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Italy's Italgas H1 Gas Distribution Rises YoY

Italgas distributed 7.45 billion cubic meters of gas domestically in Italy and also in Greece in H1, a 32.2% increase from a year earlier, according to its H1 results on Monday.The figures came in higher despite a 2.2% shrinkage of the gas distribution network to about 153,000 kilometers, data showed.The company said its technical investments rose to 765.2 million euros ($871.05 million) in H1, up 54.6% from the same period of 2025, as allocations toward the distribution network increased with the acquisition of 2i Rete Gas.During the period, Italgas's energy consumption at a constant perimeter decreased year over year by 14.4% to 206.3 terajoules, driven by lower fossil fuel energy use by industry."The reduction is the result of the continuation of efficiency interventions on the Group's plants: replacement of natural gas preheating boilers, installation of gas preheating section optimization systems, management of pressure let-down energy recovery plants and digitalization of monitoring and control processes," the company said.Meanwhile, electricity consumption steadied year over year at around 33 TJ, according to Italgas.

Commodities18d ago

War Cover Withdrawal From Insurers to Force 30-Day Detour for Saudi Crude Tankers, Sparta Says

The reported withdrawal of war cover by major insurers for Saudi-linked vessels through the Bab el-Mandeb Strait amid the Houthis threat could force a 30-day detour for crude shipments from the kingdom, Sparta Commodities said in an update on Monday.According to a Financial Times report last week, major insurers have sharply cut premiums for upstream oil and gas insurance outside the Middle East, with some accepting rates below breakeven as they compete for business and anticipate stronger exploration activity beyond the region."In order to keep the oil flowing, Yanbu barrels would need to reroute north up the Red Sea," Sparta analyst June Goh said.If loaded on a very large crude carrier, the vessel would require a partial unloading at Ain Sukhna via the 2.5 million barrels per day Sumed pipeline, transit the Suez Canal at a reduced draft, and reload the remaining cargo at Sidi Kerir, Goh said.Another alternative would be to load crude from the Red Sea port of Yanbu on to Suezmaxes for transit through the Suez Canal and then opt for a ship-to-ship transfer north of Suez onto a VLCC if needed, the note said. "Thereafter the vessels will need to travel from the Mediterranean sea and detour round the Cape of Good Hope to get into Asia, which takes about 30 days more than the direct route, incur higher freight, working capital and handling costs," Goh said.The growing nervousness among Northeast Asian refiners due to the effective closure of the Strait of Hormuz and the rising Bab el-Mandeb security threats is highlighted by market speculation of South Korea leasing a VLCC from Sidi Kerir, Sparta said.While there appears to be ample supply of Western African crude with China staying away from purchases, its quality is not compatible for Korean and Japanese players, it added.A Saudi oil carrying supertanker and heading towards Asia crossed the Red Sea using the longer Suez Canal route amidst the Saudi threats, with another Asia-bound supertanker loaded with crude from Yanbu looks set to follow suit, Bloomberg reported Monday.Maritime traffic through the Bab el-Mandeb strait dipped, with only 11 commodity vessels transiting through the strait on Sunday to hit multi-month lows, Reuters reported Monday, citing Kpler's shipping data.Meanwhile, ship traffic through the Strait of Hormuz remained low too during the weekend, with the passage of less than 10 commodity vessels, the report said.

Commodities18d ago

Market Chatter: China Re-Exports First US LNG Cargo in Over a Year to Avoid Tariffs, Capture Price

The first US LNG shipment to China in over a year is being re-exported, as local companies look to profit from strong overseas markets while avoiding tariffs, according to a Bloomberg report citing people familiar with the matter.An LNG cargo that departed from Venture Global's (VG) Plaquemines facility in Louisiana was offloaded at the Yangpu port in southern China earlier this month, according to ship tracking data, where it is now being prepared for re-export, as the buyer looks to avoid the 25% tariff on imports into China.This signals that China is in no hurry to resume LNG imports from the US, even as Middle East supplies remain constrained amid the ongoing military conflict between the US and Iran.Meanwhile, the Asian giant has replaced US and Qatari flows with supplies from alternatives such as Canada and Oman over the past year.The LNG Professional Committee of the China Gas Association did not immediately respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$VG

Commodities18d ago

Biofuels Update: Major Feedstocks Drop as Crude Oil Plunges

Major biofuel feedstock futures fell on Monday after crude oil prices declined sharply with attacks between the US and Iran appearing to have slowed.The August soybean contract on the Chicago Board of Trade ended a three-session rally and dropped 2.70% to $12.14 per bushel in early trade. The August CBOT soybean oil contract dipped 2.06% to 72.80 cents per pound.Soybean futures have so far risen around 7% in July amid renewed US-Iran tensions, which buoyed crude oil prices and improved competitiveness of biofuels over fossil fuels, according to price reporting agency MySteel.Other positive market drivers include expectations that China would fulfil its pledge to purchase US soybeans, strong US export data, and forecasts of hot and dry weather in parts of US Midwest, according to price reporting agency MySteel.The market is optimistic about Chinese buying despite ample supplies of soybean oil in the country."...imported soybean arrivals (in China) remain elevated, crusher operating rates stay high, and soybean oil inventories are in a replenishment cycle, while terminal demand remains tepid," MySteel said.Despite today's price moderation, Chicago soybeans may reach $13 per bushel on supportive factors, after reaching the $12.50 mark last week, AgWeb reported, citing Brian Grete of Commstock Investments.In Asia, Malaysian palm oil futures retreated on Monday as traders took profits and as crude oil and soybean oil prices slipped.After prices reached their highest level since early April in the previous session, the Bursa Malaysia Derivatives' August crude palm oil contract fell 0.87% to 4,551 Malaysian ringgit ($1,113.94) per metric ton. The September contract dropped 1.00% to 4,630 ringgit/mt.Interband Group of Co. senior palm oil trader Jim Teh told Bernama that palm oil is expected to trade between 4,400 ringgit/mt and 4,500 ringgit/mt this week, as traders lock in gains following a recent rise in prices.High inventories in Malaysia and Indonesia will also reportedly pressure prices, despite presence of demand from importing regions, including India, China, Pakistan, the Middle East, the EU and the US.Purchases from top importer India are expected to rebound from July through October ahead of Diwali.Edible oil prices in the country are rising due to prospects of lower supplies from Indonesia following its expanded biofuel policy, Deccan Chronicle reported, citing the Reserve Bank of India.In China, several cargoes were recently booked as import margins remained positive despite elevated domestic inventories, MySteel said.During the July 1-25 period, cargo surveyor Intertek Testing Services, as cited by Trading Economics, reportedly estimated Malaysian shipments to have risen 15.9% from a month earlier.However, a strengthening local currency could dampen export competitiveness as it makes cargoes more expensive. The Malaysian ringgit firmed against the US dollar by 0.16% on Monday, extending last week's 0.08% rise.Going forward, RHB Investment Bank, as cited by Business Today, projects prices to hit another technical resistance point at 4,900 ringgit/mt after a recent improvement in supply and demand fundamentals resulted in a technical breakout at 4,700 ringgit/mt last week.Meanwhile, August ethanol prices on the NYMEX rose by a further 0.52% to about $1.95 per gallon on Friday.

Commodities18d ago

Baker Hughes Q2 Orders Climb YOY

Energy technology company Baker Hughes Monday said its total orders stood at $10.50 billion in Q2, a 49% jump from $7.03 billion a year earlier, as orders under the industrial and energy technology segment doubled.In the quarter ended June 30, IET orders surged year over year to $7.09 billion from $3.53 billion, led by the gas technology product line. Segment revenue steadied at $3.29 billion, data showed.Baker Hughes said the IET segment received several awards from companies, including Venture Global (VG), Cheniere Energy (LNG), Bechtel, Golar LNG (GLNG), Nigeria LNG, Dynamis Power Solutions, Kodiak Gas Services (KGS), and Saipem Nasser Saeed Al-Hajri Contracting.Meanwhile, the company's oilfield services and equipment business received lower orders in Q2, totaling $3.41 billion. This represents a 3% decline from the previous year's $3.50 billion.Segment revenue stood at $3.45 billion, 5% lower than a year earlier, according to the report.Baker Hughes said it divested Waygate Technologies to Hexagon and completed the acquisition of Chart Industries (GTLS) in July.It also entered into a commercial agreement with Mantle Reach Power to develop up to 500 megawatts of power over the next five years, advancing large-scale geothermal development in North America.

$BKR$GLNG$GTLS$KGS$LNG$VG

Commodities18d ago

Japan Eyes Foreign Financing for Gas Power Plant Under US Strategic Investment Initiative

Japan is considering financing from foreign banks for the construction of US natural gas power generation facilities as part of the Japan-US Strategic Investment Initiative, the country's Ministry of Finance said in a social media post on Sunday.Financing institutions are being considered along with the Japanese government-affiliated Japan Bank for International Cooperation and Nippon Export and Investment Insurance, the post said."Coordinated financing between JBIC and foreign banks, as well as loan guarantees provided by NEXI to foreign banks, have conventionally been implemented in various situations. Of course, as government-affiliated institutions in Japan, support from JBIC and NEXI is legally conditioned on the project benefiting Japanese companies," the post said.Foreign financing could help ease the foreign currency procurement process for the initiative, the Ministry said. The Japanese yen is currently at its weakest versus the dollar in at least 20 years.According to a Reuters report on Monday, the banks will help fund about $33 billion for projects related to the construction of natural gas-fired power facilities in Pennsylvania and Texas.The projects are part of Japan's agreed $550 billion US-investment commitment as part of an agreement to reduce US tariffs on Japanese goods, the report added.

Commodities18d ago

Japan-Based Toho Gas Reports 10.3% Drop in Fiscal Q1 Sales

Japan-based Toho Gas reported Monday a 10.3% decrease in net sales for the April 1 to June 30 quarter to 144.85 billion yen ($885.5 million) down from 161.47 billion in the same quarter of 2025.One analyst's estimate on FactSet was for net sales of 173.70 billion yen.Total sales comprised of 92.05 billion yen of natural gas, 25.93 billion yen in sales of LPG and other energies and 20.15 billion yen of electricity sales.For the current fiscal year to March 31, 2027, the company forecasts total sales of 670 billion yen, up 2.9% from the prior year.In comparison, three analysts surveyed by FactSet expect full-year earnings of 673.53 billion yen.

Commodities18d ago

US DOE Issues Emergency Grid Order Across 17 States Amid Extreme Heat

The US Department of Energy issued an emergency order directing the Southwest Power Pool to dispatch specified generation units across 17 states to maintain grid reliability because of severe hot weather conditions, the agency stated on Saturday.Requested by the Southwest Power Pool, the directive orders SPP to dispatch specified generation units and authorizes the use of backup generation resources as a last resort before or during an Energy Emergency Alert 3, it noted.US Secretary of Energy Chris Wright added that the administration is utilizing unused backup generation which the DOE estimates exceeds 35 gigawatts nationwide to secure reliable and affordable power.Highlighting national lab data showing that power outages cost the US economy $44 billion annually, the DOE framed the measure as a critical step to mitigate blackout risks.The emergency order took effect on July 26, and remains active until August 3.

Commodities18d ago

Market Chatter: Devon Energy Eyes $4 Billion Sale of Eagle Ford, Powder River Shale Assets

Devon Energy (DVN) is exploring the sale of its Eagle Ford and Powder River shale assets, aiming to fetch more than $4 billion, as part of its bid to streamline rest of its portfolio, according to a Bloomberg report, citing people familiar with the matter.The company is planning to announce a strategic review of its assets located in South Texas and Wyoming during its earnings call in early August, according to one of the people familiar with the matter, who noted that no final decision was taken on the matter just yet.This comes amid the growing push by the company's investors to focus on its core assets in the Permian Basin, following its $58 billion merger with Coterra Energy.Devon Energy did not immediately respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$DVN

Commodities18d ago

KKR, Energy Capital Partners Agree to Buy DCC Energy in $7.7 Billion Deal

US private equity firms KKR (KKR) and Energy Capital Partners have agreed to buy Irish energy distributor DCC for 5.75 billion British pounds ($7.68 billion), according to a release by KKR on Monday.Under the terms of the agreement, DCC shareholders will receive 65.25 pound per share in cash and a final dividend of 1.4722 pounds.Investors are also eligible for an additional payout of up to 1.25 pound per share, conditional on the successful sale of DCC's Nexora technology unit.

$KKR

Commodities18d ago

Norway Offshore Energy Strike Ends, Dispute Referred for Voluntary Arbitration, Trade Union Confirms

The industrial dispute between the energy companies operating on the Norwegian continental shelf and workers covered by the well service agreement and represented by trade union Safe has been referred for voluntary arbitration, Safe has confirmed.In an emailed statement shared with, the trade union said the two parties have agreed to voluntary arbitration following a request by national mediator Mats Ruland."This means that the strike and lockout have now ended, and all employees must return to work as soon as reasonably practicable," the statement said.Voluntary arbitration is a process where the parties involved in an industrial dispute agree to refer their unresolved wage or collective bargaining dispute to a neutral third party for a final, binding decision.A date for the voluntary arbitration proceedings has not been finalized yet due to the ongoing summer holidays, the statement said.Earlier this month, industry group Offshore Norway said the dispute between workers and the energy companies operating on the Norwegian continental shelf had caused a combined historical and future production loss for operators of 2.4 million barrels of oil equivalent in 2026, or about 1.6 billion Norwegian krone ($164 million).Offshore Norway represents energy exploration, production and supply companies working on the Norwegian continental shelf.While the industry has been successful in reaching agreements with other trade unions representing about 75% to 80% of the employees covered by the well service agreement, negotiations are at a stalemate with trade union Safe, Stian Danielsen, communication manager for employer policy at Offshore Norway, said in an interview withearly July.About 400 workers have been furloughed by offshore service providers on the Norwegian continental shelf following the dispute with dispute with employees covered under the well service agreement and represented by Safe, Danielsen said then.In a statement issued July 14, Offshore Norway said the two parties "have agreed to refer the labour dispute, which has lasted for one month, to a voluntary wage board. As a result, both the strike and the lockout have ended."

Commodities18d ago

Galp Hydrocarbon Output Climbs in Q2; Renewable Installations Rise

Integrated energy company Galp Monday reported a 12% year-over-year increase in Q2 hydrocarbon production to 127,000 barrels of oil equivalent per day, driven by the ramp-up of the Bacalhau floating, production, storage, and offloading unit, and strong production levels in Brazil.Of the total output, oil accounted for 112,000 barrels per day, which represents a 14% rise from a year earlier. Gas production totaled 15,000 boe/d, declining 4% from the year-ago period, data showed.In the industrial and midstream segment, Galp noted a 7% year-over-year rise in raw materials processed to 22.6 million barrels of oil equivalent. "Strong availability" of the Sines refining system contributed to higher processing, according to the company.Total oil products supplied were down 5% to 3.9 million tons, "primarily reflecting lower exports amid heightened volatility in international markets following the Middle East conflict," the company said.Supply and trading volumes of natural gas and liquefied natural gas totaled 19.7 terawatt-hours, up 6% from a year earlier, driven by higher volumes from African supply contracts.Galp's commercial segment sold 1.8 million tons of oil products in Q2, a 5% drop from the same quarter of 2025, according to the report. The decline was attributed to weaker sales in Portugal and Africa.Natural gas sales, on the other hand, climbed 11% year over year to 4.3 TWh, and electricity sales jumped 21% to 2.4 TWh, results showed.The company's installed renewable capacity grew 39% year-over-year to 2.3 gigawatts in Q2, according to the report. Wind installations accounted for 16% of the total capacity.Galp said it had acquired wind assets, brought 238 megawatts of solar capacity into operation in June, and added 55 MW of battery capacity during the period.Higher installed capacity resulted in a 13% increase in renewable energy sold, which totaled 890 gigawatt-hours in Q2, the company said.

Commodities18d ago

NWS Warns of Hot Weather in Desert Southwest, Plains, Mississippi Valley, Midwest

The US National Weather Service early Monday said hot temperatures are expected to spread across the Desert Southwest, Plains, Mississippi Valley and Midwest into Monday, while portions of the Intermountain West face concerns related to fire weather.Thunderstorms and potential flash floods were possible over the Southwest due to active monsoonal moisture.Meanwhile, Pacific Ocean's Tropical cyclone Fausto is expected to weaken as it moves towards Hawaii but is likely to cause dangerous surf, swells and rip currents, the agency said.The NWS early Monday issued an extreme heat warning for the entirety of Missouri, where Evergy (EVRG), Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers.The NWS issued similar warnings for a majority of Kansas, except for Ulysses, Garden City, Tribune, Scott City, Oakley, Hill City, Colby, Goodland, Oberlin, St Francis. Evergy is among the major providers in Kansas.Affected areas in Nebraska included Omaha, Nebraska City, Falls City, Burwell, Tekamah, Norfolk, Beatrice, Columbus, Lincoln, Hastings, Kearney, Grand Island, O'Neill, Butte, Spring View, Valentine, Brewster, Ainsworth, Stapleton, Thedford, North Platte, Broken Bow, and Stockville. A major part of the state is covered under the service area of regional transmission organization Southwest Power Pool, with Midcontinent ISO also serving some areas.Almost all of Iowa, except for Denison, Sioux City, Storm Lake, Mason City, Estherville, was also placed under the extreme heat warning watch. The state is primarily served by Berkshire Hathaway Energy unit MidAmerican Energy and Alliant Energy (LNT).In Illinois, an extreme heat warning was issued for Carbondale, Mount Vernon, Vandalia, Carlinville, Springfield, Kewanee, Peru, Quincy, Galesburg, Peoria, MaComb, Canton, Pekin, Bloomington, Havana, Champaign, Decatur, Jacksonville, Taylorville, Charleston, Effingham, Vandalia, Salem, Olney, and parts of Carmi. Warnings for a severe thunderstorm and flash flood were also issued for areas near Carmi, while Effingham was also covered under a flash flood warning watch. Ameren's Illinois unit and Exelon (EXC) subsidiary ComEd are among the major service providers in Illinois.Kentucky's Paducah, Mayfield, Hopkinsville, Madisonville, and Owensboro were also covered by the extreme heat warning watch, with flash flood and severe thunderstorm warnings were raised for areas near Madisonville, and Owensboro. Kentucky is primarily served by PPL (PPL) subsidiary Louisville Gas and Electric & Kentucky Utilities, American Electric Power (AEP) unit Kentucky Power, and Duke Energy (DUK) among others.Also placed under a similar warning were Dyersburg, Memphis, Jacksonville, Clarksville, and Centerville in Tennessee, which is primarily served by Tennessee Valley Authority.The NWS also issued an extreme heat warning for Mississippi's Cleveland, Greenville, Clarksdale, Oxford, Tupelo, Cleveland, Grenada, Greenwood, Vicksburg, Jackson, and Brookhaven; and Fort Smith, Russellville, Batesville, Jonesboro, Searcy, Conway, Little Rock, Brinkley, Pine Bluff, and Monticello in Arkansas.Southern Co (SO) unit Mississippi Power and Entergy's (ETR) Mississippi subsidiary are among the major power suppliers in Mississippi, while AEP subsidiary Southwestern Electric Power and Entergy's Arkansas unit are the major service providers in Arkansas.The NWS also issued an extreme heat warning for Dumas, Borger, Perryton, served by Xcel Energy (XEL), in Texas; and Oklahoma's Guymon, Beaver, Enid, Ponca City, Tulsa, Muskogee, Oklahoma City, Bartlesville, Gage, Woodward, Alva, Stillwater, Chandler, and Grove. Oklahoma Gas & Electric and American Electric Power subsidiary Public Service Co. of Oklahoma are the major service providers in Oklahoma.A similar warning was raised for Arizona's Lake Havasu City, Kingman, Bullhead City, Parker, Ajo, Gila Bend, Phoenix, Wickenburg, Dateland, and Casa Grande. The state is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.Nevada's Las Vegas and Beatty, primarily served by Berkshire Hathaway Energy unit NV Energy, were also placed under a similar warning.In California, an extreme heat warning was issued for Blythe, El Centro Imperial, Palm Springs, Twentynine Palms, Death Valley, Barstow, Edwards AFB, Ridgecrest, Mount Laguna, Julian, Borrego Springs, Victorville, Wrightwood, and Bishop. PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy unit San Diego Gas & Electric are the major electricity service providers in these places.The NWS also issued an extreme heat warning for parts of Wisconsin, Utah, Montana and Indiana. A flashflood warning also issued for small pockets of Indiana.Meanwhile, a red flag warning was raised for Idaho's Shoup, Salmon, Challis, Stanley, Mackay, and Arco, primarily served by PacifiCorp's Rocky Mountain Power and Idacorp's (IDA) Idaho Power.The NWS issued a flood warning for small parts of Texas, while flash flood warnings were also raised for certain pockets of Virginia and Wisconsin.

$AEE$AEP$AQN$EIX$ETR$EVRG$EXC$IDA$LNT$PCG$PNW$PPL$SO$SRE$XEL

Commodities18d ago

Market Chatter: Colombian Schools, Businesses Asked to Go Remote Over Gas Supply Squeeze

The Colombian government has called on schools and businesses to operate remotely for part of this week with maintenance at the country's liquefied natural gas terminal to prompt rationing, Bloomberg reported on Friday.The SPEC terminal near the coastal city of Cartagena will be closed from July 30 to Aug. 3, or potentially Aug. 6, leading to a 4% shortfall in gas supplies versus typical national demand, the article said. Remote schooling and business operations would leave more gas supply for power generation, the article said.SPEC, majority owned by Promigas, supplies about 40% of Colombia's natural gas with imports growing over the last decade as domestic production slid. The country is using growing volumes of gas for power generation, all the more so amid dry conditions caused by an El Nino weather pattern that reduces the generation potential from hydroelectric dams.With fossil fuels now providing about 30% of the country's power, versus 15% in April, according XM, as cited in the article, there are concerns that this could force Colombia to ration electricity in the months ahead.(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

Market Chatter: Kazakhstan Kashagan Oil Field Operator Assets Frozen Over $5 Billion Fine

Kazakhstan has frozen the assets of the joint-venture operator of the Kashagan oilfield over a $5 billion environmental fine which the company has disputed, Reuters reported on Monday.The July 21 freeze of the company's property and vehicles of North Caspian Operating was published on the database of the Ministry of Justice, the article said. NCOC is a joint venture between Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM) and China's CNPC.The Central Asian country may enforce a 2.3 trillion Kazakhstani tenge ($4.84 billion) fine imposed on NCOC related to breaches of sulphur storage limits while it has said the head of the company could face criminal prosecution.NCOC and associated contractors have rejected the fine and the accusations and the case has now been brought before international arbitrators, the article said.None of the companies responded immediately to Reuters' request for comment.has reached out to the companies seeking 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.)

$SHEL$TTE$XOM

Commodities18d ago

Asia Biofuels Update: Palm Oil Falls on Profit-Taking

Malaysian palm oil futures retreated on Monday on profit-taking after prices reached their highest level since early April in the previous session, while a sharp drop in crude oil prices provided further downside.The Bursa Malaysia Derivatives' August crude palm oil contract fell 0.78% to 4,555 Malaysian ringgit ($1,114.92) per metric ton. The September contract dropped 1.03% to 4,629 ringgit/mt.Interband Group of Co. senior palm oil trader Jim Teh told Bernama that palm oil is expected to trade between 4,400 ringgit/mt and 4,500 ringgit/mt this week, as traders lock in gains following a recent rise in prices.High inventories in Malaysia and Indonesia will also reportedly pressure prices, despite presence of demand from importing regions, including India, China, Pakistan, the Middle East, the EU and the US.Purchases from top importer India are expected to rebound from July through October ahead of Diwali.Edible oil prices in the country are rising due to prospects of lower supplies from Indonesia following its expanded biofuel policy, Deccan Chronicle reported, citing the Reserve Bank of India.In China, several cargoes were recently booked as import margins remained positive despite elevated domestic inventories, price reporting agency MySteel said.During the July 1-25 period, cargo surveyor Intertek Testing Services, as cited by Trading Economics, reportedly estimated Malaysian shipments to have risen 15.9% from a month earlier.However, a strengthening local currency could dampen export competitiveness as it makes cargoes more expensive. Malaysian ringgit firmed against the US dollar by 0.16% on Monday, extending last week's 0.08% rise.Going forward, RHB Investment Bank, as cited by Business Today, projects prices to see another technical resistance at 4,900 ringgit/mt after a recent improvement in supply and demand fundamentals resulted in a technical breakout at 4,700 ringgit/mt last week.

Commodities18d ago

Market Chatter: Hindustan Zinc to Invest Up to $600 Million This Fiscal Year

Hindustan Zinc (BOM:500188, NSE:HINDZINC) expects to spend $500 million to $600 million on capital expenditure this fiscal year, with about 80% earmarked for projects already in progress, the Press Trust of India reported Sunday, citing Chief Executive Officer Arun Misra.The balance will fund new projects that the company plans to announce shortly, the report said.Hindustan Zinc has an expansion pipeline of about 1 million tonnes, including approved projects covering 250,000 tonnes of capacity, the report said.According to report, Misra said mining equipment orders have already been placed, and work on a new smelter has begun, while contracts for milling and concentrate-related facilities remain pending.(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.)

BOM:500188NSE:HINDZINC

Commodities20d ago

Correction: US Natural Gas Prices Post Another Weekly Decline on Bearish Storage Build, Weak LNG Feedgas Flows

(Corrects price direction in the 2nd paragraph.)US natural gas prices ended another week in the red, pressured by a larger-than-expected injection into storage and lower liquefied natural gas feedgas flows.In the futures market, the Nymex front-month August contract closed the week at $2.883 per million British thermal unit, down from $2.916/MMBtu on July 17.Natural gas spot prices rose $0.15/MMBtu to $2.95/MMBtu during the week ended July 22, from $2.80/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Despite warmer-than-normal temperatures across the country for the second week in a row, total natural gas demand dipped during the week by 0.6 billion cubic feet per day, or 1%, even as gas output remained unchanged at 110.8 Bcf/d during the week.Prices were mixed across most regional hubs, ranging from a $0.54/MMBtu decrease at Algonquin Citygate, which primarily serves the Boston area, to a $0.71/MMBtu increase at the SoCal Border.Western parts of the country reported higher natural gas consumption overall, by 10%, largely due to the heatwave over the past week, according to LSEG data.Total demand was also impaired by low US LNG feedgas flows during the week, which averaged 17.4 Bcf/d, compared to the 30-day moving average of 18.41 Bcf/d, and significantly below the recent peak of 20 Bcf/d reported earlier this year.This was primarily due to the Freeport LNG terminal in Texas entering into planned maintenance starting July 10, and set to last until late August.The net injection into storage for the week ended July 17 was 32 Bcf, down from last week's 41 Bcf, bringing total gas inventories to 3,056 Bcf, according to EIA data.Storage injections were above forecasts, which had expected a net injection of 29 Bcf. This was also above the prior year's 23 Bcf net injection and the five-year average for this period of 30 Bcf, according to data compiled by Investing.com.The East and Midwest regions reported net injections of 17 Bcf, while South Central and Nonsalt reported 2 Bcf and 9 Bcf, respectively.Inventories remained above the five-year average across most regions, with the highest surpluses recorded in the Mountain and Pacific regions at 19% and 6% above their prior-year levels.According to Pinebrook Energy Advisors, this week's storage figures imply "that market fundamentals tightened by nearly 1.5 Bcf per day from the previous week," which it attributed to warmer temperatures and weaker wind power generation during the report period.Weather forecasts continued to point toward above-normal temperatures across most of the country from July 31 through August 06, according to the National Weather Service, leading to elevated space-cooling demand and gas-fired power burn.A total of 34 LNG carriers departed US ports during the week, unchanged from last week, with a combined capacity of 126 Bcf, down 5 Bcf from the prior week.In international markets, European TTF gas prices averaged $19.63/MMBtu for the week ended July 22, $2.39/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $21.05/MMBtu, about $4.43/MMBtu above the prior week.The US gas rig count increased by one from 126 the previous week to 127 in the week ending July 24, according to data from Baker Hughes (BKR) released Friday. That compares with 122 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.

$BKR

Commodities20d ago

US Natural Gas Prices Post Another Weekly Decline on Bearish Storage Build, Weak LNG Feedgas Flows

US natural gas prices ended another week in the red, pressured by a larger-than-expected injection into storage and lower liquefied natural gas feedgas flows.In the futures market, the Nymex front-month August contract closed the week at $2.883 per million British thermal unit, after falling as low as $2.858/MMBtu last Thursday.Natural gas spot prices rose $0.15/MMBtu to $2.95/MMBtu during the week ended July 22, from $2.80/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Despite warmer-than-normal temperatures across the country for the second week in a row, total natural gas demand dipped during the week by 0.6 billion cubic feet per day, or 1%, even as gas output remained unchanged at 110.8 Bcf/d during the week.Prices were mixed across most regional hubs, ranging from a $0.54/MMBtu decrease at Algonquin Citygate, which primarily serves the Boston area, to a $0.71/MMBtu increase at the SoCal Border.Western parts of the country reported higher natural gas consumption overall, by 10%, largely due to the heatwave over the past week, according to LSEG data.Total demand was also impaired by low US LNG feedgas flows during the week, which averaged 17.4 Bcf/d, compared to the 30-day moving average of 18.41 Bcf/d, and significantly below the recent peak of 20 Bcf/d reported earlier this year.This was primarily due to the Freeport LNG terminal in Texas entering into planned maintenance starting July 10, and set to last until late August.The net injection into storage for the week ended July 17 was 32 Bcf, down from last week's 41 Bcf, bringing total gas inventories to 3,056 Bcf, according to EIA data.Storage injections were above forecasts, which had expected a net injection of 29 Bcf. This was also above the prior year's 23 Bcf net injection and the five-year average for this period of 30 Bcf, according to data compiled by Investing.com.The East and Midwest regions reported net injections of 17 Bcf, while South Central and Nonsalt reported 2 Bcf and 9 Bcf, respectively.Inventories remained above the five-year average across most regions, with the highest surpluses recorded in the Mountain and Pacific regions at 19% and 6% above their prior-year levels.According to Pinebrook Energy Advisors, this week's storage figures imply "that market fundamentals tightened by nearly 1.5 Bcf per day from the previous week," which it attributed to warmer temperatures and weaker wind power generation during the report period.Weather forecasts continued to point toward above-normal temperatures across most of the country from July 31 through August 06, according to the National Weather Service, leading to elevated space-cooling demand and gas-fired power burn.A total of 34 LNG carriers departed US ports during the week, unchanged from last week, with a combined capacity of 126 Bcf, down 5 Bcf from the prior week.In international markets, European TTF gas prices averaged $19.63/MMBtu for the week ended July 22, $2.39/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $21.05/MMBtu, about $4.43/MMBtu above the prior week.The US gas rig count increased by one from 126 the previous week to 127 in the week ending July 24, according to data from Baker Hughes (BKR) released Friday. That compares with 122 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.

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Commodities20d ago

US Natural Gas Update: Futures Edge Down Amid Abundant Supply

US natural gas futures fell in after-hours trade on Friday as inventories remained comfortably above historical norms and updated weather forecasts turned modestly milder, easing expectations for near-term cooling demand.The front-month Henry Hub contract fell 1.13% to $2.883 per million British thermal units, while the continuous contract slipped 0.27% to $2.908/MMBtu.The US Energy Information Administration reported a 32 billion cubic feet injection into storage for the latest reporting week, broadly in line with market expectations. Total inventories now stand 183 Bcf, or 6.4%, above the five-year average.Weather also weighed on sentiment. Commodity Weather Group continues to forecast above-normal temperatures across the interior West through Aug. 7, although the latest outlook is cooler than previously expected, reducing projected cooling demand.Total Lower 48 natural gas demand was 77.6 Bcf/d on Friday, down 3 Bcf from Thursday and 6.5% lower than a year earlier, Barchart said, citing BNEF data. Celsius Energy said average daily power burn for the week ended July 22 rose to 46.4 Bcf/d, up 1.9 Bcf/d from the corresponding week last year.LNG feedgas flows strengthened Friday to nearly 18 Bcf/d, aided by higher nominations at Freeport LNG, which increased to 1.08 Bcf/d. Aegis Hedging said forward LNG feedgas demand is expected to average around 18.7 Bcf/d next week, with additional upside from activity at Golden Pass LNG and Corpus Christi.On the supply side, production remained robust. Trading Economics said Lower 48 dry gas output has averaged 110.4 Bcf/d so far in July, up from 110.0 Bcf/d in June. BNEF data showed daily production reached 111.6 Bcf/d on Friday, up 0.7 Bcf/d from the previous day and 2.9% higher than a year earlier.

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Commodities18d ago

NWS Warns of Hot Weather in Desert Southwest, Plains, Mississippi Valley, Midwest

$AEE$AEP$AQN$EIX$ETR$EVRG$EXC$IDA$LNT$PCG$PNW$PPL$SO$SRE$XEL