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US Natural Gas Update: Futures Mixed After Bearish Storage Surprise

US natural gas futures were mixed in after-hours trading on Thursday as a larger-than-expected storage build pressured the front-month price down.The front-month Henry Hub contract slipped 0.10% to $3.001 per MMBtu, while the continuous contract rose 4.39% to $3.136/MMBtu.The June contract, set to expire next week, traded between $2.98 and $3.066/MMBtu during the session.Sentiment weakened after the US Energy Information Administration reported a 101 billion cubic foot injection into Lower 48 storage for the week ending May 15. The build exceeded both the five-year average increase of 92 Bcf and market expectations around 96 Bcf.Total working gas stocks now stand at 2,391 Bcf, up 33 Bcf, or 6.6%, from a year earlier and 149 Bcf above the five-year seasonal average.Weather-driven demand also faded after a short-lived East Coast heat event that had previously lifted power burn. Temperatures normalized on Thursday, reducing near-term consumption.According to Celsius Energy, power burn on Wednesday fell to 34.3 Bcf, down 1.8 Bcf from the prior day but 6.3 Bcf above the same period last year. The firm also reported a seven-day average power burn of 30.6 Bcf/d for May 14-20, up 0.5 Bcf/d year over year.On the supply side, BNEF data showed Lower-48 dry gas production at 110.4 Bcf/d on Thursday, up 2.4% year over year. Domestic demand came in at 71.2 Bcf/d, essentially flat, up 0.1% annually. Net flows to US LNG export terminals were estimated at 18.4 Bcf/d, rising 4.2% week over week after hitting lows earlier this week due to ongoing scheduled maintenance.Looking ahead, Barchart, citing data from the Commodity Weather Group, said above-normal temperatures are expected across the western US and Upper Midwest into late May and early June, a factor that could boost medium-term demand.

Commodities123d ago

Ofgem Tightens UK Grid Spending Rules to Shield Consumers From Higher Bills

Ofgem on Thursday outlined new rules for Britain's 2028-2033 electricity grid investment cycle aimed at meeting rising power demand while protecting consumers from higher electricity bills tied to unnecessary grid spending.The regulator's Sector Specific Methodology Decision sets the framework for reviewing business plans from Britain's five electricity distribution operators before final approvals arrive in 2027.Ofgem expects electricity demand to grow through the next decade but said uncertainty around electrification requires utilities to phase investment more carefully.The regulator now requires utilities to demonstrate that projects remain necessary even after employing flexible technologies that maximize existing grid capacity and reduce bottlenecks.Britain's distribution network spans about 800,000 kilometers and supplies nearly 30 million customers, with future planning tied to the National Energy System Operator's 2026 regional strategy.Ofgem said ED3 will tighten baseline capital rules for grid resilience and expansion projects while linking utility revenue more closely to performance standards.The framework also introduces stricter cost controls through evidence thresholds and in-period reviews that could approve, delay or reduce spending as demand changes.Utilities must prioritize "build and flex" strategies using smart electric vehicle charging, battery storage and demand-response tools before building major infrastructure, the regulator added.Ofgem tightened cost controls to stop utilities from passing unnecessary or speculative grid investment costs onto consumers while ensuring infrastructure projects match actual demand growth.The regulator also ordered utilities to improve support for vulnerable customers, strengthen outage response plans and meet stricter delivery targets tied to financial rewards and penalties.The regulator plans to increase oversight through standardized reporting, performance dashboards and benchmarking measures that could trigger penalties for missed targets.Ofgem also tightened grid connection rules to speed approvals for electric vehicle chargers, rooftop solar systems, housing projects and industrial developments.Britain's five electricity distribution operators must submit 2028-2033 business plans covering 14 license areas by December, with Ofgem expected to publish draft decisions next summer and final consumer cost rulings by the end of 2027.

Commodities123d ago

UK Opens Fuel Market to Indian Refiners Using Russian Crude, Kpler Says

The UK allowed imports of jet fuel and diesel refined from Russian crude in third countries, opening a key outlet for Indian exporters, Kpler said in a Thursday analysis.The UK's Department for Business and Trade introduced General Trade License GBSAN0004 on May 20, removing sanctions restrictions on fuel refined from Russian crude feedstock outside Russia, according to Kpler.The move gives Indian and Chinese refiners that use Urals and ESPO crude easier access to the UK fuel market, as Britain's refining capacity has declined and domestic diesel and jet fuel supplies have tightened.Indian refiners led by Reliance Industries could benefit most after sanctions disrupted jet fuel exports made from Russian crude, with Kpler estimating jet and kerosene demand losses at 30,000 barrels per day this month and 55,000 b/d in June.The policy change follows a recent 30-day waiver from the Office of Foreign Assets Control that allowed Indian refiners to continue buying discounted Russian crude cargoes, Kpler said.India also lowered its aviation turbine fuel export levy to 16 rupees ($0.16) per liter, or about $26 per barrel, from 33 rupees per liter, or roughly $54/bbl, improving margins for jet fuel exporters, according to Kpler.Shell Haven, Britain's largest aviation fuel terminal, can handle tankers up to 135,000 deadweight tons and allows Indian suppliers to move LR2 jet cargoes directly into the UKOP pipeline network serving Heathrow and Gatwick airports, Kpler said.Kpler also identified Oikos and Milford Haven as alternative import terminals, although both sites operate on a smaller scale and require additional maintenance work.Diesel markets may see a smaller impact because Britain's distribution network mainly handles smaller cargoes and lacks enough deep-water terminals for large LR2 deliveries, according to Kpler.Kpler said weaker Atlantic medium-range tanker rates continue dragging down diesel delivery costs into Europe as US Gulf Coast cargoes dominate regional supply flows.

Commodities123d ago

US Approves Dakota Access Pipeline Crossing Under Lake Oahe

The US Army Corps of Engineers on Thursday approved an easement allowing the Dakota Access Pipeline to continue operating beneath North Dakota's Lake Oahe after years of legal and political disputes.The agency selected "Alternative 4" in its Final Environmental Impact Statement, granting Dakota Access an easement for the pipeline crossing under the federally managed reservoir with additional safety and environmental conditions attached."This Record of Decision ... is a major win for American energy security and the rule of law," Interior Secretary Doug Burgum said, adding that the decision strengthens energy independence.The Dakota Access Pipeline, which transports crude oil from North Dakota's Bakken shale fields to Midwest and Gulf Coast markets, has been at the center of a prolonged legal battle over environmental risks and Tribal consultation.The US Army Corps said the environmental review examined five alternatives for the Lake Oahe crossing, including removing the pipeline, abandoning it in place, rerouting the line, or issuing easements with varying conditions.The agency said Alternative 4 was chosen because it "best balances public safety, protection of environmental resources, and leak detection and response considerations while meeting the project's purpose and need."Under the decision, Dakota Access will be required to implement enhanced leak detection and monitoring systems, expanded groundwater and surface water monitoring, water supply contingency plans, subsistence studies coordinated with affected Tribes, and independent expert reviews of pipeline safety systems.The Record of Decision does not authorize construction of new pipeline segments beyond the existing crossing, the agency said.

Commodities123d ago

GAIL Posts Lower Q4 Natural Gas Transmission, Sales Volumes

GAIL (India) reported Q4 earnings Thursday, showing total transmitted natural gas of 118.99 million metric standard cubic meters per day, compared with 120.83 MMSCMD a year earlier.The company reported total LPG transmission of 1.114 million metric tons for the quarter ended March 31, down from 1.132 million metric tons a year earlier, it said.GAIL produced 153,000 metric tons of petrochemicals in the quarter, down from 215,000 metric tons a year earlier.The company reported LPG production of 138,000 metric tons in Q4, down from 156,000 metric tons a year earlier.Other liquid hydrocarbon production increased to 56,000 metric tons for the quarter, up from 41,000 metric tons a year earlier, the company said.Natural gas sales fell to 101.88 MMSCMD in the quarter from 106.53 MMSCMD a year earlier, the company added.Petrochemical sales declined to 180,000 metric tons in Q4 from 229,000 metric tons a year earlier.LPG sales dropped to 138,000 metric tons in Q4 fiscal 2026 from 158,000 metric tons a year earlier, while other liquid hydrocarbon sales increased to 57,000 metric tons from 40,000 metric tons, according to the company.

Commodities123d ago

Devon's Record Lease Win 'High Quality' but Expensive Permian Inventory Addition, RBC Says

Devon Energy (DVN) paid a steep price for "high quality" Permian Basin acreage in a record US federal oil and gas lease sale, a move that strengthens its inventory but may prompt investor scrutiny of valuation, RBC Capital Markets analysts said in a note Thursday.Devon emerged as the dominant bidder in a $4 billion Bureau of Land Management auction spanning 74 parcels and 33,530 acres across New Mexico and Texas, marking the highest quarterly federal leasing total on record and far surpassing the prior $972 million peak set in 2018.The company committed about $2.6 billion to secure roughly 16,300 net undeveloped acres across 24 parcels in Lea and Eddy counties in the Delaware Basin. That implies an average cost of about $161,500 per net acre, making Devon by far the largest single participant in the sale.RBC said Devon "made a big splash" in the auction, noting that the acreage is high-quality, with a low 12.5% royalty rate, and should support strong economics.However, RBC flagged the implied cost burden, estimating that under assumptions of 10,000-foot laterals and 24 wells per unit, the land cost works out to roughly $7-8 million per drilling location across about 306 locations, levels RBC described as "eye watering" versus historical Permian Basin deal values."We think this could draw mixed investor views, but DVN is likely evaluating significant asset sales post the recent CTRA [Coterra Energy] merger. We believe this is positive for DVN's inventory build in the Permian, but the price paid could draw investor scrutiny," the analysts said.Price: $46.83, Change: $-1.63, Percent Change: -3.36%

$CTRA$DVN

Commodities123d ago

EMEA Natural Gas Update: Prices Ease on US-Iran Negotiations

European natural gas futures eased in after-hours trading on Thursday following a volatile session, as markets tracked diplomatic efforts to end the conflict in the Middle East and to fully reopen the Strait of Hormuz.The front-month Dutch TTF natural gas contract edged down 0.081% to 49.385 euros ($57.26) per megawatt hour, and the UK front-month NBP contract slipped 0.273% to 120.38 British pence ($1.61) per therm.US Secretary of State Marco Rubio on Thursday expressed cautious optimism that an agreement could be reached, but said any diplomatic breakthrough would become "unfeasible" if Iran were to impose a toll on shipments through the Strait of Hormuz.Supply concerns also remained in focus.Norway sold 10.2 billion standard cubic meters of natural gas last month, down 700 million cubic meters from the previous month, according to the Norwegian Offshore Directorate. Norwegian gas production averaged 339.2 million standard cubic meters per day in April, exceeding official forecasts, OilPrice.com reported.Although gas volumes declined 3.5% from March and were 2.8% lower than April 2025 levels, the figures highlighted the resilience of Norwegian supply after seasonal maintenance and exceptionally strong winter demand earlier this year, the report said.Meanwhile, Gas Infrastructure Europe said EU gas storage levels remained below 37%, standing at 36.87% of capacity compared with 45.16% a year earlier.Europe could face a significant gas storage shortfall if disruptions in the Strait of Hormuz persist, as low inventories and unfavorable market pricing continue to hinder summer stockpiling efforts, according to executives at Equinor, Reuters reported.Equinor said a prompt resumption of shipping flows could still allow Europe to reach storage levels of around 75%, but prolonged disruptions would threaten the European Union's 90% winter storage target and could force prices higher to curb demand and rebalance the market."If prices return to the 60-70 euros/MWh range seen at the start of the Iran war, gas-to-power demand alone could fall by around 10 billion cubic meters," Peder Bjorland, Equinor's vice president for gas trading, told Reuters on the sidelines of the Flame energy conference in Amsterdam.European gas prices peaked at 74 euros/MWh in March, their highest level since January 2023.Separately, Equinor's head of LNG told Montel that the blockade of the Strait of Hormuz, could delay an anticipated global LNG supply glut by as much as two years.

Commodities123d ago

Henry Hub Gas Prices May Rise Toward $4.5/MMBtu by 2029, TPH Energy Says

Stronger Permian gas supply growth could pressure US natural gas prices toward $3 per million British thermal units from its current $3.5/MMBtu outlook, TPH Energy said Thursday.European investors focused heavily on natural gas markets during TPH Energy meetings in London, with discussions centered on near-term supply growth and long-term demand expectations.Investors closely tracked Haynesville production trends, with TPH Energy expecting private operators to drive supply growth in the second half of 2026.Clients also focused on Permian Basin gas production ahead of the Hugh Brinson and Blackcomb pipeline startups planned for the Q4 of 2026, TPH Energy said.TPH Energy estimates that about 1 billion cubic feet per day of gas could remain behind pipe before new projects begin operations, although investor expectations ranged between 1.5 Bcf/d and 2 Bcf/d.The firm said stronger-than-expected Permian supply growth could push its 2027 end-of-season storage estimate above 4.1 trillion cubic feet and lower gas prices toward $3/MMBtu to $3.25/MMBtu.TPH Energy also highlighted growing interest in Northeast gas markets, where regional power demand and long-haul pipeline expansions could increase capacity demand to 10 Bcf/d by 2030.TPH currently models about 3 Bcf/d of Northeast power demand and expects stronger regional demand to improve pricing conditions for producers, including Antero Resources (AR), EQT (EQT), Expand Energy (EXE), and Range Resources (RRC).By 2030, Gulf Coast supply-demand balances could leave the market undersupplied even if Permian output fully utilizes pipeline capacity and Haynesville production continues growing at maximum rates, TPH Energy said.TPH Energy expects Henry Hub gas prices to rise toward $4.5/MMBtu by 2029 to narrow the gap with international prices, while Western Haynesville wells may require $4.25-$4.5/MMBtu returns to support development.Price: $37.77, Change: $-0.21, Percent Change: -0.55%

$AR$EQT$EXE$RRC

Commodities123d ago

European Utilities Gain from Data Center Boom, Renewable Push, Clean Energy Reforms, RBC Says

European utilities are facing a rapidly improving long-term demand outlook, driven by surging data center power consumption, accelerating renewable investment, and government efforts to accelerate clean energy development, RBC Capital Markets analysts said in a note on Thursday.They said S&P Global now forecasts that European data center electricity demand will nearly double to 52.7 gigawatts by 2030, up from 27 GW in 2025, representing a 16% upward revision from its October 2025 forecast of 45.6 GW.Demand has already increased more than 48% since 2020 and is expected to grow at a compound annual rate above 14% through the second half of the decade. S&P expects demand to rise 13.4% over the year in 2026, surpassing 30 GW.The geographical balance of Europe's data center market is also shifting. The UK is projected to overtake Germany as the region's largest market by 2028, with demand reaching 11.1 GW by 2030 from 5.6 GW in 2026. Germany is forecast to grow to 9.5 GW by 2030, while France and Spain are also expected to post strong gains.RBC said the revised forecasts strengthen the long-term investment case for European utilities, particularly as significant capital spending will be required to expand generation capacity and modernize electricity grids.In Spain, the government increased support for renewable repowering projects to 512 million euros ($593.53 million) from 292 million euros under the EU-backed NextGenEU recovery program.The funding is expected to support more than 2 GW of wind farm upgrades, 900 MW of hydroelectric improvements and 1,500 MWh of hybrid storage projects, mobilizing more than 3 billion euros in total investment.Meanwhile, the Renewables Infrastructure Group, also known as TRIG, is reportedly in advanced discussions to sell its 17.5% stake in Scotland's 588-MW Beatrice offshore wind farm to Macquarie Asset Management.The stake is valued at roughly 130 million British pounds ($174 million) to 160 million British pounds and forms part of TRIG's broader 400 million British pound asset disposal target aimed at reducing debt and funding share buybacks.The UK government also proposed new measures to fast-track strategically important clean energy projects by limiting judicial review challenges once parliamentary approval is granted.In Italy, Snam is advancing the sale of its biomethane unit Bioenery, which carries a book value of about 635 million euros.

Commodities123d ago

US Crude Exports Jump 60% as Oil Inventories Post Sharp Weekly Decline, TPH Energy Says

US commercial crude inventories dropped 7.9 million barrels last week, pushing stockpiles 2% below the five-year average, TPH Energy said Thursday.The crude draw exceeded market expectations for a 2.5 million-barrel decline and remained stronger than the five-year average draw of 1.8 million barrels, according to TPH Energy.A 775,000 barrels per day decline in the adjustment factor and a slight drop in domestic crude production to 13.7 million b/d supported the inventory draw, while refinery crude runs fell by 80,000 b/d.Crude imports increased by 116,000 b/d last week, although they remained 5% below year-ago levels, while the four-week average for imports declined 1%, TPH Energy said.Crude exports climbed by 112,000 b/d last week and stayed significantly above year-ago levels, with weekly exports rising 60% and the four-week average increasing 49%.Ethanol inventories held steady at 24.9 million barrels even as production reached a seasonal high, supported by export activity that eased from the previous week but stayed near two-year highs.Gasoline inventories declined 1.5 million barrels, missing expectations for a 2.2 million-barrel drop, while distillate stocks increased 0.4 million barrels against forecasts for a 1.7 million-barrel decline.Jet fuel inventories increased by 0.2 million barrels last week as weaker net exports pushed stockpiles higher, according to TPH Energy.The four-week average for light product demand improved to 1% above year-ago levels from negative 1%, TPH Energy said.Gasoline demand improved to 1% from negative 1%, jet fuel demand climbed to 1% from negative 5%, while distillate demand remained steady at 1%, according to TPH Energy.

Commodities123d ago

EU Cuts Growth Forecast as Middle East Conflict Sparks New Energy Shock

The European Union economy is set to slow sharply in 2026 as the Middle East conflict triggers a fresh energy shock, reigniting inflation, weakening consumer confidence and straining public finances, the European Commission's Spring 2026 Economic Forecast showed on Thursday."The virtual closure of the Strait of Hormuz has curtailed seaborne flows of oil and LNG by around 15% and 20%, respectively," according to the forecast.The Commission said the EU economy had been on track for moderate growth and easing inflation before the conflict erupted earlier this year. Since then, surging energy prices have reversed part of the bloc's progress on inflation and dampened economic momentum.EU gross domestic product growth is now forecast at 1.1% in 2026, down from a previous estimate of 1.4%, after growth of 1.5% in 2025. Growth is expected to recover modestly to 1.4% in 2027. In the euro area, growth is projected at 0.9% in 2026 and 1.2% in 2027.Inflation across the EU is expected to rise to 3.1% in 2026, one percentage point higher than previously forecast, before easing to 2.4% in 2027. Eurozone inflation is projected at 3% next year and 2.3% in 2027.The Commission said the EU, as a net energy importer, remained highly vulnerable to external energy shocks despite efforts in recent years to diversify supplies and reduce dependence on fossil fuels after Russia's invasion of Ukraine.Consumer confidence has fallen to a 40-month low amid fears of higher prices and job losses, while business investment is expected to weaken because of tighter financing conditions, lower profits and uncertainty.Employment growth is forecast to slow to 0.3% in 2026 from 0.5% in 2025, with the unemployment rate stabilizing around 6% by 2027.Public finances are also expected to deteriorate, with the EU budget deficit widening to 3.6% of GDP by 2027 and the debt-to-GDP ratio rising to 85.3%.The Commission warned that prolonged disruption to global energy supplies could further weaken growth and keep inflation elevated beyond 2027.

Commodities123d ago

NextDecade Sees Faster LNG Train Ramp-up at Rio Grande Project, TPH Says

US LNG developer NextDecade (NEXT) said its first Rio Grande LNG train remains on track to begin producing liquefied natural gas in 2026, with additional trains expected to come online faster than current market forecasts, TPH Energy strategists said in a note Thursday.NextDecade executives said Phase One of the Rio Grande LNG project is running ahead of schedule, with Train 1 expected to produce its first LNG about this time next year. Trains 2 and 3 are expected to follow within six to eight months of the first unit.Zack Van Everen, analyst at TPH Energy, said the timeline appears more aggressive than TPH's current macro forecast, which assumes Train 2 starts in Q3 2028 and Train 3 in Q1 2029.NextDecade is targeting first gas at Train 1 in 2026 and expects first LNG exports around the same time next year. The company's management said Train 1 would take the longest to ramp up because it is the facility's first liquefaction unit.The energy firm said it was comfortable with the feedgas supply given Rio Grande LNG's proximity to the Agua Dulce hub in Texas and its access to gas from the Permian Basin, the Eagle Ford, and the Katy markets, if required.NextDecade plans to continue securing gas supply agreements, including some longer-term contracts, as additional trains are developed.TPH Energy said producers have not sought a premium for supplying gas to the project, allowing purchases at Agua Dulce pricing.For future expansion phases, NextDecade said estimated liquefaction costs for Trains 4 and 5 averaged about $2.50 per million British thermal units, with Train 5 expected to cost slightly more than Train 4.Elsewhere, midstream operator Western Midstream Partners (WES) discussed shut-in gas volumes in the Permian Basin, commodity exposure, and opportunities tied to power demand and data center growth.Western Midstream said it has seen between zero and 300 million cubic feet per day of gas shut in on any given day in the Permian, though increased in-transit volumes on its system have offset some of those declines.The company pointed to growing activity in the Powder River Basin, where producers have been more responsive to higher oil prices, potentially supporting growth into 2027 if drilling activity continues.Van Everen said Western Midstream executives said rising power demand from data centers was becoming a growing focus, as the energy firm has access to land, water, and natural gas infrastructure that could support future developments.Price: $8.67, Change: $-0.05, Percent Change: -0.52%

$NEXT$WES

Commodities123d ago

Google Unveils $15 Billion Missouri Expansion, Launches $20 Million Energy Fund

Alphabet (GOOG) unit Google announced a $15 billion investment in Missouri on Thursday, including a new Montgomery County data center and a $20 million energy affordability fund.The investment will support a new data center in New Florence while funding local infrastructure upgrades, workforce training programs, and long-term economic development across Missouri.Google said it pays for all electricity used by its data centers and directly covers infrastructure expenses tied to its operations to avoid shifting costs onto local consumers.The company has already contracted more than 1 gigawatt of new power generation capacity in Missouri and supports an additional 500 megawatts through its partnership with Ameren.Google, Ameren, and Evergy also introduced the Capacity Commitment Framework in Missouri to ensure large energy users fund electricity and infrastructure needs while protecting local ratepayers and grid reliability.Google launched a $20 million Energy Impact Fund to lower household utility bills in Montgomery, Clay, Platte, and nearby counties surrounding planned data center developments in Missouri.North East Community Action Corporation will use part of the funding to expand weatherization programs, complete home repairs, improve energy efficiency, and add equipment for apprenticeship training crews, Google said.The project will create thousands of construction jobs and hundreds of permanent operational roles, while workforce initiatives aim to train more than 2,300 laborers, including 1,500 apprentices, over two years.Price: $383.76, Change: $-1.14, Percent Change: -0.30%

$GOOG$GOOGL

Commodities123d ago

Update: US Natural Gas Inventories Rise 101 Bcf, EIA Says

(Updated to include additional details.)US natural gas stockpiles in underground storage stood at 2,391 billion cubic feet for the week ending May 15, up 101 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.Inventories were 33 Bcf above year-ago levels and 149 Bcf above the five-year average of 2,242 Bcf.At 2,391 Bcf, total working gas remains within the five-year historical range, the EIA said.The net increase surpasses market expectations of a 96 Bcf build, according to data from Investing.com.

Commodities123d ago

US Natural Gas Inventories Rise 101 Bcf, EIA Says

US natural gas stockpiles in underground storage stood at 2,391 billion cubic feet for the week ending May 15, up 101 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.Inventories were 33 Bcf above year-ago levels and 149 Bcf above the five-year average of 2,242 Bcf.At 2,391 Bcf, total working gas remains within the five-year historical range, the EIA said.

Commodities123d ago

Market Chatter: Vitol to Operate Fuel Terminal in Mexico After 6 Years of Idling

European commodity trader Vitol plans to operate the Rio Bravo fuel storage terminal in northern Mexico after leaving the facility idle since it was built six years ago, following a bribery scandal, Reuters reported Thursday, citing sources.The company has reportedly held talks with Mexican officials and is seeking permits to operate the terminal on the US-Mexico border.Reuters said it was unable to determine the stage of discussions. A document seen by the news agency showed that Vitol had sought third-party services in recent months for testing, certification, and documentation of terminal operations, to meet requirements for permit issuance.Vitol did not immediately respond to' request for comment.The Rio Bravo terminal reportedly consists of 12 tanks, with a combined storage capacity of 270,000 barrels. It is designed to receive fuel piped from a port facility in Brownsville, Texas.The pipeline connection will allow Vitol to benefit from fixed pipeline tariff rates, a source told Reuters, particularly at this time when seaborne freight costs are surging due to the conflicts in the Middle East.Vitol's move indicates its intention to re-establish its reputation in Mexico, where only a few foreign companies are allowed to run major energy infrastructure alongside state-owned Pemex, the news agency said.(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.)

Commodities123d ago

Ukraine Says Rosneft-Owned Syzran Oil Refinery Targeted in new Strikes

The Syzran Oil Refinery in Russia's Samara region, owned and operated by state-backed oil giant Rosneft, has been targeted by a Ukrainian strike, Ukrainian President Volodymyr Zelenskiy said on Thursday."Another one of our long-range sanctions against Russian oil refining, and we continue in this direction," Zelenskiy said in a social media post."This time, the Syzran Oil Refinery, distance from our border - over 800 kilometers," he added.The post was accompanied by a video showing smoke and flames rising from an industrial facility.According to a social media post by Ukraine's Unmanned Systems Forces, a large-scale fire broke out on the facility's premises following the strike.The Syzran Oil Refinery has an annual processing capacity of 7 million-8.9 million tons and is part of Rosneft's Samara oil refining hub. It produces gasoline, diesel, and aviation fuel, along with other petroleum products, the post added.Meanwhile, Kremlin spokesman Dmitry Peskov on Thursday said fuel supplies in Russia were not facing any risks, according to a Reuters report.Responding to a query about risks to potential fuel supplies in the country during a daily conference, Peskov said that while output had declined in some regions, it was due to seasonal maintenance.The entire fuel balance had been calculated and possessed the necessary compensation system, he added.Ukraine has intensified drone attacks on Russian energy infrastructure in recent weeks, with Russian officials noting that the number of targeted refineries has doubled since the start of the year. The strikes have also hit pipelines and storage sites.Among the facilities listed as affected are the Kirishi refinery in western Russia, the Moscow oil refinery, and plants in Nizhny Novgorod, Ryazan, and Yaroslavl.has reached out to Rosneft and the Russian Energy Ministry for comments.

Commodities123d ago

US Natural Gas Update: Futures Rise Ahead of Weekly Inventory Report, LNG Feedgas Rebounds

US natural gas futures were up on Thursday, ahead of the US Energy Information Administration's weekly storage report, which is expected to come in below prior-year figures, but in line with the five-year average for this period.Both the front-month Henry Hub contract and the continuous contract were up 1.66% at $3.054 per million British thermal units.This comes amid forecasts of a 95 billion cubic feet net injection into storage for the week ended May 15, significantly below the storage build of 120 Bcf during the same period a year ago, and broadly in line with the five-year average for this period.These forecasts are adding to the bullish momentum, alongside weather forecasts for above-normal temperatures across most of the country from May 28 to June 03, leading to increased gas burning to provide power for air conditioning.US LNG Feedgas flows are expected to make a strong recovery, at 18.43 Bcf on Thursday, after hitting a 16-week low earlier this week, with several leading LNG facilities under maintenance.This compares to the 30-day moving average of 18.31 Bcf, according to the Bloomberg LNG Feedgas Model.Residential and commercial demand is set to increase by 2.4 Bcf per day, further adding to bullish sentiment, according to NRG Energy.

Commodities123d ago

Borr Drilling High Fleet Utilization Boosts Q1 Revenue

Borr Drilling's (BORR) fleet of jack-up rigs achieved a technical utilization of 99.4% and an economic utilization of 97.0% in Q1, helping boost revenue across its business segments, the company said Wednesday.For the quarter ended March 31, day-rate revenue totaled $209.5 million, up from the previous year's $202.2 million, due to longer operating days worked by the rigs.Sales from bareboat charter more than tripled year over year to $26.6 million from $7.6 million, also due to higher number of operating days, according to the report.Revenue from management contracts grew to $10.9 million from $6.8 million, due to an increase in the number of rigs under contract agreements.Out of the company's 29 rigs, 24 were either contracted or committed as of May 20, the company said.Borr Drilling also highlighted that it has secured 13 deals so far this year, representing more than 2,250 days and $274 million of day-rate equivalent backlog. The acquisition of Noble added a further 772 days of contract commitments.As a result, the company's total day-rate equivalent backlog stood at $1.17 billion as of March 31 and $1.08 billion as of May 20.Borr Drilling noted that "the Middle East conflict has created near-term uncertainty," but "key tenders in the region continue to progress, with some modest delays.""More broadly, in our view, recent events have strengthened the longer-term outlook for the sector providing for a higher oil price and a renewed focus on energy security," it said.

$BORR

Commodities123d ago

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

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 0.6% lower in Thursday's premarket activity amid increasing uncertainty about the progress of any talks between the US and Iran.US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.5% before the start of regular trading.US initial jobless claims fell to a level of 209,000 in the employment survey week ended May 16 from an upwardly revised 212,000 level in the previous week, compared with expectations for a smaller decrease to 210,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET.April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March.April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March.The Philadelphia Federal Reserve's monthly manufacturing index fell to minus 0.4 in May after rising to 26.7 in April, compared with expectations for a smaller decrease to a reading of 17.8 in a survey compiled by Bloomberg.Traders will be looking ahead to the S&P global flash estimates of May manufacturing and services conditions, which are slated for a 9:45 am ET release, followed by weekly natural gas stocks at 10:30 am ET.The Kansas City Fed's manufacturing index for May will be released at 11 am ET.Richmond Fed President Tom Barkin is due to speak on Thursday.In premarket activity, bitcoin was down by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) declined 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) retreated by 0.6%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.Nanobiotix (NBTX) stock was down more than 7% premarket after the company said it launched a global follow-on offering of 75 million euros ($87.2 million).Winners and Losers:EnergyThe iShares US Energy ETF (IYE) gained 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Borr Drilling (BORR) stock was down more than 7% before the opening bell after the company reported a wider Q1 net loss.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was up 1%.Hyperliquid Strategies (PURR) shares were up more than 6% pre-bell a day after Chardan raised its price target for the company's stock to $9.75 from $8.45.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.1%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.Deere (DE) stock was down more than 3% before the opening bell after the company reported lower fiscal Q2 earnings.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.8%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.6%. The iShares US Consumer Staples ETF (IYK) was 3.5% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) decreased by 0.2%, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.4%.Kroger (KR) shares were down more than 3% pre-bell after closing the prior session with a 2.7% fall. Chief Executive Officer Greg Foran is looking to implement substantial price cuts to keep the company competitive, Bloomberg reported Thursday, citing an interview with the CEO.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.4%, and the iShares US Technology ETF (IYW) was 0.7% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.01%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 04%, while the iShares Semiconductor ETF (SOXX) fell by 0.6%.AMD (AMD) shares were down more than 2% in premarket activity after closing the previous day with a 8% rise. The company said it plans to invest more than $10 billion in Taiwan's artificial intelligence ecosystem and is ramping production of its new EPYC processor in Taiwan using Taiwan Semiconductor Manufacturing's (TSM) 2-nanometer process technology.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.8% to $107.77 per barrel on the New York Mercantile Exchange. Natural gas was up 0.8% at $3.03 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 2.7%, while the United States Natural Gas Fund (UNG) was 0.7% lower.Gold futures for May retreated by 0.4% to $4,517.40 an ounce on the Comex. Silver futures declined by 1.1% to $75.36 an ounce. SPDR Gold Shares (GLD) was down by 0.9%, and the iShares Silver Trust (SLV) fell by 1.6%.

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