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EU Approves Messer, Ambrian Energy Carbon Storage Joint Venture

The European Union antitrust regulators have approved the creation of a joint venture between Germany's Messer and Ambrian Energy after concluding that the deal would not raise competition concerns under the merger rules, the European Commission said on Wednesday.The merger, which will create a company focusing on the intermediate storage of carbon dioxide, was cleared under the EU's simplified merger review procedure.The Commission concluded that the deal would not raise competition concerns because the joint venture has negligible activities within the European Economic Area. It added that the parent companies are not active in the same or vertically related markets.

Commodities130d ago

Swiss Study Finds 80-Year Lifespan for Nuclear Plants Feasible

A Swiss government report concludes that extending the operation of some of the country's nuclear fleet to 80 years would be technically feasible and economically viable, the Swiss Federal Council said in a statement on Wednesday.The assessment primarily covers the long-term operation of the Gosgen and Leibstadt Nuclear Power Plants. It also reviews whether building new nuclear capacity could strengthen electricity supply security during winter if expansion of low-emission energy sources proves too slow.A 2024 memorandum from the Swiss Federal Office of Energy had already concluded that extending the lifetimes of Swiss nuclear plants to 60 years was both technically and economically feasible.The government said it currently sees no need for public financial support to enable long-term operation, adding that required investments in upgrades and maintenance are expected to pay off under plausible electricity price and cost scenarios.However, it warns that the main risks are not economic but political and regulatory, including potential early closures or tighter safety requirements. It stresses that stable regulatory conditions are essential for long-term planning.The report also highlights workforce challenges, particularly the difficulty of maintaining specialized technical expertise over extended operating periods.It said continued operation of existing nuclear plants, combined with accelerated deployment of renewable energy, would reduce Switzerland's reliance on imports and improve winter power supply security.

Commodities130d ago

US Natural Gas Update: Futures Gain Amid Conflicting Weather Forecasts

US natural gas futures ticked higher in choppy midday trading Wednesday, as slower LNG consumption, linked to planned maintenance schedules, helped to offset mixed US weather-driven demand signals.Front-month and continuous Henry Hub contracts both rose 0.98% to $2.871 per million British thermal units.Trading was volatile through the early session, with prices ranging from $2.813/MMBtu to $2.927/MMBtu and reflecting weakening northern heating demand offset by rising southern cooling load as temperatures shift into early summer.Gelber & Associates said residential and commercial consumption continues to soften, but strengthening power-sector burn tied to early cooling demand is beginning to provide offsetting support as weather outlooks continue to lean warmer across the central and eastern US into late May.For the Thursday weekly storage report, Gelber & Associates estimates an injection of about 83 billion cubic feet, while NRG Energy projects roughly 86 Bcf, underscoring looser fundamentals heading into peak injection season.NRG noted storage remains on track to approach roughly 3.9 trillion cubic feet ahead of winter.On the export side, LNG feedgas flows declined overnight to 109 Bcf per day due to maintenance and operational variability across several Gulf Coast export facilities, including lower volumes at Freeport LNG, Plaquemines LNG, and Golden Pass LNG, Gelber & Associates said.Those declines were partially offset by recovering throughput at Corpus Christi LNG as maintenance activity winds down.

Commodities130d ago

BP Whiting Refinery, USW Labor Union Set May 18 Talks as Lockout Continues

BP (BP) and the United Steelworkers Local 7-1 union will resume labor contract negotiations on May 18, marking the first scheduled talks in months amid a prolonged dispute at the Whiting refinery.In a Wednesday email to, BP media relations manager Cesar Rodriguez said the company and union leadership have agreed to meet on Monday to continue bargaining."The bp Whiting Refinery and the USW Local 7-1 union leadership have agreed to meet for continued labor contract negotiations on Monday, May 18th," Rodriguez said.He added that the company is seeking an agreement that maintains site competitiveness and safety."We look forward to returning to the negotiating table to work toward an agreement that preserves strong jobs by improving refinery performance, strengthening safety, and keeping the site competitive in a range of economic conditions over the long term," he said, adding, "We have negotiated in good faith from the start and will keep doing so."The planned meeting comes amid an ongoing dispute between BP and the union representing over 800 workers at the refinery in Whiting, Indiana, which has been locked out since March 18. The two sides last met on March 17.In a Facebook post on May 12, USW Local 7-1 criticized the firm's handling of negotiations, alleging that BP delayed talks and bargained in bad faith.Union president Eric Schultz said the union had repeatedly sought to resume negotiations, including a recent email request asking whether BP's bargaining committee was available to meet.Schultz said BP responded by asking for the agenda and indicating it would not be available to meet for nearly two weeks."They know exactly why we need to meet," Schultz said. "Asking what the agenda is, is not a serious response. It is just another delay tactic."The union also disputed BP's claims that it had sought to resume bargaining earlier, calling those statements "100% false," and accused the company of locking out workers after members rejected its proposals.Schultz said the union remains committed to reaching a settlement and returning experienced workers to the refinery."Our solidarity is our strength," he said. "Our continued resolve will eventually cause the company to bend."Price: $44.04, Change: $-0.37, Percent Change: -0.82%

$BP

Commodities130d ago

Europe Unveils National Best Practices to Help Tackle Energy Crisis

The European Union on Wednesday published a catalog of national best practices to help member states reduce gas and oil consumption, cut energy costs, and strengthen resilience as the bloc continues to grapple with the fallout from the Middle East conflict.EU Commissioner for Energy and Housing Dan Jorgensen said the initiative is a practical toolkit for governments seeking immediate savings for households, businesses, and public authorities while advancing the clean-energy transition.The European Commission said the catalog highlights policies already implemented in some member states that can be replicated across the bloc.The initiatives focus on protecting consumers and industry while advancing clean transition goals, accelerating immediate energy savings and the rollout of energy-efficient solutions, and boosting investment in energy efficiency and renewable energy production.The catalog builds on last month's AccelerateEU communication.The Commission said accelerating the implementation of existing EU energy rules could reduce natural gas demand by 10 to 15 billion cubic meters per year and cut oil consumption by 15 to 20 million tonnes of oil equivalent.It also noted that such progress would help lower energy bills and reduce dependence on volatile fossil-fuel markets.The measures are considered practical, proven policies that are already delivering tangible benefits in countries that have adopted them, the Commission said.

Commodities130d ago

ERCOT Solar Output Could Top Coal for First Time in 2026, EIA Says

Solar generation in ERCOT could exceed coal-fired output for the first time in 2026, with solar reaching 78 billion kWh versus coal's 60 billion kWh, the US Energy Information Administration said Wednesday.The Electric Reliability Council of Texas grid has steadily increased solar generation as utilities add new capacity to meet fast-growing electricity demand across the state.Natural gas remained ERCOT's largest electricity source from 2021 through 2025, accounting for an average 44% of generation, while solar expanded its share of the power mix from 4% in 2021 to 12% in 2025.Coal's contribution to ERCOT generation dropped to 13% from 19% during the same period, EIA said.Texas could account for nearly 40% of all US solar capacity additions in 2026, equal to about 14 billion kWh, as developers continue expanding renewable energy projects, according to the EIA.Tehuacana Creek 1 Solar and Battery Energy Storage System, an 837-megawatt project expected to begin operating in 2026, could become the largest solar photovoltaic facility added in Texas.The EIA said developers currently have no plans to build additional coal-fired power plants in ERCOT, according to data from its Preliminary Monthly Electric Generator Inventory report.ERCOT solar generation first surpassed coal on a monthly basis in March 2025, when solar output reached 4.33 billion kWh, compared with coal generation of 4.16 billion kWh, the report said.ERCOT solar generation could exceed coal from March until December 2026, while solar may remain above coal in every 2027 month except January and December, the EIA said.The EIA forecasts ERCOT solar generation will rise to 99 billion kWh in 2027, while coal generation could total 66 billion kWh as electricity demand increases from data centers, crypto mining and industrial activity.

Commodities130d ago

BP Forays Into Uzbekistan with 40% Stake in Ustyurt Oil, Gas Project

BP (BP) has agreed to acquire a 40% interest in a production sharing agreement covering six exploration blocks in Uzbekistan's Ustyurt oil and gas project, marking the company's first project in the Central Asian country.The energy firm said the deal includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.Under the deal, BP acquired its 40% stake, 20% each from Azerbaijan's state-owned energy firm Socar and Uzbekneftegaz. Following the deal's closure, participating interests in the PSA are BP 40%, Uzbekneftegaz 30%, and Socar 30%, with the Azerbaijani energy firm acting as operator.BP said the investment marks its first project in Uzbekistan and forms part of its strategy to expand its exploration portfolio for long-term organic growth.The North Ustyurt region, located in western Uzbekistan, is considered prospective for hydrocarbons as the country seeks to attract foreign investment and develop its upstream sector.BP did not disclose financial details of the agreement.Price: $44.07, Change: $-0.33, Percent Change: -0.74%

$BP

Commodities130d ago

King Charles Says UK to Pursue Energy Independence With Renewables, Nuclear Bills

The UK government will introduce legislation to expand renewable and nuclear energy generation as part of efforts to strengthen the country's long-term energy security, according to remarks King Charles III delivered to parliament on Wednesday.Addressing both houses of parliament, the king said ministers believed "energy independence must be a long-term goal of national security" as an "increasingly dangerous and volatile world" tests the UK's energy, defense and economic security.The speech said recent events in the Middle East had demonstrated the need for "long-term investment and reform" in the energy sector.The government will introduce an Energy Independence Bill to "scale-up homegrown renewable energy and protect living standards for the long-term," according to the address."Increased production of clean British energy will help to ensure that enemies of the United Kingdom cannot attack the economic security of the British people," the king said.Ministers will also introduce a Nuclear Regulation Bill to implement recommendations from the Nuclear Regulatory Review and encourage "a new era of British nuclear energy generation."The address also said the government would seek to reinforce the United Kingdom's "long-term energy, defence and economic security" while maintaining support for Ukraine and continuing its commitment to NATO.

Commodities130d ago

Update: Weekly US Crude Inventories Drop by 4.3 Million Barrels, EIA Says

(Updates to include additional details.)US crude oil inventories decreased by 4.3 million barrels to 452.9 mmbbls in the week ended May 8, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 0.3% above the five-year average for this time of year, the EIA said.Crude oil input to refineries increased by 369,000 barrels per day from the previous week to average about 16.4 mmb/d in the week ending May 8. Crude oil production rose by 137,000 b/d to 13.7 mmb/d.Commercial crude imports increased by 424,000 b/d to average about 5.9 mmb/d. Total motor gasoline stockpiles decreased by 4.1 mmbbls from last week to 215.7 mmbbls, and distillate stocks increased by 200,000 b/d to 102.5 mmbbls, the agency said.

Commodities130d ago

Update: Market Chatter: Kashagan Maintenance to Reduce Kazakhstan Oil Exports Amid Tight European Supplies

(Updates with Caspian Pipeline Consortium's response in the 11th paragraph.)Kazakhstan will lower CPC Blend crude exports to 1.3 million barrels per day to 1.4 million b/d in June as Europe faces tightening oil supplies, Bloomberg reported Tuesday, citing people with knowledge of the plan.Work at the Kashagan oil field will reduce June export volumes from nearly 1.7 million b/d planned for May.The maintenance program at Kashagan, Kazakhstan's second-largest producing oil field, will start in late May and continue through most of June, according to the sources.European refiners have relied more heavily on Kazakh crude after tensions in the Middle East disrupted tanker traffic through the Strait of Hormuz.Higher fuel costs have already affected Europe, with rising jet fuel prices pushing some airlines to trim flight schedules ahead of the summer travel season, the report said.Before the conflict, CPC Blend traded at a discount of $3-$4/bbl to Dated Brent, but prices later climbed to a record $7.75 premium.Although global crude prices have eased in recent weeks, CPC Blend spot cargoes still trade around $5 per barrel above the Brent benchmark, the report added, citing traders.Kazakhstan supplies more than 90% of CPC Blend cargoes, while Russian-origin crude contributed only about 100,000 b/d in recent months, the report said.Bloomberg calculations showed Kashagan produced about 390,000 b/d in 2025.Roughly 80% of Kazakhstan's oil exports flow through the Caspian Pipeline Consortium, which links the country to Russia's Black Sea export terminals.Caspian Pipeline Consortium declined to comment on its shipper's oil cargoes.The Ministry of Energy of the Republic of Kazakhstan didn't immediately respond to' requests 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.)

Commodities130d ago

Update: US Weekly Ethanol Production Rose, EIA Says

US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 8, US ethanol production averaged 1.08 million barrels per day, above 1.02 mmb/d last week and 993,000 b/d a year ago.The four-week average output at 1.04 mmb/d was above 1.02 mmb/d during the same time last year.Midwest ethanol production averaged 1.02 mmb/d, above 959,000 b/d in the previous week. Four-week average output at 979,000 b/d, compared with 965,000 b/d a year ago.Domestic ethanol inventories ended the week at 24.9 million barrels, below 26 mmbbls a week ago, and below 25.4 mmbbls a year ago.

Commodities130d ago

Weekly US Crude Inventories Drop by 4.3 Million Barrels, EIA Says

US crude oil inventories decreased by 4.3 million barrels to 452.9 mmbbls in the week ended May 8, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 0.3% above the five-year average for this time of year, the EIA said.

Commodities130d ago

US Weekly Ethanol Production Rose, EIA Says

Commodities130d ago

EU Should Cut LNG Dependence as Middle East Crisis Threatens Global Gas Supplies, ACER Says

The European Union should step up energy savings, accelerate the rollout of clean energy, and further diversify natural gas supplies to protect itself from future geopolitical shocks, the EU's Association for the Cooperation of Energy Regulators said in a report published on Wednesday.The warning comes as renewed tensions in the Middle East and the closure of the Strait of Hormuz since March 2026 threaten global liquefied natural gas supplies, exposing Europe's continued vulnerability to price spikes despite efforts to reduce dependence on Russian gas.EU natural gas consumption has been falling steadily since 2019 as governments pursue electrification and decarbonization policies. However, the bloc still relies on imports for more than 90% of its gas demand, while LNG now accounts for nearly half of total supply following the sharp reduction in Russian pipeline gas imports after Moscow's invasion of Ukraine.The EU imported a record 146 billion cubic meters of LNG in 2025, overtaking China and Japan to become the world's largest LNG importer. Demand increased after colder winter conditions left EU underground gas storage facilities only 34% full by April 2025, down from 59% a year earlier, according to ACER.The US has become Europe's dominant LNG supplier, accounting for 84 Bcm, or 58% of EU LNG imports, and roughly a quarter of the bloc's total gas consumption. The report warned that Europe's growing reliance on US LNG could create new dependency risks as American export capacity expands and the EU phases out remaining Russian LNG imports by the end of 2026.ACER also said Europe's increasing reliance on spot LNG markets leaves it exposed to volatile prices during supply disruptions or geopolitical crises. Although gas prices eased for much of 2025, recent tensions in the Middle East briefly pushed the Dutch TTF benchmark price above 70 euros ($82.00) per megawatt-hour.A full closure of the Strait of Hormuz throughout 2026 could remove 112 Bcm of LNG export capacity from Qatar and the United Arab Emirates, about one-fifth of global LNG supply. Even with new projects coming online elsewhere, the market could still face a net shortfall of 27 Bcm, intensifying competition for cargoes and forcing governments to reduce demand or switch fuels.Several EU countries, including Germany, Italy, and the Netherlands, have already increased coal-fired power generation to offset gas shortages.

Commodities130d ago

Market Chatter: Ukraine Renews Drone Strikes on Russian Energy Sites After Ceasefire Ends

Ukraine resumed strikes on Russian energy infrastructure after a three-day ceasefire ended, with Russia saying it destroyed 286 drones overnight on Wednesday, Reuters reported Wednesday.Fighting resumed two days after a temporary ceasefire proposed by US President Donald Trump expired.Kyiv renewed attacks on Russian oil refineries, ports, and fuel facilities as it seeks to reduce Moscow's energy revenue and weaken military operations during the war.The defense ministry said Russian air defense systems intercepted and destroyed 286 Ukrainian drones across several Russian regions overnight, according to the report.Drone debris ignited a fire near an industrial site in Volna village in Krasnodar, where Taman port handles oil products and other cargo shipments, the report added, citing regional authorities.Another Ukrainian drone strike caused a fire at a gas processing plant in Russia's Astrakhan region that also produces fuel, local officials said Wednesday.Astrakhan Governor Igor Babushkin said Russian forces neutralized all incoming drones near the Caspian Sea facility using air defense and electronic warfare systems.The facility is located about 1,675 kilometers from Ukraine's border, while authorities reported no injuries from the attack, according to the report.Russia's Ministry of Defense didn't 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.)

Commodities130d ago

Hydro One Meets Higher Power Demand in Q1

Canadian electric utility Hydro One reported on Wednesday an over-the-year rise in power demand, boosting revenue across its transmission and distribution segments.The average monthly Ontario 60-minute peak demand stood at 21.35 gigawatts in Q1, up from 21.18 GW in the same period of 2025.The utility distributed 9.685 terawatt-hours of electricity to its customers during the period, up from 9.324 TWh the previous year.Accordingly, the transmission segment posted revenue growth of CA$664 million ($484.27 million) over the year, up from CA$636 million. The distribution segment recorded revenue of CA$1.97 billion, up from CA$1.76 billion.Hydro One said it has allocated CA$715 million in capital investment in Q1 and placed CA$484 million of new assets into service, aiming to enhance the reliability and performance of Ontario's power grid.

Commodities130d ago

Biofuels Update: Major Feedstocks Mixed; Soybeans Up on Demand Hopes

Chicago soybean oil and Malaysian palm oil tracked softer crude oil prices on Wednesday, while Chicago soybeans extended gains for a fourth straight session on US-China trade optimism and a stronger demand outlook.The July soybean oil contract on the Chicago Board of Trade lost 0.07% in early trade to 75.31 cents per pound.Limiting losses was the US Department of Agriculture's report noting that US soybean oil demand will rise 7% in 2026/27 marketing year, due to stronger biofuel demand.The department projects demand for soybean oil as a biofuel feedstock will grow to 17.8 billion pounds in 2026/27 season, up 3.6 billion versus the previous marketing year.Meanwhile, the July soybean contract rose by a further 0.12% to $12.28 per bushel on Wednesday, as the market remained optimistic that China will commit to additional US soybean purchases following the Trump-Xi summit this week.Prices were also supported by a higher soybean crush outlook of 2.75 billion bushels in the 2026/27 season, up 120 million from the 2025/26 estimate, due to favorable crush margins and higher biofuel demand, according to the USDA.Soybean exports are also forecast to rise to 1.63 billion bushels, due to higher shipment volumes to China.However, "the US share of global trade is likely to continue its longer-term downward trajectory as large South American supplies, coupled with strong US demand, limit export growth," the USDA said.The USDA projects Brazilian soybean production will further grow to a new record of 186 million metric tons in the 2026/27 period, compared with the 2025/26 estimate of 180 mmt.In Asia, Malaysian palm oil eased further on Wednesday on crude oil price fluctuations and as both demand-side and supply-side pressures persisted.The Bursa Malaysia Derivatives' June crude palm oil contract slipped 0.92% to 4,409 Malaysian ringgit ($1,120.74) per metric ton. The July contract lost 0.96% to 4,438 ringgit/mt. Both contracts touched their lowest since mid-March earlier in the session.A month-over-month increase in Malaysian palm oil production and a decline in exports lifted stocks in April. Industry data showed that inventories rose 1.7% to 2.3 mmt, as output jumped 18.4% to 1.6 mmt, and as exports weakened 14.3% to 1.3 mmt.Malaysian inventories rose for the first time since December 2025, and remained significantly higher than the year-ago levels of 1.9 mmt. CIMB Securities, as cited by Business Today, projects stocks to further rise to 2.34 mmt this month.In May, export demand trends were mixed, with Intertek Testing Services estimating shipments to have risen 8.5% during the first 10 days of the month versus the same period in April, and AmSpec Agri Malaysia assessing a 10.8% decline, Trading Economics reported.In terms of prices, CIMB Securities reportedly said palm oil futures will likely remain elevated this month, largely due to expanding biofuel programs in Indonesia and Malaysia, geopolitical tensions in the Middle East, and El Nino-related supply risks.In the plantation sector, RHB Research, as cited by Business Today, said Q2 earnings would likely recover from Q1 lows as prices firm and as production increases.Meanwhile, in the US, June ethanol prices on the NYMEX recovered 1.81% to about $1.97 per gallon on Tuesday, ending a downward price movement that started last week.The USDA expects corn used in ethanol production will remain flat year over year at 5.6 billion bushels in the 2026/27 season.The US Energy Information Administration projects fuel ethanol output at 1.1 million barrels per day in 2026 and 2027. Production totaled 1.08 mmbbls/d in 2025.

Commodities131d ago

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Wednesday Ahead of US-China Meeting

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Wednesday's premarket activity as markets traded mixed ahead of a meeting between US President Donald Trump and Chinese leader Xi Jinping.US stock futures were also mixed, with S&P 500 Index futures down 0.03%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures gaining 0.3% before the start of regular trading.The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.The weekly petroleum stocks data will be released at 10:30 am ET.Mortgage applications rose by 1.7% in the week ended May 8 after a 4.4% fall in the previous week, with the home purchase applications driving the increase despite a small uptick in mortgage rates, according to Mortgage Bankers Association data released Wednesday.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained 0.7% and the iShares US Industrials ETF (IYJ) was down 0.1%.Red Cat (RCAT) stock was down more than 13% before the opening bell after the company said it priced an underwritten public offering of 23.9 million shares at $9.40 apiece.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.4% lower. The iShares US Consumer Staples ETF (IYK) retreated by 0.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.3%.Birkenstock (BIRK) shares were down more than 5% pre-bell after the company reported lower-than-expected fiscal Q2 adjusted earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) declined by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.6% higher.Sumitomo Mitsui Financial Group (SMFG) shares were up more than 2% pre-bell after the company reported higher fiscal 2026 earnings and ordinary income.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 1.4%, and the iShares US Technology ETF (IYW) was 1.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2%.Nvidia (NVDA) shares were up more than 2% in premarket activity after reports that Nvidia Chief Executive Jensen Huang is set to accompany US President Donald Trump on his visit to Beijing, a last-minute addition that has raised expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China.EnergyThe iShares US Energy ETF (IYE) was down 1%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.3%.Fluence Energy (FLNC) stock was down more than 2% before the opening bell after the company said it has priced an underwritten public offering of a total of 20 million of its Class A common shares on behalf of certain shareholders at $21 apiece.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.5%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.6% lower.Novo Nordisk (NVO) shares were up 0.4% pre-bell. The drugmaker presented new analyses from its phase 3 OASIS 4 trial showing that adults treated with Wegovy pill achieved substantial weight loss and improved physical function. The company also said it is pausing further manufacturing development at its Odense, Denmark, site.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.4% to $101.81 per barrel on the New York Mercantile Exchange. Natural gas was down 0.6% at $2.83 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 0.4%, while The United States Natural Gas Fund (UNG) was 0.8% higher.Gold futures for May gained by 0.4% to reach $4,705.90 an ounce on the Comex. Silver futures rose by 2.6% to $87.85 an ounce. SPDR Gold Shares (GLD) was 0.7% lower, and the iShares Silver Trust (SLV) fell by 0.7%.

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Commodities131d ago

Bridge Data Centres, EcoCeres Complete Renewable Diesel Pilot for Data Centre Backup Systems

Singapore-based Bridge Data Centres, a hyperscale data centre provider, and EcoCeres, which makes renewable fuels and green molecules, said on Tuesday that they had produced an inaugural batch of hydrotreated vegetable oil (HVO), which will serve as a backup fuel for data centres.The companies said the pilot was conducted across Bridge Data Centres' campuses and tested the full range of emergency backup power scenarios, including generator startup, load transfer, and sustained operations under live data centre conditions.According to the companies, all performance and emissions targets were met during the trial, using a 100% waste-based feedstock.Bridge Data Centers now plans to deploy the fuel across its Asia-Pacific campuses, and potentially even other global sites. "As AI workloads continue to scale across the region, we are committed to advancing innovative clean energy solutions that reduce our carbon footprint," Eric Fan, the company's CEO, said.Matti Lievonen, CEO of EcoCeres, warned that the decarbonization of data centers was "one of the most urgent and technically demanding challenges in the net zero transition," while adding that the two companies, together, have proven that waste-based renewable energy can meet the stringent reliability requirements of this sector.

Commodities131d ago

SK Innovation Businesses Face Uncertainties as Middle East Conflict Continues

Most of SK Innovation's key subsidiaries face uncertainties in Q2 due to logistical disruptions and oil price volatility caused by the ongoing conflict in the Middle East, the South Korean intermediate holding company said in its Q1 results on Wednesday.Oil refiner SK Energy expects the normalization of production and logistics to "take time" even after conflict resolution. In Q1, higher oil prices have resulted in inventory gains.SK Geo Centric, a chemical manufacturing company, said "oil price trends may drive volatility stemming from inventory effect," despite higher earnings in Q1 due to strong naphtha prices and aromatic spreads.For SK Enmove, a lubricant and base oil producer, margins were lower in Q1 due to higher oil prices, but tight supply and feedstock availability concerns may improve results in Q2.Exploration and production company SK Earthon also benefited from higher oil and gas prices in Q1, and may see resilient financial performance in Q2 due to "robust integrated selling price," according to the report.For SK Innovation's battery business, SK On, long-term profitability is expected to improve due to sales growth in Europe and growing market in North America. The subsidiary has recently won three projects in a government tender, totaling 284 megawatts or 50.3% of the total capacity.Meanwhile, the Energy & Service unit may see lower city gas demand in Q2 following a winter heating demand peak in Q1.This segment, as well as the SK IE Technology, posted year-over-year declines in Q1 revenue. All other SK Innovation subsidiaries recorded positive revenue changes.SK Innovation also said it had delivered the first liquefied natural gas cargo from Australia's Caldita-Barossa gas field, and will serve as project operator for the 1.5-gigawatt Quynh Lap LNG power project in Vietnam.

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Commodities131d ago