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Commercial LPG Prices in India Reportedly Decline for 1st Time This Year

Prices for commercial liquefied petroleum gas in India reportedly dropped for the first time this year, according to media outlets, following a series of monthly hikes driven by the surge in global energy prices due to Middle East supply disruptions.Indian oil marketing companies reduced the price of 19-kilogram commercial LPG cylinders by 183.50 Indian rupees ($1.93) beginning July 1, national media agency NDTV said, with prices in Delhi decreasing to 2,930.00 rupees from 3,113.50 rupees.The reduction is expected to benefit industrial customers, including restaurants and hotels.Prices for 5-kg Free Trade LPG were also cut by 13 rupees, bringing Delhi price levels to 808.50 rupees, Times of India reported.Meanwhile, prices for 14.2-kg domestic LPG for households remained unchanged.The Ministry of Petroleum and Natural Gas did not immediately respond to' request for comment.

Commodities42d ago

Container Ship Reportedly Grounds in Strait of Hormuz After Trying to Bypass Iranian Shipping Route

A container ship trying to bypass the shipping route designated by Iranian authorities got stuck in shallow waters in the Strait of Hormuz, according to multiple media reports on Wednesday, citing Iranian media.The extent of damage to the foreign vessel was not clear.Iran's Revolutionary Guard's navy has repeatedly issued warnings that to cross the Hormuz Strait, vessels should use only approved entry and exit route that is through the corridor south of Iran's Larak island, Al Jazeera reported.Transit through unapproved routes in the Persian Gulf could lead to irreparable incidents, according to the Iranian media report, which did not refer to the recent attack on two commercial ships by Iran for passing through the Strait without its permission, Al Jazeera reported.

Commodities42d ago

Bloom Energy Expands Brookfield Power Partnership to $25 Billion

Bloom Energy (BE) has expanded its strategic partnership with Brookfield, expanding the financing of global AI infrastructure power projects fivefold to $25 billion to meet surging demand for clean onsite power, the company said on Tuesday.The funding will be utilized to scale up deployment of Bloom's fuel cell technology globally, it said.Bloom Energy Chief Commercial Officer Aman Joshi said the milestone reflects strong market momentum and the volume of large-scale deals.The agreement leverages funding from Brookfield's dedicated AI Infrastructure Fund, positioning Bloom Energy as a provider capable of bypassing grid capacity delays to deliver immediate power solutions for data center operators.

$BE

Commodities42d ago

KKR, South Korea-Based SK Launch Renewable Platform With Plans for 10-GW Capacity

South Korean investment firm SK has signed agreements enabling funds it managed jointly with KKR (KKR), to launch the country's largest renewable energy platform valued at 2 trillion Korean won ($1.3 billion), the companies said on Tuesday.The platform will bring together existing SK renewables assets that span solar, onshore and offshore wind plus fuel cells, into a single, integrated platform, tapping into SK and KKR's respective areas of operational and investment expertise, a statement said.The launch deepens a long-term relationship between the two companies and will help Korea meet surging demand for clean power from AI data centers, semiconductor production lines and other industries.Initially, KKR will have management control of the platform while SK will participate as an equity investor with the option to pursue control rights at a later date.The platform will become Korea's largest renewable energy business with about 1.7 gigawatts of capacity in operation and a development pipeline that would take that total to 10 GW.

$KKR

Commodities42d ago

Plentitude 220 MW Solar Plant in Spain's Castilla y Leon Starts Operation

Plenitude, a subsidiary of Italian energy company Eni (E), on Tuesday said its 220-megawatt Villarino photovoltaic plant in Castilla y Leon, Spain has started delivering power.The project, which comprises of a single solar park spanning about 286 hectares and over 365,000 bifacial modules, is estimated to generate an annual output of over 400 gigawatt-hours, the company said in a statement.Construction of the project, located in the municipality of Villarino de los Aires in Salamanca, began in October 2024 and was supported by Sterling & Wilson.Including this project, Plenitude now has 338 MW of renewable capacity operating in Castilla y Leon, with the Grijotas I and II solar plants, and the Numancia wind farm among its other projects.In Spain, the company has about 1.8 gigawatts of installed renewable capacity and a development pipeline of about 2 GW, including new renewable plants, hybridisation projects with storage systems and repowering initiatives, the statement said.Plenitude operates in over 15 countries producing electricity from about 6 GW of renewable capacity and is also involved in energy sales and providing energy solutions across Europe.

Commodities42d ago

Brazil's Petrobras Cuts Diesel Price, Ends Temporary Discount, Leaving Prices Unchanged

Brazil's state-owned petroleum giant Petrobras (PBR) said on Tuesday that it will reduce the sales price of diesel for distributors, starting from July 1.The company said in a statement that prices will be reduced by 0.3515 Brazilian reals ($0.068) per liter, citing recent shifts in the domestic and international markets for oil and derivatives.However, it also said that it was suspending a temporary discount of the same amount, which was part of the economic subsidy measure introduced in May. As a result, its prices to distributors remained unchanged, at an average value of 3.30 reais per liter.Additionally, the Brazilian government said earlier in the day that it would cut a subsidy of 0.35 reais per liter starting from July. The subsidy was part of the government's measures to limit the impact of higher global oil prices, according to a Reuters report.

$PBR

Commodities42d ago

Market Chatter: US Plans to Ban Import of Foreign-Made Power Inverters Over Security Risk

The US government is drawing up a ban on imports of foreign-made inverters, equipment which makes it possible to feed solar power into the grid, amid concerns China could use them to remotely disrupt power supplies, Reuters reported on Tuesday, citing five sources with knowledge of the plans.The ban is being drafted by the US Federal Communications Commission and could be published as soon as this year, according to the sources who asked to remain anonymous, given the matter is not yet public.The impetus was a ban by the European Commission on the use of Chinese inverters in publicly-funded energy projects, according to the sources, who said that the plan was not certain to be implemented or that it could be significantly altered.The Chinese embassy in the US said the measure sought to unfairly discriminate against Chinese companies. Reuters reported last year that US experts found concealed communication devices in some Chinese inventors, during tear-down inspections of the equipment.The Federal Communications Commission declined to comment when asked by by Reuters about the plans.has emailed the FCC seeking 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

US DOE Issues Emergency Orders to Cut Blackout Risk During Heatwave

The US Department of Energy issued two emergency orders on Tuesday to reduce the risk of blackouts in the Mid-Atlantic with forecasts for record-breaking peak loads during what an expected spell of hot weather in the region.The first order directs regional transmission organization PJM Interconnection to dispatch and operate certain generation units as required to maintain reliability, according to a DOE statement.The second order allows PJM to work with transmission owners and electric distribution companies to use backup power as a last resort before or during energy emergency alert 3, the highest level of emergency declared by grid operators.As per the DOE projections, over 35 gigawatts of unused backup generation remains available across the US.The orders were issued following requests from PJM on June 27 and 29.In its letter to the Department of Energy on June 27, PJM warned that it might need to use emergency authorization powers during the forecast hot weather in parts of the region it serves between June 29 and July 3.PJM projected potential new peak record demand for July 2, and expects demand on July 1 and July 2 to exceed last year's peak levels.PJM expects tight power reserves during peak demand of about 159,563 megawatts on July 1 and about 162,860 MW on July 2. It added that these forecasts are preliminary and could rise if temperatures increase.The US National Weather Service early Wednesday said a majority of the central and eastern US is expected to experience the intensification of dangerous, record-breaking heat this week, with heat value indices likely to exceed 100 degrees Fahrenheit.The orders will remain in place until end of July 3, the DOE statement said.PJM manages and plans the electricity grid that serves over 67 million customers across 13 states and Washington, DC.

Commodities42d ago

Market Chatter: US Fossil Fuel Power Spending Set to Eclipse China

US spending on coal and gas power plants is set to outpace China for the first time in decades, according to a Financial Times report on Wednesday, citing International Energy Agency data forecasting US fossil fuel investment to hit $50 billion this year.According to the report, this sudden pivot is fueled by artificial intelligence hyperscalers ordering an unprecedented 20 gigawatts of gas-fired turbines in Q1 alone, mostly to build self-sufficient "behind-the-meter" power setups that bypass the traditional grid entirely.The immense power demands of the AI race are actively outstripping utility capacities. As tech giants scramble for immediate energy, manufacturing supply chains have been completely swamped, causing turbine equipment prices to nearly triple and forcing the US to ramp up its reliance on natural gas, the report added.The IEA did not respond immediately to' request for the dataset.(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

Carbon Capture Capacity Set to Grow Over Next Decades Despite Challenges, Wood Mackenzie Says

Global carbon capture capacity is expected to expand to about 3 billion tons per year in 2060 from the current 91 million tons per year, as industries address climate change despite challenges in costs and policy support, Wood Mackenzie said on Tuesday.The research firm still sees "strong" growth in the carbon capture, utilization, and storage sector in the coming decades as industries use the technology to reduce emissions, despite a recent slowdown in capacity additions following rapid development from 2019 to 2024.The total volume of CCUS capacity under construction worldwide grew 9% from Q4 2025 to Q1 2026, according to Wood Mackenzie, while that in advanced development rose 23%.However, the capacity in early-stage development dropped 7%, "suggesting the industry is in a phase of consolidation rather than rapid growth," the research firm said.Going forward, Wood Mackenzie believes that CCUS can still play a critical role in decarbonizing hard-to-abate industrial sectors, such as cement, steel and fertilizers, where there are only limited alternatives to carbon capture.In power generation, CCUS also provides a way to produce low-carbon electricity while using fossil fuels, such as gas and coal, as raw materials.The firm noted that "power from gas-fired plants with CCUS would cost more than enhanced geothermal generation, but less than new nuclear plants, including small modular reactors."Big technology companies that drive investments in the US, however, may still opt for other low-carbon electricity options aside from carbon capture, as CCUS buildout typically needs more time."Over time, however, fossil fuel power plants with CCUS could become part of the mix for supplying low-carbon electricity," Wood Mackenzie said.As CCUS becomes a part of global strategies to address global warming, the research firm remains optimistic about its growth despite the current low carbon prices hindering near-term expansion.

Commodities42d ago

Wind, Solar Pipelines Stalled by Heightened Federal Scrutiny, Says Wood Mackenzie

Over $121 billion in renewable energy investments and 92 gigawatts of capacity are currently at risk as heightened federal oversight places 32% of the early-stage US utility-scale pipeline under intense permitting scrutiny, Wood Mackenzie analysts said on Monday.Following a memorandum from the US Department of the Interior on July 15, 2025, this centralized review process has extended development timelines and already directly contributed to 7 GW of project cancellations or inactivity on federal lands, alongside market pressures like supply chain bottlenecks and tight financing, the firm noted.The report further said that while solar holds the largest absolute risk with 30% of its pipeline exposed, wind faces the highest proportional impact at 62% due to airspace constraints, and energy storage faces compounding risks with over a quarter of its planned capacity entangled in delays.The analysts said that federal land exposure threatens 2029 tax credit eligibilities in Texas, California, and Arizona, while private land risks are driven by wetland restrictions concentrated across Oregon, Alabama, Maine, Minnesota, and Montana.Although an April 2026 federal court preliminary injunction has temporarily blocked these expanded reviews under the Administrative Procedure Act, long-term market relief rests heavily on the pending Simplifying Permitting and Ending Endless Delays Act, which passed the House in late 2025 and seeks to mandate stricter permitting timelines, it added.

Commodities42d ago

NWS Says Dangerous Heat to Intensify in Central, Eastern US

The US National Weather Service early Wednesday said a majority of central and eastern US is expected to experience the intensification of dangerous, record-breaking heat this week, with heat value indices likely to exceed 100 degrees Fahrenheit.Meanwhile, portions of the Four Corners and Great Basin are expected to experience continued critical fire weather conditions.Parts of the region stretching from the central High Plains into the Upper Midwest, and across parts of the Northeast are likely to encounter severe thunderstorms.The NWS early Wednesday issued a red flag warning for Utah's Bluff, Blanding, Moab, and Monticello, which primarily fall under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was raised for Colorado's 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, Kim, La Junta, Pikes Peak, Canon City, Colorado Springs, Fairplay, Castle Rock, and Georgetown. An immediate evacuation notice was issued for certain pockets between West Cliff and Pueblo. Xcel Energy and Black Hills (BKH) unit Black Hills Energy are the primary electricity service providers in Colorado.The NWS issued 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.Affected areas in Iowa included Fort Dodge, Waterloo, Ames, Marshalltown, Des Moines, Cedar Rapids, Osceola, Lamoni, Ottumwa, Iowa City, Dubuque, Davenport, Clinton, and Burlington. Berkshire Hathaway Energy unit MidAmerican Energy and Alliant Energy (LNT) are 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. WEC Energy Group's (WEC) Wisconsin Public Service, Xcel Energy, and Alliant Energy are among the major service providers in the state.In the Northeast, the NWS issued an extreme heat warning 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 (FE) 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.Warnings for extreme heat were also issued for large portions of Pennsylvania, New York, West Virginia, New Hampshire, and parts of Maryland, Vermont, Tennessee, Mississippi, Alabama, Maine, Kansas, and small pockets of Arkansas.The NWS also issued severe thunderstorm warnings for parts of South Dakota and Iowa, while flood warnings were raised for certain areas in Illinois, Louisiana, Kentucky, Mississippi, and Arkansas.

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

Commodities42d ago

Asia Biofuels Update: Palm Oil Rises on Higher Exports, Indonesia Biodiesel Push

Malaysian palm oil futures partially recovered on Wednesday as exports grew and as Indonesia expands its biofuel mandate.The Bursa Malaysia Derivatives' July crude palm oil rose 0.22% to 4,484 Malaysian ringgit ($1,103.56) per metric ton. The August crude palm oil contract gained 0.29% to 4,531 ringgit/mt.A shipping survey agency cited by MySteel said Malaysian palm oil product exports for June grew 4.7% month over month to about 1.3 million metric tons.Other cargo surveyors cited by Trading Economics estimated palm oil shipments for June 1-25 period to have risen between 10.6% and 11.1% from a month earlier.A weakening Malaysian ringgit supported competitiveness of exports, by making them cheaper to foreign buyers. The local currency eased against the US dollar by a further 0.25% on Wednesday, following a 2.94% moderation in June.However, demand for palm oil as a biofuel feedstock may dampen after crude oil prices dropped to pre-war levels following the US-Iran interim deal.The recent declines in the energy market could also weigh on Indonesia's higher biodiesel blend mandate of 50%, or B50, rolled out today.Lower crude oil prices coupled with stronger palm oil prices would require higher subsidies to sustain the B50 implementation, according to analysts cited by Reuters.The government subsidizes its biofuel policies through palm oil export levies, which, if increased, will pressure profits of farmers due to resulting lower prices for fresh fruit bunches, the Jakarta Globe reported, citing palm oil smallholder association Popsi.Analysts also see a potential shift in trade patterns once exportable supplies from Indonesia decline with higher domestic biofuel use.Supplies may further tighten going forward if a developing El Nino weather phenomenon curbs palm oil yields, although the impact is "not immediate," The Star reported, citing Ahmad Parveez Ghulam Kadir, Malaysian Palm Oil Board director-general.The MPOB reportedly expects palm oil prices to average between 4,000 ringgit/mt and 4,300 ringgit/mt this year, as prices rose in H1 due to strong energy market.

Commodities43d ago

US Oil Update: Crude Holds Steady as Markets Weigh US-Iran Peace Talks, Supply Glut Risks

Crude oil futures were little changed in after-hours trading on Tuesday as markets weighed signs of potential progress in US-Iran peace negotiations against expectations of a looming supply glut later in the year.Front-month West Texas Intermediate crude futures slipped 0.9% to $70.10 per barrel, while Brent futures eased 0.3% to $72.92/bbl.Soojin Kim, research analyst at MUFG, said oil prices are likely to remain under downward pressure as Gulf supply recovers and the risk premium continues to fade, though uncertainty could keep volatility elevated.More ships are transiting the Strait of Hormuz after traffic slowed over the weekend after two ships were hit, with vessel tracking data showing an increase in crossings, although they remain below pre-war levels.Warren Patterson, head of Commodities Strategy at ING, said that oil flows averaged about 7 million barrels per day over the past week, compared to pre-war flows of 20 million b/d.However, Patterson said they did not need to see Strait of Hormuz oil flows return to 20 million b/d for the Persian Gulf oil supply to fully recover.Kpler analysts also said that tanker markets are adjusting to the partial reopening of the Strait, with Middle East Gulf VLCC rates easing as inbound ballasters return to the region, reducing tightness following a period of disruption.Iran has reiterated its determination to control maritime traffic through the Hormuz, with Ebrahim Azizi, head of Parliament's National Security and Foreign Policy Committee, reportedly saying that the strategic waterway is an "inseparable" part of Iran's national sovereignty.Kim said that Iran reiterated its intention to oversee traffic through the Strait, highlighting that differences over the energy chokepoint's future governance remain unresolved.Meanwhile, US envoy Steve Witkoff and Trump's son-in-law Jared Kushner are in Doha as part of ongoing peace negotiations between the US and Iran and as the two sides try to temper tensions after tit-for-tat attacks over the weekend.Trump told reporters at the White House on Monday that the Doha meeting "is going to be perhaps important, perhaps not," adding that they were "going to find out."However, Iranian officials denied that talks between the two sides were scheduled for this week, noting that an Iranian technical delegation's visit to Qatar this week was unrelated to US officials' visit to the country.Iranian Foreign Ministry spokesman Esmaril Baghaei said Iran has not yet entered the phase of final agreement negotiations and will not do so until the US begins implementing five key provisions of the MoU.On the demand front, the Energy Information Administration earlier in June projected that global crude demand will fall by 1.1 million b/d in 2026, while the International Energy Agency slashed its demand outlook to about 1.1 million b/d.

Commodities43d ago

EnCore Wins 20-Year NRC License Renewal for South Dakota Uranium Project

EnCore Energy (EU) secured a 20-year renewal of the Nuclear Regulatory Commission license for its Dewey Burdock uranium project, completing the federal permitting process, the company said Tuesday.The license renewal followed the completion of the Nuclear Regulatory Commission's Safety Evaluation Report, which marked the final regulatory step. Earlier, the agency issued an Environmental Assessment, a Finding of No Significant Impact and a Programmatic Agreement, EnCore said.Separately, the Bureau of Land Management cleared the company to begin building infrastructure on federally managed lands within the Dewey Burdock project, allowing construction activities to proceed on those lands.The project still requires approvals from South Dakota before commercial operations can begin, even though enCore has now obtained every required federal permit, the company said.EnCore has already started the state permitting process, which represents the final regulatory stage before the in-situ recovery uranium project can enter full operational status, the company said.

$EU

Commodities43d ago

US Feedstock Demand for Biomass-Based Diesel Rose in April, Soybean Oil Usage Drops, EIA Says

US feedstock demand for biomass-based diesel production grew 4%, or 130 million pounds, in April to 3.43 billion pounds, up 4.5% over 2024, according to the Energy Information Administration's monthly data released Tuesday.Waste feeds, such as used cooking oil and tallow, led usage in April.Distiller corn oil usage reached a record amount of 477 million pounds in April.Soybean oil usage totaled 1.22 billion pounds in April, down 5% compared with the previous month, reaching a 38% slate in April.Biodiesel production at 686 million pounds raised April's capacity to 79%, up from 72% the previous month.Renewable diesel production at 537 million pounds jumped with the help of higher margins of 7% in April. RD utilization rates jumped to 73%, up from 71% the prior month.EIA reported that the composition of soybean oil production in April was 56% BD and 44% RD, compared with a 54/46 split in March.Zander Capozzola, principal consultant at Argus Media Consulting Services, said the lower futures markets seem well overdone given the risk of renewed conflict in the Middle East."SBO futures have shed 13% since the start of the month as signs of easing tensions in the Strait weighed across energy markets, overshadowing ongoing geopolitical risks. Market sentiment has also been undermined by expectations of bearish US acreage data due later this week," the analyst said."Yet for US feedstock markets, the resumption of imports presents a bearish fundamental counterweight," Capozzola added.

Commodities43d ago

Shell to Sell Gulf of Mexico Assets to Talos, Ridgewood for $1.7 Billion

Shell Offshore, a unit of Shell (SHEL), agreed to sell Gulf of Mexico upstream assets to Talos Energy (TALO) and Ridgewood Energy for $1.7 billion, the company said Tuesday.Talos and Ridgewood subsidiaries will acquire Shell's 50% non-operated working interest in the Na Kika platform and associated fields, together with the company's 100% interest in the Coulomb tieback.The purchase price remains subject to customary closing adjustments and contingent payments, Shell said.Shell said its deepwater portfolio benefits from extensive infrastructure, operating efficiency and scale. It also noted that it remains the only international oil company with leading positions in both the Gulf of Mexico and Brazil, two of its highest-margin and lower-carbon producing regions.The transaction takes effect from July 1, 2025, and the companies expect to complete the deal by the end of 2026, subject to receiving the required regulatory approvals.Peter Costello, Shell's upstream president, said the company continues to optimize its Gulf of Mexico portfolio to strengthen the resilience and competitiveness of its upstream business."We remain focused on sustaining our material liquids production into the next decade," Costello said.

$SHEL$TALO

Commodities43d ago

US Natural Gas Update: Futures Up on Spreading Heatwave, Robust LNG Demand

US natural gas futures gave up part of their earlier gains but remained higher on the day, supported by forecasts of an expanding heat wave across the eastern half of the country, expected to drive cooling demand, along with strong LNG feedgas consumption.The front-month Henry Hub contract and the continuous contract were both up 2.39% at $3.257 per million British thermal units.The market found support from weather forecasts calling for dangerous heat to spread from the Midwest into the Northeast over the coming days. The National Weather Service said on Tuesday that an intense heat wave east of the Rockies will strengthen beneath a powerful upper-level ridge, with afternoon highs in the upper 90s to above 100 degrees Fahrenheit across parts of the Midwest and Northeast.Combined with high humidity, heat index values are expected to range from 105 to 115 degrees Fahrenheit from Kansas City to Boston. Nearly 180 million Americans are under an Extreme Heat Warning or Heat Advisory ahead of the Fourth of July holiday weekend. Forecasters expect the heat to peak on July 3-4.The hotter weather is already lifting natural gas consumption. Lower-48 gas demand rose to 79.4 billion cubic feet per day on Tuesday, up 4 Bcf/d from the previous day and 3.4% above year-ago levels.According to Celsius Energy, gas-fired power generation demand, or power burn, reached 37.4 Bcf/d on Monday, up 2.1 Bcf/d from the previous day but 5.1 Bcf/d below the same period last year. Meanwhile, the Energy Buyers Guide estimated natural gas demand from the power sector exceeded 47.5 Bcf/d on Tuesday, the highest daily level so far this summer, with demand expected to surpass 50 Bcf/d later this week.Aegis Hedging said cooling degree days are expected to climb into the weekend to close to 18 CDDs before tapering throughout the rest of the forecast period to around 14 CDDs.Strong LNG export demand also underpinned prices by tightening domestic supplies. Barchart, citing BNEF data, said US LNG feedgas consumption rose to 19.7 Bcf/d on Tuesday, up 0.5 Bcf/d from the previous day and 0.9% from a week earlier, the highest level in more than two months.Robust domestic production, however, provided some downward pressure on prices. Lower-48 dry gas output averaged 112.2 Bcf/d on Tuesday, up 1 Bcf/d from Monday and 2.9% higher than a year earlier, adding to ample inventories.

Commodities43d ago

US Crude Production Hits Record 13.93 million b/d in April, EIA Says

US crude output increased to 13.93 million barrels per day in April, according to the Energy Information Administration's Petroleum Supply Monthly data released Tuesday.The monthly figure is the highest on record, EIA data revealed, logging an increase of 216,000 b/d in April. US crude production was around 13.72 mmb/d in March.Output in New Mexico hit a record high of 2.37 million b/d, EIA data showed. In Texas, production was up 36,000 b/d to touch 5.83 mmb/d, the highest since November.Meanwhile, production in North Dakota also increased to 1.13 mmb/d, the highest since November.

Commodities43d ago

US Crude Oil Inventories Rise, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories rose by 6.072 million barrels in the week ended June 26, following a 765,000-barrel draw the previous week, 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.

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Commodities42d ago

NWS Says Dangerous Heat to Intensify in Central, Eastern US

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