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Market Chatter: US Defense Department Delays 165 Onshore Wind Projects

The US Department of Defense has stalled about 165 onshore wind projects on private lands, with a combined capacity of around 30 gigawatts, due to national security concerns, the Financial Times reported Monday, citing the American Clean Power Association and other sources.The move demonstrates US President Donald Trump's broadening campaign against renewable energy. Trump has described wind projects as the "worst form of energy" and reportedly said his goal was "to not let any windmill be built."In March, Axios reported that at least 30 projects, which had completed negotiations, were awaiting signoff from the department.Developers and consultants cited by the FT Times said the number of projects facing approval delays has now risen, with another 30 having completed negotiations and received verbal signoffs, about 50 under negotiations, and a further 50 supposed to have been tagged "risk-free" based on previous process that typically takes only a few days to complete.Sources told the newspaper that project developers have faced setbacks since August 2025, including a lack of response from DoD, cancellations of meetings to discuss project status, and the termination of application processes.In early April, the department reportedly sent letters to developers saying it was reviewing its processes for determining the impact of energy projects on national security. The agency needs to approve wind projects to ensure they do not interfere with radar systems and do not pose risks to army facilities and flight paths, the newspaper said.The DoD and American Clean Power did not immediately respond to' requests for comment.Also citing national security concerns, the Trump administration had issued stop work orders on several offshore wind projects and other renewable energy developments on federal lands, although federal courts reversed some of these actions.To increase supply of fossil fuels, the US Department of the Interior in March had agreed with TotalEnergies (TTE) to redirect an almost $1 billion investment in US offshore wind to liquefied natural gas by reimbursing the company's expenses on offshore wind leases.(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.)

$TTE

Commodities139d ago

Asian Development Bank to Fund Grid Interconnections Paving Way for Regional Power Trading

The Asian Development Bank will provide backing from now until 2035 for $70 million worth of new energy and digital initiatives, with power grid interconnections, cross-border electricity trade and improved internet access in Asia and the Pacific among benefitting projects, the bank said on Sunday.One of the initiatives, the Pan-Asia Power Grid Initiative, will connect national and sub-regional power systems that enable cross-border flows of electricity while an Asia-Pacific Digital Highway will help close a digital infrastructure gap and foster AI-driven growth, a statement said.The Pan-Asia Power Grid Initiative will seek to bring together the pubic and private sectors plus development partners to mobilize $50 billion by 2035 for cross-border power infrastructure that enables the deployment of more renewables generation capacity.In particular, it will focus on transmission and grid integration including cross-border power lines, substations, storage and grid digitalization, the statement said, as well as supporting electricity trade flows and renewable energy exports.The Asian Development Bank aims to integrate about 20 gigawatts of renewable energy generation capacity across borders and connect 22,000 circuit-kilometers of transmission lines and cut emissions from the region's power generation by 15%, the statement said.While the ADB will put up its own resources for about half of the $50 billion needed and seek the rest through co-financing including from the private sector, it said.The Pan-Asia Power Grid Initiative will help to establish a regional approach to trade in power rather than bilateral trade between individual countries, and will build on existing cooperation initiatives that have helped make it possible.The Asia-Pacific Digital Highway, will seek to mobilize about $20 billion by 2035 to finance digital corridors, data infrastructure and AI-ready economies, the bank's statement said.

Commodities139d ago

NWS Warns of Thunderstorms in Mid-Mississippi, Florida; Fire Weather Concerns Expected in Northern Plains, Minnesota

The US National Weather Service on Monday said portions of the mid-Mississippi Valley and the Florida peninsula may experience thunderstorms, while the Northern Plains through western Minnesota will likely see elevated fire weather risk.Storms may bring hail and gusty winds in the mid-Mississippi Valley and isolated flash flooding in Florida.The NWS issued a winter storm warning for Colorado's Fort Collins, Steamboat Springs, Granby, and Boulder. Xcel Energy (XEL) and Black Hills' (BKH) Black Hills Energy are the main electricity providers in the state.The weather service posted a flood warning for areas near Washington's Winthrop, served by Puget Sound Energy.A similar warning was issued for places near Minnesota's Ely and Grand Marais, within the service zone of Allette (ALE) subsidiary Minnesota Power.In Wisconsin, the agency placed areas near Janesville, Madison, and Beaver Dam under the same warning. Alliant Energy (LNT) mainly serves these cities.Michigan's Petoskey, primarily served by CMS Energy's (CMS) Consumers Energy, was under the same warning.The weather service also issued a flood warning for Illinois' Waukegan, Aurora, Canton, Havana, Jacksonville, Carlinville, Olney, Carmi, and Carbondale. The main electricity providers in these areas are Ameren's (AEE) Illinois unit, Exelon's (EXC) ComEd, and Berkshire Hathaway Energy's (BRK.B) MidAmerican Energy.It posted a similar warning for Indiana's Terre Haute, Vincennes, Petersburg, and Seymour, primarily served by Duke Energy (DUK).The agency issued the same warning for Missouri's Cape Girardeau, within the service zone of Ameren's Missouri unit, and Arkansas' Searcy, mainly served by Entergy's (ETR) Arkansas unit.Texas' George West and Victoria, primarily served by American Electric Power's (AEP) Texas unit, were also under a similar warning.

$AEE$AEP$ALE$BKH$BRK.B$CMS$DUK$ETR$EXC$LNT$XEL

Commodities139d ago

Australia, Japan Reach Agreement on Mutual Trade in Energy

Australia has reached a deal with Japan to strengthen energy security, including through mutual trade in energy goods, the Australian Prime Minister Anthony Albanese said in a statement on Monday.The two countries have agreed to cooperate to ensure the flow of essential goods that include energy and gas between the two countries, according to a statement from Albanese's office after he met with Japanese Prime Minister Sanae Takaichi.The statement said Australia provides about one third of Japan's energy and is the biggest buyer of Australian LNG while Japan is a supplier of gasoline and diesel to Australia.It concluded that the renewed commitment shows Australia's "commitment to open, rules-based trade and supporting the flow of essential energy goods between our countries."The statement underscores the mutual benefits of the agreement between the two countries.Last week however, the Institute for Energy Economics and Financial Analysis issued a note calling on the Australian government to curtail shipments of LNG to Japan in the content of the global energy crisis since Japan imported some volumes for immediate resale to other countries.On that basis, IEEFA said that Japan's interest in some of the volumes it bought was purely commercial rather than related to security of energy supply.

Commodities139d ago

Asia Biofuels Update: Malaysian Palm Oil at One-Week High on Stronger Crude, Soybean Oil

Malaysian palm oil futures inched up on Monday as crude oil and Chicago soybean oil rose, reaching one-week highs despite bearish fundamentals.The Bursa Malaysia Derivatives' June crude palm oil contract edged higher by 1.19% to 4,594 Malaysian ringgit ($1,162.30) per metric ton. The July contract gained 1.23% to 4,626 ringgit/mt in midday trade.Trading resumed following a public holiday on May 1, but related news were limited as the China market remained closed for May Day holidays. The Dalian exchange is set to open on May 6.A 15.7% to 16.8% month-over-month decline in Malaysian shipments for the April 1-25 period, as reportedly estimated by cargo surveyors, continued to cap price gains. Malaysia's industry body will release monthly data on May 11.Lower exports in April reflect a typical post-festive weakness, according to Trading Economics. In March, exports jumped 40.7% from a month earlier, industry data showed, as buyers advanced purchases due to the expected surge in shipping costs and as volumes of rival Indonesian cargoes softened due to higher export levies.With a recent strengthening in the local currency, export demand may remain under pressure due to rising costs for foreign buyers.Indonesia's planned increase in biodiesel blend to 50% from the current 40% will reduce exportable supplies and may improve competitiveness of Malaysian cargoes.Lower palm oil supplies to the global market could also happen if Indonesian output declines due to concerns over the El Nino weather phenomenon and rising fertilizer cost. Eddy Martono, chairman of the Indonesian Palm Oil Association, cautioned of a possible 1 million to 2 million tons drop in Indonesian production this year, relative to 2025 levels, Reuters reported.Meanwhile, in the near term, production in Indonesia and Malaysia may still rise versus Q1 lows due to seasonal factors.

Commodities139d ago

Sudarshan Pharma Industries CFO Resigns; Shares up 3%

Sudarshan Pharma Industries Ltd (BOM:543828) said its chief financial officer Sachin Mehta has resigned from the role, effective May 1, according to an Indian bourse filing on Friday.Shares of the company rose nearly 3% in Monday's trade.Mehta will continue to serve as joint managing director of the company, the filing said.

BOM:543828

Commodities142d ago

US Natural Gas Prices Continue Weekly Decline on Lower Demand, Inventory Build

US natural gas markets eased over the week, as softer demand and rising stockpiles offset weather-driven volatility and a bullish storage report.The front-month June contract price fell over the week to $2.789 per million British thermal units, from $2.861/MMBtu on April 24.For the week ended April 29, the May 2026 Nymex contract was down $0.05 at $2.559/MMBtu, compared with $2.61/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices fell by $0.16/MMBtu to $2.60/MMBtu during the week ended April 29, according to the EIA, from $2.76/MMBtu last week.This was attributed to a 2% decline, or 1.2 billion cubic feet per day, in total US natural gas demand compared with the prior week, with a 12% decline in residential and commercial demand during the period.The EIA noted that the Henry Hub price remained the highest recorded price across all major pricing hubs in the US during the week.The net injection into storage for the week ended April 24 was 79 Bcf, down from 103 Bcf the prior week, bringing total gas inventories to 2,142 Bcf, according to EIA data.During the same week last year, the EIA reported a net injection of 105 Bcf, with the five-year average for this period at 63 Bcf. This week's figures were below forecasts at 83 Bcf, prompting a rally in markets, according to data compiled by Investing.com.Total gas inventories at 2,142 Bcf are now 116 Bcf, or 6%, above the corresponding period a year ago, and 153 Bcf, or 8%, higher than the five-year average for this period.All regions reported a net injection of working gas during the week ended April 24, with South Central reporting the highest at 26 Bcf, bringing its total inventories to 905 Bcf. Balances at South Central are now 18 Bcf above the five-year average.Weather forecasts have remained bullish in recent weeks, with eastern parts of the US expected to see below-normal temperatures from May 08 to May 17, according to the National Weather Service.However, analysts at Pinebrook Energy Advisors believe this cold pattern over the coming weeks "will have less of an impact on natural gas demand for heating" as normal temperatures begin to climb as the calendar progresses through the new month.A total of 35 liquefied natural gas-carrying vessels left US ports during the week, the same as the previous week, with a total capacity of 133 Bcf, down by 1 Bcf compared to the prior week.Meanwhile, the US gas rig count increased by one from 129 the previous week to 130 in the week ending May 1, according to data from Baker Hughes (BKR) released Friday. That compares with 108 gas rigs in operation in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by four to 670 from 674 the previous week.In international markets, European TTF gas prices averaged $15.41/MMBtu for the week ended April 29, $1.14/MMBtu higher than the previous week.The Japan-Korea Marker averaged $16.59/MMBtu, about $0.93/MMBtu higher than the prior week.

$BKR

Commodities142d ago

US Natural Gas Update: Prices Edge Up on Cooler Forecast Despite Oversupply

US natural gas futures rose in late trade on Friday, pushing to a three-week high as traders leaned into cooler early-May forecasts and signs of tighter near-term balances.The front-month Henry Hub contract and the continuous strip both edged up 0.80% to settle at $2.79 per million British thermal units.The late-session strength reflects a shift in sentiment after prices fell to a 1.5-year low around $2.52/MMBtu the previous week amid bloated storage, Barchart said Friday.Weather forecasts call for below-normal temperatures across the eastern half of the US through May 10, a pattern that could extend the heating season, lift residential demand, and slow the pace of injections into already elevated inventories.On Thursday, prices rallied by more than 4% after the US Energy Information Administration reported a 79 billion cubic feet build in inventory for the week, which came in below expectations of 83 Bcf. However, inventories are 8% above the five-year average and 6% higher than a year ago.Reduced output also lent support. Production averaged about 106.4 Bcf per day over the past week, after weak pricing slowed output. Even so, total US output remains fairly robust at an estimated 109.7 Bcf/d, up 3.1% year over year, BNEF data showed.Demand improved modestly over the week, averaging roughly 104.2 Bcf/d. NRG said gains were driven by stronger power-sector burn late in the period, while earlier-week softness partially offset the increase. Bloomberg data showed Lower-48 demand at 70.8 Bcf/d on Friday, up 5.6% from a year earlier.LNG feedgas flows were estimated at 19.1 Bcf/d, down 2.7% week over week, with reduced volumes at Cameron LNG.

Commodities142d ago

Scout Energy Completes $1 Billion Asset Sale in Anadarko Basin

Scout Energy on Friday announced the sale of oil and gas assets in the Western Anadarko Basin for over $1 billion, marking a significant portfolio shift.The divestiture includes a mix of upstream and midstream holdings built through multiple acquisitions, reflecting Scout's long-term strategy to scale and integrate operations, the company said.These assets produce about 250 million cubic feet equivalent per day across natural gas, natural gas liquids, and helium, spanning roughly 3 million acres in a major North American gas basin.The asset base includes three gas processing plants, over 7,200 miles of gathering pipelines, and roughly 400,000 horsepower of compression capacity."This is an important position that we built meticulously over a decade through multiple acquisitions, creating value through integration and operating improvements." John Baschab, Co-Founder and Managing Director of Scout, said.RBC Capital Markets served as exclusive financial advisor on the transaction, which advances Scout's strategy to optimize its portfolio of upstream and midstream energy assets, the company added.

Commodities142d ago

Market Chatter: Private Equity Owners Weigh WildFire Energy Exit at $4 Billion Valuation

WildFire Energy's backers are considering a sale that could exceed $4 billion, Reuters said Friday, citing people familiar with the matter.Warburg Pincus and Kayne Anderson have begun exploring a potential exit from the US shale operator, with sources indicating a valuation above $4 billion, including debt.Jefferies will oversee the sale process, with bankers expected to begin formally marketing the company to buyers in the coming weeks, the report added, citing four people familiar with the matter.Elevated crude prices, which have pushed past $100 per barrel amid Middle East tensions, are increasing asset values and encouraging producers to pursue sale opportunities.Operating in the Eagle Ford basin, WildFire produces roughly 50,000 net barrels of oil equivalent per day, making it one of the larger privately held players in South Texas.Sources said uncertain market conditions could still affect negotiations, adding that no agreement is certain and valuations may shift from the current $4 billion estimate, according to the report.Since Warburg and Kayne Anderson invested in 2019, the company has expanded through acquisitions, including assets purchased from APA Corp and Chesapeake Energy.has reached out to Wildfire, Warburg, Kayne Anderson, and Jefferies for any comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities142d ago

Outside Investors Hold Onto Bullish Sentiment in Biofuels Futures, Options Markets, CFTC Says

Money managers maintain their bullish or net long positions in the biofuel futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report released Friday.The weekly COT Report, as of the week ending April 28, showed that money managers are net long, a bet that the market will go higher, in the California Low Carbon Fuel Standard market by 60,714 contracts.The COT report showed that money managers trimmed their net long position to 331 contracts, after cutting 771 long positions in the D6 RINS Current Year futures and options markets.In the D4 Biodiesel RINS Current Year futures and options markets, money managers hold a net long position of 3,453.For ethanol, money managers are net long by 6,263 contracts in the futures and options markets.Money managers are net long soybean oil futures and options by 165,725 contracts, after adding 2,347 longs and 2,066 short positions from a week ago.Money managers are net short the Malaysian palm oil futures by 1,065 contracts.

Commodities142d ago

Valero Refinery Recovery Gains Pace Post-Blast; Key Units Resume, Wood Mackenzie Says

Valero Energy's (VLO) 415,000 b/d Port Arthur refinery is gradually restoring operations more than a month after a Mar. 23 explosion disrupted output, Wood Mackenzie said Thursday.The blast damaged the diesel hydrotreater DHT-243, forcing a plant-wide shutdown and triggering phased recovery efforts as operators began restarting select processing units.Wood Mackenzie tracked progress using aerial surveillance and infrared monitoring, which showed reconstruction underway alongside sequential unit restarts across the facility, it said.The refinery restarted its fluid catalytic cracker on Apr. 26 and began ramping up its largest crude unit the same day, though utilization remains below normal levels, Wood Mackenzie added.Operators have ramped up major units, including a 265,000 b/d crude distillation unit and a 172,000 b/d vacuum distillation unit, which are currently increasing throughput, though not yet at full capacity.Several units have restarted, including a 150,000 b/d CDU and a 48,000 b/d VDU on April 2; hydrocrackers of 57,000 b/d and 45,000 b/d on April 3 and April 15; and an 80,000 b/d FCC on April 26, while a 47,000 b/d diesel hydrotreater and a sulfur recovery unit remain offline.The explosion also disrupted the adjacent Diamond Green renewable diesel plant, which depends on refinery utilities, though it resumed operations later in March, Wood Mackenzie added.Initial damage assessments showed the diesel hydrotreater sustained the most severe impact, with collapsed structures and extensive piping deformation across the unit.Nearby units experienced lighter damage, while two cooling towers and a control room within the blast zone suffered more significant structural impacts, Wood Mackenzie said.Repair crews have focused on rebuilding the cooling towers, with cranes, scaffolding, and dismantling work visible as contractors replaced damaged components.Despite progress, multiple units remained offline as of Apr. 27, including parts of the refinery's largest crude distillation system, limiting output recovery, according to Wood Mackenzie.The prolonged outage has tightened regional fuel markets, as the loss of 415,000 b/d capacity coincides with geopolitical tensions affecting global supply balances, Wood Mackenzie added.Wood Mackenzie said its combined aerial and field monitoring will continue tracking restart timelines and operational recovery across the refinery.

$VLO

Commodities142d ago

Midstream Stocks Climb on Permian Strength, Export Demand Outlook, RBC Says

Midstream energy firms are set for a busy earnings week after a strong run in the sector, with rising oil prices and robust volumes underpinning investor optimism, RBC Capital Markets strategists said in a note on Friday.RBC said the Alerian Midstream Index climbed 4.3% in the week ended Apr. 30, outperforming the broader S&P 500, which rose 1.4%. Year-to-date, the AMZ is up 19.5%, significantly ahead of the S&P 500's 5.3% gain.Though the sector has also outpaced defensive segments such as utilities, RBC said it continues to lag upstream oilfield services and exploration and production companies.Crude prices provided a tailwind, with front-month West Texas Intermediate futures rising about 10% during the week to around $105 per barrel, while US natural gas benchmark Henry Hub gained about 6% to $2.77 per MMBtu.Targa Resources led weekly gains, climbing 8.4% as investors responded to higher crude prices and improving dynamics in the Permian Basin.Rising gas-oil ratios in the region, highlighted in Enterprise Products Partners LP's earnings, are boosting demand for processing and takeaway capacity, RBC said.The bank said additional capital spending by ConocoPhillips (COP) in the Delaware Basin has also reinforced expectations for incremental activity, supporting Targa's growth outlook.Valuations remain elevated but supported by earnings visibility. RBC estimates the midstream universe is trading at about 10.2 times enterprise value to 2027 EBITDA, suggesting investors are willing to pay a premium for stable cash flows and exposure to rising US hydrocarbon exports.Meanwhile, RBC said recent earnings have reinforced that narrative. Enterprise Products Partners (EPD) beat expectations on stronger volumes and gains in natural gas marketing, while Oneok (OKE) raised its 2026 adjusted EBITDA guidance following a Q1 beat and a more constructive outlook for volumes.RBC analysts say export demand, partly driven by disruptions in the Middle East, could provide an additional tailwind for companies with Gulf Coast exposure, including Targa and Energy Transfer.Price: $123.80, Change: $-1.98, Percent Change: -1.57%

$COP$OKE

Commodities142d ago

Money Managers Maintain Bullish Bets in Crude Markets, CFTC Says

Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended April 28, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 219,650 long positions, down 827 from April 21, while short positions were up 7,073 to 84,149.Producers, merchants, processors, and users held 746,491 long positions and 415,337 short positions.

Commodities142d ago

US E&Ps Gain as Oil Tops $100 on Iran Conflict, Limited Permian Growth, RBC Says

US exploration and production equities rose last week as crude prices climbed above $100 per barrel and the Middle East conflict tightened global supply expectations, RBC Capital Markets strategists said in a note on Friday.RBC analysts said that oil-weighted E&Ps gained 5% over the period, while gas-weighted peers rose 2%, with large-cap names up 5% and small- to mid-cap names advancing 3%.The XOP energy ETF increased 5%, tracking a 10% jump in WTI and a 6% rise in Henry Hub natural gas prices.RBC said Q1 earnings for US E&Ps are "slightly better than expected" so far, though it noted limited signs of a broad pickup in activity.The bank pointed to a modest uptick in Permian rig counts, which it attributed in part to constrained gas takeaway capacity rather than a broader acceleration in drilling.Meanwhile, global crude markets were supported by ongoing geopolitical risks, including stalled diplomatic efforts and ongoing concerns about disruption in the Strait of Hormuz.RBC said reports of potential escalation in the region added to risk premiums and pushed Brent-linked sentiment higher.The bank also highlighted structural shifts in global supply dynamics following the UAE's effective exit from OPEC capacity discipline, which is expected to remove a significant portion of spare capacity from the group's policy toolkit.RBC said the UAE's departure from OPEC leaves Saudi Arabia with a heavier burden in managing market stability.

Commodities142d ago

US Soybean Crush Rose in March, Stocks Tightened, USDA Says

The US Department of Agriculture on Friday reported that soybean crush for March rose above February and year-ago totals, but stocks dropped.In its monthly Oilseed Crushings, Production, Consumption and Stocks Report, the USDA pegged soybeans crushed for crude oil at 6.82 million metric tons, or 227 mb, in March 2026, compared with 6.43 million mt, or 214 mb, in February 2026, and 6.20 million mt, or 207 mb, in March 2025.The amount of crude oil produced from crushed soybeans was 2.64 billion pounds, up 6% from February 2026 and up 7% from March 2025.Production of soybean oil, once refined, totaled 2 billion pounds in March 2026, up 14% from February 2026 and 7% from March 2025.Iowa facilities crushed a total of 1.5 million mt, followed by facilities in the North and Eastern US, totaling 1.3 million mt.Soybean-based crude oil stocks, as of March 31, 2026, totaled 2 billion pounds, slightly below 2.1 billion in February.Corn oil crushed to produce crude oil totaled 139 million pounds in March, above 132.7 million pounds in February.

Commodities142d ago

US Biofuels Update: Midwestern Frost Threat Pushes Up Soybean Futures

Biofuels feedstock futures closed higher on Friday, with soybeans posting moderate gains heading into the weekend, especially on new crop futures where calendar year highs were also achieved.The Chicago Board of Trade July soybean futures contract closed 0.50% higher on Friday at $12.01 per bushel, while the CBOT July soybean oil futures contract settled 0.78% higher at 75.12 cents per pound.On Thursday, the July ethanol futures contract on the Nymex ended 1.59% lower at $2.01 per gallon.Ethanol's performance this past week was mixed, according to The Digest's weekly price assessments.Its Low Carbon Fuel Standard value of $0.13 per gallon remained compared with the previous week. Its energy value of $0.74/gal and Renewable Fuel Standard value of $1.13/gal were flat from a week ago. Also, the retail price of $2/gal was unchanged from a week ago.Rhett Montgomery, DTN analyst, said traders built in weather risk on Friday, amid a Midwestern frost threat for the weekend."The market reflected an early dose of weather risk to close this week, with cold temperatures overnight throughout the Midwest causing frost, and another round possible for next week as well. Given the record-fast start to planting thus far this season, there is some concern that emerging soybeans (8% of the crop as of last week) could be at risk," Montgomery said in a daily note.

Commodities142d ago

CIP Launches Perigus Energy After Orsted Carve-Out, Targeting European Onshore Renewables Growth

A new European onshore renewables platform has been launched following the Apr. 30 completion of the 1.44 billion euros ($1.7 billion) Copenhagen Infrastructure Partners' acquisition of Orsted's European onshore business through the CI V flagship fund, CIP said in a statement on Thursday.The business, formerly part of Orsted, has been rebranded as Perigus Energy and is now owned by CIP. The deal marks the formal separation of the asset base into a standalone company focused on onshore wind, solar, and battery storage development across Europe.Headquartered in Cork, Ireland, the company employs more than 200 people across offices in Regensburg, Lauf, Potsdam, Essen, Hamburg, London, Edinburgh, and Madrid. It said its immediate focus is to expand its multi-gigawatt pipeline and bring additional renewable capacity online across Europe.Perigus Energy will operate projects in Ireland, Germany, the United Kingdom, and Spain, with an installed and under-construction capacity of 826 megawatts. The portfolio currently supplies electricity equivalent to roughly 600,000 European homes and includes five additional projects under construction in Ireland and Germany.The company said its existing contracts, commercial arrangements, and counterparties remain unchanged following the transaction. Its revenue base is supported by a mix of government-backed support schemes and corporate power purchase agreements.Chief executive Kieran White said the business builds on long-standing operational roots in Irish and German renewable development."While our name is new, our people are experienced, and our mission the same," White said. "The high volatility in international energy markets demonstrates clearly Europe's need for secure, home-grown and green electricity."

Commodities142d ago

US Oil Update: Futures Drop as Iran Proposes Peace Framework via Pakistan

Crude oil futures slipped in midday trading on Friday as Iran delivered a fresh proposal for peace talks to the US through Pakistani mediators, fueling hopes for a diplomatic breakthrough that could eventually reopen the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 2.94% to $101.96 per barrel, while Brent futures were down by 2.04% to $108.12/bbl."With Hormuz remaining largely shut, oil prices have surged more than 25% over the past two weeks, driven by tightening supply and heightened geopolitical risk," Soojin Kim, research analyst at MUFG, said.Tensions between the US and Iran remain elevated despite a ceasefire. President Trump expressed displeasure with the current state of peace talks with Iran on Friday, blaming the country's disjointed leadership for preventing a deal to end the conflict that has roiled global energy markets.Iran sent its latest proposal for negotiations with the US to Pakistani mediators on Thursday, according to media reports, as Trump threatens to maintain the blockade of Iranian ports amid behind-the-scenes diplomacy to end the Middle East conflict.US envoy Steve Witkoff reportedly sent a list of amendments on Monday to reinsert the nuclear issue into the agreement under discussion, with one of the amendments demanding that Iran commit to not attempting to move any enriched uranium.On Friday, the US Department of the Treasury said it could sanction vessels that pay tolls to Iran for safe transit through the Strait of Hormuz, even if those payments are made as charitable donations to Iranian NGOs.The Department said Iranian demands for toll payments may include fiat currency, digital assets, offsets, informal swaps, or charitable donations made to the Iranian Red Crescent Society, Bonyad Mostazafan, or Iranian embassy accounts.Traffic through the Hormuz was cut by half on Apr. 30 to seven crossings from the previous day, with traffic split between four commercial and three non-commercial movements, according to Kpler.OPEC+ is expected to agree at the group's meeting over the weekend on another symbolic production increase of 188,000 barrels per day for June, following the UAE's surprise departure.Rystad analysts said the departure removes one of the few producers in the alliance with meaningful spare capacity and a strong compliance record, undermining OPEC+'s role as a coordinated supply manager.

Commodities142d ago

US Natural Gas Update: Futures Edge Higher as Lower Output Offsets Ample Supply

US natural gas futures inched higher in midday trading on Friday as lower production helped counterbalance still-loose fundamentals across the market.Both the front-month Henry Hub contract and the continuous contract rose 0.14% to $2.77 per million British thermal units.Trading was volatile through the session, with prices ranging from a low of $2.746 to a high of $2.821/MMBtu. The market followed Thursday's 4% gain made after the weekly storage build came in smaller than feared.Supply-side support came from reduced output. US natural gas production held broadly steady at lower levels over the past week, averaging about 106.4 billion cubic feet per day, according to NRG Energy.Weak regional pricing and an unusually warm April prompted producers, particularly in the Appalachian basin, to scale back activity, Bloomberg reported. Despite recent softness, total US output on Friday was still estimated at 109.7 Bcf per day, up 3.1% over the year.Demand showed modest improvement over the week, averaging roughly 104.2 Bcf/d. NRG said gains were driven by stronger power-sector burn late in the period, while earlier-week softness partially offset the increase.Bloomberg data showed Lower-48 demand at 70.8 Bcf/d on Friday, up 5.6% from a year earlier. Weather-driven demand is expected to firm a bit into mid-May, with below-average temperatures forecast across the eastern US through May 10, according to Commodity Weather Group data cited by Bloomberg.LNG feedgas demand eased slightly, averaging around 18.4 Bcf/d over the week, down from earlier highs in the upper-18 Bcf/d range and slipping into the mid-17 Bcf/d area by April 30, NRG said. Bloomberg pegged Friday flows at 19.1 Bcf/d, down 2.7% from the previous week, citing continued lower volumes at the Cameron LNG terminal in Louisiana.Despite minor production declines and stable demand growth, overall fundamentals remained loose. That imbalance continued to support above-average storage builds.The US Energy Information Administration reported a 79 Bcf injection into the inventory on Thursday, well above the five-year average increase of 63 Bcf. Stockpiles now sit 8% above the five-year norm and 6% higher than a year ago.

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Commodities142d ago

US Natural Gas Prices Continue Weekly Decline on Lower Demand, Inventory Build

$BKR