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China Reportedly Targets 50% Non-Fossil Fuel Power by 2030

China aims to increase its non-fossil fuel energy share to half of its power generation by 2030, up from the 2025 target of 42.3%, according to the country's latest five-year plan for new energy system as cited by multiple media outlets.In line with this, China reportedly targets to increase the share of wind and solar sources to more than 50% of installed capacities by 2030. This compares with the 2025 target of around 47%.The government also aims to install 160 gigawatts of pumped hydro, 300 GW of battery storage capacity, and 50 GW of virtual power plants for demand response by 2030, according to the reports.For renewable hydrogen, China reportedly targets to nearly double the capacities of projects currently online and under construction to 2 million tons by 2030. This is relative to the previous 2025 goal of 100,000 tons to 200,000 tons per year.For fossil fuels, reports said that the country aims to increase natural gas production, while maintaining oil output at around 200 mmt per year.The country reportedly highlighted its goal for coal consumption to peak by 2030, while developing more than 100 mmt per year of production capacity to be tapped when needed.Going forward, China plans to focus on nuclear fusion, space-based power plants, and superconducting transmission.The National Energy Administration did not immediately respond to' request for comment.

Commodities48d ago

Chevron Venezuela Operations Normal After Massive Earthquakes

US energy major Chevron (CVX) has accounted for all of its employees in Venezuela and said operations were normal following massive earthquakes in the country, it said on Thursday.At least 164 people were reportedly killed and almost 1,000 injured following the back-to-back powerful earthquakes in the country, with several buildings collapsing in the capital city, Caracas, according to media reports."As a longtime employer and partner in Venezuela, we stand in solidarity with the country and its people during this difficult time," it said."We remain committed to supporting our employees and the communities surrounding our facilities and ensuring the continued safe operation of our assets," Chevron said in a statement shared with.

$CVX

Commodities48d ago

Allied Biofuels Signs Agreement With Sinopec for $6.1 Billion Aviation Fuel Facility

Allied Biofuels has signed a front-end engineering design and detailed engineering agreement with China's Sinopec Engineering for its planned $6.1 billion sustainable aviation fuel facility in Uzbekistan, it said on Wednesday.The project is aimed at producing SAF and e-SAF at an industrial scale, using a combination of biomass processing, advanced refining, renewable energy integration and power-to-liquid technologies, with plans to supply clean aviation fuels to domestic and international markets.Alfred Benedict, managing director of Allied Biofuels, said that the agreement moves the project "from development into engineering and execution readiness," while noting that the Sinopec's technical capability strengthens project execution.

Commodities48d ago

Update: Market Chatter: US Solar Panel Makers File Petition Against South Korean Solar Cell Imports

(Updates with SEG's comments in fourth and fifth paragraphs.)A newly formed solar manufacturing coalition, American Manufacturers for Energy Resilience, has petitioned the US Department of Commerce to launch an anti-circumvention trade probe into solar cell imports from South Korea, Reuters reported Monday.The group, consisting of Canadian Solar (CSIQ), SEG, and Heliene, filed the petition on June 18, accusing Hanwha Qcells of intentionally shifting its core cell manufacturing from China to South Korea to evade steep US tariffs, according to the report.Under US trade enforcement law, import duties can be legally extended to products routed through third nations, if the final processing or assembly in those countries is deemed minor."This petition is not about attacking South Korea, a key US ally, or any company making real investments in American manufacturing. It is about making sure the trade rules apply equally to everyone," SEG said in an email to."The US has made a clear national commitment to rebuilding domestic solar manufacturing. That commitment only works if companies cannot avoid existing AD/CVD orders by routing Chinese-origin inputs through third countries with only minimal processing," SEG added.Other than SEG, none of the parties involved responded immediately to' request for comments.(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.)

$CSIQ

Commodities48d ago

Biofuels Update: Soybeans Rise on Chinese Demand Hopes; Soybean Oil, Palm Oil Down

Chicago soybeans continued to find support from expectations of large Chinese purchases, while Chicago soybean oil and Malaysian palm oil declined further as crude oil prices retreated to pre-war levels.The July soybean contract on the Chicago Board of Trade rose 0.20% to $11.11 per bushel. The July CBOT soybean oil contract slipped 0.71% to 68.97 cents per pound.Declining crude oil prices erode the competitiveness of biofuels, pressuring feedstocks such as soybean oil and palm oil.As for soybeans, "prices will continue to be sensitive to Chinese demand, or the lack thereof," said Mark Soderberg of ADM Investor Services.The US Soybean Export Council reportedly urged Chinese buyers to increase their US soybean purchases, citing better quality compared with Brazilian cargoes.In terms of supply, favorable growing conditions in the US continued to boost prospects for higher yields."Abundant rainfall in the Midwest continued to pressure prices," price reporting agency MySteel said, "though persistent conditions may begin to hinder crop growth."The market now awaits the end-of-month prospective plantings report by the US Department of Agriculture for direction.In Asia, Malaysian palm oil futures tracked losses in crude oil and rival soybean oil, and hit one-week lows on Thursday.Falling for a third straight session, the Bursa Malaysia Derivatives' July crude palm oil contract lost 1.36% to 4,513 Malaysian ringgit ($1,087.21) per metric ton. The August crude palm oil contract fell 1.50% to 4,535 ringgit/mt.A strengthening Malaysian ringgit also pressured prices. It firmed against the US dollar for a third consecutive session on Thursday, rising by a further 0.58% and making exports more expensive for foreign buyers.This weighs on Malaysian shipments, which have so far shown a 19.1% to 25% month-over-month growth in the June 1-20 period, based on the latest cargo estimates.During the same period, the country's crude palm oil production rose 4.76% from a month earlier, media outlets reported, citing estimates by the Malaysia Palm Oil Association.However, a developing El Nino weather phenomenon could impact yields and reduce output going forward.The last strong El Nino episode, which occurred from early 2015 through mid 2016, curbed palm oil yields by 8.3% in Indonesia and 14.2% in Malaysia, according to S&P Global Energy.In Indonesia, the July 1 rollout of a higher biodiesel blend of 50%, up from the current ratio of 40%, will also reduce exportable supplies.Analysts and industry bodies expect prices all of this to provide support to prices in the coming months.Meanwhile, July ethanol prices on the NYMEX recovered 0.55% to $1.83 per gallon on Wednesday, as domestic production eased while stocks increased slightly.Data from the US Energy Information Administration showed that output for the week ended June 19 dropped to 1.09 million barrels per day from 1.10 mmbbls/d a week earlier.Domestic inventories rose week over week to 24.6 million barrels from 24.5 mmbbls, while exports fell to 121,000 barrels per day from 126,000 b/d.

Commodities48d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Investors Embrace AI Growth Themes, Reduced Middle East Risks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Thursday's premarket activity, as investors welcomed signs of stability in the Middle East, while technology shares rallied on expectations for continued AI spending.US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 2.1% before the start of regular trading.Reports releasing at 8:30 am ET include the personal income and outlays report for May, the third and final estimate report of Q1 gross domestic product, the weekly jobless claims bulletin, the durable goods orders report, and the Chicago Fed national activity index, both for last month.The Kansas City Fed manufacturing index for June posts at 11 am ET.New York Fed President John Williams and Chicago Fed President Austan Goolsbee are slated to speak on Thursday.In premarket action, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher, Ether ETF (EETH) advanced 3.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was flat, and the iShares Biotechnology ETF (IBB) was up 0.1%.Bio-Techne (TECH) stock rose more than 19% premarket after the company signed a definitive agreement to be acquired by Germany's Merck KGaA for $73 a share, representing an enterprise value of $11.3 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.8%, and the iShares US Technology ETF (IYW) was 3.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 4.4%, while the iShares Semiconductor ETF (SOXX) rose by 5.1%.Micron Technology (MU) shares were up over 17% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter also came in above market expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was marginally lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fell by 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 11% pre-bell after the company reported lower Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 1.7% and the iShares US Industrials ETF (IYJ) was flat.MDA Space (MDA) stock was up 2.7% before the opening bell after the company said it would provide digital payload, antennas, and subsystems for Japan's defense communications satellite program under contracts from Mitsubishi Electric.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) fell 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Barclays (BCS) shares traded up 2% in early hours activity after the company said that the projected capital ratios for its US business remained above the regulatory minimum levels across all nine quarters of the Federal Reserve's stress test.EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.4%.TotalEnergies (TTE) stock was down more than 1% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.7% to $69.84 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.4% to $3.27 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.4%, while the United States Natural Gas Fund (UNG) was 1.3% higher.Gold futures for July were down by 0.2% to $4,000.90 an ounce on the Comex. Silver futures retreated by 1.3% to $57.74 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 0.1% higher.

Dow JonesNasdaq CompositeS&P 500$BCS$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MDA$MU$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$TECH$TTE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities48d ago

ONGC, BP Sign Pact to Boost Output from Prolific Western Offshore Basin

India's state-run ONGC and global energy major BP (BP) signed a technical services contract on Thursday to boost crude oil and natural gas production across 43 blocks in the country's Western Offshore Basin, ONGC said.Under the contract, ONGC will retain 100% ownership and operational control, while BP will deploy advanced technology and global technical expertise to moderate natural production declines across 43 offshore blocks.The commercial terms structure a fixed fee for BP during the first two years, transitioning subsequently to a performance-linked service fee tied directly to a percentage share of revenue from net incremental production, as per the statement.The Western Offshore Basin is critical to India's energy infrastructure, feeding into ONGC's broader output which accounts for roughly 64% of the country's domestic crude oil and natural gas production.The agreement, signed in the presence of India's Petroleum Minister Hardeep Singh Puri, marks a major expansion of the corporate alliance following their initial technical partnership for the Mumbai High field established in February 2025.

$BP

Commodities48d ago

Var Energi Reaches FID on Gjoa Subsea North Sea Projects

Norwegian upstream oil and gas company Var Energi has reached a final investment decision for the Gjoa Subsea Projects in the North Sea, it said on Thursday.Var Energi is the operator of the Gjoa Subsea Projects, which aim to develop the Ofelia, Gjoa Nord and Cerisa discoveries as a coordinated subsea development linked to the Gjoa and Duva infrastructure.The company, along with its partners, has submitted a plan for the development and operations of the Ofelia and Gjoa Nord projects to the Ministry of Energy, Var Energi said in a statement.While first production from Cerisa is scheduled for Q3 2027, the start-up of Ofelia and Gjoa Nord is expected in H2 2028.The project will develop about 76 million barrels of oil equivalent gross and 27 million barrels net for Var Energi in proven and probable reserves, the statement said.The project is expected to extend the economic lifetime of the Gjoa area from the early 2030s to around 2040 and support future tie-back developments and nearby exploration."The project has strong economics, in line with the company's requirements for project sanctions, with a breakeven below [$35] per boe, and a rate of return well above 25%," Var Energi said.Var Energi holds a 40% working interest in Ofelia, 30% in Gjoa Nord, and 30% in Cerisa.

Commodities48d ago

Over 1,000 Vessels Worth $125 Billion Await Clearance to Transit Hormuz, Allianz Says

About 1,150 vessels, with an estimated vessel and cargo value of $125 billion and a total volume of 29 million gross tonnage, are currently stuck in the Persian Gulf, awaiting clearance to resume transit following the US-Iran deal, Allianz Commercial said on Wednesday.Roughly 20,000 seafarers are aboard these vessels, awaiting "solid assurances of safe passage," the firm said."The events in the Middle East have been more impactful than many would have expected. The closure of the Strait of Hormuz sets a dangerous precedent and raises questions around the long-term future of this and other critical chokepoints," said Rahul Khanna, Global Head of Marine Risk Consulting at Allianz Commercial.The recent Hormuz disruption signals a transition toward a "new maritime order" marked by heightened security risks, disrupted shipping routes, and persistent uncertainties, according to the firm.The previously steady trade flows and predictable operating conditions have become more complex and volatile, with geopolitical uncertainty now the major risk for the shipping industry, it said.Despite this fundamental transformation, Allianz noted that maritime safety has improved in recent years based on their data, with the number of vessel losses declining to 350 between 2021 and 2025, from 555 between 2016 and 2020.An increased focus on safety measures also resulted in a drop in the number of shipping incidents to 2,818 in 2025 from 3,353 in 2024, the data showed, with machinery damage, vessel collisions, and fires being the top causes of incidents."Geopolitical tensions challenge shipping's ongoing long-term safety improvements," Allianz said, adding that "more complex and volatile risk landscape enforces need for greater operational resilience versus cost efficiency."

Commodities48d ago

Tesla, Giga Storage to Collaborate on Battery Project in Belgium

Giga Storage said Wednesday it signed a letter of intent with Tesla (TSLA) at Intersolar Europe to exclusively negotiate the full delivery of Green Turtle project in Dilsen-Stokkem, Belgium.The project will have a generation capacity of 700 megawatts and storage capacity of 2.8 MWh.Under the agreement, Tesla assumes a comprehensive engineering, procurement, and construction mandate alongside equipment supply, system commissioning, and long-term maintenance.Final contract execution and project financing conclusions are scheduled for summer 2026, advancing Giga Storage toward its portfolio target of 2 GW of operational storage by 2030, it added.

$TSLA

Commodities48d ago

Deep Fission Secures LOIs for Up to 18.5 GW of Nuclear Power

Deep Fission, a California-based advanced nuclear energy company has signed Letters of Intent advancing potential generation projects with a total capacity of up to 18.5 gigawatts, it said on Wednesday.The non-binding agreements with data centers, co-developers, industrial parks, and strategic partners do not include commitments "to purchase electricity, finance projects, construct facilities, exclusivity, or deploy a specified number of reactors" and can be terminated without penalty, Deep Fission said.The company is working on the development of underground small modular pressurized water reactors installed about mile beneath the surface, with its first reactor project advancing at the Great Plains Industrial Park in Parsons, Kansas under the US Department of Energy's Reactor Pilot Program.Deep Fission has finished drilling its first data acquisition borehole at a depth of about 6,000 feet and will next look to demonstrate the safe deployment of a prototype reactor inside a commercial-scale borehole, the statement said.The company intends to apply for a commercial license with the US Nuclear Regulatory Commission in H1 2027 depending on continued technical progress, financing and regulatory approvals.

$FISN

Commodities48d ago

US Energy Regulator Approves Mountain Valley Virginia-North Carolina Pipeline Extension

The US Federal Energy Regulatory Commission on Wednesday approved the construction of Mountain Valley Pipeline's Southgate Amendment Project, connecting natural gas delivery points in Virginia and North Carolina via a 31-mile pipeline."Mountain Valley has provided the information necessary to meet applicable pre-construction conditions," according to a letter from the FERC's Office of Energy Projects.The approval followed a federal appeals court decision on June 11 to reject a stay that environmental groups had requested against a water quality permit for the project.With the natural gas network expansion, pipeline capacity is expected to increase by 550,000 dekatherms per day, the company website said.MVP Southgate would be constructed and owned by Mountain Valley Pipeline, a joint venture among affiliates of EQT (EQT), NextEra Energy (NEE), AltaGas, and RGC Resources (RGCO). EQT will serve as the operator of the project.

$EQT$NEE$RGCO

Commodities48d ago

Market Chatter: PetroChina Expects Drilling at Suriname Shallow-Water Blocks in 2027

PetroChina, the Chinese energy major and subsidiary of China National Petroleum, expects drilling operations to begin next year at two shallow-water blocks in Suriname in which it holds interest, Reuters reported Wednesday.The company has formulated an action plan and intends to focus on identifying drilling locations at the blocks this year, the report said, citing Li Guoyong, general manager of PetroChina's Suriname unit as saying at an energy conference.In 2024, PetroChina secured production-sharing contracts for Blocks 14 and 15 through a bidding round. Staatsolie, the state-owned oil company of Suriname, holds a 30% interest in the areas through its unit Paradise Oil Company.has reached out to PetroChina for a 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.)

Commodities48d ago

NWS Warns of Severe Weather, Flooding Risks Across Central US, Dangerous Heat Build in South

The US National Weather Service said parts of central US, especially stretching from the central High Plains to the Mid-Mississippi Valley, will continue to face risks related to severe weather and flooding through Thursday.Meanwhile, southern US is expected to see the development of dangerous heat into the weekend, while fire weather conditions are likely for the Intermountain West region due to the presence of hot and dry conditions.The NWS early Thursday issued a red flag warning for almost the entirety of Utah, except for Logan, Park City, and parts of Vernal and Duchesne. Utah primarily falls under the service area of PacifiCorp's Rocky Mountain Power.A similar warning was raised for Nevada's Carson City, Reno, Fallon, Gerlach, Lovelock, and parts of Tonopah, primarily served by Berkshire Hathaway Energy subsidiary NV Energy.Affected areas in Idaho include Pocatello, Malad City, Soda Springs, Preston, Palisades, and Blackfoot, where Idacorp (IDA) unit Idaho Power and PacifiCorp subsidiary Rocky Mountain Power are the major service providers.A red flag warning was also raised for Washington's Omak, Winthrop, Chelan, Coulee Dam, Spokane, Rosalia, Pullman, Walla Walla, Pasco, Connell, Moses Lake, Ellensburg, Yakima, Ritzville, Wenatchee, Goldendale, and Sunnyside. A flood warning was raised for areas near Chelan. Puget Sound Energy, PacifiCorp's Pacific Power, and Avista (AVA) unit Avista Utilities are among the primary electricity service providers in the state.Also placed under a warning for fire weather conditions were Oregon's The Dalles, Madras, Maupin, Condon, Fossil, Pendleton, and Hermiston, also served by Pacific Power.Colorado's Craig, Rangely, Meeker, Rifle, Grand Junction, Nucla, Telluride, Cortez and Durango were also covered by a red flag warning watch, while a flash flood warning was issued for Wray. Xcel Energy (XEL) and Black Hills (BKH) unit Black Hills Energy are the primary electricity service providers in Colorado.The NWS issued an extreme heat warning for Arizona's San Carlos, Safford, Oracle, Oro Valley, Tucson, Green Valley, Benson, Sierra Vista, Bisbee, Nogales, Phoenix, Parker, Wickenburg, and Yuma. Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power are the major electric utility providers in Arizona.In California, an extreme heat warning was raised for Blythe, El Centro Imperial, Borrego Springs, Mount Laguna, and Julian, while a small part of Susanville was placed under a red flag warning. These places are primarily served by Edison International's (EIX) Southern California Edison and Sempra Energy (SRE) unit San Diego Gas & Electric.The NWS issued a flash flood warning for Imperial and McCook in Nebraska, which majorly falls under the service area of regional transmission organization Southwest Power Pool, with Midcontinent ISO also serving some areas.A similar warning was also issued for Oberlin in Kansas, while a flood warning was raised for Hutchinson and Wellington. Evergy (EVRG) is among the major service providers in the state.In Texas, a flash flood warning was issued for Amarillo, while Lufkin, Bryan, and Texarkana were placed under a flood warning watch. Xcel Energy, American Electric Power's (AEP) Southwestern Electric Power Company, and Sempra unit Oncor are among the service providers in these places.The NWS issued a flood warning for Louisiana's Lake Charles, Jennings, Glenmora, Marksville, Ville Platte, Opelousas, parts of Monroe and Shreveport, and areas bordering Mississippi and Arkansas. Entergy's (ETR) Louisiana unit, Southwestern Electric Power Company, and Cleco are among the major service providers in Louisiana.Mississippi's Hattiesburg, Gulfport, Vicksburg, Brookhaven, Jackson, and areas near Meridian, primarily served by Southern Company (SO) unit Mississippi Power, were also placed under a flood warning watch.Affected areas in Illinois include Olney, Peru, Peoria, Pekin, Havana, Canton, Macomb, Carmi, Jacksonville, Ottawa, Chicago, and areas bordering Indiana. Ameren's (AEE) Illinois unit and Exelon (EXC) subsidiary ComEd are among the major service providers in Illinois.The NWS also issued flood warnings for parts of Indiana, Oklahoma, Arkansas, and Florida.

$AEE$AEP$AVA$BKH$EIX$ETR$EVRG$EXC$IDA$PNW$SO$SRE$XEL

Commodities48d ago

Asia Biofuels Update: Palm Oil Drops to One-Week Low on Declining Crude Oil

Malaysian palm oil futures hit one-week lows on Thursday, as crude oil prices retreated to pre-war levels, and as the local currency continued to recover, dampening export competitiveness.The Bursa Malaysia Derivatives' July crude palm oil contract lost 1.14% to 4,523 Malaysian ringgit ($1,089.62) per metric ton. The August crude palm oil contract dipped 1.39% to 4,540 ringgit/mt.Lower crude oil prices erode biofuel economics and make feedstocks like palm oil less attractive, according to Iceberg X trader David Ng, as cited by Bloomberg.A strengthening Malaysian ringgit also pressured prices. It firmed against the US dollar for a third consecutive session on Thursday, rising by a further 0.54% and making exports more expensive for foreign buyers.This weighs on Malaysian shipments, which have so far shown a 19.1% to 25% month-over-month growth in the June 1-20 period, based on latest cargo estimates.During the same period, the country's crude palm oil production rose 4.76% from a month earlier, media outlets reported, citing estimates by the Malaysia Palm Oil Association.However, a developing El Nino weather phenomenon could impact yields and reduce output going forward.The last strong El Nino episode, which occurred from early 2015 through mid of 2016, curbed palm oil yields by 8.3% in Indonesia and 14.2% in Malaysia, according to S&P Global Energy.In Indonesia, the July 1 rollout of a higher biodiesel blend of 50%, relative to the current ratio of 40%, will also reduce exportable supplies.Against this backdrop, analysts and industry bodies expect prices to remain supported in the coming months.

Commodities48d ago

Canada Indigenous Groups to Invest $700 Million in 1st Small Modular Reactor in Ontario

The Williams Treaties First Nations will invest $700 million in Ontario Power Generation's Darlington New Nuclear Project, which will be Canada's first grid-scale small modular reactor, it said on Tuesday.The investment is structured to support long-term participation in the facility and creates a mechanism for future Indigenous participation in infrastructure development in the Williams Treaties Territories.Williams Treaties First Nations include seven Michi Saagig and Chippewa Anishinaabeg Nations who are signatories to the Williams Treaties. Their traditional lands lie across much of south-central Ontario, including several lakes.The investment benefits from a loan guarantee from the Canadian Indigenous Loan Guarantee Corporation, owned by Canada Development Investment Corporation.Ontario provincial government is also a 50% guarantor of the loan guarantee through the Indigenous Opportunities Financing program, administered by the Building Ontario Fund.The financing will be provided by a syndicate of Canadian lenders including Manulife, SLC Management and iA Financial Group participating.

Commodities48d ago

Strait of Hormuz Traffic Picks Up After US-Iran MOU, Kpler Says

The transit of commodity vessels through the Strait of Hormuz has seen a notable increase since the signing of a memorandum of understanding between the US and Iran to end the war, according to trade intelligence provider Kpler.An average of 26 commodity vessels have been passing through the crucial waterway everyday since the signing of the interim agreement on June 17, as compared to 10 vessels averaging daily during the conflict. However, the figure is still a long way from the pre-war average of 88 vessels a day, Kpler said.The number of vessels transiting the strait is expected to gradually increase in the coming weeks, barring any setbacks to the ongoing peace negotiations between the US and Iran, Matthew Wright, senior manager of freight at Kpler, told."Rather than a conventional 'queue,' what we observe is vessels holding off and repositioning on the approaches - carriers waiting in the Gulf of Oman and around the entrance to Hormuz, and a backlog of ballast carriers that need to re-enter the Gulf before loading can normalize," Wright said."We'd be cautious about putting a single precise 'number waiting' on the record, because many vessels are switching off their AIS transponders during transit, which makes a live count unreliable."According to Wright, freight rates for very large crude carriers have risen in recent days, incentivizing shipowners to enter the Middle East Gulf. While rates are expected to ease as more vessels return to the region, the normalization process is likely to take several weeks.Insurance costs are expected to remain elevated during the initial stages of the strait's reopening, while insurance requirements and operational procedures remain among the key uncertainties faced by shipowners, he said."On tanker availability specifically, the constraint right now is positioning rather than absolute fleet supply: because so many ballast carriers were kept out of the Gulf, loading activity can't fully normalise until they return, which is exactly the movement we've started to track this past week," Wright said.

Commodities48d ago

Market Chatter: Moscow Refinery Offline for At Least 6 Months; Rosneft Chief Proposes Stabilizing Measures

Repairs at Moscow's oil refinery will take at least six months to complete, following damage caused by Ukrainian drone attacks, Reuters reported Wednesday, citing sources.The plant processed 11.6 million metric tons of oil in 2024 and produced 2.9 mmt of petrol and 3.2 mmt of diesel, according to the report.To address domestic fuel supply concerns, Rosneft chief Igor Sechin proposed to temporarily suspend the mandatory exchange-trading quotas for gasoline and diesel fuel, and to allocate at least 30% of crude oil output to local refining, media outlets reported.President Vladimir Putin reportedly instructed Deputy Minister Alexander Novak to follow up on the proposals sent in a letter by Sechin in late May. Russian business daily Kommersant first reported the development.Russia was also reportedly considering a diesel export ban and fuel imports to stabilize energy supplies.The Russian government press service and Gazprom Neft, operator of Moscow's oil refinery, did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities49d ago

Trump Administration Pushes for Nationwide E15 Sales Measure

Growth Energy, the nation's largest biofuel trade association, on Wednesday expressed support for the Trump administration's request that Congress include year-round E15 gasoline legislation in its supplemental funding package.The call for Congress to authorize permanent year-round availability of the E15 blend is part of a $87.6 billion supplemental funding request by the Office of Management and Budget."Congress should not miss this opportunity to deliver a permanent fix for E15, giving consumers greater access to a lower-cost fuel option and more savings at the pump," Growth Energy CEO Emily Skor said.The Renewable Fuels Association, in a press release, reiterated that President Trump "has called on Congress multiple times to pass legislation that would simply allow consumers to choose lower-cost E15 year-round."Meanwhile, the Senate Agriculture Committee on Tuesday unveiled its long-awaited farm bill draft, which does not include the E15 year-round measure, according to DTN.Lawmakers said that E15 will need to find another path in the Senate and warned that it would not be included in the chairman's bill.Senate Majority Leader John Thune, R-S.D., has also told the Senate Agriculture Committee that he wants to consider E15 during the summer work period before the August recess.

Commodities49d ago

US Natural Gas Update: Prices Rise on Warm Forecasts Ahead of Storage Data

US natural gas futures extended gains in after-hours trading on Wednesday as forecasts for hotter weather lifted cooling demand expectations and analysts predicted a smaller-than-average storage build.The front-month Henry Hub contract and the continuous contract both gained 2.57% to $3.228 per million British thermal units.The Wall Street Journal, citing a note from NatGasWeather.com, reported that US natural gas demand is expected to remain light to moderate through Saturday, then intensify as hotter weather spreads across the eastern two-thirds of the US. High temperatures are forecast to range from the upper 80s to above 100 degrees Fahrenheit, "including 90s for many major central and eastern U.S. cities from Chicago to Washington D.C."Fundamental demand indicators remained mixed. Barchart, citing BNEF data, said total US natural gas demand on Wednesday was estimated at 72.3 billion cubic feet per day, down 13.7% from a year earlier.Celsius Energy reported power-sector gas consumption, or powerburn, at 37.7 bcf on Tuesday, up 1.3 Bcf from the previous day but down 6.1 Bcf from the same day last year. Gelber & Associates put powerburn at 41.5 Bcf on Wednesday.Gelber also said LNG demand remains an important structural support, with net LNG exports at 19.1 Bcf/d and market expectations still pointing to stronger export demand into July.Market participants are now focused on weekly storage data due on Thursday from the US Energy Information Administration.Barchart said expectations for a smaller-than-average storage build also supported prices on Wednesday. Market consensus calls for a 67 Bcf increase in EIA natural gas inventories for the week ended June 19, below the five-year average injection of 75 Bcf for the period. Gelber & Associates expects a 73 Bcf build.The Wall Street Journal said analysts expect the EIA report to show a 70 Bcf injection, adding that such a build would reduce the storage surplus relative to the five-year average to 146 Bcf from 151 Bcf.

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Commodities48d ago