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EMEA Natural Gas Update: Futures Tumble Over Report That US, Iran Deal Could be Imminent

European gas futures fell sharply on Wednesday after signs that the US and Iran had made some progress towards a definitive peace agreement to end more than two months of conflict that have caused one of the worst supply shocks in the history of the oil trade.News of progress emerged in an Axios article titled "U.S. and Iran closing in on one-page memo to end war, officials say."The story, citing two U.S. officials and two other sources familiar with developments, said the White House believes it is close to reaching an agreement with Iran based on the proposed one-page framework and is awaiting Iran's response by Friday.Dutch TTF futures fell by close to 9% shortly after the news but were 6.5% lower later in the day at 43.86 euros ($51.55). British NBP futures were down 6.6% to 107.5 British pence ($1.46).A post on the social media site Truth Social later on Wednesday by US President Donald Trump seemed to hint at continued resistance from the Iranian side, however.He repeated that in the absence of agreement, the US would resort to force to achieve its demands including Iran's abandonment of nuclear enrichment."Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran. If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump wrote.

Commodities3d ago

Talos Energy Q1 Output Near Higher End of Guidance, Project Pipeline Advances on Schedule

Talos Energy (TALO) produced an average of 63,800 barrels of oil per day and 88,800 barrels of oil equivalent per day in Q1, it said in an earnings update on Tuesday, volumes it said were at high end of its guidance.Natural gas production alone was 107.7 million cubic feet per day and natural gas liquids production was 7,100 barrels per day, it said. The company did not provide year-ago figures for comparison.Talos said it had made a strong start to 2026, having delivered its Cardona well ahead of schedule and receiving output from it above expectations. It said it had also achieved pleasing results from its deepwater facilities that would add to momentum over the course of the year.Talos drilled its CPN well and finished completion operations in Q1, delivering the project under budget and earlier than planned. It expects the well to deliver its first production in Q3, it said.The Monument discovery, in which Talos has a 29% non-operating stake, is expected to yield 20,000 to 30,000 barrels of oil equivalent a day from late 2026 and is being developed as a subsea tie-back to the Shenandoah facility in Walker Ridge.

$TALO

Commodities3d ago

Biofuels Update: Major Feedstocks Slip as Crude Oil Dips

Sharp declines in crude oil prices, following reports that the US and Iran were closing in on a one-page memorandum to end the conflict between them, pressured major biofuel feedstocks on Wednesday.In early trade, the July soybean oil contract on the Chicago Board of Trade dropped 1.92% to 75.43 cents per pound, to end a nine-session rally. The July soybean contract slipped 0.47% to $12.06 per bushel.A weakening crude oil market could dampen competitiveness of biofuels over fossil fuels, due to reduced economics.Ample supply availability also continued to weigh on the market, with Brazil's soybean harvest now more than 95% completed and US planting maintaining a record pace despite unfavorable planting conditions in the Midwest.Consultancy firm Stone X, as cited by multiple media outlets, has raised its projection for Brazilian soybean production by 1%, versus its April outlook, to 181.6 million metric tons.Brazil's largest soybean export market is China. However, China's plan to reduce the use of soybean meal in animal feed will likely weaken Brazil's export outlook, DatamarNews reported.China's soybean imports could decline by 6.1% in 2026 and up to 30% by 2030, as the country adopts new feed technologies, according to China's agriculture ministry, as cited by the news agency.Lower imports by China could also impact the US export market, but traders were eyeing a potential increase in Chinese purchases following the Trump-Xi summit in mid-May.Greg McBride of agricultural commodity research firm Allendale, as cited by AgWeb, said that an additional 8 mmt purchase pledge by China is unlikely, but that any such increase would "shock" the market.Going forward, the market is expected to focus on US soybean export data, US planting pace and weather patterns, and South American harvest progress, according to price reporting agency MySteel.In Asia, Malaysian palm oil futures retreated from near four-week highs on Wednesday, as traders took profits and as crude oil prices dropped.The Bursa Malaysia Derivatives' June crude palm oil contract slumped 2.86% to 4,547 Malaysian ringgit ($1,150.85) per metric ton. The July contract declined 2.78% to 4,579 ringgit/mt.Expectations of weaker exports and higher production in April following a seasonal low in Q1 also weighed on prices. Cargo surveyors reportedly estimated a 15.7% to 16.8% month-over-month decline in Malaysian shipments for the April 1-25 period.Lower purchases from top importer India, due to surging palm oil prices, contributed to a downward trend in exports. The country's palm oil imports dropped 27% month over month to a one-year low of 505,000 metric tons in April, according to dealers cited by Reuters.Purchases of rival edible oils rose as the competitiveness of palm oil diminished. Dealer estimates reportedly showed that India's April soybean oil imports increased from a month earlier by 24% to 355,000 mt, and sunflower oil purchases more than doubled to a 22-month high of 435,000 mt.The Malaysian ringgit's 1.2% strengthening against the US dollar could further erode attractiveness of the country's cargoes, as it makes exports more expensive.Nonetheless, domestic demand is set to increase as the Malaysian government proceeds with its B15 program beginning June. The richer biofuel blend could add 300,000 mt per year of palm oil demand to current B10 levels, according to its industry body."April production is expected to increase, but with anticipated growth in domestic consumption, inventory accumulation is likely to be limited," MySteel said.In Indonesia, exports also slowed, with March volumes falling to 1.31 million tons relative to the previous year's 2.0 mmt, and Q1 volumes declining year over year to 5.85 mmt from 5.35 mmt, data from the statistics bureau showed.Similarly, local consumption is set to rise beginning July, as the government raises its B40 mandate to B50. Malaysia's industry body said this could increase Indonesia's annual domestic palm oil demand by 3 mmt.Analyst Dorab Mistry, as cited by Reuters, projects palm oil futures to remain strong in the coming months due to rising biodiesel demand, with June levels likely to touch the 5,000 ringgit/mt mark and mid-July levels to approach 5,200 ringgit/mt.In the US, June ethanol prices on the NYMEX fell by another 0.98% to about $2.03 per gallon on Tuesday, as the market awaited weekly production, exports, and stocks data due Wednesday.

Commodities3d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Amid Potential US-Iran Truce

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1% and the actively traded Invesco QQQ Trust (QQQ) was 1.7% higher in Wednesday's premarket activity amid news of a potential US-Iran truce.US stock futures were mixed, with S&P 500 Index futures up 1%, Dow Jones Industrial Average futures falling 1.2%, and Nasdaq futures advancing 1.6% before the start of regular trading.US mortgage applications fell in the week ended May 1 amid higher mortgage rates, according to data released by the Mortgage Bankers Association early Wednesday.ADP's monthly measure of private payrolls showed a 109,000 increase in April, below expectations compiled by Bloomberg as of 7:20 am ET for an increase of 120,000.State-level unemployment data for March is slated for a 10 am ET release, followed by the weekly petroleum stocks at 10:30 am ET.Chicago Federal Reserve President Austan Goolsbee is due to speak on Wednesday.In premarket activity, bitcoin was down by 1.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.3% higher, Ether ETF (EETH) advanced 2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell over 14%.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.9% lower.Hut 8 (HUT) shares were up more than 24% pre-bell after the company reported higher Q1 revenue.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 2.1%, and the iShares US Technology ETF (IYW) was 2.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) rose 3.6%, while the iShares Semiconductor ETF (SOXX) increased by 4.3%.Advanced Micro Devices (AMD) shares were up more than 18% in premarket activity after the company overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1% higher.Novo Nordisk (NVO) stock was up more than 6% premarket after the company posted higher-than-expected Q1 earnings and revenue in addition to raising its 2026 adjusted sales growth guidance.EnergyThe iShares US Energy ETF (IYE) was down 4.2%, while the State Street Energy Select Sector SPDR ETF (XLE) fell by 4.8%.Equinor (EQNR) stock was down more than 9% before Wednesday's opening bell after the company reported lower Q1 revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.8%, while the Vanguard Industrials Index Fund (VIS) was up 2.3%, and the iShares US Industrials ETF (IYJ) was inactive.Ametek (AME) stock was up more than 2% before the opening bell after the company agreed to acquire Indicor Instrumentation from Indicor in an all-cash deal valued at about $5 billion.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.2%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 1.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% lower.Amazon (AMZN) shares were up more than 1% a day after The Information reported the company-backed Anthropic will pay Alphabet's (GOOG, GOOGL) Google Cloud about $200 billion over five years for computing capacity and processors.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 10% to $91.80 per barrel on the New York Mercantile Exchange. Natural gas was down by 2.5% at $2.72 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 9.6%, while the United States Natural Gas Fund (UNG) was 1.6% lower.Gold futures for May rose by 3.1% to $4,711.90 an ounce on the Comex. Silver futures advanced by 5.7% to $77.79 an ounce. SPDR Gold Shares (GLD) was 3% higher, and the iShares Silver Trust (SLV) rose by 5.4%.

$^DJI$^IXIC$^SPX$AMD$AME$AMZN$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$GOOG$GOOGL$HUT$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVO$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities3d ago

Suncor Energy Posts Record Q1 Upstream, Downstream Operating Results

Canadian energy company Suncor Energy (SU) Tuesday reported new Q1 records for upstream production and refining throughput.For the quarter ended March 31, upstream output totaled 875,200 barrels per day, up from the 853,200 b/d posted in the year-ago period and a new record for the quarter.Oil sands production during the quarter totaled 798,800 b/d, compared with 790,000 b/d a year earlier, with quarterly output at Fort Hills reaching a record high, the company said.The exploration and production segment contributed 76,400 b/d output, higher than the previous year's 62,300 b/d, due to "strong production at all assets," according to Suncor.Consequently, upstream sales grew year over year to 872,100 b/d from 828,400 b/d.In the downstream segment, crude oil processing reached a Q1 record of 497,800 b/d, higher than the prior year's 482,700 b/d, driven by capacity additions from debottlenecking activities and sustained strong operating performance, the company said.Capacity additions led to a 10% increase in refining network nameplate capacity to 511,000 b/d as of Jan. 1. With this new nameplate capacity, refinery utilization averaged 97% in Q1, up from the prior year's 94%, according to the report.The company also said that its refined product sales grew to a quarterly record of 680,900 b/d, relative to 604,900 b/d a year earlier, reflecting higher refinery production.Suncor said it achieved strong sales performance as it "capitalized on global export sales opportunities while continuing to deliver more domestic volumes through retail growth and strategic partnerships."

$SU

Commodities3d ago

California Resources to Boost Drilling as Q1 Production Hits 154 MBoe/d

California Resources Corporation (CRC) on Tuesday reported a robust start to 2026, delivering first-quarter average net production of 154 thousand barrels of oil equivalent per day.The company's output remained heavily weighted toward liquids, with oil accounting for 81% of total volumes.While the quarter was strong, the company noted that higher crude prices triggered adjustments in its production sharing contracts, resulting in a volume reduction.Despite this technical headwind, CRC is moving to capitalize on the current price environment by significantly increasing its drilling activity for the second half of the year.The producer now targets a 2026 gross production exit rate of approximately 175 MBoe/d, which would represent a 1% entry-to-exit growth rate for the year."With higher oil prices and an attractive drilling return portfolio, we see a clear opportunity to accelerate development across our multi-decade resource inventory. As a result, we are adding incremental drilling activity this year," stated Francisco Leon, CRC's President and Chief Executive Officer.

$CRC

Commodities3d ago

Par Pacific Refinery Throughput, Sales Rises 4.7% YoY in Q1

Par Pacific (PARR) refineries processed 184,300 barrels per day of feedstocks in Q1, up from 176,000 bpd in Q1 2025, it said in its earnings statement on Tuesday.Refined product sales volumes also increased, reaching 188,800 bpd, up from 184,600 bpd in Q1 last year, the statement said.Adjusted gross margins per barrel rose significantly, to $11.16 up from $6.59 a year prior while production costs eased to $6.93 per barrel, down from $7.41 in Q1, 2025.About half the company's oil refining took place at its Hawaii facility with 89,800 barrels processed during the quarter, up from 79,400 barrels a year prior.The Montana refinery handled most of the remainder, processing 56,900 barrels up from 51,700 in Q1, 2025. The company's other two refineries are in Washington and Wyoming.

$PARR

Commodities3d ago

Ameren Q1 Electricity, Gas Sales Volumes Down But Revenues Up

US utility holding company Ameren (AEE) Tuesday reported year-over-year declines in electric and natural gas sales in Q1, although revenue in both segments showed improvements.For the quarter ended March 31, the company sold 17.052 terawatt-hours of electricity across Missouri and Illinois, down from 17.808 TWh recorded in the year-ago period.In Missouri, electricity sales totaled 9.031 TWh, slipping from the previous year's 9.421 TWh, due to warmer-than-normal winter temperatures, according to the report.Electricity volumes distributed in Illinois also fell, to 8.021 TWh, compared with 8.387 TWh a year earlier.In terms of electricity revenue, the company posted a year-over-year increase to $1.66 billion from $1.62 billion.Meanwhile, Ameren's gas business sold 70 million dekatherms in Q1, a drop from 74 million dekatherms delivered in the same quarter of 2025.Total gas revenue rose year over year to $515 million from $475 million.The utility highlighted that Q1 results reflected earnings on infrastructure investments, although these were primarily offset by lower electricity sales at the Ameren Missouri unit.

$AEE

Commodities3d ago

-- Dutch TTF Natural Gas Futures, British NBP Gas Futures Fall More Than 8%

Commodities3d ago

EOG Resources Raises Full-Year 2026 Production Guidance, Allocates More Capital to Liquids Output

EOG Resources (EOG) raised its full-year crude oil and natural gas liquids production on Wednesday, to reflect reallocation of its capital investments, it said in its Q1 2026 earnings report, targeting 548,500 barrels of crude oil and condensates and 3.04 billion cubic feet per day of natural gas.Q1 crude average output figure was exactly aligned with the target, at 548,500 barrels per day, while natural gas came in slightly lower at 3.02 billion cubic feet per day.Total output of oil and gas was 1.384 million barrels of oil equivalent per day, the earnings statement said, a significant increase from 1.09 mmboe/d in Q1 2025 and ahead of guidance of 1.374 mmboe/d.Almost all of the company's hydrocarbons are produced in the US with a small amount originating in Trinidad and Tobago.The company expects 2026 production between 1.374 mmboe/d and 1.419 mmboe/d.EOG Chief Executive Ezra Yacob said the company was well-positioned to benefit from current market dynamics and that it had altered investment plans in the context of higher international energy prices."We are reallocating some capital for the remainder of this year to liquids assets while keeping our capital budget unchanged. This drives a modest increase in oil and NGL production this year versus our prior guidance while providing optionality for future growth," he said.

$EOG

Commodities3d ago

NWS Warns of Thunderstorms in Texas, Southern Appalachians; Snowstorm to Impact Central Rockies

The US National Weather Service on Wednesday said areas across Texas to the southern Appalachians may experience severe thunderstorms, while the central Rockies may encounter a snowstorm.Thunderstorms could bring winds of hazardous speeds, hail, tornadoes and flooding to the affected areas. A snowstorm, meanwhile, could down trees, disrupt travel and result in power outages.The NWS issued a severe thunderstorm warning for Arkansas' Hot Springs and Arkadelphia. The state's main electricity providers are Entergy's (ETR) Arkansas unit and American Electric Power's (AEP) Southwestern Electric Power.The agency posted a winter storm warning for parts of Colorado, including Fort Collins, Steamboat Springs, Granby, Boulder, Georgetown, Vail, Denver, Castle Rock, Fairplay, Woodland Park, Pikes Peak, Colorado Springs, Westcliffe, La Veta Pass, and San Luis. The primary service providers in the state are Xcel Energy (XEL) and Black Hills' (BKH) Black Hills Energy.In Wyoming, where PacifiCorp's Rocky Mountain Power and Black Hills Energy are the main electric providers, cities under the same warning include Medicine Bow, Elk Mountain, Bosler, Laramie, Pine Bluffs, Cheyenne, Centennial, and Saratoga.The weather service also placed some parts of the state under a freeze warning. These cities include Cody, Greybull, Worland, Buffalo, Thermopolis, Riverton, Lander, and Casper.In Idaho, the agency posted a similar warning for Rexburg, Rigby, Arco, Idaho Falls, Blackfoot, and Pocatello, primarily served by Rocky Mountain Power and Idacorp (IDA) subsidiary Idaho Power.Colorado cities under the same warning are Craig, Meeker, Rangely, Rifle, Grand Junction, Montrose, Cortez, Durango, Pagosa Springs, Julesburg, Sterling, Greeley, Fort Morgan, Akron, Deer Trail, Limon, Colorado Springs, Canon City, Pueblo, Ordway, Eads, Lamar, La Junta, Springfield, Kim, Trinidad, and La Veta Pass.The NWS also issued a freeze warning for Utah's Logan and Duchesne, within the service zone of Rocky Mountain Power.Texas' Dalhart, mainly served by Xcel Energy, and Oklahoma's Boise City, were under the same warning.In Kansas, the agency posted a similar warning for St. Francis, Goodland, Tribune, and Ulysses. Evergy (EVRG) primarily serves the state.The weather service issued the same warning for Nebraska's Oshkosh, Arthur, Tryon, Stapleton, North Platte, Ogallala, Grant, Imperial, Stockville, and Chappell.In South Dakota, the NWS posted a freeze warning for Huron, Chamberlain, Mitchell, Brookings, and Sioux Falls, primarily served by Otter Tail's (OTTR) power unit, Xcel Energy, and NorthWestern Energy (NWE).Minnesota cities under the same warning include Fergus Falls, Brainerd, Hinckley, St. Cloud, Morris, Willmar, Marshall, and Worthington. Otter Tail Power, Allette (ALE) subsidiary Minnesota Power, Xcel Energy, and Alliant Energy (LNT) are the main electricity providers in the state.In Wisconsin, the agency posted a similar warning for Rice Lake, Eau Claire, Neillsville, Whitehall, La Crosse, Wisconsin Dells, and Marshfield. The state's primary service providers are Xcel Energy, Alliant Energy, MGE Energy's (MGEE) Madison Gas and Electric, and WEC Energy (WEC) subsidiaries, Wisconsin Public Service and We Energies.In Michigan, the weather service issued the same warning for Rogers City, Petoskey, Gaylord, Alpena, Mio, Traverse City, Houghton Lake, Cadillac, Big Rapids, Clare, and Tawas City, within the service zone of CMS Energy (CMS) subsidiary Consumers Energy.The NWS posted a flood warning for Arkansas's Searcy, Tennessee's Memphis, and areas near Washington's Winthrop, served by Puget Sound Energy.In Illinois, places close to Canton, Havana, Jacksonville, Carlinville, and Olney, primarily served by Ameren's (AEE) Illinois unit, were under the same warning.The agency issued a similar warning for some areas in Indiana, including Muncie, Seymour, and Vincennes, where Duke Energy (DUK) and CenterPoint Energy (CNP) are the main service providers.The weather service also placed Michigan's Petoskey, Wisconsin's Janesville, and Minnesota's Ely under the same warning.In Arkansas, the NWS issued a flash flood warning for Hot Springs and Little Rock.

$AEE$AEP$ALE$BKH$CMS$CNP$DUK$ETR$EVRG$IDA$LNT$MGEE$NWE$OTTR$WEC$XEL

Commodities3d ago

Asia Biofuels Update: Malaysian Palm Oil Slips on Profit-Taking, Weaker Crude Oil

Malaysian palm oil futures retreated from near four-week highs on Wednesday, as traders took profits and as crude oil prices eased, but Malaysia's plan to raise biofuel blending to 15% in June lent support.The Bursa Malaysia Derivatives' June crude palm oil contract dropped 1.13% to 4,628 Malaysian ringgit ($1,171.35) per metric ton. The July contract declined 1.10% to 4,658 ringgit/mt in midday trade.Expectations of weaker exports and higher production in April following a seasonal low in Q1 also weighed on prices. Cargo surveyors reportedly estimated a 15.7% to 16.8% month-over-month decline in Malaysian shipments for the April 1-25 period.Lower purchases from top importer India, due to surging palm oil prices, contributed to export downtrend. The country's palm oil imports dropped 27% month over month to a one-year low of 505,000 metric tons in April, according to dealers cited by Reuters.Purchases of rival edible oils rose as competitiveness of palm oil dampened. Dealer estimates reportedly showed that India's April soybean oil imports increased from a month earlier by 24% to 355,000 mt, and sunflower oil purchases more than doubled to a 22-month high of 435,000 mt.Malaysian ringgit's 0.3% strengthening against the US dollar could further erode attractiveness of the country's cargoes, as it makes exports more expensive.Nonetheless, domestic demand is set to increase as the Malaysian government proceeds with its B15 program beginning June. The move could add 300,000 mt per year of palm oil demand to current B10 levels, according to the industry body."April production is expected to increase, but with anticipated growth in domestic consumption, inventory accumulation is likely to be limited," price reporting agency MySteel said.In Indonesia, exports also slowed, with March volumes falling to 1.31 million tons relative to the previous year's 2.0 mmt, and Q1 volumes declining year over year to 5.85 mmt from 5.35 mmt, data from statistics bureau showed.In a similar manner, local consumption is set to rise beginning July, as the government raises its B40 mandate to B50. Malaysia's industry body said this could increase Indonesia's annual domestic palm oil demand by 3 mmt.

Commodities3d ago

Primo Chemicals to Invest INR210 Million for 26% Stake in Solar SPV

Primo Chemicals (NSE:PRIMO, BOM:506852) will invest 210 million Indian rupees for a 26% stake in TPCS Pvt. Ltd., a special purpose vehicle formed to own and operate a 50 MW solar power plant under captive mode, according to an Indian bourse filing on Tuesday.Shares of the company fell nearly 1% in Wednesday's trade.TPCS has been incorporated for development of the project under open access and captive power policy, the filing said. The SPV is currently held by Arpa Infrastructure Developers, with a 51% stake, and Sun Photonics Pvt. Ltd, with a 49% stake, it added.The investment will be made in one or more tranches, the company said in the filing.

$BOM:506852$NSE:PRIMO

Commodities3d ago

Devon Energy Q1 Output Hits High End of Guidance; Firm Expands Gas Deals, Advances Merger Plans

Devon Energy (DVN) reported Q1 earnings Tuesday with oil production averaging 387,000 barrels of oil equivalent per day, accounting for 46% of total production and reaching the top end of guidance.Total production averaged 833,000 boe/d for the quarter ended March 31, in line with guidance.The upstream energy firm brought 110 operated wells online during the quarter, driven by a concentrated development program in the Delaware Basin.The company expects Q2 oil production between 389,000 barrels per day and 395,000 b/d, while total production is projected between 851,000 boe/d and 868,000 boe/d.Devon targets total capital spending of $875 million to $925 million in Q2.The company is advancing its business optimization plan, targeting $1 billion in pre-tax cash flow improvements, driven by higher production and lower costs, Devon added.Devon said it is expanding commercial opportunities with two long-term natural gas marketing agreements, including a 10-year deal to supply 50 million cubic feet per day to LNG export markets starting in 2028.The firm also signed a separate seven-year agreement to deliver 65 MMcf/d for in-basin power generation starting the same year.Devon is progressing its merger with Coterra Energy (CTRA), which is expected to create a combined company with over 1.6 million boe/d of production.

$CTRA$DVN

Commodities3d ago

Comstock Resources Posts Weaker Q1 Output, Advances Power Hub Project

Upstream energy firm Comstock Resources (CRK) reported Q1 earnings Monday, showing total production of 97,919 million cubic feet equivalent, down from 115,091 MMcfe a year earlier.The company produced 97,855 MMcf of natural gas in the quarter, compared with 115,029 MMcf a year earlier, reflecting lower output due to weather-related disruptions across its operations.Comstock reported oil production of 11,000 barrels for the quarter ended March 31, up from 10,000 barrels a year earlier, it said.The firm logged average daily production of 1,088 MMcfe per day in Q1, compared with 1,279 MMcfe/d a year earlier.Comstock brought 13 operated wells to sales in Q1, including 10 Legacy Haynesville wells with initial production rates averaging 31 MMcf/d, the company said.The company also turned six Western Haynesville wells to sales with average initial production rates of 29 MMcf/d, Comstock added.Comstock expects production to rebound over the remainder of 2026, targeting full-year output of 1,250 MMcfe/d to 1,400 MMcfe/d, the company said.The company plans to drill 21 wells and bring 20 wells to sales in the Western Haynesville in 2026, while it expects to drill 50 wells and turn 48 wells to sales in the Legacy Haynesville, it said.Comstock is advancing its Texas power generation hub project, which will feature up to 5.2 gigawatts of gas-fired capacity and could require nearly 1 billion cubic feet per day of natural gas supply by 2031.The company expects drilling efficiencies and improved completion designs to increase productivity and reduce costs in 2026 compared with prior periods, supporting higher output and operational performance.Comstock Resources plans total capital expenditures of $1.4 billion to $1.5 billion in 2026.

$CRK

Commodities3d ago

US Natural Gas Update: Futures Soften as LNG Plant Maintenance Slows Feedgas Flows

US natural gas prices extended losses in after-hours trade on Tuesday as feedgas volumes to LNG export terminals fell to their lowest level in more than three months, backing up supplies into an already amply supplied market.Both the front-month Henry Hub contract and the continuous contract slipped 3.00% to $2.781 per million British thermal units.BNEF data showed LNG feedgas flows to US Gulf Coast export facilities declined to 17.7 billion cubic feet, the lowest since late January, due to seasonal maintenance production slowdowns at the Cameron, Calcasieu Pass, and Corpus Christi LNG facilities, Aegis Hedging said.US natural gas prices have been under pressure due to a mix of strong supply and weakening shoulder-season demand.On Apr. 17, prices fell to a 1.5-year low amid robust storage levels, highlighting the oversupplied market. As of Apr. 24, inventories stood 7.7% above the five-year seasonal average, reinforcing concerns about excess supply.At the same time, LNG feedgas demand has eased, leaving more gas in the domestic system and adding further downward pressure on prices.Despite this weakness, production remains relatively high. BNEF estimates output at 110.7 Bcf/d, about 3.4% higher than a year earlier, even as lower prices have already led some producers to begin cutting back, according to Trading Economics.Overall, the combination of elevated inventories, strong production, and softer exports continues to weigh on the domestic market.

Commodities3d ago

Chord Energy Beats Production Guidance, Raises Full-Year Oil Outlook

Chord Energy (CHRD) reported on Tuesday its Q1 2026 oil production volumes at 158,000 barrels per day, beating guidance at 152,500 b/d to 155,500 b/d.Natural gas liquids production came in at 49,000 b/d, matching the high end of company forecasts.Natural gas output also topped expectations, reaching 411.4 million cubic feet per day, above the guided range of 401 MMcf/d to 409 MMcf/d.Chord Energy said cash flow from operations and adjusted free cash flow both beat expectations during the quarter, supported by the stronger oil volumes and capital spending that remained in line with plans.Citing solid drilling, completions, and production performance, the company raised its full-year 2026 oil production outlook by 2,000 b/d to 161,000 b/d, while leaving its capital budget unchanged.The company also provided an update on its first full 4-mile development project, saying it successfully executed and brought online the five-well Toonie pad.Project performance is tracking in line with expectations, the company said.

$CHRD

Commodities3d ago

US Crude Inventories Fall for 3rd Straight Week, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories decreased by 8.1 million barrels in the week ended May 1, following a 1.79-mmbbl draw the previous week, and compared with analysts' estimate of a 2.8-mmbbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities3d ago

Gulfport Energy Q1 Production Climbs, Sets 2026 Growth and Drilling Plans

Gulfport Energy Corp (GPOR) reported Q1 earnings Tuesday, showing total production of 996.8 million cubic feet equivalent per day, up from 929.3 MMcfe/d a year earlier.The company produced 905,770 Mcf/d of natural gas for the quarter ended Mar. 31, compared with 837,816 Mcf/d a year earlier, reflecting higher gas output across its core operating areas.Oil and condensate production declined to 3,738 barrels per day in Q1 from 5,282 b/d a year earlier, while natural gas liquids production rose to 11,432 b/d from 9,962 b/d, the company said.Gulfport generated about 833 MMcfe/d from its Utica and Marcellus assets in Q1, while SCOOP production was 164 MMcfe/d, the company added.The company expects full-year production to range from 1.030 to 1.055 Bcfe/d, it said.Gulfport plans to deploy $400 million to $430 million in total capital during 2026, up from about $390 million in 2025, as it increases drilling and completion activity across core operating areas, the company said.The company will drill 18 gross wells and bring 20 wells to sales in the Utica, drill six gross wells and place four wells into production in the Marcellus, and target two gross wells in the SCOOP play during 2026, it said.Gulfport expanded its inventory to more than 700 gross operated locations, up from about 560 locations in 2024, supporting roughly 15 years of drilling inventory, the company added.Gulfport improved drilling efficiency across its operations, increasing drilling footage per day in the Marcellus by 50% and achieving SCOOP drilling cycle times that were 25% better than internal expectations, the company said.

$GPOR

Commodities3d ago

US Fuel Demand Mixed as Gasoline Lags, Distillates and Exports Strengthen, TPH Energy Says

US gasoline demand fell 1.1% over the year in February, improving from a 2.7% drop in January but still lagging recent trends, TPH Energy Research analyst Matthew Blair said in a Tuesday note.Quarter-to-date gasoline demand is down 1.9%, compared with declines of 1.2% in Q4 2025 and the average of 0.7% for full-year 2025.February consumption exceeded weekly estimates by about 34,000 barrels per day, marking a 20th straight upside surprise, though smaller than late-2025 revisions.The improvement was supported by a 2.6% rise in vehicle miles traveled, while regional weakness in the Gulf Coast and West Coast offset gains elsewhere.Weekly data from the US Department of Energy suggest gasoline demand will return to growth, rising 0.9% year-on-year in March and 1.2% in April.US gasoline exports rose to 988,000 barrels per day in February, up 6,000 b/d on the month and 142,000 b/d from a year earlier, driven by stronger flows to Latin America and Mexico.Exports were 11% of production, above 9% a year ago, and beat weekly estimates. Volumes are expected to ease to 882,000 b/d in March and 865,000 b/d in April.Distillate demand increased 5.4% over the year, rebounding from a January decline and lifting the QTD average to 2.2%.The figure topped estimates by about 28,000 b/d, with growth expected to moderate to around 3% in March and April.Overall US petroleum demand rose 4.5% in February after a January decline, supported by distillates and other fuels, and exceeded forecasts by roughly 114,000 b/d.Distillate exports fell 91,000 b/d over the month but rose 250,000 b/d over the year to 1.14 million b/d. Despite weaker shipments to Europe, volumes remained elevated, and exports are projected to climb to 1.27 million b/d in March and 1.59 million b/d in April.

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Commodities3d ago