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Pattern Energy Completes 3.65 GW New Mexico Wind Project

Renewable energy company Pattern Energy's 3.65-gigawatt SunZia wind project in New Mexico is now fully operational, it said on Thursday.The project is equipped with a high-voltage direct current transmission network, spanning 550 miles and with converter stations, to deliver power to Arizona and the western grid, the statement said.Pattern Energy said project construction began in September 2023 and was completed on time and on budget.The company's portfolio in North America includes 12 GW of operating and under-construction wind, solar, and energy storage projects.

Commodities4d ago

Oklo Signs LOI With Centrus to Secure High-Assay Low-Enriched Uranium

Advanced nuclear developer Oklo has signed a letter of intent with Centrus Energy (LEU) to purchase domestic high-assay low-enriched uranium (HALEU) starting in 2029, the company said on Thursday.Access to domestically-sourced HALEU is the primary bottleneck slowing the commercialization of next-generation small modular reactors, it said, underscoring the significance of the LOI.This agreement provides Oklo with fuel certainty for multiple years of reactor core operations at a time when the broader industry is scrambling for non-Russian enriched uranium.The deal paves the way for a definitive contract that may include upfront prepayments from Oklo to Centrus to support the fuel supply ramp-up, the company said.To lock in the execution phase, Oklo has also partnered with Kiewit Nuclear Solutions under a new memorandum of understanding for engineering, procurement, and construction planning.Centrus plans to blend these private commitments with billions in capital alongside a $900 million US Department of Energy HALEU task order.The fuel will supply a portion of Oklo's envisioned 1.2-gigawatt Clean Energy Campus in Pike County, Ohio.

Commodities4d ago

Update: Repsol Signs MoU With Venezuela Government, PDVSA to Assess Horcon Development Potential

(Updates throughout to add details from Repsol's statement.)Spanish energy major Repsol said in a statement it signed a preliminary agreement with Venezuela's Ministry of Hydrocarbons and state-owned oil company PDVSA on Wednesday to examine the development potential of Horcon area, located southeast of Lake Maracaibo.The development was reported earlier in the week by multiple media outlets.Horcon area falls between the Barua and Motatan fields, which are part of Repsol's Venezuelan assets portfolio. The company's Venezuelan assets portfolio also includes the oil-producing fields of Petroquiriquire and Petrocarabobo, and the Cardon IV gas asset, Repsol said in a statement.The agreement was signed during a meeting between Acting President of Venezuela Delcy Rodriguez, Venezuela's Minister of Hydrocarbons Paula Henao and the representatives of Repsol and PDVSA."The meeting also reviewed the operational progress of Repsol's assets in Venezuela and the investments committed to ensure the continuity and growth of activity, as well as the payment mechanisms associated with existing agreements and the crude cargo schedule planned for the coming months," the statement added.As part of the agreement, the parties also intend to further study offshore gas opportunities in Venezuelan waters and gather additional reservoir data.According to multiple media reports on Tuesday, the new agreement could add about 20,000 barrels per day of crude output.PDVSA President Hector Obregon said the companies see fresh exploration potential in an area where they already operate the Petroquiriquire joint venture. The project could lift crude output to about 60,000 b/d from the current production of roughly 40,000 b/d.After recently taking over as operator of the Petroquiriquire venture, Repsol is targeting a 50% increase in production over the next 12 months and aims to triple output within three years, according to the reports.In March this year, Repsol and Eni, which own a 50% stake each in the Cardon IV asset, signed an agreement with Venezuelan authorities and PDVSA to ensure natural gas production at the asset through 2026 and strengthen long-term operations, according to Repsol's statement.In mid-April, Repsol signed another deal with Venezuela's Ministry of Hydrocarbons and PDVSA, allowing it to regain operational control and boost oil production at the Petroquiriquire field, conditional upon the fulfillment of certain conditions. Repsol owns a 40% interest in the asset, while PDVSA owns the rest. The agreement also aimed to improve payment mechanisms, and reinforce Repsol's operating framework in Venezuela under a 2023 agreement, the statement added.has reached out to PDVSA for comment.

Commodities4d ago

Texas Overhauls Grid Rules to Handle Surging Data Center Power Demand

The Public Utility Commission of Texas approved a framework to group large power requests into a single collective study, dubbed Batch Zero, changing how Texas connects high-consumption data centers to its power grid on Thursday, Electric Reliability Council of Texas said Thursday.Ercot plans to notify Batch Zero applicants of their official classifications by August 2026, aiming to publish a comprehensive, statewide transmission roadmap in the fall of 2027.Applications for the next cycle, Batch 1, are scheduled to open in summer 2027, it said.The regulatory shift comes as tech companies rapidly scale operations, pushing power demands to unprecedented levels.Ercot is tracking more than 438 gigawatts in large-load requests, with data centers making up nearly 89% of that total volume, it stated.

Commodities4d ago

Market Chatter: EU Commission Says Ban on Russian LNG From 2027 Includes Trading

The EU Commission has clarified that the ban on Russian liquefied natural gas, set to begin in 2027, includes the trading or marketing of the commodity inside and outside the EU, Reuters reported Thursday, citing an EU letter sent to a shipping brokerage.The letter sent from the office of EU Energy Commissioner Dan Jorgensen to Poten and Partners reportedly stated that EU operators will be prohibited from selling Russian LNG regardless of the final destination. In January, the 27 EU member states have adopted a regulation to phase out imports of both Russian pipeline gas and LNG by 2027.This has cleared up earlier confusion for companies, such as TotalEnergies (TTE) and Naturgy, whose operations will be affected by the LNG ban as they either hold stakes or have supply contracts with Russia's Yamal LNG.The EU Commission, TotalEnergies, and Naturgy did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$TTE

Commodities4d ago

Cespira, Volvo Sign Deal for Hydrogen-Fueled Engine Development

Canadian clean technology company Westport Fuel Systems (WPRT) on Thursday said that Cespira, its joint venture with Swedish commercial vehicle manufacturer Volvo Group, will commercialize its HPDI technology to enable Volvo's 13-litre engine to run on hydrogen.The agreement with Volvo builds on the use of HPDI fuel system technology in liquefied natural gas-powered heavy-duty engines and covers the final development and commercialization work required to enable the 13-litre engine to operate on hydrogen, the company said in a statement.Volvo trucks are currently being tested on roads with a targeted European certified commercial launch before 2030, the statement said."Cespira's HPDI fuel system enables direct injection of alternative fuels at high pressures into internal combustion engines, supporting the use of lower-carbon fuels while preserving the performance, durability, and operating characteristics required for heavy-duty applications," the statement said.

$WPRT

Commodities4d ago

Equinor, Partners to Boost Gas Output Offshore Norway

Equinor (EQNR) and its partners, Petoro, Shell (SHEL), TotalEnergies (TTE), and ConocoPhillips (COP) are investing 4 billion Norwegian krones ($413.2 million) in a Troll field project in the North Sea to boost gas production, Equinor said on Friday.The project, named Troll West Increased gas recovery North, or Twin, is expected to launch production as early as 2028.It represents third step of Troll Phase 3 and will extract gas from Troll West reservoir. It will feature two wells inside a subsea template and a pipeline connected to existing offshore facilities, the company noted.Operators expect the development to recover about 11 billion standard cubic meters of gas. The partnership is now notifying the Ministry of Energy about the development following a completed environmental impact assessment, it stated.Equinor aims to develop six to eight similar subsea projects annually through 2035, targeting an overall production level of 1.3 million barrels per day from the region.The Troll field holds roughly 40% of the total gas reserves on the Norwegian continental shelf and supplies about 10% of Europe's total gas needs.

$COP$EQNR$SHEL$TTE

Commodities4d ago

NWS Warns of Potentially Catastrophic Flash Flooding Along Central Gulf Coast

The US National Weather Service on Thursday said the remnants of Tropical Storm Arthur could cause life-threatening, potentially catastrophic flash flooding as it passes through the central Gulf coast.The western parts of the US are likely to experience isolated, scattered dry thunderstorms, with the potential to cause lightning-ignited fires amid the presence of gusty winds on Friday.The NWS issued a red flag warning early Friday for Utah's Nephi, Delta, Manti, Wendower, Milford, Cedar City, and St. George, primarily served by PacifiCorp subsidiary Rocky Mountain Power.A similar warning was raised for Idaho's Caldwell and Twinfalls, where Idacorp's (IDA) Idaho Power is the major service provider.Affected areas in Oregon included Chemult, Crater Lake, Silver Lake, Paisley, Chiloquin, Bly, Klamath Falls, Lakeview, Adel, Burns, Ashland, Cave Junction, and Jordan Valley. These areas are primarily served by PacifiCorp's Pacific Power and Idaho Power.A red flag warning was raised late Thursday for the entirety of Nevada, which primarily falls under the service area of Berkshire Hathaway Energy unit NV Energy.Also covered under a similar warning were Arizona's Kingman, Bullhead City, Lake Havasu City, and areas near Grand Canyon Village. These places are primarily served by UNS Energy unit UniSource Energy Services and Pinnacle West Capital's (PNW) unit Arizona Public Service CompanyCalifornia's Yreka, Mount Shasta, Redding, Susanville, Bieber, Cedarville, Willow Creek, Gasquet, Markleeville and Bridgeport were also placed under a similar warning. Pacific Power, Algonquin Power & Utilities subsidiary Liberty, and PG&E (PCG) unit Pacific Gas and Electric Company are among the major electric utility service providers in these places.In Texas, an extreme heat warning was raised for Zapata, Hebbronville, Falfurrias, Sarita, Rio Grande City, Raymondville, McAllen, Harlingen, Port Mansfield, Weslaco, Brownsville, and South Padre Island. Meanwhile, a flood warning was raised for Beaumont, Orange, Lufkin, and George West. These places are majorly served by the Texas units of American Electric Power (AEP) and Entergy (ETR), and Centrepoint Energy (CNP).A flood warning was also issued for Louisiana's Jennings, De Quincy, Lake Charles, Oberlin, Glenmora, Oberlin, Marksville, Lake Charles, Baton Rogue, Hammond, and De Ridder. Entergy's Louisiana unit, American Electric Power's Southwestern Electric Power Company, and Cleco are among the major service providers in Louisiana.Mississippi's Hattiesburg, Gulfport, Brookhaven, Laurel, Meridian, and Jackson, primarily served by Southern Company (SO) unit Mississippi Power, were also listed under a flood warning watch. Laurel was also under a flash flood warning.A flood warning was raised for Pensacola and DeFuniak Springs in Florida, where NextEra Energy (NEE) unit Florida Power & Light Company is the primary service provider.Alabama's Demopolis, Monroeville, Brewton and Mobile were covered under a flood warning, while a flash flood warning was raised for areas near Monroeville. The state is primarily served by primarily served by Southern Company unit Alabama Power.A flash flood warning was also issued for Columbus in Georgia, where Southern Company subsidiary Georgia Power is the major service provider.In Illinois, the NWS issued a flood warning for Peru, Peoria, Macomb, Canton, Havana, Jacksonville, Champaign, Decatur, Pekin, and Carbondale. Ameren's Illinois unit and Exelon (EXC) subsidiary ComEd are among the major service providers in Illinois.Indiana's Vincennes, Lafayette, Terre Haute, and Seymour were also covered under a flood warning. Duke Energy (DUK), the Indiana unit of AES (AES), and CenterPoint Energy are among the major electricity providers in these places.The NWS also issued flood warnings pockets of Missouri, Washington, Ohio, and West Virginia.

$AEP$AES$CNP$DUK$ETR$EXC$IDA$NEE$PCG$PNW$SO

Commodities4d ago

Swedish Transport Operator to Deploy 27 Scania Biogas-Fueled Buses

Swedish transport operator Nobina will deploy 27 new Scania buses powered by biogas, in agreement with the public transport authority Skanetrafiken, automaker Scania said in a statement on Thursday.The benefits of the fuel produced from waste include carbon dioxide emission reductions and increased fuel supply security as well as the promotion of the domestic biogas industry, which will provide the renewable fuel.The buses will run on the Malmo-Lund/Kristianstad routes and have been designed according to Skanetrafiken's requirements. The biogas powertrain is also quieter than a diesel-powered one.The buses will expand an existing fleet of Scania biogas buses already in use in collaboration with Skanetrafiken, the statement said.The bodies of the buses will be produced by Irizar and will be the Scania Irizar i4 model, which has found success with a biogas powertrain in Southern Europe, the statement said.

Commodities4d ago

Braskem Launches Lower Emissions Vessel, 3 More to Join Fleet

Brazil's Braskem (BAK), the largest producer of polyolefins in the Americas and major global producer of biopolymers said that its Braskem Trading & Shipping unit has launched a new low-carbon oil tanker, Blooming Future.The ship will transport naphtha to Braskem, operating at an optimized speed to cut fuel consumption and emissions and can carry a cargo equivalent to 35 olympic-sized swimming pools, it said.The vessel incorporates biofuel-ready engines and energy-efficient systems that cut CO2 emissions by 30% versus other Braskem vessels, avoiding around 6,500 tonnes in emissions of the gas each year, its statement said.It is part of a broader fleet expansion program that foresees the operation of four LR1 tankers by early next year.Braskem Trading & Shipping leads in sustainable maritime shipping initiatives such as investment in lower-emissions vessel operations, it said.

$BAK

Commodities4d ago

Asia Biofuels Update: Palm Oil Set for Weekly Gain Above 3% on Higher Exports, Biodiesel Blending

Malaysian palm oil futures rose further on Friday, bringing weekly gains to more than 3%, driven by higher exports and Indonesia's progress in its planned B50 biodiesel program that is set to begin next month.The Bursa Malaysia Derivatives' July crude palm oil contract climbed 1.66% to 4,585 Malaysian ringgit ($1,132.24) per metric ton and was set for a 3.38% weekly rise. The August contract firmed 1.63% to 4,618 ringgit/mt, and was on track to gain 3.20% over the week.Cargo surveyors reportedly estimated Malaysian shipments to have risen between 9.6% and 23.8% in the June 1-15 period, relative to the previous month's levels. If the upward trajectory is sustained for the whole of June, that could cancel out a 14.5% month-over-month drop recorded in May, as per the Malaysian Palm Oil Board data.A weaker local currency continued to provide upside for exports, as foreign buyers pay lower prices for the cargoes in dollar terms. The Malaysian ringgit retreated against the US dollar by more than 2% during the week.Rising demand is expected to be compounded by a reduction in exportable supplies, with Indonesia set to implement a higher biodiesel mandate of 50%, or B50, beginning July. The country is currently blending palm oil with diesel at a 40% ratio.A road test for B50 has so far shown positive results, according to Energy Minister Bahlil Lahadalia, as cited by the Jakarta Globe. The minister was reportedly optimistic about the July 1 official rollout of the new biofuel policy, which will help reduce imports of conventional diesel.Analysts expect palm oil prices to strengthen as fundamentals tighten with expanding biofuel use and the prospect of smaller supplies due to a developing El Nino weather phenomenon.In Indonesia, farm-gate palm oil prices are also set to rise following a directive from President Prabowo Subianto to increase fresh fruit bunch prices in line with the global market and currency trends, the Jakarta Globe reported.FFB prices declined last month after the government announced tighter oversight on export shipments through a new single-gate export policy.

Commodities4d ago

Norway-Based DNO to buy Stake in Gjoa Offshore Asset From Var Energi

Norwegian oil and gas operator DNO will buy a stake in a Var Energi asset that secures a coveted presence for the company in the offshore Gjoa hub, it said on Thursday.DNO will buy a 5% stake in the Gjoa field operated by Var, paying for it with a 5% stake in Nova, a subsea field tied back to the Gjoa platform.Upon completion, DNO's interest in Nova will fall to 40% down from 45% and DNO will also exit the Ringhorne discovery in a non-core area of the Central North Sea by selling its 15% stake in PL956 to Var, it said.DNO will receive a $17.5 million cash payment as further consideration for the stake it sells."DNO has had a stake in every field tied back to Gjoa but not in the host itself. With this transaction, we climb onto the platform and just in time," said Executive Chairman Bijan Mossavar-Rahmani.He said that the company now has five Gjoa tie-backs that are coming up for final investment decisions this year.DNO's statement said it is confident it can hit a production target in the North Sea of 100,000 barrels of oil equivalent per day by 2030, by accelerating its development of discovered resources.

Commodities5d ago

DeepOcean Wins BP Contract for Foinaven Subsea Decommissioning Work

DeepOcean secured a contract from BP (BP) to remove subsea infrastructure at the Foinaven field west of Shetland, UK, extending the existing decommissioning partnership, the company said Thursday.The scope of the project includes the removal of 10 flexible process risers, three dynamic subsea umbilicals and a static umbilical from the former floating production, storage and offloading vessel location.DeepOcean will also remove buoyancy modules, riser protection systems, clamps and other equipment linked to the subsea assets as part of the offshore campaign, the company said.DeepOcean said the project will be directed from its Aberdeen office, which will be responsible for engineering, project delivery and offshore operations. The work at sea is scheduled to be carried out using one of the company's advanced subsea construction vessels.The company said the contract is governed by a sale and purchase agreement jointly developed with BP. The arrangement follows the approach adopted for earlier decommissioning campaigns at the Don and Miller fields.Located west of the Shetland Islands, Foinaven was brought on stream in 1997, five years after its discovery. The field lies approximately 190 kilometers offshore in waters between 330 and 530 meters deep.Foinaven generated around 440 million barrels of oil over its operating life before the FPSO was withdrawn in 2021. That figure exceeded initial development expectations by roughly twofold, according to DeepOcean."This award reflects a progressive and commercially innovative approach to subsea decommissioning," said DeepOcean CEO Oyvind Mikaelsen, adding that the commercial framework is designed to improve efficiency, optimize costs and provide greater operational flexibility for both DeepOcean and BP.

$BP

Commodities5d ago

US Natural Gas Update: Smallish Inventory Build Pushes Futures Price Up

US natural gas futures retreated from earlier highs in after-hours trading on Thursday but remained positive after government data showed a smaller-than-expected increase in storage inventories, reinforcing expectations that summer demand could tighten market balances.The front-month Henry Hub futures contract and the continuous contract both rose by 2.23% to $3.215 per million British thermal units.The US Energy Information Administration reported a 73 billion cubic feet injection into storage for the week ended June 12, below the upper end of analyst expectations, which ranged from 66 Bcf to 117 Bcf. Total inventories rose to 2.759 trillion cubic feet.The build matched the five-year average for the period but was below the 97 Bcf injection recorded during the same week last year. Stockpiles now stand about 1% below year-ago levels and 151 Bcf, or 5.8%, above the five-year average."Today's fundamental balances still need to show that summer demand can consistently outrun available supply," Gelber & Associates said in a note. The firm said inventories are 151 Bcf above the five-year average, which helps explain the relatively measured market response despite the supportive headline figure. The latest injection also marked a slowdown from the previous week's 108 Bcf build.On the supply side, US dry gas production was estimated at 111.4 Bcf per day on Thursday, up 1.3 Bcf/d from the prior day and 4.4% above year-earlier levels, Barchart said, citing BNEF data.Gelber & Associates said production is expected to remain within a 110.0-110.6 Bcf/d range. The firm also noted that Canadian imports averaged 5.5 Bcf/d.Trading Economics estimated average US gas production at 109.4 Bcf/d so far in June, slightly below May's average of 109.7 Bcf/d.Barchart, citing weather forecaster Vaisala, reported that most of the Lower 48 states are expected to experience above-normal temperatures between June 28 and July 2, suggesting increased power demand ahead.On Thursday, BNEF said gas demand was estimated at 71.9 Bcf/d, up 2.5 Bcf/d from Wednesday but down 3.1% from a year earlier. Celsius Energy estimated total power-sector gas consumption at 34.7 Bcf/d for Wednesday, up 0.3 Bcf/d from the previous day but roughly 4 Bcf/d below year-ago levels.Meanwhile, estimated net flows to US LNG export terminals were pegged at 19.2 Bcf/d on Thursday by BNEF, up 2.8% from a week earlier but down 0.3 Bcf/d from the previous day.

Commodities5d ago

US May RIN Generation Falls From April, Remains Above Year-Ago Level, EPA Says

The number of renewable identification numbers generated in May under the Renewable Fuel Standard dropped from the previous month but rose from year-ago levels, according to the Environmental Protection Agency's report on Thursday.Total RIN generation year-to-date stood at 9.66 billion RINs, up 4% from a year ago.Over 2.02 billion RINs were generated in May, down 2.4% from April, the EPA report showed.Nearly 1.26 billion D6 ethanol renewable fuel RINs were generated in May, up 3% from April.D4 RIN generation for biomass-based diesel totaled 735 million in May, up 3.5% from April and 22% from a year earlier.In its report, the EPA revised April's D4 RIN generation upward by 3%, or 20 million RINs, to 710 million. Year-to-date D4 generation of 3.02 billion was up 11.5% from the year-ago level.Of the D4 total, domestic renewable diesel accounted for 489.6 million RINs, up 6% from April and up 20% over the year.Domestic biodiesel RIN generation totaled 187.4 million, down 3.7% from April and up 30% over the year.Domestic sustainable aviation fuel RIN generation was 40.2 million in May, up 12% from a month ago, and 33% higher over the year.The data still underwhelmed analysts reacting to the report.Zander Capozzola, Argus Media's renewable fuels consultant, said May RIN generation was below expectations."Another underwhelming RIN print will force larger bank draws, while US trade balances recalibrate to alarmingly short RIN supply. Strait deal has commodity markets tumbling in search of new support levels despite failed diplomatic precedents," Capozzola said.He added that renewable diesel margins have pulled back by 11% on average in May from the prior month, as feedstock prices far outpaced diesel prices."Even with the recent pullback, RD margins are up over 200% year-to-date," Capozzola said.He added that the RIN strength relative to the bean oil-heating oil spread has waned in the first half of June, indicating a softening margin environment."Soybean crush margins have pulled back from record highs as crude, diesel, and soybean oil enter a race to the bottom amid a Strait deal that realistically has weak prospects, given past failures and ongoing regional instability," he said.

Commodities5d ago

Aker BP Secures Drilling Permit for North Sea Wellbore

The Norwegian Offshore Directorate granted Aker BP a drilling permit Thursday for wellbore 36/4-2 in production license 1153 in the North Sea.The approval, issued under Section 13 of the Resource Management Regulations, clears Aker BP to proceed with drilling activities.Aker BP holds a 40% operating stake in production license 1153, while Inpex Idemitsu Norge owns 30%, Okea holds 20%, and Harbour Energy Norge controls the remaining 10%, according to the Directorate.

Commodities5d ago

Hormuz Crisis Likely to Re-shape LNG Contract Drafting, OIES Says

The disruption of LNG supplies from the Persian Gulf during the Hormuz crisis is expected to reshape contract negotiations across the industry, prompting buyers and sellers to strengthen provisions governing supply interruptions, allocation of scarce cargoes and dispute resolution, the Oxford Institute for Energy Studies said in a note on Thursday.The crisis highlighted how quickly contractual priorities can shift when geopolitical risk disrupts a market that has increasingly relied on supply growth and commercial flexibility. Industry participants were forced to test contractual mechanisms that, in many cases, had seen limited practical use, exposing gaps in existing LNG sale and purchase agreements.The Institute said future SPA negotiations are likely to focus on force majeure provisions, including the threshold for claiming disruption and whether supply availability should be assessed at the level of a specific project or across a seller's wider LNG portfolio.Allocation of available LNG is also expected to receive greater attention. Key issues include defining the supply pool subject to allocation, determining how reduced quantities are calculated, identifying which buyers participate in an allocation process, and clarifying the impact on future delivery obligations.Shipping-related risks emerge as another area requiring more detailed drafting. Contractual provisions may increasingly address route closures, chokepoint disruptions, war-risk insurance costs, vessel owner refusals to sail, and responsibility for additional transportation expenses.Restoration of deliveries following disruptions is likely to become a major focus. Future contracts may provide clearer guidance on how deferred cargoes are prioritized, how recovery schedules interact with annual contract quantities and take-or-pay obligations, and how restored production and shipping capacity is allocated when competing claims arise.Industry observers also expect greater emphasis on dispute-management mechanisms, including expedited procedures, expert determination, and interim decision-making processes designed to resolve operational disagreements while contractual performance continues.More broadly, OIES said the Hormuz crisis may accelerate a shift in LNG contract drafting away from a model centered primarily on flexibility and commercial optimization toward one that places greater emphasis on interruption management, supply scarcity, and recovery. As market participants reassess contractual resilience, provisions governing disruption, allocation, shipping risk, restoration, and dispute containment are expected to move higher on negotiating agendas.

Commodities5d ago

US Biofuels Update: Energy Markets, Favorable Weather Weigh on Soybean Complex

Biofuels feedstock futures closed lower on Thursday, as traders displayed caution ahead of a long weekend, with markets closed on Friday in observance of Juneteenth.The Chicago Board of Trade July soybean futures contract closed 0.82 lower at $11.22 per bushel, and the CBOT July soybean oil futures contract settled 2.59% lower at 69.69 cents per pound.The Nymex July ethanol futures contract settled 0.27% higher on Wednesday at $1.84 per gallon.On Thursday, the Federal Reserve voted to hold interest rates steady in an almost universally expected move. Outside markets were mostly supportive, with higher energy markets, though crude fell well off daily highs.Rhett Montgomery, a DTN analyst, said that the turn lower for soybean futures was a bit puzzling.The US Department of Agriculture announced flash sales totaling 20.8 million bushels to China and other unknown buyers over the past two days, the analyst said."Weather for the most part continues to cast a bearish shadow over row crop futures, with plenty of rainfall still in the forecast for the balance of June, and drought reductions noted for both corn and soybean areas in the US," Montgomery said in a daily note.He added that the soybean market was unable to complete a four-session winning streak during the shortened trading week. The analyst attributed the decline to textbook "buy the rumor, sell the fact" trading after the USDA confirmed rumors of Chinese soybean purchases.Montgomery noted that weakness in energy markets and lower soybean oil futures further pressured the market.On Thursday, the USDA confirmed flash sales of 132,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year.Also, 285,775 mt of corn for delivery to Mexico during the 2026/2027 marketing year. In addition, 120,000 mt of soybeans are for delivery to unknown destinations during the 2026/2027 marketing year.USDA's Weekly Export Sales Report on Thursday showed that for the week ending June 11, an increase of 15.6 million bushels or 424,900 mt of soybean export sales in 2025-26 and an increase of 11.2 mb or 304,100 mt for 2026-27.Last week's export shipments of 20.3 mb exceeded the 15.2 mb needed each week to meet USDA's export estimate of 1.510 billion bushels for 2025-26.Soybean export commitments now total 1.491 bb in 2025-26 and are down 17% from a year ago. That is ahead of USDA's estimated pace, even as its estimate of US ending soybean stocks is 16% larger than the previous five-year average.

Commodities5d ago

Envision Energy, AMEA Power to Build 500-MW Egypt Wind Project

China's Envision Energy has partnered again with UAE-based AMEA Power to develop the 500-megawatt Amunet II wind farm in Egypt, Envision said in a statement on Thursday.The project is AMEA Power's second utility-scale wind development in the country and will bring its total wind capacity in Egypt to 1 gigawatt once completed.Envision did not detail its specific role in the new agreement. The company previously supplied EN 171-6.5 MW turbines for AMEA Power's first Egyptian wind project in Ras Ghareb.The new deal follows the commissioning of the 500-MW Ras Ghareb wind plant in June 2025, developed jointly by the two companies. That facility is currently Africa's largest wind farm and has been cited as a benchmark for large-scale renewable deployment in the region.AMEA Power chairman Hussain Al Nowais said the Amunet II project represents "the next phase" of cooperation with Envision and reflects confidence in Egypt's renewable energy market. He added that the combined wind portfolio will support Egypt's energy transition while generating economic and social benefits.

Commodities5d ago

FERC Orders Grid Operators to Justify Large-Load Rules Within 60 Days in Major Reform Push

FERC ordered six regional grid operators to justify or revise large-load connection rules within 60 days, while requiring generation adequacy reports within 30 days, the agency said Thursday.The commission issued Section 206 show-cause orders to all six Regional Transmission Organizations and Independent System Operators, directing them to justify existing tariffs or propose revisions for large-load customers, including data centers and manufacturers, FERC said.FERC said the initiative aims to accelerate large-load integration while preserving reliable and affordable electricity service.The agency added that the effort supports artificial intelligence development, economic growth, and the return of manufacturing investment to the US."We are setting the stage for a resilient, reliable, and forward-thinking grid that empowers communities and safeguards consumers," FERC Chairman Laura Swett said.She added that the action provides greater certainty for investors while supporting technological and economic expansion.The commission rejected a uniform national approach, saying each grid operator faces different market structures, stakeholder priorities and demand trends.FERC said regional flexibility offers the most efficient path for integrating large energy-intensive customers.Under the first reform category, FERC asked operators to improve transmission application and study procedures, including evaluating alternative transmission technologies that could speed service to large-load customers.The second and third reform areas focus on preventing cost shifting, increasing transparency around transmission expenses, accommodating co-location arrangements and addressing behind-the-meter generation resources, the agency said.FERC also directed operators to examine new transmission products for flexible large-load customers and establish processes for evaluating generation facilities that serve nearby or co-located large energy users.The commission ordered each grid operator and its transmission owners to submit reports within 30 days detailing plans to maintain sufficient generation capacity, including stakeholder proposals, filing schedules and initiatives designed to accelerate new power supply additions.The orders apply to PJM Interconnection, Midcontinent Independent System Operator, Southwest Power Pool, California Independent System Operator, ISO New England and New York Independent System Operator, while FERC also included the transmission owners within each regional market in the proceedings.

Showing 101-120 of 2011

Commodities4d ago

NWS Warns of Potentially Catastrophic Flash Flooding Along Central Gulf Coast

$AEP$AES$CNP$DUK$ETR$EXC$IDA$NEE$PCG$PNW$SO