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Market Chatter: Iranian Oil Sellers Seek Asian Buyers After 60-day Sanctions Waiver

Sellers from state-owned National Iranian Oil are urgently seeking Asian buyers to take advantage of the 60-day US sanctions waiver, as Iranian crude and condensate on the water reach 68 million barrels, Bloomberg reported Tuesday, citing traders involved in the discussions.Middlemen and representatives have reportedly reached out to Asian refiners, including the largest oil importers in India, Japan, and South Korea, for potential oil deals, which also include long-term arrangements as Iran plans to raise output.Asian buyers, however, are not in a rush to buy Iranian crude, as most have already secured sufficient supplies and may be hesitant to commit to imports due to restriction uncertainties and a highly fluid geopolitical landscape, the report said.National Iranian Oil 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.)

Commodities11h ago

Great Britain's Neso Expects Adequate Electricity Supply, Power Import Availability Next Winter

Great Britain's National Energy System Operator said in a 2026/27 outlook that it expects electricity supply to be adequate over the winter period, while highlighting some new challenges the grid will face during that period.The report said that early signs suggest sufficient generation availability in main interconnected power markets, in reference to the multiple interconnectors the UK has established with several EU countries.It warns of a lower availability of French nuclear-generated power this coming winter, compared with in the past five years.Overall, the report expects "unavailability levels" to be comparable to the previous winter and much better than in 2022, when Russia's invasion of Ukraine made natural gas suddenly scarce in Europe.The report said that reservoir which power hydroelectric generators in Norway, which exports power to the UK, were slightly less full than the 10-year average, but it said there was no indication of tighter power availability as a result.The report said that European gas reserves, whose refilling at the end of each winter is overseen by EU monitoring and directives, is currently 13 percentage points below the 10-year average, reflecting supply disruption from the Iran war.The reserves are also 7 percentage points below 2022 levels, it said, meaning Europe will enter this winter potentially more reliant on a now-less-certain spot market unless it can restore this reserve buffer more fully.The UK switched off its last coal-fired generation early this decade and it has set a number of new records for renewables generation as its wind and solar capacity grows.Interconnection of power generated in breezy Scotland to meet demand further south has proven an stubborn obstacle for the UK's energy transition however.

Commodities12h ago

NWS Forecasts Thunderstorms in Central, Southern Plains, Mid-Atlantic; Hazardous Heat in South, West US

The US National Weather Service said there was a possibility of severe thunderstorms in the Mid-Atlantic through Tuesday, while the central/southern Plains were likely to experience severe thunderstorms and heavy rain on Tuesday and Wednesday.Hazardous heat is likely to persist across the southern US and spread across the West through the middle of the week, while elevated to critical fire weather conditions are expected in the Four Corners region due to hot and dry weather, the agency said.The NWS issued a red flag warning early Monday for Utah's Richfield, Delta, Milford, St. George, Zion National Park, Zion National Park, Escalante, Bryce Canyon National Park, Capitol Reef National Park, Green River, Moab, Monticello, Blanding, Bluff and Cedar City. These places are primarily served by PacifiCorp's Rocky Mountain Power.In Colorado, a similar warning was raised for Craig, Meeker, Steamboat Springs, Kremmling, Grand Junction, Aspen, Buena Vista, Rifle, Vail, Montrose, Nucla, Gunnison, Lake City, Telluride, Alamosa, Pagosa Springs, Durango, Cortez, Salida, South Fork, Creede, Wolf Creek Pass, Saguache, San Luis, Leadville, Canon City, Granby, Georgetown, and Fairplay. Xcel Energy (XEL) and Black Hills (BKH) unit Black Hills Energy are the primary service providers in the state.Affected areas in Oregon included The Dalles, Maupin, Madras, Fossil, Condon, Hermiston, and Pendleton, primarily served by PacifiCorp's Pacific Power.The NWS an extreme heat warning for Arizona's Parker, Yuma, Tucson, Globe, Phoenix, Wickenburg, Nogales, San Carlos, Oracle, Oro Valley, Benson, Green Valley, Sierra Vista, Safford, and Grand Canyon Village. Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy (UNS) subsidiaries Unisource and Tucson Electric Power are the major electric utility providers in Arizona.An extreme heat warning was also raised for California's El Centro Imperial, and Blythe, primarily served by Edison International's (EIX) Southern California Edison.The NWS issued a flash flood warning for Louisiana's Monroe and areas near Shreveport, while a flood warning was raised for Lake Charles, Jennings, Oberlin, Glenmora, Marksville, Opelousas, and areas bordering Mississippi and Arkansas. Entergy's (ETR) Louisiana unit, American Electric Power's (AEP) Southwestern Electric Power Company, and Cleco are among the major service providers in Louisiana.In Texas, a flood warning was issued for George West, Beaumont, Bryan, and Lufkin. These places are majorly served by the Texas units of American Electric Power and Entergy, and Centrepoint Energy (CNP).Mississippi's Hattiesburg, Gulfport, Vicksburg, Brookhaven, Laurel, Meridian, and Jackson, primarily served by Southern Co. (SO) unit Mississippi Power, were also placed under a flood warning watch.Affected areas in Kansas, where Evergy (EVRG) is among the major service providers include, Wellington, Arkansas City, Hutchinson, Wichita, Iola, and Coffeyville.The NWS also issued flood warnings for Pensacola and DeFuniak Springs in Florida, where NextEra Energy (NEE) unit Florida Power & Light is the primary service provider; and Demopolis, Monroeville, and Huntsville in Alabama, primarily served by Southern Company unit Alabama Power.In Illinois, a flood warning was raised for Princeton, Peoria, Galesburg, Macomb, Canton, Decatur, Champaign, Havana, Jacksonville, Olney, and areas bordering Missouri and Indiana. Ameren's (AEE) Illinois unit and Exelon (EXC) subsidiary Commonwealth Edison are among the major service providers in Illinois.The NWS also issued flash flood warnings for areas near Beckley and Charleston in West Virginia and small pockets of New Jersey and New York.Flood warnings were also raised for certain pockets of Indiana, Oklahoma, Iowa, Missouri, Arkansas, Washington, West Virginia and Massachusetts.

$AEE$AEP$BKH$CNP$EIX$ETR$EVRG$EXC$NEE$PNW$SO$XEL

Commodities12h ago

Asia Biofuels Update: Palm Oil Retreats on Profit-Taking, Firmer Ringgit

Malaysian palm oil futures eased on Tuesday as traders took profits after prices reached nearly three-week highs and as the local currency firmed, although strong exports and an expanding biodiesel mandate in Indonesia limited losses.Ending a four-session rally, the Bursa Malaysia Derivatives' July crude palm oil contract retreated 0.61% to 4,582 Malaysian ringgit ($1,103.83) per metric ton. The August crude palm oil contract lost 0.60% to 4,613 ringgit/mt.Futures once again moved in tandem with declining crude oil prices, which reduce viability of biofuels.Nonetheless, Indonesia looks set to begin the July 1 rollout of its higher biodiesel blend mandate of 50%, or B50, raising the current blending ratio of 40%. This followed remarks from Minister of Energy and Mineral Resources Bahlil Lahadalia that B50 road tests have reportedly shown positive results.Operators in the mining sector and other heavy industries, however, argue that higher palm oil blending may further exacerbate performance degradation of engines, which has already been observed with B40 diesel, Indonesia Investments reported.If successful, the national rollout of B50 will reduce Indonesia's exportable supplies, potentially boosting Malaysian cargo competitiveness.For the June 1-20 period, Malaysian shipments have reportedly risen between 19.1% and 25% from the previous month's levels, according to preliminary estimates by cargo surveyors.A stronger local currency, however, could dampen export competitiveness, following a 0.2% recovery against the US dollar on Tuesday. Malaysian ringgit has so far weakened more than 4% this month.Going forward, tighter fundamentals are expected to support the palm oil market, according to the Malaysian Palm Oil Council, particularly with rising biofuel use in Indonesia and weather-related supply risks.The council expects crude palm oil prices to range between 4,400 ringgit/mt and 4,650 ringgit/mt in July. Iceberg X trader David Ng, as cited by Oilworld, projects prices to hold above 4,600 ringgit/mt.For this week, futures are likely to trade in a rangebound manner but with a firm bias, according to financial services firm Phillip Capital."However, softer crude oil prices and profit-taking after recent gains may cap further upside," it said.

Commodities13h ago

Ovintiv Could Be on Track for Upward Revaluation Based on Strong Performance, RBC Says

The depth of North American oil and gas producer Ovintiv's (OVV) position Montney basin in Canada, its streamlined portfolio, robust balance sheet and strong shareholder returns can lead to a favorable re-valuation, RBC Capital Markets said in a research note on Monday.Ovintiv has little apparent appetite to add debt to its balance sheet, or to dedicate itself to large mergers and acquisitions, following the transformation of its portfolio. The company appears content with its acreage in Montney and the Permian basin.On the other hand, it looks poised to execute its "ground game" through small acquisitions in both basins here and there, RBC said.The company has also streamlined the structure of its overheads and is working on lowering transportation, processing and operating costs.Its potential inclusion in the S&P/TSX index has been a recurrent question for the company and if realized, it could open up the stock to a broader bid in Canada, RBC believes.Ovintiv is adhering to a 2026 mid-point capital spending plan of $2.3 billion or a production outlook of 620,000 to 645,000 boed, which includes 205,000-212,000 bbl/d of oil and condensate.RBC acknowledged the company's efforts to refine operations through the use of proprietary data, machine learning and stacked innovation.RBC reaffirmed its outperform rating on Ovintiv and its one-year price target of $70 per share.

$OVV

Commodities22h ago

US Rig Activity Holds Steady as Private Operators Expand Market Share, RBC Says

US drilling activity remained largely stable last week as operators maintained activity levels across major shale basins, RBC Capital Markets said in a Friday note.The Baker Hughes (BKR) US land rig count increased by one rig to 551. Rigs drilling for oil rose by one to 423, while rigs targeting natural gas also increased by one to 122, according to RBC.The Permian Basin held steady at 256 rigs, representing 61% of Lower 48 oil rigs and 46% of total US land rigs. Exxon (XOM) led operators with 34 rigs, followed by Devon (DVN) with 21 and Occidental (OXY) with 20.Private companies accounted for 43% of active Permian rigs, up from 42% a year earlier. Helmerich & Payne (HP) remained the leading contractor with 90 rigs, while Patterson-UTI (PTEN) and Nabors (NBR) operated 31 and 29 rigs, respectively.Eagle Ford activity remained unchanged at 44 rigs. ConocoPhillips (COP) operated seven rigs and EOG Resources (EOG) ran six, while private operators increased their share of active rigs to 45% from 42% a year ago.The Anadarko Basin added one rig over the week to reach 20. Continental remained the largest operator with eight rigs, followed by Mewbourne with seven, while private companies controlled 92% of active rigs.Haynesville drilling activity held steady at 55 rigs. Apex led operators with 13 rigs and Adamas followed with six, while private operators expanded their share to 73% from 66% a year earlier.Helmerich & Payne operated 11 rigs in Haynesville, ahead of ICD with nine, Precision Drilling (PDS) with eight and TG Natural Resources with six.Across the US market, private operators accounted for 57% of active rigs, up from 55% a year earlier. The six largest drilling contractors controlled 72% of active rigs nationwide.Oilfield services stocks fell 9.2% over the week as West Texas Intermediate crude dropped 13.1%. EFX-CA gained 1.6%, while SLB (SLB) and Nabors declined 14.1% and 14.6%, respectively, RBC said.

$BKR$COP$DVN$HP$NBR$OXY$PDS$PTEN$SLB$XOM

Commodities22h ago

US DOE Awards 500,000 Barrel SPR Crude Exchange to Vitol

The US Department of Energy awarded a contract covering 500,000 barrels under its Strategic Petroleum Reserve crude exchange program to commodity trader Vitol, according to award information released Monday.The award was made under a Request for Proposals seeking the exchange of up to 40 million barrels from the SPR.As of June 22, the Department of Energy said Vitol had been awarded a contract covering 500,000 barrels.The solicitation covers up to 40 million barrels of sour crude from the Strategic Petroleum Reserve's Bryan Mound and Big Hill sites. The DOE said offers will compete on overall value to the government.DOE plans to supply 8 million barrels from Bryan Mound in July 2026 and another 7 million barrels in September 2026. Both exchange programs require a minimum return volume of 3 million barrels per month.At Big Hill, DOE is offering 11 million barrels in August 2026 and 14 million barrels in September 2026. The associated return periods begin in 2027 and extend into 2028, according to the department.DOE said bidders are responsible for securing sufficient pipeline and terminal capacity, adding that lower inventory levels could reduce delivery rates and require buyers to manage any resulting logistical constraints.DOE said Strategic Petroleum Reserve crude includes a blend of domestic and international grades, including Isthmus, Urals, Alaskan North Slope, Arabian Light, Saharan and Dubai crude streams.The agency requires returned crude to meet quality specifications and reserves the right to reject barrels that fail compatibility standards. Offerors must submit quality information 90 days before the return period begins.DOE said that oils with elevated light-end gas content or vapor pressure could affect storage integrity and limit the reserve's ability to deliver oil when needed.The minimum offer size stands at 3 million barrels for both pipeline and vessel deliveries. DOE said awards to a single bidder generally will not exceed 20 million barrels unless additional volumes remain available.The notice did not disclose financial terms or delivery schedules for the Vitol award, nor did it mention whether additional awards may be made under the solicitation.

Commodities22h ago

US Natural Gas Update: Futures Edge Up on Hotter Early July Forecasts

US natural gas futures continued to decline from earlier highs but managed to remain in positive territory in after-hours trade on Monday, despite forecasts for hotter weather across much of the country that point to stronger demand.The front-month Henry Hub contract and the continuous contract rose by 0.15% to $3.238 per million British thermal units.Barchart said natural gas prices rallied to a three-week high in the nearest futures contract on Monday as weather forecasts signaled increased cooling demand. It cited the Commodity Weather Group on Monday, which said above-average temperatures are expected across most of the US from July 2-6.Forecasts also indicate Lower 48 population-weighted temperatures are expected to rise above the 10-year seasonal average during the first week of July after generally below-average temperatures prevailed through much of June, Aegis Hedging said Monday.Warmer summer weather typically increases electricity demand for air conditioning, boosting natural gas consumption by power generators.On the supply side, US dry gas production remained steady at a robust 109.5 billion cubic feet per day, Aegis said, citing data from S&P. Barchart, citing BNEF data, said Lower 48 dry gas production on Monday was 109.6 Bcf/d, up 1.5% from a year earlier.Regarding demand, BNEF said US gas demand on Monday totaled 71.0 Bcf/d, down 2.0% from a year earlier. Celsius Energy said power burn on June 20 was 34.2 Bcf/d, down 2.5 Bcf/d from the previous day and down 1.2 Bcf/d from the same day last year.Over the preceding seven-day period, natural gas accounted for 39% of the fuel mix, up 1 percentage point from a year earlier, according to Celsius Energy. The week ending June 20 saw power burn average 35.8 Bcf/d, down 1.7 Bcf/d from the comparable period a year ago.Meanwhile, estimated LNG net flows to US LNG export terminals were 19.3 Bcf/d on Monday, up 0.9% from the prior week, according to BNEF. Feedgas volumes have remained mainly above 19 Bcf/d since June 14 as the maintenance schedules among LNG facilities on the US Gulf Coast wind down.On the export side, Gelber & Associates said Europe, the primary destination for US LNG, continues to show strong demand and is currently experiencing a heatwave of undetermined duration.Looking ahead at the US market, Gelber & Associates said: "For now, July appears to be building a firmer base above $3.00, but a sustained move higher likely needs heat to keep expanding across major load centers and storage injections to come in lighter than expected over the next couple of reports."

Commodities22h ago

Outside Investors Still Hold Large Net Long Soybean Oil Futures, Options Position, CFTC Says

Money managers continue to trim their net long positions in the soybean oil futures and options markets, but remain bullish on the D4 and D6 Renewable Identification Numbers, and ethanol futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report.The weekly COT Report, as of the week ending June 16, showed that money managers are net long, a bet that the market will go higher, in the California Low Carbon Fuel Standard market by 63,956 contracts, while producers/merchants/processors/users or physical market participants are net short by 80,624 contracts.The COT report showed that money managers are net long by 1,351 contracts in the D6 RINs Current Year futures and options markets, and physical market participants are net long by 272 contracts.In the D4 biodiesel RINs Current Year futures and options markets, money managers hold a net long position of 1,676, while industry participants are net long by 272 contracts.For ethanol, money managers are net long by 5,334 contracts, while commercial market participants are net short by 5,977 contracts.Money managers are net long soybean oil futures and options by 122,914 contracts, while industry participants are net short by 199,762 contracts.Money managers are net short Malaysian palm oil futures by 3,344 contracts, while commercial traders are net long by 8,009 contracts.

Commodities23h ago

US Strategic Petroleum Reserve Stocks Drop to 331.2 Million Barrels

The US Department of Energy's Strategic Petroleum Reserve data on Monday showed the current SPR inventory as of June 19 at 331.2 million barrels, down from 340.3 million bbls a week ago.Of the total, sour crude was at 208.2 million bbls compared to last week's 211.9 million bbls, while sweet crude was edged lower to 123 million bbls from 128.3 million bbls the week prior.Last week, Bloomberg reported that SPR levels are at a near-record low, the lowest since 1983.The decline reflects the Trump administration's ongoing move to release 172 million bbls of oil, part of a coordinated worldwide effort by nations following the US-Israel joint campaign on Iran in late February.

Commodities1d ago

DOE Weighs Turning 20 Tons of Surplus Plutonium into Nuclear Fuel Amid Industry Talks

The US Department of Energy's Office of Nuclear Energy is working with industry partners to evaluate whether nearly 20 metric tons of surplus plutonium could be converted into advanced nuclear fuel or used in research and development for next-generation reactors, the DOE said in a statement on Monday.Earlier this year, the department said it selected five companies for advanced negotiations over potential access to the material: Exodys Energy, Flibe Energy, Oklo, SHINE Technologies, and Standard Nuclear. Talks began on May 27 and remain ongoing.Under previous policies, excess weapons-related plutonium not required for defense was blended down and disposed of at the Waste Isolation Pilot Plant in New Mexico. A 2025 executive order directed the Energy Department to halt most of the dilute-and-dispose approach, except where required by obligations to South Carolina, and to establish a new program aimed at expanding the domestic nuclear fuel supply.The resulting Surplus Plutonium Utilization Program is intended to expand domestic fuel capabilities, encourage development of recycling technologies, and attract private investment into the nuclear sector.Under the framework being discussed, selected companies would fund and build DOE-authorized recycling and processing facilities, covering design, construction, operations, and eventual decommissioning. Participants would also be required to submit detailed plans covering safety, security, safeguards, transportation, storage, and final disposition of the material.The Energy Department said the program will operate under legally binding safeguards, continuous monitoring, and independent oversight to ensure security and compliance in any future use of the material for nuclear fuel.

Commodities1d ago

ExxonMobil to Shift Corporate Home to Texas Next Month

Global oil and gas major Exxon Mobil Corp. said in a statement on Monday that its planned redomiciliation from New Jersey to Texas is expected to take effect on July 1.As part of the corporate restructuring, ExxonMobil Holdings Corp. will become the publicly traded parent company, replacing Exxon Mobil Corp. of New Jersey.The company said its shares will continue trading on the New York Stock Exchange under the ticker symbol "XOM," and shareholders will not be required to take any action as a result of the change.It said shareholders approved the move to Texas during ExxonMobil's 2026 annual meeting, the company said.ExxonMobil said it expects to file a Form 8-K upon completion of the redomiciliation.

Commodities1d ago

BOEM Evaluates Industry Interest in Offshore Virginia Mineral Leasing

The Bureau of Ocean Energy Management announced Monday that it will seek public input on potential offshore mineral leasing areas near Virginia as part of an early planning process.BOEM said the request will gather feedback from industry, government agencies, tribal nations, and the public to assess interest in mineral resources located on the US Outer Continental Shelf offshore Virginia.The effort supports the Trump administration's goal of increasing domestic mineral production and reducing dependence on imported supplies used in manufacturing, defense, and emerging technologies."Virginia's offshore mineral resources present a pathway to lessen foreign dependence and reinforce America's strategic position by establishing secure domestic supply chains," BOEM Acting Director Matt Giacona said.BOEM said the initiative focuses on early-stage exploration activities that are temporary in nature and do not require permanent structures. The agency added that such work is similar in scope to offshore surveys conducted for beach nourishment projects.The request does not represent a decision to hold a lease sale. If BOEM determines sufficient interest exists, it could move forward with additional planning, including a proposed leasing notice at least 60 days before a final leasing notice and a final notice at least 30 days before any competitive lease sale.

Commodities1d ago

BOEM Completes Environmental Study for Platform Gilda Fracturing Plan

The Bureau of Ocean Energy Management announced Monday the release of a final environmental review for a proposal to conduct well stimulation work on up to 16 existing wells at Platform Gilda offshore California.The review examines DCOR LLC's plan to conduct well stimulation activities, including hydraulic fracturing, at the offshore platform as part of an update to its Development and Production Plan, BOEM said.BOEM completed the environmental review in 28 days after launching the process under emergency procedures tied to the national energy emergency, the bureau said.Subject matter experts contributed technical analysis to the review, while public comments helped shape the scope of the environmental assessment, according to BOEM.Acting Director Matt Giacona said science and transparency guided the review process, adding, "Our responsibility is to ensure that any proposed offshore activity is reviewed thoroughly, consistently and with a clear commitment to environmental protection."BOEM said the environmental review does not constitute approval of the proposed work. The agency plans to make a final decision in a separate record after evaluating environmental findings and other relevant factors.

Commodities1d ago

Money Managers Keep Bullish Bets on Crude Oil, CFTC Says

Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended June 16, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Monday.The data showed that money managers reported 220,780 long positions, up 5,543 from June 9, while short positions were also up 10,866 to 102,895. Producers, merchants, processors, and users held 724,987 long positions and 333,766 short positions.

Commodities1d ago

California Consumers Sue Fuel Retailers Over Alleged AI Pricing Scheme

A group of California consumers filed a lawsuit on Monday alleging that an artificial intelligence-driven pricing system used by major fuel retailers drove gasoline prices higher statewide by reducing competition and enabling coordinated pricing.The complaint targets pricing technology developed by Kalibrate and its fuel retailing clients, including Marathon Petroleum (MPC), 7-Eleven, Walmart (WMT), Circle K, BP (BP), TravelCenters of America, and Albertsons, among others.Consumers argue in the filing that Kalibrate's "Fuel Pricing" platform functions as an algorithmic pricing system that integrates competitive market data from nearby fuel stations and recommends retail prices.The plaintiffs allege that the system reduces price competition among retailers by encouraging simultaneous price increases across markets.The filing claims that historically, California fuel stations competed by undercutting rivals on price, but that dynamic has shifted as retailers increasingly rely on algorithmic pricing tools.It alleges that the system enables coordinated pricing responses across competing stations, including what it describes as "market-wide restorations," in which multiple stations raise prices simultaneously.The plaintiffs further allege that participating fuel retailers have adopted a "price-over-volume" strategy facilitated by the software, resulting in elevated profit margins while consumers face higher pump prices.California gasoline prices have at times approached $7 per gallon amid global energy volatility, though the complaint argues that crude oil costs, refining expenses, regulation or taxes cannot fully explain local surcharges.The filing estimates that even a one-cent increase in per-gallon fuel prices in California could translate into about $134 million in additional annual consumer costs, given the state's fuel consumption.Price: $247.24, Change: $+4.33, Percent Change: +1.78%

$BP$MPC$WMT

Commodities1d ago

US Crude Stocks Seen Falling 1.9 Million Barrels on Robust Exports, Macquarie Says

Weekly US crude inventory data from the Energy Information Administration is forecast to show a 1.9-million-barrel draw for the week ending June 19, Macquarie strategists said in a weekly note on Monday, following an 8.3 mmbbls draw the previous week.Crude runs are projected to drop by about 200,000 barrels per day during the week. Crude exports are projected to rise by 500,000 b/d, while imports are projected to increase by 800,000 b/d."Timing of cargoes remains a source of potential volatility in the weekly crude balance," Macquarie strategists said.Macquarie projected that domestic supply, which includes production, adjustments, and transfers, rose by 400,000 b/d for the week ended June 19, while stocks in the Strategic Petroleum Reserve decreased by 9.1 million bbls.On the products front, gasoline inventories are forecast to rise by 400,000 b/d, 900,000 b/d for distillate inventories and 800,000 b/d for jet fuel stocks.Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.5 mmb/d.

Commodities1d ago

US Interior Unveils Oil and Gas Rule Changes to Ease Federal Leasing

The US Department of the Interior announced Monday proposed changes to federal oil and gas leasing and waste prevention rules aimed at lowering costs, reducing regulatory burdens and supporting domestic energy production.The department plans to replace the Biden-era statewide bonding requirement of $500,000 with the previous $25,000 standard while it seeks public input on a longer-term approach, according to the announcement.The department also expects revisions to the waste prevention rule to reduce compliance costs by nearly $17 million per year, while simplifying requirements and improving transparency.Bloomberg estimated that the change represents a 95% reduction in the statewide bonding requirement for oil and gas operators."These targeted updates cut through the red tape that has historically deterred investment, ensuring our public lands remain a reliable engine for economic growth and innovation," Secretary of the Interior Doug Burgum said.The proposed rule would allow companies to obtain leases without an auction and would remove the review process previously required before land could be offered for lease.DOI also plans to shorten public participation periods for lease actions from 90 days to 10 days, while seeking feedback on current bond levels and on updating filing fees.The proposal would also allow replacement lease sales when prior offerings are delayed or canceled and would limit lease suspension approvals to 1 year, with revised timing requirements.Separately, the waste prevention proposal would remove waste minimization plans and self-certification requirements from permit-to-drill applications, according to the department.The rule would also replace subjective evaluations with defined royalty standards and establish clearer definitions for avoidable and unavoidable losses, venting, flaring, emergencies, and measurement requirements.Interior said combining the revisions into a single rulemaking would provide greater clarity for operators. The agency also plans to rename the regulation "Royalty for Oil and Gas Lost from Onshore Federal and Indian Leases."Publication of the proposals in the Federal Register will begin a 60-day public comment period. The department said the changes support broader efforts under Executive Order 14154, Secretary's Order 3418 and the Working Families Tax Cuts Act to expand domestic energy production.

Commodities1d ago

US Biofuels Update: Crop Weather Pressures Soybean Futures, Soybean Oil Prices Rise

Biofuels feedstock futures closed mixed on Monday, as the soybean market dropped while the soybean oil prices recovered from a three-day skid.The Chicago Board of Trade July soybean futures contract closed 0.62 lower at $11.15 3/4 per bushel, while CBOT July soybean oil futures contract settled 2.09% higher at 71.15 cents per pound.The Nymex July ethanol futures contract settled 1.36% higher on Thursday at $1.86 per gallon.Rhett Montgomery, a DTN analyst, said favorable crop weather has its thumb on soybean prices."The soybean market was pressured by the same bearish weather aspects weighing on corn but also supported by a strong recovery session for soybean oil to begin the week," Montgomery said in a daily note.He added that after prices traded higher for three straight sessions on rumors, which were later confirmed, of Chinese purchases, "July soybean futures have again turned lower over the past two sessions."In the week ending June 18, a total of 8.9 million bushels of soybeans were inspected for export, well below the previous week's 19.6 mb and a marketing year low, the US Department of Agriculture data show.Inspections to date total 1.35 billion bushels and are down 19% from the same point a year ago, with USDA expecting a 20% year-over-year drop in soybean exports to 1.51 bb.

Commodities1d ago

RWE Takes Control of Amprion, Expands Push into Grid Infrastructure

Germany's largest power producer, RWE, has raised its stake in transmission system operator Amprion to a majority position through a 3.6 billion euro ($4.11 billion) transaction, strengthening its presence in Europe's regulated electricity grid sector, the company said in a Monday statement.The deal increases RWE's indirect holding in Amprion to 55%, giving it control of Germany's second-largest high-voltage transmission operator. The company added a 35% indirect stake as part of the transaction.To finance the acquisition, RWE is issuing new shares worth up to 10% of its existing equity through an accelerated bookbuild. Major shareholders Qatar Investment Authority and Norges Bank have committed to buying 1 billion euros worth of the new shares, providing key support for the fundraising.RWE said it expects the deal to immediately boost earnings per share.Chief executive, Markus Krebber, said the move deepens the company's exposure to regulated infrastructure. He said expanding into transmission grids alongside renewables and flexible power generation forms part of a broader strategy to stabilize earnings while capturing long-term growth tied to Europe's energy transition.The company is reaffirming plans to invest 35 billion euros globally and continue increasing its dividend by about 10% annually.RWE also plans to channel an additional 6.5 billion euros into Germany's transmission network through 2031 via its Amprion stake. The company said regulated grid assets should improve cash flow predictability and support long-term investment in Europe's power infrastructure buildout.

Showing 21-40 of 2006

Commodities12h ago

NWS Forecasts Thunderstorms in Central, Southern Plains, Mid-Atlantic; Hazardous Heat in South, West US

$AEE$AEP$BKH$CNP$EIX$ETR$EVRG$EXC$NEE$PNW$SO$XEL