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Nuveen Closes $546 Million Preferred Equity Investment in Pattern Energy's Wind Project in New Mexico

Global investment management giant Nuveen said Wednesday it had closed a $546 million preferred equity investment in Pattern Energy's SunZia renewable energy project in New Mexico, which is currently the largest such project in the US.The investment also serves as Nuveen's largest preferred tax equity allocation to date, aimed at supporting the project's 3,650-megawatt wind farm, along with a 550-mile high-voltage direct current transmission line, delivering power across New Mexico, Arizona, and the entire western grid.According to the company's press release, the project is set to deliver more power than the Hoover Dam when at full capacity.Kenji Ogawa, SVP of Project Finance at Pattern Energy, said that Nuveen's investment was a vote of confidence in the project's fundamentals and execution.

Commodities42d ago

Market Chatter: Petrobras CEO Sees Oil Prices Settling at $72-$75 Range

The crude oil market has yet to fully stabilize following the US-Iran deal, but a Brent price of $72 to $75 per barrel appears to be the new range, Brazil's state-run Petrobras (PBR) chief executive Magda Chambriard told Reuters.The recent decline in crude oil prices was reflected in the company's decision to cut diesel prices for distributors, Chambriard said in an interview with Reuters on Tuesday.The 0.3515 Brazilian real ($0.07) per liter reduction in diesel prices will reportedly compensate for the withdrawn government subsidy, effectively keeping prices unchanged for buyers.has reached out to Petrobras to seek further information about other possible fuel price reductions.(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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Commodities42d ago

PJM Braces for Record-Breaking Power Demand Amid Extreme Heatwave

Regional transmission organization PJM Interconnection said Wednesday has issued widespread emergency alerts and secured federal orders to maintain power generation as extreme heat and humidity push electricity demand past an all-time summer record high of 165,563 megawatts.A regional Hot Weather Alert will stay active for the entire PJM territory until at least Friday to prepare energy plants and transmission teams for massive spikes in power usage, the operator said on Wednesday.Additionally, Maximum Generation and Load Management Alerts have been extended through Thursday, PJM added.The power grid is bracing for massive stress as electricity demand is projected to approach, and potentially smash, historical records.On Tuesday, the grid handled a preliminary peak load of around 150,000 MW. However, current projections show demand climbing rapidly over the week, with an expected peak of 166,147 MW for Thursday, it said.If demand hits the forecast, it will break PJM's all-time summer electricity record of 165,563 MW in 2006, PJM stated.Demand is expected to taper off slightly over the holiday weekend, dropping to 157,878 MW on Friday, 150,069 MW on Saturday, and 142,913 MW on Sunday, it noted.PJM has also secured two federal emergency orders from the US Department of Energy.The first order grants power plants temporary relief from strict environmental permit limits so they can run at maximum capacity through July 3.The second order gives PJM the authority, as a strict last resort before facing blackouts, to temporarily cut grid power to data centers and other massive commercial loads that can successfully switch to using their own backup generators.

Commodities42d ago

Market Chatter: Southern Texas Ship Channel Closed After Truck Driver Stunt Goes Wrong

A southern Texas shipping channel in Corpus Christi, Texas, a major route for US energy transport, was forced to close on Wednesday after a man doing 'donuts' in a pickup truck on the beach apparently lost control of the vehicle and entered the water, Reuters reported, citing the US Coast Guard.The incident halted traffic through the shipping route, according to the publication, citing the Coast Guard, while LSEG ship tracking data showed no Wednesday afternoon movement of tankers carrying crude oil, refined petroleum products or liquefied natural gas.The man accidentally drove the vehicle into the water early in the morning while spinning the truck on the beach, according to local newspaper Port Aransas South Jetty's post on Facebook, which said police were planning to recover the vehicle, the article said.The driver managed to escape the vehicle and, apparently unharmed, was arrested at or near Horace Caldwell Pier, according to an update by the newspaper. A later Facebook post showed a video of the vehicle being dragged out of the water with a cable attached to its front end.has reached out to Port Corpus Christi for a status update.(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.)

Commodities42d ago

NWS Warns of Dangerous, Record Heat Build in Central, Eastern US Through This Week

The US National Weather Service early Thursday said it expects most of central and eastern US to continue experiencing dangerous, record-breaking heat this week, with the potential for temperatures over 100 degrees Fahrenheit.The Four Corners region is like to face critical fire weather conditions.Meanwhile, the region stretching from the northern Plains into the Midwest, the Great Lakes regions, and southern Appalachians are expected to experience severe storms, which will also carry the risk of large to very large hail.The NWS issued a red flag warning early Thursday for New Mexico's Raton, Clayton, Roy, and Las Vegas. TXNM Energy (TXNM) unit Public Service Co. of New Mexico and Xcel Energy (XEL) are among the primary electricity suppliers in New Mexico.A similar warning was raised for Utah's Bluff, Blanding, Moab, and Monticello, which primarily fall under the service area of PacifiCorp's Rocky Mountain Power.Affected areas in Colorado included Rifle, Vail, Grand Junction, Aspen, Montrose, Gunnison, Nucla, Buena Vista, Cortez, Durango, Lake City, Alamosa, Telluride, Leadville, Creede, Wolf Creek Pass, Saguache, South Fork, Salida, San Luis, Trinidad, La Veta Pass, Canon City, Colorado Springs, Westcliff, Pikes Peak, Woodland Park, Fairplay, and Pueblo. An immediate evacuation order was placed for Pueblo and Greeley, which was also covered by severe thunderstorm and flash flood warnings.Xcel Energy and Black Hills (BKH) unit Black Hills Energy are the primary electricity service providers in Colorado.The NWS issued an extreme heat warning for the entirety of Ohio, Indiana, Kentucky, and Illinois.The Ohio-based subsidiaries of American Electric Power (AEP) and AES (AES), FirstEnergy (FE) units Ohio Edison, Toledo Edison, and The Illuminating Company, and Duke Energy (DUK) are among the major service providers in Ohio. Indiana is primarily served by Duke Energy, AEP subsidiary Indiana Michigan Power, NiSource (NI) unit Northern Indiana Public Service Company, AES unit AES Indiana, and CenterPoint Energy (CNP).Ameren's (AEE) Illinois unit and Exelon (EXC) subsidiary ComEd are among the major service providers in Illinois, while Kentucky is primarily served by PPL (PPL) subsidiary Louisville Gas and Electric & Kentucky Utilities, AEP unit Kentucky Power, and Duke Energy among others.An extreme heat warning was also raised for the entirety of New Jersey, Rhode Island, Delaware, Massachusetts, and Connecticut.Eversource Energy (ES), National Grid (NGG), Exelon unit Delmarva Power, Public Service Enterprise Group (PSEG) unit Public Service Electric & Gas, FirstEnergy subsidiary Jersey Central Power & Light, Avangrid unit The United Illuminating Company, Unitil, PPL subsidiary Rhode Island Energy are among the major service providers in these states.Almost all of Maryland, except for Oakland and parts of Cumberland, were also placed under an extreme heat warning watch. The state is primarily served by Exelon units Baltimore Gas and Electric and Potomac Electric Power Company, First Energy subsidiary Potomac Edison and Delmarva Power.Affected areas in Iowa included Des Moines, Osceola, Lamoni, Ottumwa, Iowa City, Davenport, Clinton, and Burlington. Berkshire Hathaway Energy unit MidAmerican Energy and Alliant Energy (LNT) are the primary service providers in the state.Also covered under an extreme heat warning watch were Missouri's Rockport, Grant City, Maryville, Bethany Trenton, Kirksville, St. Joseph, Plattsburg, Chillicothe, Carrollton, Moberly, Macon, Boonville, Sedalia, Clinton, Buttler, Harrisonville, Warrensburg, Kansas City, Columbia, Jefferson City, Centerville, Poplar Bluff, Sikeston, Cape Girardeau, and St. Louis. Evergy (EVRG), Ameren's Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in Missouri.The NWS issued also issued an extreme heat warning for Michigan's Ludington, Holland, Pentwater, Kalamazoo, Big Rapids, Clare, Mount Pleasant, Muskegon, Alma, Ionia, Grand Rapids, Flint, Hastings, South Haven, Lansing, Jackson, Benton Harbour, Cold Water, Ann Harbour, Bad Axe, Saginaw, Detroit, and Port Huron. CMS Energy (CMS) unit Consumers Energy, and DTE Energy (DTE) are among the major service providers in these places.Wisconsin's Wisconsin Dells, Sheboygan, Beaver Dam, Madison, Janesville, Mineral Point, Kenosha, and Milwaukee were also placed under a similar warning. A flash flood warning was raised for Stevens Point. WEC Energy Group's (WEC) Wisconsin Public Service, Xcel Energy, and Alliant Energy are among the major service providers in the state.In New York, a similar warning was used for Geneva, Ithaca, Elmira, Syracuse, Binghamton, Utica, Monticello, Poughkeepsie, Middletown, Newburgh, New York, Peekskill, Niagara Falls, Rochester, Dansville, Fulton, Oneonta, Saratoga Spring, Glens Falls, Albany, Poughkeepsie, Herkimer, and Plattsburgh. Consolidated Edison (ED) units Consolidated Edison Company of New York and Orange & Rockland, National Grid, Avangrid subsidiaries New York State Electric & Gas and Rochester Gas and Electric, and Fortis unit Central Hudson Gas & Electric are among the major suppliers in New York.The NWS also issued extreme heat warnings for a majority of Pennsylvania and New Hampshire, large parts of Virginia, West Virginia, Arkansas, and Tennessee, and parts of Vermont, Maine, Kansas, Alabama, Georgia, and Mississippi.Flood warnings were also raised for parts of Illinois, Kentucky, and small pockets of Louisiana, Mississippi, and Arkansas. A flash flood warning was issued for Scott City in Kansas.

$AEE$AEP$AES$AQN$BKH$CMS$CNP$DTE$DUK$ED$EVRG$EXC$FE$LNT$NGG$NI$PPL$PSEG$TXNM$WEC$XEL

Commodities42d ago

Asia Biofuels Update: Palm Oil Falls Along With Soybean Oil, Crude Oil

Malaysian palm oil futures slipped on Thursday as crude oil and rival soybean oil dipped, and as the local currency firmed, making exports more expensive to foreign buyers.The Bursa Malaysia Derivatives' August crude palm oil eased 0.95% to 4,485 Malaysian ringgit ($1,103.81) per metric ton. The September crude palm oil contract lost 1.01% to 4,511 ringgit/mt.Malaysian ringgit partially recovered after two sessions of losses, gaining 0.29% against the US dollar on Thursday. This dampens attractiveness of exports due to resulting higher costs.In June, Malaysian exports likely rose month over month between 10.6% and 11.1%, according to cargo surveyors. The industry body is set to release monthly data on July 10.In Indonesia, the implementation of a higher biodiesel blend of 50%, or B50, has begun in line with the applicable regulations, energy ministry official Noor Arifin Muhammad told Reuters.The government is currently preparing the revised biodiesel allocation to determine the volume of palm-based biodiesel that producers must supply to fuel retailers to produce B50, according to Indonesian Biofuel Producers Association vice chairman Catra De Thouars, as cited by the news agency.The energy ministry had initially allocated 15.6 million kiloliters of biodiesel for 2026 to meet the previous B40 mandate.Indonesia's expanding biofuel policies and weather-related supply risks are expected to support the palm oil market in H2, with analysts cited by The Star estimating prices to range between 4,000 ringgit/mt and 4,400 ringgit/mt during the period.MBSB Research reportedly expects importing countries to rebuild inventories ahead of the potential supply tightness driven by the El Nino weather phenomenon.BIMB Securities Equity Research analyst Saffa Amanina Mohd Anwar, as cited by The Edge Malaysia, projects that production of fresh fruit bunches will start to decline in late 2026, and will be severely impacted in 2027 following a time lag effect of around six to 12 months.CIMB Securities head of research Ivy Ng reportedly expects 2026 crude palm oil output to drop 2% to 3% year over year to between 19.7 million metric tons and 19.9 mmt, from 2025 production of 20.3 mmt.Plantation consultant M R Chandran, as cited by the news agency, also forecasts Malaysian output to decline to 19.7 mmt this year. Indonesian production, meanwhile, could reportedly fall to around 51 mmt from last year's 51.7 mmt.

Commodities42d ago

India's Gasoline, Diesel Consumption Rise in June From Year Ago

India's consumption of gasoline and diesel increased in June, according to provisional data from the Ministry of Petroleum & Natural Gas's Petroleum Planning and Analysis Cell.Gasoline sales rose 7% in the month to 3.77 million metric tons, up from 3.52 million in June a year ago. Diesel sales climbed 5.5% to 8.55 million metric tons from 8.11 million metric tons in June 2025, the data showed.Looking over a two-year period, diesel sales were up 7.1% from June of 2024, but growth in gasoline consumption was twice as large at 14.3%, according to the data.Aviation turbine fuel, or jet fuel, sales slipped year over year with 726,000 metric tons consumed in June down from 730,000 metric tons in June last year, while the figure was 2.7% higher than in June 2024.Liquefied petroleum gas sales, which include propane and butane, used for cooking in particular, slipped 16.7% in June from a year earlier, to 2.18 million metric tonnes, down from 2.63 million.Reuters reported that the Middle East conflict had a role in that decline, as the government stepped in to regulate LPG sales.

Commodities42d ago

NRC Proposes Broad Overhaul of Nuclear Power Plant Licensing Rules

The US Nuclear Regulatory Commission on Wednesday proposed sweeping reforms in what it described as its most comprehensive update to nuclear power plant licensing in decades.The proposal would update licensing, safety oversight and siting requirements across every stage of a nuclear plant's lifecycle, from design and construction through operation, license renewal and decommissioning.The NRC said the proposal draws on decades of operating experience, lessons from new reactor licensing and the emergence of advanced reactor technologies. It also advances reforms required under the ADVANCE Act of 2024 and Executive Order 14300."This proposed rule strips out rigid frameworks and unnecessary conservatism to accelerate the safe deployment of new reactors and expand existing capacity across America," NRC Chairman Ho Nieh said.The proposal would streamline reactor construction by concentrating regulatory oversight on the most safety-significant systems and permitting certain early site activities under a general license after an application is docketed.Applicants and licensees would gain greater flexibility to use risk-informed methods instead of traditional approaches for safety reviews and model updates. The proposal also expands performance-based emergency planning to all reactor types.The proposal would let operators adopt an internationally recognized quality assurance standard. It also extends license renewal periods, broadens siting rules and introduces more flexible decommissioning funding requirements for advanced reactors.The NRC also proposed updating safety rules to support higher-enriched and accident-tolerant fuels by focusing on credible, risk-significant scenarios.Separately, in a related proposal also released Wednesday, the NRC unveiled revisions to its radiation protection regulations.While the proposed changes retain existing public and worker dose limits, they would replace the long-standing "as low as reasonably achievable" or the ALARA principle with a framework centered on compliance with established regulatory precautions and existing dose limits.According to the NRC, the current dose limits are already set well below levels associated with known health effects, and maintaining ALARA as a separate regulatory expectation has added costs and complexity without delivering measurable safety benefits."We're raising the standard for regulatory clarity, not lowering the standard for safety," Nieh said, adding that the proposal would not alter existing public or occupational radiation exposure limits.The regulator said the proposal is part of its broader effort to modernize its regulatory framework, reduce unnecessary compliance burdens, and ensure its rules reflect current science while maintaining public health and safety protections.The NRC will accept public comments for 45 days after the proposal is published in the Federal Register and plans to hold a public meeting during the comment period.

Commodities42d ago

China's 2026 LNG Demand Outlook Weakens as Industrial Consumption Slows, Kpler Says

Kpler lowered its 2026 China LNG demand forecast to 63.5 million metric tons as it expects weaker industrial activity to weigh on consumption later this year, the firm said in a Wednesday note.Kpler expects industrial activity to remain broadly stable through July and August before slowing in Q4, as weaker petrochemical, property and glass sectors reduce industrial gas consumption.Analysts expect Asian spot LNG prices to remain rangebound through Q3 as restocking demand supports the market. The firm expects prices to turn more bearish in Q4 as weaker industrial LNG consumption eases buying interest.China's apparent gas consumption fell 4% over the year to 34.98 billion cubic meters in April, according to the National Development and Reform Commission. Kpler estimates industrial gas demand declined by about 1.9 bcm over the year in May.Industrial gas demand came under pressure as supply concerns surrounding the Strait of Hormuz lifted Asian LNG prices, Kpler said. The firm expects the US-Iran peace deal to ease geopolitical risks and boost Middle Eastern methanol exports to China.Lower geopolitical risk following the US-Iran peace deal should increase Middle Eastern methanol shipments into China, loosening the domestic methanol market and weighing on local methanol production, Kpler said.Methanol-to-olefin economics have recovered modestly since gross margins fell to -$108 per metric ton in early June. However, Kpler said weak downstream petrochemical demand is likely to cap further margin gains and limit additional gas consumption.China's property downturn and persistent overcapacity across the solar supply chain are expected to reduce glass production in Q4, adding further pressure to industrial gas demand, according to the note.China's transport-sector LNG demand has also begun to soften. LNG truck sales reached 13,900 units in May, holding broadly steady over the year while remaining above the five-year average.Despite LNG's fuel-cost advantage over diesel, Kpler expects improving economics for electric heavy trucks to slow LNG truck adoption. Lower fleet utilization and weaker freight activity are also expected to weigh on demand through the fourth quarter.Reflecting those headwinds, Kpler reduced its 2026 China LNG demand forecast by 200,000 mt to 63.5 million mt, citing weaker industrial gas consumption later in the year.

Commodities42d ago

US Natural Gas Update: Futures Fall on Expectations of Larger Storage Build

US natural gas futures extended losses in after-hours trading on Wednesday as expectations for a larger-than-average increase in domestic gas inventories outweighed support from an intense heatwave expected to drive cooling demand across much of the country.The front-month Henry Hub contract and the continuous contract fell 1.95% to $3.211 per million British thermal units.Market participants await Thursday's weekly US Energy Information Administration storage report. According to Barchart, analysts expect natural gas inventories to rise by about 83 billion cubic feet for the week ended June 26, well above the five-year average injection of 64 Bcf for the corresponding week.Gelber & Associates projected an 81 Bcf storage injection. "For now, the market is not ignoring the heat, but it is also not treating it as a reason for a clean breakout while storage remains healthy and the forecast moderates beyond the front-end heat pulse," Gelber & Associates said in a Wednesday market note. "Furthermore, most forecasting models have maintained warmer-than-normal summer temperatures for the past few months, so it is likely priced in at face value."Near-term weather conditions, however, remain supportive of demand. Forecasts for July 1-5 continue to call for triple-digit daily highs across major population centers in the Midwest and Eastern US, lifting electricity demand and projected natural gas consumption.However, prices also came under pressure as weather forecasts for mid-July turned slightly cooler, potentially easing demand for air conditioning among power generators. Barchart reported that the Commodity Weather Group expects near-normal seasonal temperatures across the eastern US during July 6-15.Barchart, citing BNEF data, said Lower 48 US gas demand reached 80.2 Bcf per day on Wednesday, up 0.8 Bcf from the previous day and 4.0% higher than a year earlier. Celsius Energy estimated power-sector gas consumption at 39.2 Bcf on June 29, an increase of 3.9 Bcf from the previous day, although still 3.4 Bcf below the same day last year.On the supply side, US dry gas production averaged 110.5 Bcf/d on Wednesday, down 1.6 Bcf from the previous day but still 1.7% above year-earlier levels, reflecting continued robust output.Meanwhile, estimated net feedgas flows to US LNG export terminals slipped by 0.5 Bcf/d to 19.2 Bcf/d on Wednesday, remaining at historically strong levels and up 0.7% from a week earlier.

Commodities42d ago

May Corn Use for Biofuel Production Rose, Soybean Oil Use Dropped, EIA Says

The amount of corn used to produce US biofuels in May rose month-to-month, while soybean oil use decreased, the Energy Information Administration said on Wednesday.EIA data showed that 23.91 billion pounds of corn were used to produce ethanol in May, up 10% from April and 6% from a year ago.Corn oil usage in May totaled 455 million pounds, above the 417 million pounds in April.Soybean oil used to produce biofuels totaled 1.40 billion pounds in May, down from 1.44 billion pounds in April.Crude oil produced was 2.47 billion pounds, down 2% from April 2026 but up 2% from May 2025. Soybean oil production, once refined, was 1.92 billion pounds in May 2026, down 1% from April 2026 but up slightly from May 2025.

Commodities42d ago

Planned US Gas-fired Power Plants for Data Centers Could Emit as Much as Australia, EIP Says

At least 74 natural gas-fired power plants are planned across the US to supply electricity to the booming data center industry, a buildout that could produce annual greenhouse gas emissions roughly equal to those of Australia, according to a report released on Wednesday by the Environmental Integrity Project.In a statement, the EIP said the report, entitled The Power Behind AI, details 74 projects, including 71 new plants and three expansions, which would generate about 143 gigawatts of electricity and emit an estimated 662 million metric tons of greenhouse gases annually if built.EIP said the plants, designed primarily to power data centers through "behind-the-meter" connections rather than the broader electricity grid, could release about 159,000 tons of health-damaging air pollutants each year, including nitrogen oxides and fine particulate matter.The nonprofit said many of the proposed facilities would be located in low-income communities with below-average life expectancy, potentially worsening existing health disparities. It is estimated that 40% of residents living within three miles of the 67 proposed plants are from low-income households, while at least 188 schools are located within three miles of the projects.Texas accounts for 32 of the proposed plants, followed by Ohio with 10, Pennsylvania with seven, and West Virginia and Wyoming with four each.EIP also warned that many planned data centers and associated power plants would be built in water-stressed regions despite requiring millions of gallons of water per day for cooling and power generation.Among the largest proposed projects is the Portsmouth Powered Land Project in Ohio, which EIP said could emit 53 million metric tons of greenhouse gases annually. Another, planned by Fermi America in West Texas, would consist of 141 gas-fired turbines serving a large data center campus and could emit an estimated 40 million metric tons of greenhouse gases per year, according to the report.EIP urged developers to power new data centers with renewable energy and battery storage and to avoid siting projects in water-scarce areas.

Commodities42d ago

US Rejects Extension of USMCA in Current Form, Opens New Trade Talks

The Trump administration on Wednesday decided not to renew the US-Mexico-Canada Agreement in its current form, instead opting to conduct annual reviews of the trade agreement.Though the agreement remains in force pending further negotiations or potential termination, Washington's refusal to grant a formal renewal signals a push for fundamental structural changes to the deal."The United States will continue to engage with Mexico and Canada to address the agreement's shortcomings and our trade deficits with these countries," US Trade Representative Ambassador Jamieson Greer said."However, the agreement remains in force pending resolution of these issues or until the agreement's termination," said Greer.Although the USMCA does not contain a dedicated energy chapter, it includes several provisions impacting the sector.This includes rules on investment, state-owned enterprises, regulatory transparency, and recognition of Mexico's sovereignty over its hydrocarbon resources. Chapter 8 of the USMCA treaty is titled "Recognition of Mexican Ownership of Hydrocarbons."In addition, the US and Canada signed a bilateral side letter in 2018 on energy regulatory measures and transparency, which forms an integral part of the agreement. The letter stated that the US and Canada have agreed on disciplines related to energy regulatory measures and energy regulatory transparency.The latest decision highlights long-standing friction between the US and its southern neighbor, particularly regarding Mexico's energy sector.In 2022, the US challenged Mexican energy policies, alleging that Mexico has systematically prioritized state-owned utilities, Comision Federal de Electricidad and Petroleos Mexicanos, at the expense of US private sector investment.US officials have long contended that amendments to Mexico's Electric Power Industry Law, along with the denial of permits for wind and solar projects, violate commitments made under the USMCA's market access and state-owned enterprise chapters.The US argues that these policies not only disadvantage American firms but also stifle investment in renewable infrastructure.

Commodities42d ago

Exxon Mobil Completes Move to Texas, Changes Corporate Structure

Exxon Mobil (XOM) completed its long-planned reorganization on Wednesday, officially shifting its corporate home to Texas and will begin trading as ExxonMobil Holdings.The US oil major said in a regulatory filing that the "redomiciliation merger," which became effective on July 1, would reorganize its corporate structure by merging with its Texas-based subsidiary, ExxonMobil Holdings.Under the transaction, each Exxon share will be exchanged for a share in the new holding company on a one-for-one basis, and the new stock will begin trading under the existing "XOM" ticker on Thursday.Beyond the corporate shell shift, the energy major said its financial obligations remain largely unchanged.Price: $135.72, Change: $-1.00, Percent Change: -0.73%

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Commodities42d ago

US Biofuels Update: Soybean Futures Bounce Off Multi-Month Lows

Biofuels feedstock futures closed mixed on Wednesday, with the soybean market bouncing off of multi-month lows hit earlier this week.The Chicago Board of Trade August soybean futures contract closed 0.80% higher at $11.33 1/4 per bushel, while the CBOT August soybean oil futures contract settled 0.36% lower at 66.69 cents per pound.The Nymex August ethanol futures contract settled 0.13% lower on Tuesday at $1.88 per gallon.Rhett Montgomery, a DTN analyst, said that while Tuesday's US Department of Agriculture data wasn't explicitly bullish, sometimes the market's worst fears lie in anticipation, and simply having the estimates out can be a weight off prices."Soybean futures extended their mid-week bounce on optimism of further Chinese demand, as well as technical factors," the analyst said.He added that prices built momentum on Tuesday's bounce from the 200-day moving average of $11.15, which remains the immediate support level for futures.On Wednesday, the Energy Information Administration reported that for the week ending June 26, US ethanol production averaged 1.12 million barrels per day, slightly below last week's 1.09 mmb/d and above last year's 1.08 mmb/d.Domestic ethanol inventories ended the week at 24.7 mmbbls, slightly above 24.6 mmbbls from a week ago and above 24.1 mmbbls a year ago.

Commodities42d ago

Market Chatter: Russia Turns to India for Gasoline Imports as Fuel Shortages Mount

Russia has begun seaborne gasoline imports from India as fuel shortages spread across the country following Ukrainian strikes on energy infrastructure, Reuters reported on Wednesday, citing industry sources.It said at least 60,000 metric tons have been shipped, with two tankers carrying 30,000 mt to 40,000 mt each.Russia is planning to import up to 400,000 mt monthly, with increased supply from Belarus boosting deliveries. Fuel shortages have led to rationing, queues, and record prices.The Russian and Indian energy ministries did not immediately respond to' requests 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.)

Commodities42d ago

House Republicans Urge Trump to Let Jones Act Waiver Expire on Aug. 16

President Donald Trump is facing pressure to end the temporary Jones Act shipping waiver on Aug. 16, according to a public letter from House Republicans issued on Tuesday.House Speaker Mike Johnson and 51 House Republicans said in a June 30 letter that the waiver helped ease fuel and fertilizer costs during the conflict in Iran.The letter urged Trump to let the measure expire as scheduled and instead use alternative policies to address energy costs.The lawmakers said "a strong maritime industrial base is essential to the nation's economic and national security," noting that fewer than 1% of new commercial ships are built in the US and highlighting the need to protect domestic maritime policy, according to the letter.They added that the Jones Act serves as "our nation's strongest shield against foreign exploitation of American waterways" and supports hundreds of thousands of US maritime jobs while moving over 760 million metric tons of domestic cargo each year.The lawmakers said the waiver has allowed foreign-flagged vessels to operate even when US-flagged ships were available.The Jones Act requires goods moving between US ports to travel on US-built and operated ships, supporting domestic shipping and maritime jobs.Citing Maritime Administration data, the letter added that approximately 95% of completed waiver voyages primarily benefit foreign maritime operators that neither pay US taxes nor comply with US immigration laws.The White House did not immediately respond to' request for comment.

Commodities42d ago

Market Chatter: Norwegian Offshore Labor Talks Seek to Prevent Energy Sector Walkout

Norway's state mediator opened wage negotiations Wednesday as offshore labor unions sought to prevent a strike that could disrupt the country's oil and gas industry starting Friday, Reuters reported Wednesday.An initial strike could involve more than 600 members from the three unions, Styrke, Safe and DSO, while additional workers could join if the wage dispute remains unresolved.The report said the action could affect Transocean's (RIG) Encourage rig, Odfjell Technology's Linus rig, AKOFS Offshore's Seafarer vessel and Equinor's (EQNR) Gullfaks B platform.Transocean, Equinor, Odfjell Technology and AKOFS Offshore did not immediately reply 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.)Price: $31.37, Change: $-0.03, Percent Change: -0.10%

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Commodities42d ago

US Natural Gas Update: Prices Ease Ahead of Inventory Data Despite Increased Cooling Demand

US natural gas futures extended losses in midday trade on Wednesday, pressured by rising domestic output and expectations for a sizable weekly storage build, despite the arrival of a massive heatwave across a large swath of the country.The front-month Henry Hub contract and the continuous contract each declined 2.11% to $3.206 per million British thermal units.Slight shifts in weather models and supply strength pushed prices down. Aegis Hedging said prices weakened after forecasts turned slightly cooler, even as cooling degree days continued climbing to a seasonal peak near 15 CDDs.NRG Energy reported that US gas demand rose week over week. It said Wednesday that consumption remained elevated, driven largely by power burn, which increased by 0.9 Bcf/d on the day as extreme heat across the Midwest and East lifted cooling demand.On the supply side, NRG Energy said production slipped 0.8 Bcf/d to 106.2 Bcf/d on Wednesday. Aegis Hedging estimated a sharper daily decline of nearly 0.9 Bcf/d to 108.4 Bcf/d, while Trading Economics data showed Lower 48 production averaging 110.0 Bcf/d, up from 109.7 Bcf/d in May.Attention is now turning to weekly storage data from the US Energy Information Administration. Analysts expect an 88 Bcf injection for the week ended June 26, NRG said. If realized, inventories would sit about 167 Bcf above the five-year average and 31 Bcf below year-ago levels. Trading Economics estimates stocks are tracking roughly 5.9% above normal seasonal levels.On the export front, Trading Economics put average flows to major LNG export facilities at 17.4 Bcf/d in June, keeping outbound demand steady but not offsetting domestic supply strength.

Commodities42d ago

EMEA Natural Gas Update: Futures Ease as Heat Shifts East, Low Storage Provides Support

European natural gas futures eased in after-hours trading on Wednesday as extreme heat shifted eastward, although forecasts for another heatwave next week and concerns over global LNG supplies continued to underpin the market.The front-month Dutch TTF contract fell 0.82% to 43.09 euros ($49.05) per megawatt-hour, while the UK front-month NBP contract declined 2.19% to 102.16 British pence ($1.36) per therm.Temperatures are expected to moderate across much of France on Wednesday and Thursday before rising again from Friday, particularly in the country's southern regions, according to French newspaper Le Monde. However, the duration, intensity and geographical extent of the next heatwave remain uncertain, it said.Analysts at Mind Energy said the recent heatwave and the prospect of further high temperatures across Europe are supporting gas demand. Higher river temperatures have also reduced the availability of French nuclear power, increasing the need for gas-fired generation at a time when European gas storage levels remain below normal."Meanwhile, the Middle East truce still stands, but the permanent peace talks appear to be in somewhat of a stalemate," it said.Supply risks from the Middle East also remained in focus. US envoys arrived in Doha on Tuesday for talks, although Qatari mediators cautioned that no major breakthrough was expected, noting that US officials were not scheduled to meet directly with Iranian counterparts.After a fatal restart incident, QatarEnergy has extended force majeure on LNG shipments to Europe.Kpler said in a social media post on Wednesday that the Strait of Hormuz remained open on June 30, with 34 verified vessel transits, including commercial cargo ships, energy tankers and support vessels, moving through the strategic chokepoint.However, shipping tracker HormuzStraitMonitor.com reported on Wednesday that only five vessels had transited the strait over the previous 24 hours, while roughly 450 ships were waiting to pass.Persistent cooling demand and concerns over supply disruptions are complicating Europe's efforts to rebuild gas inventories ahead of winter.European Union gas storage sites were 48.87% full, according to Gas Infrastructure Europe, well below the 56% level recorded a year earlier and the five-year average of 63.5%, as calculated by Switzerland's Federal Office of Energy.European buyers are also facing increased competition for LNG cargoes from Asia. North Asian spot LNG prices rose as disruptions to Qatari exports prompted more importers to seek spot cargoes, ANZ analyst Daniel Hynes said on Wednesday.

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Commodities42d ago

NWS Warns of Dangerous, Record Heat Build in Central, Eastern US Through This Week

$AEE$AEP$AES$AQN$BKH$CMS$CNP$DTE$DUK$ED$EVRG$EXC$FE$LNT$NGG$NI$PPL$PSEG$TXNM$WEC$XEL