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Biofuels Update: Soybean Complex, Palm Oil Weaken on Lower Crude Oil

Sharp declines in crude oil prices, following a US-Iran interim peace deal that will lead to the reopening of the Strait of Hormuz, dragged major biofuel feedstock futures lower on Monday.The July soybean contract on the Chicago Board of Trade retreated to four-month lows and dropped 0.52% to $11.08 per bushel. The corresponding July soybean oil contract fell 1.87% to 72.89 cents per pound in early trade.The drop in oil prices made biofuels less price competitive versus fossil fuels, weighing on demand sentiment and pressuring related vegetable oil markets.Other demand downsides include a lack of Chinese purchases and the slowing pace of soybean crushing. Analysts reportedly estimated the US soybean crush slowed for a third straight month in May due to plant maintenance.On the supply side, weather conditions in the US Midwest remained favorable for soybean planting, raising prospects of improved yields.The South American harvest is also expected to be plentiful, with the US Department of Agriculture revising its Argentine soybean production outlook upward by 2 million metric tons to 50 mmt."The combination of expected ample US soybean production and the pressure of a bumper harvest in South America has created a loose global soybean environment, which has been the underlying driver behind the recent decline in US soybean prices," price reporting agency MySteel said.In Asia, Malaysian palm oil futures fell 0.5% on Monday, tracking crude oil price losses, but a recovery in exports and weather-related supply risks limited losses.The Bursa Malaysia Derivatives' July and August crude palm oil contracts eased to 4,412 Malaysian ringgit ($1,089.52) per metric ton and 4,451 ringgit/mt, respectively.A strengthening local currency also weighed on prices, with the Malaysian ringgit firming against the US dollar for a third straight session on Monday. This makes cargoes costlier to foreign buyers and weighs on export competitiveness.Last month, Malaysian exports dropped 14.5% month over month to 1.1 mmt, data from the Malaysian Palm Oil Board showed.Preliminary cargo estimates showing a 3.5% to 4.9% rebound in June 1-10 exports, versus the previous month's levels, countered what had looked like weak demand.However, Malaysian shipments face competition with growing numbers of Indonesian cargoes, as exporters reportedly rush to sell palm oil ahead of the full implementation of the single-gate export system in 2027.In key buyer China, "port arrivals are expected to face significant pressure in June and July," due to "substantial" palm oil procured, MySteel said.Exportable supplies from Malaysia and Indonesia may drop once a developing El Nino weather phenomenon begins to impact yields.Malaysian economic minister Akmal Nasrullah Mohd Nasir said that key commodity sectors may see an 8% to 10% reduction in yields as a result of dry weather, multiple media outlets reported.Prices could rise between 5% and 10% due to weather-related supply risks, according to Kenanga Research cited by The Star. It reportedly raised its 2026 price outlook by 4% to 4,400 ringgit/mt and its 2027 forecast by 6% to 4,450 ringgit/mt.In the US, July ethanol prices on the NYMEX rose 0.67% to about $1.89 per gallon on Friday, ending four sessions of losses.

Commodities8d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Amid US-Iran Ceasefire

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Monday's premarket activity, as the US and Iran said they have agreed to a ceasefire.US stock futures were also higher, with S&P 500 Index futures up 1.3%, Dow Jones Industrial Average futures advancing 0.9%, and Nasdaq futures gaining 2.1% before the start of regular trading.The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to a reading of 13.5 in a survey compiled by Bloomberg.The industrial production report for May will be released at 9:15 am ET, followed by the housing market index for June at 10 am ET.In premarket action, bitcoin was up by 3.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.2% higher, Ether ETF (EETH) advanced 5.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.2%, while the Vanguard Industrials Index Fund (VIS) rose 1.7% and the iShares US Industrials ETF (IYJ) was 0.1% higher.SpaceX (SPCX) rose more than 6% before market open after the Elon Musk-led company finished its trading debut on Friday with a 19% rise.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained by 2.8%, and the iShares US Technology ETF (IYW) was 2.9% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 3.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) rose 4%, while the iShares Semiconductor ETF (SOXX) increased by 4.2%.Tower Semiconductor (TSEM) shares were up more than 6% in premarket activity after the company entered into a multi-year agreement with IQE for the supply of indium phosphide epiwafers used in optical connectivity offerings for data center infrastructure.EnergyThe iShares US Energy ETF (IYE) was down 2% while the State Street Energy Select Sector SPDR ETF (XLE) was down by 2.8%.Equinor ASA (EQNR) stock was down more than 5% before the opening bell after the company said it is advancing a fourth phase of development at the Johan Sverdrup field in the North Sea after new appraisal wells confirmed additional recoverable oil volumes in the area.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.8%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1.1% higher.Zymeworks (ZYME) was up more than 2% premarket a day after the biotechnology company said its drug to treat certain reproductive tract cancers has shown promise in early testing.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 2% lower.Deutsche Bank (DB) shares were up more than 3% pre-bell as media outlets reported that JPMorgan Chase (JPM) and Deutsche Bank will participate in Singapore's planned gold-clearing system. JPMorgan stock was 0.8% higher.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 1.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) increased by 1.1%.Tesla (TSLA) shares were up more than 1.6% pre-bell after closing Friday with a 1.8% rise. News agency Reuters claimed Monday that the electric vehicle maker relied on misleading data when it made representations to European regulators about enhanced safety from its self-driving vehicles.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 5.4% to $80.29 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.4% at $3.08 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 4.6%, while the United States Natural Gas Fund (UNG) was 1.4% lower.Gold futures for July advanced by 2.6% to $4,347.00 an ounce on the Comex. Silver futures rose by 4.1% to $70.75 an ounce. SPDR Gold Shares (GLD) was up by 3.1%, and the iShares Silver Trust (SLV) rose by 4.8%.

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

Commodities8d ago

Equinor, Partners Mature Johan Sverdrup Phase 4 Offshore Asset

Equinor (EQNR) and its joint-venture partners have initiated the formal maturation of Johan Sverdrup Phase 4 in the North Sea, aiming to sustain long-term output from Western Europe's largest oil-producing asset, the company said on Monday.The development phase follows successful appraisal drilling at the Tonjer and Geitungen prospects, which effectively de-risked reservoir uncertainties in the northernmost section of the Geitungen terrace, it added.Preliminary subsurface data pegs the combined resource upside between 20-30 million barrels of oil equivalent with engineers currently refining the data to lock in definitive production metrics, the company noted.Rather than constructing new surface assets, the Phase 4 volumes from Tonjer East, Tonjer West, and Geitungen will pipe directly back into Johan Sverdrup's massive existing processing hubs.The expansion project is advancing toward a formal Final Investment Decision, with first oil targeted for 2029, as per the statement.

$EQNR

Commodities8d ago

Australian Labor Tribunal Dismisses Inpex Attempt to Stop Strike at Ichthys Plant

The Fair Work Commission, an Australian labor tribunal, on Sunday rejected an application by Japan's Inpex to halt a strike by 400 oil and gas workers at its Ichthys LNG project, it said in a statement.While the commission agreed that the strike action could lead to a full production shutdown at the company's 9.3-million-ton-per-year facility, it said there were no grounds to claim it would endanger the welfare or safety of the Northern Territory population, with contingency measures in place.The Commission also rejected Inpex's claim that the industrial action would cause significant damage to the Australian economy or an important part of it, finding that the company had failed to demonstrate that any lost production or export revenue would be permanent rather than merely delayed.Inpex's senior vice president, Bill Townsend, called the outcome "disappointing," while noting that an updated offer was being prepared for workers at the plant."Reaching an equitable and sustainable agreement with employees is a priority," he said, according to a Reuters report.Ichthys was set to receive 122 LNG vessels, 33 LPG vessels and 22 condensate tankers this year, with just one week of downtime leading to two condensate cargoes having missed their loading, according to one Inpex employee quoted by Reuters.

Commodities8d ago

Chinese Region Reportedly Accelerates Coal-to-Chemicals for Energy Security

Inner Mongolia, one of China's top coal-producing regions, plans to expand the conversion of coal into oil, gas and chemicals to help reduce reliance on fuel imports, despite risks of missing climate goals, according to multiple media outlets on Friday, citing an official.Huang Zhiqiang, executive vice chairman of the Inner Mongolia Autonomous Region's government, reportedly said at a press conference that the region is scaling up domestic production capacity of coal-to-oil, coal-to-gas and coal-to-chemical projects to become more energy self-sufficient.Inner Mongolia produces around 1.25 billion to 1.28 billion tons of coal every year, Reuters cited Huang as saying, with about two-thirds of the quantity produced in Ordos, one of China's top coal-to chemical hubs.The Baofeng olefins plant in the region is reportedly the country's largest coal-to-petrochemical facility, with annual production of 3 million tons. Other olefins plants are also being built in the area, including the recently approved 800,000 metric-tons-per-year demonstration project, valued at 22.1 billion yuan ($3.26 billion).In 2024, the volume of gas, liquids and chemicals produced from coal could replace about 6% of the country's gas and crude oil imports during the year, Reuters reported.The move to boost the industry in the region, however, could slow China's climate progress, with carbon emissions growth jumping 12% in 2025 alone, according to data by the Center for Research on Energy and Clean Air, as cited by Bloomberg.The initiative also comes despite Inner Mongolia's leading position in the country's renewable energy sector, having more than 175 gigawatts of installed renewable capacity, which reportedly accounts for 9% of China's total.Nonetheless, Huang, as cited by Reuters, said Inner Mongolia is balancing utilization of its massive coal reserves with growing renewable energy.The government is also advancing the greening of mining operations, as part of national strategy to promote green, low-carbon, modern coal-to-chemical projects, Bloomberg quoted Huang as saying.China's National Energy Administration did not immediately respond to' request for comment.

Commodities8d ago

UK, Japan Prime Ministers to Work on Offshore Wind Supply Chain to Boost Energy Resilience

The prime ministers of the UK and Japan have pledged cooperation in wind power through the Offshore Wind Industrial Compact which will promote project financing, research and development and the growth of a supply chain for this zero-carbon energy form, according to a statement on Sunday.The provisions for collaboration on wind power were included in the UK-Japan Joint Declaration on Economic Security Cooperation, published after a meeting between the UK Prime Minister Keir Starmer and his Japanese counterpart Sanae Takaichi during her visit to London at the weekend.The declaration noted that both leaders agreed on a need to ensure supply chains were transparent, secure, diversified, trustworthy and reliable in order "to enhance collective resilience among Japan, the UK" and their partners, given the risks to the global economy from the conflict in the Middle East.The declaration said both parties recognized the importance of emergency response measures in dealing with the impact of this and other conflicts that jeopardize energy supply, including national oil reserve systems and cooperation with bodies like the International Energy Agency.Still on the theme of energy, the declaration noted that the UK and Japan share "grave concerns regarding economic coercion and arbitrary export restrictions, including on critical minerals, that destabilise global supply chains and undermine economic security and resilience."It said the two countries will work together to share information and consult on instances of such arbitrary restrictions.The declaration did not name any country in particular, but China is known to have large stocks of such minerals critical to electronics and cutting edge technologies and also used export restrictions to control their availability.The parties will deepen their cooperation on critical minerals as provided for by a 2023 bilateral agreement specifically for these, to reduce critical dependencies and enhance cooperation among G7 countries in the areas of mining, refining, processing, recycling and stockpiling.The leaders said they had tasked their respective officials to now advance focused dialogue on projects of interest to both countries in the area of battery minerals and recycling and potential cooperation with "like-minded partners".

Commodities9d ago

ComEd Reaches 99% Restoration of Utility Infrastructure in Illinois After Storms

Exelon (EXC) unit Commonwealth Edison said on Sunday it has reached 99% power restoration rate across northern Illinois following multiple rounds of severe storms and tornadoes that triggered over 674,600 customer outages.Infrastructure damage was the most extensive the utility has faced since the 2020 derecho, requiring round-the-clock reconstruction of core localized distribution networks.Field crews were forced to completely replace nearly 500 broken utility poles and string more than 295,000 feet of new cable wire after uprooted trees downed heavy spans, it said.While a subsequent band of isolated Saturday night thunderstorms added an extra 6,425 localized outages, the high-density restoration was largely completed by the end of the weekend, the company added.According to ComEd Executive Vice President David Perez, field technicians remain deployed to clear the final pockets of isolated outages.Total grid normalization is anticipated within the next 24 hours as crews complete low-voltage drop repairs to individual structures and localized circuits.

Commodities9d ago

Offshore Norway Reaches Deal With Styrke, SAFE to Launch Industrial Action

Offshore Norway on Monday said it has reached a deal with trade union Styrke, but failed to reach an understanding with the Norwegian Union of Energy Workers, also known as SAFE, during weekend negotiations.Offshore Norway is representing the oil industry in talks with trade unions Styrke, Safe, and Lederne representing about 8,000 offshore industry workers at Norwegian oil and gas installations.During the weekend, it was mediating on an oil service agreement with Styrke and a well service agreement with SAFE, with both unions having identical agreements, the statement said.After an agreement could not be reached, SAFE has informed that about 154 of its members will initially launch a strike in SLB (SLB), DOF Subsea, Halliburton (HAL), Weatherford (WFRD), Tios and DeepOcean. The strike will be further escalated from Thursday to involve another 224 members employed at SLB, Cactus (WHD), Subsea 7, Weatherford, DeepOcean, Vetco Gray Scandinavia and Baker Hughes (BKR).For Styrke members, the salary grid will increase by NOK 47,000 from June 1 and by another NOK 5,000 Jan. 1 2027, including offshore compensation and holiday pay. Shift and night allowances, public holiday compensation, and minimum wage rates will also be increased and several technical changes will be made to the agreements, the statement said.About 7,200 employees are covered by the two oil service agreements that were subject to negotiations, the statement said.The employees represented the following supplier companies: Altus Intervention, Baker Hughes Norge, Baker Hughes Technology, Benor, Ccb Subsea, Claxton Engineering Services, Deepocean, DOF Subsea Norway, DOF Subsea, Norway Offshore, Enhanced Drilling, Expro Norway, Fugro Norway, Avd. Bergen, Halliburton, Intertek West Lab, Interwell Norway, IOS Tubular Management, KCA Deutag Drilling Norge, Landmark Graphics, Maersk Training, Maritime Drilling Systems, Nosefo Bergen, Nosefo Tau, Oceaneering, Oceaneering Asset Integrity, Onesubsea AS Avd Agotnes, Onesubsea Processing, PSW Technology, Ramco Norway, and Rely0n Nutec.has reached out to Styrke and SAFE separately for comments.

Commodities9d ago

UK Confirms Ban on Russian Refined Products From 2027

The UK government has confirmed a Jan. 1, 2027, expiration date for its temporary general license, fully phasing in a ban on imports of diesel and jet fuel refined from Russian crude in third countries to maximize economic pressure on Moscow.Announced on June 12, the mandate tightens the secondary sanctions framework introduced on May 20, which barred imports of diesel and jet fuel derived from Russian crude but processed in third-party countries.The sunset clause provides a clear regulatory window for energy supply chains to adjust away from neutral refining hubs that have blended or processed Russian crude since direct bans took effect.To prevent domestic market destabilization, the UK Department for Business and Trade confirmed the general license will undergo fortnightly reviews and may be rescinded earlier if market conditions permit.Trade Minister Chris Bryant emphasized that while the transition mechanism guarantees short-term middle distillate flexibility, the definitive cutoff signals a coordinated effort with G7 allies to choke off Moscow's back-door oil revenues.The enforcement forms the backbone of a broader sanctions tranche that similarly targets Russian liquefied natural gas maritime services.For energy desks and freight logistics firms, this timeline effectively blocks any refined products originated from Russian barrels even if substantially transformed in refineries across Asia, the Middle East, or Europe from entering UK terminals past the winter of 2026.

Commodities9d ago

Australia-Based Woodside Dismisses Exxon Acquisition Proposal News, Calls it Media Speculation

Australia-based Woodside Energy (WDS) issued a statement on Monday, saying that it was "not aware of any proposal" concerning US energy giant Exxon Mobil's (XOM) intent to acquire the company.Calling it "media speculation," the Perth-based oil and gas production company confirmed that it had not held any discussions regarding any such potential transactions, while noting that it would "continue to comply with its continuous disclosure obligations."Rumors of the deal already faced opposition from Australian authorities, with West Australian Premier Roger Cook saying that he would oppose any deal that would involve the company relocating its headquarters from Perth, where it has been based since 1990."Overseas interests have sought to acquire Woodside before and the reasons it was previously defeated have not changed," Cook said in a statement to Reuters over the weekend.

$WDS$XOM

Commodities9d ago

Iraq Reportedly Requests Extension of Kirkuk-Ceyhan Oil Pipeline Agreement

The Iraqi government has reportedly asked Turkey to extend for at least a year the existing Kirkuk-Ceyhan oil pipeline agreement that is due to expire on July 27, according to multiple media outlets, citing Ali Nizar, the head of the country's State Oil Marketing Organization.Nizar said the request was made to allow additional time for negotiations on a replacement deal, Reuters reported.The decades-long agreement has allowed Iraq to maintain its crude oil exports from Kirkuk to the Turkish port of Ceyhan, as oil flows through the Strait of Hormuz have remained restricted due to geopolitical tensions. About 95% of Iraq's crude was shipped through that route, according to Oilprice.com.Nizar reportedly said that Iraq has exported 12 million barrels of crude oil from its southern ports since the start of June. The pipeline has a design capacity of 1.6 million barrels per day.has reached out to Somo and Turkey's energy ministry to seek additional information on the status of negotiations.

Commodities9d ago

Update: Shell Secures Agreements for Venezuelan Energy Projects

(Updates throughout with statements from Shell, Venezuelan government.)Energy giant Shell (SHEL) confirmed tothat its Venezuelan unit on Thursday secured a government license to explore and exploit natural gas from the 7-trillion-cubic-feet Loran offshore gas field.The licence allows Shell to extract 1.7 tcf of gas from the Loran field in Block 2 of the Plataforma Deltana, located in Venezuelan waters, through its Manatee platform in Trinidadian waters, Shell said in a statement shared with.The Loran project is awaiting a final investment decision and Trinidad government approvals.In addition, Shell has signed agreements with Venezuelan state-owned oil and gas company PDVSA to provide services and equipment to help expand output capacity, improve operations and boost gas recovery at the Carito and Pirital oil and gas production units located onshore in the northern region of Monagas State, the statement added.In a statement issued on Friday, the Venezuelan government said it has signed phase 1 of the license with Shell for the development and production of the Loran field and the gas agreement has been ratified by interim President Delcy Rodriguez.The deal is part of the five cooperation agreements entered into by the Venezuelan government and Shell on Thursday."These agreements sought to boost the country's energy capacity for both domestic consumption and to consolidate Venezuela's position as a gas exporter, taking advantage of the vast reserves of the asset, which has seven fields, six of them cross-border with Trinidad and Tobago," according to a government statement issued Thursday.The agreements were a result of a technical-financial alliance formed in March to carry out projects in northern Monagas state. These projects aim to increase the production of light crude required for the Merey 16 Blend and ensure a steady supply of feedstock to the Puerto La Cruz Refinery for fuel production, the government said."The subscription also included the acquisition of spare parts for the compression fleet, which allowed for a reduction in flue gas and the recovery of the resource for its incorporation into the electrical, industrial, petrochemical and domestic sectors," the statement added.According to a Reuters report last week, the agreements will make Shell one of the top partners of PDVSA for energy development in the country.has also reached out to the Venezuelan Petroleum Ministry separately for a comment.

$SHEL

Commodities9d ago

NWS Warns of Thunderstorms, Flash Floods in Southern New Mexico, Western & Northern Gulf Coast

The US National Weather Service said part of the region stretching from southern New Mexico into the western and northern Gulf Coast is expected to experience flash flooding into Wednesday due to excessive rainfall from heavy thunderstorms.The NWS issued a red flag warning for Colorado's Vail, Aspen, Rifle, Grand Junction, Montrose, and Nucla. The state is primarily served by Xcel Energy (XEL) and Black Hills (BKH) unit Black Hills Energy.In Nebraska, a similar warning was raised for Harrison, Chadron, Scottsbluff, Bridgeport, Alliance, Harrisburg, Kimball, Sidney, Rushville, Oshkosh, Arthur, Hyannis, Chappell, and Ogallala. A major part of the state falls under the service area of regional transmission organization Southwest Power Pool, with Midcontinent ISO also serving some areas.Affected areas in Wyoming included Glenrock, Bill, Lusk, Lance Creek, Glendo, Douglas, Torrington, Wheatland, Chugwater, and Newcastle. These areas primarily fall under the service area of PacifiCorp's Rocky Mountain Power.Also covered under a red flag warning were South Dakota's Edgemont, Hot Springs, Pine Ridge, Kadoka, Martin, Custer, and Wall, primarily served by Black Hills Energy.California's Shasta Dam, Redding, Red Bluff, Corning, Paradise, Oroville, Marysville, Paradise, and Quincy, primarily served by PG&E (PCG) unit Pacific Gas and Electric Company, were also placed under a red flag warning watch.Meanwhile, an extreme heat warning was raised for Oregon's Portland, Oregon City, Corbett, and Hillsboro, primarily served by Portland General Electric and PacifiCorp unit Pacific Power; and Washington's Vancouver, also served by Pacific Power.The NWS issued a flood warning for Missouri's Nevada, Joplin, Osage Beach, Lebanon, Springfield, Jefferson City, Camdenton, Rolla, St Joseph, Boonville, Columbia, Chillicothe, Carrollton, Moberly, Washington, and areas near Mexico. Evergy (EVRG), Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in Missouri.A similar warning was issued for areas near Coffeyville and Iola in Kansas, where Evergy is among the major service providers.Areas covered under a flood warning watch in Illinois included Peru, Peoria, Pekin, Canton, Havana, Quincy, Jacksonville, Champaign, Decatur, and Carbondale. Ameren's Illinois unit and Exelon (EXC) subsidiary ComEd are among the major service providers in the state.In Texas, the NWS issued a flash flood warning for Rocksprings, Junction, Fredericksburg, Burnet, Georgetown, San Antonio, Hondo, and Cameron, while parts of Cameron and Denton were covered under a flood warning watch. Sempra (SRE) unit Oncor, and Centrepoint Energy (CNP) are among the major service providers in these places.A flash flood warning was raised for Rutland in Vermont, primarily served by Energir unit Green Mountain Power.The NWS also issued flood warnings for certain pockets of Washington, Oklahoma, Louisiana, Iowa, and Indiana.

$AEE$AQN$BKH$CNP$EVRG$EXC$PCG$SRE$XEL

Commodities9d ago

Sweden-Based Studsvik Applies for State Support to Build SMR Nuclear Fleet

Studsvik has applied for state support from the Sweden's Ministry of Finance in order to develop 1.4 gigawatts of nuclear power assets in Sweden, it said in a statement on Friday.The company is seeking to build what would be the country's first private gigawatt-scale small modular reactor system under a state financing framework, it said.The company is hoping to build several multiple light-water small reactors at either at Valdemarsvik or Nykoping in electricity bidding zone SE3, the statement said, noting that it is evaluating sites in parallel to retain flexibility over site selection later.The government is expected to review the application before any negotiations on terms or support offers begin. Any support offered would also have to clear regulatory approvals and some aspects will also need approval at EU level, Studsvik said.Studsvik's development ambitions were bolstered by its acquisition of Karnfull Next, bolting on development capabilities to Studsvik's technical expertise.Studsvik said it has opted for light-water technology as it offers the most "predictable path" through licensing, permitting and project execution.The company is currently working on a project delivery model during which it will identify potential partners for reactor technology, engineering, construction, financing and operations, it said.It plans to commission its first reactor unit in the second half of the 2030s to meet the growing demand for power with electrification spreading across the economy.Studsvik says its projects will support long-term energy policy through the provision of a fossil-free baseload capacity that will likely replace some aging power generation assets.

Commodities9d ago

Asia Biofuels Update: Palm Oil Drops With Crude; Tighter Fundamentals Pare Losses

Malaysian palm oil futures fell on Monday following sharp declines in crude oil prices after US President Donald Trump's announcement of a peace deal with Iran, but a recovery in exports and weather-related supply risks limited losses.The Bursa Malaysia Derivatives' July crude palm oil contract eased 0.11% to 4,430 Malaysian ringgit ($1,093.96) per metric ton. The August contract fell 0.16% to 4,468 ringgit/mt.A strengthening local currency also weighed on prices, with Malaysian ringgit firming against the US dollar for a third straight session on Monday. This makes cargoes costlier to foreign buyers and weighs on export competitiveness.Last month, Malaysian exports dropped 14.5% month over month to 1.1 million metric tons, data from the Malaysian Palm Oil Board showed.Preliminary cargo estimates showing a 3.5% to 4.9% rebound in June 1-10 exports, versus the previous month's levels, countered weak demand sentimentsHowever, Malaysian shipments face competition with rising Indonesian cargoes, as exporters reportedly rush to sell palm oil ahead of the full implementation of the single-gate export system in 2027.In key buyer China, "port arrivals are expected to face significant pressure in June and July," due to "substantial" palm oil procured, price reporting agency MySteel said.Exportable supplies from Malaysia and Indonesia may drop once a developing El Nino weather phenomenon begins to impact yields.Malaysian economic minister Akmal Nasrullah Mohd Nasir said that key commodity sectors may see an 8% to 10% reduction in yields as a result of dry weather, multiple media outlets reported.During the 2015/16 El Nino episode, Malaysian palm oil yields declined between 16% to 18%, Nasir reportedly said.S&P Global Energy, in an emailed statement to, said the last "strong" El Nino episode during that period curbed palm oil yields by 8.3% in Indonesia and 14.2% in Malaysia, despite wider acreage.Prices could rise between 5% and 10% due to weather-related supply risks, according to Kenanga Research cited by The Star. It reportedly raised its 2026 price outlook by 4% to 4,400 ringgit/mt and its 2027 forecast by 6% to 4,450 ringgit/mt.

Commodities9d ago

Oil Drops to Two-Month Low on US-Iran Peace Deal to End War

Oil prices fell Monday morning in Asia following news that a memorandum of understanding to end the war between the US and Iran has been finalized, clearing the way for the reopening of the Strait of Hormuz.As of Monday morning in Asia, West Texas Intermediate (WTI) crude oil dropped 4.75% to trade at $80.85 per barrel. Brent crude oil fell 3.98% to $83.85 per barrel, hitting a two-month low."The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade," U.S. President Donald Trump wrote on Truth Social.A signing ceremony for the MOU is expected to take place in Switzerland on Friday, Pakistani Prime Minister Shebaz Sharif wrote in an X post.Pakistan is acting as the neutral mediator in the conflict between the U.S. and Iran."Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED. Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," Sharif wrote.

$BASI.MN$CANA.MN$COMM.MN$GPMK.MN$NOAM.MN$OIL.MN$OILG.MN$SSR.MN

Commodities11d ago

Natural Gas Prices Fall For 2nd Straight Week Amid Bearish Storage Build, Weak LNG Feedgas Flows

US natural gas markets were down for yet another week, following a larger-than-expected storage build and lower average LNG feedgas flows so far this month.In the futures market, the Nymex front-month contract dropped to $3.04 per million British thermal units on Friday, from $3.22/MMBtu on June 5.Natural gas spot prices, however, rose by $0.31/MMBtu to $3.26/MMBtu during the week ended June 10, from $2.95/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.Prices rose across all major regional hubs this week, with a $0.16/MMBtu rise at the Waha Hub and a $0.94/MMBtu surge at Florida Gas Zone 3.This comes amid an increase in natural gas consumption by 2.7 billion cubic feet per day, or 3% compared to the previous week, according to LSEG data, driven by 3.5 Bcf/d, or 10% increase in consumption from the power sector, due to above-normal temperatures across Northern and Central US over the past week.Total gas supplies also declined during the period, by 0.5 Bcf/d, due to a 0.7 Bcf/d drop in output, which wasn't enough to offset the drop in consumption.US LNG Feedgas flows recovered this week, averaging over 17 Bcf/d, after hitting a multi-month low late last week, due to ongoing spring maintenance across several leading LNG facilities, which continued to weigh on flows. However, the June average was 16.5 Bcf/d, down from 17.5 Bcf/d in May, according to TradingEconomics.The net injection into storage for the week ended June 5 was 108 Bcf, up from 95 Bcf the prior week, bringing total gas inventories to 2,686 Bcf, according to EIA data.For the first time in weeks, the net build came in above consensus estimates at 101 Bcf, was ahead of the five-year average for this period at 95 Bcf, and was just shy of the prior year's 110 Bcf, according to data compiled by Investing.com, making it a bearish signal for the markets.All regions reported a net injection of working gas into storage for the week ended June 5, with inventories across the Pacific, Mountain, and Midwest regions higher by 15%, 6%, and 1%, respectively, compared to the prior year, while South Central and East were lower by 5% and 2%.At 2,686 Bcf, US working gas inventories were 5 Bcf, or less than 1% below the corresponding period a year ago, while still posting a 151 Bcf, or 6% surplus compared to the five-year average for this period.According to Pinebrook Energy Advisors, the latest storage reports point towards "weaker natural gas consumption than preliminary estimates had implied," while also hinting at potentially stronger-than-expected wind and solar generation.Weather forecasts have continued to indicate above-normal temperatures across most of the country from June 19 to June 25, according to the National Weather Service, leading to increased demand for space cooling and, thus, higher gas-fired power burn.A total of 34 liquefied natural gas-carrying vessels left US ports during the week, up from 29 vessels the previous week, with a total capacity of 129 Bcf, up by 18 Bcf from the prior week.Meanwhile, the US gas rig count slipped by three from 124 the previous week to 121 in the week ending June 12, according to data from Baker Hughes (BKR) released Friday. That compares with 113 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 10 to 742 from 732 the previous week.In international markets, European TTF gas prices averaged $16.65/MMBtu for the week ended June 10, $0.38/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $18.85/MMBtu, about $0.30/MMBtu higher than the prior week.

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Commodities11d ago

Jera Receives First LNG Cargo From Australia's Barossa Project

Jera received its first liquefied natural gas cargo from Australia's Barossa Gas Project, marking the start of deliveries to Japan, the company said Friday.Japan's power generation company took delivery of the cargo at its Futtsu LNG terminal on June 12 after the Barossa project began producing LNG in late 2025, Jera said.Located offshore Australia's Northern Territory, the Barossa field supplies gas to the Darwin LNG facility for processing before export to international markets.The project can produce about 3.4 million metric tons of LNG annually. Through its subsidiary, Jera Australia, the company expects to offtake about 425,000 tons per year based on its ownership interest.Jera said Australian LNG remains a key part of its procurement strategy as it continues to expand and diversify its supply sources across its global portfolio.The company counts Barossa among its largest Australian investments alongside its stake in the Wheatstone LNG Project and its investment in the Scarborough Gas Field Development, which is expected to begin production later this year."Securing stable and competitive LNG supply for Japan, in a highly volatile market, remains Jera's utmost priority. A diversified global LNG supply allows us to decrease the impact of supply shocks," chief operating officer of Jera's LCF Business, Irtiza Sayyed, said.Jera said it will continue diversifying its LNG portfolio by balancing supplies from the Asia-Pacific region, the Middle East, the US and other markets.The company also plans to leverage capabilities spanning upstream development, procurement, transportation and power generation to support stable, flexible and secure energy supplies for Japan.

Commodities11d ago

US Natural Gas Update: Stronger LNG Feedgas Flows Boosts Futures Price

US natural gas futures extended gains in after-hours trading on Friday as maintenance work at LNG export terminals began to wind down, allowing feedgas flows to recover toward full capacity.The front-month Henry Hub contract and the continuous contract both rose by 1.75% to $3.141 per million British thermal units.Feedgas demand from US LNG export terminals increased by 0.4 billion cubic feet per day from Thursday, and by 11.9% from the previous week's level to 19.1 Bcf/d on Friday, Barchart reported, citing data from BNEF. Feedgas flows had last exceeded 19 Bcf/d in late April.LNG demand is expected to strengthen further as the Golden Pass export terminal, which shipped its first cargo two months ago, ramps up toward full production and Corpus Christi LNG Stage 3 advances toward final commissioning.However, gains were limited as forecasters projected below-average temperatures across the Midwest through June 16, potentially reducing cooling demand.BNEF data showed total US gas demand climbed by 5.6 Bcf/d between Thursday and Friday to 75.9 Bcf/d, up 9.1% from a year earlier.Power-sector consumption was a key component of the total demand increase as Celsius Energy said late Friday that power burn rose by 2.3 Bcf/d from Thursday to 30.1 Bcf/d, up 5.8 Bcf/d from year-ago levels. The data platform added that natural gas accounted for 39% of total US power generation during the seven-day period ended June 9, down 2.4% from a year earlier as nuclear, wind, and solar generation increased their share.While demand is set to increase, supplies are currently described as ample. US dry gas production reached 111.7 Bcf/d on Friday, up 0.4 Bcf/d from the previous day and 4.2% higher than a year earlier, Barchart said, citing BNEF data.However, Baker Hughes reported on Friday that the number of active US natural gas drilling rigs fell by three in the week ended June 12 to 121, the lowest level in eight months and well below the 2.5-year high of 134 rigs recorded in February 2026.Friday's advance partially reversed losses from the previous session after the US Energy Information Administration reported a larger-than-expected build in storage.The EIA said natural gas inventories increased by 108 billion cubic feet in the week ended June 5, exceeding analyst expectations for a 100-Bcf injection and the five-year average build of 95 Bcf for the period. The latest build put stock levels flat to year-ago levels, but 6% above the five-year historical average.

Commodities11d ago

US DOE Releases Updated 45Z Clean Fuel-GREET Model for Biofuel Producers

The US Department of Energy on Friday released an updated version of the 45ZCF-GREET model used to determine the carbon intensity of fuels that qualify for the 45Z Clean Fuel Production Credit.The new model, reflecting changes Congress made in the 2025 One Big Beautiful Bill Act, marks the first time renewable fuel producers can input data into the model and receive results from those changes, according to the Iowa Renewable Fuels Association. The update includes the removal of indirect land-use change penalties.IRFA Executive Director Monte Shaw said the new model strengthens the path for biofuels.He said that the update better reflects the role of US biofuels in reducing emissions and supporting rural economies and it also better recognizes biofuels' true carbon benefits."IRFA appreciates the DOE's work on the much-needed certainty the new model provides our biofuels producers as they work to qualify for 45Z credits and to produce the ultra-low carbon biofuels increasingly demanded around the globe," Shaw said.Additionally, the updated model separates lifecycle greenhouse gas emissions results into those for fuels produced in 2025 and those produced after Dec. 31, 2025. For fuels produced after 2025, only feedstocks from the US, Canada and Mexico are included in the model.For background, the GREET suite of models was developed by Argonne National Laboratory in 1994, with the first version released in 1995, according to the DOE press release.Its development and applications have been integral to DOE's research, development and demonstration efforts to advance energy and materials technologies for energy efficiency and affordability.

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Commodities8d ago