solid performance from its Colombian business and realized gains from the sale of a 25% interest in non-core US hydro assets, more than offsetting weaker hydrology in the US.Brookfield said its wind and solar segments generated combined FFO of $166 million, supported by projects commissioned over the past year and realized gains.The company's distributed energy, storage and sustainable solutions segments contributed FFO of $84 million, driven by development activities and strong performance from Westinghouse, as activity increased across new-build nuclear projects and reactor restarts amid rising global demand for nuclear power.

Commodities7d ago

Enbridge Advances LNG, Pipeline Expansion Projects Following Strong Q2 Utilization

Enbridge (ENB) reported Q2 earnings Friday after maintaining strong utilization across its businesses, commissioning new assets and advancing major pipeline and natural gas infrastructure projects.The company began commissioning the Blackcomb pipeline during the quarter, while the Enbridge Houston Oil Terminal entered service. Enbridge also reported record monthly volumes on the Gray Oak Pipeline during the quarter, according to the company.Enbridge sanctioned the Bay Runner Twin expansion, which will provide up to 2.6 billion cubic feet per day of natural gas capacity to the Rio Grande LNG facility by 2030.The company also secured an option to acquire the 300 MMcf/d TTC Connector Pipeline, which targets a late-2026 in-service date.The company also started construction on the 180,000-barrels-per-day Mainline Optimization Phase 1 and Southern Illinois Connector projects, both targeted to enter service in 2027.Enbridge sanctioned the 41-mile Line 5 Relocation Project in Wisconsin, which is expected to begin operations in early 2027.The company also sanctioned a 25-billion-cubic-foot expansion of the Tres Palacios Gas Storage facility, adding three new caverns that are scheduled to enter service between 2028 and 2030.The company also started construction on the T-South Sunrise expansion in British Columbia.Enbridge said it has more than 2 gigawatts of renewable power generation capacity under construction across North America and Europe, with projects scheduled to enter service between 2026 and 2027.The development portfolio includes the 815-megawatt Sequoia solar project, 152-MW Easter wind project, 365-MW Cowboy Phase 1 solar and battery project, 600-MW Clear Fork solar project, 300-MW Cone wind project, and the 448-MW Courseulles offshore wind project.Price: $55.02, Change: $-0.41, Percent Change: -0.74%

$ENB

Commodities7d ago

US Natural Gas Update: Futures Slide Despite Bullish Storage Build, Amid Weak LNG Flows

US natural gas futures edged lower on Friday despite a smaller-than-expected storage build, as softer demand, weaker LNG feedgas flows and steady production weighed on prices.Both the front-month futures contract and the continuous contract dropped 0.58% to settle at $2.742 per million British thermal units. US natural gas prices are set to end the week lower by 5.31%, according to Trading Economics.The US Energy Information Administration released its weekly natural gas storage supplement on Thursday, reporting a net injection of 28 billion cubic feet into storage, for the week ending July 24, down from last week's 32 Bcf, bringing total gas inventories to 3,084 Bcf.The net injection was significantly below forecasts, at 37 Bcf, and the prior year's 44 Bcf, but was ahead of the five-year average for this period at 26 Bcf, according to data compiled by Investing.com.This brought total working gas in storage to 3,084 Bcf, which was 32 Bcf, or 1% below the prior year's figure, but 185 Bcf, or 6% above the five-year average for this period.Meanwhile, US dry gas output saw little change, at 108.8 Bcf/d, up 0.2 Bcf/d since last Friday, according to NRG Energy. At the same time, demand softened amid rising solar generation across key regions.LNG Feedgas flows remained weak, averaging 16.9 Bcf/d, significantly below the record monthly high of 18.8 Bcf/d in April. This is primarily due to the Freeport LNG facility in Texas entering into planned maintenance in July 10, which is expected to last until late August.Weather forecasts remained bullish, with above-normal temperatures expected to blanket the whole of the country from August 7th through August 13th, according to the National Weather Service, keeping space cooling demand and gas-fired power burn elevated in the near-term.

Commodities7d ago

US Biofuels Update: Soybeans, Soy Oil Dip Despite Rise in Crude

US Chicago Board of Trade August soybean futures slipped 0.11% in early trade on Friday to $11.76 per bushel.Soybean oil dipped 1.39% to 67.40 cents per pound despite a rise in crude oil prices which it sometimes substitutes in a blended form.Soybean export commitments now total 1.532 bb in 2025-26 and are down 18% from a year ago. That is ahead of USDA's estimated pace, even as USDA's estimate of US ending soybean stocks is 13% larger than the previous five-year average.NYMEX ethanol futures ended 0.26% lower on Thursday at $1.945, with traded volumes the highest in more than a week.

Commodities7d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Friday as Amazon Earnings Offset Apple Weakness

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Friday's premarket activity, as Amazon's (AMZN) stronger-than-expected earnings and continued demand for AI services outweighed weakness in Apple (AAPL) shares following its quarterly results.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 1.1% before the start of regular trading.The quarterly US employment cost index rose by 0.9% in Q2, the same as in the previous quarter, the US Bureau of Labor Statistics reported on Friday.July's Chicago PMI report will be released at 9:45 am ET.The final University of Michigan consumer sentiment reading for July will be released at 10:00 am ET.In premarket action, bitcoin was down by 1.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated 2.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was down 0.03%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%, and the iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rose 2.5%. The VanEck Retail ETF (RTH) gained 1.2%, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Amazon (AMZN) jumped more than 10% after the company posted higher Q2 results that beat analysts' estimates.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was down 0.5%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.4% lower.Novo Nordisk A/S (NVO) was down 8% premarket after the company said its ziltivekimab did not reduce major adverse cardiovascular events in people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation versus a placebo in a phase 3 trial.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 0.4%, the iShares US Technology ETF (IYW) was 0.9% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased 4.5%, while the iShares Semiconductor ETF (SOXX) rose by 3.3%.Apple (AAPL) fell 7.5% pre-market Friday after the company reported lower-than-expected services revenue in fiscal Q3.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1%, the Vanguard Industrials Index Fund (VIS) gained 0.3%, and the iShares US Industrials ETF (IYJ) was flat.RBC Bearings (RBC) was up more than 1% before the opening bell after the company reported higher fiscal Q1 adjusted net income and net sales.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.01%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Arthur J. Gallagher (AJG) was down 4.4% even after the company reported higher Q2 adjusted earnings and revenue.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Chevron (CVX) was up 0.8% before the market open after the company reported higher Q2 results.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.1% to $85.32 per barrel on the New York Mercantile Exchange. Natural gas was up 1.5% to $2.80 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.8%, while the United States Natural Gas Fund (UNG) was 1% higher.Gold futures for November retreated by 1.2% to $4,112.80 an ounce on the Comex. Silver futures declined by 1.7% to $57.99 an ounce. SPDR Gold Shares (GLD) was down by 1.5%, and the iShares Silver Trust (SLV) fell by 2.5%.

Dow JonesNasdaq CompositeS&P 500$AAPL$AJG$AMZN$BETH$BITO$CVX$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVO$PMR$QQQ$RBC$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities7d ago

Market Chatter: Italy Becomes Largest European Purchaser of LNG in July

Italy imported the largest volumes of liquefied natural gas among European countries in July, with government incentives encouraging traders to continue making purchases despite high prices, Bloomberg reported Friday.This is the first time Italy has emerged as the top LNG purchaser among European nations in any July month, the report said, citing ship-tracking data going back to 2017. The country's gas storage reserves are at 75% of capacity at the moment, the highest level among its peers.The Middle East conflict and the resulting supply disruption has almost doubled European gas prices this year, limiting LNG purchases despite the pressure to replenish inventories ahead of winter. Italy's decision to buy expensive gas could prove farsighted if tighter supply and high costs persist in winter.Winter gas contracts are trading below summer prices, discouraging stockpiling but Goldman Sachs has warned tight supplies could push prices to as high as 100 euros per megawatt-hour in December, about 75% above present levels, the report added.(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

OMV Q2 Hydrocarbon Output Declines Amid Middle East Conflict

Austrian integrated energy company OMV's hydrocarbon output fell by 4% year-on-year to 291,000 barrels of oil equivalent per day in Q2, compared with around 304,000 boe/d in the corresponding year-ago period, it said on Friday."This was mainly due to lower production volumes in the Middle East caused by the conflict in the region. Production was also affected by natural decline in Norway and New Zealand, while output in Libya improved significantly, supported by the increased production from new wells," its earnings statement said.For the quarter ended June 30, the company reported average crude oil and natural gas liquids production of 170,000 boe/d, down from 179,000 boe/d last year.Natural gas production for the quarter was reported at 121,000 boe/d, down from 125,000 boe/d in Q2 2025.Total hydrocarbon sales volumes for Q2 stood at 242,000 boe/d, compared with 276,000 boe/d in the year-ago period.In Q2, fuels and other sales volumes to Europe dropped to 4.14 million tons versus 4.20 million tons last year, while refinery utilization in the continent rose to 90% from 83% in Q2.For full year 2026, the company projects total hydrocarbon production in the range of 280,000-290,000 boe/d, depending on how events unfold in the Strait of Hormuz. This compares with total hydrocarbon output of 305,000 boe/d in 2025.The company projects utilization rate of the European refineries at above 90% in 2026, versus 89% last year.OMV expects Brent crude to average between $85-$95 a barrel this year versus $69 in 2025. Average realized gas price for the year is anticipated around 40 euros per megawatt-hour, which compares with the company's previous forecast range of between 35-40 euros/MWh and 30 euros/MWh in 2025.

Commodities8d ago

Wind Power Industry More Competitive as Cost Pressure Pile up, Wood Mackenzie Says

The outlook for wind power generation looks positive despite cost inflation that has weighed on the sector in recent years, analysts Wood Mackenzie said on Thursday.Winning tender bids have shown a declining trend in key European markets amid rising volumes and stronger competition, Wood Mackenzie's commentary said, putting pressure on suppliers to keep costs down to maintain margins and R&D investment, while remaining competitive in tenders.Reductions in turbine costs are likely this year and for the first time since 2020, Wood Mackenzie said.The overhauling of wind tender frameworks look set to restore investor confidence that was absent during failed 2024-25 tenders, with new designs to focus on contracts for difference or CfDs that move more risk from developers to governments over periods of 20 years or more.Tender activity looks intense for the 18 months ahead, testing the impact of those reforms.In China specifically, the government's Plan for Building a New Energy System sets out a goal of 50% wind and solar within the power energy mix by 2030, prompting a boom in offshore wind while offshore faces challenges, Wood Mackenzie said.Elsewhere, a backlog of repowering work is building up, with ageing and obsolete turbines awaiting replacement, but the high cost of such work has weakened the case for updating this equipment. It is accelerating however and raising average fleet efficiency as a result, Wood Mackenzie said.

Commodities8d ago

BP Launches Sale Process for UK North Sea Business Amid Portfolio Overhaul

BP (BP) said Friday that it has launched the process to market its business in the UK's North Sea for a potential sale, as part of its ongoing portfolio review and disciplined approach to capital allocation.The company's CEO, Meg O'Neill, noted that the company will remain committed to the UK, saying, "the UK has been our home for more than 100 years and will continue to play an important role in our future."She said that the North Sea remains "integral to the UK's energy system" while adding that as BP focuses capital on higher-return opportunities, the business would be "better positioned as part of another company."BP also reaffirmed its commitment to safety and reliability throughout the sales process, adding that it would continue to deliver for "customers, partners and stakeholders."The company's North Sea portfolio comprises five production hubs, two located in Central North Sea, and three to the west of Shetland. The business currently employs 1,100 people, out of nearly 14,000 employees who work for the company across the UK.

$BP

Commodities8d ago

Market Chatter: India's Reliance Boosts Diesel Shipments to Europe, Brazil Amid Tight Supplies

Amid record European diesel margins and depleted stockpiles, Reliance Industries significantly accelerated July fuel shipments from its Jamnagar complex to Europe and Brazil, Reuters reported Thursday citing ship-tracking data and sources.The surge in shipments follows a spike in European diesel profit margins, which hit a record $74 a barrel on Wednesday as regional stockpiles fell to their lowest levels since 2014 and Middle East escalation disrupted Gulf exports to Europe, according to the report.About 4-5 million barrels of industrial and transport fuel were loaded at the refiner's Jamnagar complex this month bound for Europe, the report noted.The company did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities8d ago

Asian Biofuels Update: Malaysian Palm Oil Futures Slip

Malaysian palm oil futures retreated on Friday as rival soybean oil weakened.The Bursa Malaysia Derivatives' August crude palm oil contract was trading 0.6% lower at 4,525 Malaysian ringgit ($1,107.17) per metric ton. The September contract fell 1% to 4,594 ringgit/mt.Indonesia is seeking to avoid US tariffs on its palm oil exports after the US imposed a 10% duty on nations it says make use of forced labor. The tariff currently applies to both Indonesia and Malaysia, major producers of palm oil.The developing El Nino weather trend is expected to have a negative impact on long-term yields.

Commodities8d ago

NWS Says Heatwave to Intensify in Southwest US, Expand to Intermountain West, Northern High Plains

The US National Weather Service on Friday said it expects a heatwave to intensify in the Southwest before peaking and spreading to the Intermountain West and northern High Plains over the weekend.The agency forecast severe thunderstorms and heavy rain to move from the Plains and Mississippi Valley towards Upper Midwest and mid-Mississippi Valley on Friday and further expects persistent monsoonal showers and flooding in the Desert Southwest.The NWS early Friday issued an extreme heat warning for St. George, Zion National Park, Escalante, Capitol Reef National Park, Moab, Green River, Ogden, Salt Lake City, Tooele, Provo, Hanksville and parts of Bluff and Blanding. The state primarily falls under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was raised for Oklahoma's Bartlesville, Tulsa, Muskogee, McAlester, and parts of Oklahoma City. OGE Energy (OGE) subsidiary Oklahoma Gas & Electric and American Electric Power's (AEP) Public Service Co. of Oklahoma are the major service providers in Oklahoma.Affected areas in Arizona included: Yuma, Parker, Kingman, Bullhead City, Kingman, Ajo, Gila Bend, Phoenix, Wickenburg, Dateland, Prescott, Payson, Globe, Casa Grande, Tucson, Nogales, Sierra Vista, Bisbee, Page, Oracle, Oro Valley, Benson, Safford, Sells, Green Valley, and Grand Canyon Village.Arizona is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.Also placed under an extreme heat warning watch were Tonopah, Beatty, Las Vegas, and Caliente in Nevada, which falls under the service area of Berkshire Hathaway Energy unit NV Energy.In California, an extreme heat warning was raised for Blythe, El Centro Imperial, Palm Springs, Twentynine Palms, Barstow, Baker, Death Valley, Barstow, Baker, Death Valley, Tehachapi, Bishop, Campo, El Cajon, Mount Laguna, Julian, Borrego Springs, Indio, Escondido, Temecula, San Clemente, San Bernardino, Hemet, Beaumont, Victorville, Anaheim, Ontario, Chino, Los Angeles, Santa Ana, Burbank, Palmdale, Riverside, Santa Clarita, Long Beach, Oxnard, Malibu, San Luis Obispo, Ridgecrest, Santa Maria, Paso Robles, Frazier Park and Edwards AFB.PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are the major electricity service providers in these places.Fort Smith in Arkansas was also covered under an extreme heat warning watch.The NWS issued flood warnings for South Dakota's Chamberlain, Sisseton, and areas near Aberdeen and Mobridge, while a flash flood warning was raised for places near Huron and Brookings. Northwestern Energy (NWE), MDU Resources (MDU) unit Montana-Dakota Utilities and Otter Tail's (OTTR) Otter Tail Power are among the major electric service providers in these places.Flood warnings were also raised for George West in Texas and Wheaton in Wisconsin.

$AEP$EIX$MDU$NWE$OGE$OTTR$PCG$PNW$SRE

Commodities8d ago

Ameren Reports Higher Q2 Electric Sales, Flat Natural Gas Volumes

Ameren (AEE) reported Q2 earnings Thursday, showing total electric sales of 16.210 terrawatt-hours for the quarter ended June 30, up from 15.672 TWh a year earlier.Total natural gas sales were 33 million dekatherms, unchanged from a year earlier. Ameren Illinois Natural Gas sold 29 million, down from 30 million, while Ameren Missouri sold 4 million dekatherms, up from 3 million.Ameren Missouri's total electricity sales increased to 8.549 TWh in Q2, up from 7.873 TWh a year earlier, as retail load rose to 7.358 TWh from 7.211 TWh and off-system sales climbed to 1.191 TWh from 0.662 TWh.Ameren Missouri residential electricity sales rose to 2.816 TWh from 2.812 TWh a year earlier, while commercial sales increased to 3.456 TWh from 3.349 TWh.Ameren Missouri industrial electricity sales increased to 1.074 TWh from 1.037 TWh in the corresponding quarter last year.Ameren Illinois Electric Distribution sold 7.661 TWh in the quarter, compared with 7.799 TWh a year earlier.Ameren Illinois residential electricity sales eased to 2.399 TWh from 2.435 TWh, while commercial sales slipped to 2.741 TWh from 2.758 TWh.Industrial electricity sales at Ameren Illinois Electric Distribution declined to 2.429 TWh for the quarter, down from 2.511 TWh in the year-ago period.

$AEE

Commodities8d ago

Edison International Q2 Advances Grid Hardening, Maintains Long-Term Growth Outlook

Edison International (EIX) reported Q2 earnings Thursday, highlighting continued progress on wildfire mitigation, grid hardening and its capital investment program.Southern California Edison has completed over 14,760 circuit miles of grid hardening, representing about 90% of its distribution system in high fire risk areas.The utility plans to complete roughly 970 additional circuit miles through 2028.The company expects to invest $38 billion to $41 billion between 2026 and 2030 to strengthen its regulated electric transmission and distribution system.The forecast through 2030 includes California Independent System Operator-awarded Federal Energy Regulatory Commission transmission projects with an additional $2 billion of such projects identified beyond 2030.The forecast also includes investments approved under Southern California Edison's 2025 General Rate Case, about half of its planned $3.1 billion advanced metering infrastructure program and its planned 2029 General Rate Case request.Beyond 2030, Edison International sees additional investment opportunities through its planned 2029 General Rate Case and the remaining half of its planned $3.1 billion advanced metering infrastructure program in 2031-2033.

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Commodities7d ago