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US Natural Gas Update: Futures Climb on Small Inventory Build, Increased Cooling Demand Forecasts

US natural gas futures rose in after-hours trade on Thursday due to a smaller-than-expected storage build and supportive weather forecasts.Front-month Henry Hub futures and the continuous contract both rose by 1.96% to $2.92 per million British thermal units.The US Energy Information Administration reported an 85 Bcf increase in natural gas storage for the week ending May 8. The weekly inventory build was smaller than some forecasts as high as 91 Bcf, but largely in line with most analyst forecasts of an 84-87 Bcf build and close to the five-year average injection of 84 Bcf.Total working gas in storage climbed to 2,290 Bcf, with the surplus versus the five-year average holding near 140 Bcf. Inventories are now about 2.3% above year-ago levels and roughly 6.5% above seasonal averages, according to Trading Economics. By comparison, the same week last year recorded a larger storage injection of 109 Bcf.Weather forecasts also supported prices. Barchart, citing The Commodity Weather Group, said Thursday that forecasts turned warmer, with above-normal temperatures expected across the Midwest through May 18. The warmer outlook could lift natural gas demand from power utilities as air-conditioning use increases.Gelber & Associates said the latest forecast shift provides enough support for cooling demand to keep the market attentive to power-sector consumption, though not enough on its own to make the near-term decisively tight.BNEF data, cited by Barchart, showed US gas production fell to 107.6 Bcf/d on Thursday, down 2.2 Bcf/d from Wednesday, but up 1% from a year earlier.Lower-48 gas demand rose 3.7% year over year to 68.2 Bcf/d, up 400 million cubic feet per day from Wednesday.Feedgas flows to US LNG export terminals came in at 17.5 Bcf/d Thursday, down 1.8% from the prior week, but up 200 MMcf/d on the day. Gelber & Associates said "LNG remains the key swing factor outside of domestic weather, but net export demand is still running below recent monthly levels, and the market is waiting for fuller LNG service to restore a cleaner pull on feedgas."

Commodities129d ago

Market Chatter: White House Weighs Gas Tax Cut as Iran Conflict Pushes Fuel Prices Higher

The White House is reviewing emergency fuel-price relief options as US gasoline prices remain above $4.50 per gallon during the Iran conflict, Reuters reported Thursday, citing people familiar with the matter.The Trump administration is considering suspending the federal gasoline tax, a move that could lower pump prices by 18 cents per gallon.Officials previously viewed the proposal as unnecessary, but growing fuel costs and economic concerns are increasing pressure on the administration to act.One person familiar with the discussions said the White House now believes Trump needs "a visible consumer relief move now" after gasoline prices jumped 50% since the war started.US consumer inflation rose to 3.8% in April, the highest level in nearly three years, while consumer confidence recently fell to a record low during the conflict, the report added.A Reuters/Ipsos poll conducted in May showed over 60% of Americans said rising gasoline prices had negatively affected household finances, while Trump's economic approval rating dropped to 30%.Republican lawmakers are growing concerned that higher fuel costs and economic pressure could damage the party's chances in November's midterm elections.White House officials are also tracking whether national gasoline prices could climb to $5/gal, according to the source, while American Automobile Association data showed prices have already crossed that level in seven US states.The White House did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)]

Commodities129d ago

US-Led LPG Export Recovery Eases Asia Supply Crunch After Hormuz Disruption, Vortexa Says

Global seaborne LPG exports have rebounded toward their five-year average in May after a sharp disruption caused by the Middle East Gulf conflict and closure of the Strait of Hormuz, Vortexa analyst Rohit Rathod said in a Thursday note.Exports recovered to around 4.8 million barrels per day on a 28-day moving average basis, easing pressure on supply-starved Asian buyers. However, global flows remain about 600,000 bpd below the historically high levels seen in February 2026.The recovery has been driven largely by the US, the world's biggest seaborne LPG exporter, with additional support from Algeria, Canada, Malaysia, Sweden, and Argentina.Global LPG imports, which slumped through April in line with falling export volumes, are also expected to recover in the second half of May as cargoes loaded last month arrive mainly in Asian markets.Still, congestion around the Panama Canal threatens to slow the recovery, forcing some vessels traveling from the US Gulf Coast to Asia to reroute around the Cape of Good Hope, extending voyage times.US LPG exports have expanded steadily since 2023 on the back of higher natural gas liquids production and added export capacity, with combined exports nearing 2.8 million bpd in April. Export volumes rose across major terminals, including Enterprise Houston, Energy Transfer Nederland, Targa Galena Park, Phillips 66 Freeport, and Energy Transfer Marcus Hook.The startup of Enterprise's Neches River Terminal near Beaumont, Texas, also boosted exports, as the facility shipped its first cargo in April, ahead of its planned June launch.Rathod said some terminals shifted flex capacity away from ethane exports toward LPG as stronger propane prices widened the Mont Belvieu propane-ethane spread to more than $325 per tonne on May 12.India, heavily reliant on Hormuz-linked supplies, has increasingly turned to US LPG cargoes while boosting domestic production and curbing commercial consumption to narrow supply gaps.India moved to curb commercial LPG consumption in early March while directing refineries to raise output. Domestic LPG production rose about 30% month-on-month and 27% year-on-year in March to roughly 524,000 bpd, according to PPAC data, while consumption fell 13% year-on-year to about 911,000 bpd.The roughly 350,000-400,000 bpd supply gap could narrow after Nayara Energy's 400,000 bpd refinery resumes operations in mid-May following maintenance, adding an estimated 45,000 bpd of LPG supply. The remaining shortfall will need to be met through imports or further demand curbs.

Commodities129d ago

Weekly RIN Prices Drop Amid Falling Soybean Oil Prices, EcoEngineers Says

The Renewable Identification Numbers weekly markets traded mostly lower for the week of May 6-13, according to the EcoEngineers Carbon Market Snapshot.In the current year, D4 2026 biomass-based diesel RIN prices were trading at $2.07 per RIN on Thursday, unchanged from a week ago.D5 2026 advanced biofuel RINs were trading about $2.05/gal, compared with $2.06/gal a week ago.D6 2026 corn-based ethanol RIN prices finished trading on Thursday at $2.01/gal, below $2.02/gal a week ago.Zander Capozzola, Principal Consultant at Argus Media Consulting Services, said that RINs have come off a little bit with a slight weakness in the bean oil and heating oil spread, also known as the BOHO spread."We have seen declines in CBOT soybean oil prices. I think it will be short-lived, though, because fundamentals are very strong on the soybean oil side. The prices of other physical feedstocks, such as tallow and distillers' corn oil, remain very elevated," Capozzola said.A wide BOHO spread suggests lower profitability for biodiesel producers, while a narrow spread suggests tighter competition with conventional fossil fuels.

Commodities129d ago

US Biofuels Update: Soybean Futures Plunge on US-China Trade Uncertainty

Biofuels feedstock futures closed sharply lower on Thursday, as soybean traders awaited more concrete details on a potential China trade deal.The Chicago Board of Trade July soybean futures contract closed 2.97% lower on Thursday at $11.92 1/2 per bushel, while the CBOT July soybean oil futures contract settled 0.89% lower at 73.66 cents per pound.The Nymex June ethanol futures contract settled 1.02% higher on Wednesday at $1.98 per gallon.Rhett Montgomery, DTN analyst, said Thursday's session was dominated by algorithmic headline trading, sending nearby soybean futures to their worst daily loss in two months"Traders were clearly hoping for more explicit details and trade volume commitments from President Trump's visit to China, taking the opportunity amid little news to heavily sell against record net-long futures positions built up through the spring," Montgomery said.For the week ending May 7, the US Department of Agriculture reported an increase of 3.8 million bushels or 102,100 metric tons of soybean export sales in 2025-26 and an increase of 3 mb or 80,800 mt for 2026-27.Last week's export shipments of 24.7 mb were above the 16.8 mb needed each week to achieve the USDA's export estimate of 1.530 billion bushels in 2025-26.Soybean export commitments now total 1.434 bb in 2025-26 and are down 19% from a year ago. That is even with USDA's estimated pace, at a time when USDA's estimate of US-ending soybean stocks is 16% above the previous five-year average.

Commodities129d ago

PJM Grid Power Prices Jump 76% as Data Centers Boost Demand

Wholesale power prices on the largest electric grid in the US surged by 76% in Q1, driven by soaring demand from data centers and intensifying pressure on grid operators to protect consumers from rising costs.The total cost of wholesale power on the PJM Interconnection averaged $136.53 per megawatt-hour (MWh) in Q1, up from $77.78 per MWh in Q1 2025, an increase of $58.75 per MWh.Monitoring Analytics said energy costs accounted for the largest share of the increase, rising $42.90 per MWh, or 78.5%. Capacity costs climbed $14.21 per MWh, a 398.1% jump, while transmission costs increased by $0.94 per MWh, or 5.3%.Data centers require vast amounts of electricity, creating a new and consistent burden on regional power supplies.Energy, capacity, and transmission were the three largest components of total wholesale power costs on the PJM Interconnection, accounting for 98.3% of the total in Q1. Energy made up 71.5% of the total cost, capacity 13.0%, and transmission 13.8%.The Monitoring Analytics report also showed shifts in generation mix compared with Q1 2025. Coal-fired generation declined 1.7%, while natural gas generation rose 4.2%. Oil-fired generation increased sharply by 43.2%. Renewable output was mixed, with wind generation falling 4.7% and solar generation rising 15.0%.The increase in wholesale costs comes amid ongoing debates over supply adequacy, rising demand from data centers and electrification trends, and the impact of changing generation patterns on grid reliability and pricing.PJM Interconnection operates the largest wholesale electricity market in the US, spanning 13 states and serving millions of customers.

Commodities129d ago

UK Energy Department Approves Dogger Bank South Wind Farm Development

The UK government granted development consent for the Dogger Bank South offshore wind farm project, Planning Inspectorate said Thursday.The project includes the Dogger Bank South West and Dogger Bank South East wind farms along with offshore and onshore transmission infrastructure, substations and National Grid connections.RWE Renewables UK Dogger Bank South (West) and RWE Renewables UK Dogger Bank South (East) submitted the application on Jun. 12, 2024, according to the Planning Inspectorate.The Planning Inspectorate accepted the proposal for examination on Jul. 10, 2024, and completed its review within the statutory deadlines under the Planning Act 2008.The examination process allowed local residents, statutory consultees, councils, and other interested parties to provide evidence and participate in hearings over six months, the agency said.The Examining Authority submitted its recommendation to the Secretary of State for Energy Security and Net Zero on Oct. 10, 2025, after reviewing evidence gathered during the examination.The Planning Inspectorate said the Dogger Bank South project became the 108th energy application completed out of 176 projects examined so far under the national infrastructure process.Project documents, recommendations, and evidence reviewed during the examination are available on the National Infrastructure Planning website, according to the Planning Inspectorate.

Commodities129d ago

Argentina's Vaca Muerta Attracts Fresh Investment as Neuquen Launches Bid Round, Rystad Says

Argentina's Vaca Muerta shale play is poised to attract renewed upstream investment as breakevens remain globally competitive and export infrastructure continues to expand, as a new bidding round is expected to draw both international and domestic operators, Rystad Energy analysts said in a Thursday note.The province of Neuquen, through state-owned company Gas y Petroleo del Neuquen, is offering 15 exploration and production blocks across the Vaca Muerta formation in a licensing round designed to spur new acreage development.The blocks span the full geological extent of the play, from condensate-rich zones in the northwest through oil-prone areas in the northeast and into more frontier acreage in the south. Rystad Energy predicts that crude production from the basin will reach more than 1 million barrels per day by 2030."Argentina is offering international companies their best organic entry point into Vaca Muerta in a decade. The basin is maturing fast, infrastructure is being built at pace, and the bid terms are designed to attract operators who can bring North American shale expertise to bear. For anyone who missed the first wave, this is the knock on the door they have been waiting for," said Rystad analyst Jai Singh.Rystad Energy said recent activity in Argentina's shale sector has been driven largely by asset transactions and farm-ins rather than new acreage awards, but momentum has strengthened following major deals, including US shale operator Continental Resources acquiring a 90% stake in the Los Toldos II Oeste block and later entering a farm-in arrangement with Pan American Energy.The consultancy estimates breakeven costs across the most prospective blocks range from $32 to $49 per barrel, placing Vaca Muerta among the most cost-competitive shale developments globally.Bidding terms include carried working interest contributions to GyP, royalty offers above a 15% floor, committed work programs, and access bonuses. Each block carries a minimum bid requirement of $500,000.Rystad expects local operators to remain highly competitive due to existing infrastructure, subsurface expertise, and adjacency to producing assets, which reduce both cost and execution risk.However, it cautioned that new entrants will face significant geological complexity, particularly in structurally deformed areas, where faulting, stress regimes, and landing-zone variability require advanced technical capabilities. The firm also highlighted that establishing a strong operational footprint and supply chain in Neuquen will be critical.Rystad added that Vaca Muerta's well productivity already rivals leading US shale basins on a normalized basis, while Argentina's expanding midstream network is increasingly positioned to support higher export volumes as development accelerates."Vaca Muerta's well productivity already rivals the best of the US Permian Basin on a normalized basis, and Argentina has spent the last several years quietly building the pipelines and export terminals needed to turn that geology into global supply. This bid round is the moment that the world's most important non-US shale play formally invites the world in," Singh added.

Commodities129d ago

EPA Moves to Ease Coal Plant Wastewater Rules as Power Demand Rises

The US Environmental Protection Agency proposed revisions Thursday to coal plant wastewater rules that could lower electricity generation costs by up to $1.1 billion annually.The proposal would revise the Effluent Limitations Guidelines for steam electric power plants to support reliable and affordable coal-fired electricity generation.The EPA said the rule would continue protecting water resources while giving utilities greater flexibility to manage wastewater from coal-powered plants under the Clean Water Act.The agency extended several wastewater compliance deadlines for coal-fired facilities earlier in 2025."The AI and data center revolution is creating an electricity and baseload power demand that cannot be met under the overly restrictive policies of past administrations," EPA Administrator Lee Zeldin said."The Trump EPA will continue doing its part to address these burdensome regulations on the coal-fired power plant sector that hold American communities back," Zeldin added.The EPA said the Biden administration's 2024 wastewater rules for steam electric plants threatened affordable baseload power generation and contributed to higher electricity costs.Under the proposal, the agency would remove certain fixed wastewater treatment standards for unmanaged combustion residual leachate and instead allow permit writers to set facility-specific discharge limits.The EPA said the revised approach would replace certain one-size-fits-all wastewater requirements with case-by-case and data-driven discharge limits while continuing long-term protections for US water resources.America's Power President and Chief Executive Officer Michelle Bloodworth lauded the move in a statement on Thursday."We appreciate EPA's efforts to rescind one-size-fits-all ELG requirements that are unnecessarily prescriptive and costly," Bloodworth said.He added that the proposal will preserve the US coal fleet. "This proposal represents another important step toward preserving the nation's coal fleet, which is essential to providing affordable and reliable electricity," Bloodworth said.Bloodworth said the group will work with the EPA on the proposal while continuing to urge the agency to repeal the 2024 ELG rule, which she said still threatens coal-fired generation and grid reliability.

Commodities129d ago

Returned Oil Cargoes Highlight Venezuela's Ongoing Export Challenges, Bloomberg Analysis Says

Two ghost tankers are returning Venezuelan crude cargoes after months at sea, highlighting continued problems in the country's sanctioned oil trade, according to a Bloomberg analysis on Thursday.Port documents and vessel-tracking data reviewed by Bloomberg showed that the tankers Olina and Galaxy 3 began unloading cargoes nearly five months after initially taking on the oil.Oil tankers rarely return crude shipments to their original loading ports, making the move highly unusual in Venezuela's sanctioned oil trade, the analysis said.The vessels were likely preparing to deliver cargoes to Cuba or China, two countries that continued buying Venezuelan oil despite US sanctions.Two more shadow fleet vessels, the Romana and MS Melenia, have remained stranded near Venezuela since December, according to the analysis.US forces intercepted the Olina in Caribbean waters shortly after Nicolas Maduro lost power, forcing the tanker to abandon its original voyage and return to Venezuela.US President Donald Trump ordered the sanctioned vessel back as Washington moved to tighten oversight of Venezuelan oil exports.The Olina is unloading 713,000 barrels Thursday, while the Galaxy 3 returned almost 1 million barrels earlier this week after remaining stalled near Venezuela since late last year, the analysis said.PDVSA continues to rely on shadow-fleet tankers, Iranian and Russian feedstock, and disabled tracking systems to keep oil exports moving under US sanctions, according to the analysis.US imports of Venezuelan crude climbed to 588,000 barrels per day last week, the highest level recorded since early 2019.

Commodities129d ago

US Natural Gas Update: Futures Rise as Mixed Supply-Demand Signals Offset Storage Build

US natural gas futures edged higher in midday trading Thursday after weekly storage data showed a build broadly in line with expectations, while shifting weather and supply-demand fundamentals kept sentiment mixed.Front-month Henry Hub futures and the continuous contract both rose by 1.40% to $2.901 per million British thermal units.The US Energy Information Administration reported a storage build of 85 billion cubic feet for the week ended May 8, broadly matching analyst expectations of an 84-87 Bcf increase. The print was also in line with the five-year average injection of 84 Bcf.Total working gas in storage rose to 2,290 Bcf. The surplus versus the five-year average remained largely unchanged at about 140 Bcf.Compared with last year, inventories are roughly 2.3% higher and sit about 6.5% above seasonal norms, according to Trading Economics. The same week last year saw a larger injection of 109 Bcf.NRG Energy noted that replenishments so far have lagged last year's pace, with the surplus versus 2025 narrowing from over 10% in March to about 3.5% currently.Weather models from NatGasWeather.com pointed to a brief cooler spell across the Great Lakes, Ohio Valley, and Northeast into Friday, with lows in the upper 30s to 40s Fahrenheit.That will be followed by a rapid warm-up late in the weekend into early next week, with highs expected to reach the 80s and 90s across the East, increasing cooling demand.On the supply side, output started the week at 107.6 billion cubic feet per day and is forecast to decline toward 106 Bcf/d on Thursday, according to NRG Energy.Demand trends were mixed. Power burn has declined by about 1.6 Bcf/d from Wednesday levels, while residential and commercial demand is expected to rise by 1.2 Bcf/d day over day, NRG reported.LNG feedgas deliveries to major US export terminals have also softened from an April peak of 18.8 Bcf/d. Volumes have fallen to around 17 Bcf/d in May and are tracking toward a 15-week low near 15.9 Bcf/d amid maintenance activity at facilities including Golden Pass LNG and Freeport LNG, according to Trading Economics.

Commodities129d ago

EMEA Natural Gas Update: Futures Rise as Middle East Risks, LNG Supply Constraints Persist

European natural gas futures rose in after-hours trading as markets weighed developments in Middle East peace efforts and high-level discussions between US President Donald Trump and Chinese President Xi Jinping.The front-month Dutch TTF contract gained 1.535% to 47.64 euros ($55.62) per megawatt hour, while the UK NBP front-month rose 1.704% to 116.99 British pence ($1.57) per therm.Investing.com reported that some analysts believe Trump could seek to involve China, one of the largest importers of Iranian oil, as a potential guarantor in any longer-term peace framework, though Beijing's willingness to take on such a role remains uncertain.Supply risks continue to underpin sentiment. The near-shutdown of the Strait of Hormuz has curtailed roughly one-fifth of global LNG flows, with shipping effectively constrained by both sides of the conflict. While most Gulf exports typically flow to Asia, the disruption has tightened global LNG availability, intensified competition for cargoes, and increased Europe's vulnerability ahead of the winter storage season, according to Trading Economics.Data from Gas Infrastructure Europe showed EU gas storage at 35.72% of capacity, down from 43.10% a year earlier.Brussels Signal reported that reaching typical pre-winter storage targets would require an increase of 45.7 percentage points within five months, implying roughly 130 LNG cargoes per month, around 10 more than in 2024.Citing consultancy Tempos Energia, Brussels Signal said that if the Strait of Hormuz reopens in June, the first LNG cargoes could reach Europe by late July. Under that scenario, inventories could climb to 70%-75% of capacity before the heating season, above critical levels but still below the five-year average.However, if the strait remains closed, the consultant reportedly warned that June could mark a "first breaking point," with Dutch TTF prices potentially ranging from 52 to 62 euros/MWh.ANZ analyst Daniel Hynes said North Asian LNG prices have also edged higher as stalled US-Iran talks weigh on expectations for supply stability, adding to global competition for cargoes and reinforcing upward pressure across benchmark gas markets.

Commodities129d ago

Constellation Buys Stake in Pine Creek RNG Facilities in Clean Energy Push

Constellation Energy (CEG) said on Thursday it had agreed to purchase a minority equity stake in five operating renewable natural gas facilities owned by Pine Creek RNG, expanding its push into low-carbon fuel markets.The portfolio, located across Washington, Utah, Iowa, and Illinois, currently produces about 1.5 million MMBtus of RNG per year. The agreement also establishes a framework for the two energy firms to jointly develop an additional 3 million MMBtus of RNG production capacity per year.RNG is produced from organic waste sources such as landfills, wastewater treatment plants, and agricultural digesters. Once processed, it can be injected into pipelines or used as fuel for transport fleets or on-site power generation.Constellation Energy operates a diversified generation fleet across nuclear, natural gas, wind, hydro, solar and geothermal assets, with about 55 gigawatts of capacity, enough to power about 27 million homes.Price: $275.80, Change: $+0.91, Percent Change: +0.33%

$CEG

Commodities129d ago

US Import Fuel Prices Saw Biggest Jump Since 2022, Bureau of Labor Statistics Says

US import prices for fuel and lubricants jumped 16.3% in April, marking the largest monthly increase since prices rose 17.8% in March 2022, the US Bureau of Labor Statistics said Thursday.Fuel and lubricant import prices accelerated after rising 10% in March, as higher petroleum costs outweighed falling natural gas prices.Import prices for petroleum and petroleum products climbed 19% over the month, driving most of the increase in overall fuel import costs.Import natural gas prices moved in the opposite direction during April, falling 22.1% from the previous month, according to the data.Prices for imported fuels and lubricants increased 20% over the year.Over the past 12 months, the price index for imported petroleum and petroleum products rose 22%, the data showed.Natural gas import prices edged up 0.1% over the year despite the sharp monthly decline recorded in April, the agency added.

Commodities129d ago

Canada Launches National Electricity Strategy to Double Grid Capacity by 2050

Canada's Prime Minister, Mark Carney, on Thursday announced a national strategy to double Canada's electricity generation capacity by 2050, while signaling the federal government will ease clean electricity rules to allow greater flexibility for natural gas generation.In a statement released by the prime minister's office, the government said Canada must respond to rising electricity demand driven by industrial growth, artificial intelligence, and electrification by building what it called a more "affordable, competitive, and sustainable" economy."Electricity is the clear solution to Canada's energy security, affordability, and competitiveness," the statement said, adding that national electricity demand is expected to double by 2050.The government said it is launching consultations with provinces, territories, Indigenous groups, utilities, and unions to develop the strategy, which aims to expand generation, transmission, storage, and grid modernization across the country.According to the statement, the strategy could lower total energy costs for seven in 10 Canadian households and deliver up to 15 billion Canadian dollars ($10.9 billion) in energy savings by 2050. It also said achieving those savings would require "a willingness to use a wide range of energy - including natural gas.""That's why we intend to adjust clean electricity regulations to provide the flexibility needed to keep energy costs for all Canadian families reliable and affordable, while reducing emissions and building the clean energy system of the future," the statement said.Bloomberg reported that the total cost of expanding Canada's electricity grid is expected to exceed C$1 trillion ($729 billion), with costs shared among federal and provincial governments and private-sector investors.The strategy contains a few concrete measures and instead focuses on consultations over the coming months."Doubling our grid will not be easy. The scale is huge, the timeline short, and the task of getting the right mix of power complex," Carney said at a news conference in Ottawa, according to Bloomberg."Get it wrong, and Canadians will pay higher utility bills. Be too timid, and Canadians will end up short of power - losing good jobs and growing reliant on foreign suppliers," he reportedly said.The strategy outlines four main priorities: expanding electricity infrastructure, improving east-west and northern transmission connections between provincial grids, training more than 130,000 skilled workers needed by 2050, and increasing domestic manufacturing of grid technologies.The prime minister's office said the government would also expand financing and grants for energy-saving retrofits for up to one million homes, including support for replacing oil, propane, and electric baseboard heating with electric heat pumps.Bloomberg reported that the announcement came ahead of an expected industrial carbon pricing agreement with Alberta tied to a proposed west coast oil pipeline and the Pathways carbon capture project in the oil sands. Carney said the government would support a pipeline capable of transporting at least one million barrels per day of what he described as "low-emission Alberta oil" to new markets.

Commodities130d ago

Russia Gains From Iran War as Urals Climbs to Highest Level Since 2023

Russia's Urals crude price climbed to $94.87 per barrel in May tax calculations, the highest level since October 2023, according to a Bloomberg analysis on Thursday.Russia's finance ministry will calculate May oil taxes using an exchange rate of 76.938 rubles per US dollar, lifting the Urals value to nearly 7,300 rubles ($99.52) per barrel, up 18% over the month and 60% over the year.The Iran conflict has lifted global oil prices and increased demand for Russian crude after disruptions around the Strait of Hormuz tightened energy supplies worldwide.Russia relies on oil and gas for roughly 20% of its revenue, while stronger energy earnings are helping the Kremlin fund military spending, according to the analysis.Rising oil income has also allowed Moscow to avoid reducing lower-priority government spending as additional petrodollar inflows strengthen public finances, the analysis said.A stronger ruble is limiting some of Russia's oil revenue gains after the currency climbed to its highest level against the US dollar since February 2023 this month.Russia's high interest rates, weaker import demand, and larger foreign-currency sales from exporters have supported the ruble, while the stronger currency reduces proceeds from dollar-based oil exports.The government also sharply increased refinery support payments after fuel prices surged during the Iran conflict, with subsidies to Russian energy firms reaching 359 billion rubles, or about $4.8 billion, in April, according to the analysis.

Commodities130d ago

Cuba Reportedly Runs Out of Diesel, Fuel Oil as Blackouts, Havana Protests Intensify

Cuba has no diesel or fuel oil left as worsening blackouts and fuel shortages spark protests across Havana, multiple media sources reported Thursday."The sum of the different types of fuel: crude oil, fuel oil, of which we have absolutely none; diesel, of which we have absolutely none," Energy Minister Vicente de la O Levy said in an interview with state media.Only limited gas supplies from domestic wells remain available, while Cuba's power grid stays in a "critical" condition under US fuel restrictions, de la O Levy said.Blackouts now last as long as 20 to 22 hours in parts of Havana, while hospitals, schools and government offices continue reducing operations, he said.Protests broke out across Havana on Wednesday night as hundreds of Cubans took to the streets during the city's largest demonstrations since the energy crisis began in January, according to media reports.The prolonged outages are also hurting tourism activity across the island, while officials described conditions in Cuba as extremely tense, according to media reports.Mexico and Venezuela have sharply reduced oil exports to Cuba after US President Donald Trump threatened tariffs on countries supplying fuel to the island.Cuban President Miguel Diaz-Canel said in a post on X on Wednesday that the national power system remains under severe strain, with electricity shortages expected to exceed 2,000 megawatts during peak evening.Diaz-Canel blamed worsening fuel shortages on the US energy blockade against Cuba, saying Washington continues threatening tariffs on countries supplying fuel to the island.US Secretary of State Marco Rubio said last week that Cuba had rejected a US humanitarian aid offer worth $100 million, although Havana denied the claim, according to media reports.The US State Department renewed the offer on Wednesday, saying the aid would move through the Catholic Church and trusted humanitarian groups, while urging Cuba's government to allow lifesaving assistance into the country.Cuban Foreign Minister Bruno Rodriguez confirmed in a post on X that Havana is willing to review Washington's $100 million aid proposal, although details on how the assistance would be delivered remain unclear.Rodriguez said the proposed aid could include fuel, food and medicine, while urging the US to ease economic and financial restrictions that continue worsening shortages across Cuba.Cuba's Ministry of Energy and Mines didn't immediately respond torequest for comment.

Commodities130d ago

Envision Energy Signs Long-Term Pact for 120 MW Turkish Wind Farm

Envision Energy has partnered with Turkish conglomerate Menderes Tekstil on a 120-megawatt wind power project in Turkey's Edirne province, the companies said on Thursday.The Begendik wind project will use 15 of Envision's EN-182/8.0MW turbines and is expected to generate about 360 million kilowatt-hours of electricity per year. The companies said the project would cut carbon emissions by about 225,000 tons per year.Envision will supply wind turbine technology and provide integrated lifecycle services under the deal, including a 15-year operations and maintenance arrangement.The energy firm said the long-term partnership aims to ensure project reliability and optimize performance over the asset's lifetime.

Commodities130d ago

Update: US Natural Gas Inventories Rise 85 Bcf, EIA Says

(Updates to include additional details.)US natural gas stockpiles in underground storage stood at 2,290 billion cubic feet for the week ending May 8, up 85 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.Inventories were 51 Bcf above year-ago levels and 140 Bcf above the five-year average of 2,150 Bcf.At 2,290 Bcf, total working gas remains within the five-year historical range, the EIA said.The net increase is less than market expectations for an 86 Bcf build, according to data from Investing.com.

Commodities130d ago

US Natural Gas Inventories Rise 85 Bcf, EIA Says

US natural gas stockpiles in underground storage stood at 2,290 billion cubic feet for the week ending May 8, up 85 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.Inventories were 51 Bcf above year-ago levels and 140 Bcf above the five-year average of 2,150 Bcf.At 2,290 Bcf, total working gas remains within the five-year historical range, the EIA said.

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Commodities129d ago