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Market Chatter: Italy Resumes Excise Duty Cut After Energy Cost Protests

Italy has restored a cut on excise duty applied to diesel against a backdrop of protests over rising energy costs and despite concerns over the affordability of the measure for the public purse, Reuters reported on Monday.Italian Finance Minister Giancarlo Giorgetti told reporters the government had adopted a decree cutting diesel prices by 0.17 euros ($0.19) per liter through Aug. 6, with an estimated cost of 125 million euros in lost tax revenue. There would be separate cuts for haulers and farmers.He said that the government may decide on further measures at a cabinet meeting on Aug. 4. Italy and Germany are among the worst hit in Europe due to the combination of large industrial sectors and heavy reliance on fossil fuels in both.Italy has already spent about 2 billion euros on excise cuts since they were first introduced in March at the outset of the Middle East conflict, the article said, drawing criticism from the European Commission and the International Monetary Fund.(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.)

Commodities17d ago

German Companies Mull Relocation Over Energy Costs, Industry Survey Shows

Germany's Chamber of Commerce and Industry has said high energy costs in the country, driven up in part by a transition to low and zero carbon sources, is pushing industry to "breaking point" and prompting some to relocate abroad, according to a survey of 3,100 companies it published on Monday.The chamber, known in Germany as the DIHK, says the situation has now been exacerbated by global crises that have compounded increases in energy costs."The consequences are declining competitiveness, postponed investments, and the relocation of production capacities abroad," DIHK President Peter Adrian said.More than 40% of companies surveyed said their competitiveness had been reduced by the costs of Germany's energy transition. In the industrial sector, this was the view of two thirds of respondents.The report said that Germany is "losing businesses and investments" as a result, with some companies postponing planned investments or spending less on research and development.The survey showed that one in five German companies are considering or are making plans for a move abroad. Among industrial respondents, this figure is 40% and it is about 60% for large industrial enterprises.The report did not say whether this referred to partial or full relocation of their business operations.The DIHK called for energy markets led by market forces and more competitively-priced energy supplies and for lower taxes and charges on energy supplies.

Commodities17d ago

Asia Biofuels Update: Palm Oil Extends Downward Trajectory as Crude Oil Drops

Malaysian palm oil futures slipped further on Tuesday as crude oil and rival soybean oil continued to decline, although losses were limited as exports grew based on preliminary estimates.The Bursa Malaysia Derivatives' August crude palm oil contract edged lower by 0.77% to 4,516 Malaysian ringgit ($1,105.37) per metric ton. The September contract dipped 0.86% to 4,590 ringgit/mt.Biofuel competitiveness has dampened following sharp declines in crude oil prices as tensions between the US and Iran eased.Nonetheless, Malaysian exports remained resilient, with cargo surveyors reportedly estimating July 1-25 shipments to have risen between 8.1% and 15.9% from a month earlier. If sustained throughout the month of July, exports will continue its growth following a 6.2% month over month rise in June.A weakening in the local currency has also supported exports by making them cheaper to foreign buyers. Malaysian ringgit eased against the US dollar by almost 3% in June and is on track for another monthly loss in July.Near-term fundamentals, however, remain loose as high inventories in producing regions persist.In the long term, market environment is expected to strengthen amid potential output cuts driven by the El Nino weather phenomenon, which is forecasted to peak between October 2026 and January 2027.The Malaysian Palm Oil Board, as cited by Focus Malaysia, projects fresh fruit bunch yields to drop by 10% to 14% in the first year, and by a further 3% to 4% in the following years, if dry weather conditions persist.MPOB reportedly projects Malaysian palm oil yields to decline 2% to 4% year over year in 2026, while prices could average from 4,300 ringgit/mt to 4,500 ringgit/mt. In the short term, it expects prices to remain above 4,000 ringgit/mt.Price reporting agency MySteel said that "the market is likely to see weak rangebound trading under the pressure of sluggish domestic spot demand and long-position liquidation, maintaining a pattern of near-term weakness and far-term strength," but downside will be limited due to expectations of lower output.

Commodities17d ago

Australian, Western Australian Governments Launch AU$4 Million Pre-feasibility Study for Building New Oil Refinery

The governments of Australia and Western Australia will conduct a jointly funded AU$4 million pre-feasibility study for a new large-scale oil refinery in the state, to be built by Perdaman, according to a Tuesday statement.The proposed refinery is expected to create thousands of jobs, boost the local economy, and help secure diesel for regional communities in Western Australia.This is the first agreement to be signed as part of the Australian government's AU$10 million support for feasibility studies into furthering fuel refining capabilities, as it seeks to retain current refining capability in the decade beyond 2030, per the statement.Australia currently has two oil refineries: in Brisbane, Queensland and in Geelong, Victoria.

ASX 200

Commodities17d ago

Moody's Raises JSW Steel Issuer Rating to Baa3, Assigns Stable Outlook

Moody's Ratings upgraded JSW Steel's (BOM:500228, NSE:JSWSTEEL) long-term issuer rating to Baa3 from Ba1 and assigned a stable outlook, according to a Monday press release.The ratings agency cited the company's stronger credit profile following debt reduction and its position as India's largest steel producer with cost-competitive operations.The ratings agency also upgraded JSW Steel's senior unsecured ratings to Baa3 from Ba1 and withdrew its Ba1 corporate family rating.Moody's expects JSW Steel's debt-to-EBITDA ratio to improve to 2.0x to 2.5x over the next 12 to 18 months from 3.4x in fiscal 2025-26, supported by debt repayment using proceeds from the sale of a 50% stake in Bhushan Power & Steel.The agency said the stable outlook reflects expectations that the company will continue to grow earnings while maintaining financial discipline as it expands capacity to meet rising steel demand in India.

BOM:500228NSE:JSWSTEEL

Commodities17d ago

PJM Board Orders Reliability Measures as Power Demand Accelerates

PJM will file two proposals with the Federal Energy Regulatory Commission as it expects large electricity loads to increase by 70 gigawatts by 2038, the grid operator said Monday.The proposals would establish a Reliability Backstop Procurement to attract new generation and an Interim Resource Adequacy Service to support large load growth while protecting reliability during periods of capacity shortages.PJM expects new large loads to increase by 70 GW by 2038, while 15 GW of generation has retired since 2022. The 2028/2029 capacity auction also ended 6,831 megawatts below the system's reliability requirement for the grid serving 67 million people.The board said the region needs additional power supplies without placing unnecessary cost burdens on consumers."The present trajectory of rapid load growth, tightening supply and rising capacity costs is not sustainable," the board said, adding that the "region needs substantial new investment in supply, and the central affordability question is how the costs of that investment should be allocated."PJM launched a bilateral contracting process with a June 9 request for proposals and expects the first buyer-seller matches in August. The process will continue into early next year and reduce the amount of new generation PJM needs to procure.The grid operator plans a one-time Reliability Backstop Procurement from Sept. 30 through Oct. 21, with results expected in early December.Winning projects can secure commitments of up to 15 years, while accepted offers will face a $555/MW-day cost cap, according to PJM.Eligible resources include new generation that adds new installed capacity and maximum facility output, qualifying Capacity Interconnection Rights created or transferred from units deactivated after April 10, 2026, and resources that failed to secure commitments in the 2028/2029 auction.The proposal also covers new annual demand response and distributed energy resources, provided aggregators demonstrate qualifying sites and contracts for the full 15-year commitment. Eligible projects must begin operating by June 1, 2032.Resource developers will pay for transmission network upgrades and include those costs in their offers.PJM will allocate procurement costs to Load Serving Entities in affected areas, while state regulators will determine how those costs apply across customer classes.The board also instructed PJM to exclude incremental new large loads from future Reliability Pricing Model auctions beginning with the 2029/2030 delivery year.The move aims to prevent existing customers from absorbing higher capacity costs created by new demand.PJM will create a Large Load Registry for customers with at least 50 MW of peak demand at one site or connected sites within a one-mile radius. The registry will improve load forecasts and transparency while protecting confidential information.Under the proposed Interim Resource Adequacy Service, new large loads without dedicated generation by June 1, 2027, or other secured supply will reduce demand before broader emergency load management measures begin during capacity shortages.PJM said the proposed cost allocation framework follows Ratepayer Protection principles supported by data centers, the White House and PJM governors.The board added that states will play a key role in assigning retail costs because PJM cannot allocate them directly to individual data centers.

Commodities17d ago

US Natural Gas Update: Futures slump on Weakened Cooling Demand Forecasts

US natural gas futures extended losses in after-hours trading on Monday, with the front-month contract price falling as forecasts for cooler early-August weather combined with strong domestic production to reinforce expectations of a well-supplied market.The Henry Hub front-month contract fell 4.60% to $2.739 per million British thermal units, while the continuous contract lost 4.05% to $2.771/MMBtu.The Energy Buyers' Guide said the August NYMEX contract fell 10 cents to settle at $2.77/MMBtu with two trading sessions remaining before expiration, adding that the decline broke the sideways trading range that had persisted since early July and sent the prompt-month contract to its lowest level since 2021.Weather was the dominant bearish catalyst. The Commodity Weather Group forecast normal to below-normal temperatures across the central and eastern US for Aug. 1-5, reducing expected air-conditioning demand during a period that typically drives peak natural gas consumption.Aegis Hedging said Criterion data showed the Lower 48 cooled by 14 degrees Fahrenheit over the weekend, with the sharpest declines in the Northeast and Midwest, where temperatures in the one-to-five-day outlook fell by more than 17 degrees Fahrenheit.Current total demand for natural gas stood at 81.4 Bcf/d, up 2.7% year over year, Barchart, citing BNEF data, said.The weaker demand outlook comes as production remains elevated. Lower-48 dry gas production averaged 113.1 Bcf/d on Monday, up 3.7% from a year earlier.Feedgas flows to US LNG export terminals reached 18.1 Bcf/d, up 2.4% from the previous week, but under full capacity, as Freeport LNG undergoes maintenance expected to wind up in late August.

Commodities17d ago

Noble Q2 Floater Utilization Falls, Wins $200 Million in New Contracts

Houston-based offshore drilling contractor Noble Corp. said its fleet of 24 marketed floaters was 61% contracted in Q2 2026, down from 68% in Q1, though recent contract awards added about 16 months of new floater backlog and leading-edge dayrates for Tier-1 drillships increased to the mid-$400,000s.Utilization of Noble's five marketed ultra-harsh environment jackups rose to 80% in Q2 from 66% in the prior quarter.The company said it secured approximately $200 million in new Q2 contracts, including a six-well award for the Noble Viking in the Asia-Pacific region that is scheduled to begin in early 2028 and last about 300 days.The Noble Claus Bachmann was also awarded a three-well contract with BP (BP) in the UK North Sea that is expected to begin in March 2027 and run for 150 to 210 days at a day rate of $320,000, plus a $5 million mobilization fee.The rig's previously announced three-year campaign with Aker BP will now begin immediately after completion of the BP contract.Noble said its backlog stood at $6.8 billion as of July 27, excluding mobilization and demobilization revenue.Chief Executive Robert Eifler said that while the company faces some near-term revenue headwinds, the market outlook remains promising for 2027 and beyond in both the deepwater and harsh-environment segments, as reflected by recent contract awards at higher dayrates.

$BP$NE

Commodities17d ago

EPA Says New Guidance Clears Path for Islanded Data Center Power Projects

The US Environmental Protection Agency issued guidance that exempts certain off-grid power facilities for data centers from the Acid Rain Program, the agency said Monday.The guidance states that the Clean Air Act's Acid Rain Program does not apply to "islanded" power generation facilities that operate without connecting to the public electricity grid.EPA said the change will give developers more flexibility to build data centers faster while easing pressure on local power grids.EPA added the clarification supports President Trump's Ratepayer Protection Pledge, which asks companies to generate, secure or purchase all the energy needed to run their facilities and cover the full cost of that power and related infrastructure.The agency expanded the pledge last week to include electric utilities that set rates, developers that build facilities and states that regulate both, aiming to shield households from higher electricity costs.EPA said the Acid Rain Program covers power plants that sell electricity or report as generating units to the US Department of Energy. As islanded facilities do neither, the agency said the program does not apply to them.The guidance also says an islanded facility could become subject to the Acid Rain Program if it later connects to the public electricity grid.The policy will support faster data center development, reduce burdens on community electricity systems and continue protecting the environment, while aligning with the administration's broader energy and infrastructure goals."Ensuring that the United States maintains our artificial intelligence dominance is essential to national security and economic prosperity. At the same time, it is equally important that we safeguard our communities from utility price hikes," said EPA Assistant Administrator for Air and Radiation Aaron Szabo.

Commodities17d ago

Ukraine Broadens Strikes on Russian Energy Infrastructure, Raising Market Risks, Kpler Says

Ukraine has expanded its long-range strike campaign beyond Russian oil refineries to target export terminals, ports, commercial shipping and maritime logistics, Kpler strategists said in a note on Monday.The move signals a shift toward disrupting the infrastructure that generates and transports Russia's energy revenues, according to Kpler.The campaign, initially focused on refining capacity, has evolved into a broader effort aimed at the commercial networks linking Russian oil production to global markets.Recent strikes have increasingly targeted export infrastructure and transport corridors alongside processing assets, reflecting Kyiv's strategy of weakening the energy system that underpins Russia's wartime economy.The widening geographic scope is also notable. Infrastructure once considered beyond the reach of Ukrainian strikes has become increasingly vulnerable.The attack on Russia's 440,000 barrels per day Omsk refinery, roughly 2,500 kilometers from Ukrainian-controlled territory, underscored Kyiv's expanding operational reach and demonstrated that strategic energy assets deep inside Russia are no longer immune.Ukraine has also extended operations from the Sea of Azov into the Black Sea, increasing pressure on maritime logistics supporting Russian crude and refined product exports.Attacks on ferries, tankers and transport infrastructure, along with disruptions affecting regional shipping corridors, indicate that export logistics are becoming as prominent a target as refining capacity.The campaign's expansion also increases risks for internationally shared infrastructure. The Caspian Pipeline Consortium, Kazakhstan's primary crude export route, terminates at Russia's Black Sea port of Novorossiysk.Although CPC exports predominantly Kazakh crude, its reliance on Russian territory highlights how attacks on Russian export infrastructure could affect third-country producers and international investors.For energy markets, the implications extend beyond Russia. The country remains one of the world's largest exporters of diesel, gasoil and crude oil.Further disruptions to refining capacity, export terminals or maritime logistics could tighten global fuel supplies at a time when shipping risks remain elevated in the Strait of Hormuz and the Bab el-Mandeb, while refining margins are already supported by limited spare capacity.As Ukraine's campaign increasingly targets commercial energy infrastructure rather than military assets, Kpler said the US increasingly faces a choice between sustaining pressure on Russian energy revenues and limiting disruption to global oil and refined products markets.

Commodities17d ago

Natural Gas, Crude Slide as US-Iran Tensions Ease, Markets Eye Weather, EBW Says

Global energy markets are retreating from recent geopolitical peaks, with natural gas slipping toward support levels and crude pulling back from multi-week highs following signs of de-escalation between the US and Iran, EBW Analytics Group strategists said in a note Monday.US benchmark WTI crude retreated after climbing as high as $93.50 per barrel last week during nearly two weeks of US military strikes against Iran, when investors priced in risks to global oil supplies from the Strait of Hormuz, the Bab al-Mandeb Strait and the Black Sea.EBW analysts said that the retreat followed reports that President Trump had paused direct military attacks and that Iran was signaling a willingness to reciprocate, easing immediate concerns over disruptions to Middle East oil exports.The analysts said the market could return to an oversupplied balance if hostilities continue to ease, though risks remain elevated given the potential for the conflict to broaden."Oil remains likely to return to oversupply if conflict can be subdued, but risks of a widening war suggest near-term upside risks are not over yet," the consultancy said in a note.On US natural gas, the August NYMEX contract briefly rallied to an intraday high of $2.99 per million British thermal units before reversing lower after another larger-than-expected weekly storage build reinforced concerns about ample supplies.Prices fell to as low as $2.82 in Sunday evening trade as forecasts pointed to weaker weather-driven demand through the end of July and early August, increasing pressure ahead of the August contract's expiry.EBW analysts said softer temperatures, combined with continued weakness in LNG feedgas demand, could trigger another test of support in the near term.LNG feedgas demand has recovered to above 18 billion cubic feet per day, reaching a two-week high as facilities outside Freeport LNG increased intake and Corpus Christi's Train 7 ramped up. However, the analysts said a stronger recovery may be delayed until Freeport fully resumes operations later in August.Simultaneously, US dry gas production has struggled to exceed levels reached in early April, helping to prevent a steeper decline in futures despite bearish demand fundamentals.EBW analysts also said that new pipeline capacity, including the Hugh Brinson and Blackcomb projects, is projected to support continued growth in Permian Basin associated gas production, reinforcing expectations for higher supply over the medium term.On the power market front, record electricity demand in Texas driven by extreme heat pushed ERCOT to consecutive peak-load records last week. However, abundant wind generation, rising solar output and expanding battery storage limited the impact on wholesale electricity prices.Power-sector natural gas demand is projected to ease early this week as cooler weather across the eastern US reduces air-conditioning demand, offsetting continued heat across Texas.

Commodities17d ago

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

$AESI$BKR$COP$CRGY$DVN$EOG$EXE$HAL$HP$LBRT$NBR$NOV$OXY$PTEN$SLB$XOM

Commodities17d ago

US Biofuels Update: US Strike Delays on Iran Plunged Soybean, Soybean Oil Futures

Biofuels feedstock futures closed sharply lower on Monday, pressured by easing tensions in the Middle East that sparked liquidation in the soybean market.The Chicago Board of Trade August soybean futures contract closed 3.35% lower at $12.06 1/4 per bushel, while the CBOT August soybean oil futures contract settled 3.98% lower at 71.37 cents per pound.The Nymex August ethanol futures contract settled 0.52% higher on Friday at $1.94 per gallon.Rhett Montgomery, a DTN analyst, said corn and soybeans were pressured by what began as an energy-inspired bout of profit-taking that quickly snowballed into a larger liquidation event."Given the nature of weather and geopolitical rallies to be very volatile and quick to change, traders are displaying heightened caution of being caught on the wrong side of long positions during a time of the year where crop prices tend to move lower," Montgomery said.On Monday, China bought 132,000 metric tons of US soybeans for delivery during the 2026/2027 marketing year. An unknown buyer picked up 126,000 metric tons for delivery during the 2026/2027 marketing year, the US Department of Agriculture reported.USDA's Weekly Export Inspection Report on Monday showed that soybean bookings totaled 12.8 million bushels for the week ending July 23. Total inspections for 2025-26 are now at 1.433 billion bushels, down 17% from the previous year.USDA is estimating soybean exports to total 1.520 bb in 2025-26, down 20% from the previous year. Soybean inspections are running ahead of USDA's estimated pace at a time when USDA's estimate of soybean ending stocks is 13% larger than the previous five-year average.

Commodities17d ago

US Crude Inventories Seen Falling as Exports Rise, SPR Draw Slow, Macquarie Says

Weekly US crude inventory data from the Energy Information Administration is forecast to show a 6.1-million-barrel draw for the week ending July 24, Macquarie strategists said in a weekly note on Monday, following a 2 million-barrel build the previous week.Crude runs are projected to edge higher to about 17.1 million b/d. Crude exports are projected to rise by 400,000 b/d, while imports are projected to decrease by 200,000 b/d."Timing of cargoes remains a source of potential volatility in the weekly crude balance," Macquarie strategists said.Macquarie projected that domestic supply, which includes production, adjustments, and transfers, rose by 200,000 b/d for the week ended July 24, while stocks in the Strategic Petroleum Reserve dropped by 3.7 million bbls.On the products front, gasoline inventories are forecast to rise by 300,000 b/d, while distillate stocks and jet fuel inventories rose by 500,000 b/d and 100,000 b/d, respectively.Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.5 mmb/d.

Commodities17d ago

Renewable Fuel Stocks Fall 5.8%, RNG Firms Lead Sector Lower, TPH Energy Says

Renewable fuel equities dropped 5.8% last week, trailing the S&P 500's 0.6% decline, even as crude oil prices moved higher, according to TPH Energy Research in a Monday note.Renewable natural gas stocks led the sector lower, with OPAL Fuels (OPAL) falling 12.6% and Clean Energy Fuels (CLNE) declining 14.7%. TPH Energy also lowered its Q2 outlook for OPAL.Neste lost 2.6% after posting Q2 results that broadly matched market expectations, while Bunge (BG) gained 2% to outperform the renewable fuels group, according to the note.Renewable diesel margins moved in different directions as higher diesel prices offset weaker Renewable Identification Number values. Lower feedstock costs lifted renewable diesel tallow margins by 64 cents per gallon, while corn oil and used cooking oil margins fell 12 cents/gal and 6 cents/gal, respectively.RNG indicators declined by $1 per million British thermal units as weaker D3 RIN prices weighed on the market. Midwest ethanol margins also slipped 4 cents/gal because corn costs increased, the note said.Soybean crushing economics changed little over the week as stronger soybean oil prices balanced higher soybean costs, leaving overall crush margins largely unchanged, according to the note.Notable developments over the last week included US lawmakers introducing legislation to broaden the definition of renewable biomass to include woody materials.Separately, Louis Dreyfus doubled the capacity of its canola crushing plant in Yorkton, Saskatchewan, the note said.Paraguay lowered its biodiesel blending mandate back to 7% from 8% only four days after raising it, while a new 25% tariff took effect on Brazilian tallow exports.Attention now shifts to second-quarter earnings from Bunge and Darling Ingredients (DAR) this week, TPH added.Price: $2.23, Change: $+0.02, Percent Change: +0.68%

$BG$CLNE$DAR$OPAL

Commodities17d ago

US Natural Gas Update: Futures Fall as Supply Builds, Demand Softens

US natural gas futures extended losses in midday trading Monday as rising supply and easing demand weighed on prices, with milder temperatures across parts of the Midwest and East reducing near-term consumption expectations.The Henry Hub front-month contract and continuous futures contracts fell 3.90% to $2.759 per million British thermal units, while the continuous contract dropped 3.70% to $2.781/MMBtu.Prices slid on Monday to the lowest levels since May, tracking declines across global energy markets as Middle East hostilities paused. Trading Economics said.Prices also came under pressure from comfortable domestic supply conditions, with US Energy Information Administration data showing that natural gas inventories stood 6.4% above the five-year seasonal average as of July 17.Average natural gas production in the Lower 48 states rose to 110.4 billion cubic feet per day so far in July, compared with 110 Bcf/d in June, Trading Economics said.The market's decline was partially limited by forecasts for elevated demand in the coming week.NaturalGasWeather.com said most of the US is expected to experience very warm to hot conditions, with highs ranging from the upper 80s to the 100s degrees Fahrenheit and locally reaching the 110s.Cooler conditions are expected across parts of the Midwest, Great Lakes, and Northeast as weak weather systems bring showers and thunderstorms, according to the forecaster.Despite higher power-sector demand linked to warmer weather, Gelber & Associates said natural gas prices have shown a weaker response than in previous summers because increased output from wind, solar, and battery storage is absorbing more of the additional electricity load."That dynamic has allowed storage injections to remain larger than expected even during some of the hottest weather of the season," Gelber & Associates said.Celsius Energy reported that natural gas accounted for 44% of the US power generation mix during the week ended July 26, up 1.1 percentage points from a year earlier.It noted that solar, however, posted the largest gain in generation share, rising 1.1 percentage points to 8%, while coal recorded the biggest decline, falling 1.5 percentage points to 18%.LNG feedgas demand also eased, with natural gas flows to major export terminals averaging 17.2 Bcf/d so far this month, slightly below June's 17.4 Bcf/d average, Trading Economics said.The decline was partly attributed to scheduled maintenance at the Freeport LNG facility in Texas expected to wind up late next month.

Commodities17d ago

EMEA Natural Gas Update: Futures Plummet After Iran Strike Pause Eases Supply Risk Concerns

European natural gas futures fell sharply in after-hours trading Monday, retreating from a four-month high as markets reacted to a pause after nearly two weeks of US military strikes against Iran and a renewed focus on diplomacy.The front-month Dutch TTF contract dropped 8.934% to 57.895 ($65.90) per megawatt-hour, while the front-month UK NBP contract declined 9.344% to 139.710 pence ($1.86) per therm.US President Donald Trump has temporarily halted further military strikes against Iran, saying the pause would provide "space" for negotiations. Trump said the US remained engaged in talks with Tehran but warned that military action could resume if discussions failed.The market pullback came despite continued concerns over Europe's tight gas supply position. Gas storage levels across the region remained below historical norms, with inventories at 55.35% of capacity compared with 66.47% at the same time last year, according to Gas Infrastructure Europe. Stocks were also well below the five-year average of 71.2% for the period, data from the Swiss Federal Office of Energy showed.However, high prices contributed to reduced imports. LNG deliveries fell to their lowest weekly level since 2021, totaling 1.0 million metric tons across 22 cargoes, extending a weak summer demand trend, Vortexa said in a Monday note. The region's 28-day average LNG import rate was around 30% below year-earlier levels.However, it said shifting global price dynamics could attract additional LNG supplies later in the year. The Atlantic basin arbitrage has turned more favorable for Europe heading into the shoulder season and winter, potentially encouraging increased cargo flows from September onward.In the meantime, regional LNG arrivals remained uneven. France received no LNG cargoes during the week for the first time since March 2023, as prompt TTF prices traded above France's PEG hub, reducing incentives for deliveries. Belgium also recorded its first cargo-free week in a year. Germany bucked the broader trend, with LNG imports rising 10% above their four-week average.Italy's LNG imports held steady at 0.3 million metric tons despite a suspension of gas send-out operations at the Ravenna floating storage and regasification unit since July 19.European importers compete for cargoes with Asian buyers. The Asian price, Trading Economics said, rose 43% over the past month and is up by more than 85% over this time last year.Vortexa assessed Northwest European LNG prices at $20.30/MMBtu, while Trading Economics put the JKM price at $22/MMBtu.

Commodities17d ago

US Land Rig Activity Sends Mixed Signals as Enverus Count Falls, Baker Hughes Holds Steady, TPH Says

US land drilling activity showed mixed signals last week, with Enverus reporting an eight-rig decline to 616 rigs, while Baker Hughes (BKR) recorded no weekly change at 572 rigs, TPH Energy Research analyst Jeff LeBlanc said in a Monday note.Enverus' four-week average rose by one rig, compared with a three-rig increase for Baker Hughes.LeBlanc, citing Enverus data, said horizontal activity fell by six rigs, led by a four-rig decline among private operators and a two-rig drop among public producers.The Permian Basin recorded the largest regional decline, losing four rigs, with most reductions tied to structural changes and top-hole activity.The Bakken and Haynesville each added one rig, although the increases appeared linked to data volatility rather than underlying operational growth, LeBlanc said.Offshore activity in the Gulf of Mexico was unchanged at 15 floaters and three jackups. Canadian drilling activity rose by four rigs to 202, compared with 181 rigs operating a year earlier.Price: $60.63, Change: $+3.38, Percent Change: +5.90%

$BKR

Commodities17d ago

US Hybrid Sales Rise While Battery Electric Vehicle Demand Slows After Tax Credit Expiry, EIA Says

Hybrid electric vehicles lifted electric vehicle sales to 24% of new US light-duty vehicle purchases in the second quarter, while battery electric vehicle demand continued to weaken after tax credits expired, the US Energy Information Administration said Monday.Electric vehicles accounted for 24% of new light-duty vehicle sales in 2Q26, up from 22% a year earlier.Hybrid electric vehicles captured a record 16% market share, while battery electric vehicles slipped to 6% from 7% and plug-in hybrids fell to 1.4% from 1.9%, according to the EIA.The different technologies also affect energy demand differently. Battery electric and plug-in hybrid vehicles draw electricity from the grid, while hybrid electric vehicles rely only on liquid fuels and do not connect to the grid.Hybrid models also avoided the direct impact of the federal electric vehicle tax credit changes because they never qualified for the incentives that expired on Sept. 30, 2025, the agency said.The New Clean Vehicle Credit and the Qualified Commercial Clean Vehicle Credit both ended on Sept. 30, 2025. Battery electric vehicles reached a record 12% market share that month before demand began to retreat, EIA added.Battery electric vehicle sales fell for the first time in 2025, and the decline continued into 2026. Battery electric vehicles accounted for 6% of new light-duty vehicle sales in the first half of 2026, down from 7% a year earlier, EIA said.Luxury vehicles accounted for 12% of total US light-duty vehicle sales in Q2 of 2026, but battery electric vehicle demand also weakened in that segment. Battery electric vehicles represented 14% of luxury sales, down from 22% in Q2 of 2025.Despite recent sales gains, electric vehicles remain a small share of registered US light-duty vehicles. Battery electric and plug-in hybrid vehicles accounted for 2% of all registered US light-duty vehicles in 2024, according to the latest data available, EIA said.

Commodities17d ago

Market Chatter: Kazakhstan Slashes Oil Production Following Black Sea Terminal Disruption

Kazakhstan has slashed its oil output by over half of its daily average levels in June due to the shutdown of an important exporting terminal in Russia's Black Sea following drone strikes, Reuters reported Monday, citing an industry source.On Sunday, Kazakhstan's average output for oil and gas condensates fell to 133,200 metric tons, or around 1 million barrels per day, compared with 2.16 million b/d in June. The production cut reflects its over-dependence on Russia for exports and adds to concerns of supply shortages amid the ongoing Middle East crisis.Meanwhile, the country's energy ministry on Monday said the Caspian Pipeline Consortium pipeline loading operations have resumed after being suspended last week. The CPC pipeline carries over 80% of Kazakhstan's oil exports and is used by major international oil companies, including Chevron (CVX) and ExxonMobil (XOM).has reached out to the White House, Chevron, and the Kazakhstan Energy Ministry for 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.)Price: $191.83, Change: $-2.97, Percent Change: -1.52%

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Commodities17d ago