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EIA Sees US Electricity Demand Climbing 3.1% in 2027 as Solar Capacity Expands

The Energy Information Administration raised its projection for US electricity consumption in its May Short-Term Energy Outlook released on Tuesday."US electricity demand in our forecast rises 1.3% in 2026, averaging almost 4,250 billion kilowatthours and growing another 3.1% in 2027," according to the STEO.This surge in demand is fueled by growth in the commercial sector, which is expected to surpass residential demand, a first on record, according to the EIA. Industrial demand is also surging, but at a relatively slower pace."Residential electricity prices are expected to increase by 5% in 2026 and to continue to rise in 2027, although at a slower pace," EIA said.Prices are rising across the US, but the largest hikes are expected along the East Coast.Additionally, the EIA also raised forecasts for utility-scale solar generation."Our forecast for utility-scale solar generation in 2026 is 1.4% higher than in the previous STEO because we revised our estimate of the amount of solar generating capacity that was online at the beginning of this year," the EIA said.The EIA expects US solar capacity to increase to 180 gigawatts in 2026 from 150 GW in 2025 and reach 215 GW in 2027, while wind capacity will rise to 170 GW in 2026 from 159 GW in 2025.US coal production will decline to 519 million short tons in 2026 from 528 million short tons in 2025 before falling further to 487 million short tons in 2027, the EIA forecast showed.Coal inventories will rise 12% to 123 million short tons by the end of 2026 as domestic demand weakens faster than production declines, the agency said.

Commodities43d ago

Mubadala Invests $325 Million in Orsted's Hornsea 3 Offshore Wind Project

Abu Dhabi sovereign investor Mubadala Investment Company said on Tuesday it will invest $325 million in Orsted's Hornsea 3 offshore wind farm, joining a consortium led by Apollo-managed funds in one of the world's largest renewable energy projects.The deal follows Apollo Funds' acquisition of a 50% stake in the joint venture holding Hornsea 3, while Danish renewable energy firm Orsted retains the remaining 50% and continues to lead development, construction, and operation of the project.Hornsea 3, which is located off the Norfolk coast in the UK, is expected to become the world's largest single offshore wind farm once completed, with a projected capacity of 2.9 gigawatts, enough to power more than 3.3 million homes.The UK is the largest offshore wind market outside China and has set a target of up to 50 GW of offshore wind capacity by 2030 as part of its net-zero strategy, the sovereign fund said.

Commodities43d ago

UK Deploys Fighter Jets, Warship for Multinational Hormuz Security Mission

The UK will deploy autonomous mine-hunting systems, counter-drone technology, Typhoon fighter jets, and HMS Dragon, an air-defense destroyer, as part of a planned multinational defensive mission to protect shipping through the Strait of Hormuz, the UK Ministry of Defense said in a Tuesday statement.The operation, which will activate when conditions permit, is backed by 115 million British pounds ($156 million) in new funding for unmanned mine detection and counter-drone capabilities.Officials say the package is intended to strengthen maritime security and support freedom of navigation in one of the world's most strategically sensitive waterways.The commitment was outlined during a virtual summit of defense ministers from over 40 countries participating in the Multinational Military Mission. The UK also reaffirmed its leadership role, including its involvement in a multinational headquarters structure coordinating the effort.Britain's force package includes autonomous mine-hunting equipment designed to detect and neutralize sea mines, alongside the Royal Navy's modular "Beehive" system. That system can deploy high-speed unmanned Kraken boats to identify and track threats at sea.Typhoon fighter jets, already operational in the region, will conduct air patrols over the Strait. Specialist Royal Navy mine-clearance personnel are also being prepared in the UK for potential deployment.HMS Dragon is currently heading to the Middle East after additional training and system calibration. The destroyer's air defense capability includes the Sea Viper missile system and will be ready for operations if required. The Royal Fleet Auxiliary vessel Lyme Bay is also being upgraded to support unmanned systems as a potential "mothership" platform.Defense Secretary John Healey said the UK was taking a leading role in securing the waterway and that the new investments demonstrate a commitment to protecting commercial shipping and reducing economic disruption caused by regional instability. He said the mission would be defensive, independent, and credible, and would work alongside allies.The UK currently maintains over 1,000 personnel in the region, including counter-drone teams and fast jet squadrons supporting maritime security and protection of British nationals.The multinational operation is intended to restore confidence in shipping through the Strait, through which roughly one-fifth of global oil supplies pass.

Commodities43d ago

Dolphin Drilling Expands Backlog With New Harbour Energy North Sea Deal

Dolphin Drilling secured a new UK North Sea contract worth about $150 million that extends work for the Paul B. Loyd Jr. rig through August 2030, the company said Monday.Harbour Energy awarded the contract for the semi-submersible Paul B. Loyd Jr. rig in the UK sector of the North Sea following a letter of intent announced on April 7, Dolphin Drilling said.The new agreement will begin after the current firm term expires and adds about $150 million in firm backlog while extending earnings visibility through 2030, the company said.Harbour Energy also secured options to extend the rig contract for as long as five additional years under the agreement."It provides both parties with stability and the platform to continue to deliver safe and efficient operations," Dolphin Drilling Chief Executive Officer Michael Boyd said.Dolphin Drilling also extended the Blackford Dolphin drilling contract with Oil India for work east of India, the company said.The Blackford Dolphin rig will remain under contract through the end of July 2026 to complete drilling, testing and abandonment activities under the existing contract terms, the company said.Dolphin Drilling increased its firm contract backlog to $362 million and holds another $849 million in letters of intent and options, Boyd said.

Commodities43d ago

US Natural Gas Update: Futures Drop on Supply Overhang

US natural gas futures extended earlier declines in midday trading as renewed focus on a domestic supply surplus offset volatility triggered earlier in the week by geopolitical headlines surrounding the lack of progress in opening the Strait of Hormuz.The front-month Henry Hub contract and the continuous contract both fell 3.33% to $2.814 per million British thermal units.Market participants pointed to a softer demand profile as a key near-term driver. US gas consumption eased to 98.7 billion cubic feet per day from 105 Bcf/d last week amid milder weather conditions, according to NRG Energy. The decline in heating and cooling loads added to already ample storage expectations.Weather outlooks, however, remain mixed. The US National Weather Service is forecasting above-normal temperatures for May 19-25, which could lift power burn demand as cooling needs rise.The US Energy Information Administration's latest Short-Term Energy Outlook projects electricity demand growth of 1.3% in 2026 to nearly 4,250 billion kilowatt-hours, accelerating to a 3.1% increase in 2027. The agency also noted a structural shift, with commercial sector demand expected to outpace residential consumption for the first time on record by 2027.On the supply side, US dry gas production rose 4% over the year to 120.2 Bcf/d in Q1, with further growth expected through 2027. Output gains are being led by the Permian and Haynesville basins, where production is forecast to rise around 6%.The EIA also revised its production outlook higher by 1% for 2026 and 2% for 2027, citing stronger crude prices and rising gas-to-oil ratios in the Permian Basin.Daily output was estimated at roughly 107.2 Bcf/d on Tuesday, NRG said.LNG flows are also shaping near-term balances. US LNG export capacity increased by 0.9 Bcf/d in April, supported by start-ups including Golden Pass Train 1 and Corpus Christi Stage 3. A further 0.2 Bcf/d from Corpus Christi Train 6 is expected this summer.Despite rising capacity, actual feedgas deliveries were running at around 17 Bcf/d on Tuesday, below nameplate levels due to scheduled maintenance, NRG said. The temporary slowdown in export flows is effectively redirecting supply back into the domestic market, adding to inventories and weighing on prices.

Commodities43d ago

EIA Expects 2027 Ethanol Daily Output to Hold Steady, Biodiesel Production to Grow

The Energy Information Administration projected ethanol production at 1.10 million barrels per day for 2026 and 2027, in its May Short-Term Energy Outlook released on Tuesday.In its report, EIA projected biodiesel output of 100,000 b/d in 2026 and 110,000 b/d in 2027.Renewable diesel production for 2026 was projected at 240,000 b/d, while the daily average output for 2027 was projected at 290,000 b/d.The EIA projected 2026 ethanol consumption at 940,000 b/d, and held 2027 consumption at the same level.For biodiesel, 2026 consumption was projected at 110,000 b/d, while 2027 was projected at 120,000 b/d.Renewable diesel consumption was estimated at 220,000 b/d in 2026, while 2027 consumption was projected at 300,000 b/d.The outlook projected ethanol stocks at the end of the 2026 marketing year at 25.09 million barrels, while 2027 ending stocks are seen at 25.06 mmbbls.The EIA forecasts revealed biodiesel ending stocks for the 2026 marketing year at 3.25 mmbbls, while 2027 ending stocks are seen at 3.32 mmbbls.The EIA's outlook pegged renewable diesel 2026 ending stocks at 7.03 mmbbls, while 2027 ending stocks are seen at 8.07 mmbbls.

Commodities44d ago

EMEA Natural Gas Update: Rhetoric and Supply Disruptions Continue to Support Market

European natural gas futures gave back earlier gains in late trading on Tuesday but still closed higher, as markets reacted to escalating geopolitical rhetoric alongside ongoing supply constraints in Europe.The front-month Dutch TTF contract rose 0.696% to 46.555 euros ($54.63) per megawatt-hour, while the UK NBP front-month rose 1.058% to 114.63 British pence ($1.55) per therm.Sentiment was underpinned by continued Middle East risk after Iranian parliamentary national security and foreign policy commission spokesperson Ebrahim Rezaei said Tehran could consider doubling down on enriching uranium if attacked again. "One of Iran's options in the event of another attack could be 90 percent enrichment," Rezaei said in a social media post, adding the issue would be reviewed in parliament, news outlets reported.News reports also indicated that at least one additional LNG carrier had moved through the embattled Strait of Hormuz over the weekend. Bloomberg said a second Qatari LNG tanker had exited the strait, with the vessel Mihzem later tracked in the Gulf of Oman en route to Pakistan and appearing fully laden.Meanwhile, European supply fundamentals remained tight. Norway's Hammerfest LNG terminal, one of the region's key export facilities, is still offline due to a mechanical valve fault that halted production last week. The plant, which has a capacity of roughly 18.4 million cubic meters per day, is scheduled to restart at 1800 GMT on Wednesday, Reuters reported.Weather models added a mixed signal for demand. Atmospheric G2 flagged the possibility of a cooler, windier pattern moving in from the northeast around May 25, which could lift heating demand later in the month.On storage, Gas Infrastructure Europe data showed EU gas inventories at 35.36% of capacity, sharply below 42.82% at the same point last year, underscoring some of the region's challenges heading into the refill season.

Commodities44d ago

Ethanol Makers' Corn Use Unchanged for 2025-2026, Soybean Oil Use for Biodiesel Rises, USDA Says

Ethanol makers will use 5.6 billion bushels of corn in the 2025-2026 marketing year that started on Sept. 1, the US Department of Agriculture forecast in a monthly report Tuesday.The figure is unchanged from the April outlook for 5.6 billion bushels, according to the report.Total US corn use for 2025/26 is forecast at 16.46 billion bushels. That's slightly below 16.47 bb in last month's outlook.The USDA's first estimate for corn use for ethanol in 2026-2027 was pegged at 5.6 bb, with total US corn use at 16.20 bb.Biodiesel makers will use 14.2 billion pounds of soybean oil in the 2025-2026 marketing year, which began Oct. 1. That's up from 14 billion pounds from the April outlook, and higher than the 11.8 billion pounds used in the 2024/2025 marketing year.The USDA estimated US soybean oil 2025/2026 ending stocks at 1.86 billion pounds, up from 1.84 billion pounds in April.For its first projections for 2026-2027, the USDA pegged soybean oil use for biodiesel at 17.8 billion pounds, effective Oct. 1.The USDA estimated US soybean oil 2026/2027 ending stocks at 1.90 billion pounds.

Commodities44d ago

Eni Tests HVO Biofuel on MSC Cruise Ship, Cuts GHG Emissions by 80%

Eni (E) and MSC Cruises completed a 2,000-hour marine biofuel trial that cut greenhouse gas emissions by about 80%, Eni said Tuesday.Eni and MSC Cruises tested Enilive's Hydrogenated Vegetable Oil diesel on the cruise ship MSC Opera without modifying the vessel's engine.One of the MSC Opera engines was powered with 100% HVO fuel for about 2,000 hours while recording engine efficiency and emissions performance data during the trial.The trial showed that marine engines can use pure HVO biofuel immediately without technological upgrades, while maintaining performance levels similar to those of conventional fossil marine fuels, Eni said.The trial reduced nitrogen oxide emissions by 16%, lowered particulate emissions and cut life-cycle greenhouse gas emissions by around 80% versus traditional marine fuels through the use of fully biogenic HVO feedstocks.Wartsila supported the collection and evaluation of engine data during the tests, while Bureau Veritas independently certified the experimental results, according to Eni.HVO biofuel offers an immediate solution for shipping companies seeking to meet FuelEU Maritime emissions targets and lower compliance costs, Enilive Chief Executive Officer Stefano Ballista said.Enilive produces HVO at biorefineries in Venice and Gela using waste materials including used cooking oil, animal fats and agri-food industry residues, Ballista added.HVO, liquefied natural gas and bio-LNG can accelerate shipping decarbonization as MSC targets net-zero greenhouse gas emissions by 2050, MSC Cruises Chief Energy Transition Officer Michele Francioni said.Price: $55.52, Change: $+0.05, Percent Change: +0.10%

Commodities44d ago

Market Chatter: Eni Reportedly Explores 1 Billion Euro LNG Asset Funding Deal, Reuters Says

Eni (E) has asked Morgan Stanley to assist in raising funds from infrastructure investors, including Apollo Global Management, KKR, and Stonepeak, in a potential transaction backed by its floating liquefied natural gas assets, Reuters reported on Tuesday, citing people familiar with the matter.According to Reuters, discussions remain at an early stage, and a transaction is not guaranteed, as the structure and terms are still subject to change.The proposed deal could raise at least 1 billion euros ($1.17 billion) for Eni, one of the sources told Reuters.Neither Eni, Morgan Stanley, nor the named investors immediately responded torequests for comment.Reuters reported that the plan aligns with Eni's broader strategy to attract infrastructure capital to free up balance-sheet capacity for new upstream oil, gas, and LNG developments.One structure under consideration would involve an infrastructure fund providing an initial cash injection into a special-purpose vehicle, which would then be entitled to receive cash flows generated by Eni's FLNG assets.The discussions come amid intensifying global competition for LNG cargoes across Europe and Asia, as supply disruptions linked to geopolitical tensions continue to ripple through markets.Eni has built a significant FLNG portfolio, including three floating liquefaction units operating offshore Mozambique and Congo, processing natural gas for export. The company is also advancing FLNG capacity, including a multi-billion-dollar project in Mozambique and two additional units for YPF in Argentina, targeted for completion by 2030.If completed, the structure would provide investors with exposure to long-term cash flows from assets across Africa and other regions outside the Middle East, offering diversification away from geopolitically sensitive supply zones.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.45, Change: $-0.01, Percent Change: -0.02%

Commodities44d ago

US Biofuel Sector Needs Unprecedented D4 RIN Output to Meet 2026, 2027 Obligations, Study Says

The level of D4 Renewable Identification Number generation required to meet the final US Renewable Volume Obligations in 2026 and 2027 will have to reach unprecedented levels, according to a new study by the University of Illinois.The research findings follow the Environmental Protection Agency's late March announcement of its final "Set 2" rule establishing RVOs under the Renewable Fuel Standard for 2026 and 2027.RINs are compliance credits that function as the "currency" of the RFS program.In an article that first appeared on FarmdocDaily on Monday, a website hosted by the University of Illinois, economists projected that required D4 net RIN generation must increase from 7.10 billion RIN gallons in 2025 to 11 billion to 12 billion RIN gallons in 2026 and 2027."Those are levels that have no precedent in the history of the US biomass-based diesel industry," the economists said.In their article, the economists examined the recent monthly pace of D4 RIN generation alongside the pace required to meet the final RVOs."In short, the required D4 net RIN generation is the crucial number that the biomass-based diesel sector must hit in each of the next two compliance years, and the cushion provided by the RIN bank is essentially exhausted after 2026," the economists stated in the article.The economists analyzed D4 RIN net generation from January 2023 through the latest available 2026 data and compared it with the average monthly pace of D4 RIN net generation required to satisfy total D4 demand in each calendar year."The required monthly pace was 652 million RIN gallons in 2023, rose to 758 million RIN gallons in 2024, and fell to 592 million RIN gallons in 2025. Under the final Set 2 rule, the required monthly pace jumps to 916 million RIN gallons in 2026 and 991 million RIN gallons in 2027. RIN generation incorporates both imports and domestically produced biomass-based diesel," the economists said.The article noted that the biomass-based diesel sector must shift to monthly D4 RIN generation levels. However, aside from one transitory exception, this level has not been achieved in any month over the past three years. The sector would then need to sustain these levels for 24 consecutive months.So far, monthly D4 RIN net generation in early 2026 has remained well below the pace needed to meet the 2026 RVO.The latest available data show monthly D4 RIN net generation of 436 million gallons in January, 478 million in February, and 649 million in March 2026, according to FarmdocDaily.

Commodities44d ago

Equinor Marks 5,000 Gullfaks Cargoes as North Sea Field Extends Lifespan

Equinor (EQNR) completed shipment of oil cargo number 5,000 from the Gullfaks field in the North Sea, marking nearly four decades of production and exports to Europe, the company said Tuesday.Production at Gullfaks began in 1986 with an original operating target through 2007, but the field continues to supply weekly crude cargoes to international buyers nearly two decades later.The field has produced about 2.8 billion barrels of oil equivalent, almost double the company's initial estimate.The Gullfaks field also handles export volumes from the Snorre and Visund fields, along with several subsea developments.Gullfaks crude carries low sulfur content and light oil characteristics, allowing refiners to produce gasoline, diesel, jet fuel, liquefied petroleum gas and naphtha for petrochemical manufacturing.Equinor delivers Gullfaks crude to refineries in Sweden, the UK and Poland, while some shipments also move to the company's Mongstad refinery in Norway, according to the company.The company transports crude through shuttle tankers designed to carry about 800,000 barrels of oil per voyage between the Norwegian continental shelf and European customers."Together, we deliver highly reliable logistics that enable oil to be transported quickly and safely from the Norwegian continental shelf to our customers," said Heidi Aakre, Equinor's head of shipping.Price: $38.30, Change: $+0.08, Percent Change: +0.21%

$EQNR

Commodities44d ago

Odfjell Drilling Reports Full Q1 Fleet Coverage, Tight Market Outlook

Scotland-headquartered Odfjell Drilling reported Q1 earnings Tuesday, showing that its owned rig fleet is fully contracted, supported by a firm contract backlog of about $2 billion and $3 million in priced options.The drilling firm highlighted high utilization across its fleet, with financial utilization in Q1 remaining steady at 96%, the same as for the corresponding period a year ago.The company said its contract coverage extends across most of its rigs, including units operating in the North Sea and other international markets.Meanwhile, Odfjell described the Norwegian market as tight, citing limited supply and high barriers to entry for rigs operating on the Norwegian Continental Shelf.Most units in the sector are either fully contracted, working overseas or would require significant investment to enter the market, the energy firm said.Odfjell's next available rigs are not expected to enter the market until H2 2027.Beyond Norway, Odfjell has outstanding tenders in markets including Namibia and the UK, alongside growing interest in deepwater projects.

Commodities44d ago

Acen Renewable Output Surges 32% on Strong Wind, Overseas Gains

Philippine energy company Acen said Tuesday that Q1 2026 renewable energy output rose 32% year on year, driven by stronger contributions from its operations in Australia and Laos, as well as the resumption of wind operations in Ilocos Norte, the Philippines.The company said renewable energy generation reached 2,230 gigawatt-hours during the January-to-March period.Revenue from electricity sales increased 42% to 10.74 billion Philippine pesos ($187.6 million) in the first quarter of 2026, from 7.55 billion pesos a year earlier.Acen said the cost of purchased power rose 10% to 4.89 billion pesos in the quarter, compared with 4.43 billion pesos in the same period last year.

Commodities44d ago

Parex Posts Stronger Q1 Production Ahead of Frontera Asset Acquisition

Colombia-based Parex Resources reported Q1 earnings Tuesday, showing total average daily production of 44,735 barrels of oil equivalent per day, up from 43,658 boe/d a year earlier.The company produced 43,249 barrels per day of crude oil for the quarter ended March 31, compared with 42,857 b/d a year earlier.Parex increased light and medium crude oil production to 13,980 b/d in the quarter from 10,650 b/d a year earlier, while heavy crude oil production declined to 29,269 b/d from 32,207 b/d.Natural gas production was 8.9 million cubic feet per day in the first quarter, up from 4.8 MMcf/d a year earlier.Average daily oil and natural gas sales reached 44,561 boe/d in the quarter, compared with 43,863 boe/d a year earlier.Produced crude oil sales totaled 43,075 b/d for the quarter, compared with 43,049 b/d in the year-ago period.Parex expects H2 2026 production to range between 82,000 boe/d and 91,000 boe/d after adding Frontera Energy's Colombian assets and new producing properties in the Magdalena Basin.Parex agreed to acquire Frontera Energy's Colombian upstream assets for $500 million plus assumed debt and a potential $25 million contingent payment, with the transaction expected to close in the second quarter of 2026 pending remaining conditions and approvals.The company expects second-half capital expenditures between $275 million and $295 million.

Commodities44d ago

US DOE Renews Emergency Orders to Bolster Puerto Rico Grid Ahead of Peak Demand

The US Department of Energy renewed two emergency orders on Tuesday to strengthen Puerto Rico's power grid as the island prepares for rising summer electricity demand and the 2026 hurricane season.The orders, effective May 12 through Aug. 9, authorize the Puerto Rico Electric Power Authority to dispatch generation units beyond normal permitting limits to maintain critical capacity. The measures also extend vegetation management efforts to reduce outages caused by storm damage to transmission lines.The DOE has framed the emergency measures as part of broader efforts to reduce the risk of widespread outages, particularly during severe weather.Puerto Rico's transmission infrastructure has faced repeated disruptions in recent years, with storms and high winds posing ongoing threats to high-voltage lines.The Department said the renewals build on actions taken in 2025 and early 2026 to stabilize the grid and prevent island-wide blackouts."Renewing these orders ensures critical work moves forward, urgent reliability changes are addressed, and Puerto Rico's grid is ready to withstand rising energy demand," Energy Secretary Chris Wright said.The agency said the directives are meant to address ongoing reliability challenges while supporting longer-term modernization efforts.The orders allow generators to operate beyond normal permitting limits, a step the DOE said is intended to address ongoing reliability challenges and help prevent island-wide blackouts.The DOE plans to continue working with local authorities to ensure grid reliability for the island's 3.2 million residents and to reduce the economic costs associated with prolonged outages.

Commodities44d ago

Tata Energy's Renewable and Transmission Sectors Gain in Q4 of Fiscal 2026

India's Tata Energy reported Tuesday Q4 results for fiscal 2026 for its renewable energy and power transmission businesses, showing gains in solar manufacturing, rooftop solar installations, and transmission operations.The renewables business posted fourth-quarter profit after tax of 4.06 billion Indian rupees ($48 million). For the full fiscal year ended March 2026, PAT rose 59% year-on-year to 19.94 billion rupees.The company's solar cell and module manufacturing business reported fourth-quarter PAT of 2.65 billion rupees, up 40% year over year. Full-year PAT more than doubled to 8.57 billion rupees, helped by manufacturing yields above 95%.The rooftop solar segment reported fourth-quarter PAT of 1.86 billion rupees, up 94% year on year. Full-year PAT jumped 150% to 4.99 billion rupees.The transmission and distribution business posted fourth-quarter PAT of 9.49 billion rupees, up 54% from the same period last year. Full-year PAT increased 49% to 29.78 billion rupees.Meanwhile, the Odisha power distribution companies, or DISCOMs, reported fourth-quarter PAT of 3.04 billion rupees, up 11% year-on-year. Full-year PAT rose 84% to 8.09 billion rupees.

Commodities44d ago

US Natural Gas Update: Futures Slide Amid Drop in Domestic Demand, Steady Output

US natural gas futures were down on Tuesday amid a steep drop in domestic demand, while gas production continues to remain steady.Both the front-month Henry Hub contract and the continuous contract were down by 2.65% to $2.833 per million British thermal units.Supply remains above demand, averaging 107.2 billion cubic feet per day, while demand softened to 98.7 Bcf/d from 105 Bcf/d last week, according to NRG Energy.At the same time, LNG export feedgas flows are averaging about 17 Bcf/d, compared with the 30-day moving average of 18.87 Bcf/d. This is due to scheduled maintenance across several LNG export facilities, which is expected to last a few more weeks.However, weather forecasts have turned bullish, with almost the entire country expected to see above-normal temperatures from May 19 to May 25, according to the National Weather Service.This is expected to create meaningful early-season cooling demand, according to Pinebrook Energy Advisors, which should result in "higher natural gas burn for power generation and tighten the fundamental balance."

Commodities44d ago

Biofuels Update: Chicago Soybean Oil, Malaysian Palm Oil Diverge

Higher crude oil prices helped Chicago soybean oil recover on Tuesday, but failed to lift Malaysian palm oil as weaker market fundamentals dragged prices down.In early trade, the July soybean oil contract on the Chicago Board of Trade rebounded 0.99% to 74.47 cents per pound.The July soybean contract gained for a third consecutive session by 0.37% to $12.17 per bushel, as the market awaited the Trump-Xi summit and the latest agricultural supply and demand outlook.Market participants have been hoping China will confirm additional purchases of US soybeans, as the two leaders meet on May 14 and 15.Meanwhile, the US Agriculture Department is expected to raise its production outlook for 2026 due to higher planted acreage, according to analysts. The May outlook typically sets the tone for the new crop year.In terms of exports, data for the current marketing year through May 7 showed US soybean inspections totaled 34.0 million metric tons, down from the previous season's 43.9 mmt. Weekly inspections however rose to 655,294 metric tons, relative to the previous week's 505,468 mt and the prior year's 439,814 mt.In Asia, weaker market fundamentals offset the influence of rising crude oil and rival soybean oil to weigh on Malaysian palm oil futures on Tuesday.The Bursa Malaysia Derivatives' June crude palm oil contract declined 0.76% to 4,450 Malaysian ringgit ($1,128.88) per metric ton, and the July contract slipped 0.78% to 4,481 ringgit/mt.Lower exports and higher production in April, which lifted domestic stocks, pressured prices. Malaysia's exports declined 14.3% from a month earlier to 1.3 mmt, as production jumped 18.4% to 1.6 mmt, industry data showed.At the same time, Malaysian inventories rose 1.7% month over month to 2.31 mmt, and remained significantly higher than the year-ago levels of 1.87 mmt.In May, export demand trends were mixed, with Intertek Testing Services estimating shipments to have risen 8.5% during the first 10 days of the month versus the same period in April, and AmSpec Agri Malaysia seeing a 10.8% decline, Trading Economics reported.A weaker local currency could boost export competitiveness, particularly with the Malaysian ringgit edging lower by another 0.35% against the US dollar on Tuesday.Going forward, expectations of increased domestic demand in Malaysia and Indonesia, with the implementation of higher biofuel mandates, are likely to support prices.For this week, PhillipCapital said prices are likely to be "rangebound, due to stronger Chicago soybean oil and crude oil prices, supported by improving export data and a weaker ringgit."Meanwhile, in the US, June ethanol prices on the NYMEX steadied at $1.93 per gallon on Monday.This week, the US House is set to vote on a legislation to allow year-round sales of E15, a gasoline blended with 15% ethanol.That would raise domestic consumption of corn by about 500 million bushels for every percentage point increase in ethanol blending, Brownfield reported, citing Jan TenBensel, chairman of the Nebraska Ethanol Board. The standard ethanol blend in the country currently stands at 10%.

Commodities44d ago

Market Chatter: Shell to Divest French Motorway Filling Station Network

Shell (SHEL) is planning to sell its network of 60 motorway petrol stations in France, French newspaper Les Echos reported on Tuesday.The energy major has reportedly shared internal documents with employees and suppliers outlining plans to sell roughly 60 highway sites currently operated under multi-year contracts with motorway concessionaires such as Vinci, Cofiroute, and ASF, the report said.While Shell does not directly own the stations, it manages the branding, fuel supply, and maintenance services for the network, which generated a robust operating profit of 108.5 million Euro ($127.5 million) in 2025.According to the report, Shell has informed worker representatives that it intends to identify a buyer by the third quarter of 2026, with a goal to finalize the transaction in early 2027.The company declined to 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.)

$SHEL

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Commodities44d ago