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Mol Group Says Hungary Oil Supply Stable, Buys $500 Million US Crude

Hungarian energy major Mol Group said Thursday that crude oil supplies to the country remain uninterrupted amid the ongoing global energy crisis as it procured its stocks from multiple sources."Crude oil supplies to Hungary and the region are currently uninterrupted: we follow a diversified supply strategy and source crude oil from multiple sources," the company said in a statement shared with.Mol Group said it has supply agreements in place with Libya, Kazakhstan, Norway, and Saudi Arabia, and has also reached agreements with US companies regarding shipments.The White House said on Thursday that Hungary's Mol Group purchased about 510,000 tons of US crude oil valued at $500 million as part of efforts to deepen bilateral energy ties.The development was highlighted during US Vice President JD Vance's visit to Budapest, which focused on strengthening cooperation in energy, technology, and security between the two countries.The White House also noted nuclear cooperation agreements, including plans for small modular reactors and upgrades to existing plants, with a combined potential value of about $20 billion.The Mol Group highlighted capacity constraints via the Adria pipeline, with the system unable to meet the requirements to supply the Danube Refiner fully.The refinery is currently operating at reduced levels following last year's AV3 fire, which cut processing capacity by nearly half and limited the volume of crude it can handle, the company added.The company noted that transporting alternative crude grades, unlike REBCO, which offers consistent quality, has introduced operational risks, as heavier Norwegian crude moves more slowly due to its different density and chemical properties.The company plans to resume extended joint testing with Janaf across seasons and conditions, as requested by the European Commission, to assess pipeline capabilities better once the refinery returns to full capacity.

Commodities163d ago

CB&I Completes Petrofac Asset Solutions Acquisition, Expands Services Portfolio

CB&I said on Friday it had completed the acquisition of Petrofac's Asset Solutions business, expanding its capabilities in operations, maintenance, and decommissioning services across global energy markets.The deal, first announced in Dec, covers a business providing services for both onshore and offshore energy assets.Mark Butts, CEO of CB&I, said the acquisition is expected to strengthen the company's portfolio by adding a complementary reimbursable contracting business, helping generate more predictable cash flow while broadening its service offering."This acquisition supports our diversification into integrated services, expands customer relationships, and opens pathways for growth in international markets," Butts said in a statement.CB&I said the deal gives the Asset Solutions unit access to its balance sheet and liquidity, which would support operational stability and future expansion across key markets.The sale was agreed on a debt-free, cash-free basis. Petrofac said net proceeds from the transaction would be distributed to secured creditors in line with an existing intercreditor agreement.

Commodities163d ago

eFuels SEA Launches Platform to Scale Electrofuel Production with Infinium Technology

Singapore-based electrofuels development platform eFuels SEA launched a platform to promote electrofuel production across Southeast Asia using technology from US firm Infinium, the company said in a statement on Friday.It said it aims to develop facilities that convert captured carbon dioxide and renewable electricity into sustainable aviation fuel and other low-carbon products compatible with existing infrastructure. The projects are to serve both regional demand and export markets.Infinium's process combines renewable power, water, and waste CO2 to produce drop-in liquid fuels. The company has operated a commercial-scale facility in Corpus Christi, Texas, since 2023 and is building a second plant in the state with a planned capacity of about 23,000 tonnes per year.eFuels SEA plans to roll out three to five projects across Southeast Asia, backed by a management team with experience in energy markets, project finance, and industrial development."By leveraging Infinium's demonstrated technology, we are confident of delivering economic value add, enhancing energy security, and achieving climate impact in the region," said eFuels SEA co-founder and CEO David Wang.Infinium CEO Robert Schuetzle said the partnership would expand access to sustainable fuels in a region "uniquely positioned" to scale production.The launch comes as countries including Singapore, Malaysia, Thailand, and Indonesia advance hydrogen and carbon management strategies, eFuels SEA said.

Commodities163d ago

Envision Energy Gets $500 Million BBVA Financing to Back Global Expansion

Envision Energy said on Friday it had secured $500 million in financing from Banco Bilbao Vizcaya Argentaria to expand renewable energy projects across Europe, Asia, and Latin America.The deal is designed to provide flexible financing solutions to Envision's customers, including diversified funding instruments, improved working capital management, and extended payment terms.The program will enable financing to be arranged earlier in project development and includes advisory services throughout the lifecycle of renewable energy projects, helping to ease capital constraints and accelerate deployment.Earlier this year, Envision secured a $600 million-equivalent sustainability-linked syndicated loan in Hong Kong, with BBVA as one of the mandated lead arrangers."The global energy transition requires not only technological innovation, but also forward-looking financial solutions that can accelerate deployment at scale," said Henry Peng, senior vice president at Envision Energy and president for Europe and Latin America.

Commodities163d ago

US Gasoline Consumption Drops 1% in 2025 as Efficiency Gains Offset Travel, EIA Says

US gasoline consumption averaged 8.9 million barrels per day in 2025, down 1% over the year, signaling a structural demand shift, the US Energy Information Administration said Friday.Total gasoline consumption declined in 2025 even as vehicle miles traveled rose, falling to an average of 8.9 million barrels per day, down 1% over the year and 4% below 2019 levels, EIA said.The agency expects demand to continue easing through 2026 and 2027 as fuel efficiency improves further and growth in vehicle miles traveled slows, according to its April Short-Term Energy Outlook, EIA added.Gasoline demand remains closely tied to travel levels and vehicle efficiency, with consumption shaped by miles driven and fuel economy, which together determine overall fuel use trends, EIA noted.The agency estimates fuel economy by comparing national travel data with gasoline supplied, offering a broad indicator of how efficiency and mobility trends interact across the vehicle fleet.In 2025, travel increased 1.2% over the year, while estimated fuel economy improved by 1.9%, more than offsetting higher driving and resulting in lower gasoline consumption, EIA added.Fuel economy gains in new gasoline vehicles have been driven by Corporate Average Fuel Economy standards and emissions rules set by US regulators, requiring automakers to improve efficiency.While proposed policy changes could influence future efficiency trends, near-term impact is expected to be limited due to long vehicle development cycles, which typically span five to seven years, EIA added.Gasoline demand is forecast to decline in 2026 and 2027 as efficiency gains continue and travel growth slows, with fuel economy rising about 1% annually, according to the EIA.Growth in vehicle miles traveled is expected to slow over the next two years due to weaker employment gains and limited expansion in the working-age population, key drivers of travel demand, it said.Employment is forecast to rise 0.3% annually versus 1.4% in 2010-19, while the working-age population is seen growing just 0.1%, EIA added, citing S&P Global estimates.Gasoline prices are expected to remain higher through 2027 on rising crude oil costs, though the impact on consumption is likely limited as demand typically shows little short-term sensitivity to price changes, according to the EIA.

Commodities163d ago

Russia's Novorossiysk Port Partially Resumes Oil Loadings After Drone Attack

Russia's Black Sea port of Novorossiysk has partially resumed oil and fuel loadings from its Sheskharis terminal late on Thursday, after operations were suspended earlier this week following a drone attack, Reuters reported on Friday, citing sources familiar with the matter.The Sheskharis terminal, which has a loading capacity of about 700,000 barrels per day of crude oil, reportedly halted shipments on Monday after a Ukrainian drone strike sparked fires at a fuel facility and damaged several berths.Oil tanker loadings have now resumed from a single berth, with one cargo of around 80,000 tonnes expected to depart on Friday.The report said the port's loading schedule would likely remain reduced in the near term, with no clear timeline for a full return to normal operations.Fuel oil loadings at Novorossiysk also resumed on Thursday, it said, adding that a diesel cargo was shipped from the port earlier this week.Russian regulatory agency and infrastructure manager, Federal State Unitary Enterprise Rosmorport, did not immediately respond to a request for comment from.

Commodities163d ago

Antwerp Port Oil Spill Shuts Key Dock, Disrupts Shipping Operations

An oil spill at Antwerp's Deurganckdock has disrupted operations, closing key terminals and halting traffic, with cleanup ongoing, Port of Antwerp-Bruges said Friday.The spill began during a bunkering operation, with the source quickly contained, though oil spread overnight into the Scheldt, impacting vessels and disrupting port operations.Located along the Scheldt river, the Deurganck Dock remains closed even as broader river traffic resumes, the port authority said.Authorities are focusing on clearing contamination before restoring full access to the dock and surrounding terminals, according to the Port of Antwerp.Specialized vessels are actively removing oil across affected zones, including the Noordzee and Europaterminal areas, as authorities work to limit delays and safely restart operations at critical infrastructure, the port authority added.Authorities are also monitoring riverbanks and nearby natural habitats alongside Civil Protection and regional agencies, focusing on limiting environmental damage and cleaning sensitive zones impacted by the spill, it added.Earlier, shipping traffic was halted between key points on the Scheldt, while major locks were shut due to oil presence, leaving the port temporarily inaccessible and impacting inland and seagoing vessels, according to the port authority.One of Europe's largest port hubs, Antwerp hosts major refineries run by Exxon Mobil (XOM) and TotalEnergies (TTE).has separately reached out to Exxon Mobil and TotalEnergies for any comments.Price: $152.95, Change: $-2.09, Percent Change: -1.35%

$TTE$XOM

Commodities163d ago

Market Chatter: Zelenskyy Says Druzhba Oil Pipeline Repairs Completion Expected in Spring

Ukrainian President Volodymyr Zelenskyy said the country has made significant progress in restoring the Druzhba oil pipeline, with repairs expected to be completed in spring, Reuters reported Friday, citing remarks released by his office.Ukraine will complete that as agreed and aim to finish the work by spring, Zelenskyy said, adding that much of the work has already been completed, but repairs to destroyed storage tanks have taken longer, the report said.Ukraine has been accused by Hungary and Slovakia of trying to delay pipeline repairs, a claim Kyiv has denied.Both countries have lost access to deliveries of Russian oil through the pipeline since late January, when the pipeline became a target of a Russian drone strike in western Ukraine, the report said. Hungary and Slovakia have had a close political and energy relationship with Russia since the latter's invasion of Ukraine.Hungary has opposed a 90-billion-euro ($103 billion) European Union loan to Ukraine until pipeline flows are resumed, the report added.has reached out to Ukraine's Energy Ministry for a 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.)

Commodities163d ago

Middle East Conflict Derails Solar Supply Chains, Revives Cost Pressures, Wood Mackenzie Says

The Middle East conflict is disrupting solar project execution and delaying the development of alternative manufacturing hubs, tightening global supply chains, and reintroducing cost pressures, Wood Mackenzie strategists said in a note on Friday.Yana Hryshko, senior research analyst and Head of Global Solar Supply Chain at Wood Mackenzie, said that the near-term impact is being felt across projects under construction in the region, where about 110 gigawatts of solar capacity is under execution or advanced stages of development.Developers and engineering, procurement, and construction contractors are delaying shipments, adjusting delivery schedules, and reassessing procurement timelines as uncertainty grows around logistics and transport routes.Rising risks along key maritime corridors have driven up freight rates and insurance costs, pushing regional project capital expenditure higher by an estimated 1-3%, while commissioning timelines in some cases are being delayed by several months.Hryshko said the disruption is spilling into global markets. Shipping costs from China to Europe have climbed since the onset of the conflict, rising by about 18% on routes to Rotterdam and about 10% to Southern Europe.Developers are absorbing these increases, reversing expectations of continued cost declines across the solar sector.Though the short-term effects are significant, Wood Mackenzie analysts say the longer-term implications could be more profound.The Middle East had been emerging as a potential solar manufacturing hub, supported by low-cost energy, favorable industrial policies, and proximity to key markets.Wood Mackenzie announced that manufacturing capacity across modules, cells, and upstream segments exceeded 30 GW, with ambitions to supply both domestic and export demand.However, the ongoing conflict is delaying project timelines, deferring investment decisions, and shifting focus toward operational resilience.The slowdown extends beyond module assembly to critical supporting components such as solar glass, aluminum frames, and mounting structures, which are essential for building competitive local supply chains.Wood Mackenzie projected that global supply chain diversification is likely to stall as a result. Instead of accelerating the development of alternative manufacturing bases, the disruption is reinforcing reliance on established supply chains, particularly in China, where scale and cost advantages remain unmatched.Similarly, vulnerabilities in upstream supply are becoming more apparent in the US. Though US module assembly capacity is projected to reach 50-60 GW by 2026, domestic solar cell production remains limited, leaving manufacturers dependent on imports.Wood Mackenzie said a significant portion of this supply comes from regions now exposed to elevated geopolitical risk, including Oman and Ethiopia.The consultancy projected that the US could lose 20-25% of its external cell supply if disruptions materialize, potentially driving cell prices higher by $0.2 to $ 0.4 per watt and affecting project economics and expansion plans.

Commodities163d ago

European Commission Seeks Public Feedback on Energy Regulator Cooperation Agency

The European Commission has begun seeking feedback on the performance of the EU Agency for the Cooperation of Energy Regulators to identify areas for improvement, the Directorate-General for Energy said Friday.ACER was stablished in March 2011 to primarily support the integration of energy markets in the region and monitor market dynamics to deter any wholesale energy market manipulation.The four-week call for evidence, running through May 6, aims "to assess ACER's performance in relation to its objectives, mandate, and tasks, while exploring whether any adjustments are needed to enhance its effectiveness," according to the statement.All stakeholders, including energy regulators, market participants, industry experts, and civil society, were requested to provide their inputs on the agency's output, working methods, and interactions.The Commission said targeted surveys and interviews will also be conducted, along with the call for evidence, to facilitate the evaluation process.Evaluation findings will be presented to the European Parliament, the Council, and ACER's Board of Regulators in Q4, and will be made available to the public.

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Commodities163d ago