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TotalEnergies Files Permit Application for France's Largest Offshore Wind Project

French energy giant TotalEnergies (TTE) said Thursday that its wholly-owned subsidiary Centre Manche Energies has filed an application for the sole authorization required to develop a 1.5-gigawatt offshore wind farm off the coast of Normandy.This is a major milestone for what is set to become France's largest renewable energy project, capable of generating 6 terawatt-hours of electricity annually, which the company says is roughly the needs of one million French homes.The company said the authorization filing includes technical and environmental studies, a preliminary wind farm design and a planned installation program, alongside an environmental impact assessment developed through consultations with regional stakeholders and government agencies.The project will require total investment of 4.5 billion euros ($5.22 billion) and create about 2,500 jobs during its three-year construction, with the company planning to rely heavily on the local workforce."We are delighted to have filed for authorization and to have reached this major milestone for Centre Manche Energies," said Thierry Muller, the project's director.

$TTE

Commodities28d ago

UK Develops Cybersecurity Plan to Defend Against Threats in Power Sector

The UK government is developing a strategy to boost cybersecurity to protect energy infrastructure, it said on Thursday, to counter growing threats linked to digitalization.The strategy is a four-year plan to embed cyber security in Great Britain's clean energy system as it expands the grid and supplies of renewable and nuclear power, while seeking to increase resilience of existing infrastructure.The government will work with the National Energy System Operator, energy regulator Ofgem and the National Cyber Security Centre to identify cyber threats and defend against them.One aspect of this is increased powers for cyber regulators as stipulated in the Cyber Security and Resilience Bill, currently being examined by the parliament.

Commodities28d ago

Kenli 10-2 Oilfield 1st Phase in China's Bohai Sea Begins Full Production

China National Offshore Oil said Wednesday the first phase of the Kenli 10-2 oilfield in the south Bohai Sea has begun full production, exceeding 2,800 tons per day.The company, known as Cnooc, completed relevant operations on all 79 development wells, with pump startup activities conducted for both cold and hot production wells. The first round of heat injection on 24 thermal recovery wells was also completed, according to the statement.Kenli 10-2 oilfield is a "branching heavy oil reservoir," requiring new development methods as oil and gas are stored in "narrow, long, and winding sand bodies," the company noted."The full commissioning of the first phase of the Kenli 10-2 oilfield project provides a technical solution that can be learned from, replicated and promoted for the effective development of similar oil reservoirs," it said, boosting production at the Bohai Sea oilfield, which contains over 100 million tons of reserves.

Commodities28d ago

Market Chatter: Malaysia Raises Gas-Fired Power Generation Using Domestic Reserves, Lowers Coal Use

Malaysia has driven down its use of coal in power generation and ramped up gas-fired supply by turning to its domestic offshore reserves, bucking a trend of increased coal use in response to the Middle East crisis, Reuters reported on Thursday.This is all the more remarkable coming at a time of record power demand due to a heatwave pushing up air conditioner use and the opening of power-hungry data centers.Power demand in peninsular Malaysia, which represents about 80% of the country's consumption, rose 11.5% in April while generation of electricity from gas rose 50.5% over the same period, data from Malaysia's Grid System Operator showed, the article said.In absolute terms, gas-fired generation rose to a record 5.54 terawatt-hours in April and coal-fired generation fell at its steepest in more than three years to 6.67 terawatt hours, still ahead of gas despite its downward trend.Proportionally, gas provided 42.6% of peninsular power in April, the highest since Oct. 2019 and coal's share slipped to 51.2% in April, down from 62.2% in the same month of 2025.Malaysia, the world's No. 5 LNG exporter, delivered 446,000 metric tons of LNG from offshore gas fields to the peninsular part of the country this year, tripling from 2025's full-year deliveries of 150,000 tons, the article said, citing data from analysts Kpler.The article says that trend reflects Malaysia's abandonment of a strategy according to which it imported coal to generate power at lower cost, a movement in the opposite direction to South Korea and Japan which are using more of the solid fuel as LNG grows more scarce.Malaysia keeps gas prices for the domestic power industry lower than international LNG benchmarks, a discount which has been a driver of data center investments in the country, Energy Aspects analyst Kesher Sumeet said, offering a forecast of 4% power demand growth in the coming years.Despite meeting growing demand with its own reserves, Malaysian flagship energy company Petronas said last year that the country would be importing growing volumes of LNG by the end of the decade as data centers drive up power demand, the article said.Malaysia has increased LNG exports 14.6% year over year, so far in 2026 to 12.81 million tons, Kpler data showed, according to the article.It quoted ICIS analyst Alex Siow as saying that it may be better for Petronas to maintain LNG exports as per long-term contracts, to be able to buy LNG more cheaply on the spot market later, based on his expectation of LNG oversupply after 2028.has contacted Malaysia's grid system operator seeking confirmation of the trends and the reasoning behind them.(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.)

Commodities28d ago

Canadian Ksi Lisims LNG Facility Enters Preliminary Supply Deal With EU's SEFE

Ksi Lisims LNG, a proposed liquefied natural gas facility in British Columbia, Canada, on Wednesday said it has signed a preliminary agreement for the sale and purchase of 1 million tonnes per annum of LNG with the EU's Securing Energy for Europe, better known as SEFE, which is headquartered in Germany.As per the contract terms, which are subject to the completion of sales and purchase agreement, Ksi Lisims LNG will sell LNG to SEFE on a free on board basis for up to 20 years, according to a statement.The facility, to be located in Pearse Island, is expected to produce 12 Mtpa of LNG from two floating LNG production and storage facilities.The plant will be supported by renewable hydroelectricity and is designed to be among the lowest emissions LNG facilities in the world, the statement added.The German government owned SEFE provides energy solutions, with their activities covering the energy value chain from origination and trading to sales, transport and storage. It provides over 200-terawatt hours of gas and power annual to more than 50,000 clients including industrial customers, small businesses, municipalities and multinational organisations, the statement said.

Commodities28d ago

SSE Green Energy Revenue Offsets Lower Flexible Thermal Spreads

UK-based electricity infrastructure company SSE reported a roughly 4% rise in renewable operating profits, leveraging newly added clean capacity to offset lower commodity prices and unfavorable weather, the company said on Thursday.The group's green portfolio showed notable resilience in a fluctuating market.Within the SSE's renewables division, adjusted operating profits advanced to 1.08 billion British pounds ($1.45 billion) from 1.04 billion pounds, as the newly commissioned capacity successfully offset the resource volume deficit caused by unseasonably weak wind and hydro weather conditions throughout the UK and lower overall realized hedge prices, it said.Conversely, dispatchable energy assets faced tighter margins.Profits across SSE's flexibility segment, comprising gas-fired thermal plants, multifuel generation assets, and commercial energy supply operations, slumped to 375.5 million pounds from 433.5 million pounds year over year due to challenging market conditions, planned infrastructure outages, and lower power generation volumes.Looking forward the company expects earnings for SSE Renewables to remain flat compared to 2025/26, as ongoing capacity additions continue to balance out lower merchant power prices.To accelerate long-term grid electrification plans, the infrastructure giant deployed a record 3.6 billion pounds in capital expenditure.

Commodities28d ago

Iran Conflict Driving Shift in Global Energy Investment Towards Electricity, Diversification, IEA Says

Rising energy security concerns and trade flow reliability due to the ongoing energy supply crisis is prompting a rethink of energy investment strategies, with electricity and diversification emerging as growth drivers, the International Energy Agency said in its annual World Energy Investment report Thursday.The current energy crisis, resulting from the effective closure of the vital Strait of Hormuz since the onset of the Iran war, has come close on the heels of the crisis perpetuated by Russia's invasion of Ukraine in 2022."Today's supply shock is expected to leave a lasting imprint on future investment priorities, particularly in Asia and the Middle East, where the impacts of the disruptions to shipping flows through the Strait of Hormuz have been felt most acutely," the IEA said.Global energy investment is expected to register a small year-on-year growth to reach to $3.4 trillion in 2026. Of this amount, about $2.2 trillion is likely to be invested in grids, storage, low-emissions fuels, nuclear, renewables, efficiency and electrification, while oil, natural gas and coal will account for the remaining $1.2 trillion, the report said.About $1.6 trillion of the total investment is expected to be diverted towards electricity supply and infrastructure in 2026, with the figure rising to $2 trillion when including end-use electrification. At an estimated $550 billion, expenditure on electricity grids are expected to rise 20% year-on-year, while battery storage investment is likely to surpass $100 billion, the report said.Investment in oil is likely to decline for the third straight year, with the amount projected to fall below $500 billion in 2026, despite the recent spike in oil, with near term spending outside the Middle east being curbed by price volatility, longer project lead times, supply chain limitations, and tighter offshore rig markets, the report said.Meanwhile, a surge in new projects especially in the US and Qatar is expected to lead to a $330 billion investment in natural gas, marking the highest in the decade, the report said."We are already seeing intensified efforts by both producer and consumer countries to diversify trade routes and energy sources - such as advancing new pipelines and other supply infrastructure, on the one hand, and turning more to domestically available resources, on the other," IEA Executive Director Fatih Birol said."These range from renewables and nuclear to coal, oil and gas, in some cases - as well as broader measures to strengthen electricity systems, expand electrification and accelerate energy efficiency," Birol added.In 2026, renewable power projects are expected to attract investments to the tune of $665 billion, with the solar industry projected to account for $365 billion of this amount, while investment in nuclear power is expected to surpass $80 billion.Meanwhile, investment in coal is expected to increase to its highest levels since 2012 to $180 billion this year."The conflict has triggered volatility within financial markets, slowing investment decisions in the short term and pushing up long-term financing costs. This could disproportionately affect capital-intensive energy technologies," the report said, especially those in emerging and developing economies where financing costs are already significantly compared to advanced economies.

Commodities28d ago

Chicago Fed Chair Austan Goolsbee Warns of Exacerbated AI Inflationary Impact From Oil Crisis

Speaking at the Bank of Japan Conference on Thursday, Chicago Federal Reserve President Austan Goolsbee warned that the recent rise in oil prices, resulting from Iran war, could exacerbate the inflationary impact of artificial intelligence."The bigger the hype about future productivity, the more rates may need to rise to prevent overheating," Goolsbee said, while adding that the current supply shock "makes the problem worse."While supply shocks typically reduce economic growth, offering a breather for inflationary pressures, Goolsbee warned that "they also make the problem of inflation from anticipated future productivity growth more extreme," while pushing back against the notion of AI being a deflationary force.In such a scenario, Goolsbee argued that "rates would likely need to rise," as the increased spending on AI, during a period of energy supply constraints, could overheat the economy, before the supposed productivity gains are realized.

Commodities28d ago

Market Chatter: US LPG Buyers Cancel Cargoes as Shipping Rates Surge

A war-driven surge in freight rates prompted some buyers of US liquefied petroleum gas, typically bound for Asia, to cancel their shipments, Bloomberg reported Thursday, citing people familiar with the matter.Sources told the news agency that at least two cargoes scheduled to load in June from US Gulf Coast export terminals were canceled, with some buyers considering terminating more shipments.Shipping disruptions in the Strait of Hormuz have cut supplies of Middle Eastern LPG, prompting Asian buyers to seek alternative cargoes, mainly from the US.However, geopolitical tensions have also resulted in higher freight rates, eroding the economics for exporting US gas to East Asia, according to data compiled by Bloomberg.In India, inflated shipping rates have reportedly weighed on margins of state refiners, as they turned to the US to partially replace Middle Eastern LPG. The country relies on the Middle East for around 90% of its LPG imports, to primarily meet domestic demand for cooking.has reached out to India's Ministry of Petroleum and Natural Gas to seek feedback on the reported margin trend and LPG cargo cancellation.For other Asian buyers of US LPG, freight surge is also a main concern as tankers have to queue and take longer routes through the Panama Canal and Cape of Good Hope.(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.)

Commodities28d ago

NWS Warns of Fire Weather Risks in Northern Plains, Widespread Thunderstorms in Southeast, Northwest

The US National Weather Service on Thursday said a portion of the northern Plains will experience elevated fire weather conditions, while the Great Basin faced a secondary threat due to the presence of gusty winds and low relative humidity.The Ozarks and Southeast US are likely to face widespread showers and thunderstorms, with risks of isolated flash flooding through Friday.Meanwhile, Northwest US is likely to encounter scattered severe storms and heavy rain, the agency said.The NWS issued a red flag warning early Thursday for Montana's Plentywood, Glasgow, Sidney, Circle, Terry, and Glendive. MDU Resources (MDU) unit Montana-Dakota Utilities is among the major service providers in these places.North Dakota's Crosby, Williston, Dickinson, and Bowman, which also falls under the service area of Montana-Dakota Utilities, was placed under a similar warning.Affected areas in Utah included Vernal, Green River, Moab, Capitol Reef National Park, Hanksville, Monticello, Blanding, Bluff, Escalante, Zion National Park, and St. George. PacifiCorp's Rocky Mountain Power is the primary service provider in the state.In Arizona, a red flag warning was raised for Flagstaff, Winslow, Show Low, St Johns, and areas near Grand Canyon Village and Chinle, primarily served by Pinnacle West Capital (PNW) subsidiary Arizona Public Service Company.Also placed under a red flag warning watch were Colorado's Cortez, Nucla, Montrose, and Durango. Xcel Energy (XEL) and Black Hills unit (BKH) Black Hills Energy are the primary electricity providers in the state.The NWS issued a flood warning for West Virginia's Clarksburg, Elkins, Fairmont and areas near Sutton, primarily served by FirstEnergy unit Mon Power.Flood warnings were also issued for certain pockets of Texas, Ohio, Indiana, Mississippi, Louisiana, and Washington.Meanwhile, flash flood warnings were raised for small pockets in Oklahoma, Kansas, and Texas.

$BKH$FE$MDU$PNW$XEL

Commodities28d ago

Asia Biofuels Update: Palm Oil Rises as Crude Oil, Soybean Oil Strengthen

Malaysian palm oil futures rose further on Thursday tracking higher crude oil and rival soybean oil prices, and supported by a weakening ringgit that buoys export competitiveness.The Bursa Malaysia Derivatives' June crude palm oil contract gained 1.40% to 4,491 Malaysian ringgit ($1,135.38) per metric ton in midday trade. The July palm oil contract inched up 1.28% to 4,523 ringgit/mt, to reach a one-week high.The local currency has eased against the US dollar since the second week of May, with Thursday's decline at 0.3%. A weaker ringgit makes exports cheaper and more attractive to foreign buyers.This could support Malaysia's export market, which has so far seen a 14.5% to 18.0% month-over-month moderation in shipments for the May 1-25 period, according to cargo surveyors cited by Trading Economics.Uncertainties over Indonesia's new export policy, which intends to centralize shipments of palm oil and other commodities through a state-backed entity, could provide further upside to Malaysia's export market, particularly during the transition period.Several buyers have reportedly halted purchases of fresh fruit bunches until the government issues clarity on the new mechanism, according to Bloomberg.Globoil Intelligence, the research and intelligence arm of Globoil India, said Malaysian palm oil prices could jump 15% to 25% within 30 days if the export revamp is executed "aggressively without adequate infrastructure at the new state entity."A more probable scenario where the government issues the new regulation within 60 days, with a pilot phase through Q3 and a full rollout thereafter, could result in supply uncertainties in the short term before stabilizing as procurement processes adjust. Globoil expects prices to range from 4,200 ringgit/mt to 4,600 ringgit/mt in H2 in this case.Indonesia's planned export revamp has prompted key buyer India to start planning for procurement diversification, according to the research firm."Several large Indian refiners have already begun internal scenario planning for accelerated Malaysian palm oil sourcing, increased domestic crush of soybean and rapeseed, and renewed evaluation of South American soybean oil contracts," Globoil said.Meanwhile, the Indonesian government said palm oil producers have agreed to buy fresh fruit bunches at reference prices set by local authorities to help maintain the stability of prices during the transition period, Bloomberg reported, citing Deputy Minister of Agriculture Sudaryono.

Commodities29d ago

Market Chatter: Trump's Fuel Shipping Exemptions Had Limited Impact on US Gasoline Prices

President Donald Trump's Jones Act waiver allowing fuel and crude barrels to be moved between US ports had a limited impact on high domestic gasoline prices amid higher freight rates and smaller shipment volumes, according to a Reuters analysis on Wednesday.In March, President Donald Trump eased restrictions under the century-old Jones Act, allowing foreign-flagged ships to transport crude and fuel between domestic ports to support coastal fuel supplies.The waiver aimed to increase shipments from Gulf Coast refiners to East and West Coast markets, where refinery shortages and limited pipeline access continue to tighten fuel availability.National gasoline prices climbed to $4.49 per gallon Tuesday from below $3 before the Iran conflict erupted in late February, while California averaged $6.11 per gallon, the analysis added, citing American Automobile Association data.According to the White House, data compiled since the first Jones Act waiver was granted indicate that more supply could reach US ports more quickly. Administration officials are reportedly happy with the waiver's results and have conveyed to the oil industry that future extensions may be granted, sources told Reuters.Federal figures showed Valero (VLO) and Phillips 66 (PSX) used the exemptions about 50 times during the first two months, transporting 2.6 million barrels of crude alongside 7.5 million barrels of refined fuels.Because disruptions around the Strait of Hormuz pushed tanker rates sharply higher, the waiver delivered only modest shipping savings while transported volumes remained small compared with nationwide fuel demand.University of Chicago energy policy professor Ryan Kellogg said that unusually high freight costs and a shortage of available international tankers made it difficult to secure vessels.American Maritime Partnership President Jennifer Carpenter said the waiver failed to "lower prices at the pump, and materially increase the flow of product across the country."White House officials viewed the waiver positively after additional fuel cargoes reached domestic ports faster, while administration sources signaled openness to extending the measure if needed, according to the analysis.Over 60% of gasoline and blendstock shipments transported under the waiver were delivered to California, totaling roughly 3 million barrels, or about 2.1 million gallons per day, federal data showed.Shipments into California, Alaska, Florida, South Carolina and Oregon combined averaged approximately 84,000 barrels daily, compared with total US fuel consumption near 8.75 million barrels per day, the analysis added.Argus data showed that foreign-flagged vessels moving fuel from the US Gulf Coast to the West Coast could reduce shipping costs by about 6.6 cents per gallon, or nearly 1% of California gasoline prices, while Jones Act tankers remained cheaper on East Coast routes due to strong Asian vessel demand.The waiver also altered shipping patterns, with one US tanker carrying Alaskan crude to South Korea in April for its first international voyage since 2014, while industry sources warned that foreign competition on domestic routes could tighten US tanker availability further.(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.)

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Commodities29d ago

US Natural Gas Update: Prices Rise on Hotter US Forecasts

US natural gas futures maintained Wednesday's gains in after-hours trading as hotter-than-expected early-June weather forecasts reinforced expectations for stronger cooling demand and a tighter summer supply-demand balance.Both the July front-month Henry Hub contract and the continuous contract rose 2.59% to $3.088 per million British thermal units.The price rise came as updated 6-15 day forecasts trended warmer, encouraging short covering and shifting market attention away from lingering shoulder-season oversupply concerns toward rising summer demand expectations."The market is starting to look past shoulder-season looseness toward early summer demand," Gelber & Associates said.The Commodity Weather Group said above-normal temperatures are expected across the western half of the country during June 1-10.Aegis Hedging said the warming trend was led by the south-central US, where temperatures across the 15-day outlook increased by 21.6 degrees Fahrenheit. Cooling degree days are expected to soften briefly into the weekend before climbing toward 10 CDDs by the end of the forecast period.Power-sector consumption reflected stronger cooling-load expectations. Celsius Energy estimated Thursday's power burn at 26.1 Bcf, up 2.6 Bcf from the previous day and 3.1 Bcf above year-ago levels.Total demand, Barchart said, citing BNEF data, was estimated at 70.1 Bcf/d, up 6.4% from a year ago.The LNG sector remained steady despite ongoing maintenance work as BNEF data cited by Barchart showed LNG flows to US export terminals at 18.6 Bcf/d on Wednesday, up 200 million cubic feet per day from the prior day and 4.8% higher week on week.Gelber said dry gas production remains anchored near 110 Bcf/d, while Canadian imports provide a stable secondary supply of near 5 Bcf/d. BNEF data showed Lower-48 dry gas output at 109.8 Bcf/d on Wednesday, down 800 MMcf/d from the previous day but still 1.9% above year-earlier levels.Attention is now turning to Thursday's US Energy Information Administration storage report. Gelber estimates an injection of 90 Bcf, below the 101 Bcf build recorded in the comparable week last year. It said a smaller-than-year-ago build could reinforce expectations that early summer heat and resilient LNG demand are beginning to tighten balances heading into July.

Commodities29d ago

Russian Fuel Tanker Reportedly Diverts From Cuba as Island Faces Deepening Energy Crisis

A Russian tanker carrying up to 300,000 barrels of fuel was diverted from Cuba, dealing another setback to the island's worsening energy shortage, according to multiple media reports on Wednesday citing vessel-tracking data.Tracking data from Kpler and LSEG showed the tanker Universal changed its destination from Cuba to "for order," maritime jargon for a vessel awaiting directions, after spending weeks idling in the Sargasso Sea.The Russia-flagged vessel had loaded diesel cargo at a Russian port and was expected to help ease fuel shortages that continue to strain Cuba's fragile electricity network.Cuba has struggled to secure fresh oil shipments after the US tightened pressure on countries supplying fuel to Havana and restricted Venezuelan crude exports to the island following the removal of President Nicolas Maduro in January.

Commodities29d ago

Market Chatter: Chevron Redirects SPR Oil to California Amid Middle East Supply Risks

California received an oil shipment from the US Strategic Petroleum Reserve this month for the very first time, according to a Reuters report Wednesday.The Iran conflict reduced shipments of Middle Eastern crude, increasing pressure on California, which imported about 230,000 barrels per day of regional oil last year.Strong demand from Asian buyers also limited alternative crude supplies available to California refiners, increasing dependence on emergency reserve barrels from the US Gulf Coast.About 460,000 barrels of Bayou Choctaw Sweet crude were delivered to Chevron's (CVX) Richmond refinery and another 50,000 barrels to the energy major's El Segundo facility in California, Kpler said, citing bills of lading.After loading nearly 980,000 barrels of Bayou Choctaw Sweet crude in Louisiana, tanker Red Moon discharged the cargo at Panama's Atlantic Terminal earlier in May, according to Kpler.A 131-kilometer pipeline then moved the crude across Panama to the Pacific Terminal on the west coast, where Chevron-chartered supertanker Pascagoula Voyager loaded roughly 2 million barrels for delivery to the US West Coast.According to Kpler, Pascagoula Voyager also carried Guyana's Unity Gold crude before smaller vessels transferred the strategic reserve barrels onward to California refineries along the Pacific Coast.Chevron did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Commodities29d ago

US Crude Inventories Fall for 6th Straight Week, API Says

Data from the American Petroleum Institute revealed Wednesday that US crude oil inventories dropped by 2.8 million barrels in the week ended May 22, following a 9.1-mmbbl draw the previous week, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Thursday.

Commodities29d ago

China Cuts Oil Imports Amid Hormuz Turmoil, Tough Trade-Offs Loom, OIES Says

China has sharply reduced crude oil imports in response to the ongoing disruption in the Strait of Hormuz, but deeper cuts may soon threaten fuel and petrochemical supply, Michal Meidan, analyst at the Oxford Institute for Energy Studies, said in a note on Wednesday.China's crude imports fell to 9.3 million barrels per day in April from an average of about 11 mb/d over the past five years. Seaborne imports are expected to decline further into early summer as refiners cut processing rates.Meidan looked at how long China can continue lowering imports before it is forced to return to the market or begin drawing down oil inventories more aggressively.He said China still has several tools available, including refinery run cuts, fuel yield adjustments, and stock management. But each option carries trade-offs.Under one scenario, a 10% reduction in refinery runs could cut seaborne imports to as low as 7.2 mb/d. However, this would require refiners to prioritize gasoline and diesel production over petrochemical feedstocks, a strategy the report said would be difficult to sustain for more than a few months.A more moderate 5% cut in refinery runs appears more viable over a longer period. At around 8 mb/d of seaborne imports, China could largely meet domestic fuel demand while limiting damage to petrochemical output.China's effective crude import "red line" is not a single number but depends on a combination of refinery operating rates, product yield management and stock policies.Pushing imports too low without drawing inventories would force steep refinery cuts that could undermine petrochemical supply, while keeping run cuts modest would require policymakers to accept controlled stock draws and continued intervention in fuel prices and export volumes.

Commodities29d ago

Market Chatter: LNG Disruptions Prompt EDF to Postpone Edison Stake Sale Plans to 2027

French utility EDF delayed plans to sell a stake in its Italian unit, Edison, to 2027 as Middle East LNG disruptions weighed on the subsidiary's valuation, Reuters reported Wednesday, citing two sources familiar with the matter.To raise cash for investments in its nuclear reactor fleet, EDF had reviewed several options for Edison last year, including an initial public offering and a sale of a minority stake to investors.Disruptions to Middle East gas shipments, combined with regulatory changes in Italy, weakened Edison's operating outlook as the country's second-largest natural gas importer, the sources reportedly said."At this stage, we are still assessing all the available options, notably in light of the various recent developments, and are closely monitoring market conditions," EDF toldin an emailed response.Advisers are revising Edison's business projections to reflect LNG supply disruptions, while EDF could resume investor talks in September if regional tensions no longer weigh on the company's valuation, Reuters reported, citing sources.In April, the companies reportedly pushed a decision on the potential sale to this month. Last year, sources reportedly told Reuters that Edison could be valued at 7 billion euros ($8 billion) to 10 billion euros.QatarEnergy, which supplies Italy with 6.4 billion cubic meters of gas annually under a long-term Edison contract, canceled five additional LNG cargoes and extended force majeure through mid-August.Edison didn't immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities29d ago

Northern Oil and Gas Expands Into Canada With $259 Million Duvernay Deal

Northern Oil and Gas (NOG) is expanding into the Canadian market with a $259 million acquisition in Alberta's light-oil Duvernay shale, betting the basin's low-cost inventory can bolster growth amid expectations for stronger long-term crude prices, RBC Capital Markets strategists said on Wednesday.The US energy firm said it agreed to acquire an undivided 25% non-operated interest in assets owned and operated by Parallax Energy Operating, a private equity-backed firm.The deal includes net production of about 4,000 barrels of oil equivalent per day, about 80% of which is light oil, along with 75,000 net acres and about 500 gross drilling locations in the Duvernay East Shale Basin in Alberta.Northern Oil and Gas said the assets contain about 20 years of drilling inventory with breakeven oil prices below $50 per barrel, while operating costs are expected to remain below $7.50 per barrel of oil equivalent.The acquisition marks the energy firm's first expansion into Canada, and provides exposure to what RBC described as "inventory-rich" light-oil acreage in a higher mid-cycle oil price environment.The bank said the sellers will receive about $83.5 million in Northern Oil and Gas common stock as part of the transaction, with the remainder funded in cash.The company also said it plans to hedge currency fluctuations tied to operating costs through multi-year derivative transactions. The transaction is expected to close in Q2.Northern Oil and Gas said updated pro forma guidance tied to the acquisition remains in line with the high end of its previously issued low-activity outlook.Price: $21.33, Change: $-1.02, Percent Change: -4.54%

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Commodities29d ago

HICL Raises Full-Year Return Outlook, CVC Clears Naturgy Stake Overhang, RBC Says

HICL Infrastructure raised its FY26 net asset value to 10.3% as CVC Capital removed a Naturgy stake overhang through a full 13.8% exit, RBC Capital Markets said in a Wednesday note.HICL Infrastructure lifted FY26 net asset value to 160.2 British pence ($2.14) per share, up from 153.1 British pence per share a year earlier, the note said.Strong contributions from HICL's growth assets drove a 9% rise in EBITDA over the year, supporting balance-sheet flexibility and potential expansion in dividends and NAV, RBC Capital Markets said.RBC reiterated its outperform rating on HICL Infrastructure and raised its price target to 165 British pence per share.CVC Capital exited Naturgy after selling its remaining 13.8% stake through an accelerated bookbuild involving 107.5 million shares priced at 28.55 euros ($33.20) each, according to a company announcement cited by RBC.Derivative settlements covering another 26.4 million Naturgy shares, or 2.72%, completed CVC's disposal process, while the placement reflected a 4.6% discount to Tuesday's closing price, RBC said.The transaction removed a major overhang for Naturgy investors, RBC said, adding that the placement price exceeded BlackRock-GIP's March placement of an 11.4% stake at 25.20 euros per share.Gresham House Energy Storage agreed to sell 25% stakes in three battery energy storage projects totaling 397 megawatts to Summit Transition Partners, a joint venture between Sumitomo Corporation and TPK Holdings.The agreement also grants Summit exclusivity rights to acquire similar stakes in an additional 297 megawatts of pipeline projects, while the deal includes upfront funding for the Cockenzie, Monets Garden and Elland 2 developments.RBC said the transaction lowers funding pressure on GRID's pipeline expansion plans after earlier concerns over debt levels approaching roughly 30% of gross asset value during construction activity.

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Commodities29d ago

Market Chatter: Trump's Fuel Shipping Exemptions Had Limited Impact on US Gasoline Prices

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