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US DOE Names Kyle Haustveit as New Undersecretary

Kyle Haustveit was sworn in as the US Department of Energy's undersecretary following a US Senate confirmation, according to Secretary Chris Wright on Friday.Haustveit formerly served as assistant secretary of the Hydrocarbons and Geothermal Energy Office and oversaw the National Energy Technology Laboratory.Wells Griffith served in the undersecretary role last year.Wright also said in a statement that Alex Fitzsimmons will serve as associate deputy secretary of energy and senior advisor to the secretary. He was previously the acting undersecretary of energy.

Commodities31d ago

Market Chatter: China Solar Installations Fall for Fourth Month in April Despite Export Surge

New solar installations in China fell for the fourth straight month on a year-over-year basis in April, with new capacity additions at 9.52 gigawatts, according to a Bloomberg report, citing China's National Energy Administration.While the figure marks an improvement from March, at 8.91 GW, it is a fraction of the 45.22 GW installed during the same period last year when policy changes resulted in a spurt of new installations.This has since led to a 26% decline in solar cell output, even with exports resilient having grown 60% year-over-year. That growth was despite the Chinese government scrapping tax rebates on exports, making Chinese solar PV more expensive.China added 5.49 GW of new wind capacity during April, while thermal capacity additions were significantly lower at 3.49 GW, according to the NEA.The China Photovoltaic Industry Association, a non-profit trade group headquartered in Beijing, did not immediately respond to' request for comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities31d ago

Asia Biofuels Update: Malaysian Palm Oil Down; Export Market to Likely Strengthen

Malaysian palm oil futures ended lower on Monday following crude oil prices after the US and Iran moved closer to a peace deal, but a possible boost to the country's exports once Indonesia implements sales restrictions, limited losses.The Bursa Malaysia Derivatives' June crude palm oil contract slipped 0.45% to 4,410 Malaysian ringgit ($1,114.90) per metric ton. The July palm oil contract lost 0.38% to 4,446 ringgit/mt, to reverse the previous session's gains.Slowing Malaysian exports also pressured prices, with May 1-20 shipments reportedly falling between 13.9% and 20.5% from a month earlier, according to cargo surveyors cited by Trading Economics.A 0.4% gain in the local currency versus the US dollar made exports less competitive due to resulting higher prices for foreign buyers.Going forward, Malaysia's export-driven palm oil industry may find support from Indonesia's new export policy, which aims to channel some commodity exports via a state-backed agency to enhance oversight of shipments.The Indonesian government will reportedly provide updates on the policy in the coming weeks, with plans to begin a phased implementation in June.The export plan has resulted in a steep decline in Indonesian palm oil fresh fruit bunch prices, to around 1,000 Indonesian rupiah ($0.06) per kilogram from 2,800 rupiah/kg, according to a palm oil farmer association cited by Reuters.Traders, mills, and companies withheld purchases and temporarily halted sales due to unclear export mechanisms, affecting farmers in the region, the news agency reported.As traders assessed the impact of the export overhaul, palm oil buyers reportedly bought spot cargoes at low rates despite a strengthening in futures last week, according to Bloomberg."Indonesia's palm oil export mandate policy is causing disruption and divergence in the global palm oil market," price reporting agency MySteel said.S&P Global Ratings, as cited by Reuters, said the policy change could create macroeconomic uncertainties for Indonesia as both exports and government revenue decline.

Commodities31d ago

Indian Crude Oil Imports From Latin America, Africa Rise in April, May, Reuters Analysis Shows

India increased its crude oil imports from Latin America and Africa in April and May, following a disruption in supplies from the Middle East and the effective closure of the Strait of Hormuz due to the Iran war, according to a Reuters analysis published Monday.Crude imports by Indian refiners from countries like Venezuela, Brazil, Angola and Nigeria saw a rise, even as they continued to procure supplies from Russia, the report said, citing preliminary Kpler data.Last month, Russia remained the primary oil exporter to India, with UAE and Saudi Arabia rounding off the top three. Brazil and Venezuela were the fourth and the fifth-largest suppliers respectively. Venezuela is on track to replace Brazil as India's fourth-largest oil supplier in May, the report said, citing Kpler data.In April, India imported 1.6 million barrels per day of oil from Russia, a 29.4% monthly decline from March, while purchases from Iraq were skipped. India also procured oil supplies from Iran after seven years following a temporary US waiver, the report said.Meanwhile, imports from UAE nearly tripled to 669,700 b/d in April from 230,600 b/d in the previous month. Supplies from Saudi Arabia were steady at about 619,500 b/d, the report said.In April, India's oil imports stood at 4.57 mmbbl/d, unchanged sequentially, but 15.5% lower than the corresponding month last year, the report said.In May, India is expected to import about 1.9 mmbbl/d of Russian crude and about 41,000 b/d of Iraqi oil, the report said, citing preliminary data from Kpler.has reached out to India's Ministry of Petroleum & Natural Gas for a comment.

Commodities31d ago

Ddev Plastiks Industries Declares Final Dividend for Fiscal 2026

Ddev Plastiks Industries (NSE:DDEVPLSTIK, BOM:543547) declared a final dividend of 1.25 rupees per share for the fiscal year ended March 31, according to an Indian bourse filing on Monday.The fiscal 2026 dividend is payable to shareholders of record on Sept. 19, the filing said.

BOM:543547NSE:DDEVPLSTIK

Commodities31d ago

Bangladesh Launches Offshore Exploration Tender With Improved Terms

The Bangladesh government on Sunday opened an international bidding round for offshore oil and gas exploration across 11 shallow water and 15 deep water blocks in the Bay of Bengal, with improved terms to encourage foreign investor participation.Energy Minister Iqbal Hasan Mahmood reportedly said in a press conference that the tender is in line with the government's strategy to boost domestic supplies and limit the country's reliance on imported fuel.Bangladesh, which heavily relies on imported liquefied natural gas, has been affected by supply disruptions and price surges since the start of the US-Iran war.In March 2024, the previous licensing round failed to attract any bid, Reuters reported, with a later review revealing concerns over gas pricing, pipeline construction costs and profit-sharing obligations as the deterrents.In the new bid invitation published by the government and state-owned Petrobangla, improved terms in the production-sharing contract include an "attractive wellhead gas price linked to international marker crude Brent" and a "mutually agreed pipeline tariff".Gas prices were previously linked to high-sulfur fuel oil.The amended framework would also allow third-party gas sales, gas exports, and special investment protection clauses, according to Mahmood, as cited by local news agency Bonik Barta.An information package for prospective bidders will be released on June 1, while bids can be submitted through Nov. 30, according to the published bid invitation.

Commodities31d ago

Australia Unveils Framework for Proposed Domestic Market Quotas for Gas Producers

The Australian government on Monday unveiled the draft design for its proposed Domestic Gas Reservation Scheme that would require liquefied natural gas exporters to ensure 20% of their annual export volume is reserved for the domestic market.Obligations under this scheme will commence from July 1 next year, according to a statement issued by the Department of Climate Change, Energy, the Environment and Water on Monday."These reforms are an opportunity to streamline the gas market regulatory framework and manage regulatory burden," the statement said.The document has been made available for stakeholder feedback.Existing contracts entered into on or before Dec. 22 last year will be "respected" and regulated entities will be allowed to propose adjustments to their domestic supply obligation if they can show that they would be forced to break export contracts.The final policy will be finalized by the government through legislation expected in 2027.

Commodities31d ago

Ukraine Hits Key Oil Pumping Station, Terminal in Russia

Ukrainian forces launched attacks on Russia's Vtorovo oil pumping station in Vladimir Oblast and Tamanneftegaz oil terminal in Krasnodar Krai over the weekend, local authorities confirmed, potentially disrupting Russia's fuel supply chain.Ukraine's security service, SBU, on Sunday said it struck Vtorovo oil pumping station, one of Russia's key fuel hubs operated by state-owned Transneft, resulting in a "large-scale" fire that covered an area of 800 square meters.The oil pumping and dispatching station delivers fuel, mainly diesel, from oil refineries in the central part of Russia to domestic markets and export terminals, according to the statement. The facility also supplies fuel to Sheremetyevo, Domodedovo, and Vnukovo airports.Transneft did not immediately respond to' request for comment.The General Staff of the Armed Forces of Ukraine also said in a social media post on Sunday that the Defense Forces struck the Tamanneftegaz oil terminal in Volna, damaging an oil loading stand.The facility near the port of Taman exports up to 20 million tons of oil and petroleum products per year through the Black Sea, according to the statement.has reached out to the company to seek feedback on the extent of damages.Meanwhile, a missile attack on Russia's Belgorod region early Monday has damaged an energy infrastructure, and disrupted power and water supplies, according to multiple media outlets.Energy infrastructure has been the main target of attacks since the Russia-Ukraine conflict escalated in 2022, with the aim of disrupting supply chains and crippling oil revenues.

Commodities31d ago

Malaysian Oil Stocks Sufficient to Get Through At Least End-July, Minister Says

Malaysia's Economy Minister Akmal Nasir said on Monday that the country has sufficient stocks of crude oil to last at least until the end of July, according to an economic update posted on YouTube."M10 was informed earlier that Petronas now guarantees that the country's oil supply stocks are sufficient until the end of July 2026," he said, according to auto-translated YouTube captions.Regarding liquefied natural gas, he said prices, not stating where, had risen 6.7% based on the Japan-Korea Marker, or JKM, to $19.00 up from $17.86 per million British thermal units due to regional demand pressure amid disrupted supplies linked to the closure of the Strait of Hormuz."Last time we remained high above the 100 US dollar per barrel, this has increased transportation costs and the price of these goods reflects the global energy which is still uncertain due to geopolitical risks," he said.Coal, which he described as "the lifeblood" of Malaysia's electricity supply, has risen in price 0.7% to $132.29 per semi-metric ton, he said without stating a period for any of the price movements.

Commodities31d ago

82 Reportedly Killed in Coal Mine Explosion in China's Shanxi Province

At least 82 people were killed following a gas explosion in a coal mine in Qinyuan County in China's Shanxi province on Friday, according to multiple media reports.The incident at the Liushenyu coal mine occurred Friday evening, when 247 people were working underground, according to media reports, citing a statement from the Qinyuan County Emergency Management Bureau.About 128 people were injured and getting treatment, while two others remained missing following the explosion in China's worst mine disaster in 17 years, according to a Reuters report on Saturday, citing local authorities.Initial media reports had pegged the number of casualties at at least 90, a figure which was later revised lower, the report said.The coal mine is operated by the Shanxi Tongzhou Coal Coking Group. All four mines owned by the group have been closed, while its executives have been detained, local official said at a news conference on Saturday, according to the report.On Saturday, President Xi Jinping ordered an investigation into the incident and directed the authorities to "spare no effort" in treatment for the victims and towards search and rescue efforts.The Qinyuan County Emergency Management and the Shanxi Tongzhou Coal Coking Group could not be reached for a comment.

Commodities31d ago

Hindustan Organic Chemicals to Temporarily Shut Phenol Plant

Hindustan Organic Chemicals (BOM:500449) said its phenol plant in Kochi, Kerala will undergo a temporary shutdown for 10 days starting May 23, according to a BSE filing on Friday.Shares of the company rose around 1% in Monday's trade.The shutdown is planned to facilitate statutory testing of supply of BPCL LPG cross-country pipeline, the company said in the filing. It also plans to carry out some shutdown activities in certain equipment and pipelines, the filing said.The hydrogen peroxide plant will continue operations during the shutdown period, it added.

BOM:500449

Commodities31d ago

Update: Market Chatter: Europe to Face 'Critical' Natual Gas Shortfall if Hormuz Disruptions Persist, Equinor Says

(Updates with Equinor statement from paragraphs 7 to 9.)Senior executives at Norwegian energy company Equinor (EQNR) believe Europe could be staring at a 'critical' shortage of gas inventories if shipping traffic from the vital Strait of Hormuz conduit remains disrupted for one to three months from now, according to a Reuters report on Thursday.European Union targets require member states to ensure gas storage reserves are at least 90% full before the onset of winter. To meet these targets, members need to increase their gas reserves during the northern hemisphere summer but lower supplies and distorted prices are slowing down efforts to build up reserves, the report said.According to Gas Infrastructure Europe, EU gas storage levels remained below 37%, standing at 36.87% of capacity compared with 45.16% a year earlier.While building up inventories for the next winter already appeared difficult in early March, there has been little progress since with winter gas prices curreltly lower than summer prices, the report said.Equinor Senior Vice President for Gas & Power Trading Helle Ostergaard Kristiansen told Reuters that if the war stopped immediately and free flow through the Strait resumed quickly, storage levels could reach an acceptable, though tight, 75%. However, if the closure continued for one to three months, the situation could become critical, Kristiansen said.According to Equinor Vice President for Gas Trading, Peder Bjorland, the market could likely correct the situation on its own through price signals. Higher gas prices could reduce gas use by encouraging a shift to coal, greater use of renewable energy, and lower fuel demand from industries, which could help restore balance in the market, he added.In a statement shared with, Equinor said it expected the risks to increase, with much depending on when the Iran war will end with flows expected to take some time to normalize after that.Europe's dependence on mild weather and strong renewable energy production is increasing and the situation is expected to get more challenging, the longer the continent waits to refill storage, the statement said."Forward prices are still lower than spot levels, meaning there are currently no commercial incentives to start filling the storages," the statement added. "If individual countries introduce strict storage requirements now, there is a risk that European countries will bid against each other to meet targets, thereby pushing prices even higher."(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

Commodities31d ago

NWS Forecasts Critical Fire Weather Risks in Nevada, Texas; Thunderstorms in Texas, Northeast

The US National Weather Service on Monday said Oregon and Nevada are expected to experience elevated to critical fire weather conditions through Tuesday due to the presence of gusty winds and low humidity.Meanwhile, the region stretching from Texas to the Northeast is likely to encounter showers and thunderstorms through Tuesday, with heavy rains likely to result in potential localized areas of flash flooding across the central Gulf Coast into the Appalachians.The NWS early Monday issued a red flag warning for Nevada's Gerlach, McDermitt, Lovelock, Fallon, and Winnemucca. Berkshire Hathaway Energy unit NV Energy is among the electricity service providers in these areas.In California, a red flag warning was raised for Alturas, Likely, Canby, Cedarville, Susanville, and Bieber, primarily served by PacifiCorp's Pacific Power and PG&E (PCG) unit Pacific Gas and Electric Company.Also placed under a similar warning were Utah's Silver Lake, Paisley, and Adel, primarily served by Pacific Power.A red flag waring was also issued for Montana's Plentywood, Glasgow, Sidney, Circle, Glendive, and Terry. MDU Resources (MDU) unit Montana-Dakota Utilities is among the major service providers in these places.Meanwhile, a flood warning was raised for Ohio's Jackson, New Lexington, Zanesville, Findlay, Columbus, and areas near Mansfield and Canton. First Energy (FE) subsidiary Ohio Edison, and the Ohio units of American Electric Power (AEP) and AES (AES) are among the major electricity providers in the affected areas.West Virginia's Clarksburg, Sutton, Fairmont, and Elkins, primarily served by FirstEnergy unit Mon Power, were among the areas covered under a flood warning watch.The NWS also issued flood warnings for certain pockets of Washington, Georgia, Louisiana, Indiana, Illinois, Kentucky, and Mississippi.

$AEP$AES$FE$MDU$PCG

Commodities31d ago

Fintech Firm OKX to Launch Brent, WTI-based Perpetual Future Contracts

Blockchain technology and trading company OKX and the Intercontinental Exchange (ICE) plan to launch a perpetual futures contract based on the ICE's Brent Crude and West Texas Intermediate crude oil benchmarks, OKX said on Friday.The contracts will be available to trade on OKX's platform in locations where OKX is permitted to offer perpetual futures. OKX described the contracts as "a major step forward" in expanding access to global commodity markets using digital technology.OKX said ICE's Brent and WTI futures will underpin the perpetual contracts on OKX's platform. Brent and WTI contracts on ICE expire after a certain period of time, but the perpetual contracts trading on OKX's blockchain platform will not have an expiry date.This is OKX's first collaboration with ICE, which operates some of the world's largest exchanges and clearing houses for financial assets, after the two formed a strategic relationship in March.Haider Rafique, Global Managing Partner at OKX said that the presence of Brent and WTI among perpetual futures assets responds to demand from the market for this kind of asset and he said it would give retail traders access to the world's main energy benchmarks.OKX describes itself as a fintech company known for its global cryptocurrency trading platform.

$ICE

Commodities31d ago

Asia Biofuels Update: Palm Oil Retreats as Crude Oil Dips

Malaysian palm oil futures slipped on Monday following sharp declines in crude oil prices, as the US and Iran made some progress on a proposed peace deal.The Bursa Malaysia Derivatives' June crude palm oil contract lost 0.27% to 4,418 Malaysian ringgit ($1,116.93) per metric ton. The July palm oil contract fell 0.34% to 4,448 ringgit/mt.Prices also dipped as the local currency rebounded 0.4% against the US dollar, making exports less competitive due to resulting higher prices for foreign buyers.In the May 1-20 period, Malaysian shipments reportedly fell 13.9% and 20.5% from a month earlier, according to cargo surveyors cited by Trading Economics.Going forward, Malaysia's export-driven palm oil industry may find support from Indonesia's new export policy, which aims to centralize some commodity exports into a state-backed agency to enhance oversight of shipments.The Indonesian government reportedly said it will provide updates on the policy in the coming weeks.The export plan has resulted in a steep decline in Indonesian palm oil fresh fruit bunch prices, to around 1,000 Indonesian rupiah ($0.06) per kilogram from 2,800 rupiah/kg, according to a palm oil farmer association cited by Reuters.Traders, mills, and companies withheld purchases and temporarily halted sales due to unclear export mechanisms, largely affecting farmers in the region, the news agency reported.As traders assessed the impact of the export overhaul, palm oil buyers reportedly bought spot cargoes at low rates despite a strengthening in futures last week, according to Bloomberg."Indonesia's palm oil export mandate policy is causing disruption and divergence in the global palm oil market," price reporting agency MySteel said.S&P Global Ratings, as cited by Reuters, said the policy change could create macroeconomic uncertainties for Indonesia as both exports and government revenue decline.

Commodities31d ago

EMEA Oil Update: Brent Crude Slips in Early Trade as Iran, US Negotiations Progress

Brent crude futures slid about 5% in early trade on Monday as progress in negotiations between the US and Iran renewed optimism of a deal to end the war and reopen the vital Strait of Hormuz conduit.Brent crude futures were down 4.87% to $98.50 per barrel. Murban futures were last seen trading at $102.21 and were not trading by the time of publication of this oil price update."The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side," US President Donald Trump said in a post on Truth Social.Trump said that the deal with Iran hasn't been fully negotiated yet, but noted that the relationship with Iran was becoming much more professional and productive and that both sides had to take their time and get it right.He, however, added that the US blockade will remain in full force until an agreement was reached, certified, and signed.US Secretary of State Marco Rubio on Monday downplayed hopes of an immediate breakthrough to end the Iran conflict. He said the US is looking to make a good deal, but if talks fail, it may handle the situation "another way", Reuters reported. Meanwhile, Tasnim News Agency said that the US was still blocking some parts of the possible agreement, including Iran's request to access its frozen money, the report added."We've been at this stage before, only for talks to break down. Therefore, the market will likely be more cautious about overreacting to these headlines. There also appears to have been some tempering of optimism," Warren Patterson, head of commodities strategy at ING, said in a note on Monday.How the US and Iran settle disagreements over the latter's nuclear program remains the big unknown, Patterson added.A crude tanker and a liquefied natural gas carrier recently navigated the Hormuz Strait, while Iran claimed that 33 commercial vessels passed through the crucial waterway during a 24-hour window over the weekend after obtaining approval, the ING note added.Exports from Iran are expected to decline over the coming weeks as the US blockade of Iranian ports continues to be enforced strictly, with 100 commercial vessels being redirected in the last six weeks as per the US Navy, according to Daniel Hynes, a senior commodity strategist at ANZ."Meanwhile, refining margins, especially for distillates such as diesel and jet fuel, remain elevated, signaling persistent product tightness and suggesting the shock is being absorbed more by refined products," Hynes added.

Commodities31d ago

EU Fuel, Lubricants Rise Nearly 21% in Price YOY in April Due to Hormuz Closure

Fuel and lubricants used in personal transport rose in price by 20.8% by April, compared with the same month of 2025, the EU's statistics agency Eurostat said on Friday.The increase, most of which took place in the weeks from February to April after the start of conflict in the Middle East, masks that the price of fuel and lubricants was generally falling over the year, Eurostat said.Price increases were not evenly distributed across the bloc, with the largest rises taking place in Luxembourg, France, Sweden, Latvia and Bulgaria. The lowest increases were seen in Hungary, Poland and Italy, the report said.Diesel, one of the refined products that has been hit most swiftly by disruption to global energy flows, increased in price by 33.7% in April while gasoline rose by 13.6%, compared with April 2025.Most of these increases took place in March alone at 19.8% and 9.4%, respectively.The biggest jumps in diesel prices over the March to April period of this year were seen in Slovenia, Bulgaria and Cyprus, while the smallest increases were seen in Poland and Romania.Gasoline prices rose within a range of 12.9% in Slovenia and 1.3% in Ireland, the report said, while decreases were recorded in Romania, Spain and Poland, down 6.1% in the case of the latter.The report did not mention whether reductions or removals of taxes on fuel retail had an influence on these unusual price decreases at a time when crude oil prices were surging.

Commodities34d ago

US Oil Update: Futures Settle Higher on Slow Progress in US-Iran Peace Talks

Crude oil prices settled higher in after-hours trading on Friday as markets weighed the prospect of a breakthrough in US-Iran peace negotiations against the prolonged closure of the Strait of Hormuz.Front-month West Texas Intermediate crude futures rose by 0.67% to $97 per barrel, while Brent futures climbed 1.35% to $103.96/bbl.The US and Iran have signaled progress in talks to end the war, but the two sides remain at loggerheads over Tehran's enriched uranium stockpile and tolls on vessels transiting the Strait of Hormuz."While there are signs of optimism, uncertainty reigns. This is not the first time a deal seemed close, only for negotiations to break down," ING strategists said in a note Friday.US Secretary of State Marco Rubio told reporters in Sweden, while attending a Nato summit, that there had been "slight progress" in the latest round of talks aimed at preventing a wider regional conflict."We are doing everything we can to achieve the global consensus necessary to prevent Iran from creating a tolling system, and we're trying to use the United Nations," Rubio told reporters at the Nato summit.Though Iran said the latest proposal from the US partly bridged the gap between the two sides, comments from Supreme Leader Ayatollah Mojtaba Khamenei about keeping Tehran's uranium stockpile and a dispute over tolls in the Strait clouded the outlook for a breakthrough.Pakistan's army chief, Asim Munir, arrived in Tehran on Friday, where he is expected to meet key Iranian figures to discuss Iran-US peace talks and regional peace and stability.Separately, a Qatari negotiating team arrived in Tehran on Friday in coordination with the US to help secure a deal, according to media reports.Soojin Kim, research analyst at MUFG, said the prolonged disruption in Hormuz has driven a sharp drawdown in global crude and fuel inventories, while the International Energy Agency reiterated its readiness to release additional emergency stockpiles if supply pressures intensify further.On the operational side, the number of rigs drilling in the US rose by seven to 558 in the week ending May 22, Baker Hughes (BKR) said on Friday, amid a resurgence in domestic activity as the Middle East conflict drives up energy prices.The US oil rig count rose by 10 from 415 the previous week to 425, while the number of gas rigs dropped by three from 128 the previous week to 125.Meanwhile, US consumers continue to feel the impact of energy inflation, as gasoline prices have climbed to their highest level for the Memorial Day holiday since 2022, the Energy Information Administration said on Friday.The EIA said the national average price for regular gasoline reached $4.49 per gallon on May 18, up 42% from a year earlier and marking the highest level for the Monday before Memorial Day weekend since Russia's invasion of Ukraine disrupted oil markets three years ago.

$BKR

Commodities34d ago

US Natural Gas Update: Prices Fall as Cooling Demand Fades

US natural gas futures gave back early-week gains in after-hours trade on Friday ahead of the Memorial Day weekend, as the season's first major heat wave faded and forecasts turned cooler, pressuring near-term demand expectations.The front-month Henry Hub contract fell 3.21% to $2.921 per million British thermal units, while the continuous contract dropped 3.87% to $3.034/MMBtu.Power-sector demand briefly surged to unusually strong levels for mid-May earlier in the week, but traders faded as cooler forecasts spread across the Southeast and Northeast.Lower-48 gas demand was estimated at 69.1 Bcf/d on Friday, down 2.1 Bcf/d day over day and 3.9% below year-earlier levels. Celsius Energy estimated power burn at 21.6 Bcf/d, down 2.8 Bcf/d from Thursday but still 1.9 Bcf/d above the same period last year.Despite weakened demand sentiment, the Energy Buyers Guide said underlying market risks remain, including stagnant US production growth, lower Canadian imports, reduced LNG flows due to maintenance outages, and storage inventories that continue to lag year-ago levels.Regarding Output, Barchart, citing BNEF data, said Lower-48 dry gas production was estimated at 110.1 Bcf/d on Friday, down 300 MMcf/d from Thursday but up 1.9% year over year.Gelber & Associates said recovering Appalachian output and stable pipeline inflows continue to reinforce a relatively comfortable supply backdrop, even with historically strong LNG export demand. The firm noted Appalachian production has rebounded above 36.0 Bcf/d as maintenance rolls off."That leaves Henry Hub vulnerable to continued rangebound trade unless either LNG demand accelerates further through commissioning activity and summer ramp-ups or the weather pattern shifts back toward sustained heat," Gelber said.LNG feedgas remained a strong support for the market. Net flows to US LNG export terminals were estimated at 18.3 Bcf/d on Friday, up 2.8% from a week earlier as Corpus Christi Stage 3 continued ramping despite maintenance at Freeport and Cameron.

Commodities34d ago

US Jet Fuel Production Nears Record Highs Amid Middle East Conflict

Weekly US jet fuel output has reached near-record levels due to heightened global demand amid the supply crunch triggered by the Middle East conflict.US Energy Information Administration weekly data show that US refiner and blender net production of jet fuel has remained above the 2 million barrels per day mark since April 17 this year.Production levels in the past few weeks are close to the weekly record high of 2.1 mmb/d set on July 5, 2024, the highest level since the EIA began releasing jet fuel production data in 1982.Jet fuel production has surged by 288,000 b/d since the US-Israel campaign against Iran began on Feb. 28, according to EIA data.Weekly data for the week ending Feb. 27, a day before the conflict began, pegged jet fuel output at 1.7 mmb/d, according to the data.Recent data for jet fuel production was just over 2 mmb/d for the week ending May 15, EIA data showed.Reflecting surging global demand, US jet fuel export data touched an all-time record in the week ended May 8, when export volumes hit 455,000 b/d, EIA data showed.The previous record for jet fuel exports was in the week ending April 3, when volumes hit 442,000 b/d.This indicates that US jet fuel export volumes have hit the two highest levels on record since the outbreak of the Middle East conflict. Prior to the conflict, the record stood at 439,000 b/d, set in September 2022.The prolonged Middle East conflict has constrained crude and oil product movement via the Strait of Hormuz, exerting upward pressure on prices.US refiners expect high margins to continue at least until the end of 2026, according to an Argus report.

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Commodities34d ago

US Oil Update: Futures Settle Higher on Slow Progress in US-Iran Peace Talks

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