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Shell Sees Dutch Environmental Group Court Case 'Unrealistic, Unreasonable'

A new court case filed by Dutch environmental group Milieudefensie against Shell (SHEL) seeking to ban any new oil and gas development in the Netherlands was "unrealistic, unreasonable, and fundamentally misplaced," according to a statement by the oil supermajor on Tuesday.Milieudefensie reportedly said that Shell must stop drilling new hydrocarbon fields to reduce climate-disrupting activities, and asked the company to reduce its emissions between 2030 and 2050, in line with the Paris Agreement.Shell responded that the claim "ignores the role oil and gas will continue to play over the coming decades," and "is disconnected from the realities of the global energy system.""Investments in oil and gas development will be needed to offset natural decline and ensure security of energy supply in the coming years as renewable energy sources continue to grow and become more widely available," the company said.Shell also highlighted that discontinuing field developments will not reduce global emissions, as production rights will just be transferred to other companies.Since the resources are owned by the respective countries, "it is up to governments, not Milieudefensie, to decide how to develop their natural resources," according to Shell.In 2024, The Hague Court of Appeal dismissed Milieudefensie's first case against Shell, which sought a 45% reduction in emissions by 2030 relative to 2019 levels.In May, the case will be heard by the Supreme Court in The Hague, following an appeal by the environmental group.Shell said its oil and gas production only accounts for up to 2% of the world's total output, while state-owned companies contribute more than half of global production and 60% of reserves.It aims to raise total Integrated Gas and Upstream production by 1% per year through 2030, with liquids production at around 1.4 million barrels per day.Shell has invested around $20 billion in low-carbon platforms globally, and intends to expand the portfolio subject to demand and government policies, the company said.

$SHEL

Commodities18d ago

Global Data Center Power Demand to Hit 1,300 TWh by 2030: Rystad Energy

Global data center capital expenditure surpassed $770 billion in 2025, with consumption projected to reach 1,300 terawatt-hours by 2030, which is equivalent to 4.5% of the current total world power demand, according to a report by Rystad Energy.This buildout is reshaping global energy markets, the report said, with developers increasingly competing for grid access, gas supply and power infrastructure. Installed data center capacity has risen to 141 gigawatts and is expected to nearly double to 262 GW by 2030.Power availability is emerging as the primary constraint, with grid interconnection timelines stretching to multiple years in key markets. This is pushing operators toward behind-the-meter generation, including gas-fired turbines, solar and battery systems, to secure a reliable supply.In fact, Rystad estimates that around 40% of upcoming US data center capacity could involve some form of on-site or hybrid power generation, signaling a growing role for natural gas and distributed energy solutions.At the same time, the buildout is expected to drive a sharp increase in emissions, with data center power use potentially generating close to 300 million tonnes of CO2 annually by 2030, which it referred to as "a major decarbonization challenge."

Commodities18d ago

Market Chatter: Russia to Stop Flow of Kazakh Oil to Germany on Druzhba Pipeline

Russia plans to stop the flow of Kazakh oil to Germany via the Druzhba pipeline from May 1, three industry sources told Reuters on Tuesday.The sources spoke on condition of anonymity and said that Russia had informed Kazakhstan and Germany of its adjusted oil exporting schedule, the article said.Russia's energy ministry did not immediately reply to Reuters' request for comment, while presidential spokesman Dmitry Peskov said he had no knowledge of such a decision and told reporters he would check this.Germany's relations with Russia have been strained by the latter's 2022 invasion of Ukraine, which prompted Germany to put units of Rosneft on German territory under trusteeship that year, according to Reuters.Kazakhstan sent an average of 43,000 barrels per day to Germany via the Druzhba pipeline, a 44% increase from 2024, Reuters reported.Supplies via the Druzhba pipeline have been continually interrupted by Ukrainian drone attacks on the asset.has emailed Russia's energy ministry to seek comment and confirmation.(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.)

Commodities18d ago

Energy Focus Enters Japan Storage Market with 35% Stake in Fukuoka Plant

Energy Focus (EFOI) announced its entry into the energy storage market through a joint venture in Asakura, Fukuoka, Japan.Partnering with local firms Meihodo and Euka Power, EFOI has secured a 35% stake in a new energy storage power plant, the company said Monday.The Asakura plant has already received grid approval from Kyushu Electric Power and is slated for commercial operation in the second half of 2026, it said.Over the next five years, the company is targeting over 1 gigawatt in energy storage opportunities, it added.

$EFOI

Commodities18d ago

Lloyds Register, Pusan University Partner on Standards Framework for Maritime Transport of Hydrogen

Lloyds Register and South Korea's Pusan National University have partnered to create the first internationally-recognized joint performance evaluation and certification framework for liquid hydrogen carriers, Lloyds Register said on Monday.The statement said progress in hydrogen transportation in the maritime sector has been limited due to lack of standards for testing and verification.The fuel has specific technical requirements including storage at -253 degrees Celsius which requires very specific materials, containment systems and safety precautions, Lloyds Register said.The new framework will provide "a consistent, globally applicable basis for evaluating performance, safety and reliability, helping to reduce uncertainty at the design and approval stages of projects," it said.It added that the initiative would combine Lloyd's Register's maritime classification and assurance expertise with PNU's research in cryogenic engineering.This will inform early-stage vessel and containment projects as they move from concept towards approval and construction.The two parties will evaluate the cryogenic and insulation performance of storage tanks and associated pipework and check structural integrity under load and carry out safety and risk assessments and develop testing methodologies and certification procedures for the marine environment.

Commodities18d ago

NWS Warns Pacific Storm to Impact West Coast, Sierra-Nevada

The US National Weather Service on Tuesday said much of the West Coast will likely experience strong winds and rain, while the Sierra-Nevada may encounter mountain snow through Wednesday, due to a Pacific storm system.Meanwhile, the Mid-South and Southeast will remain under fire weather conditions, brought about by gusty winds and dry weather.The NWS issued a winter storm warning early Tuesday for parts of California, including Lassen National Park, Chester, Red Bluff, Corning, Quincy, Paradise, Oroville, Blue Canyon, Grass Valley, Placerville, Jackson, Murphys, Sonora, Mariposa, Oakhurst, Fresno, Selma, Visalia, Tulare, and Porterville. The cities' main service providers are Algonquin Power & Utilities' (AQN) Liberty, PG&E's (PCG) Pacific Gas and Electric Co., and Edison International's (EIX) Southern California Edison.A high wind warning was posted for California's Death Valley and Nevada's Austin, Eureka, Ely, Tonopah, and Beatty. Berkshire Hathaway Energy (BRK.B) subsidiary NV Energy primarily serves the Nevada area.The agency issued a red flag warning for Colorado's Craig, Rangely, Meeker, Fort Collins, Greeley, Fort Morgan, Sterling, Julesburg, Akron, Boulder, Denver, Georgetown, Castle Rock, Deer Trail, Limon, Colorado Springs, Fairplay, Aspen, Buena Vista, Canon City, Saguache, Pueblo, Ordway, Eads, Lamar, La Junta, Westcliffe, South Fork, La Veta Pass, Alamosa, San Luis, Trinidad, Kim, and Springfield. The state's major electric providers are Xcel Energy (XEL) and Black Hills' (BKH) Black Hills Energy.In Wyoming, a similar warning was posted for Bill, Lance Creek, Lusk, Glenrock, Douglas, Glendo, Torrington, Wheatland, Chugwater, Pine Bluffs, and Cheyenne, primarily served by Black Hills Energy and PacifiCorp's Rocky Mountain Power.In Nebraska, Chadron, Harrison, Alliance, Scottsbluff, Bridgeport, Harrisburg, Kimball, and Sidney were placed under the same warning.Parts of Florida, including Jacksonville, Lake City, Gainesville, Ocala, Daytona Beach, Cedar Key, Crystal River, Wildwood, Brooksville, Orlando, Lakeland, New Port Richey, Clearwater Beach, Tampa, Bartow, Melbourne, Wauchula, Bradenton, Sarasota, Sebring, Arcadia, Fort Pierce, Punta Gorda, and Fort Myers, were also issued a red flag warning. NextEra Energy (NEE) unit Florida Power & Light, Duke Energy (DUK), and Emera subsidiary Tampa Electric are the major electricity providers in the state.The NWS issued a freeze warning for the whole of Virginia, excluding Monterey, and most of Maryland, except Oakland and Cumberland. Virginia is within the service areas of Dominion Energy (D) and American Electric Power's (AEP) Appalachian Power, while Maryland is mainly served by FirstEnergy (FE) subsidiary Potomac Edison and Exelon's (EXC) Pepco, BGE, and Delmarva Power.In West Virginia, a similar warning was posted for Morgantown, Fairmont, Clarksburg, Elkins, Parkersburg, Sutton, Huntington, Charleston, Snowshoe, Beckley, Lewisburg, and Bluefield, primarily served by Appalachian Power and First Energy subsidiaries, Mon Power and Potomac Edison.The states of Delaware and New Jersey were placed under the same warning. Delmarva Power primarily serves Delaware, while FirstEnergy's Jersey Central Power & Light, Public Service Enterprise's (PEG) Electric and Gas Co., Exelon's Atlantic City Electric, and Consolidated Edison's (ED) Orange and Rockland serve New Jersey.The agency also issued a freeze warning for most of Pennsylvania, excluding Scranton. The state's main service providers are Duquesne Light, PPL's (PPL) Electric Utilities unit, UGI's (UGI) Utilities unit, Exelon's Peco, First Energy units, Penelec, Penn Power, West Penn Power, and Met-Ed.In Connecticut, Danbury, Stanford, Bridgeport, New Haven, Middletown, and New London were issued the same warning. Eversource Energy (ES), PPL's Rhode Island Energy, and Avangrid's (AGR) The United Illuminating Co. mainly serve these areas.New York's Middletown, Newburgh, Peekskill, Islip, Riverhead, and Montauk, were under the same warning. The cities' main service providers are Public Service Enterprise's Long Island unit, Consolidated Edison's Co. of New York and Orange and Rockland, and Avangrid units, Rochester Gas and Electric and New York State Electric & Gas.In Ohio, a similar warning was posted for Sandusky, Elyria, Cleveland, Ashtabula, Youngstown, Canton, New Philadelphia, Mansfield, Findlay, Zanesville, Columbus, New Lexington, and Jackson. The state's main electricity providers are AES' (AES) Ohio unit, American Electric Power's Ohio unit, Duke Energy, and First Energy subsidiaries, Ohio Edison, Toledo Edison and Illuminating Co.Kentucky's Morehead, West Liberty, Jackson, Pikeville, Hazard, Corbin, London, and Middlesboro were under the same warning. The cities' main service providers are American Electric Power's Kentucky Power and PPL's LG&E and KU Energy.North Carolina's Boone, Mount Airy, Winston-Salem, Roxboro, Henderson, and Roanoke Rapids, within Duke Energy's and Dominion Energy's service zones, were also issued a similar warning.The NWS issued a flood warning for areas near Washington's Winthrop, served by Puget Sound Energy, and near Texas' San Antonio and Karnes City, served by American Electric Power's Texas unit.A similar warning was posted for areas near Ohio's Defiance and cities close to Indiana's Fort Wayne, Angola, and Plymouth, mainly served by NiSource's (NI) Northern Indiana Public Service Co.The same warning was issued for parts of Illinois' Waukegan, Rockford, Freeport, Aurora, Dixon, Clinton, Ottawa, Peoria, Pekin, Canton, Havana, Carbondale, Quincy, Carlinville, and Chester. The main electricity providers in these areas are Ameren's (AEE) Illinois unit, Exelon's ComEd, and Berkshire Hathaway Energy's MidAmerican Energy.Missouri's Nevada, mainly served by Liberty, and areas near Iowa's Clinton, Davenport, Burlington, Iowa City, and Cedar Rapids, within the service area of Alliant Energy (LNT) and MidAmerican Energy, were placed under the same warning.In Michigan, areas under the same warning include parts of Petoskey, Rogers City, Traverse City, Houghton Lake, Cadillac, Manistee, Big Rapids, Muskegon, Grand Rapids, Saginaw, Ionia, Kalamazoo, Houghton, Marquette, Escanaba, Iron Mountain, and Menominee. The state is primarily served by CMS Energy's (CMS) Consumers Energy, Upper Peninsula Power, Xcel Energy, and WEC Energy (WEC) subsidiaries, Upper Michigan Energy Resources and We Energies.In Wisconsin, areas near Appleton, Wisconsin Dells, Prairie Du Chien, Beaver Dam, Milwaukee, Kenosha, and Janesville were issued a similar warning. The state's main electricity providers are Xcel Energy, Alliant Energy, MGE Energy's (MGEE) Madison Gas and Electric, and WEC Energy subsidiaries, Wisconsin Public Service and We Energies.

$AEE$AEP$AES$AGR$AQN$BKH$BRK.B$CMS$D$DUK$ED$EIX$ES$EXC$FE$LNT$MGEE$NEE$NI$PCG$PEG$PPL$UGI$WEC$XEL

Commodities18d ago

Ilos Projects Secures $529 Million to Accelerate European Solar Expansion

Independent power producer Ilos has upsized its credit facility to 450 million euros ($529 million) from 250 million euros with backing from EIG and La Caisse, it said on Monday.The flexible capital will fund the acquisition and construction of over 2 gigawatts of solar and battery storage capacity across Europe by 2028.The financing is earmarked for ready-to-build solar assets and battery storage in core markets, including the UK, Ireland, Italy, and Germany.

Commodities18d ago

Relaxing European Aviation Decarbonization Rules to Embed Long-Term Energy Insecurity, Says Think Tank

Europe should resist watering down its Emissions Trading Scheme and other initiatives to decarbonize aviation despite rising fuel costs as it would embed fossil fuels in the industry for longer, think tank Transport & Environment said on Tuesday.The researcher said that some industry players are lobbying against the Emissions Trading System and ReFuelEU initiatives in the wake of the Iran war to reduce costs they face from rising fuel prices.Transport & Environment argues that the schemes, however, are "essential blueprints" for achieving energy independence and security. "Weakening this legislation now would only deepen the sector's exposure to global oil shocks," it says.The EU imports about 95% of its crude oil and uses a combination of locally refined jet fuel and imported jet fuel, obtaining most of the latter from the Middle East.About 30% of all of the EU's jet fuel supply whether refined or in crude form, transits the now-closed Strait of Hormuz, the think-tank said.Airlines have been burdened by rerouting of flights to avoid insecure airspace and fuel shortages have led to a significant number of flight cancellations and higher fuel costs. SAF or sustainable aviation fuel prices are also surging, it noted.Transport & Environment says reducing flight volumes can significantly reduce the industry's "massive" contribution to global oil demand in the short term and it says SAF is "the strategic choice" for long-term energy security.Instead of watering down SAF mandates, Transport & Environment says these requirements should be reinforced to ensure Europe's energy independence in the longer term.

Commodities18d ago

US Wind Installations to Reach 11 GW in 2026, 48 GW Through 2030: Wood Mackenzie

US wind installations are set to surge in 2026, with 15.4 gigawatts of projects in the pipeline, and 11 GW in forecast installations, compared to 8.2 GW in 2025, according to a report by Wood Mackenzie.The report expects 48 GW in new wind capacity to come online through 2030, with 2026 set to be the strongest year for installations over the five years.According to Diego Espinosa, senior research analyst at Wood Mackenzie, "the US wind market has proven remarkably resilient through 2025 despite significant policy uncertainty."He attributed this to developers being able to continue securing tax credits under the One Big Beautiful Bill Act framework.Land-based wind is expected to drive most of the near-term additions, with about 24 GW being forecasted between 2026 and 2028, with most of this capacity, at about 84%, already in advanced stages, and including projects under construction.The report noted that regionally, growth is becoming more diversified, with the West expected to lead the way with 64% of new connections, while Texas is expected to regain the top spot in 2028.Offshore wind, too, is gaining traction, with faster-than-expected project execution, resulting in 6 GW in capacity coming online by 2027.Wood Mackenzie listed federal policy volatility and permitting delays as key risks for the industry, which continues to weigh on investor confidence.The report highlighted reviews by the Federal Aviation Administration and the Department of Defense as the biggest constraints, with backlogs rising from the five-fold in 2025, to 5,000 units.Besides this, elevated cost pressures have emerged as a key constraint for the industry, with turbine prices now 22% higher compared to 2022, and another 5% increase expected through 2029, owing to the tariffs.However, strong fundamentals continue to support the long-term outlook, with 183 GW of large-load capacity tied to construction or long-term supply agreements, according to Wood Mackenzie estimates."Despite current headwinds, the fundamentals supporting US wind growth remain compelling," Espinosa said, citing rising electricity demand, competitive economics and federal tax credit support.

Commodities18d ago

Asia Biofuels Update: Malaysian Palm Oil Tracks Stronger Rival Oil

Malaysian palm oil futures inched up on Monday, as rival soybean oil on the Chicago and Dalian exchanges rose, despite weakening exports.The Bursa Malaysia Derivatives' May crude palm oil contract climbed 1.66% to 4,529 Malaysian ringgit ($1,144.84) per metric ton. The June contract gained 1.74% to 4,565 ringgit/mt.Cargo surveyors reportedly estimated a 25.6% to 25.8% month-over-month drop in Malaysian shipments for the first 20 days of April, according to Phillip Capital and Trading Economics.An analysis by price reporting agency Fastmarkets showed that Malaysia's exports to most regional destinations fell in the first half of April, with the largest drop recorded for Middle Eastern shipments, due to a recent surge in product cost and freight rates.For the April 1-15 period, exports fell from a month earlier by 324,724 metric tons to 580,018 mt, primarily due to a 114,650 mt decline in shipments to the Middle East, based on Intertek Testing Services data, cited by the agency.Flow to India reportedly reduced to 102,300 mt from 150,600 mt, while cargoes to China decreased to 54,760 mt from 67,550 mt.India's purchases may rebound ahead of a seasonal demand, but China's imports may remain under pressure due to negative economics.In China, "domestic imports margins remained deeply inverted, leading to few vessel purchases and even two cancellations, but port inventories remained high," Chinese price reporting agency MySteel said.Palm oil market fundamentals have softened overall, with declining exports and rising output creating a "strong supply, weak demand" pattern, MySteel said.The expected rise in Malaysian output following a seasonal low in Q1 could limit the drawdown in domestic stocks, according to Fastmarkets.Nonetheless, palm oil may remain supported if crude oil prices continue to strengthen, boosting biofuel demand.Indonesia is set to expand its biodiesel program to 50% from the current 40% beginning July 1, while Malaysia is working to raise its mandate to 12% and 15% from the current 10%, although timeline has yet to be determined.

Commodities18d ago

Market Mechanisms Amplify Some European Power Price Increases as Gas Prices Surge, Says IEEFA

Increases in price on Europe's benchmark Title Transfer Facility, or TTF, gas trading hub have sharply increased day-ahead prices for electricity in Italy and Germany, an economic vulnerability of continued reliance on gas, the Institute for Energy Economics and Financial Analysis said on Monday.This reflects how frequently gas sets the marginal price in these markets and thereby amplifies the transmission of gas price shocks into power prices, IEEFA said, in a market where marginal prices determine prices overall.In simpler terms, it is the price of the last units of gas to be contracted, beyond base load, that sets the price for all contributors to the power supply. When this is gas and gas has surged in price, the impact ripples across the price of power from the other sources, amplifying power price increases overall.This happens even when gas is not the dominant source of power generation in a grid.TTF front-month gas prices have fluctuated in recent months between 20-30 euros ($23.55-$35.33) per megawatt hour (MWh) to 60-70 euros per MWh during times of geopolitical tension such as the Middle East conflict now.That has translated into day-ahead electricity prices of 120-150 euros or more in Italy and Germany while they remain between 60 and 80 euros per MWh in France.IEEFA said that gas-fired generation now produces about one fifth of all EU electricity, falling from about 25% before the 2022 energy crisis. While gas now has a smaller role, its influence over power prices has not diminished.IEEFA explained that under the "merit order system", the lowest marginal cost generation sources, nuclear, hydro, wind and solar are contracted for supply first and gas is deprioritized over its higher cost.Usually in the EU, gas only sets the marginal price for several hundred hours per year, usually when renewables output is lower. In Italy and Germany, there is a much stronger connection between gas and electricity prices than in France or Iberia, IEEFA said, and power prices tend to be much higher as a result.This happens despite interconnection between European power markets. In France, gas sets the overall price of power less frequently given its large nuclear fleet. In Spain and Portugal, renewables now produce more than half of their power, limiting the influence of gas on power prices.Gas accounts for about half of all power generated in Italy while gas and coal have a balancing role in Germany, compensating for dips in renewables output.IEEFA said that this market design is generally efficient and is not necessarily flawed but said the issue lies in structural reliance on gas, which it concludes only renewables and the necessary upgrades to transmission and distribution, including through battery storage and pumped hydro, can resolve.

Commodities19d ago

Update: Market Chatter: Trump Rejects US Energy Secretary's Gas Price Outlook

(Updates with White House response in paragraphs 10-12.)US President Donald Trump said gasoline prices near $4 per gallon could fall quickly, rejecting forecasts that they may stay above $3/gal until next year, The Hill reported on Monday.Trump reportedly said he disagrees with Energy Secretary Chris Wright's view that prices may not drop below $3/gal until 2027, calling the assessment "totally wrong."Trump added fuel prices would decline "as soon as this ends," pointing to the Iran conflict, the report added.Wright told CNN on Sunday that prices could remain above $3/gal into next year due to shipping disruptions in the Strait of Hormuz, according to the report.Wright said fuel prices may have already reached their peak and are expected to ease, adding that a resolution to the conflict would broadly reduce energy costs.Treasury Secretary Scott Bessent last week said gasoline prices could fall back to the $3/gal range as early as this summer.Global oil markets have been unsettled by Iran-linked shipping constraints, pushing US gasoline prices above $4/gal for the first time since 2022, the report added, citing data from the American Automobile Association.The US has imposed a blockade on Iranian ports, with Trump saying in the interview that the measure is highly effective and costing Iran about $500 million per day.Diplomatic efforts remain uncertain, with Vice President JD Vance set to lead talks in Pakistan, while Iran said no decision has been made on joining negotiations, the report noted.In response to' request for comment, the White House said energy prices are expected to drop once traffic resumes through the Strait of Hormuz."President Trump brought oil and gas prices down to multi-year lows at record speed, and as traffic in the Strait of Hormuz normalizes, these energy prices will plummet once again," Taylor Rogers, White House spokeswoman, toldin an emailed response.Rogers said Trump has described these fluctuations as "short-term, temporary disruptions" and has said that they would be resolved through the military effort in Iran and ongoing peace negotiations.(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.)

Commodities19d ago

Phillips 66, Kinder Morgan Push Western Gateway Project to Supply West Coast Markets

Phillips 66 (PSX) and Kinder Morgan (KMI) said Monday they are advancing the Western Gateway Pipeline after securing shipper commitments, targeting refined product flows to western US markets.The companies said the project moved forward after a successful open season attracted sufficient long-term commitments, pending final agreements and board approvals.The Western Gateway Pipeline is planned to connect Midwest and Gulf Coast refineries into key markets in Phoenix and California, while also linking into Las Vegas through Kinder Morgan's California-Nevada Pipeline.The development combines a newly built line from Borger, Texas to Phoenix with the conversion of Kinder Morgan's Santa Fe Petroleum Pipeline between Colton and Phoenix, enabling products to move westward into California.Feedstock will originate from refinery networks connected at Borger, Texas, with Phillips 66's Gold Pipeline set to be reversed to redirect product flows toward Borger and supply the new system.Phillips 66 Chief Executive Officer Mark Lashier said strong customer participation highlights the project's role in meeting long-term fuel transport needs, adding it is expected to enhance supply flexibility and reliability across West Coast markets.Kinder Morgan Chief Executive Officer Kim Dang said the firm will use its existing pipeline network to support growth in Arizona and California, leveraging its footprint to deliver an efficient transport solution.

$KMI$PSX

Commodities19d ago

US Natural Gas Update: Prices Maintain Weather-related Gains in After-Hours Trade

US natural gas futures managed to keep some of the day's advances in after-hours trading on Monday, supported by colder weather forecasts and marking a fourth straight session of gains.Both the front-month Henry Hub contract and the continuous contract edged up 0.07% to $2.676 per million British thermal units.The front-month contract traded between $2.672 and $2.746 on Monday.Weather-driven demand expectations firmed after forecasts turned cooler. Weather Group projected below-average temperatures across the western US from Apr. 25-29 and in the eastern half of the country from Apr. 30 to May 4, according to Barchart. Energy Buyers Guide also pointed to a broadly cooler-than-normal pattern over the next two weeks, though it noted the anomalies are more likely to limit early-season cooling demand than significantly extend heating needs.On the supply side, US gas production averaged 109.1 billion cubic feet per day, up 2% year over year, Barchart reported, citing BNEF data. Demand was estimated at 72.8 Bcf/d, an increase of 13.2% from a year earlier, while LNG feedgas flows were pegged at 20.3 Bcf/d, up 3.8% from the prior week.Analysts at Gelber & Associates said geopolitical uncertainty, particularly around the Middle East and shipping risks through the Strait of Hormuz, has contributed to volatility in global gas markets, intermittently supporting Henry Hub prices despite weak underlying fundamentals."Still, the move higher is starting from a depressed base," the firm said, adding that the market continues to view gains as tactical rather than the beginning of a sustained rally, with the $3/MMBtu level remaining a key resistance point.

Commodities19d ago

Europe Gas Flows Rewired as Russian Supply Collapse Reshapes Market, OIES Says

European gas flows have shifted sharply since 2022, reshaping pricing and supply patterns as Russian pipeline volumes dropped, according to analysis by the Oxford Institute for Energy Studies.OIES said multiple shocks, including the Ukraine war and reduced Russian exports, have transformed Europe's gas market and made outcomes more uncertain.Long-term gas contracts have declined significantly, reducing stable transport bookings and altering traditional supply dynamics across European networks, OIES added.At the same time, LNG imports have risen sharply across Europe, with new terminals and expansions changing how gas enters and moves across the continent.Gas flow patterns in Europe have shifted dramatically, moving away from the traditional east-to-west routes toward a more flexible system driven by changing supply sources, OIES said.The network now operates on a radial model, with gas entering from northwest Europe and LNG terminals across the Baltics and Mediterranean, then moving inward toward central regions.The shift in European gas hub pricing reflects a steep decline in Russian pipeline supplies from their 2019 peak, with disruptions intensifying after 2022, according to OIES.Earlier signs of tightening emerged during the COVID-19 pandemic and into 2021, when Gazprom scaled back spot market sales, further reducing available supply and reshaping pricing dynamics.Russian pipeline gas supply dropped steeply after 2022, with volumes partly offset by lower demand and rising LNG imports, OIES added.Gas consumption in Europe fell from 491 billion cubic meters in 2021 to about 391 billion cubic meters in 2023, while LNG imports rose from 86 billion cubic meters in 2021 to 146 Bcm in 2023.The decline in Russian flows occurred in two phases, first in 2022 with Nord Stream disruptions and later in 2025 when transit via Ukraine ended, OIES added.Before 2022, Russian gas entering Germany via Nord Stream and Belarus was widely redistributed across Europe, supplying markets including Poland, the Netherlands, Belgium and France.Some volumes also moved south through Germany into the Czech Republic, where gas was either consumed locally or transported onward into neighboring countries, forming a key transit corridor.Gas reaching Slovakia was combined with supplies from Ukraine, with large volumes then routed to Austria, where part was used domestically and the rest re-exported further across Europe, OIES added.Austria acted as a major distribution hub, sending gas onward to Italy, Hungary, Slovenia and Croatia, supporting a complex regional network of interconnected flows, according to OIES.Between 2021 and 2023, these flows collapsed sharply, with northwest European supplies via Nord Stream and Belarus falling by 88 Bcm to zero, while Ukraine transit volumes also declined and ceased entirely by 2025.

Commodities19d ago

Market Chatter: Trump Rejects US Energy Secretary's Gas Price Outlook

US President Donald Trump said gasoline prices near $4 per gallon could fall quickly, rejecting forecasts that they may stay above $3/gal until next year, The Hill reported on Monday.Trump reportedly said he disagrees with Energy Secretary Chris Wright's view that prices may not drop below $3/gal until 2027, calling the assessment "totally wrong."Trump added fuel prices would decline "as soon as this ends," pointing to the Iran conflict, the report added.Wright told CNN on Sunday that prices could remain above $3/gal into next year due to shipping disruptions in the Strait of Hormuz, according to the report.Wright said fuel prices may have already reached their peak and are expected to ease, adding that a resolution to the conflict would broadly reduce energy costs.Treasury Secretary Scott Bessent last week said gasoline prices could fall back to the $3/gal range as early as this summer.Global oil markets have been unsettled by Iran-linked shipping constraints, pushing US gasoline prices above $4/gal for the first time since 2022, the report added, citing data from the American Automobile Association.The US has imposed a blockade on Iranian ports, with Trump saying in the interview that the measure is highly effective and costing Iran about $500 million per day.Diplomatic efforts remain uncertain, with Vice President JD Vance set to lead talks in Pakistan, while Iran said no decision has been made on joining negotiations, the report noted.The White House did not immediately respond to's 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.)

Commodities19d ago

US Ethanol Production Jumped in 2025; Biodiesel, Renewable Diesel Output Dropped, USDA Says

US biofuel makers produced more ethanol, less biodiesel, and renewable diesel in 2025, according to the US Department of Agriculture's Bioenergy Statistics Report released Wednesday.April's quarterly report showed that ethanol production in calendar year 2025 totaled 16.5 billion gallons, up from 16.2 billion gallons in 2024.For the 2025 calendar year, 5.4 million bushels of corn were used to produce the gasoline-blended product, below 5.5 million bushels in the 2024 calendar year.The fuel ethanol share of total corn use for the 2025/2026 marketing year was projected a 34%, below from 36% a year ago.Biodiesel production for the calendar year 2025 totaled 1.2 billion gallons, down from 1.7 billion gallons in 2024.From October to September, during the 2024/2025 marketing year, soybean oil production totaled 29.2 billion pounds, up from 27.09 billion pounds a year ago.The share of domestic soybean oil consumption used for biofuels between October and September dropped to 40% in the 2024/2025 marketing year compared with 46.8% in the previous marketing year.Renewable diesel production in the 2025/2026 marketing year through September reached 3.0 billion gallons, equal to the same timeframe in the 2024/2025 marketing year.Annual renewable diesel production totaled 3 billion gallons in 2025, down from 3.19 billion gallons in 2024.

Commodities19d ago

Golden Pass LNG Set for 1st Export as Tanker Reportedly Arrives in Texas

An LNG tanker has arrived at the Golden Pass export facility in Texas to load the plant's inaugural cargo of superchilled natural gas, marking a key milestone after construction delays, news outlets reported on Monday.The Al Qaiyyah LNG tanker, owned by QatarEnergy, reportedly docked at the terminal, according to ship-tracking data.Golden Pass did not immediately respond to a request for comment from.Golden Pass said on March 30 that it had produced its first liquefied natural gas. The first shipment is expected to be delivered to Italy, Reuters reported.QatarEnergy holds a 70% stake in the project, while Exxon Mobil (XOM) holds the remaining 30%.On Monday, the facility was processing about 400 million cubic feet of gas, roughly half the 800 MMcf/d of its first liquefaction train, according to data cited by media reports. Two additional trains remain under construction.Train 1 has a capacity of 6 million metric tons per year. Based on ownership stakes, QatarEnergy is expected to receive just over 4 million tons annually, while Exxon Mobil will take just under 2 million tons.A second LNG carrier, the HL Sea Eagle, chartered by Exxon Mobil, was in the Gulf of Mexico on Monday and appeared to be heading toward Golden Pass, indicating it could load a subsequent cargo.

$XOM

Commodities19d ago

Market Chatter: Russia Gas Pivot to China Comes With 38% Discount to European Prices

Russia is expected to sell gas to China at about 38% below European prices, Bloomberg reported on Monday, citing two people familiar with governmental forecasts.The pricing gap reflects Moscow's reduced leverage after losing most European buyers following the 2022 Ukraine invasion, the report said.Government forecasts indicate prices for China will average about $258.80 per 1,000 cubic meters this year, well below levels paid by remaining European buyers, the report said.Gas exports to China are projected to remain significantly discounted, with the gap narrowing but still above 27% by 2029, according to the sources.Data show Russia sold gas to China at about $248.7 per 1,000 cubic meters last year, again more than 38% below European prices, the report added, citing government data.Gazprom Chief Executive Officer Alexey Miller said pricing differences reflect shorter transport distances to Asian markets, the report added, citing Interfax.Most of Russia's gas trade with Europe collapsed after the 2022 Ukraine invasion, with only a few countries such as Hungary, Slovakia, Serbia and Turkey continuing to receive pipeline supplies, according to the report.Russia has increased gas shipments to China via the Power of Siberia pipeline, which reached its full capacity of 38 billion cubic meters in 2025, with deliveries slightly exceeding that level, according to Gazprom data cited in the report.Eastbound exports are expected to climb to about 52.5 billion cubic meters by 2029, supported by new deals and infrastructure expansion with China National Petroleum Corp., the report said.Meanwhile, pipeline gas shipments to Europe are forecast to fall to around 32 billion cubic meters annually by 2028-2029, down from 36 billion this year, the report added.Before the 2022 invasion, Gazprom supplied up to 200 billion cubic meters of gas annually to a range of European customers, the report said.has reached out to Gazprom 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.)

Commodities19d ago

Higher Crude Prices Could Unleash South American Output Surge, Rystad Energy Says

South America could unleash over 2 million barrels per day of new crude supply by the mid-2030s if prices hold near $100 per barrel, Rystad Energy strategists said in a note Monday, citing offshore developments in Brazil, Guyana, Suriname and a potential rebound in Venezuela.Rystad analysts said that the closure of the Strait of Hormuz has led to an upward revision of its 2026 Brent forecast to $89/bbl, up from $60/bbl in January, boosting government revenues across South America by an estimated $43 billion in 2026.Brazil's Petrobras (PBR) is set to benefit most, with revenues projected to rise to $13.1 billion under the new price outlook."South America is now positioned as the world's most consequential source of incremental supply," Radhika Bansal, senior vice president for oil and gas research at Rystad, said, adding that the region offers scale, geologic quality and relative political stability.Fast tracked offshore projects in Brazil, Guyana and Suriname could add over 1 million barrels of oil equivalent per day over the next decade, supported by about $33 billion in additional greenfield investment through 2035.ExxonMobil's (XOM) Yellowtail development in Guyana, which started up at 250,000 b/d, is targeting 300,000 b/d. Rystad said similar debottlenecking could unlock 80,000-90,000 b/d across the Errea Wittu, Jaguar and Hammerhead fields.The largest upside, however, lies in accelerating final investment decisions on new projects. Limited global shipyard capacity for new floating production, storage, and offloading vessels remains the main bottleneck.Meanwhile, Venezuela could add 910,000 b/d by 2035 under a $100 oil scenario, Rystad said, with 57% of the increase coming from existing fields in the East and West.The consultancy said global oil firms are cautiously returning. ExxonMobil, whose CEO labeled Venezuela "uninvestable" in January, has since dispatched technical teams to evaluate opportunities.Shell also signed preliminary agreements with Venezuelan state-owned energy firm PDVSA in March covering offshore gas and onshore exploration.Rystad said upside could grow if more companies follow Chevron (CVX), Eni (E), Repsol and Shell (SHEL) in partnering with PDVSA to revive underdeveloped fields.Argentina's Vaca Muerta shale formation is also expected to drive long-term growth, with production forecast to rise from about 600,000 b/d currently to 1 million b/d by the end of the decade, and potentially 1.8 million b/d by 2035.Export growth would be constrained by the capacity of the Vaca Muerta Oil Sur pipeline, which Rystad identified as a potential bottleneck.Rystad analysts said the pace of South American supply growth will depend less on resource availability and more on execution capacity, infrastructure constraints and regulatory frameworks."Countries that provide clear fiscal and regulatory frameworks are better positioned to accelerate project sanctions and capture the upside from higher prices," Bansal said.

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Commodities18d ago

NWS Warns Pacific Storm to Impact West Coast, Sierra-Nevada

$AEE$AEP$AES$AGR$AQN$BKH$BRK.B$CMS$D$DUK$ED$EIX$ES$EXC$FE$LNT$MGEE$NEE$NI$PCG$PEG$PPL$UGI$WEC$XEL