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Update: US Natural Gas Inventories Rise 63 Bcf, EIA Says

(Updates to include additional details.)US natural gas stockpiles in underground storage stood at 2,205 billion cubic feet for the week ending May 1, up 63 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.Inventories were 75 Bcf above year-ago levels and 139 Bcf above the five-year average of 2,066 Bcf.At 2,205 Bcf, total working gas remains within the five-year historical range, the EIA said.The net increase is less than market expectations for a 72 Bcf build, according to data from Investing.com.

Commodities2d ago

US Natural Gas Inventories Rise 63 Bcf, EIA Says

US natural gas stockpiles in underground storage stood at 2,205 billion cubic feet for the week ending May 1, up 63 Bcf from the previous week, the Energy Information Administration said in its weekly report Thursday.Inventories were 75 Bcf above year-ago levels and 139 Bcf above the five-year average of 2,066 Bcf.At 2,205 Bcf, total working gas remains within the five-year historical range, the EIA said.

Commodities2d ago

EDP Reports Growth in Electric Capacity and Renewable Generation for Q1 2026

Portuguese energy company EDP announced Thursday that it installed 32.8 gigawatts of electric capacity in the first quarter of 2026, a 2% increase from the first quarter of the previous year. Renewable energy accounted for 87% of the newly installed capacity.The company generated 19.0 terawatt hours of electricity during the quarter, a 4% increase over the first quarter of 2025, with 91% of that total coming from renewable sources. EDP supplied 7.8 TWh of electricity, up 7% over the first quarter of the previous year, and distributed 24.2 TWh, a 1% increase over 2025.EDP said the 1% year-over-year increase in distributed electricity reflected 3% growth in Portugal, driven by higher average customer consumption, a 1% increase in connected customers, and higher electric vehicle penetration.This growth was offset by a 4% decrease in Spain, mainly due to a temporary outage of a large industrial client. In Brazil, distribution increased 1% as a 2% rise in connected customers and strong economic activity were partially offset by normalized temperatures and higher solar distributed generation penetration.

Commodities2d ago

SM Energy Q1 Production Jumps Following Civitas Merger, Raises 2026 Outlook

SM Energy Company (SM) reported Q1 earnings on Wednesday, showing net production volumes of 33.4 million barrels of oil equivalent, up from 17.8 mmboe a year earlier following the Civitas Resources merger.Oil production volumes increased to 17.1 mmbbl for the quarter ended March 31, up from 9.3 mmbbl a year earlier.Natural gas production climbed to 72.4 billion cubic feet for the quarter from 36.4 Bcf a year earlier.Natural gas liquids production rose to 4.2 mmbbl for Q1, compared with 2.4 mmbbl a year earlier.SM Energy completed its merger with Civitas Resources on Jan. 30, 2026, adding Permian and DJ Basin assets.SM Energy raised its full-year 2026 production guidance to 150 mmboe to 157 mmboe and an average daily total production of 410,000 boe per day to 430,000 boe/d.SM Energy maintained its 2026 capital expenditure plan at $2.65 billion to $2.85 billion and expects to drill about 245 net wells during the year.SM Energy completed the $950 million sale of certain South Texas assets on Apr. 30 and plans to use about $900 million of net proceeds to retire outstanding 2026 senior notes.Price: $27.50, Change: $-1.08, Percent Change: -3.78%

$SM

Commodities2d ago

Black Rose Industries Board to Consider Dividend for Fiscal 2026

Black Rose Industries (BOM:514183) said its board of directors will meet on May 13 to consider the declaration of a dividend for fiscal year ended March 31, according to a filing with the Indian bourses on Thursday.

$BOM:514183

Commodities2d ago

US Natural Gas Update: Futures Open Lower as Market Awaits Iranian Response to US Memo Outlining Path to Peace

US natural gas futures opened lower on Thursday, following other energy futures contracts, as traders brace for signals in the coming hours on the direction the US-Iran war is likely to take next.Henry Hub futures slipped 1.6% to $2.69 while the continuous contract also eased to the same price level.Markets have been turbulent since the publication of an Axios article on Wednesday, which, citing two US officials and two other sources familiar with developments, said there was some optimism on the US side that Iran could agree to a one-page, 14-point memo providing a framework for halting the conflict.The market reacted strongly to the news with both oil and gas retreating sharply, but some of those losses were later undone, possibly as traders questioned the story's reference to optimism when US President Donald Trump later repeated a threat of force if Iran did not come to an agreement with the US.Media reports have since cited sources in Iran confirming that they are studying the proposal and another report on Thursday indicated that Iran's response to it was likely to come later in the day.

Commodities2d ago

EMEA Natural Gas Update: Futures Fall as Traders Await Signals on Direction of US-Iran Conflict

European natural gas futures fell sharply on Thursday, adding to heavy losses the day before as traders brace for signals in the coming hours on what direction the US-Iran war is likely to take next.Dutch TTF futures slipped 2.2% to 42.93 euros ($50.56), while UK NBP contracts fell 2.7% to 104.49 British pence ($1.42).Markets have been turbulent since the publication of an Axios article citing two US officials and two other sources familiar with developments, which said there was some optimism on the US side that Iran could agree to a one-page, 14-point memo providing a framework for halting the conflict.US President Donald Trump, later, however, said the US would use force if no agreement was reached between the sides, to achieve its objectives, including preventing Iran from developing or obtaining a nuclear weapon.ANZ Senior Commodities analyst Daniel Hynes noted that some European traders continue to hedge against a spike in prices next winter, with the task of refilling storage reserves having barely begun and looking daunting, given that Asian importers are already struggling to import enough to meet immediate needs.EU gas storage levels stood at 34.07% of capacity on Wednesday, according to Gas Infrastructure Europe, well below 41.4% a year earlier.

Commodities2d ago

Biofuels Update: Major Feedstocks Track Crude Oil Losses

Major biofuel feedstocks continued to track declines in crude oil prices on Thursday, with weakening biofuel economics weighing on sentiment despite demand hopes.In early trade, the July soybean oil contract on the Chicago Board of Trade slipped 0.96% to 74.30 cents per pound, and the July soybean contract fell 0.42% to $11.90 per bushel.Recent price movements of vegetable oils amid the US-Iran conflict have eroded the discounts of palm oil to soybean oil, with buyers now preferring to buy the cheaper soybean oil until markets normalize.Key buyer India has reportedly cut its purchases of palm oil in favor of soybean oil and sunflower oil. Dealer estimates, as cited by Reuters, showed the country's palm oil imports dropped 27% month over month to a one-year low of 505,000 metric tons in April, as soybean oil purchases increased 24% to 355,000 mt, and sunflower oil shipments more than doubled to a 22-month high of 435,000 mt.An S&P Global analysis showed that price spreads between Asian crude palm oil and South American soybean oil have shifted from discounts of $50 to $100 per metric ton earlier in the year to premiums of $80/mt to $100/mt in March and April."However, despite soybean oil becoming relatively more competitive on a flat-price basis in recent weeks, large-scale arbitrage expansion has remained limited because elevated freight costs continue constraining delivered economics into Asia," S&P Global said.For US soybeans, a demand upside stems from a possible increase in Chinese soybean purchases, with market participants hoping for positive trade results from the Trump-Xi summit in mid-May.On the supply front, a record pace US planting and a record Brazilian crop continued to weigh on sentiment, but higher fertilizer costs and weather-related supply risks could serve as headwinds.In Asia, Malaysian palm oil futures slipped further on Thursday, as prices for crude oil and rival soybean oil dropped, although expanding biodiesel programs in Indonesia and Malaysia limited losses.After prices slumped 2.8% in the previous session, the Bursa Malaysia Derivatives' June crude palm oil contract eased by another 0.88 % to 4,507 Malaysian ringgit ($1,152.83) per metric ton. The July contract declined by a further 0.83% to 4,541 ringgit/mt.A strengthening local currency, making exports more expensive, also weighed on prices, with Malaysian ringgit rising by another 0.4% against the US dollar on Thursday.Export markets in Indonesia and Malaysia have recently softened, largely due to lower shipments to the Middle East due to the ongoing conflict, and weakening demand in India due to high prices.A recent rally in palm oil prices have improved competitiveness of rival oils, straining demand from Sub-Saharan Africa and Asia, where buyers adopt a more cautious approach in importation and delay purchases until prices normalize, The Edge Malaysia reported, citing Malaysian Palm Oil Council chief executive Belvinder Sron.In China, demand patterns show a shift from palm oil to palm oil products, giving Indonesia a competitive edge versus Malaysia, Sron reportedly said.Nonetheless, top Southeast Asian palm oil producers have announced plans to accelerate their biodiesel programs to help secure domestic energy supply, in turn increasing respective local demands for palm oil.Malaysia will raise palm-based biodiesel blending to 15% from the current 10% beginning June, while Indonesia will increase ratio to 50% from 40% beginning July.Malaysia's initiative will reportedly absorb an additional 300,000 metric tons per year of palm oil, accounting for 4% to 5% of the country's total palm oil output, which Sron sees as a "modest" impact to the export market.On the contrary, Indonesia's move is projected to consume an additional 1.5 million metric tons of palm oil annually, significantly tightening exportable supplies, Sron reportedly said.Analyst Dorab Mistry, as cited by Reuters, expects palm oil futures to remain strong in the coming months due to rising biodiesel demand, with June levels likely to touch the 5,000 ringgit/mt mark and mid-July levels to approach 5,200 ringgit/mt.In the US, June ethanol prices on the NYMEX extended losses for a third straight session, declining 2.96% to about $1.97 per gallon on Wednesday, as weekly US industry data showed a decline in exports and increases in production and stocks.Ethanol production averaged 1.02 million barrels per day in the week ending May 1, up versus the previous week's 1.01 mmbbls/d. Exports dropped week over week to 139,000 barrels per day from 170,000 b/d.Accordingly, domestic stocks rose to 26.0 million barrels from 25.9 mmbbls.

Commodities2d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid Corporate Earnings, Economic Data Deluge

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Thursday's premarket activity amid a deluge of corporate earnings results and economic data.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.1% before the start of regular trading.US layoff intentions rose in April, led by the technology sector due to increased use of AI, outplacement firm Challenger, Gray & Christmas reported Thursday.US initial jobless claims rose to a level of 200,000 in the week ended May 2 from an upwardly revised 190,000 level in the previous week, compared with expectations for a larger increase to 205,000 in survey of analysts compiled by Bloomberg.Nonfarm productivity rose by 0.8% in Q1 after a downwardly revised 1.6% increase in Q4, above expectations for a 0.6% gain in a survey compiled by Bloomberg as of 7:40 am ET, data released by the Bureau of Labor Statistics showed.Construction spending data for February and March will be released at 10 am ET, followed by weekly natural gas stocks at 10:30 am ET.The consumer credit data for March posts at 3 pm ET.Minneapolis Fed President Neel Kashkari and New York Fed President John Williams are slated to speak on Thursday.In premarket activity, bitcoin was down by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% lower, Ether ETF (EETH) retreated 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.MDA Space (MDA) stock was up more than 8% before the opening bell after the company reported higher Q1 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) retreated 0.3%, while the iShares US Healthcare ETF (IYH) slipped 1.5%. The iShares Biotechnology ETF (IBB) was 0.8% higher.Viatris (VTRS) stock was down more than 3% premarket after gaining 2.8% at the prior close. The company reported higher Q1 financial results and reaffirmed its 2026 guidance.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% higher.Carlyle (CG) shares were down more than 3% pre-bell after the company reported lower Q1 after-tax distributable earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.01%, and the iShares US Technology ETF (IYW) was 0.03% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.03%, while the iShares Semiconductor ETF (SOXX) rose by 0.4%.Alphabet (GOOG, GOOGL) shares were up more than 2% in premarket activity after closing the prior session with a 2.8% rise. Bloomberg reported that Google has proposed changes to how it shows news results in its search engine to avoid further EU competition fines.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.03%, while the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was 0.6% higher, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.3%.Tesla (TSLA) shares were up more than 1% pre-bell after Reuters reported the EV maker's China-made electric vehicle sales rose for a sixth consecutive month on a year-over-year basis.EnergyThe iShares US Energy ETF (IYE) was down 0.9%, while the State Street Energy Select Sector SPDR ETF (XLE) was 1.1% lower.Shell (SHEL) stock was down more than 1% before the opening bell after the company reported lower-than-expected Q1 revenue.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 3.3% to $91.97 per barrel on the New York Mercantile Exchange. Natural gas was down by 1% at $2.70 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 3.3%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for May gained by 1.2% to reach $4,748.30 an ounce on the Comex. Silver futures advanced by 5.4% to $81.44 an ounce. SPDR Gold Shares (GLD) was 1% higher, and the iShares Silver Trust (SLV) rose by 4.7%.

$^DJI$^IXIC$^SPX$BETH$BITO$CG$EEM$EETH$EXI$FAS$FAZ$GLD$GOOG$GOOGL$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MDA$PMR$QQQ$RTH$SHEL$SLV$SOXX$SPY$TSLA$UNG$USO$VDC$VHT$VIS$VRTS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities2d ago

European Wind Power Developers Face Higher Prices, Supply Constraints, Says Rystad Energy

Europe's offshore wind expansion ambition are running up against turbine supply constraints as well as rising prices in a market increasingly reliant on a concentrated group of manufacturers, Rystad Energy said on Wednesday.Siemens Gamesa and Vestas products are basically the only product options available to European developers since GE Vernova (GEV) paused new order intake due to operational setbacks, Rystad said.Rystad has found that turbine selling prices have risen between 40% and 45% since 2020, well in excess of manufacturing cost increases of 20% to 25% since then.The manufacturing cost increases come down to the turbines' most technically complex components such as the nacelle that contained the generator, gearbox and power electronics. There are also growing pressures within blade manufacturing, Rystad's research notes.Rystad said the result of the equipment supply bottleneck is that progress on deployment of this form of renewable power is now at least as much decided by equipment availability as it is down to political ambition.The research said that high demand, a limited supplier base and the growing complexity of turbines means that manufacturers have "real pricing power and the ability to be selective about which projects get built."Rystad concluded that Europe needed to expand manufacturing capacity or find workarounds to this set of problems otherwise it will face missing its 2030 targets for renewable energy and pay more for capacity it does install.The note says that larger 14 megawatt to 15 MW turbines have been dominant among recent deliveries to offshore projects, eclipsing those of 9-10 MW capacity.Rystad's research shone a light on a less evident trend beyond component costs, highlighting that some of their price hikes are reactionary, after manufacturers got somewhat burned by fixed-price supply contracts entered into immediately before a period of higher inflation.In a seller's market, manufacturers no longer feel pressure to assume such risks through that contract model and are passing more of future cost increases on to developers, Rystad said.

$GEV

Commodities2d ago

Permian Resources Raises Guidance as Flexes Hydrocarbons Output Higher Amid Market's Surge

Texas-headquartered Permian Resources (PR) managed to push up its hydrocarbons production in Q1 to capture more value from the surge in oil and gas prices after the outbreak of conflict in the Middle East it said in its Q1 earnings update on Wednesday.It said it will seek further production increases while retaining flexibility to scale back in the event of a macroeconomic downturn.The company increased the mid-point of FY 2026 production guidance, adding 3,500 barrels per day for a targeted 192,500 barrels. It said all other guidance metrics were unchanged.Production averaged 412,900 barrels of oil equivalent per day, including 192,300 of oil, 103,300 barrels of natural gas liquids and 703 million cubic feet per day of natural gas.Strong new well performance helped the company to produce beyond its own expectations in the quarter as well as steps it took in March to raise output incrementally, it said.Permian Resources said it had reduced well costs on a per lateral foot basis through operational efficiencies. Drilling and completion costs fell about $685 per lateral foot, down about 2% from the previous quarter, it said.

$PR

Commodities2d ago

Ormat Technologies Operating Performance Boosts Q1 Segment Revenues

Ormat Technologies (ORA), a renewable energy and storage solutions provider, on Wednesday reported year-over-year increases in Q1 revenues across all segments due to improved operating performance.The electricity segment posted a 0.8% rise in Q1 revenue to $181.6 million, with higher contributions from Blue Mountain geothermal power plant, and better generation performance at the Olkaria and Stillwater facilities.Revenue generated from the energy storage segment showed a 153.1% jump to $44.9 million, due to capacity expansion and high asset availability, the company said.The product segment recorded a 458.4% surge in revenue to $177.4 million following the sale of Topp 2 geothermal power plant.As of May 6, product segment backlog stood at around $239 million, including two contracts signed so far this year, worth $56 million.The company also said that it has secured 270 megawatts of new power purchase agreements in the US, including the 67-MW deal for a new solar-plus-storage in Nevada and supply deals with Alphabet's (GOOG) Google and data center operator Switch.For the full year of 2026, Ormat expects the electricity segment to generate $715 million to $730 million in revenue, and projects product segment sales to range from $300 million to $320 million. The energy storage segment is estimated to contribute between $95 million and $110 million.

$GOOG$ORA

Commodities2d ago

Murphy Oil Q1 Hydrocarbon Output Exceeds Guidance

Murphy Oil (MUR) Wednesday said its Q1 hydrocarbon production of 174,236 barrels of oil equivalent per day exceeded guidance due to strong performance in the Eagle Ford Shale and high uptime in the Gulf of Mexico, recognized by the US as the Gulf of America.The quarterly production excludes noncontrolling interest of MP Gulf of Mexico, which is 80% owned by Murphy Oil. The Q1 output is higher relative to year-ago levels of 157,220 boe/d.Murphy Oil said 15 wells in the Eagle Ford Shale were brought online during the period, boosting the 60-day cumulative oil production by 17% compared with the previous year's levels.Accordingly, sales volume grew year over year to 173,354 boe/d from 157,996 boe/d.The company reported that its Q1 revenue from US exploration and production rose to $575.5 million during the period, versus $509.5 million in the same quarter of 2025.In Canada, however, it generated $155.2 million in revenue, down from the prior year's $165.7 million.Murphy Oil projects its net production in Q2 to average between 161,000 boe/d and 169,000 boe/d, with full-year guidance ranging from 167,000 boe/d to 175,000 boe/d.

$MUR

Commodities2d ago

NWS Warns of Thunderstorms in Texas, Mississippi, Tennessee Valleys

The US National Weather Service on Thursday said eastern Texas into the lower Mississippi and Tennessee Valleys may encounter strong to severe thunderstorms that may produce tornadoes, wind gusts, large hail, and rainfall.The NWS issued a severe thunderstorm warning for Mississippi's Hattiesburg and a flash flood warning for Georgia's Columbus. Southern Co. (SO) subsidiaries Mississippi Power and Georgia Power, respectively, serve these cities.In Florida, the agency posted a red flag warning for Jacksonville, Gainesville, Ocala, Daytona Beach, Wildwood, Deltona, Sanford, Leesburg, Orlando, Titusville, Melbourne, and Palm Bay. Duke Energy (DUK) and NextEra Energy (NEE) unit Florida Power & Light are the main service providers in these cities.The weather service placed some parts of New Mexico under a freeze warning. These cities, primarily served by Xcel Energy (XEL) and TXNM Energy's (TXNM) PNM, include Farmington, Gallup, Raton, Clayton, Roy, Las Vegas, Los Alamos, Santa Fe, Albuquerque, and Moriarty.In Texas, areas under the same warning include Dalhart and Perryton, within the service zone of Xcel Energy. The warning extends to nearby Oklahoma cities, Beaver, Guymon, and Boise City.The NWS also posted a freeze warning for areas in Colorado, including Craig, Meeker, Rangely, Rifle, Kremmling, Vail, Montrose, Nucla, Cortez, Durango, Pagosa Springs, Fort Collins, Greeley, Boulder, Fort Morgan, Akron, Wray, Flagler, Cheyenne Wells, Sterling, Julesburg, Denver, Deer Trail, Castle Rock, Limon, Colorado Springs, Canon City, Pueblo, Ordway, Eads, La Junta, Lamar, La Veta Pass, Trinidad, Kim, and Springfield. The state's main electricity providers are Xcel Energy and Black Hills' (BKH) energy unit.Utah's Duchesne, Manti, and Nephi, where PacifiCorp's Rocky Mountain Power is the primary utility provider, were also under the same warning.In Kansas, the weather service issued a similar warning for St. Francis, Goodland, Colby, Oakley, Tribune, Scott City, Garden City, Ulysses, and Liberal. Evergy (EVRG) mainly serves the state.In Nebraska, the agency posted the same warning for Oshkosh, Arthur, Tryon, Stapleton, North Platte, Ogallala, Chappell, Grant, Imperial, Stockville, and McCook.The NWS placed some parts of Michigan under a similar warning, including Rogers City, Petoskey, Gaylord, Alpena, Mio, Traverse City, Houghton Lake, Cadillac, Manistee, Tawas City, Ludington, Pentwater, Big Rapids, Clare, and Mount Pleasant. Consumers Energy, a subsidiary of CMS Energy (CMS), mainly serves these cities.The agency posted a flood warning for Michigan's Petoskey, Mississippi's Hattiesburg, and areas near Washington's Winthrop, served by Puget Sound Energy.Wisconsin's Janesville, within the service zone of Alliant Energy (LNT), and Arkansas' Searcy, within the service area of Entergy's (ETR) Arkansas unit, were under the same warning.In Illinois, the weather service issued a similar warning for places near Canton, Havana, Carlinville, Olney, and Carmi, primarily served by Ameren's (AEE) Illinois unit.In Indiana, the NWS issued the same warning for areas nearby Crawfordsville, Terre Haute, Vincennes, Petersburg, and Seymour, where Duke Energy is the main electricity provider.

$AEE$BKH$CMS$DUK$ETR$EVRG$LNT$NEE$SO$TXNM$XEL

Commodities2d ago

EMEA Natural Gas Update: Futures Slip in Early Trade as Market Watches for Iran Response to Reported Peace Proposals

European natural gas futures fell slightly in early trade on Thursday after Wednesday's initial 9% plunge following a news report suggesting the US and Iran might be nearing agreement on on a path to end more than two months of conflict.Dutch TTF futures slipped 0.1% to 43.90 euros ($51.67), while UK NBP contracts fell 0.04% to 107.53 British pence ($1.46).While Wednesday's plunge took place in the absence of any acknowledgement of such a framework by Iran, the country said later on Wednesday that it was reviewing a US proposal aimed at ending the conflict that has starved energy markets of about 20% of the world's total oil and gas supplies.ANZ Senior Commodities analyst Daniel Hynes noted that some European traders continue to hedge against a spike in prices next winter, with the task of refilling storage reserves having barely begun and looking a daunting task with Asian importers already struggling to import enough to meet immediate needs.While the Axios report on Wednesday mentioned some White House optimism over prospects for agreement on lasting peace, US President Donald Trump's social media post warning of strikes in the absence of agreement cast at least some doubt over how much common ground there is between the sides.EU gas storage levels stood at 34.07% of capacity on Wednesday, according to Gas Infrastructure Europe, well below 41.4% a year earlier.

Commodities2d ago

Eversource Profits Surge Across All Segments in Q1 2026

Eversource Energy (ES) earnings climbed across all primary business units in Q1, led by a 35% surge in its natural gas segment, the company said on Wednesday.The company said that the results were primarily driven by aggressive infrastructure investment and the implementation of significant base rate increases.The Natural Gas Distribution segment saw the most dramatic growth, with earnings jumping to $295.3 million in the first quarter of 2026, up from $218.4 million in the same period last year.This 35% increase was attributed to new base distribution rates that went into effect on November 1, 2025, across all of Eversource's gas businesses.These rate hikes were designed to recover the costs of ongoing investments in the company's natural gas infrastructure, though gains were slightly tempered by higher operations and maintenance costs and rising interest expenses.The Electric Transmission segment also showed steady improvement, earning $224.3 million, compared with $199.4 million in Q1 2025.Similarly, the Electric Distribution segment reported earnings of $202.8 million, up from $188.4 million a year ago.Management credited this rise to base distribution rate increases at its Massachusetts and New Hampshire utilities, which helped offset higher property taxes and depreciation.Despite the strong revenue performance, Eversource noted that higher interest expenses impacted all three business units, reflecting the broader high-interest-rate environment affecting the utility sector.

$ES

Commodities2d ago

Asia Biofuels Update: Malaysian Palm Oil Retreats on Weakening Crude Oil, Biofuel Economics

Sharp declines in crude oil prices weakened biofuel economics and dragged Malaysian palm oil futures further down on Thursday, although expanding biodiesel programs in Indonesia and Malaysia limited losses.After prices slumped 2.8% in the previous session, the Bursa Malaysia Derivatives' June crude palm oil contract eased by another 1.19% to 4,493 Malaysian ringgit ($1,149.25) per metric ton in midday trade. The July contract declined by a further 1.27% to 4,521 ringgit/mt.A strengthening local currency, making exports more expensive, also weighed on prices, with Malaysian ringgit rising by another 0.43% against the US dollar on Thursday.Export markets in Indonesia and Malaysia have recently softened, largely due to lower shipments to the Middle East due to the ongoing conflict, and weakening demand in India.A recent rise in palm oil prices have improved competitiveness of rival oils, with Indian buyers preferring soybean oil and sunflower oil over palm oil, according to dealers cited by Reuters.The price uptrend has also strained demand from Sub-Saharan Africa and Asia, where buyers adopt a more cautious approach in importation and delay purchases until prices normalize, The Edge Malaysia reported, citing Malaysian Palm Oil Council chief executive Belvinder Sron.In China, demand patterns show a shift from palm oil to palm oil products, giving Indonesia a competitive edge versus Malaysia, Sron reportedly said.Nonetheless, top Southeast Asian palm oil producers have announced plans to accelerate their biodiesel programs to help secure domestic energy supply, in turn increasing respective local demands for palm oil.Malaysia will raise palm-based biodiesel blending to 15% from the current 10% beginning June, while Indonesia will increase ratio to 50% from 40% beginning July.Malaysia's initiative will reportedly absorb an additional 300,000 metric tons per year of palm oil, accounting for 4% to 5% of the country's total palm oil output, which Sron sees as a "modest" impact to the export market.On the contrary, Indonesia's move is projected to consume an additional 1.5 million metric tons of palm oil annually, significantly tightening exportable supplies, Sron reportedly said.Analyst Dorab Mistry, as cited by Reuters, expects palm oil futures to remain strong in the coming months due to rising biodiesel demand, with June levels likely to touch the 5,000 ringgit/mt mark and mid-July levels to approach 5,200 ringgit/mt.

Commodities2d ago

Shell Upstream Production Slips in Q1, Refinery Usage Intensifies due to Lighter Maintenance Schedule

Shell's (SHEL) total production in upstream segment available for sale in Q1 slipped to 1.84 million barrels of oil equivalent per day, down from 1.86 mmboe/d in Q1, 2025, it said in an earnings statement on Thursday.Natural gas production available for sale in Q1 was 2.88 billion standard cubic feet per day, down from 3.02 billion.Liquids production available for sale rose to 1.35 million barrels per day in the quarter, up from 1.34 mmbbl/d in the same quarter a year prior.Natural gas production available for sale in Q1 fell to 4.61 million standard cubic feet per day in the integrated gas segment, down from 4.64 mmscf/d a year earlier and falling from 4,760 in Q4 2025.Gas liquefaction volumes rose to 7.86 million metric tons in Q1, up from 6.60 million in the same quarter of 2025. LNG sales rose strongly year over year, to 19.16 million metric tons, up from 16.49 million.The company said that oil and gas production fell 4% compared with Q4 2025, due to the impact of the Middle East conflict on volumes it produced in Qatar.The 1% increase it achieved in LNG liquefaction volumes was mainly due to a rampup at LNG Canada, partly offset by bad weather in Australia.Refinery utilization was 99%, up from 95% in Q4, 2025, an increase that reflected lower maintenance activity in Q1.Chemicals manufacturing plant capacity usage was 85%, up from 76% in Q4, also reflecting less intense planned and unplanned maintenance work.The company expects integrated gas production of 580,000 to 640,000 barrels of oil equivalent in Q2 while LNG liquefaction volumes are seen in a range of 6.8 million to 7.4 million tonnes, with a more intense maintenance schedule expected in Q2.Upstream production is seen in the range of 1.62 million to 1.82 million barrels of oil equivalent. Refinery capacity utilization is forecast in a range between 91% and 99%, Shell said.Chemicals manufacturing plant capacity usage is expected to be between 76% and 84%.

$SHEL

Commodities2d ago

Matador Resources Raises 2026 Oil Production Outlook After Higher Q1 Output

Matador Resources (MTDR) reported Q1 earnings Wednesday, showing net production volumes of 18.68 million barrels of oil equivalent, up from 17.88 mmboe a year earlier.The company produced 10.83 million barrels of oil for the quarter ended March 31, compared with 10.35 mmbbls in the corresponding quarter a year earlier.Natural gas production volumes increased to 47.2 billion cubic feet in Q1 from 45.1 Bcf a year earlier.Average daily total oil equivalent production reached 207,594 boe per day during the quarter ended March 31, up from 198,631 boe/d in the prior-year period.Daily production volumes for oil averaged 120,277 barrels per day, up from 115,030 b/d, while daily natural gas production volumes averaged 523.9 million cubic feet per day, up from 501.6 MMcf/d.Matador raised its full-year 2026 oil production guidance to 123,000 b/d to 125,000 b/d, up from the prior range of 122,000 b/d to 124,000 b/d.The company also revised its total oil equivalent production guidance to 210,500 boe/d to 216,000 boe/d, upwards from the prior outlook of 209,500 boe/d to 215,000 boe/d.The company expects 2026 drilling, completion and equipping capital expenditures of $1.35 billion to $1.44 billion.

$MTDR

Commodities2d ago

US Natural Gas Update: Oversupply, Falling Crude Pressure Futures

US natural gas futures fell in after-hours trade on Wednesday on rising domestic supply, while broader energy markets tracked lower on reports that Iran is reviewing a US-backed peace proposal that could ease tensions in the Strait of Hormuz and restore shipping flows through the key chokepoint.The front-month Henry Hub contract and the continuous benchmark both declined 2.37% to $2.722 per million British thermal units.LNG feedgas flows to US export terminals dropped 7.8% on the week to 17.7 billion cubic feet per day, the lowest level in more than three months due to seasonal maintenance, Barchart said, citing BNEF data.The LNG slowdown is leaving more gas in the domestic market and reinforcing concerns about inventory builds. Storage levels were already 7.7% above the five-year average as of April 24.On Thursday, the US Energy Information Administration is due to release the latest weekly inventory data. Gelber & Associates forecasts an 80 Bcf injection for the week ended May 1, compared with 104 Bcf a year ago and a five-year average of 77 Bcf."If the print lands near our view, the market will likely keep watching whether LNG feedgas recovers and whether late-May power burn can build a stronger floor," the firm said in a Wednesday note.It added that "a materially larger build would reinforce the idea that spring maintenance and mixed weather are still capping rallies, while a lighter number would make it easier for prices to hold support into the next round of heat revisions," the firm said.Meanwhile, US lower-48 dry gas production was 110.9 Bcf/d on Wednesday, up 5.5% over the year, BNEF data showed, while net Canadian imports remained light at 4.5 Bcf/d, according to Gelber & Associates.Lower-48 demand was 72.2 Bcf/d, up 9.5% from a year earlier, with residential and commercial demand at 17.2 Bcf/d providing the strongest support as late-season weather demand returned, Gelber & Associates said.Demand is expected to strengthen as the US National Weather Service on Wednesday issued another winter storm warning for large parts of the Rocky Mountain states, which got hit with an unusually late snowstorm on Tuesday and Wednesday.

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Commodities2d ago