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APA Keeps Focus on Free Cash Flow, Exploration Growth and Debt Reduction, RBC Says

APA (APA) outlined a steady operating outlook and highlighted progress on cost reductions and exploration growth, RBC Capital Markets said in a Tuesday note.The company remains comfortable running 12 rigs in Egypt and five rigs in the Permian, with no near-term pressure to increase production ahead of first oil from Suriname in mid-2028.RBC said APA continues to see strong long-term inventory depth in the Permian, including more than 10 years of economic drilling inventory and about 3,400 economic-plus-technical-upside locations.In Egypt, APA is shifting toward natural gas development, with 40% to 50% of activity now gas-weighted, while gas production is expected to grow about 13% to 14% year over year.Suriname's GranMorgu project remains on track for first oil in mid-2028 and is expected to produce about 220,000 barrels per day, while nearby exploration prospects could further expand resources.The company also plans a two-well Alaska program in winter 2026-2027, including one exploration well and one appraisal well, while seismic work remains the main focus this year.In Uruguay, APA expects to drill an exploration well on Block 6 in 2027 and continues discussions with a potential partner while evaluating two offshore blocks.RBC said APA's gas marketing business has benefited from strong LNG prices and the Waha basis environment, prompting the company to raise its cash flow outlook to about $1.1 billion.APA has maintained its commitment to return at least 60% of cumulative free cash flow to shareholders and has returned about 75% since Q4 of 2021, though debt reduction remains the primary focus in 2026.RBC maintained its Sector Perform rating on APA and kept its $45 price target, which is based on a blend of forward EBITDA multiples and net asset value.Price: $38.61, Change: $+0.80, Percent Change: +2.12%

$APA

Commodities21d ago

EU Unveils AI-Powered Energy Strategy to Cut Costs, Boost Grid Resilience

The European Union on Wednesday unveiled a roadmap to accelerate the use of artificial intelligence and digital technologies across its energy sector to lower costs, strengthen grid resilience, and reduce the bloc's dependence on foreign technology, the European Commission said on Wednesday.The initiative forms part of the EU's broader Technological Sovereignty Package. It comes as policymakers grapple with rising energy demand from digital infrastructure, elevated energy prices and growing geopolitical risks.The Commission said digitalization and AI could play a critical role in helping Europe build a cleaner, more competitive and resilient energy system while strengthening the bloc's technological autonomy.Under the strategy, digital solutions would enable consumers to shift electricity consumption to periods when power is cheaper, potentially reducing electricity costs across the EU by more than 71 billion euros ($82.4 billion) per year.The savings are expected to represent a 64% reduction in electricity consumption costs, according to Commission estimates.For industrial users, the Commission said greater digitalization could improve operational efficiency and enable companies to respond more effectively to market price signals, helping to curb energy expenses.The EU's executive body also said AI-powered operations and maintenance systems could generate savings of up to 94 billion euros per year by 2035, while advanced digital technologies could help electricity grids better integrate renewable energy by enabling real-time monitoring, interoperability, and control.The roadmap is built around three key pillars that aim to align Europe's digital and energy transitions, with the first step being the integration of data centers across the bloc into the energy system in a more sustainable and transparent manner.The Commission said technological sovereignty in energy has become increasingly important as Europe's energy systems become more digitalized, exposing them to new vulnerabilities while offering significant opportunities to improve efficiency.

Commodities21d ago

TotalEnergies Reportedly Secures Russia Approval to Sell Artic 2 LNG Project Stake

French energy major TotalEnergies (TTE) has secured approval from the Russian government for the sale of its interest in the Arctic LNG 2 liquefied natural gas export facility on Russia's Gydan Peninsula, multiple media outlets reported on Wednesday, citing a presidential decree.The order from President Vladimir Putin will let TotalEnergies transfer its 10% stake in the project to a company called NordLine LLC. Nordline is a unit of Novatek, a 60% shareholder in the Arctic LNG 2 project, which is valued at over $21 billion and was sanctioned by the US, Bloomberg reported, citing Interfax.Terms of the transfer were not shared, the report added.The French energy major had previously written down the value of its Arctic LNG 2 stake due to the war in Ukraine and maintained that it has earned no revenue from the project.In late 2023, the US sanctioned the project as part of measures to limit Russia's LNG export capacity.The facility began using shadow fleet vessels to ship the fuel the following year and gradually increased production, but it was still operating well below capacity. Deliveries have so far been going only to one port in southern China, the report added.has reached out to TotalEnergies and Russia's Energy Ministry for a comment.Price: $90.10, Change: $+0.69, Percent Change: +0.78%

$TTE

Commodities21d ago

US Natural Gas Storage Capacity Edges Higher in 2025, EIA Says

The Lower 48 states increased natural gas storage capacity in 2025, with demonstrated peak capacity up 6 billion cubic feet and design capacity up 26 billion cubic feet, the US Energy Information Administration said Wednesday.The agency said demonstrated peak capacity, which measures the highest storage volumes reached during the previous five years, increased 0.1% and marked a third consecutive annual gain.The largest gains came from the Mountain region, where demonstrated peak capacity increased by 18 Bcf, and the South Central region, which added 16 Bcf, according to the agency.Demonstrated peak capacity declined by 15 Bcf in the East region, while the Pacific region lost 8 Bcf and the Midwest region recorded a 5 Bcf decrease, the agency said.The EIA said working gas design capacity, which reflects the maximum storage volume facilities can hold based on their design specifications, climbed to 4,683 Bcf in November 2025 from 4,657 Bcf a year earlier.South Central storage sites added 21 Bcf of design capacity, while the Mountain region increased capacity by 6 Bcf, the EIA added.The East region reduced design capacity by 2 Bcf because of base gas adjustments, while capacity in the Pacific and Midwest regions remained unchanged from the previous year.

Commodities21d ago

Update: Weekly US Crude Inventories Drop by 8 Million Barrels, EIA Says

(Updates to include additional details.)US crude oil inventories decreased by 8 million barrels to 433.7 mmbbls in the week ended May 29, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 3% below the five-year average for this time of year, the EIA said.The decline exceeds Macquarie's forecast of a 6.2-mmbbl draw for the week ending May 29.US Strategic Petroleum Reserve inventories fell to 357.1 mmbbls for the week ended May 29, down from 365.1 mmbbls a week ago, marking a weekly decline of 8 mmbbls, EIA data showed.Crude oil input to refineries decreased by 90,000 barrels per day from the previous week to average about 16.9 mmb/d in the week ending May 29. Crude oil production dropped by 8,000 b/d to 13.7 mmb/d.Commercial crude imports increased by 1.2-mmbbl to average about 6.4 mmb/d. Total motor gasoline stockpiles increased by 3.4 mmbbls from last week to 215 mmbbls, and distillate stocks rose by 1.5 mmbbls to 102 mmbbls, the agency said.

Commodities21d ago

Weekly US Crude Inventories Drop by 8 Million Barrels, EIA Says

US crude oil inventories decreased by 8 million barrels to 433.7 mmbbls in the week ended May 29, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 3% below the five-year average for this time of year, the EIA said.

Commodities21d ago

Update: US Weekly Ethanol Production Rose, EIA Says

(Updates to include additional details.)US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 29, US ethanol production averaged 1.11 million barrels per day, above last week's 1.09 mmb/d and unchanged from last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was above 1.05 mmb/dd during the same time last year.Midwest ethanol production averaged 1.05 mmb/d, above 1.04 mmb/d the previous week. Four-week average output at 1.04 mmb/d, compared with 990,000 b/d a year ago.Domestic ethanol inventories ended the week at 24.6 million barrels, below 25 mmbbls a week ago and 24.4 mmbbls a year ago.

Commodities21d ago

US Weekly Ethanol Production Rose, EIA Says

US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 29, US ethanol production averaged 1.11 million barrels per day, above last week's 1.09 mmb/d and unchanged from last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was above 1.05 mmb/dd during the same time last year.

Commodities21d ago

Kuwait Can Reportedly Restore 70% Oil Output in 6 to 8 Weeks After Hormuz Reopening

Kuwait's oil production could return to 70% of pre-war levels within six to eight weeks once the Strait of Hormuz reopens, with full output resuming in another month, multiple media outlets reported on Wednesday, citing Kuwait Petroleum's managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah.Refinery operations, meanwhile, could return to normal levels within two to three weeks after the crisis ends, Al-Sabah reportedly said during the S&P Global Energy Middle East Petroleum and Gas Conference. KPC has about 1.4 million barrels per day of refining capacity.Resuming normal refinery production would be quicker than recovering hydrocarbon output, according to Investing.com.The Kuwait government was also in talks with "friendly countries" about potential pipeline projects, according to Al-Sabah, as cited by Reuters. The country would reportedly need a larger storage capacity at the same time.KPC did not immediately respond to' request for comment.Gulf refineries could ramp up to about 90% to 95% of capacity within 40 to 60 days, Reuters reported, citing Vitol Bahrain's head of research.Meanwhile, transit through the Strait could return to pre-war levels in mid-2027, Philippe Khoury reportedly said. He is Abu Dhabi National Oil's executive vice president for sales and trading.Toril Bosoni, the International Energy Agency's head of oil, as cited by the news agency, said that a best-case scenario would see a recovery in six to eight months after an agreement is reached.

Commodities21d ago

US Natural Gas Update: Futures Rise Despite Spike in Output, Steep Decline in LNG Feedgas Flows

US natural gas futures rose on Wednesday despite a spike in output and falling LNG feedgas flows, which put downward pressure on prices.The front-month Henry Hub contract and the continuous contract were both up by 0.19% at $3.173 per million British thermal units.From a fundamentals perspective, US natural gas output is expected to hit 107.5 billion cubic feet per day, slightly above the May average, according to NRG Energy.Meanwhile, LNG export feedgas flows touched a four-month low on Tuesday, at 16 Bcf, compared to 17.1 Bcf/d in May, according to a Reuters report, citing LSEG data.On the supply front, the US Energy Information Administration's Weekly Gas Storage Report is expected to show a net injection of 99 Bcf into storage, which falls below the prior year's build of 119 Bcf, and the five-year average for this period at 101 Bcf.Almost the entire country is expected to see above-normal temperatures from June 10 to June 16, according to the National Weather Service, leading to increased air conditioner use and, in turn, higher power burn demand over the next few weeks.

Commodities21d ago

Biofuels Update: Major Feedstocks Rise on Higher Crude Oil Prices

Crude oil market strength amid renewed hostilities in the Middle East spilled into the biofuels market on Wednesday, lifting futures for both Chicago soybean oil and Malaysian palm oil.The July soybean oil contract on the Chicago Board of Trade rose 1.26% to 79.40 cents per pound in early trade. The corresponding soybean contract recovered from near two-month lows and gained 0.56% to $11.72 per bushel.Strong domestic demand, reflected in the high volumes of soybeans crushed in the US, also supported the entire complex.The US soybean crush totaled 218.5 million bushels in April, according to US Department of Agriculture data, exceeding market expectations of 214.7 million bushels.Crush margins also reached a record $4.07 per bushel, AgWeb reported, citing Martinson Ag Risk Management.Soybean prices firmed despite the lack of purchases from China and ample supply availability from Brazil, according to financial services firm StoneX."Despite expectations that the absence of Chinese buying would weigh heavily on demand, soybean consumption indicators continue to outperform forecasts," financial services firm StoneX said."Brazilian soybean production estimates remain exceptionally large, yet US demand indicators continue to show resilience," it said, adding that US soybean exports are only 1% behind the pace required to meet annual target.Meanwhile, prospects of improving weather in the US, which supports planting and enhances yield, weighed on prices, according to analysts.In Asia, Malaysian palm oil futures jumped around 3% on Wednesday, tracking higher crude oil and rival soybean oil, and following the implementation of Indonesia's new export policy.As the market reopened after a holiday, the Bursa Malaysia Derivatives' July and August crude palm oil contracts surged to 4,638 Malaysian ringgit ($1,163.84) per metric ton and 4,677 ringgit/mt, respectively.Indonesia reportedly began a phased implementation of its centralized export system on June 1, to initially cover palm oil, coal, and ferroalloys.Coordinating Minister for Economic Affairs Airlangga Hartarto, as cited by multiple media outlets, said full operation is targeted by Jan. 1, 2027.During the transition period, Hartarto reportedly said that exporters will conduct overseas sales independently, but all export activities must be reported to Danantara Sumberdaya Indonesia, a newly established state-owned entity for improving trade transparency.Prices for palm oil fresh fruit bunches have declined since Indonesia announced export revamp plans last month.Nonetheless, prices may see a recovery once all technical guidelines are finalized and market conditions normalize, Antara reported, citing Regional Representatives Council Speaker Sultan B. Najamudin.In H2, global crude palm oil prices are also projected to rise up to $1,500/mt, driven by bullish factors including elevated crude oil prices, Indonesia's B50 biodiesel blend rollout in July, and the potential development of an El Nino weather phenomenon, according to industry analysts cited by Jakarta Globe.On the NYMEX, July ethanol prices slipped by a further 1.25% to about $1.98 per gallon on Tuesday.

Commodities21d ago

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Wednesday Amid Fresh Economic Signals

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.5% in Wednesday's premarket activity, as markets traded mixed amid caution about fresh employment and inflation indicators.US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures gaining 0.2% before the start of regular trading.US mortgage applications fell 2.5% in the week ended May 29, extending the prior week's decline despite lower 30-year mortgage rates, Mortgage Bankers Association data showed Wednesday.US private-sector employment increased by 122,000 jobs in May, slightly exceeding expectations, with hiring led by education and health services, trade, transportation and utilities, and construction, ADP data showed Wednesday.The May purchasing managers' index composite final report from S&P Global will be released at 9:45 am ET, followed by the Institute for Supply Management's services survey for May at 10:00 am ET.Factory orders data for April are scheduled to be released at 10:00 am ET, followed by the weekly oil stocks data at 10:30 am ET.Federal Reserve Governor Michael Barr and Dallas Fed President Lorie Logan are due to speak on Wednesday.In premarket action, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated by 1.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% higher.Blackstone (BX) shares were down more than 5% pre-bell after Bloomberg reported the company is mulling the sale of payments services provider, SP.LINKS, looking to fetch about 100 billion Japanese yen ($626 million) from the transaction.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.3%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.01% lower.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2%.Sprinklr (CXM) shares were down more than 5% in premarket activity after the company reported lower fiscal Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) declined by 0.5%, while the Vanguard Industrials Index Fund (VIS) was down 0.7% and the iShares US Industrials ETF (IYJ) was inactive.T1 Energy (TE) stock was up 3% before the opening bell after the company said it had agreed to acquire Kore Power in a deal valued at $32 million in equity, cash, and assumed debt.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.02% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.4%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) decreased by 0.8%.Ferrari (RACE) shares were down 1% pre-bell after closing the prior day with a 1.3% rise. The vehicle maker said Wednesday it has signed a multi-year contract extension with Charles Leclerc.EnergyThe iShares US Energy ETF (IYE) was up 0.7%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.6%.BP (BP) stock was up more than 1% before market open, following a 1% gain in the previous session. The Financial Times reported Tuesday that the company held advanced talks to sell its UK North Sea assets to Ithaca Energy in a nearly 2 billion British pounds ($2.7 billion) deal, though negotiations failed in recent weeks, with the oil major still exploring a sale to other potential buyers.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.2% to $95.82 per barrel on the New York Mercantile Exchange. Natural gas was up 0.3% to $3.18 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 2.7%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for July retreated by 0.7% to $4,488.90 an ounce on the Comex. Silver futures declined by 1.2% to $74.66 an ounce. SPDR Gold Shares (GLD) was down by 0.5%, and the iShares Silver Trust (SLV) decreased by 1%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$BX$CXM$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RACE$RTH$SLV$SOXX$SPY$TE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD$ZBIO

Commodities21d ago

Venezuela Gives Preliminary Nod for Private Sector Entry in Electricity Sector

Venezuela's National Assembly on Tuesday gave preliminary approval to a reform which proposes to allow private sector investment in the country's electricity sector, according to multiple media reports.The proposal would permit private companies to generate and sell electricity under government concessions, ending over 15 years of state control, Bloomberg reported.The reform, which won unanimous preliminary backing from lawmakers, would open the sector to private firms, mixed enterprises, and companies with minority state ownership, alongside state operators, the report said.It also intends to have tariffs that reflect service provision costs while providing a decent return on investment to operators.The proposal must now proceed to a second, final vote.The proposed reforms in Venezuela's power sector follow similar steps to overhaul the country's oil industry and reflect President Delcy Rodriguez's efforts to attract foreign investment to strategic industries, the report said.The country's power sector is undergoing a severe crisis without adequate investment and maintenance, Reuters reported.Much of the country regularly faces hours-long power outages in turn affecting water and telecommunications services, the report said, adding a shortage of power has also created doubts amongst investors over the feasibility of proposed projects.

Commodities21d ago

Enel Meets Brazilian Power Regulator as Sao Paulo Power Concession Faces Revocation Risk

Italy's Enel Group, a leading distributor of electricity and gas, met with Brazil's power regulator Aneel last week to discuss the potential revocation of its Sao Paulo power distribution concession, amid a series of outages in recent years, due to heavy rains.The meeting took place last Tuesday at the request of Enel Brasil, which sought alternatives to the revocation, Reuters reported earlier, citing two officials familiar with the matter.In a statement to, Enel said Wednesday that it had "made itself available to the authorities to assess complementary measures and carry out additional investments," while noting that it remained focused on continuous improvements in service quality in its "concession area."The company also said that over the past two years, it had invested nearly 5 billion Brazilian reais ($990 million), up 70% from 2023, on strengthening operations, which it said had led to significant improvements in quality indicators.Enel also noted it was now performing "above the national average" for distribution companies.

Commodities21d ago

Market Chatter: Canada's CPP Investments, Czech EPH Among Potential Buyers of Uniper

Canada Pension Plan Investment Board and Czech EPH are expected to show interest in buying Uniper next week, with the sale of the German energy group expected to value it at more than 10 billion euros ($11.62 billion), Reuters reported, citing information from four people familiar with the matter.The sale of Uniper is the most sweeping change to Germany's utility landscape since Berlin bailed it out, together with SEFE, to the tune of almost 20 billion euros during the 2022 European energy crisis triggered by Russia's invasion of Ukraine.Interested parties have a June 12 deadline to submit letters of interest to UBS and JPMorgan, the article said.Brookfield, Norway's Equinor (EQNR) and France's TotalEnergies (TTE) are also expected to show interest in part or all of the 74.12% stake on the Germany government offered for sale in May, the sources said.The initial letters of interest will not contain a purchase price but will show general information on the interested bidders, their ownership structure and details on how they would fund their purchase, the sources told Reuters.Over the summer, a second round of indicative offers is planned with the potential for a deal to be finalized in the autumn.The German government may also decide to sell a stake to an investor then offer more shares on the market at a later date, the article said.Uniper avoided previous takeover attempts since it was spun off from E ON in 2016 and dodged insolvency after the European energy crisis.Finland's Fortum, previously a majority owner of Uniper but later forced to sell to during the bailout, will show interest in Uniper's Swedish activities, comprising hydroelectric and nuclear plants. Fortum has confirmed its interest in those assets, should they be offered.Germany's biggest power producer RWE could also join the process, three of the sources said. Another potential suitor for the Swedish assets is Vattenfall, a spokesperson for the Swedish utility said.Germany's finance ministry, Uniper, CPPIB, EPH, Brookfield, Equinor, RWE and TotalEnergies declined Reuters' requests for comment.has reached out to all of these institutions and companies seeking comment on the matter. None had responded by the time of publication.(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.)

$EQNR$TTE

Commodities21d ago

Market Chatter: Atlas Renewable Energy Pauses Over 1.5 GW Projects in Brazil

Atlas Renewable Energy has put at least 1.5 gigawatts of renewable projects in Brazil on hold and has frozen $1 billion in investments, as the national grid operator frequently rejected renewable power, Reuters reported Wednesday, citing company chief executive Carlos Barrera.The company, owned by asset manager BlackRock (BLK) through its unit Global Infrastructure Partners, originally planned to execute the projects over the past two years.However, projects were deferred as renewable power was periodically rejected by the grid operator due to system limitations. So far in Q2, pre-emptive rejections by the operator have led to a 15% to 25% curtailment in solar and wind power generation from existing projects, according to the chief executive.Barrera told Reuters that overcapacity of solar sources was the "real issue" in curtailments. Due to a solar glut, companies have to replace the rejected renewable generation by output from other sources at twice the cost, to honor contracts at more than the contracted volumes.The current market design, which is compounding the negative effects of curtailments, will likely remain unchanged through 2028, Barrera reportedly said.Nonetheless, curtailments could reportedly decline as solar capacity growth slows while demand continues to rise.Atlas and Brazil's national grid operator did not immediately respond to' request for comment.Last month, Fitch Ratings, as cited by Reuters, assigned negative outlooks for 11 Brazilian renewable project finances, with average curtailments surging between 7% and 25% in 2025, from 6% to 12% in 2024.(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.)

$BLK

Commodities21d ago

ACCC Approves Ampol's Acquisition of EG Group Australia

The Australian Competition and Consumer Commission approved Ampol's acquisition of EG Group Australia, the regulator said on Wednesday.The regulatory clearance is strictly conditional on Ampol divesting 41 retail fuel sites across the country to an independent, pre-approved buyer to maintain market competitiveness, it said.To ensure long-term market viability, the ACCC approved Metro Petroleum as the direct purchaser of the 41 divested stations. Metro Petroleum currently operates over 300 sites nationwide.

Commodities21d ago

Update: Trade Union Lederne Confirms Strike Possibility at Norway Oil, Gas Offshore Facilities

(Updates with Offshore Norway statement in fourth and fifth paragraphs.)Trade union firm Lederne confirmed there was a possibility of strikes at Norwegian offshore oil and gas producing installations, with much depending on the outcome of the mediations starting on Wednesday."There is a chance of a strike on Norwegian offshore installations producing oils and gas, depending on the mediations starting today with deadline Thursday at midnight," a spokesperson for the trade union said in an emailed statement to.The Norwegian Continental Shelf facilities which are likely to be impacted by the strikes first include the Statfjord A platform and the Oseberg Ost field, both operated by Equinor (EQNR), Draugen operated by Okea, and Ekofisk 2/4 K operated by ConocoPhillips' (COP) Norwegian unit, the statement said.In a statement shared with, Offshore Norway, which is representing the oil industry in these negotiations, said almost 45,500 barrels of oil equivalent per day in production could be impacted by the strike."A strike could result in reduced production from the affected fields. Based on the notified strike volumes, approximately 45,500 barrels of oil equivalent per day could be impacted," it said in its statement.Earlier this week, Reuters reported that almost 8% of offshore oil and gas workers in Norway intend to launch a strike if negotiations over wages, mediated by the state, do not yield any results.Three workers unions Styrke, Lederne and Safe, representing about 8,100 members involved in oil production, are involved in negotiations with Norwegian oil companies. Among other demands, workers are seeking a pay hike above inflation, the report said.The three unions represent most of the workers in Norway's offshore oil and gas facilities, it added.

$COP$EQNR

Commodities21d ago

BHP, Maritime Industry Group Partner on Biofuel Blending Pilot

Australian miner BHP on Wednesday said it is collaborating with the Global Centre for Maritime Decarbonisation on a pilot to examine how biofuels from several feedstocks can be blended and used in real-world operating conditions through the use of existing used cooking oil bunkering infrastructure.As part of the project, biofuels from two different feedstocks, used cooking oil and waste animal fat, were blended and introduced into the bulk carrier Berge Lyngor, chartered by BHP.The pilot is expected to help identify solutions to challenges pertaining to fuel quality, handling, traceability, and onboard vessel performance, the BHP statement said."The outcomes of the pilot are expected to shed light on the practical steps to integrate biofuel blends from different feedstocks into existing supply chains. The diversity of biofuels will provide shipowners and operators with greater flexibility to optimise fuel procurement based on cost, availability, and lifecycle emissions performance," the statement said.Berge Lyngor, owned and operated by Berge Bulk, has been chartered by BHP to transport iron ore from Western Australia to China. The carrier has the potential to cut down well-to-wake greenhouse gas emissions by almost 79% per voyage when run on bio-blend, when compared to its voyages using very low sulphur fuel oil, the statement said.In early May, the vessel refueled in Singapore with a B100 bio-blend consisting of tallow-derived biodiesel, provided by HAMR Energy, and used cooking oil, supplied by Mitsui & Co Energy Trading Singapore, in equal quantities. Mitsui was also part of the blending processThe Maritime and Port Authority of Singapore is co-funding the project through the Maritime Innovation and Technology Fund, the statement added.

Commodities22d ago

EMEA Natural Gas Update: Futures Rise as Renewed Middle East Tensions Cast Doubt on Peace Deal

European natural gas futures were rallying on Wednesday as tensions continued to intensify in the Middle East, casting a cloud on peace negotiations between the US and Iran.The Dutch TTF front-month contract rose 3.91% to 49.470 euros ($57.45) per megawatt-hour, while the UK NBP front-month contract rose 4.05% to 119.440 British pence ($1.61) per therm.On Wednesday, US Centcom said on X that it had defeated "multiple Iranian ballistic missiles and drones," aimed at regional neighbors. The US also conducted another round of self-defense strikes against Iran's Qeshm Island in retaliation to Iran reportedly firing missiles at Kuwait and Bahrain.Meanwhile, the strategically crucial Strait of Hormuz remained effectively shut for the 14th week running, with just 4 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.According to Daniel Hynes, a senior commodity strategist at ANZ, this is set to put additional pressure on European buyers, as they "struggle to refill storage facilities," as Asian imports continued to rise since April.Hynes also warned that the region's supply constraints could worsen with Australian workers at the Ichthys LNG facility commencing strikes after talks stalled between the union and the company.European gas inventories remained depleted at just 40.76% of capacity, compared to 48.88% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 54.7%, according to the Swiss Federal Office of Energy.

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Commodities21d ago