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Japan Refinery Runs Reportedly Down vs Pre-War Levels; Naphtha Shortage Disrupts Supply Chain

Japan's refinery runs remained well below pre-war levels at 67.8% of design capacity in the week ended Apr. 11, as Middle East crude supply persists amid the ongoing US-Iran conflict, multiple media outlets reported on Wednesday, citing industry data.Latest utilization data was reportedly in line with the prior week's 67.7%, but down significantly from pre-war levels of more than 80%.Despite government efforts to release strategic petroleum reserves and secure alternative crude oil, Japanese refiners will continue to face challenges in increasing run rates, as their facilities are designed to process mainly medium-sour Middle Eastern crude, Reuters said.Japan sources over 90% of its crude imports from the Middle East.Idemitsu Kosan told Reuters it was exploring crude purchases from other regions, but there were equipment limitations when processing non-Middle Eastern crudes.Taiyo Oil reportedly said that it can blend more than 50% of non-Middle Eastern grades, such as those from North America, Southeast Asia, and Oceania.has reached out to other Japanese refiners, Eneos and Cosmo Energy, for information on their capability to diversify their crude slate.Meanwhile, Japanese companies relying on naphtha as raw material for their products have reportedly adjusted production and delivery schedules, with some even canceling orders, due to supply shortage, according to Reuters.Toto, Asahi Kasei, and Kansai Paint were among the firms affected by supply chain disruptions.The concerns were raised despite assurances from the government that Japan's naphtha supply was sufficient for the next four months.Japan's Ministry of Economy, Trade and Industry did not immediately respond to' request for comment.

Commodities158d ago

Blast at Coal-Fired Power Plant in India, Operated by GE Vernova/NTPC JV Kills at Least 10

A high-pressure steam line failure at Vedanta's Athena coal-fired power plant in Singhitarai, Chhattisgarh, India, resulted in at least 10 fatalities on April 14, according to a BSE filing by Vedanta Limited on Tuesday.At the time of the blast, the facility was being operated and maintained by NGSL or NTPC GE Power Services Private Limited, a joint venture between NYSE-listed GE Vernova (GEV) and NTPC.While Vedanta's initial stock exchange disclosure reported 10 fatalities and 24 affected personnel, District Collector Amrit Vikas Topno reportedly updated the count on Wednesday to 17 deaths, as several critically injured workers succumbed to severe burns.The incident, involving personnel from sub-contractor NGSL, has triggered a high-level investigation into maintenance protocols at the recently commissioned 600-megawatt unit.The company identified the cause as a failure in a high-pressure steam tube that connects the boiler to the turbine.According to the filing, the accident occurred at about 2:30 PM on Tuesday at the Unit-1 boiler.The 1,200 MW Athena project is a critical asset for Vedanta, which acquired the stalled plant in 2022. Unit-1 began commercial operations in late 2025.The incident comes as India delays maintenance on 10 gigawatts of coal capacity to meet soaring summer demand, raising urgent questions about industrial safety.Price: $987.41, Change: $-0.10, Percent Change: -0.01%

$GEV

Commodities158d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday as Investors Turn to Corporate Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.01% higher in Wednesday's premarket activity as investors shift focus from geopolitical risks to earnings updates.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.01%before the start of regular trading.US mortgage applications increased 1.8% in the week ended April 10 as a rise in refinancing tied to lower rates offset a slight decline in purchase activity, Mortgage Bankers Association data showed Wednesday.US import prices increased 0.8% in March, below expectations, as a surge in petroleum costs drove most of the gain, government data showed. Excluding fuel, import prices edged up 0.1%, missing forecasts and slowing from the prior month.The National Association of Home Builders sentiment reading for April is due to be released at 10 am ET, followed by weekly petroleum stocks data at 10:30 am ET.The Fed's Beige Book report is due to be released at 2 pm ET.Fed Vice Chair for Supervision Michelle Bowman is slated to speak on Wednesday.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was flat, the Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) rose 11.6%.Power Play:EnergyThe iShares US Energy ETF (IYE) gained 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.2%.DHT (DHT) stock was up more than 4% before Wednesday's opening bell after the company said it expects Q1 time charter equivalent earnings of $78,800 per day.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive. 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) was 0.1% higher.Stellantis (STLA) shares were up more than 2% pre-bell after the company said its Q1 estimated consolidated shipments totaled 1.4 million units, up 12% from a year earlier.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was inactive.Spyre Therapeutics (SYRE) stock was up more than 2% premarket after the company said late Tuesday it priced its upsized underwritten public offering of 6.5 million shares at $62 apiece for gross proceeds of about $403 million.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.Morgan Stanley (MS) shares were up more than 2% pre-bell after the company posted higher Q1 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.04%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 0.02%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.02%, while the iShares Semiconductor ETF (SOXX) retreated by 0.5%.ASML Holding (ASML) shares were down more than 2% in premarket activity after the company reported higher Q1 earnings and sales.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.1%, while the Vanguard Industrials Index Fund (VIS) gained 0.3% and the iShares US Industrials ETF (IYJ) was inactive.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.4% to reach $91.66 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.9% to $2.62 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.1%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Gold futures for May were down by 0.3% at $4,834.40 an ounce on the Comex. Silver futures declined by 0.8% to $78.95 an ounce. SPDR Gold Shares (GLD) was 2.2% higher, and the iShares Silver Trust (SLV) advanced by 5.5%.

Dow JonesNasdaq CompositeS&P 500$ASML$BETH$BITO$DHT$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MS$PMR$QQQ$RTH$SLV$SOXX$SPY$STLA$SYRE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities158d ago

Market Chatter: China Weighs Curbs on Solar Equipment Exports to US

China is holding talks with local solar panel equipment makers, aimed at limiting their exports to the US, according to a Reuters report, citing five people with knowledge of the matter.This could potentially be a setback for US companies, with China being home to the top 10 solar cell equipment suppliers, Reuters said.While nothing has been finalized just yet, the talks essentially involved taking formal feedback from companies, according to two of the sources who reached out to Reuters. This comes as the industry has been grappling with overcapacity, following years of aggressive expansion.Suzhou Maxwell Technologies, a leading equipment manufacturer in the industry, was reportedly visited by regulators, with discussions revolving around the company's high-end products, aimed at producing high-efficiency solar panels, which uses HJT, or heterojunction technology, according to three other sources.Neither Suzhou Maxwell Technologies, nor China's Ministry of Commerce immediately responded to' request for a comment on this story.(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.)

Commodities158d ago

Biofuels Update: Major Feedstock Futures Rise With Crude Oil

A rise in crude oil prices lifted major biofuel feedstock futures on Wednesday, despite signs of weakening supply and demand fundamentals.The May soybean oil contract on the Chicago Board of Trade rose 0.86% to 67.01 cents per pound, and the May CBOT soybean contract climbed 0.78% to $11.67 per bushel in early trade.However, biofuels demand may ease if the energy market softens, with the US-Iran peace talks in sight.On top of this, ample supply availability of soybeans will continue to weigh on prices, particularly as Brazil harvests a record crop and as the US expands soybean plantings.Brazil's National Supply Co., Conab, raised its soybean production outlook to 179.2 million tons from 177.9 mmt, and said harvest progress reached 85.7% due to improved field conditions from reduced rainfall in March.In the US, soybean planting progress reached 6% as of April 12, above the 2% pace recorded a year ago and as an average in the last five years, the US Department of Agriculture said.US soybean plantings will likely expand to 84.7 million acres, as rising fertilizer costs prompt farmers to shift acreage from corn to soybeans, according to the agency.In Asia, Malaysian palm oil futures closed higher on Wednesday, tracking stronger crude oil and soybean oil prices, despite some moderation earlier in the session.The Bursa Malaysia Derivatives' May and June crude palm oil contracts inched up by more than 0.1% to 4,426 Malaysian ringgit ($1,120.51) per metric ton and 4,472 ringgit/mt, respectively.As prices increased due to the Middle East conflict, the Malaysian Palm Oil Board raised the reference price for palm oil to $4,521.89 ringgit/mt in May from 3,935.19 ringgit/mt in April, effectively increasing export duty to 10% from 9.5%.The Malaysian government on Tuesday reportedly agreed to increase its biodiesel mandate to 15% from the current 10%, with phased implementation to start with a 12% blend using existing biodiesel plants, according to multiple media outlets.The country is currently mandating a 10% biodiesel blend for the transportation sector, and has introduced a 20% blend in few provinces.Malaysia's move followed Indonesia's plan to raise its biodiesel mandate to 50% from the current 40% beginning July 1, and Thailand's decision to increase blending ratio to 7% from the current 5%.Thailand has also tightened export controls for palm oil to boost domestic supply.However, price reporting agency MySteel said that "the economic foundation for palm-oil producing countries to implement biofuel policies is being undermined" following a recent drop in crude oil prices."Thailand's policy of restricting palm oil exports has already shown adverse effects, reflecting the possibility that expectations of tightening future palm oil supply may diminish as crude oil prices weaken," MySteel said.In the US, the May-dated ethanol futures on the NYMEX slipped 0.52% to about $1.93 per gallon on Tuesday, to end a two-session rally.

Commodities158d ago

South Korea Reportedly Inks Deal for 273 Million Barrels of Crude Oil From Middle East, Kazakhstan

South Korea Presidential Chief of Staff Kang Hoon-sik on Wednesday said the government has reached agreements for the supply of about 273 million barrels of crude oil, sufficient for three months' usage, from the Middle East and Kazakhstan by year-end, according to multiple media reports.In addition, South Korea has also arranged for the supply of 2.1 million metric tons of naphtha for the same period, said Kang, who recently visited Kazakhstan, Oman, Saudi Arabia and Qatar as a special presidential envoy.Saudi Arabia has agreed to supply the already agreed upon 50 million barrels of crude oil to South Korean companies in April and May through Red Sea ports. The Kingdom has also agreed to allocate and ship an additional 200 million barrels of crude oil between June and December, along with at least 500,000 tons of naptha, Reuters reported.South Korea has also secured 18 million barrels of crude oil from Kazakhstan, 5 million barrels of crude oil and 1.6 million tons of naphtha from Oman. Meanwhile, Qatar has assured uninterrupted export of liquefied natural gas, according to the Asia Business Daily.The energy supplies secured will be transported through alternate routes not related to the Strait of Hormuz, Reuters reported. Flows through the Hormuz accounted for 61% of South Korea's crude oil imports and 54% of its naphtha imports in 2025, the report said.Meanwhile, in a statement on Wednesday, the South Korean Ministry of Trade, Industry, and Resources said the government will start a 674.4 billion South Korean won ($457 million) program to support additional naptha imports.The program will cover "50% of the gap between pre-war prices and actual import prices for naphtha volumes contracted between April and June. To help ease short-term supply strains, the program will also cover naphtha substitutes such as [liquefied petroleum gas] and condensate, as well as basic petrochemical feedstocks including ethylene and propylene," the statement said.The government will also increase the support for freight-cost expenses related to crude oil imports from the Americas, Africa, and Europe. As per the updated surcharge refund program, the government will fully reimburse Middle Eastern crude freight premium costs for April-June imports from those regions, with the increased refund amount estimated at around 127.5 billion won.The government also intends to accelerate naphtha imports to improve operating rates and work with petrochemical companies to prioritize feedstocks for healthcare products, key industrial goods, and everyday necessities, the statement said.Korean President's office could not be reached for comment by.

Commodities158d ago

Trump Lifts Blockade in Strait of Hormuz, Claims China Agreed Not to Send Weapons to Iran

Commodities158d ago

Hunting Middle East Operations Remain Unaffected by Conflict, Q1 Shows Strong Order Momentum

Precision engineering company Hunting said in its Q1 2026 trading update on Wednesday that its operations and personnel in Dubai and Saudi Arabia remained safe and largely unaffected by the ongoing conflict in the Middle East.The company said that as of now, it expected minimal impact on its profitability for the year, as a result of the war, while adding that it would ultimately depend on how long the conflict lasts. It also said that the higher commodity prices were yet to translate into increased US or international rig counts, as operators adopt a "wait and see" approach.It, however, noted that it remains well placed to benefit from any increase in activity, while CEO Jim Johnson added that they "remain vigilant regarding Middle East volatility."During Q1, the company continued to build on its energy-related subsea sales order book, which include $63.5 million of orders secured for a project in Guyana for its titanium stress joints.The company said the OCTG, or oil country tubular goods, pipeline reached $1 billion, despite some delays in the Middle East that are expected to be resolved in Q2 2026.Also, the company revealed on Wednesday that it has finalized the combination of its EMEA and Asia Pacific operations into one 'International' operating segment, starting from Jan. 1, 2027.

Commodities158d ago

Global Wind Capacity Hit 176 GW in 2025, Wood Mackenzie Says

Global wind capacity grew by a record 45% in 2025, reaching 176 gigawatts, according to a Wood Mackenzie's Tuesday note.Chinese manufacturers dominated the landscape, securing 78% of total additions as China became the first nation to install over 100 GW in a single year, it said.While Latin America saw a contraction, activity outside China grew by 22%, with the US, India, and Germany remaining top volume contributors, the analysts noted.Wood Mackenzie noted that Chinese original equipment manufacturers more than tripled their 2024 overseas performance, installing 8.5 GW across 22 markets.Goldwind and Envision led the sector, becoming the first manufacturers to individually exceed 20 GW of annual installations.This expansion was primarily concentrated in emerging regions, where competitive pricing and faster delivery cycles allowed Chinese suppliers to aggressively gain ground, the note added.However, despite the rise of Chinese exports, western OEMs remained the preferred suppliers outside China, capturing 75% of the ex-China market and operating in an all-time high of nearly 50 countries, it said.In India, the market saw a significant recovery as domestic installations nearly doubled. Local players connected 2.7 GW, with Suzlon returning to the global top 15.

Commodities158d ago

New EU Regulation to Slash Energy Switching Times to 24 Hours by End of 2026

The European Commission has adopted new rules requiring the back-office process of switching electricity suppliers to be completed within 24 hours, according to a statement released by the commission Tuesday.Effective by the end of 2026, the regulation aims to foster competition and help consumers mitigate price increases through a more flexible retail energy market, it said.The commission confirmed it will provide ongoing guidance to EU member states and market participants to ensure the 24-hour standard is met.This measure follows Commission Implementing Regulation 2023/1162, as per the statement.According to the commission, the rules will enable citizens to quickly access better deals and demand-response services, strengthening innovation across the EU's digitalized retail electricity sector.

Commodities158d ago

Iran-Linked Tanker Reportedly U-Turns After Exiting Hormuz With US Blockade in Force

Iran-linked tanker Rich Starry reportedly reversed course on Wednesday, a day after it exited the Strait of Hormuz, as the US blockade held outside the Persian Gulf remained in force, according to multiple media outlets.The China-bound tanker and its owner Shanghai Xuanrun Shipping were placed under US sanctions for links to the Iranian oil trade.The medium-range vessel reportedly loaded 250,000 barrels of methanol from the UAE's Hamriyah port and was the first to exit the strait on Tuesday, after the US blockade began at 10 a.m. ET on Monday, Reuters reported.However, the tanker was seen heading back towards the Strait on Wednesday, instead of continuing into the Arabian Sea, Seatrade Maritime News said.EOS Risk Group head of advisory Martin Kelly said on X that the ship changed course "abruptly," showing that the US blockade is "in force."Aside from Rich Starry, two other ships under US sanctions, Peace Gulf and Murlikishan, passed through the strait on Tuesday, according to shipping data cited by Reuters.The three Iran-linked vessels were not heading to Iranian ports, hence should not be covered by the blockade, the news agency said.The US Department of the Treasury's Office of Foreign Assets Control, responsible for enforcing economic and trade sanctions, did not immediately respond to' request for comment.Additionally, five other vessels transited the chokepoint on Tuesday. These comprised two chemical and gas tankers, two dry bulk vessels, and one cargo ship that docked at Iran's Bandar Abbas port, the news agency said.In total, at least eight ships reportedly passed through the channel on Tuesday.On the same day, the US Navy interdicted two oil tankers that had left Chabahar port on the Gulf of Oman, and instructed them to turn around to enter an Iranian port, Reuters reported, citing a US official.The US Central Command said in a post on X that "during the first 24 hours, no ships made it past the US blockade and six merchant vessels complied with direction from US forces to turn around to re-enter an Iranian port on the Gulf of Oman."Meanwhile, humanitarian shipments are exempted from the US blockade, according to a US military note seen by Reuters.Since the US blockade began, the number of ships crossing the Strait has reportedly remained minimal, compared with the pre-war levels of over 130.

Commodities158d ago

Market Chatter: Japan to Help Southeastern Nations With Rising Crude Import Costs for up to $10 Billion

Japan will help other Southeastern nations with financial support of as much as $10 billion as they struggle with the surging cost of importing crude oil amid conflict in the Middle East, Bloomberg reported on Wednesday, citing local media reports.Prime Minister Sanae Takaichi is expected to announce the aid package which may come in the form of loans, during an online meeting with regional leaders scheduled for Wednesday afternoon, according to the public broadcaster NHK, Bloomberg reported.Japan is an importer of petroleum-derived products used in the medical sector from elsewhere in Southeast Asia and there has been concern that low oil reserves could disrupt that supply, the reports said.The prime minister's office wasn't immediately available to comment, Bloomberg said. The office did not immediately respond to' request for comments.Should the supply of the chemicals Japan buys face disruption, that could have impacts on the healthcare system, media reports said, according to the Bloomberg report.The article noted that some Southeastern nations including Vietnam have previously sought assistance from Japan and also South Korea, in obtaining crude oil.Japan has made withdrawals from its strategic reserves twice since the outset of conflict in the Middle East to prop up supplies for its domestic refiners.The article said that Japan is not at risk of an immediate shortage, with the trade ministry confident the country can secure supply for all of this year via alternative origins that do not pass through the Strait of Hormuz.(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.)

Commodities158d ago

AVI Polymers Arm Launches Smart Farming Application; Shares Jump 5%

AVl Eco Spark, a wholly-owned subsidiary of AVI Polymers (BOM:539288), has launched its smart farming application named "KrishiBuddy", according to a BSE filing on Wednesday.KrishiBuddy is an artificial intelligence-powered smart farming assistant designed to offer agricultural data to smallholder farmers in India.The platform has multiple monetization channels, including a business-to-business agri-input marketplace, premium SaaS subscriptions for large-scale farmer-producer organizations, and the aggregation of agricultural data to facilitate alternative credit scoring for financial institutions and microfinance lenders.The company's shares were up nearly 5% in recent trade.

BOM:539288

Commodities158d ago

NWS Warns of Continued Sinlaku Impact on Marianas

The US National Weather Service on Tuesday said the impact of Super Typhoon Sinlaku continues to effect the Marianas, with destructive winds, widespread heavy rain/flooding, and storm surges forecast for the region.The region stretching from the Northeast to the Mid-Mississippi Valley and to the Central/Southern Plains is expected to experience showers and severe thunderstorms through Thursday.Meanwhile, late-season snowfall is forecast for the Cascades and Northern Rockies, while coastal rain is expected over the Northwest Coast through Thursday due to a front.The NWS early Wednesday issued a freeze warning for Cedar City, Milford, Delta, Nephi, Manti, Richfield, Duchesne, Vernal, Green River, Capitol Reef National Park, and Price. Utah primarily falls under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was raised for Colorado's Craig, Rangely, Meeker, Steamboat Springs, Rifle, Montrose, Nucla, Cortez, Pagosa Springs, Durango, and Vail. The state is primarily served by Xcel Energy (XEL) and Black Hills (BKH) unit Black Hills Energy.A winter storm warning was raised for Wyoming's Cody, Dubois, Jackson, Lander, Pinedale, and Thermopolis. These places primarily fall under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was issued for Oregon's Cottage Grove, Bend, Blue River, Oakridge, Detroit, Sweet Home, Santiam Pass, Corbett, Mount Hood, Hood River, The Dalles, and Molalla. PacifiCorp's Pacific Power is the major electric utility service provider in these places.In Washington, Randle, Toledo, Mount St. Helens, Cougar, Kelso, Vancouver, Bellingham, Everett, Seattle, Tacoma, Centralia, and Chelan were placed under a winter storm warning watch. These places are primarily served by Puget Sound Energy and Pacific Power.Also covered under a similar watch were Montana's Livingston and Red Lodge, served by Northwestern Energy (NWE).The NWS issued a flood warning for Wisconsin's Wisconsin Dells, La Crosse, Neillsville, Wausau, Appleton, Beaver Dam, Sheboygan, Stevens Point, Sturgeons Bay, Green Bay, and Marshfield. WEC Energy Group's (WEC) Wisconsin Public Service, Xcel Energy, and Alliant Energy (LNT) are among the major service providers in the state.In Michigan, a flood warning was raised for Kalamazoo, Lansing, Alma, Big Rapids, Muskegon, Cadillac, Mio, Petoskey, Traverse City, Escanaba, Marquette, Iron Mountain, Ironwood, Houghton, and Menominee. Meanwhile, a flash flood warning was raised for Cadillac, Traverse City and Manistee.CMS Energy (CMS) unit Consumers Energy, DTE Energy, WEC Energy subsidiaries Upper Michigan Energy Resources and We Energies, Upper Peninsula Power, and Xcel Energy are among the major service providers in these places.The NWS also issued flood warnings for certain parts of Minnesota, Iowa, Illinois, Indiana, Kansas, Missouri, and Ohio.

$BKH$CMS$LNT$NWE$WEC$XEL

Commodities158d ago

Asia Biofuels Update: Malaysian Palm Oil Futures Ease on Negative Demand Sentiment

Malaysian palm oil futures were steady to lower on Wednesday, as a potential weakening in biofuels demand following a recent drop in crude oil prices weighed on sentiment.The Bursa Malaysia Derivatives' May crude palm oil contract was flat at 4,420 Malaysian ringgit ($1,118.99) per metric ton in midday trade. The June contract slipped 0.13% to 4,460 ringgit/mt. Both contracts touched five-month lows earlier in the session."International crude oil prices are weakening, and the economic foundation for palm-oil producing countries to implement biofuel policies is being undermined," price reporting agency MySteel said.To help ensure a stable supply of diesel, the Malaysian government on Tuesday reportedly agreed to increase its biodiesel mandate to 15% from the current 10%, with phased implementation to start with a 12% blend using existing biodiesel plants, according to multiple media outlets.The country is currently mandating a 10% biodiesel blend for the transportation sector, and has introduced a 20% blend in few provinces.Malaysia's move followed Indonesia's plan to raise its biodiesel mandate to 50% from the current 40% beginning July 1, and Thailand's decision to increase blending ratio to 7% from the current 5%.Thailand has also tightened export controls for palm oil to boost domestic supply.However, "Thailand's policy of restricting palm oil exports has already shown adverse effects, reflecting the possibility that expectations of tightening future palm oil supply may diminish as crude oil prices weaken," MySteel said.In Malaysia, the reference price for palm oil was raised to $4,521.89 ringgit/mt in May from 3,935.19 ringgit/mt in April, despite recent declines in futures. Export duty correspondingly increased to 10% from 9.5%.This could weigh on Malaysian export demand, which has so far shown a 30.7% to 38.9% month-over-month drop during the first 10 days of April, according to cargo surveyor estimates.A possible increase in Indian purchases as buyers stock up ahead of seasonal demand could provide some upside.Indian buyers reportedly cut their palm oil purchases last month due to high prices, with imports dropping to a three-month low of 689,462 metric tons in March, from 847,689 mt in February, according to the Solvent Extractors' Association of India.

Commodities158d ago

TANFAC Industries Bags Order Worth INR12.5 Billion; Shares Jump 9%

Chemical manufacturer TANFAC Industries (BOM:506854) has secured an order worth 12.5 billion Indian rupees from an undisclosed amount, according to a BSE filing on Wednesday.The contract is for the supply of 5,000 MT per annum of fluorinated products for a period of five years from Jan. 1, 2027.The company's shares were up over 9% in recent trade.

BOM:506854

Commodities158d ago

US Natural Gas Update: Futures Drop to 17-Month Low on Weak Demand

US natural gas futures extended losses for a fifth straight session in after-hours trading on Tuesday, pressured by forecasts for persistently above-normal temperatures.The front-month Henry Hub contract and the continuous benchmark were down 1.29% at $2.593 per million British thermal units.European gas prices also dropped sharply on Tuesday, sliding more than 8% amid weak demand signals and expectations that disruptions tied to the Strait of Hormuz could ease.In the US, weather remained the dominant driver. Near-term forecasts showing widespread mild conditions across much of the country kept demand expectations subdued."The primary domestic driver remains the bearish near-term temperature outlook. With mild weather forecast through the end of April, the market is unconcerned about an early wave of cooling demand, while any substantial heating load is firmly in the rearview mirror," The Energy Buyers Guide said. "Until the market observes a change in weather or sees a tangible impact from tightening underlying supply, the path of least resistance will likely remain sideways to lower,"NatGasWeather.com said Tuesday that most of the US will see warmer-than-normal temperatures, including the South and East Coast, while cooler pockets persist in parts of the West and far northern states. Overall demand is expected to remain low through Saturday, then rise to moderate levels Sunday through Tuesday.Weak consumption is expected to contribute to inventory builds as production stays elevated. Storage surpluses are projected to widen toward roughly 150 Bcf after the upcoming EIA reports, according to market commentary cited by the Wall Street Journal.Separately, Barchart, citing BNEF data, reported US gas demand at 67.0 Bcf/d on Tuesday, down 1.4% year over year. Production stood at 110.8 Bcf/d, up 2.2% annually, while net flows to LNG export terminals rose to 19.7 Bcf/d, up 3.7% on the week.

Commodities158d ago

US Crude Inventories Rise, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories rose by 6.10 million barrels in the week ended Apr. 10, following a 3.72-mmbbl build the previous week, and compared with analysts' estimate of a 1.3-mmbbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities158d ago

DOE Breaks Ground on NESE Pipeline to Add Gas Supply to New York

The US Department of Energy on Tuesday held a groundbreaking ceremony for the Northeast Supply Enhancement Pipeline, which aims to deliver natural gas to New York City.Secretary of Energy Chris Wright, Environmental Protection Agency Administrator Lee Zeldin, and Secretary of the Interior Doug Burgum participated in the ceremony.Williams Companies (WMB) will construct the pipeline to transport natural gas from Pennsylvania to New York City and Long Island.The NESE pipeline is an expansion of Williams' existing Transco pipeline system across Pennsylvania, New Jersey, and New York, adding 400,000 dekatherms per day of capacity.This is enough energy to serve the equivalent of 2.3 million homes, the statement said. NESE is slated to start operations by Q4 2027.

$WMB

Commodities158d ago

XCF Global, DevvStream, Southern Energy Renewables to Merge in Clean Energy Deal

XCF Global, DevvStream (DEVS), and Southern Energy Renewables have signed a definitive agreement to merge into a single integrated clean energy and carbon management business spanning low-carbon fuels, infrastructure, and environmental markets, the three companies said in a joint statement on Tuesday.The companies describe the deal as the creation of a "platform" that would combine fuel production with carbon credit monetization and infrastructure development under a single corporate structure.XCF Global is focused on producing sustainable aviation fuel and building related fuel production infrastructure, while DevvStream develops and monetizes environmental assets, including carbon credits and other emissions-related instruments, and Southern Energy Renewables works on renewable fuels and clean energy technologies, including next-generation low-carbon fuel pathways.Under the agreement, XCF will acquire DevvStream and Southern through merger subsidiaries. Both acquired firms will remain as wholly owned subsidiaries. Shareholders will receive stock in XCF.Ownership of the combined company is expected to be about 66.7% for XCF shareholders, 23.3% for Southern shareholders, and 10% for DevvStream shareholders.The companies also plan to link fuel production with long-term offtake agreements and carbon credit markets, aiming to sell both physical fuel and associated emissions reductions.XCF has invested about $10 million to expand its New Rise Reno facility for sustainable aviation fuel production. Southern is also expected to pursue up to $400 million in bond financing for infrastructure growth.The planned deal is subject to regulatory and closing conditions and includes performance targets such as over $1 billion in annualized fuel revenue and at least $100 million in EBITDA.Executives said the combined business is intended to serve airlines and corporate customers seeking lower-carbon fuel options while simplifying access to emissions compliance tools.No closing timeline has been announced.

$DEVS

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Commodities158d ago