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Okea to Exit Mistral Stake in $30 Million Deal, Strengthens Balance Sheet

Okea said Monday that it agreed to sell a 20% stake in production license 1119, Mistral, for $30 million, with an estimated post-tax gain of about $25 million.The company said it entered into a sale-and-purchase agreement with Japex Norge to divest its 20% working interest in the Mistral license for a fixed consideration of $30 million.The transaction carries an effective date of Jan. 1, 2026, and remains subject to customary government approvals before completion, the company said.Okea added that the deal includes contingent consideration, allowing it to retain upside exposure tied to a potential commercial discovery at the Mistral Nord prospect.The company said the divestment supports balance sheet strength and sharpens focus on core operating areas.Okea expects a positive net profit after tax impact of about $25 million, with the gain to be recognized upon closing, which is anticipated by the end of Q3 2026.The company said Mistral has been part of its portfolio since APA2018, Awards in Predefined Areas 2018, with the Mistral Sor discovery made in Q1 2025, and that it holds estimated recoverable resources of 38 million barrels of oil equivalent.Following the transaction, license partners will include Equinor (EQNR) as operator with 60%, alongside Inpex Idemitsu Norge and Japex Norge, each holding 20% interesPrice: $35.82, Change: $+0.35, Percent Change: +0.99%

$EQNR

Commodities110d ago

Global Wind Power Hits 165 GW in 2025 on Energy Security Push, GWEC Says

Global wind energy installations added 165 GW of new capacity in 2025, pushing cumulative installations past 1.3 terawatts, as the Middle East conflicts and the closure of the Strait of Hormuz accelerated the transition to renewable energy, the Global Wind Energy Council said on Monday.GWEC said in a report that the rise in wind capacity installation was driven by strong demand for new onshore wind, which rose by 42% to 155.3 GW, while new offshore wind rose by 18% to 9 GW.The report said that Asia, led by China and India, commissioned 131 GW of new capacity, which was 80% of the global total. GWEC said China dominated global growth, installing about 120.5 GW of new wind capacity in 2025, almost matching the world's total additions in 2024.The industry is navigating significant "headwind" following the rollback of the Inflation Reduction Act and the temporary withdrawal of offshore wind leasing. Though the wind energy industry faces a sharp policy divide in the US, the country added about 7 GW of onshore wind capacity last year.The GWEC said that rising demand from artificial intelligence data centers and manufacturing will keep wind a critical, albeit politically contested, component of the US grid.GWEC said emerging markets also accelerated new wind energy installations, with Saudi Arabia quadrupling installations to 1.5 GW, Chile tripling additions to 1.1 GW, and Turkey reaching 2.1 GW, reflecting wind's expanding strategic appeal across regions.Meanwhile, governments are increasingly viewing wind as a tool for economic resilience rather than just climate action. GWEC said wind now delivers across the four pillars of energy security, availability, accessibility, affordability, and acceptability, by reducing exposure to volatile energy imports.The report said the wind energy industry is also evolving technologically. AI and advanced data analytics are now standard across the value chain, from resource assessment to fleet optimization.Furthermore, the rise of "hybrid" projects, co-locating wind, solar, and storage, is demonstrating how the sector can stabilize output and improve overall system performance.GWEC projected that new installations will hit 178 GW in 2026, with a total of 969 GW expected over the next five years.To meet the COP28 goal of tripling renewable capacity by 2030, the report said governments must focus on three winning formulae ranging from, stable policy frameworks, efficient licensing, and coordinated grid planning.

Commodities110d ago

Eni Strikes Major Gas Discovery Offshore Indonesia, Eyes Fast-Track Development

Eni (E) reported a major gas find at the Geliga-1 well offshore Indonesia on Monday, with estimated resources of about 5 trillion cubic feet of gas and 300 million barrels of condensate.The well, drilled to about 5,100 meters in deep water, encountered a strong gas column, with testing planned to gauge output potential, Eni said.The discovery adds to recent successes in the Kutei Basin, following earlier finds at Geng North in 2023 and Konta-1 in 2025, confirming strong resource potential, the company said.Eni said the find supports ongoing developments tied to its North and South Hub projects, which include LNG infrastructure and floating production units to scale gas output.The company is assessing fast-track development options, with combined nearby resources potentially producing up to 1 billion cubic feet per day, while further drilling and asset integration plans continue, Eni said.The Geliga-1 find sits within the Ganal production sharing contract, where Eni operates with an 82% stake and Sinopec holds the remaining 18%, the company said.Price: $52.77, Change: $+0.52, Percent Change: +1.00%

Commodities110d ago

Market Chatter: Eni, Repsol Move Ahead on Venezuela LNG Exports

Eni (E) and the Spanish energy major Repsol plan to export LNG from Venezuela by 2031 after securing a deal to expand output and recover unpaid gas revenues, Bloomberg reported Monday, citing people familiar with the matter.The deal with interim President Delcy Rodriguez allows the firms to more than double output at the Gulf of Venezuela field and export LNG via a floating terminal, sources said.Eni and Repsol also secured assurances they will be reimbursed for billions of dollars' worth of gas previously delivered but not paid for, according to the report.The development is seen as a breakthrough for both firms, which have maintained involvement in the project for about two decades despite political and economic instability, the report added.The timing comes as global LNG supply tightens following disruptions linked to conflict involving Iran, while US policy has eased sanctions on Venezuela's energy sector.The deal was signed in mid-March, with both companies expected to submit a detailed development proposal to Petroleos de Venezuela by June, according to the report.Venezuela has historically focused on oil production, but the country also holds large offshore gas reserves that remain underdeveloped, the report noted.The Perla field, discovered in 2009, contains about 17 trillion cubic feet of gas, making it one of the largest gas finds in Latin America, according to the report.Current production stands near 585 million cubic feet per day, with exports permitted once domestic supply reaches about 645 million cubic feet per day, the report said.The companies plan to add two platforms by 2028 and lift output to about 1.2 billion cubic feet daily before exports begin, with the project's operating term extended from 2036 to 2051, according to the sources.Eni reportedly told Bloomberg that it had finalized an agreement with Venezuela to boost gas output and initiate exports.has reached out to Repsol for any comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $52.77, Change: $+0.52, Percent Change: +1.00%

Commodities110d ago

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as Oil Prices Rise on Renewed Middle East Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Monday's premarket activity as rising oil prices tied to renewed Middle East tensions weigh on sentiment.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.No economic releases are on Monday's schedule.In premarket activity, bitcoin was up by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.8% lower, Ether ETF (EETH) fell by 4.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.7%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.2%, while the Vanguard Industrials Index Fund (VIS) fell 1.6% and the iShares US Industrials ETF (IYJ) was inactive.TopBuild (BLD) stock was up more than 2% before the opening bell, while QXO (QXO) shares declined by 2% after QXO agreed to acquire TopBuild for $505 per share in a deal valued at about $17 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, and the iShares US Technology ETF (IYW) was 0.3% lower, 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 0.1% lower, while the iShares Semiconductor ETF (SOXX) decreased by 0.2%.AST SpaceMobile (ASTS) shares were down more than 12% in Monday's premarket activity after the company said Sunday the BlueBird 7 satellite was placed into a lower-than-planned orbit during the New Glenn 3 mission and will be de-orbited.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.3%, the Vanguard Health Care Index Fund (VHT) retreated 0.4%, while the iShares US Healthcare ETF (IYH) gained 0.1%. The iShares Biotechnology ETF (IBB) was down 0.6%.AstraZeneca (AZN) stock was down more than 2% premarket, after a 2.2% gain at Friday's close. The company said Monday its pivotal phase 3 study of tozorakimab demonstrated a "significant" reduction in the annual rate of moderate-to-severe COPD exacerbations in trial participants.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% higher.Bank of Hawaii (BOH) shares were down more than 2% pre-bell after the company reported lower-than-expected Q1 earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1.1%. The iShares US Consumer Staples ETF (IYK) rose 2.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.5%.Toyota Motor (TM) shares were down more than 1% pre-bell, after closing Friday with a 2% rise. Reuters reported Monday that Toyota Tsusho and Indonesian state energy firm Pertamina's renewable energy unit are in talks over a potential $200 million to $300 million joint investment for a bioethanol production facility in Indonesia's Lampung province.EnergyThe iShares US Energy ETF (IYE) was 1.3% higher, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Eni (E) stock was up more than 1% before the opening bell after the company said it made a gas discovery in the Kutei Basin off the coast of Indonesia.CommoditiesFront-month US West Texas Intermediate crude oil rose by 5.6% to $88.52 per barrel on the New York Mercantile Exchange. Natural gas advanced by 2.1% to $2.73 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.9%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for May were down by 1% at $4,830.50 an ounce on the Comex. Silver futures retreated by 2.4% to $80.47 an ounce. SPDR Gold Shares (GLD) was 0.9% lower, and the iShares Silver Trust (SLV) fell by 2%.

Dow JonesNasdaq CompositeS&P 500$ASTS$AZN$BETH$BITO$BLD$BOH$E$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$QXO$RTH$SLV$SOXX$SPY$TM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities110d ago

Biofuels Update: Soybean Oil Rises as Crude Oil Jumps; Palm Oil Nudges Higher

Chicago soybean oil rose on Monday as crude oil prices climbed, but expectations that the sowing of US soybeans would be rapid, capped gains.The May soybean oil contract on the Chicago Board of Trade rose 0.65% to 68.60 cents per pound in early trade, as crude oil prices jumped 5% after the US seized an Iranian cargo ship allegedly attempting to sail past its blockade.However, "near-term drivers are limited, and market attention is expected to shift to US soybean planting progress, which is currently proceeding relatively smoothly," price reporting agency MySteel said.The May soybean contract fell 0.24% to $11.64 per bushel in early trade, as the grain began to detach from energy market volatility due to ample supply.The market is awaiting the latest US Department of Agriculture's crop progress estimates due on Monday. As of April 12, US soybean planting progress stood at 6%, well above the 2% pace recorded a year ago.In Brazil, soybean production and exports for the current marketing year are both projected to reach record highs.For April, Brazil's National Association of Grain Exporters, Anec, expects exports to remain almost the same as in March at around 15.8 million tons, up significantly from the prior year's 13.5 mmt.Going forward, the market's attention will gradually shift to the Trump-Xi summit, expected in mid-May, as market participants look forward to a potential increase in China's purchases of US soybeans.In Asia, Malaysian palm oil futures edged higher on Monday, following two weekly losses, as crude oil and soybean oil rose.The Bursa Malaysia Derivatives' May crude palm oil contract jumped 1.57% to 4,455 Malaysian ringgit ($1,125.71) per metric ton. The June contract gained 1.47% to 4,487 ringgit/mt.Escalating tensions in the Middle East provided a boost to palm oil, according to Iceberg X trader David Ng, as cited by Dow Jones.Palm oil remained sensitive to crude oil price movements, since its competitiveness as a biofuel feedstock hinges on fossil fuel price increases.In Indonesia, imports of conventional diesel will discontinue from July 1, coinciding with the government's target implementation date for a higher biodiesel blend of 50%, or B50, local news agency Antara reported, citing Minister of Agriculture Andi Amran Sulaiman.The government was also evaluating the use of palm oil in gasoline, in collaboration with state-owned plantation firm Perkebunan Nusantara IV, Sulaiman reportedly said.In Malaysia, biodiesel companies were scaling up production to support the government's move to expand its biodiesel program from the current B10 to B12 initially, and then to B15.Deputy Prime Minister Ahmad Zahid Hamidi, as cited by The Star, reportedly said 19 biodiesel plants were proposing to scale output by utilizing sludge, a by-product of crude palm oil processing.The initiative aims to lower costs by mass production. At present, the facilities are producing about 1.5 million liters per month of biodiesel.The Malaysian Palm Oil Board earlier said that around 130,000 metric tons of biodiesel will be added to annual consumption once B12 is implemented, while another 204,000 mt will be added with B15.Analysts cited by The Edge Malaysia said the country has room to produce much more biodiesel, with only 975,207 mt produced in 2025 out of the total installed capacity of about 2.36 million metric tons per year.Meanwhile, palm oil production in top Southeast Asian producers may be negatively impacted by El Nino phenomenon, likely providing support to palm oil futures, according to MySteel.In the US, May-dated ethanol futures on the NYMEX recorded their fourth straight session of losses on Friday, declining by another 0.39% to $1.89 per gallon.

Commodities110d ago

US Patent Board Ruling Invalidates Trina Solar Patent Claims Against Canadian Solar

Canadian Solar (CSIQ) said Monday the Patent Trial and Appeal Board of the US Patent and Trademark Office invalidated claims of two Tunnel Oxide Passivated Contact solar cell patents previously asserted by Trina Solar against some of its subsidiaries.The company said that this decision reinforces its track record in managing international intellectual property disputes, while noting that it remains focused on organic research and development, with an effective system to defend its global IP rights.President Colin Parkin said the company opposes what it described as the "abusive use of IP" to hinder competition, and will continue to defend its business interests.

$CSIQ

Commodities110d ago

NWS Warns of Fire Weather Conditions in Southern Plains, Southeast; Pacific System to Impact California

The US National Weather Service on Monday said the Southern Plains and southeast will remain under fire weather conditions, while Northern and Central California will experience rain and mountain snow due to a Pacific storm system.The effect of the Pacific system may be felt in Pacific Northwest, Great Basin, and Southern California on Tuesday.The NWS issued a red flag warning early Monday for parts of Minnesota, including Roseau, Thief River Falls, Bemidji, Hibbing, Duluth, Ely, International Fall, Detroit Lakes, Fergus Falls, Brainerd, Hinckley, Wheaton, Morris, St. Cloud, Willmar, Minneapolis, Marshall, Pipestone, Windom, Worthington, and Mankato. The cities' main service providers are Otter Tail's (OTTR) power unit, Allette (ALE) subsidiary Minnesota Power, Xcel Energy (XEL) and Alliant Energy (LNT).In South Dakota, areas under the same warning were Sisseton, Milbank, Watertown, Brookings, Sioux Falls, Custer, Hot Springs, Edgemont, Pine Ridge, Martin, Hermosa, Wall, Kadoka, White River, Winner, Mission, Kadoka, and Murdo. Otter Tail Power, Xcel Energy, NorthWestern Energy (NWE), and Black Hills (BKH) unit Black Hills Energy primarily serve these cities.A similar warning was posted for Nebraska's Harrison, Chadron, Rushville, Alliance, Scottsbluff, Bridgeport, Harrisburg, Kimball, Sidney, Oshkosh, Chappell, Hyannis, Arthur, Orgallala, Mullen, Tryon, Valentine, Thedford, Stapleton, North Platte, Stockville, Springview, Ainsworth, Brewster, Broken Bow, North Platte, Lexington, Butte, ONeill, Burwell, Kearney, Holdrege, Ord, Grand Island, Hastings, Aurora, Columbus, York, Hebron, and Superior.In Wyoming, areas under a red flag warning include Newcastle, Wright, Gillette, Lander, Rock Springs, Bill, Lance Creek, Lusk, Glenrock, Casper, Douglas, Glendo, Torrington, Wheatland, Chugwater, Pine Bluffs, and Cheyenne. These are primarily served by PacifiCorp's Rocky Mountain Power and Black Hills Energy.The NWS issued the same warning for Colorado's Leadville, Buena Vista, Salida, Woodland Park, Colorado Springs, Pikes Peak, Canon City, Pueblo, Westcliffe, Saguache, South Fork, La Veta Pass, Alamosa, San Luis, Trinidad, Kim, La Junta, Eads, Lamar, and Springfield, within Black Hills Energy's and Xcel Energy's service areas.In Kansas, Phillipsburg, Concordia, Beloit, Garden City, and Ulysses, primarily served by Evergy (EVRG), were also under a similar warning.The same warning was posted for Georgia's Blairsville, Toccoa, Gainesville, Albany, Tifton, Moultrie, Bainbridge, Valdosta, and Waycross, primarily served by Georgia Power, a Southern Co. (SO) subsidiary.In Florida, the agency placed Jacksonville, Lake City, Gainesville, Ocala, Perry, Cross City, Tallahassee, Marianna, Panama City, Apalachicola, and De Funiak Springs under a similar warning. Duke Energy (DUK), NextEra Energy (NEE) unit Florida Power & Light, and Chesapeake Utilities' (CPK) Florida Public Utilities are the cities' main service providers.Alabama's Dothan and Troy, within the service area of Southern Co.'s Alabama Power, were also issued the same warning.The NWS posted a freeze warning for most parts of Ohio. The state's main electricity providers are AES' (AES) Ohio unit, American Electric Power's Ohio unit, Duke Energy, and First Energy (FE) subsidiaries, Ohio Edison, Toledo Edison and Illuminating Co.In West Virginia, Morgantown, Fairmont, Clarksburg, Elkins, Parkersburg, Sutton, Snowshoe, Beckley, Lewisburg, Bluefield, and Martinsburg were placed under a similar warning. The state is primarily served by American Electric Power's Appalachian Power and First Energy subsidiaries, Mon Power and Potomac Edison.The same warning was issued for Virginia's Leesburg, Winchester, Warrenton, Luray, Dale City, Fredericksburg, Culpeper, Warrenton, Harrisonburg, Staunton, Charlottesville, Farmville, Lynchburg, Roanoke, Danville, and Wytheville, which are mainly served by Appalachian Power and Dominion Energy (D).The whole of Maryland, except Oakland and Cumberland, was under a similar warning. The main service providers in the state are Potomac Edison and Exelon's (EXC) Pepco, BGE, and Delmarva Power.The states of Delaware and New Jersey were issued the same warning. Delmarva Power primarily serves Delaware, while FirstEnergy's Jersey Central Power & Light, Public Service Enterprise's (PEG) Electric and Gas Co., Exelon's Atlantic City Electric, and Consolidated Edison's (ED) Orange and Rockland serve New Jersey.A freeze warning was also posted for North Carolina's Boone, within Duke Energy's service zone, and Colorado's Craig, Steamboat Springs, Meeker, Rangely, Vail, and Rifle.The NWS issued a similar warning for most of Pennsylvania, excluding Scranton. The state's main service providers are Duquesne Light, PPL's (PPL) Electric Utilities unit, UGI's (UGI) Utilities unit, Exelon's Peco, First Energy units, Penelec, Penn Power, West Penn Power, and Met-Ed.New York's Middletown, Newburgh, Peekskill, Islip, Riverhead, and Montauk, were under the same warning. The cities' main service providers are Public Service Enterprise's Long Island unit, Consolidated Edison's Co. of New York and Orange and Rockland, and Avangrid (AGR) units, Rochester Gas and Electric and New York State Electric & Gas.In Connecticut, Danbury, Stanford, Bridgeport, New Haven, Middletown, and New London were issued the same warning. Eversource Energy, PPL's Rhode Island Energy, and Avangrid's The United Illuminating Co. mainly serve these areas.In Michigan, a freeze warning was posted for Muskegon, Alma, Ionia, Grand Rapids, Holland, Hastings, Lansing, South Haven, Kalamazoo, Benton Harbor, Jackson, Flint, Saginaw, Port Huron, Detroit, Ann Arbor, and Coldwater. The state is primarily served by CMS Energy's (CMS) Consumers Energy, DTE Energy (DTE), American Electric Power's Indiana Michigan Power, Upper Peninsula Power, Xcel Energy, and WEC Energy (WEC) subsidiaries, Upper Michigan Energy Resources and We Energies.A similar warning was issued for Indiana's Gary, Rensselaer, South Bend, Angola, Plymouth, Warsaw, Fort Wayne, Marion, Kokomo, Logansport, Rensselaer, Crawfordsville, Indianapolis, and Muncie, which are within the service zones of Duke Energy, Indiana Michigan Power, AES' Indiana unit, and NiSource's (NI) Northern Indiana Public Service Co.In Illinois, the same warning was posted for Freeport, Rockford, Waukegan, Dixon, DeKalb, Aurora, Joliet, Ottawa, Pontiac, Kankakee, Peoria, Bloomington, Peru, Kewanee, Galesburg, Peoria, Pekin, Canton, Macomb, Havana, Lincoln, Champaign, Decatur, Danville, and Charleston. The main electricity providers in these areas are Ameren's (AEE) Illinois unit, Exelon's ComEd, and Berkshire Hathaway Energy's (BRK.B) MidAmerican Energy.Iowa's Fort Dodge, Ames, Waterloo, Marshalltown, Cedar Rapids, Iowa City, Ottumwa, Dubuque, Clinton, Davenport, Burlington, and Keokuk, within the service area of Alliant Energy and MidAmerican Energy, were also placed under a similar warning.The NWS issued a flood warning for areas near Washington's Winthrop, served by Puget Sound Energy.A similar warning was posted for areas near Ohio's Defiance and cities close to Indiana's South Bend, Fort Wayne, Angola, and Plymouth.The same warning was issued for parts of Illinois' Waukegan, Rockford, Freeport, Aurora, Dixon, Clinton, Ottawa, Peoria, Pekin, Canton, Carbondale, and Havana, and areas near Iowa's Clinton, Davenport, Burlington, Iowa City, and Cedar Rapids.In Michigan, areas under the same warning include parts of Petoskey, Alpena, Rogers City, Mio, Tawas City, Traverse City, Houghton Lake, Cadillac Manistee, Ludington, Pentwater, Muskegon, Mount Pleasant, Grand Rapids, Ionia, Hastings, Lansing, Kalamazoo, Houghton, Marquette, Escanaba, Iron Mountain, and Menominee.In Wisconsin, areas near Appleton, Wisconsin Dells, Prairie Du Chien, Beaver Dam, Milwaukee, Kenosha, Janesville, and Mineral Point were issued a similar warning. The state's main electricity providers are Xcel Energy, Alliant Energy, MGE Energy's (MGEE) Madison Gas and Electric, and WEC Energy subsidiaries, Wisconsin Public Service and We Energies.Missouri's Nevada, Kansas' Coffeyville and Oklahoma's Grove, primarily served by Evergy and Algonquin Power & Utilities' (AQN) Liberty, were also placed under the same warning.

$AEE$AES$AGR$ALE$AQN$BKH$BRK.B$CPK$D$DTE$DUK$ED$EVRG$EXC$FE$LNT$MGEE$NEE$NI$NWE$OTTR$PEG$PPL$SO$UGI$WEC$XEL

Commodities110d ago

Market Chatter: Indonesia, Toyota Explore up to $300 Million Bioethanol Project In Lampung

Indonesia is holding discussions with Japanese automotive giant Toyota Motor (TM), in a potential joint effort for bioethanol production in the country, according to a Reuters report on Monday.The project involves the renewable energy unit of Indonesia's state-owned Pertamina, with the plant located in the Lampung province on the southern tip of Sumatra, according to the country's Deputy Investment Minister Todotua Pasaribu.With a planned capacity of 60,000 kilolitres of bioethanol per annum, construction on the plant could begin as early as the second half of 2026, with output starting in 2028, if the two sides reach an agreement.Feedstock for the plant will be produced by a new 6,000-hectare, or 14,800-acre sorghum plantation, Pasaribu said, while estimating that the overall investment could reach $200 million to $300 million.Japan's Research Association of Biomass Innovation for Next Generation Automobile Fuels (raBit) is also involved in the discussions, while senior Toyota executives highlighted that the plant's bioethanol output can be used to fuel the company's own vehicles.This comes as Indonesia pushes to scale up bioethanol output using domestic feedstocks such as palm biomass, corn and sorghum, aiming to cut reliance on imported fuels. The government also plans to mandate a 10% bioethanol blend in gasoline starting in 2028.Neither Toyota nor the Indonesian Ministry of Investment immediately responded 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.)

$TM

Commodities110d ago

Great Britain Wind Output Jumps in Q1, Renewables Biggest Source of Power, Says Montel

The power market in Great Britain saw strong wind output in the first quarter of the year reaching 29.2 terawatt-hours over the three months, helped by January storms, energy market insights provider Montel said in a market summary.It noted that NBP gas prices more than doubled to 52.6 British pounds ($71.09) per megawatt-hour in March following the closure of the Strait of Hormuz by Iran, up from 25.9 pounds in January.Cold weather in early January drove up demand to 47.3 gigawatts, the highest since March 2018, Montel said.Great Britain's net importers totaled 6.1 TWh over the quarter. Day-ahead prices reached 121.4 per MWh in early January rising to 182 pounds per MWh during times of system stress, the summary said.Renewables in the quarter generated 40.3 TWh, gas 22.5 TWh and nuclear 8.4 TWh out of total consumption of 77.3 TWh.The renewables portion of 40.3 TWh marked a considerable increase over 33.7 TWh in Q1 2025, Montel said and renewables produced 52% of all power produced in the first quarter.Looking ahead to Q2, the summary said seasonal lower demand may reduce pressure amid the energy crisis that started with the Iran war but the market will remain sensitive to movements in global gas markets.

Commodities110d ago

Global Growth in Energy Demand Slows in 2025, Electricity Excepted; Renewables Displace Coal: IEA

Demand growth for energy grew at a slower pace in 2025 than the year before, the IEA said in a new report published on Monday, noting that electricity was a clear exception.Solar PV was the largest single contributor to growth in global energy supply for the first time ever, it said.The IEA's Global Energy Review gives a snapshot of energy demand, electricity generation and use, energy technology deployment and a profile of carbon dioxide emissions from energy production.Overall demand growth for energy worldwide was 1.3% in 2025, down from the 1.4% average over the previous decade and much slower than 2025, with slower economic growth and less extreme weather in places plus more uptake of energy-efficient appliances.Global electricity demand grew 3% with the source of that demand spread across buildings and industry as well as electric vehicles and data centers.Solar PV accounted for 25% of the increase in energy supply in 2025 while natural gas accounted for 17%. Renewables and nuclear combined met almost 60% of new energy demand, the report said.Demand for crude oil grew 0.7% as the IEA had forecast, a level constrained by more uptake of electric vehicles, with EVs achieving a 20% increase in sales in 2025 to more than 20 million units, or one in four new cars worldwide.Renewables displaced some coal-fired generation in China but coal demand increased in the US due to higher natural gas prices which led to some switching to the solid fuel for power generation. While there was growth in global coal demand in 2025, it showed a slowdown."Global energy demand continued to increase in 2025 against a complex economic and geopolitical backdrop, with one trend unmistakeable: the expanding electrification of economies," said IEA Executive Director Fatih Birol."In today's rapidly shifting landscape, countries that prioritise resilience and diversification will be best placed to manage volatility and deliver secure and affordable energy in the years ahead."The US stood out with demand for energy in 2025 growing at the second-fastest rate this century, excluding post-recession recovery years, with power demand from data centres a key driver along with robust industrial output and a cold winter.While China accounted for the largest overall share of global energy demand growth in 2025, that still marked a slowdown to 1.7% as more efficient renewables displaced coal.Energy-related CO2 emissions growth slowed, rising by 0.4%, the report noted. China's emissions fell due to a surge in renewables while India's CO2 emissions flatlined for the first time since the 1970s when the Covid pandemic is excluded from data.Advanced economies, generally further ahead in renewables deployment, actually contributed more to emissions growth at 0.5% than emerging and developing economies at 0.3%, the report said, a trend not seen since the 1990s.Solar PV additions globally reached 600 terrawatt-hours in 2025, the largest increase for any source of electricity generation ever seen in a single year, directly reducing coal's share in power production.Similarly, the addition of 110 gigawatts of new battery energy storage capacity was more than the biggest year ever for additions of gas-fired generation capacity.Construction began in 2025 on 12 gigawatts of nuclear power capacity, the report noted, amid a revival of the technology in some regions.Strikingly, the installation of low-emissions technologies since 2019 has avoided the annual fossil fuel consumption equivalent to all energy demand in Latin America, the report said.

Commodities110d ago

Market Chatter: US Energy Secretary Warns Gasoline Prices to Stay Above $3 per Gallon Until Next Year

US Energy Secretary Chris Wright said in an interview on Sunday that he expects US domestic gas prices to remain above $3 per gallon until next year, amid the ongoing conflict in the Middle East.Appearing on CNN's "State of the Union" program, Wright said "prices have likely peaked, and they'll start going down," as the conflict begins to subside.He also added that it could take until the end of this year, or possibly the start of next year, before gasoline prices could head below $3 per gallon again.Wright said below $3 gasoline would be "pretty tremendous in inflation-adjusted terms," adding that prices are expected to return to that level eventually.This contrasts with the views of other members of the Trump administration, with Treasury Secretary Scott Bessent predicting a fall in gasoline prices this very summer, according to a Reuters report.Trump himself has claimed that energy prices might remain elevated through November of this year, owing to the lost productivity and shortages arising from the war.(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.)

Commodities110d ago

Russian Energy Exports Crater as Ukrainian Strikes Paralyze Key Ports, Says Vortexa

Ukrainian drone strikes on Baltic and Black Sea infrastructure have significantly degraded Russia's oil export capacity, according to a Vortexa note from Friday.Aerial strikes have knocked about 800,000 barrels a day of Russian seaborne crude and condensate off the market since late March, it said.Clean refined product exports dropped by 400,000 b/d, while diesel and gasoil exports remain 200,000 b/d below year-ago levels, the note added.With key refineries like Nizhny Novgorod offline and port infrastructure damaged, Russia is struggling to capitalize on high global oil prices despite strong Asian demand, Vortexa analysts said.Russia has failed to divert surplus crude-unprocessed due to refinery outages into the export market. Vortexa attributed this to constrained loading terminals in the Baltic and Black Seas.While Primorsk remains stable, Ust-Luga crude exports are facing a 200,000 b/d deficit compared to 2025 levels, it noted.Vortexa noted that loading delays and damage at the Transneft Baltic terminal signal immediate vulnerability, preventing Moscow from fully capitalizing on tightened global energy balances as the conflict continues.

Commodities110d ago

Market Chatter: Germany Begins Privatization of Seized Gazprom Germania Through Capital Raise

Germany has begun the process of privatizing Gazprom Germania, the German division of Gazprom which the country seized following Russia's 2022 invasion of Ukraine, the Financial Times reported on Monday.The company's Chief Executive Egbert Laege told the FT that it planned to raise 1.5 billion to 2 billion euros ($1.76-$2.35 billion) through a capital increase and invest the funds in the business's infrastructure assets.The company has been renamed Sefe which stands for Securing Energy for Europe. Its assets include gas storage and pipelines as well as a trading business in the UK known as Gazprom Marketing & Trading.European Commission rules state that the German government, which now controls 100% of the business, must sell at least 75% of that stake by the end of 2028, the article said.The Iran war had only increased the incentives to privatize the assets, Laege told FT. He said that Sefe was in discussion with the government over whether it has preferences or restrictions with regards to who is eligible to buy a stake in the company.After the initial capital increase, the government will seek to sell more of its shares in another separate process whose form has not yet been chosen, Laege said. He said the short timeframe for this could rule out an initial public offering, but said that was up to the government.The FT noted that some industry observers had speculated that the company's assets could be split up and sold separately. Others have suggested that Sefe could be merged with gas importer Uniper which was nationalized in 2022 after the loss of Russian gas exports to Europe.Sefe is certain to return its regulated assets and trading operations which complement each other, Laege said.Sefe could not be reached bywith a 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.)

Commodities110d ago

Transport Electrification Most Efficient Route to Curb Reliance on Hydrocarbon Imports in India, IEEFA Says

Electrification of transport is the most practical way India can increase its energy security as the conflict in the Middle East exposes its vulnerabilities, relying on imports for 85% of its crude oil needs, the Institute of Energy Economics and Financial Analysis said on Friday.India, now the world's most populous country, ranks as the third biggest consumer of crude oil, with 45% of this sourced from origins that rely on the now-closed Strait of Hormuz waterway, IEEFA said.Measures to diversify that supply in response to the strait's closure mean India now sources 70% of its imports from outside the strait. But this also exposed that India needs to change strategy and reduce reliance on foreign imports overall, IEEFA said.The institute sees the electrification of transport as the most feasible way to achieve that, offering both national security and environmental benefits in one go.As with other countries that have made more progress with such a transition, India faces the obstacles of sparse charging infrastructure and high up-front costs for vehicles.What applies for crude oil in India also applies to LNG imports, with just over half its supply delayed or cancelled over force majeure declarations. The United States is a growing alternative supplier to the Middle Eastern origins India has traditionally relied on, however.IEEFA notes that India began diversifying transportation fuels in the early 2000s, incorporating some ethanol and piloting biodiesel into the mix, but 96% of road vehicles still use gasoline or diesel and just 1.3% are electric.India now has a 20% blend of ethanol in its gasoline since 2024, up from 5% previously, which eradicates about 45 million barrels of oil imports each year or about 2.5% of the total. IEEFA points out however that production of the energy feedstocks is a much less efficient use of land than using it to generate solar power.As an illustration, producing the energy produced by a one-hectare solar installation requires planting 187 hectares of corn-derived ethanol.The increased use of compressed natural gas has reduced diesel needs but it still emits pollutants and embeds reliance on natural gas imports, IEEFA said. Green hydrogen has promise in trucking but production on a scale that would make an impact is a long way off.IEEFA said that battery electric vehicles are "a clear choice" for India, both commercially ready and strategically sound, and applicable to two and three-wheeled vehicles, passenger cars, light commercial vehicles and buses and they run on domestically produced electricity.Despite some state-led support and incentives, the share of battery electric vehicles or BEV sales remains below 10% of the total, except among three-wheelers, due to higher purchase costs and lack of charging infrastructure.IEEFA said addressing this will require sustained policy support at union and state level, including tax incentives and supply-side mandates and targets for fleet decarbonization. The country will also need to invest in domestic BEV production and roll out charging equipment.Current investments in this areas are 82% shy of what is needed, IEEFA said.Perhaps most important, IEEFA said, is that India must set up domestic supply chains within both auto and auto component manufacturing including securing access to critical minerals."Without this, India risks trading one form of import dependence for another," the research said.

Commodities110d ago

Asia Biofuels Update: Stronger Crude Oil Prices Lift Malaysian Palm Oil

Malaysian palm oil futures rose on Monday, following two weekly losses, as crude oil prices climbed after the US seized an Iranian cargo ship allegedly attempting to run through the blockade, raising uncertainties over another round of US-Iran peace talks.The Bursa Malaysia Derivatives' May crude palm oil contract jumped about 1.03% to 4,431 Malaysian ringgit ($1,119.65) per metric ton. The June contract gained 1.11% to 4,471 ringgit/mt.Palm oil remained sensitive to crude oil price movements, as its competitiveness as a biofuel feedstock hinges on fossil fuel price increase.In Indonesia, imports of conventional diesel will discontinue from July 1, coinciding with the government's target implementation date for a higher biodiesel blend of 50%, or B50, local news agency Antara reported, citing Minister of Agriculture Andi Amran Sulaiman.The government was also evaluating the use of palm oil in gasoline, in collaboration with state-owned plantation firm Perkebunan Nusantara IV, Sulaiman reportedly said.In Malaysia, biodiesel companies were scaling up production to support the government's move to expand its biodiesel program from the current B10 to B12 initially, and then to B15.Deputy Prime Minister Ahmad Zahid Hamidi, as cited by The Star, reportedly said 19 biodiesel plants were proposing to scale output by utilizing sludge, a by-product of crude palm oil processing.The initiative aims to lower costs by mass production. At present, the facilities are producing about 1.5 million liters per month of biodiesel.The Malaysian Palm Oil Board earlier said that around 130,000 metric tons of biodiesel will be added to annual consumption once B12 is implemented, while another 204,000 mt will be added with B15.Analysts cited by The Edge Malaysia said the country has room to produce more biodiesel, with only 975,207 mt produced in 2025 out of the total installed capacity of about 2.36 million metric tons per year.

Commodities110d ago

Hindustan Organic Chemicals Begins Process to Restart Kochi, India Unit's Operations; Shares Jump 15%

Hindustan Organic Chemicals (BOM:500449) has begun the process of restarting the necessary plant activities for the commercial production of its phenol and cumene plant in Kochi, India, according to a Monday filing to the BSE.The company had shut down the phenol and cumene plants of the HOCL Kochi unit due to a shortage of raw materials amid the ongoing geopolitical tensions.However, Bharat Petroleum Corporation (NSE:BPCL, BOM:500547) has resumed the supply of liquified petroleum gas in accordance with the directions of the Government of India, enabling the restart of the Kochi plant's operations.The company's shares surged 15% in recent trade.

BOM:500449BOM:500547NSE:BPCL

Commodities112d ago

US Natural Gas Update: Futures Rise on Expected Cooling Demand

US natural gas futures were higher in after-hours trading on Friday, supported by expectations for stronger cooling demand as weather forecasts turned warmer across parts of the country, though rising inventories continued to limit gains.Both the front-month Henry Hub contract and the continuous contract gained 1.06% to $2.675 per million British thermal units.Prices found support from forecasts pointing to summer-like conditions later in April. The Commodity Weather Group expects above-average temperatures across the Southeast and Midwest from April 22-26, a shift that could boost cooling demand from power generators, Barchart said. Ahead of that period, NatGasWeather.com projected moderate heating demand as colder air moves into northern regions, with lows in the 20s and 30s Fahrenheit.Supply-side factors also lent support. US gas output has fallen by roughly 3.2 Bcf/d over the past four days to a 10-week low of 108.0 Bcf/d, with declines concentrated in Louisiana and Ohio, Trading Economics said.At the same time, it said export demand remained firm. LNG feedgas deliveries averaged 18.9 Bcf/d so far in April, up from 18.6 Bcf/d in March, helping offset softer domestic consumption.Total demand was estimated at 68.3 Bcf/d on Friday, down 0.6% from a year earlier, Barchart said, citing BNEF data. Within that, industrial demand has dropped 3.9 Bcf/d from a month ago, while gas-fired power generation has eased slightly in line with typical shoulder-season trends, Rystad said.Prices were briefly volatile earlier in the day amid headlines about the reopening of the Strait of Hormuz. US natural gas futures briefly fell to $2.623/MMBtu before rebounding.Still, ample inventories capped the upside. The Energy Information Administration reported a 59 Bcf storage build for the week ended Apr. 10, above expectations and well above both last year's increase and the five-year average. The larger-than-expected injection reflected mild weather and subdued heating demand."The floor is being supported more by export demand than by domestic weather," Gelber & Associates said. "Unless that cooler risk expands materially, the market still looks like one where any firmness is fighting against loose storage conditions and a forecast that turns more neutral again later in the period."

Commodities112d ago

Money Managers Remain Net Long in Biofuel Futures, Options Markets, CFTC COT Says

Money managers remain bullish or net long in the biofuel futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report released Friday.The weekly COT Report, as of the week ending April 14, showed that money managers are net long, a bet that the market will go higher, in the California Low Carbon Fuel Standard market by 60,537 contracts.The COT report showed that money managers are holding a net long position of 2,073 contracts in the D6 Renewable Identification Numbers Current Year futures and options markets.In the D4 Biodiesel RINS Current Year futures and options markets, money managers hold a net long position of 3,159.For ethanol, money managers are net long by 7,222 contracts in the futures and options markets.Money managers are net long soybean oil futures and options by 148,320 contracts, after cutting 1,271 longs and adding 1,091 short positions from a week ago.Money managers are net short the Malaysian palm oil futures by 865 contracts.

Commodities112d ago

US Biofuels Update: Strait of Hormuz Reopening Pushes Soybean Oil Futures Lower

Biofuels feedstock futures closed mixed on Friday, as soybean futures rose while soybean oil dropped, both caught up in a risk-off trading day amid the reopening of the Strait of Hormuz in Iran.The Chicago Board of Trade May soybean futures contract closed 0.30% higher at $11.67 per bushel, and the CBOT May soybean oil futures contract settled 1.69% lower at 68.16 cents per pound.On Thursday, the May ethanol futures contract on the Nymex ended 0.52% lower at $1.90 per gallon.Rhett Montgomery, DTN analyst, said that the soybean market bulls will be looking for reassurance of the previously indicated 25 million metric tons of export demand from China through 2026-27 in next month's Summit."At this point, it is apparent that the soybean market is weighing the tradeoffs to a conclusion of hostilities in the Middle East of lower energy prices but potentially improved US-China relations ahead of President Trump's visit in May, as a net positive to the soybean market over the long run," Montgomery stated in a daily note.

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Commodities110d ago

NWS Warns of Fire Weather Conditions in Southern Plains, Southeast; Pacific System to Impact California

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