Financial News · Live Terminal

Page 30 of 103

EU Launches Data Center, AI Initiatives to Facilitate Power Grid Integration

European Union policymakers launched two new flagship initiatives alongside high-level industry representatives, aimed at preparing the region's energy infrastructure for a more digitalised future.In the presence of EU Commissioner for Energy and Housing, Dan Jorgensen, 14 European Associations signed a Declaration of Intent, while six companies signed a Declaration of Support, indicating their readiness to implement the policies right away.The first initiative establishes a framework for cooperation between data center operators, utilities, grid operators and public authorities to facilitate sustainable integration of data centers into Europe's electricity system.The event also marked the launch of the AI.grids project, a collaborative effort involving 48 partners, including electricity transmission and distribution operators, technology providers and research institutions, to improve planning and management of energy grids.The statement by the EU also noted that these initiatives coincide with the bloc's Tech Sovereignty Package, which involves preparing the energy sector and the deployment of AI solutions across the energy value chain.

Commodities20d ago

Biofuels Update: Major Feedstocks Retreat on Dampening Demand Sentiment

Major biofuel feedstocks edged lower on Thursday as demand sentiment softened, following a drop in crude oil prices driven by a ceasefire deal between Israel and Lebanon.The July soybean contract on the Chicago Board of Trade hovered at multi-month lows after easing for a fifth straight session by 0.41% to $11.49 per bushel. The soybean oil contract lost 0.53% to 78.29 cents per pound in early trade.Favorable weather conditions in the US Midwest, supporting planting due to improved moisture conditions, also weighed on soybean prices."The market is watching whether lower soybean prices will stimulate export demand, awaiting the US Department of Agriculture's weekly export sales report to be released on Thursday," price porting agency MySteel said.The Chicago market is awaiting signs for improved Chinese buying, following the mid-May summit between the US and China.However, MySteel noted that soybean port inventories in China are rising due to bulk cargo arrival from Brazil, which had just concluded a record crop harvest.Malaysian palm oil moved in tandem with soybean oil on Thursday, declining from two-week highs due to weaker crude oil prices and profit-taking.Bearish exports and inventory estimates also weighed on sentiment. The Bursa Malaysia Derivatives' July and August crude palm oil contracts edged lower by 1.6% to 4,566 Malaysian ringgit ($1,145.77) per metric ton and 4,601 ringgit/mt, respectively.Fundamentals appeared weak after a survey by Reuters showed an 8.8% to 15.5% month-over-month drop in May exports. This offset the impact of lower output, resulting in inventory buildup for a second straight month.In top importer India, palm oil imports rose to 551,000 metric tons in May from 513,403 mt in April, according to dealers cited by the news agency, but volumes remained below average levels.Indian refiners reportedly turned to rival soybean oil due to reduced economics for palm oil. As such, soybean oil purchases jumped 38% month-over-month to 497,000 mt in May, the highest in five months.In Indonesia, the impact of the new single-gate export system, implemented on June 1, remains unknown, Jakarta Globe reported, citing Pudji Ismartini, a deputy at the Central Statistics Agency.Ismartini reportedly said that the agency had not calculated the impact of the new policy on exports, which would have to wait for the availability of June data.Indonesia's shipments of crude palm oil and its derivatives from January through April totaled 7.72 million tons, up 20.38% versus year-ago levels of 6.41 mmt.On the NYMEX, July ethanol prices fell for a fourth consecutive session by 1.27% to $1.95 per gallon on Wednesday.The US Energy Information Administration released industry data for the week ended May 29, showing an increase in domestic production to 1.11 million barrels per day from the prior week's 1.09 mmbbls/d.Exports rebounded to 135,000 barrels per day versus the previous week's 102,000 b/d, while local stocks decreased to 24.6 million barrels from 25.0 mmbbls.

Commodities20d ago

Market Chatter: China to Slash Domestic Fuel Prices

Beijing will lower retail gasoline and diesel caps by 525 yuan ($77.52) and 505 yuan per ton effective Friday, June 5, the National Development and Reform Commission reportedly said on Thursday, Reuters reported.China's second fuel price cut since the outbreak of the Iran war comes as high crude costs and electric vehicle displacement drag domestic oil consumption lower.The NDRC could not be reached out for a request 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.)

Commodities20d ago

Increasing Scottish Onshore Wind Post-2030 Could Save $6.72 Billion Annually, Study Says

Increasing wind power deployment in Scotland after 2030, specifically the onshore kind, could slash energy system costs by 6% or 5 billion British pounds ($6.72 billion) per year between 2030 and 2050, according to a study by Aurora Energy Research.The study, commissioned by the Scottish Onshore Wind Developers' Forum, analyzed the impact of a higher share of Scottish wind capacity onshore post 2030 on total system-costs, Aurora Energy Research said in its report published Tuesday.The study compared a base case which was in line with UK's Clean Power Action Plan and Gate 2 capacity targets, with another scenario in which some planned Scottish offshore wind projects were instead changed to onshore projects after 2030."In the modelling, the onshore-priority pathway lowers average total system costs by around 6% between 2030 and 2050, approximately [5 billion pounds] a year relative to the base case, driven by a 21% reduction in policy costs and a 13% reduction in balancing costs," it said."The counterfactual still assumes a substantial Scottish offshore wind buildout, in line with market-consensus deployment expectations," the report said.Less than 1 gigawatt of new onshore wind is likely to be added in Scotland between 2030 and 2035 as per current capacity allocations under the Clean Power Action Plan and Gate 2 connection reforms, the report said.

Commodities20d ago

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday as Investors Weigh Economic Data

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4%, and the actively traded Invesco QQQ Trust (QQQ) fell by 1.2% in Thursday's premarket activity, as investors weighed economic data amid corporate earnings.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.4%, and Nasdaq futures retreating 1.3% before the start of regular trading.US employers announced 97,006 planned job cuts in May, the highest total for the month since 2020, driven largely by reductions in the technology sector, according to Challenger, Gray & Christmas on Thursday.US initial jobless claims rose to 225,000, above expectations of 215,000 and up from 212,000 in the prior week.US nonfarm productivity growth for the first quarter was revised down to an annualized rate of 0.3% from a preliminary estimate of 0.8%, falling short of expectations for a 0.4% increase, while unit labor cost growth was revised down to 1.8% from 2.3%, below forecasts of a 2.4% gain.Weekly natural gas stocks are due to be released at 10:30 am ET.Federal Reserve Richmond President Thomas Barkin and San Francisco President Mary Daly are slated to speak on Thursday.In premarket action, bitcoin was down by 4.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.4% lower, Ether ETF (EETH) retreated 3.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 1.5%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) was 0.8% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.5%.LGI Homes (LGIH) shares were down more than 4% pre-bell after falling 5% at the prior close. The company said late Wednesday that it closed 498 homes in May, compared with 416 homes a year earlier.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.5%, the Vanguard Health Care Index Fund (VHT) was up 1.2%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1% higher.BrightSpring Health Services (BTSG) stock was down more than 3% premarket after the company said late Wednesday it has priced a secondary offering by certain shareholders of 15 million shares at $58.75 per share.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.8%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was up 1%.X-Energy (XE) stock was down more than 3% before the opening bell after the company reported a wider Q1 net loss.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 1.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 3.8%, while the iShares Semiconductor ETF (SOXX) declined by 4.3%.Accenture (ACN) shares were up more than 2% in premarket activity after the company agreed to a deal to embed AI and digital technologies in the operations of Tokyo Electric Power subsidiary TEPCO Solution Advance.EnergyThe iShares US Energy ETF (IYE) gained 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.7%.Clean Energy Fuels (CLNE) stock was up more than 1% before the opening bell after the company said it has begun producing renewable natural gas at its East Valley Dairy facility in Jerome, Idaho, its eighth dairy RNG project.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 3% lower.Marsh & McLennan (MRSH) shares were up more than 1% pre-bell after the insurance broker and certain units signed a new $4.25 billion multi-currency unsecured five-year revolving credit facility with Citibank (C).CommoditiesFront-month US West Texas Intermediate crude oil retreated by 3.7% to $92.46 per barrel on the New York Mercantile Exchange. Natural gas was up 1.2% to $3.25 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 3.9%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July gained by 1.6% to $4,539.90 an ounce on the Comex. Silver futures advanced by 1.5% to $74.77 an ounce. SPDR Gold Shares (GLD) was up by 1.1%, and the iShares Silver Trust (SLV) increased by 1.3%.

Dow JonesNasdaq CompositeS&P 500$ACN$BETH$BITO$BTSG$C$CLNE$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LGIH$MRSH$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XE$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities20d ago

Market Chatter: Russian Deputy PM Acknowledges Crude Oil Production Dip

Russian oil production has fallen since the start of 2026, Deputy Prime Minister Alexander Novak said on Thursday, attributing the decline to unplanned refinery maintenance, Reuters reported.The comments are the first official acknowledgement of a decline in output this year, the article said.Russia, the world's No. 3 oil producer, ceased publication of oil production data in April 2023, a little more than a year after the start of its full-scale invasion of its neighbor, Ukraine.Novak did not provide further details on the refinery maintenance, but Ukraine has intensified attacks on Russian refineries this year, causing fires and damage."Current production is indeed somewhat lower than it was at the beginning of the year, Novak told reporters at the St Petersburg International Economic Forum, the article said."This is due to the fact that a number of our oil refineries are currently undergoing unscheduled maintenance.""Naturally, we are utilising our export infrastructure to its maximum capacity. As the refineries return to full operational mode, production will increase and return to its previous levels," he said.Hours before the Economic Forum event opened, Ukraine carried out drone strikes near St. Petersburg, hitting the oil terminal and naval base in the town of Kronstadt, the BBC reported.International Energy Agency data puts Russian crude oil output in April at 8.8 million barrels per day, down about 460,000 bpd from a year earlier, the story said.Commenting on the departure of the UAE from the OPEC+ group, Novak said the remaining members continued to play an important role in the market."In any case, OPEC and our agreements, which have proven their effectiveness, help smooth fluctuations and volatility in global markets," he said, according to the article.(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.)

Commodities20d ago

Trafigura Warns of Oil Market at Inflection Point Amid Ongoing Energy Crisis

Global commodity trading giant Trafigura on Thursday said while oil prices have remained relatively muted given the magnitude of the ongoing energy crisis, we have reached an inflection point.Restoring production and shipping flows to pre-conflict levels after a potential peace deal between Iran and US is likely to take months, with supply deficit situation expected to continue, said Trafigura, which published its earnings for the six months period ended March 31.Commercial inventories in the Organisation for Economic Co-operation and Development nations and gasoline stockpiles in the US were declining at a rapid pace and there weren't enough replacements to meet demand. A prolonged conflict and restrictions on shipping flows could result in severe and historic challenges, Trafigura said."The knock-on impacts on other markets have been relatively limited so far, but we are starting to get signs of stress emerging, particularly across Asian markets."According to Trafigura, elevated inventories at the beginning of the year, floating cargoes, coordinated strategic petroleum reserve releases, and demand destruction across Asia and Africa were among the factors that limited the spike in oil prices."The conflict also started during the "shoulder season" between winter and summer and so fell between peak diesel demand and peak gasoline/jet fuel demand. That in turn allowed refiners to focus production on diesel and jet fuel, essentially borrowing time by drawing down gasoline inventories instead," it said in its earnings presentation.However, while these factors have offered some temporary relief, they are not a solution, the trading giant said.Trafigura estimated daily oil supply losses due to the Iran war amounted to about 14 million barrels per day versus the pre conflict levels, with cumulative losses of about 1.1 billion barrels of oil.Trafigura, which supported the oil release from the US Strategic Petroleum Reserves, reported total traded volumes of oil and petroleum products including natural gas and liquefied natural gas, of about 8.7 million barrels per day for the six months period ended March 31, up 21% from the corresponding year-ago period.The rise was due to an increase in exports from key regions boosted by strong global demand, Trafigura said, adding that its energy segment too benefitted due to robust demand for its supply chain and logistics services."We have continued to invest in our shipping fleet, including the largest fleet of oil tankers in the industry. This scale gives us the flexibility to respond swiftly and effectively to market disruptions and to serve third-party customers as well as our own trading operations," it added.

Commodities20d ago

Canada's Large Wind-to-Hydrogen Project Reportedly Wins Conditional Environmental Clearance

Canadian energy company North Atlantic Refining has secured a conditional environmental clearance for its Newfoundland and Labrador-based wind-to-hydrogen project, according to multiple media outlets.The project is set to utilize a 45-turbine wind farm to generate 30,000 tons of hydrogen annually, for export to global markets.This clearance is conditional on securing other essential regulatory permits and implementing strict environmental protocols.The wind farm will be located on 4,600 hectares of Crown land, in the east of Sunnyside, a small town in the region. The project includes a hydrogen generation plant and a hydrogenation processing facility, all linked by a network of service roads and electrical transmission lines.The plant is set to be equipped with proton exchange membrane electrolyzers to produce hydrogen and oxygen from fresh water supplied from Inkster's Pond.Once all clearances are acquired, the project will begin construction in 2026, with a phased commissioning throughout 2028 and 2029.North Atlantic Refining 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.)

Commodities20d ago

BW LPG Finalizes India Infrastructure Exit With 8.5% Confidence Petroleum Stake Sale

Maritime gas carrier owner and operator BW LPG Limited has finalized the sale of its entire 8.50% equity stake in Confidence Petroleum India Limited, the company said on Wednesday.The completed divestment will register zero material impact on the company's net profit or loss statements, nor will it alter its overall baseline total equity, it said.The divestment represents the final chapter of BW LPG's targeted restructuring of its South Asian asset portfolio.Following a corporate mandate issued on May 20, 2025, which directed the absolute cessation of the group's capital allocations toward fixed infrastructure assets, the shipping giant has systematically purged its downstream infrastructure partnerships across the Indian subcontinent, it stated.

Commodities20d ago

Cambodia Government Surpasses Own Goals for Solar Deployment, IEEFA says

Cambodia's grid-scale solar capacity has already exceeded its 2030 and 2035 targets under a master plan for the power sector, the Institute for Energy Economics and Financial Analysis said on Wednesday.THe government has put solar power at the center of policies to meet rising electricity demand and achieve climate-related targets, the think tank said.Solar's growth is transforming the country's electricity system faster than planned, IEEFA notes, but concerns about grid reliability and cost impacts are now resulting in policy barriers for rooftop solar installations.Garment manufacturers and exporters were recently successful in ending an expensive capacity payment system for rooftop solar, but a replacement scheme has also proven a barrier to adoption of photovoltaic energy.Electricity tariffs could rise in 2027 due as the country's first LNG-to-power project comes online, increasing the carbon intensity of the grid.This would make it necessary for companies in Cambodia to speed up deployment of rooftop solar, which would be helped by a mechanism to allow the state-owned utility to buy surplus power generated and avoid use of higher cost LNG when possible, IEEFA said.The government has updated its Nationally Determined Contribution which says that utility-scale solar is integral to ending dependence on fossil fuels, cutting emissions and attaining 72% to 80% zero emission power by 2035.The Mines and Energy Ministry in Oct. 2025 said solar powr was key to its goal of achieving 70% renewable energy capacity by 2030. The country has also joined the Fossil Fuel Treaty Initiative that has advocated for a global shift away from fossil fuels through the use of renewables.Cambodia's Power Development Master Plan 2022-2040 predicted 705 megawatts of solar by 2025, 1 gigawatt by 2030 and 1.3 GW by 2035. The country has already exceeded all three with 1.5 GW capacity in 2025.The country now produces a tenth of its power with solar, with the expansion having been driven more by utility-scale projects rather than rooftop.Capacity is expected to grow by another 400 megawatts in 2026, IEEFA said while the commissioning of Southeast Asia's largest solar facility, the Chheu Tom Solar Complex in March this year, could add another 930 MW.Cambodia's imports of solar panels from China indicate further additions that put 2040 PDP targets within reach. Many of these have not yet been installed, IEEFA said.

Commodities20d ago

Market Chatter: South Korea Jet Fuel Exports Rebound To Highest Since August As Crude Imports Recover

South Korea's jet fuel exports were back to pre-war levels in May, amid a recovery in crude oil imports and improving refining margins, according to a Reuters report, citing analysts and trade sources familiar with the matter.This has helped ease supply concerns in the region, with spot premiums for aviation fuel down to $2 a barrel over the past two weeks, compared to a record high of $20 a barrel in March.The country shipped out between 8.67 million barrels and 9.46 million barrels of jet fuel in May, the highest level since August, according to Reuters, citing data from Kpler and Vortexa.May exports surged 36% from April, when shipments had fallen to a one-year low amid crude supply disruptions following the outbreak of the military conflict in the Middle East, Reuters reported, citing Kpler data. South Korean cargoes accounted for roughly 30% of Asia-Pacific jet fuel imports year-to-date, up from 23% last year.In addition to the sharp decline in spot premiums, the regrade spreads between 10 ppm sulphur diesel and jet fuel have flipped into a discount, according to Reuters, citing LSEG data.A fifth of these exports were bound for the US, as West Coast jet fuel swap prices have been $20 per barrel above Asian prices since the end of May.The Korea Petroleum 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.)

Commodities20d ago

Trump Reportedly Plans to Invoke Cold War Authority to Boost US Coal With $700 Million

US President Donald Trump plans to invoke the Defense Production Act to fund US coal infrastructure with nearly $700 million, several media outlets reported on Wednesday.More than half of the allocation is earmarked directly for critical structural upgrades across 13 existing coal-fired plants, the reports said. The funding will also target critical logistical bottlenecks across the domestic supply chain.The Cold War emergency measure aims to secure baseline power for data centers and secures the grid against energy supply disruption risks.The administration is scrambling to meet the massive baseline electricity demands of power-hungry artificial intelligence data centers, while simultaneously seeking to insulate the domestic grid from foreign supply chains.Coal's share of domestic power generation has plummeted from more than half of total US electricity to less than one-fifth in recent years, heavily undercut by cheaper natural gas and accelerating renewable assets, according to Reuters, citing the US Energy Information Administration.The White House did not respond immediately torequest for comments.

Commodities20d ago

US Petroleum Trade Group Challenges EPA Over Biofuel Mandates

The American Fuel & Petrochemical Manufacturers trade association has filed a lawsuit challenging the US Environmental Protection Agency's biofuel blending mandates, it said on Wednesday, citing high compliance costs and a potential surge in fuel prices.In March, the EPA finalized the 2026-2027 renewable fuel standard volumes under "Set 2" rule, which the AFPM described as "the largest and most expensive RFS iteration in history."The EPA earlier said that this final rule reflects "significant" increases in biofuel volumes reflecting growing domestic capacity and creates a stable market for US agricultural crops. The rule will increase domestic energy supply by around 300,000 barrels per day.However, AFPM argued that the cost of complying with the RFS Set 2 mandate is expected to exceed $106 billion over the next two years, equivalent to $0.26 to $0.35 per gallon of gasoline and diesel. Recently, the cost hit an all-time high above $0.35/gallon."This is the inevitable consequence of EPA finalizing an unlawful, impracticable regulation, which AFPM is formally challenging on behalf of our members - the refineries that supply gasoline and diesel fuel to the US market - and consumers of these fuels around the country," said AFPM President and Chief Executive Chet Thompson."Without a solvent RIN bank, the only way to comply with the RFS will be by reducing the amount of transportation fuel supplied to the US market as only gasoline and diesel fuel sold domestically incurs an RFS obligation, while exported fuels do not," according to the trade association.AFPM also claimed that EPA's own regulatory impact analysis showed that the final rule would cost Americans more than $20 billion per year, far exceeding its benefits of $400 million.The EPA did not immediately respond to' request for comment.The agency said in March that, to meet the "historic" 2026 and 2027 volumes, production of biodiesel and renewable diesel should increase by more than 60% from 2025 levels. This would generate more than $10 billion for rural economies, with net farm income increasing by $3 to $4 billion.

Commodities20d ago

Market Chatter: Singapore LNG Cargoes Sufficient Until Year-End Regardless of Iran War Developments

Singapore has obtained sufficient liquefied natural gas supplies to compensate for the interruption of imports from Qatar, for the remainder of the year, Singapore Energy Market Authority Chief Executive Puah Kok Keong said on Wednesday in Texas, Reuters reported.Replacement shipments were bought from Australia, the US, and African suppliers, Keong told Reuters during an interview.Singapore has the option to resell the replacement cargoes if Qatar is able to resume supplies in the coming months, he said.The country typically consumes about one cargo per month of LNG from Qatar whose supply accounts for about 10% of natural gas Singapore consumes to generate power.(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.)

Commodities20d ago

UK Utility OVO Agrees to $14 Million Settlement Over Inadequate Monitoring of Customers

UK energy regulator Ofgem has ended its investigation into procedural failings at utility company Ovo Energy over handling of customers using prepayment meter systems after the company agreed to a settlement of 10.4 million British pounds ($14 million), Ofgem said on Wednesday.Ofgem said that Ovo's monitoring of its customers using pre-payment meters was inadequate and breached rules designed to protect vulnerable customers, potentially exposing them to harm.The settlement comprises 7 million pounds to the Ofgem Voluntary Redress Fund and a 3.4 million pound package of credit and debt relief for some of its most vulnerable customers in lieu of compensation to them.Ovo will separately pay 1.1 million pounds to customers in the Scottish Highlands and Islands over a lack of engineer support over the 2022 to 2024 period, the statement said.Ovo undertook remedial actions to support these customers, including welfare visits to customers who faced power outages of more than 72 hours, without any communication from the company.

Commodities20d ago

Asia Biofuels Update: Malaysian Palm Oil Retreats on Profit-Taking, Weak Fundamentals

Malaysian palm oil futures slipped from two-week highs after traders took profits on Thursday, and as bearish exports and inventory estimates weighed on sentiment.The Bursa Malaysia Derivatives' July and August crude palm oil contracts eased around 1.4% to 4,575 Malaysian ringgit ($1,148.03) per metric ton and 4,612 ringgit/mt, respectively.Prices also tracked lower rival soybean oil and crude oil prices, after Israel and Lebanon agreed to implement a ceasefire, buoying hopes for a peace deal between the US and Iran.Fundamentals appeared weak after a survey by Reuters showed an 8.8% to 15.5% month-over-month drop in May exports. This offset the impact of lower output, resulting in inventory buildup for a second straight month.In top importer India, palm oil imports rose to 551,000 metric tons in May from 513,403 mt in April, according to dealers cited by the news agency, but volumes remained below average.Indian refiners reportedly turned to rival soybean oil due to reduced economics for palm oil. As such, soybean oil purchases jumped 38% month-over-month to 497,000 mt in May, the highest in five months.In Indonesia, the impact of the new single-gate export system, implemented on June 1, remains unknown, Jakarta Globe reported, citing Pudji Ismartini, a deputy at the Central Statistics Agency.Ismartini reportedly said that the agency had not calculated the impact of the new policy on exports, which would have to wait for the availability of June data.Indonesia's shipments of crude palm oil and its derivatives from January through April totaled 7.72 million tons, up 20.38% versus year-ago levels of 6.41 mmt.

Commodities20d ago

NWS Warns of Thunderstorms in Northern High Plains, Midwest US

The US National Weather Service said parts of northern High Plains and the region extending into the lower elevations of the northern and central Plains will on Thursday experience severe thunderstorms, with potential for large to very hail and damaging winds.Parts of Midwest is likely to face thunderstorms, and heavy to excessive rainfall, which make result in flooding.The NWS early Thursday issued a red flag warning for Colorado's Craig, Rangely, Rifle, and Meeker. Xcel Energy (XEL) and Black Hills (BKH) unit Black Hills Energy are the primary electricity providers in the state.A similar warning was raised for Utah's Vernal, Manila, and parts of Moab. Utah mostly falls under the service area of PacifiCorp unit Rocky Mountain Power.A flood warning was issued for areas near Beloit and Phillipsburg in Kansas, where Evergy (EVRG) is among the major power providers.A similar warning was issued for Searcy in Arkansas, served by Entergy's (ETR) Arkansas unit; areas near Winthrop in Washington, where Puget Sound Energy is among the major service providers; and Nevada and Clinton in Missouri.Evergy, Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in Missouri.South Dakota's Watertown, Holdrege in Nebraska, areas near George West and Freer in Texas, and Vidalia in George were among the other affected places.

$AEE$AQN$BKH$ETR$XEL

Commodities21d ago

Iberdrola's Avangrid to Start Commercial Operation of 166-MW Oregon Solar Project in Coming Weeks

The 166-megawatt-dc (120 MWac) Tower solar project, featuring 250,000 US-assembled solar panels, is set to start commercial operation in the coming weeks, constructor Avangrid, part of Spain's Iberdrola Group, said on Tuesday.The project in Morrow County, Oregon, will supply power to Portland General Electric's (POR) grid, supporting QTS operations.The panels for the project were assembled by SEG Solar at its Houston manufacturing plant, Avangrid said.Avangrid's portfolio spans more than 11 gigawatts of installed capacity over 25 US states.

$POR

Commodities21d ago

US Natural Gas Update: Futures Rise on Weather and Small Inventory Build Expectation

US natural gas futures maintained earlier gains in after-hours trading on Wednesday as forecasts turned warmer and traders positioned ahead of a government storage report expected to show a smaller-than-normal inventory build.The front-month Henry Hub contract and the continuous contract both rose 2.78% to $3.255 per million British thermal units.Weather forecasts provided the primary catalyst for gains. The Commodity Weather Group said US forecasts shifted hotter, with above-normal temperatures expected across the Mid-Atlantic, Midwest, and Interior West through Jun. 12, according to Barchart.The 1-15 day outlook added 5.6 degrees Fahrenheit to the Lower 48 forecast, keeping demand more firmly oriented toward cooling-season strength, Gelber & Associates said in a Wednesday note, adding that power-sector demand remains the clearest bullish driver as the market looks toward mid-June.Total lower-48 natural gas demand was estimated at 68.7 Bcf/d on Wednesday, down 0.6 Bcf/d from the previous day but up 1.5% from a year earlier. Celsius Energy said power burn late Wednesday reached 24.1 Bcf/d, up 0.5 Bcf/d from Tuesday.Longer-term support came from The Edison Electric Institute, which reported that US Lower-48 electricity generation rose 6.4% year over year to 81,619 gigawatt-hours in the week ended May 30. For the year ended May 30, power output increased 2.18% from a year earlier to 4.34 million GWh, it said.Market attention is now turning to Thursday's Energy Information Administration storage report. Gelber & Associates estimates a 95-Bcf injection for the week ended May 30, below both the 122-Bcf build recorded during the comparable week last year and the five-year average increase of 101 Bcf."A 95-Bcf injection would be materially tighter than both last year and the seasonal norm, but still large enough to remind the market that storage remains comfortable unless heat strengthens further or LNG demand rebounds more convincingly," the firm said.Other analyst estimates for the report are as high as 99 Bcf.Barchart, citing BNEF data, reported that Lower-48 dry gas production rose to 109.6 Bcf/d on Wednesday, up 0.5 Bcf/d from Tuesday and 3.2% higher than a year ago.Meanwhile, LNG gas export demand remained constrained by ongoing maintenance at export facilities. LNG feedgas flows totaled 17.0 Bcf/d on Wednesday, up 0.1 Bcf/d from the previous day but down 6.6% from a week earlier.

Commodities21d ago

OPAL Fuels, GFL Advance 2 RNG Projects

Opal Fuels (OPAL) and GFL Environmental (GFL) are advancing two renewable natural gas projects in Alabama and Georgia with a combined design capacity of almost 2 trillion British thermal units, the companies said Wednesday.The partners are building the facilities at the Stones Throw Landfill in Alabama's Tallapoosa County and the Grady Road Landfill in Georgia's Polk County, with each company holding a 50% ownership stake.Under the agreement, Opal Fuels will market and distribute all renewable natural gas produced by the facilities through its expanding compressed natural gas and renewable natural gas fueling network, the companies said.Once operational, the projects are expected to supply enough fuel for about 800 Class 8 heavy-duty trucks, providing a lower-cost alternative to diesel while eliminating Scope 1 and Scope 2 emissions from fuel use.The companies said rising diesel price volatility, improving regulatory certainty for combustion engines and the rollout of next-generation natural gas engines are encouraging more trucking fleets to switch fuels."Bringing new RNG production online amid accelerating fleet demand reinforces the strength of our vertically integrated model," Jonathan Maurer, co-chief executive officer of Opal Fuels, said, adding that the projects support long-term revenue growth, margin expansion and shareholder returns.The facilities will use established technology to capture methane produced from decomposing organic waste at both landfills and convert it into renewable natural gas for use as a lower-carbon transportation fuel, the companies said.

$GFL$OPAL

Showing 581-600 of 2055

Commodities20d ago