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Market Chatter: Panama Canal Transit Auctions Fetch Record Rates as Asia Seeks to Replace Lost Supply

Charges paid to use the busiest shipping lanes in the Panama Canal are at record levels as Asian buyers seek alternative oil and gas supplies to Middle Eastern cargoes, the Financial Times reported on Wednesday.Bid volumes at auctions for transit lanes now draw five times as many bids as they did before the US-Israel-Iran conflict started at the end of February. Panamax transit costs now average $837,500, the article said, citing data from Argus Media.Ross Griffith, head of Americas freight pricing at Argus said that the intense bidding reflects Asian buyers' scramble to find not only oil and fuel, but also commodities like coal, from the US Gulf Coast.Wait times to transit the canal have grown to a six-week high of 4.25 days, researcher Kpler said. As a result, some companies have paid sums up to $4 million in April to use the canal's largest locks.While most traffic through the canal is booked in advance at set rates, about 30% is available via auction, the article said.The Panama Canal Authority did not immediately respond to' request for comment.The FT said experts had noted that abundant US energy supply was behind the increase in traffic and the sharp rise in Asian demand for it.The article noted that since the start of the war, 29 tankers with cargoes of diesel, LNG and jet fuel switched routes to Asia from Europe, suggesting they had found higher bids there.(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.)

Commodities107d ago

Biofuels Update: Feedstock Futures Slip on Profit Taking

Major biofuel feedstock futures eased on Thursday amid profit taking, offsetting upsides from higher crude oil prices and weather-related supply risks.The May soybean contract on the Chicago Board of Trade dropped 0.24% to $11.62 per bushel. The May soybean oil contract slipped 0.54% to 71.29 cents per pound.Soybean prices have recently hit chart resistance resulting in profit taking, according to Sam Hudson of Cornbelt Marketing, as cited by AgWeb.Bryan Doherty of Total Farm Marketing, also cited by the agricultural news agency, said a strong market catalyst is needed to get above this resistance. Recent soybean oil strength from rising biofuel demand may not be sufficient, as slowing exports were putting downward pressure.Soybean oil exports for the week ended April 16 were estimated to be between net reduction of 10,000 metric tons and sales of 14,000 mt, while soybean exports were expected to range from 200,000 mt to 600,000 mt. Industry data will be released on Thursday.Additional export demand may come from China, with market participants keenly eyeing the Trump-Xi summit in mid-May.However, the ongoing US-Iran conflict may complicate US-China trade relations, possibly prompting China to turn to Brazil and Argentina for soybean imports, ADM reported, citing Louis Dreyfus chief risk officer Vijay Chakravarthy.In terms of supply, occurrence of rain could slow US planting, providing some price support.In Asia, Malaysian palm oil futures eased from near two-week highs on Thursday, as traders booked profits and as weak exports offset expectations of tighter supply due to the El Nino weather phenomenon.Ending a three-session rally, the Bursa Malaysia Derivatives' May crude palm oil contract lost about 1% to 4,505 Malaysian ringgit ($1,135.91) per metric ton. The June contract dropped by the same extent to 4,552 ringgit/mt.Both contracts were up 2.7% to 2.9% so far this week, reversing two straight weekly losses.Prices also declined on Thursday despite an increase in crude oil prices and a weakening in the local currency.Export demand for the current month has softened, with cargo surveyors reportedly estimating a 25.6% to 25.8% month-over-month drop in Malaysian shipments for the first 20 days of April, largely due to lower Middle Eastern demand.Nonetheless, expanding biofuel use in Southeast Asian producers, following improved economics and to help meet domestic market needs amid ongoing supply chain disruptions, will support palm oil going forward.Higher biodiesel programs in Indonesia, Malaysia, and Thailand, as well as the potential impact of El Nino phenomenon on palm oil output, will tighten supply.With the market looking at how extreme weather conditions will impact production, "prices still have room to rise," according to price reporting agency MySteel.BMI Research, as cited by The Edge Malaysia, said El Nino concerns will be a supportive factor going forward and will temper declines brought about by fading geopolitical risk premium.In the short term, it reportedly expects developments in the US-Iran conflict to continue influencing market trends, with palm oil prices likely to slip to around 4,200 ringgit/mt in Q2, assuming de-escalation in the Middle East conflict.In the long term, "the interplay of biodiesel expansion, weather risks, and geopolitics is setting the stage for a more constrained global palm oil balance going into 2026-27," said B.V. Mehta, executive director at Solvent Extractors' Association of India.In the US, the May-dated ethanol futures on the NYMEX continued to gain for a third straight session on Wednesday, rising 1.05% to $1.92 per gallon, on lower production and stronger exports.In the week ended April 17, ethanol production in the US declined to 1.0 million barrels per day, from 1.1 mmbbls/d a week earlier, according to data released by the US Energy Information Administration.The decline is expected during a seasonal downtime in planting, agriculture data provider DTN said, adding that production in the current season is still up 2%, with margins remaining strong.Exports grew week over week to 91,000 barrels per day from 81,000 b/d, data also showed.However, stocks rose to 26.9 million barrels from 26.7 mmbbls.

Commodities107d ago

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday Amid Stalled US-Iran Talks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Thursday's premarket activity as talks between the US and Iran stalled amid a continued blockage of the Strait of Hormuz.US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.6%, and Nasdaq futures retreating 0.4% before the start of regular trading.US initial jobless claims totaled 214,000, compared with expectations of 210,000 and a prior reading of 208,000.The Chicago Federal Reserve Bank's monthly National Activity Index fell to a reading of minus 0.20 in March from 0.03 in February, compared with expectations for a smaller decrease to minus 0.13 in survey of analysts compiled by Bloomberg as of 7:35 am ET.S&P Global flash estimates of manufacturing and services conditions for April will be released at 9:45 am ET, followed by weekly natural gas stocks at 10:30 am ET.The Kansas City Fed's manufacturing reading for April will be released at 11 am ET.In premarket activity, 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 by 3.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.02%.Power Play:EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.Helix Energy Solutions (HLX) stock was up more than 8% before the opening bell after the company agreed to merge with Hornbeck Offshore Services in an all-stock deal to form an integrated offshore services company.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.04%, the Vanguard Health Care Index Fund (VHT) was down 0.3%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) declined by 1.2%.Sanofi (SNY) stock was up more than 3% premarket after the company reported higher Q1 adjusted earnings and sales.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.KB Financial Group (KB) shares were up more than 2% pre-bell after the company reported higher Q1 earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.04%, while the Vanguard Industrials Index Fund (VIS) gained 0.7% and the iShares US Industrials ETF (IYJ) was down 0.4%.Union Pacific (UNP) stock was up more than 2% before the opening bell after the company reported Q1 earnings and operating revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.3%. 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) and the State Street SPDR S&P Retail ETF (XRT) were inactive.Tesla (TSLA) shares were down more than 2% pre-bell after the company overnight reported Q1 results, with investors focused on its outsized capital expenditure outlook.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was down 0.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.04% higher, while the iShares Semiconductor ETF (SOXX) rose by 0.9%.Intel (INTC) shares were up more than 1% in Thursday's premarket activity after Tesla (TSLA) Chief Executive Elon Musk said he intends to use Intel's upcoming 14A process to make chips at its Terafab advanced artificial intelligence project in Austin, Texas.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.2% to $93.17 per barrel on the New York Mercantile Exchange. Natural gas gained by 0.1% to reach $2.73 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.1%, while the United States Natural Gas Fund (UNG) was 0.4% lower.Gold futures for May were down by 0.4% at $4,734.40 an ounce on the Comex. Silver futures retreated by 3.1% to $76.11 an ounce. SPDR Gold Shares (GLD) was 0.3% lower, and the iShares Silver Trust (SLV) fell by 1.8%.

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

Commodities107d ago

Market Chatter: Rooftop Solar Demand Surges Across Europe as Energy Costs Rise

Iran war has sparked a revival in demand for rooftop solar across Europe, according to a Reuters report, citing several industry leaders and executives.As the conflict led to a sharp increase in global oil, gas and electricity prices, households and companies alike are grappling for cheaper alternatives, and rooftop solar installations have emerged a key choice."The war has merely exposed the problem that has existed all along: energy dependency," said Janik Nolden, the co-founder of Solarhandel24, a German solar equipment wholesaler, who believes that European governments had been "walking into a trap" all this while.Solarhandel24 saw its sales triple from a year ago in March to nearly 70 million euros ($81.85 million), and expects this pace of sales to continue. It has since expanded its workforce by a third, or 85 people, to meet the soaring demand.Another German renewable energy equipment company, Enpal, is seeing a similar trend, with orders surging 30% in March, to 130 million euros, and on track for a 33% growth in April, at 120 million euros, primarily driven by rooftop solar installations.According to Enpal's CEO Mario Kohle, "this is about European resilience," while he adds that this trend is being seen even in the defense sector. "Just as Europe must be able to defend itself, we must be able to supply our own energy," he said.This growing demand for rooftop solar is also sparking growth for energy storage technologies, with Holland Solar's Wijnand van Hooff seeing sales growth in the range of 40% to 50%.Filip Thon, the CEO of E.ON, Europe's largest energy network operator, said that "this cannot be explained by purely seasonal factors," while noting that customer requests for the company's rooftop solar installations have compared to the same period last year.Executives have also highlighted the role of Germany's renewable energy law in helping spur demand, noting that the pace of new solar installations had slowed in 2025.The above-mentioned companies did not immediately respond to' request 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.)

Commodities107d ago

Diesel Appears as Major Vulnerability for Australia During Middle East Energy Crisis, Says IEEFA

The impact of the global energy crisis could manifest most acutely in Australia as a diesel shortage, given its reliance on Asian imports in turn derived from Middle Eastern crude, the Institute for Energy Economics and Financial Analysis said on Thursday.Australia's trading partners in Asia will come under mounting pressure as competition builds for their limited supplies. Diesel prices tripled in price by early April, at their peak, compared with the start of the year while crude oil and petrol roughly doubled in price, IEEFA said.It noted that Australia is one of the world's heaviest users of diesel based on volumes consumed per dollar of GDP, using about three times as much as the US and Japan on that basis.Nonetheless, only about 13% of Australian diesel is produced in domestic refineries, making it the world's No. 1 diesel importer, with the fuel used across commercial road vehicles, rail, agriculture and mining.Australia could struggle to import all the diesel it needs if Asia-Pacific exporters are unable to keep shipping the required volumes, IEEFA said.With 53% of diesel used on the road in light commercial and truck fleets, Australia could seize the opportunity to promote more efficient, slower driving to improve fuel economy and to optimize maintenance and logistics.Eco-driving, sometimes referred to as hyper-miling, involves avoiding harsh acceleration and slowing down early to avoid unnecessary braking, shifting up gear earlier and minimizing idling.Such techniques alone can enable the most diligent drivers to use 35% less fuel than those who ignore these techniques, IEEFA said.Logistics giant Linfox implemented an eco-driving programme in 2012 and reduced its carbon emissions by 14%, for example. IEEFA said savings of 15% to 40% can be made in agriculture, mining and rail transport.It said the government should take the lead in rolling out education and training for drivers in these sectors to improve fuel efficiency. That would help mitigate supply shortages and limit the financial impact of the energy crisis on businesses.The report said that 10% of drivers cover 40% of all kilometres driven in Australia, providing "low hanging fruit" that the government can target with such an initiative. Additionally, IEEFA recommended encouraging EV adoption within this group.

Commodities107d ago

Druzhba Pipeline Oil Flows to Slovakia Resume After 3-Month Disruption

Crude oil supplies to Slovakia via the Druzhba pipeline have resumed as of 2 a.m. local time, Deputy Prime Minister of Slovakia Denisa Sakova said Thursday in a social media post.The oil intake, she said, was being carried out in accordance with an agreed plan, without actually stating what this plan was.This brings an end to the three-month-long standoff, which began with a Russian drone strike against the pipeline's section in Ukrainian in January, according to a report by Politico.Both Slovakia and Hungary had accused Ukraine of dragging its feet to make repairs to sections of the damaged pipeline that was within its borders.Slovakia's Prime Minister Robert Fico said that while he welcomed the resumption of flows via the pipeline, he also believed that this proves that there was no damage. This was a politically motivated blockage. "It wasn't damaged, and the Druzhba pipeline and oil were used as tools in a geopolitical struggle," he said.Hungarian Prime Minister Viktor Orban had blocked the EU's 90 billion euro ($105.14 billion) loan to Ukraine using his veto powers, demanding that oil flows via the pipeline be restored first.

Commodities107d ago

US, European, Canadian Firms Partner on Offshore Wind Development in Canada

US contractor Riggs Distler & Co., European firm Smulders, and Canadian company Cherubini Bridges & Structures have partnered to enhance development of offshore wind energy infrastructure in Nova Scotia, Canada, according to a joint statement Wednesday.Under the teaming agreement, Cherubini will leverage its large-scale fabrication capability in the region to support local manufacturing of wind generation components. The company has more than 250,000 square feet of fabrication space across multiple facilities.Construction company Smulders, backed by Eiffage, will bring in its offshore wind expertise, while Centuri (CTRI) subsidiary Riggs Distler will capitalize on its parent company's platform to support local execution.The collaboration, which will accelerate the development of domestic offshore wind supply chain, aligns with Canada's goal to produce 5 gigawatts of offshore wind capacity by 2030, according to the statement.

$CTRI

Commodities107d ago

NWS Issues Red Flag Weather Warnings in New Mexico, Oklahoma, Nebraska, South Dakota

The US National Weather Service said on Thursday that large swathes of the center of the US were under a red flag weather warning.The affected zones are large parts of New Mexico, northwest Texas, northwest Oklahoma, the eastern half of Colorado, the center and west of Nebraska and the east of South Dakota.The risks included heavy snow in the northern Rockies and critical fire weather conditions for parts of the Plains, while in the central and southern plains to the Upper Midwest, there are increasing chances of severe weather also, the NWS said.Affected areas in New Mexico and southwestern Texas are Carlsbad, Seminole, Roswell, Lubbock, Littlefield, Morton, Portales, Clovis, Dimmit, Childress, Clarendon, Amarillo, Santa Rosa, Tucumcari, Borger, Pampa, Hereford and Matador, Los Alamos, Moriarty, Albuquerque, Santa Fe, Roy, Las Vegas, Orogrande, Las Cruces, Deming, Lordsburg, Silver City, Truth or Consequences, Alamogordo, Cloudcroft, Antelope Wells, Taos, Raton, Roy, Clayton, Liberal, Beaver, Perryton and Borger.Power providers in New Mexico are Xcel Energy (XEL), PNM Resources (PNM) and El Paso Electric. In Texas, main power providers are AEP (AEP) unit AEP Texas, CenterPoint Energy (CNP), Entergy's (ETR) Texas unit, Oncor, Swepco and TXNM (TXNM) unit TNMP.Affected areas in eastern Colorado are Eads, Ordway, Pueblo, Canon City, Saguache, Gunnison, Buena Vista, Colorado Springs, Fairplay, Castle Rock, Limon, Deer Trail, George Town, Denver, Boulder, Akron, Fort Morgan, Greeley, Fort Collins, Sterling and Julesberg.The power provider in eastern Colorado is Exelon (EXC) subsidiary Pepco.Affected areas in western Kansas are Cheyenne Wells, Flagler, Goodland, St. Francis, Oberlin, McCook, Wray, Akron, Imperial. In Nebraska, affected areas are Pine Ridge, Chadron, Rushville, Alliance, Hyannis, Valentine, Mullen, Springview, Ainsworth, Butte, O'Neill, Brewster, Burwell, Thedford, Oshkosh, Arthur, Tryon, Stapleton, Broken Bow, Chappell, Ogallala, North Platte, Kearney, Holdrege, Stockville, Grant and Arthur.The power providers in western Kansas are Evergy (EVRG) and Liberty (LBRT). In Nebraska, the power provider is MidAmerican Energy.Affected areas in South Dakota are Marshall, Brookings, Huron, Pipestone, Mitchell, Chamberlain, Sioux Falls, Lake Andes, Yankton. In the east of North Dakota and west of Minnesota, affected areas are Grafton, Grand Forks, Roseau, Thief River Falls, Fargo, Detroit Lakes, Jamestown, Lisbon, Fergus Falls, Ashley and Sisseton.In South Dakota, the power provider is NorthWestern Energy (NWE). In North Dakota the power providers are Otter Tail Power and Montana Dakota Utilities.In Minnesota, the power providers are Allete (ALE) utility Minnesota Power, and Superior Light, Water and Power.The NWS placed parts of Utah under a freeze warning. Affected areas are Duchesne, Defta, Nilford, Cedar City, Price and Brigham City.The power provider in Utah is PacifiCorp unit Rocky Mountain Power.In Michigan there were flood warnings covering Manistee and Petroskey.There were winter weather warnings in Wyoming, Idaho and Montana. Affected towns are West Glacier, Essex, Seeley Lake, Missoula, Lowell, Grangeville, Riggins, Leadore, Salmon, Shoup, Sula, Hamilton, Dillon, Bozeman, Helena, Great Falls, Anaconda and Butte.Power providers in the states are Idaho Power (IDA), Avista Utilities (AVA) and Northwestern Energy.

$AEP$ALE$ETR$EVRG$IDA$LBRT$NWE$PNM$TXNM$XEL

Commodities107d ago

Helix Energy Solutions Higher Vessel Utilization Boosts Revenue

Offshore energy services company Helix Energy Solutions (HLX) said Thursday that improved vessel utilization across most segments contributed to a year-over-year increase in its Q1 revenue.The well intervention segment recorded an 82% fleet utilization in Q1, with vessels in Brazil operating at 100%, those in the Gulf of Mexico at 91%, and those in the North Sea at 47%. The segment posted $209.4 million in revenue during the quarter, compared with $198.4 million a year ago.The Q7000 vessel was fully utilized in Q1, following its mobilization and docking in Brazil, the company said. This compares with just six days of operation in the same quarter of the previous year.Helix Energy also reactivated Seawell this year, after being fully idle in 2025.In the robotics segment, vessel activities and utilization of remotely operated vehicles rose year over year, with total vessel days increasing to 381, or 79%, in Q1, from 244, or 67%, in the prior year. The segment saw revenue increased to $62.4 million in Q1 from $51.0 million a year earlier.Lower integrated vessel trenching, which decreased to 122 days from 135 days, partially offset the higher vessel days.The company also said that vessel utilization in the shallow water abandonment segment climbed to 37% in Q1 from the year-ago level of 31%. The figures exclude heavy lift operation. The segment's Q1 revenue increased year over year to $21.2 million from $16.8 million.Additionally, utilization of plug and abandonment systems and coiled tubing systems improved to 369 days, or 16%, from 264 days, or 11%.Meanwhile, the company said its production facilities generated lower revenue during the period due to weaker oil and gas production from the Droshky field. The segment's Q1 revenue stood at $18.7 million, down from the prior year's $19.8 million.Helix expects Droshky output to continue declining throughout the year, although the restart of production at Thunder Hawk field following a successful workover in April will provide an upside.For the rest of the year, the company said vessel utilization and rates will primarily underpin its outlook, with winter seasonal activity to impact operations.

$HLX

Commodities107d ago

Market Chatter: Chevron Refinery in Texas Reports Oil Spill

The Chevron (CVX) 118,750-barrel-per-day oil refinery in Pasadena, Texas, experienced a spill on Wednesday from its Red Bluff Tank Farm, the company said in a statement, according to a Reuters report.The spill was contained on-site and the cleanup is currently underway, the report said, citing a Chevron statement. There were no injuries or off-site impact. The company has, however, deployed enhanced environmental monitoring.The Pasadena refinery produces key fuels such as gasoline and diesel. The company, however, did not provide any additional details regarding the impact of the spill on the refinery's operations, according to Reuters.Chevron did not immediately respond to' request for a comment on this story.(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.)

$CVX

Commodities107d ago

Golden Pass LNG Ships 1st Export Cargo From Texas Terminal

Golden Pass LNG, a joint venture between QatarEnergy and Exxon Mobil (XOM), launched its first liquefied natural gas export cargo on Wednesday from its terminal in Sabine Pass, Texas, the company said.This maiden voyage marks a critical step toward full commercial operations for one of North America's largest export facilities.The company noted that the construction and commissioning teams continue work on Trains 2 and 3, which will follow Train 1 into service once stable operations are established.At full capacity, the facility will export about 18 million tons of LNG annually.The massive infrastructure includes three liquefaction trains with a combined capacity of 18.1 million tons per year, five storage tanks holding 155,000 cubic meters each, and two marine berths capable of docking the world's largest LNG carriers.

$XOM

Commodities107d ago

EMEA Natural Gas Update: Futures Rise Nearly 4% as Uncertainties in US-Iran Peace Talks Continue

European natural gas futures were up by nearly 4% on Thursday as uncertainties continued to linger over US-Iran relations, with stalled peace talks, a fragile open-ended ceasefire, and the ongoing naval blockade against Tehran kept markets on edge.Front-month Dutch TTF contracts rose 3.96% to 45.27 euros ($52.98) per megawatt hour, while UK NBP futures gained 3.92% to 112.69 British pence ($1.51) per therm.This comes as tensions have continued to escalate in the Middle East, with Iran's decision to seize two vessels in the Strait of Hormuz on Wednesday, followed by US forces intercepting and redirecting three Iranian-flagged vessels in the Indian Ocean.Meanwhile, the second round of peace negotiations with Iran, scheduled to take place in Islamabad, Pakistan, earlier this week, was abandoned, and US President Donald Trump announced a ceasefire extension, with no concrete deadline.The Strait of Hormuz, which accounted for 20% of global LNG flows, remained closed for the eighth week running, with just five vessels transiting through it over the past 24 hours, according to the Hormuz Strait Monitor.These developments come at a time when Europe is entering gas reinjection season with significantly depleted inventories, at just 30.70% of capacity, compared with 37.32% during the corresponding period a year ago.At the same time, Norwegian output, a key supply source for Europe, stood at 12.34 billion cubic feet per day in March, down 1.6% since February and 0.8% year-over-year, while also being 0.5% below forecasts, according to data from the Norwegian Offshore Directorate, further aggravating the supply situation.

Commodities107d ago

Asia Biofuels Update: Malaysian Palm Oil Retreats From 2-Week Highs

Malaysian palm oil futures eased from near two-week highs on Thursday, as traders booked profits and as weak exports offset expectations of tighter supply due to the El Nino weather phenomenon.Ending a three-session rally, the Bursa Malaysia Derivatives' May crude palm oil contract lost 0.2% to 4,540 Malaysian ringgit ($1,144.73) per metric ton. The June contract dropped by the same extent to 4,591 ringgit/mt in midday trade.Both contracts were up more than 3.5% so far this week, reversing two straight weekly losses.Prices also declined on Thursday despite an increase in crude oil prices and a weakening in the local currency.Export demand for the current month has softened, with cargo surveyors reportedly estimating a 25.6% to 25.8% month-over-month drop in Malaysian shipments for the first 20 days of April, largely due to lower Middle Eastern demand.Nonetheless, expanding biofuel use in Southeast Asian producers, following improved economics and to help meet domestic market needs amid ongoing supply chain disruptions, will support palm oil going forward.Higher biodiesel programs in Indonesia, Malaysia, and Thailand, as well as the potential impact of El Nino phenomenon on palm oil output, will tighten supply.With the market looking at how extreme weather conditions will impact production, "prices still have room to rise," according to price reporting agency MySteel.It expects palm oil prices to trade in a volatile range in the near term.BMI Research, as cited by The Edge Malaysia, said El Nino concerns will be a supportive factor going forward and will temper declines brought about by fading geopolitical risk premium.In the short term, it reportedly expects developments in the US-Iran conflict to continue influencing market trends, with palm oil prices likely to slip to around 4,200 ringgit/mt in Q2, assuming de-escalation in the Middle East conflict.

Commodities107d ago

L&T Green Energy Tech to Supply Japan-Based Itochu With Green Ammonia Maritime Fuel

L&T Energy Green Tech will supply 300,000 metric tons of green ammonia each year to Japan-based Itochu from a proposed production facility in Gujarat, India, the company said on Wednesday.The long-term agreement provides for a long-term supply of cleaner fuel for the maritime sector, on a take-or-pay basis, the company said.The deal deepens the partnership between the two companies after a joint development agreement signed last July through which they seek to work towards establishing a globally competitive green ammonia value chain.Itochu will use the supplied green ammonia to expand its green bunkering applications for the decarbonization of the maritime sector.The agreement also advances L&T's strategy of scaling its green hydrogen and derivatives platform, positioning the Kandla, Gujarat facility as a strategic export hub for low-carbon fuels.India itself, through its National Green Hydrogen Mission, will advance its own aim of becoming a leading exporter of green energy derivatives through the deal, the statement said.

Commodities108d ago

Kinder Morgan Q1 Gas Transport Volumes Rise; Oil, Refined Product Volumes Decline

Kinder Morgan (KMI) reported Q1 earnings Wednesday, showing total transported natural gas volumes rose to 49,475 billion British thermal units per day over the year, from 45,978 billion Btu/d a year earlier.Total oil segment delivery volumes declined to 1.97 million barrels per day in Q1 2026, compared with 2.05 million b/d a year earlier.Within the oil segment, transported volumes of crude and condensate fell to 420,000 b/d in the quarter, down from 476,000 b/d a year earlier.Total refined product volumes edged lower, with transported volumes at 1.5 million b/d in Q1 2026, compared with 1.6 million b/d a year earlier.In the Products Pipelines segment, transported gasoline volumes dropped to 912,000 b/d from 933,000 b/d in Q1 2025, and jet fuel volumes also fell to 293,000 b/d from 302,000 b/d a year ago.In contrast, diesel fuel volumes increased to 340,000 b/d from 336,000 b/d in the year-ago period."Our Natural Gas Pipelines segment drove the bulk of that outperformance, benefiting from winter storm Fern and extended cold weather," Chief Executive Officer Kim Dang said.Executive Chairman Richard D. Kinder said geopolitical uncertainty surrounding the Middle East conflict remained elevated."The geopolitical landscape became even more turbulent this quarter, with conflict in the Middle East joining the ongoing war in Ukraine as a source of significant commodity price volatility," Kinder said, adding that the company was "largely insulated from that volatility.""Longer-term, these global conflicts highlight the benefits of securing liquefied natural gas supplies from the United States, driving incremental demand for the services we provide those shippers," he said, noting that domestic natural gas demand growth projections, particularly in the power sector, continue to be robust.On April 20, KMI and Phillips 66 (PSX) closed a second open season for the proposed Western Gateway Pipeline system with sufficient customer commitments to advance the project, subject to agreements and respective board approvals.The refined products pipeline aims to connect Midwest and Gulf Coast refinery supplies to Phoenix, Arizona and California markets with connectivity to Las Vegas, Nevada, via Kinder Morgan's CALNEV Pipeline. Completion is targeted for mid-2029.

$KMI$PSX

Commodities108d ago

US Natural Gas Update: Futures Prices Maintain Two-week High

US natural gas futures pared earlier gains in after-hours trade on Wednesday but remained at a two-week high, as heightened geopolitical tensions surrounding conflicts in the Middle East lent support to prices.Both the front-month Henry Hub contract and the continuous benchmark edged up 0.63% to $2.714 per million British thermal units.Prices had earlier traded as high as $2.76/MMBtu during the session.Market sentiment was underpinned by expectations that the Strait of Hormuz could remain closed for an extended period, a development that would likely sustain or boost demand for US LNG exports.However, gains were capped by a weak near-term domestic demand outlook. Forecasts for warmer-than-average temperatures are expected to reduce heating demand in the coming days. Data cited by Barchart from the Commodity Weather Group indicate above-normal temperatures will likely persist across the eastern half of the US through Apr. 26, followed by cooler weather into May.Gelber & Associates said forward weather patterns may provide some support, noting that a cooler bias into early May could modestly lift heating demand. Still, the firm added that the lack of meaningful cooling demand continues to limit overall consumption.Storage expectations also weighed on the market. Analysts anticipate a larger-than-normal inventory build in the US Energy Information Administration's weekly report due Thursday. Market estimates call for an increase of 94-97 billion cubic feet for the week ended Apr. 17, well above the five-year average build of 64 Bcf for the period.On the supply side, dry gas production in the Lower 48 states was estimated at 110.3 Bcf/d, up 3.3% from a year earlier, according to data from BNEF. Demand across the region was pegged at 68.4 Bcf/d, a 2.2% increase year over year.Flows to US LNG export terminals remained steady, with net feedgas deliveries estimated at 20.1 Bcf/d, up 1.6% from the previous week.

Commodities108d ago

Amendments Breathe Life into E15 Nationwide, Year-Round Sales

Lawmakers introduced legislation on Wednesday that would permit the sale of E15 year-round nationwide.The proposal also requires the Environmental Protection Agency to finalize pending rulemaking, recognizing that E15 is compatible with existing infrastructure and equipment.Additionally, the proposed amendment to the House Farm Bill, introduced by the lawmakers that make up the E15 Rural Domestic Energy Council, reforms the Renewable Fuel Standard refinery exemption process by clarifying who qualifies as a "small" refiner beginning in 2028, the Iowa Renewable Fuels Association said in a statement.Refiners meeting the new standard would receive an automatic 75% reduction in their RFS obligations.Larger refiners could petition for RFS exemptions on an emergency basis. Going forward, RFS exemptions would not be reallocated, IRFA said."IRFA is thrilled to finally see this compromise legislation introduced," said IRFA Executive Director Monte Shaw. Our message is simple: get this to the President's desk immediately so that he can sign it into law."Geoff Cooper, President of the Renewable Fuels Association, said the amendment strikes the right balance for the many stakeholders who came to the table and engaged in good faith with the House council over the past several months."We believe it is broadly supportable by agriculture, oil refining, biofuels, and fuel retail interests," Cooper said.In January, lawmakers removed year-round E15 from a funding bill and instead formed the E15 Rural Domestic Energy Council to study the issue and introduce legislation in February.The Fueling American Jobs Coalition, a coalition of union workers and independent American oil refiners, opposed the measures."It has been made abundantly clear that the ethanol industry has no interest in a year-round E-15 compromise that would rein in the volatile regulatory costs of the Renewable Fuel Standard," FAJC leadership stated in a press release.

Commodities108d ago

Market Chatter: Alberta Studies 3 Northern Pipeline Routes to Boost Oil Exports to Asia

Alberta is evaluating three separate proposals for a new oil pipeline through northern British Columbia capable of transporting 1 million barrels per day, as Canada seeks to expand energy exports to Asian markets, Bloomberg reported on Wednesday, citing industry sources.An agreement between the provincial government and Prime Minister Mark Carney's administration on industrial carbon pricing is nearing completion, with a final deal expected within the next two weeks. The two sides are closing in on the terms of the arrangement, the report said.A new crude pipeline is central to Carney's strategy to transform Canada into a global energy superpower and diversify trade away from the US.Though the proposed pipeline offers no immediate relief for the energy supply squeeze amid the ongoing Middle East conflict, Carney and Alberta Premier Danielle Smith argue it secures Canada's long-term position in Asian markets.However, despite the recent expansion of the Trans Mountain pipeline, Canada's export profile remains heavily concentrated, with about 90% of the country's oil shipments still destined for the US.Canada faces significant political and technical hurdles to developing a new northwest oil pipeline, with opposition from the British Columbia government, environmental groups, and some Indigenous communities, and any project would likely require Ottawa to ease restrictions on oil tankers along the coast.has reached out to the Office of the Prime Minister of Canada for any comments.While the federal government reportedly prefers increasing shipments through the Vancouver area via a route similar to the existing Trans Mountain line, Alberta officials argue that a northern terminus would be more cost-effective.Smith, whose government is funding early-stage planning for a new pipeline, favors a northern route. Proposed northern corridors include the port city of Prince Rupert and two additional sites further up the British Columbia coast.Though the Premier of Alberta has not ruled out a southern alignment, provincial officials believe it would be significantly more costly.The Trans Mountain pipeline expansion faces significant physical and technical hurdles that may limit future growth along its corridor.The expansion, which began commercial operations in 2024, boosted the line's capacity to approximately 890,000 barrels per day. However, the project's price tag ballooned to over CA$30 billion ($22 billion), triggering an ongoing regulatory dispute between the government-owned corporation and oil shippers over how much of those capital costs can be recovered through tolls.Beyond the financial friction, the route itself presents structural constraints. Significant stretches along the route lack sufficient space for a parallel large-diameter pipeline, particularly through the rugged Coquihalla region in British Columbia's interior.Technical constraints also persist near Vancouver. The pipeline's marine terminal sits on a congested waterway and is currently limited to Aframax-class tankers.(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.)

Commodities108d ago

US Biofuels Update: Soybeans Decline on Profit-Taking, Geopolitical Concerns

Biofuels feedstock futures closed lower on Wednesday, after the soybean market traded at its highest level in a month before reversing later in the day.The Chicago Board of Trade May soybean futures contract closed 0.85% lower at $11.64 per bushel, and the CBOT May soybean oil futures contract settled 0.64% lower at 71.68 cents per pound.On Tuesday, the June ethanol futures contract on the Nymex ended 0.26% higher at $1.90 per gallon.Rhett Montgomery, DTN analyst, said that the soybean market faced profit-taking midweek."Selling pressure intensified through the session on a combination of technical-based selling and likely bearish concerns over the rise in conflict in the Strait of Hormuz over the past 24 hours," he said in a daily note."Additionally, fertilizer trade constraints and sharply higher farmgate costs point to a movement away from fertilizer-intensive grains and towards oilseeds," Montgomery added.US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending on April 17, US ethanol production averaged 1.04 million barrels per day, below 1.12 mmb/d last week and almost flat compared with 1.03 mmb/d a year ago. The four-week average output at 1.09 mmb/d was above 1.03 mmb/d during the same time last year.Midwest ethanol production averaged 979,000 b/d, below 1.07 mmb/d in the previous week. The four-week average output of 1.03 mmb/d was higher than 977,000 b/d a year ago.Domestic ethanol inventories ended the week at 26.9 million barrels, above 26.7 mmbbls a week ago, and below 25.5 mmbbls a year ago.

Commodities108d ago

Russian Sanctions and Energy Transition Tighten Europe's Jet Fuel Supply, IATA Says

Europe's energy transition, combined with tighter sanctions on Russian oil, is reshaping fuel markets and increasing pressure on aviation supply chains, the International Air Transport Association said in a brief on Wednesday.European governments are pushing ahead with decarbonization policies to reduce fossil fuel use and expand renewables and bioenergy. At the same time, EU, UK, and US sanctions on Russian oil exports are disrupting established trade flows and adding complexity to global energy markets.Although Europe has been steadily cutting its dependence on Russian energy, Russia remains a major global oil exporter despite sanctions. Its crude still reaches international markets through alternative routes, including so-called "shadow tanker" fleets and intermediary buyers benefiting from discounted supplies. These workarounds have softened global supply shocks but have not removed market volatility or reduced competition for non-Russian crude.In Europe, sanctions are compounding an already tightening refining landscape. In 2025, four refineries closed crude processing operations, removing around 400,000 barrels per day of capacity. Longer-term projections from S&P Global Commodity Insights suggest European refining capacity could fall by more than 5 million barrels per day by 2050, nearly half of 2024 levels.Jet fuel is especially exposed. Unlike many refined products, demand for aviation fuel is expected to remain resilient or grow over the next decade, increasing reliance on imports as domestic output declines.Airlines are feeling the impact of higher, more volatile fuel costs. Beyond global price movements, carriers face rising logistics fees and supplier premiums that tend to increase in periods of tight supply. At Milan Malpensa Airport, fuel add-ons above base prices have tripled compared with pre-pandemic levels, reflecting constrained local refining capacity.While refining margins have partially stabilized globally as trade routes adjust, Europe's aviation sector remains particularly exposed due to declining domestic supply and increased import dependence.IATA warns that without expanded supply diversification, additional storage capacity, and accelerated deployment of sustainable aviation fuels, Europe's airlines will face continued cost pressure, volatility, and heightened vulnerability to geopolitical disruptions linked to sanctions and shifting global oil flows.

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Commodities107d ago