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Ukraine Reportedly Hit Russian Refineries, Tankers in Overnight Raids

Ukrainian drones struck three Russian oil refineries, pipeline pumping stations, Russian tankers in the Sea of Azov, and a military airbase in overnight attacks stretching from areas near the Ukrainian border to Russia's Ural region, multiple media outlets reported on Wednesday.The strikes are reportedly part of Ukraine's expanding long-range drone campaign against Russia's oil refining and energy infrastructure, with attacks reaching deeper into Russian territory. Kyiv also hit Russia's largest oil refinery in Omsk on Monday, about 2,700 kilometers (1,700 miles) from Ukrainian-held territory.Drones struck the TANECO and TAIF-NK refineries in Tatarstan, the Saratov oil refinery, the Borisoglebsk military airbase in Voronezh region, and a petroleum products pumping station in Bashkortostan.Russia's Defense Ministry shot down 415 Ukrainian drones overnight.According to media reports, Ukraine also struck between six and nine oil tankers in the Sea of Azov, a key supply route for Russian forces in Crimea and occupied southern Ukraine. However, Rostov Governor Yury Slyusar reportedly said only two empty tankers were hit.Reuters reported that a drone struck the Chevron-chartered tanker Yasa Polaris near Russia's CPC marine terminal. Operator Yasa Tanker reported no casualties, hull damage, or pollution. Sally Jones of Chevron toldthat Chevron is aware of the incident, the crew is safe, and "the vessel is proceeding to a safe port".Ukrainian drones attacked the Krasnodarskaya pumping station, part of the Blue Stream pipeline supplying gas to Turkey, but exports continued uninterrupted, Reuters reported.Separately, Russia launched ballistic missile strikes on Kyiv overnight, its third such attack in less than a week, killing at least one person, Ukrainian authorities reportedly said.The Information and Press Department of the Ministry of Foreign Affairs of the Russian Federation and the Press Office of the Ministry of Foreign Affairs of Ukraine did not immediately respond to a inquries from.

Commodities35d ago

Update: Weekly US Crude Inventories Rise by 3 Million Barrels, EIA Says

(Updates with additional details.)US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.The increase exceeds Investing.com's estimate of a 1.90-mmbbl draw for the week ending July 3.US Strategic Petroleum Reserve inventories dropped to 319.5 mmbbls for the week ended July 3, down from 325.7 mmbbls a week ago, marking a weekly decline of 6.2 mmbbls, EIA data showed.Crude oil input to refineries decreased by 173,000 barrels per day from the previous week to average about 17 million b/d in the week ending July 3. Crude oil production rose by 50,000 b/d to 13.9 mmb/d.Commercial crude imports decreased by 351,000 b/d to average about 5.6 mmb/d. Total motor gasoline stockpiles decreased by 1.9 mmb/d from last week to 212.1 mmbbls, and distillate stocks decreased by 5 mmb/d to 103.6 mmbbls, the agency said.

Commodities35d ago

Update: US Weekly Ethanol Production Dropped, EIA Says

(Updates with additional details.)US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending July 3, US ethanol production averaged 1.09 million barrels per day, below last week's 1.12 mmb/d and almost unchanged from last year's levels.The four-week average output at 1.10 mmb/d was above 1.09 mmb/d a year ago.Midwest ethanol production averaged 1.03 mmb/d, down from 1.05 mmb/d the previous week. Four-week average output at 1.04 mmb/d, compared with 1.03 mmb/d a year ago.Domestic ethanol inventories ended the week at 23.9 million barrels, down from 24.7 mmbbls a week ago and from 24 mmbbls a year ago.

Commodities35d ago

Weekly US Crude Inventories Rise by 3 Million Barrels, EIA Says

US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.The increase exceeds Investing.com's estimate of a 1.90-mmbbl draw for the week ending July 3.

Commodities35d ago

US Weekly Ethanol Production Dropped, EIA Says

US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending July 3, US ethanol production averaged 1.09 million barrels per day, below last week's 1.12 mmb/d and almost unchanged from last year's levels.The four-week average output at 1.10 mmb/d was above 1.09 mmb/d a year ago.

Commodities35d ago

Biofuels Update: Soybean Futures Rise in Early Trade to 7-Week Highs

Biofuels feedstock futures edged higher in early Wednesday trade with soybean prices marking a seven-week high buoyed by reports of new Chinese purchases of the US crop.The August soybean contract on the Chicago Board of Trade climbed 0.46% to $11.99 per bushel in early trade, while the August soybean oil contract gained 2.38% to 70.22 cents per pound.Earlier in the session, soybean futures climbed above the $12 level for the first time since late May, boosted by renewed Chinese purchases from the US and higher crude oil prices, Trading Economics said.Escalating tensions in the Middle East boosted oil prices, which in turn supported soybeans as they are used as a biofuel feedstock.China reportedly procured at least 6-7 cargoes of US-origin soybeans totaling about 330,000 metric tons on Monday, according to a Feedlot report published by UkrAgroConsult on Tuesday.The cargoes are scheduled to be shipped between September and November from US Gulf of Mexico and Pacific Northwest export terminals, the report said, citing several traders, buyers, sellers, and Asian market analysts."Traders now await Friday's USDA WASDE report, which is expected to show 2026/27 soybean ending stocks rising to nearly 340 million bushels after the USDA increased planted acreage estimates," Trading Economics said.Meanwhile, August ethanol prices on the Nymex were relatively unchanged on Tuesday, settling at $1.90 per gallon.In Asia, Malaysian palm oil gained over 1% amid firmer prices in rival edible oil markets in Dalian and Chicago.The Bursa Malaysia Derivatives' August crude palm oil contract rose 1.24% to 4,572 Malaysian ringgit ($1,121.41) per metric ton, while the September contract rose by 1.36% to 4,609 ringgit/mt.Prices were supported by a weaker ringgit, stronger edible oil prices in Dalian and Chicago, and expectations of strong export demand, Trading Economics said.Rising crude oil prices, driven by the latest US airstrikes on Iran and renewed sanctions on its oil exports, also made palm oil more attractive for biodiesel production.The US Department of Agriculture has lowered its outlook for Malaysian palm oil output for the 2026/27 marketing year to 19.7 million mt, with dry weather linked with El Nino expected to impact production especially in Q3 and Q4 of the marketing year, according to a UkrAgroConsult report on Tuesday.The USDA also expects a rise in domestic demand in Malaysia due to the government's decision to introduce its mandatory B15 biodiesel blend on Peninsular Malaysia last month, the report said.Fundamentally, palm oil remains pressured by a surge in overseas and domestic production, inventories at near-three-year peaks, and weaker demand due to palm oil's shrinking price advantage over soybean oil, Mysteel said Wednesday."End-users are purchasing only for essential needs, and market liquidity remains thin. Overall, the rebound lacks sustained momentum, with futures likely to fluctuate in a low range in the short term and spot basis expected to remain weakly stable," it added.The Malaysian Palm Oil Board's monthly report is due later this week.Cargo surveyors expect an up to 11.1% over the month rise in palm oil shipments for the July 1-July 5 period.June exports also rebounded from the May slump. However, overall demand likely remained below supply in June, bringing inventories to a record high for the month, according to a Reuters survey.

Commodities35d ago

US Natural Gas Update: Futures Edge Higher Amid Forecasts of Lower Gas Storage Injection

US natural gas futures edged slightly higher on Wednesday, amid forecasts of a significantly lower gas injection into storage, with inventories already below prior year levels.The front-month Henry Hub contract and the continuous contract both climbed 0.37% to $3.277 per million British thermal units.Forecasts expect the natural gas storage build for the week ended July 03 to come in at just 57 billion cubic feet, which was way below last week's 87 Bcf injection, while inventories remain 23 Bcf below the prior year, according to a report by NRG Energy.Meanwhile, power burn demand is expected to rise by 2 Bcf/d over the next two weeks, as above-normal temperatures blanket almost the whole of the country, barring the Northeast.LNG export feedgas flows were expected at 18.44 Bcf on Wednesday, below recent trends and the 30-day moving average of 18.83 Bcf, according to the Bloomberg LNG Feedgas Model.

Commodities35d ago

Market Chatter: Sempra's Mexico LNG Plant Exports First Cargo Amid Ongoing Global Supply Crunch

Sempra Infrastructure's (SRE) Energia Costa Azul LNG project on Mexico's Pacific coast shipped its first LNG cargo on Tuesday, marking a major milestone for the project, according to ship tracking data compiled by Bloomberg.The Pacific Success LNG tanker reportedly left the plant at Ensenada in Mexico's Baja California state, with its draft level having increased, indicating that it was loaded with cargo.The terminal began producing LNG in June and joins growing cohort of projects along North America's West Coast, aimed at serving new demand from Asian customers for US LNG, as disruptions in the Strait of Hormuz reshape global trade flows.Energia Costa Azul sources natural gas from the US for liquefaction. The project's first phase has export capacity of 3.25 million metric tons per year, with a second phase under development. Long-term supply agreements have been secured with Sempra Infrastructure's joint venture partner TotalEnergies (TTE) and Japanese trading house Mitsui & Co.Sempra Infrastructure did not immediately respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$SRE$TTE

Commodities36d ago

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday as Trump Declares US-Iran Agreement Over

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.8% in Wednesday's premarket activity, as President Donald Trump's declaration that the interim US-Iran agreement had ended fueled concerns about renewed conflict, sending oil prices higher and weighing on risk assets.US stock futures were also lower, with S&P 500 Index futures down 0.9%, Dow Jones Industrial Average futures slipping 1.1%, and Nasdaq futures falling 1.3% before the start of regular trading.Mortgage applications fell by 2.2% in the week ended July 3, with refinancing activity and new home applications both pushed lower by an uptick in average 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.May's wholesale inventories data will be released at 10:00 am ET, followed by the weekly oil stocks data at 10:30 am ET.The minutes of the June 16-17 Federal Open Market Committee meeting are slated for a 2:00 pm ET release.May consumer credit data posts at 3:00 pm ET.In premarket action, bitcoin was down by 2.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% lower, Ether ETF (EETH) retreated 2.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) fell about 1.5%.FuelCell Energy (FCEL) stock was down more than 19% before the opening bell after the company priced its offering of about 10.7 million common shares at $21 per share for gross proceeds of $225 million.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.8%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained by 0.8%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.9%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.2%.Alibaba Group (BABA) shares surged more than 9% pre-bell after news reports of a positive pre-earnings business update showing narrowing losses, and a Bloomberg News report of a victory in a US federal court.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.3% higher.Banco Santander (SAN) shares traded down 3% in early hours activity, extending losses after a 1.3% fall in the previous day's session. The Financial Times reported that the bank has overhauled its Asia-Pacific corporate and investment banking business, removing its top banker in Beijing, tightening employee oversight, and cutting staff perks as part of a cost-cutting driveHealth CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) rose 1%, while the iShares US Healthcare ETF (IYH) slipped 0.1%. The iShares Biotechnology ETF (IBB) was 0.3% lower.AstraZeneca (AZN) stock was down more than 1% premarket after gaining 1.6% at the prior close. Sino Biopharmaceutical said AstraZeneca has signed a deal worth up to $2.1 billion with its Chia Tai Tianqing Pharmaceutical unit to develop, manufacture, and commercialize the chronic respiratory disease drug candidate TQC3721.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.1%, and the iShares US Technology ETF (IYW) was 0.8% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 2%, while the iShares Semiconductor ETF (SOXX) declined by 1.4%.Intel (INTC) shares were down more than 1% in premarket activity, after a 9.7% fall in Tuesday's close. SambaNova Systems, backed by Intel, said it raised $1 billion in the first close of its Series F funding round at an $11 billion valuation, with General Atlantic leading the investment.EnergyThe iShares US Energy ETF (IYE) rose 3.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.4%.Petrobras (PBR) stock was up more than 1% before market open after the company said that it signed a settlement agreement with Brazil's oil regulator, ANP, to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 5.2% to $74.09 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.6% to $3.29 per 1 million British Thermal Units. The United States Oil Fund (USO) gained by 2.1%, while the United States Natural Gas Fund (UNG) was 1.2% higher.Gold futures for July were down by 2.1% to $4,070.30 an ounce on the Comex. Silver futures retreated by 3.6% to $59.13 an ounce. SPDR Gold Shares (GLD) decreased by 0.8%, and the iShares Silver Trust (SLV) was 2.7% lower.

Dow JonesNasdaq CompositeS&P 500$AZN$BABA$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$FCEL$GLD$IBB$IGM$IGV$INTC$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PBR$PMR$QQQ$RTH$SAN$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities36d ago

Exxon Mobil Expects Change in Liquid Prices to Boost Q2 Upstream Earnings

US energy major Exxon Mobil (XOM) on Tuesday said change in liquids prices could help boost its upstream earnings by $3.5 billion to $3.9 billion in Q2.Changes in gas prices are expected to impact earnings between a $200 million loss and a similar gain, the group said in a regulatory filing on Tuesday.The US-Iran war and related disruptions, as well as significant planned activities and seasonal demand patterns are among the factors that are going to significantly impact the company's Q2 results, it said.The company expects volume related disruptions from the Middle East events to cause a loss of $600 million to $800 million to its upstream segment, while other adjustment items, including reserves, other Middle East impacts, and timing effects, are expected to result in losses of $800 million to $1.8 billion.Change in margins is expected to improve earnings of the company's Energy Products segment by $2 billion to $2.4 billion, while estimated timings effect is expected to enhance the segment's earnings by $2.2 billion to $3 billion.Volume related disruptions from the Middle East crisis and changes in scheduled maintenance is expected to cause a $200 million to $400 million negative impact on earnings for the Energy Products segment.In Q1, Exxon Mobil reported adjusted earnings of $6.3 billion from its Upstream segment and $2.8 billion from the Energy Products segment.

$XOM

Commodities36d ago

Market Chatter: BP Lifted Jet Fuel Output by 30% During Iran Crisis

British energy major BP (BP) increased the output of jet fuel by around 30% at its European refineries during the Iran crisis in an effort to prevent a major shortages of the fuel when millions of barrels were trapped in the Persian Gulf, BP Senior Vice President Brenda Stout told Bloomberg in an interview.Spanish energy company Repsol raised its jet fuel output by almost 25%, while Shell (SHEL) in April disclosed that its Pernis refinery in Rotterdam was ramping up production of the fuel to its limit, the report added.The Iran war and the resulting energy supply crisis raised concerns of a sharp decline in jet fuel exports and severe shortages in Europe just before the peak summer demand.While jet fuel prices rose to record highs, a sharp increase in local output and rise in imports from other sources helped avert a crisis in the continent, the report said.(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.)

$BP

Commodities36d ago

US, Japan, South Korea Sign Pact to Accelerate SMR Deployment Across Indo-Pacific

The US, Japan and South Korea have signed a trilateral memorandum of cooperation to accelerate the deployment of small modular reactors, particularly across the Indo-Pacific, to reinforce energy security and expand civil nuclear cooperation.The agreement was signed on Tuesday, on the sidelines of the NATO summit in Ankara, Turkiye, by US Secretary of State Marco Rubio, Japanese Foreign Minister Motegi Toshimitsu and South Korean Foreign Minister Cho Hyun, the US Department of State said in a media release.The memorandum establishes a framework for cooperation among the three allies, aimed at fostering fleet deployment models which can reduce project risks, lower costs through economies of scale, attract private investment, streamline licensing and strengthen nuclear supply chains.The State Department also said that the coordinated approach is intended to position US, Japanese and South Korean companies as competitive suppliers of advanced nuclear technology while promoting high standards for nuclear safety, security and non-proliferation.The US has also committed $10 million in state funding as part of the initiative, aimed at providing technical assistance to Indo-Pacific countries pursuing nuclear power.Besides this, the department also unveiled industry collaborations involving GE Vernova (GEV), Hitachi, Samsung C&T and SGE to advance deployment of the BWRX-300 small modular reactor across Europe.

$GEV

Commodities36d ago

US Commercial Power Demand to Overtake Residential in 2026 For 1st Time

US commercial power demand will surpass total residential demand for the first ever time in 2026, the Energy Information Administration said in a Short-Term Energy Outlook on Tuesday.Commercial power demand is forecast to rise to 1,550 billion kilowatt hours this year, up from 1,493 in 2025. Residential demand will slip to 1,508 billion KWh, from 2025's 1,515 billion, leaving the commercial segment as the larger driver of demand.While residential demand will resume growth in 2027, rising to a forecast 1,525 billion KWh, the commercial segment's faster growth will keep it in first position, with forecast demand next year of 1,621 billion KWh.Data centers in the US and elsewhere have emerged as a huge driver of electricity demand, prompting investments in new generation capacity to ensure their needs can be met.Total national power generation is forecast to rise to 4,345 KWh this year and 4,478 billion KWh in 2027, up from 2025's 4,275 billion, the outlook showed.In terms of the energy mix, coal will become the only fuel source to decline, falling an estimated 8.4% this year to 671 billion KWh with a further 2.6% decline to 654 billion KWh expected in 2027.Solar generation capacity is expected to advance at a steady 20% both in 2026 and 2027 by when installations will output will reach an estimated 423 billion KWh.Growth in wind generation, a technology whose development has recently been blighted by government efforts to stall projects, will see more subdued growth between 5% and 6% both this year and next with generation to reach 520 billion KWh in 2027.While natural gas power generation decreased in 2025, it is expected to resume growth this year and next, by 1.8% and 3.3% respectively to 1,789 billion KWh.

Commodities36d ago

US Fuel Blockade Reportedly Triggers Nationwide Cuba Power Grid Collapse, Protests Break in Havana

A US fuel blockade has triggered a near-total collapse of Cuba's power grid, forcing 22-hour daily blackouts and sparking widespread street protests in Havana after the energy minister admitted the island has completely run out of oil, several media outlets reported on Tuesday.Cuba's Energy Minister, Vicente de la O Levy, reportedly admitted on state television that the country has "absolutely no fuel" to power its thermal generation fleet, compounding structural issues with the island's obsolete power plants.In January, Washington cut off Cuba's primary fuel supply lines and introduced secondary sanctions aimed at disrupting oil shipments to the island.The fuel starvation has severely disrupted the island's supply-demand balance, forcing grid operator UNE to implement rolling blackouts lasting 20 to 22 hours a day across key municipal districts in Havana, the reports said.State-level efforts to resolve the infrastructure crisis remain deadlocked, with US-Cuba diplomatic talks stagnated as Washington conditions sanction relief on democratic elections and the release of political prisoners.While the United Nations General Assembly and the Cuban government have condemned the blockades as violations of international law, the market outlook for Cuba's energy sector remains highly bearish, as per the reports.

Commodities36d ago

Market Chatter: China Removes Curbs on Refined Fuel Exports for Remainder of July

China has revoked curbs on the exports of refined fuel for the remainder of the month and has permitted one private refiner to restart shipments after four months, Reuters reported Wednesday, citing trade sources.China's removal of limitation on refined fuel exports, imposed in March to ensure ample domestic supply, indicates a return towards normal from the disruptions due to the Iran-war and is expected to lower transport fuel prices in Asia, the report said.It may also drive state refiners to increase output and take advantage of strong export margins, thereby increasing oil shipments to China, the world's largest importer.However, there is no clarity yet on whether exports will continue without restrictions in August, it added.has reached out to China's National Energy Administration for a 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.)

Commodities36d ago

Update: Market Chatter: Equatorial, Iberdrola Explore Acquisition of Enel's Brazil Assets Amid Regulatory Pressure

(Updates with response from Enel in the fourth paragraph.)Brazilian utility Equatorial Energia and Spain's Iberdrola are discussing a potential acquisition of Italian utility giant Enel's Brazilian assets, according to a report by Valor Economico, citing three sources familiar with the matter.This comes amid authorities in Sao Paulo considering revoking Enel's power concessions, following a series of outages during periods of heavy rains in recent years.According to the report, both companies believe an M&A transaction remains a viable outcome, as they hold discussions with Enel's management in Italy.Enel has, however, denied these reports, with the company's media team tellingthat it remains committed to renewing its Sao Paulo concession, while reiterating its goals in Brazil, "a country that is and will continue to be strategic for Enel, one of the world's largest energy groups."Equatorial Energia and Iberdrola did not immediately respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities36d ago

US NWS Maintains Warnings for Northwestern Flooding, Southwestern Heatwave

The US National Weather Service maintained warnings for excessive rain and potential flash and urban flooding in the central High Plains into the Upper Midwest for Wednesday, with risk of hail and damaging winds.The NWS also warned that extreme heat over the Desert Southwest would continue until at least Thursday.Red flag warnings were in place over critical fire risk in Central to eastern Washington, covering Omak, Colville, Winthrop, Chelan, Wenatchee, Moses Lake, Ritzville, Pullman and Spokane.Puget Sound Energy is one of the main power providers in Washington State.In southwestern Idaho, thunderstorms, excessive rainfall as well as extreme heat would be experienced on Wednesday in areas including Twin Falls, Jordan Valley and Burley.The thunderstorms are expected to be severe and capable of yielding large hail and damaging winds. The extreme heat will be experienced in the Desert Southwest.Idacorp's (IDA) Idaho Power and PacifiCorp's Rocky Mountain Power are the main service providers in the state.A heatwave expected in Utah looks strong enough to have prompted a red flag warning covering Nephi, Delta, Manti, Millford, Cedar City, Escalante, Bryce Canyon National Park, Zion National Park, St. George and Richfield.Rocky Mountain Power is the main electricity provider in the state.In Arizona, the NWS continued to warn of an extreme heat wave, with temperatures potentially reaching 115 degree-Fahrenheit (46 Celsius), with potential dangers for human health. The warning applies unti Thursday evening.Areas covered by the warning are Gila Bend, Ajo, Tucson, Globe, Casa Grande, Sells, Green Valley, Satford, Oracle and San Carlos.The state is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service, and UNS Energy subsidiaries Unisource and Tucson Electric Power. UNS is a subsidiary of Fortis (FTS).The warning stretched to across the border to California's El Centro, Desert Center and Blythe.The primary service provider there is Edison International's (EIX) Southern California Edison.

$EIX$FTS$IDA$PNW

Commodities36d ago

Asia Biofuels Update: Palm Oil Up as Strength in Rival Edible Oil Prices Lend Support

Malaysian palm oil rose in early Wednesday trade amid firmer prices for rival edible oil markets in Dalian and Chicago markets.The Bursa Malaysia Derivatives' August crude palm oil contract climbed 0.51% to 4,539 Malaysian ringgit ($1,114.41) per metric ton, while the September contract rose by 0.58% to 4,573 ringgit/mt in early trade.Prices were supported by a weaker ringgit, stronger edible oil prices in Dalian and Chicago, and expectations of strong export demand, Trading Economics said.Rising crude oil prices, driven by the latest US airstrikes on Iran and renewed sanctions on its oil exports, also made palm oil more attractive for biodiesel production.On Tuesday, the Chicago Board of Trade August soybean futures contract closed 0.82% higher at $11.93 3/4 per bushel, while the CBOT August soybean oil futures contract settled 1.22% higher at 68.59 cents per pound.The US Department of Agriculture has lowered its outlook for Malaysian palm oil output for the 2026/27 marketing year to 19.7 million tons, with dry weather linked with El Nino expected to impact production especially in Q3 and Q4 of the marketing year, according to a UkrAgroConsult report on Tuesday.The USDA also expects a rise in domestic demand in Malaysia due to the government's decision to introduce its mandatory B15 biodiesel blend on Peninsular Malaysia last month, the report said.Fundamentally palm oil remains pressured due to a surge in overseas as well as domestic production, inventories at near three-year peaks, and weaker demand due to palm oil's shrinking price advantage over soybean oil, Mysteel said Wednesday."End-users are purchasing only for essential needs, and market liquidity remains thin. Overall, the rebound lacks sustained momentum, with futures likely to fluctuate in a low range in the short term and spot basis expected to remain weakly stable," it added.The Malaysian Palm Oil Board's monthly report is due later this week.Cargo surveyors expect an up to 11.1% month-on-month rise in palm oil shipments for the July 1-July 5 period.June exports also showed a rebound from the May slump. However, overall demand likely remained lower than supplies in June, bringing inventories to a record high for the month, according to a Reuters survey.

Commodities36d ago

Marathon Petroleum Reports Unplanned Flaring at California Refinery

Marathon Petroleum (MPC) reported an unplanned flaring on Tuesday at its Carson, California, refinery according to a South Coast Air Quality Management District alert.According to the filing, the reason of the event in under investigation. Unplanned flaring is an emergency response to an unexpected operational upset or equipment failure.The refinery has a capacity of 365,000 barrels per day.

$MPC

Commodities36d ago

US Oil Update: Futures Rally After US Launches Retaliatory Strikes, Revokes Iran Crude Sale Waiver

Crude futures rallied in after-hours trading on Tuesday after the US Central Command said it had launched attacks in response to Iran striking three tankers transiting the Strait of Hormuz, while the US revoked a waiver that had authorized Iranian crude sales.Front-month West Texas Intermediate crude futures advanced 5.1% to $72.05 per barrel, while Brent futures climbed 5.2% to $75.76/bbl.Soojin Kim, a research analyst at MUFG, said crude prices edged higher after renewed attacks on commercial vessels in the Strait of Hormuz highlighted persistent security risks.On Tuesday, the US Treasury Department revoked a waiver that allowed the sale of Iranian oil in response to attacks on tankers in the Hormuz, after reports of attacks on vessels near and around the strategic waterway revived fears of supply disruptions.The Treasury's Office of Foreign Assets Control on Tuesday issued a new General License X1, stating that no new transactions involving Iranian oil may take place on or after July 7.On June 22, General License X was issued in the wake of the peace agreement, allowing transactions for 60 days and valid through August 21.Additionally, the US Central Command said that it had launched a fresh wave of attacks on Iran as retaliation for the earlier attacks on shipping."US Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway," Centcom posted on X on Tuesday.Centcom added that the strikes were "in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz.""Iran's demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire," it added.As of Tuesday, a total of three tankers were struck by projectiles in the Strait of Hormuz, the UK Maritime Trade Operations said, with two fresh attacks on Tuesday targeting vessels transiting the strategic waterway that is central to the US-Iran negotiations. Another tanker had been attacked on Monday.Iran's Islamic Revolutionary Guard Corps attacked a liquefied natural gas carrier after ignoring warnings while passing through the Omani route, according to Iranian media reports.Qatar's foreign ministry spokesperson, Majed Al Ansari, said the targeting of the Qatari tanker near the Hormuz was an unacceptable attack on the security of international navigation and global energy supplies.Al Ansari called on Tehran to "immediately cease all practices that undermine regional security or threaten the safety of international maritime navigation." A Saudi-flagged crude oil tanker, Widian, was also damaged off Oman's coast.Saxo Bank strategists said oil prices rose after a Qatari LNG ship was struck by a projectile near the Omani coast as it exited the Strait, raising unease among shipowners while once again testing the US-Iran peace deal.Meanwhile, global crude prices are projected to face renewed downward pressure as crude production rebounds and trade flows via the strategic waterway recover following the US-Iran peace deal to end the Middle East conflict, according to the Energy Information Administration.The EIA in its Short-Term Energy Outlook slashed its Brent spot price forecast for Q3 to an average of $74/bbl, about $27/bbl lower than its previous outlook.The agency projected that US gasoline prices would average about $3.80 per gallon in Q3, down from over $4.20 per gallon in Q2. The decline is forecast to be driven by lower crude oil prices, which account for the largest share of gasoline production costs.The EIA said that the recovery in supply and the restoration of oil trade flows are expected to ease pressure on global inventories. The agency now forecasts global oil inventories to decline by 2.2 million barrels per day in Q3, lower than its previous forecast of over 7 million b/d.

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Commodities36d ago