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Market Chatter: Stonepeak Raises $2.5 Billion in Private Bonds to Refinance Louisiana LNG Debt

Stonepeak has raised about $2.5 billion through a private bond sale to refinance debt tied to its investment in the Louisiana LNG export project in Calcasieu Parish, Louisiana, Bloomberg reported on Wednesday, citing people familiar with the matter.The bonds were reportedly issued by Stonepeak Wallaby I Acquiror, a holding company backing the project, with Mizuho Financial and RBC arranging the deal.Proceeds are to refinance construction-related borrowing for the LNG terminal. Stonepeak acquired a 40% stake in the project from Woodside Energy (WDS) in 2025. The facility, under construction since 2022, is expected to begin LNG exports in 2029. Terms of the financing were not disclosed.Stonepeak Wallaby I Acquiror, Mizuho Financial, and RBC did not immediately reply to a request for comment from.(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.)

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Commodities49d ago

Moment Energy Opens Battery Repurposing Megafactory, Targets 1 GWh Output by 2030

Moment Energy opened Megafactory 1, the world's largest electric-vehicle battery repurposing facility, just six weeks after announcing the project, the company said Tuesday.The facility converts retired EV batteries into battery energy storage systems designed for data centers, hospitals, factories, microgrids, and other critical infrastructure applications, the company said.The company brought the facility online as electricity demand rises from artificial intelligence, data centers, electrification, and grid modernization initiatives.By 2030, the facility is expected to produce 1 gigawatt-hour of battery energy storage systems annually. The project will also create more than 100 direct jobs and support over 1,000 indirect positions across British Columbia, the company said.Moment Energy said support from private investors and government programs helped transform the company from a university startup into a provider of second-life battery storage systems.Moment Energy opened the facility after securing $40 million in Series B financing, bringing total funding raised above $100 million. The company also recently obtained what it said was the industry's first product and functional safety certification for a battery management system tailored to second-life EV batteries."Demand for energy storage is accelerating, and so is the supply of retired EV batteries. We show that the right technology can enable North America to re-onshore domestic manufacturing in weeks, not decades, creating thousands of jobs and economic prosperity," said Edward Chiang, Co-Founder and CEO of Moment Energy.

Commodities49d ago

US Biofuels Update: Weak Soybean Oil, Absence of Chinese Demand Pressure Soybean Futures

Biofuels feedstock futures closed lower on Wednesday, pressured by favorable crop growing conditions and a deep cut in the crude oil market.The Chicago Board of Trade July soybean futures contract closed 0.83% lower at $11.07 3/4 per bushel, and the CBOT July soybean oil futures contract settled 1.64% lower at 69.43 cents per pound.The Nymex July ethanol futures contract settled 0.55% lower on Tuesday at $1.82 per gallon.Rhett Montgomery, a DTN analyst, said a lack of support from soybean oil and the absence of Chinese demand pressured the soybean market."After holding stubbornly on Tuesday to marginal gains despite bearish outside influences, soybean prices broke lower on Wednesday to the lowest close for the July contract since February 3," Montgomery said in a daily note.He added that soybean futures remained caught between firm front-month meal prices, despite ending the session below its intraday highs, and continued weakness in soybean oil futures, which have now declined in seven of the past ten trading sessions.Meanwhile, the US Department of Agriculture's daily export reporting system was again quiet on Wednesday, disappointing traders who had hoped for additional sales following China's first new-crop US soybean purchases announced last weekOn Wednesday, the Energy Information Administration's Weekly Petroleum Status Report showed that for the week ending June 19, US ethanol production averaged 1.09 million barrels per day, slightly below last week's 1.10 mmb/d and above last year's 1.08 mmb/d.The four-week average output at 1.10 mmb/d was unchanged from last year.Midwest ethanol production averaged 1.04 mmb/d, equal to the previous week. Four-week average output at 1.04 mmb/d, compared with 1.05 mmb/d a year ago.Domestic ethanol inventories ended the week at 24.6 million barrels, slightly above 24.5 mmbbls from a week ago and above 24.4 mmbbls a year ago.

Commodities49d ago

UK Solar Homes Generated 10 Million Air Conditioning Hours Daily During Heatwave, Ember Says

UK households with rooftop solar generated enough electricity to power about 5 hours of daily whole-home air conditioning during the June 2026 heatwave, Ember said in a note on Wednesday.A typical rooftop solar system produced enough electricity to run a 3-kilowatt air-conditioning setup for around five hours a day during the early stages of the heatwave, highlighting the link between solar generation and cooling demand, Ember said.Solar output reached about 15 kilowatt-hours a day on June 21 and June 22, when the heatwave coincided with the summer solstice and boosted generation from household installations.The UK Met Office issued Red Extreme Heat Warnings for parts of England and Wales on June 24 and June 25 after upgrading an Amber warning introduced on June 22. Forecasts showed temperatures exceeding 37 degrees Celsius.As temperatures rise, nearly 22% of UK buildings may require active cooling in a 2-degree Celsius warming scenario, while English schools could face 70% more days with temperatures reaching 35 degrees Celsius, according to the Climate Change Committee's 2026 climate risk assessment.During each day of the heatwave, Britain's 1.9 million solar-equipped homes produced enough electricity to support roughly 10 million hours of air-conditioning use. Growing battery adoption is also helping households use more of their solar generation throughout the day, Ember said.Home battery installations doubled between 2024 and 2025, while households completed a record 253,500 rooftop solar installations in 2025. Installation activity during the first four months of 2026 ran 3% ahead of the same period last year.Developers have secured contracts for 10,343 megawatts of additional solar capacity under the government's Contracts for Difference scheme, compared with 854 megawatts currently operating, according to Ember.Expecting excess electricity supply during summer periods, the National Energy System Operator plans to use its Demand Flexibility Service to reward consumers for increasing power consumption when solar generation is abundant.Subsidy programs helped Britain install 10 GW of solar capacity between 2012 and 2017 before deployment slowed sharply. Less than 2.5 GW was added during the following five years as support programs were phased out, Ember said.Solar development has accelerated again despite the absence of household subsidies. Britain installed more than 2.5 GW of solar capacity in both 2024 and 2025, exceeding the total capacity added between 2017 and 2021.Frequent record-breaking output signals that Britain has entered a second solar growth cycle. The country reset its half-hourly solar generation record 11 times in the first half of 2026, while output through June 21 ran 2% above 2025 levels after 2025 generation jumped 30% from 2024.Solar production also exceeded 16 GW for the first time in 2026, more than 50% above levels recorded during the 2022 energy crisis, according to Ember.

Commodities49d ago

US Crude Stocks Fall In June as Refinery Runs Stay Near Peak, EIA Says

US commercial crude oil inventories fell by 6.1 million barrels during the week ended June 19, as refinery throughput slowed and domestic stockpiles remained well below their five-year historical averages, the Energy Information Administration said on Wednesday.The EIA said the decline brought commercial crude inventories to 412.1 million barrels, leaving stocks 7% below the five-year average for this time of year.Refining activity saw a slight pullback, with US refineries processing 17.1 million barrels per day of crude oil, down 81,000 b/d from the previous week. The EIA said that, despite the dip, refinery capacity utilization remained robust at 96.1%.On the supply side, crude oil imports rose by 436,000 b/d to 5.6 million b/d. However, the four-week average of imports remains 4% lower than the year-ago level.Product inventories saw divergent trends. Gasoline stocks grew by 2.1 million barrels, while distillate inventories, which include diesel and heating oil, increased by 3.1 million barrels.The EIA said despite these builds, both gasoline and distillate stocks remain 5% and 10% below their respective five-year averages. Propane/propylene stocks climbed by 2.6 million barrels, leaving them 35% above the five-year average.On the demand side, the agency said total product supplied over the past four weeks averaged 20.5 million b/d, up 2% from a year earlier.Gasoline implied demand fell 3% year-on-year to 8.8 million b/d, while distillate demand rose 3% to 3.6 million b/d. Jet fuel demand increased 1% compared with the same period last year.

Commodities49d ago

EU Bets on Batteries and Smart Electrification to Replace Gas Flexibility by 2030, Ember Says

Grid operator scenarios across the EU show a rapid shift toward non-fossil flexibility, driven by an accelerated build-out of batteries alongside smart electric vehicle charging and heat pumps, reducing reliance on gas-fired backup in power system balancing, Ember analysts said in a Wednesday note.Installed battery capacity in the EU is projected to jump from 43 gigawatts in 2025 to 178 GW by 2030. At that scale, batteries could supply more than 80% of the combined hourly output of all EU gas power plants in one hour, up from about 25% in 2025. The expansion would also raise the battery-to-solar-and-wind capacity ratio from 3% to 12%, signaling that storage is catching up with renewables.Utility-scale batteries are expected to grow nearly tenfold to 107 GW, supported by co-location with wind and solar projects and falling costs. According to estimates cited by the Agency for the Cooperation of Energy Regulators, 4-hour battery systems could cost around 560 euros/kW ($635/kW) by 2030, versus at least 650 euros/kW for new gas peaker plants, with some estimates already lower today.Industry analyses from organizations such as Ember and the International Renewable Energy Agency place 2025 battery costs near 412 euros/kW, continuing a steep downward trend.Behind-the-meter storage is also expanding, with rooftop solar batteries enabling a rise in daily solar shifting from 12% to 17% by 2030. In Germany, that share could reach 25%.Electrification of transport and heating adds a second layer of flexibility. One in six EU cars could be electric by 2030, with half of charging potentially shifted to periods of high wind and solar output, equivalent to roughly 7% of peak renewable generation absorption. Heat pumps could reach one in five households, with up to 15% of demand flexible enough to shift, cutting peak demand by around 3%.Smart meter deployment and automation remain uneven across the bloc but are critical to scaling demand response. EVs and heat pumps together are expected to significantly smooth demand peaks if paired with dynamic pricing and incentives.Without stable policy frameworks, battery deployment could stall at roughly 54 GW by 2030. With current momentum, however, the system is trending toward 178 GW, bringing the EU close to its broader 200 GW storage ambition, including pumped hydro.

Commodities49d ago

US Natural Gas Update: Futures Edge Higher on Weather Outlook, Mixed Fundamentals

US natural gas futures rose in midday trading on Wednesday, supported by forecasts of above-average temperatures at the end of June and early July, alongside some tightening in near-term fundamentals.Both the Henry Hub front-month contract and the continuous futures benchmark were up 1.72% at $3.201 per million British thermal units.Liquidity Energy said momentum indicators remain in neutral territory, underscoring the absence of a clear directional trend. It added that price action continues to orbit the 20-day moving average, with neither buyers nor sellers maintaining sustained control.On weather, Trading Economics noted expectations of cooler-than-average temperatures across Eastern population centers in the near term. It added that air-conditioning demand is likely to be reduced between June 23 and June 27 as a result.However, Aegis Hedging said prices were supported by forecasts indicating that population-weighted temperatures will rise above the 10-year average next week and remain elevated into early July.On demand, NRG Energy said power burn for June is running 0.7 billion cubic feet per day below the same month last year, a factor it said has contributed to recent bearish pressure, while noting that overall demand trends remain higher.NRG also said LNG feedgas has averaged 18 Bcf/d year-to-date, with flows expected to remain at or above that level over the next two weeks. It reported Wednesday flows at 41.3 Bcf/d and projected an increase to 45.7 Bcf/d over the 8-14 day period as temperatures rise across the eastern US.On the supply side, Gelber & Associates said fundamentals remain anchored by domestic production of about 110 Bcf/d, while net Canadian imports have eased to 5.5 Bcf/d, putting total supply at a healthy 115.5 Bcf/d.It added that broader market commentary still views supply as a constraint on upside, as production recovery and the end of pipeline maintenance restore availability.NRG Energy said it expects a 64 Bcf injection for the week ending June 19, to be reported Thursday by the US Energy Information Administration. That would leave inventories 140 Bcf above the five-year average and 61 Bcf below the same week last year.

Commodities49d ago

Australia Faces Rising Inflation Risks From Oil Dependence, IEEFA Says

Australia can reduce future inflation shocks by cutting its reliance on imported oil products, the Institute for Energy Economics and Financial Analysis said Wednesday.A new IEEFA Australia report said the country has shifted from oil self-sufficiency to import dependence over the past generation, exposing the economy to fuel supply disruptions and price spikes highlighted by the Iran fuel crisis.Australia imports about 90% of its diesel, 80% of its jet fuel and 68% of its petrol. Since 2000, diesel consumption has increased 2.5 times, while jet fuel demand has nearly doubled, the report said."It is now the world's largest importer of diesel, representing 10% of net global seaborne trade. Australia is also the third-largest importer of jet fuel and petrol. This is well above the country's share of global GDP," said Amandine Denis-Ryan, chief executive officer of IEEFA Australia.The report said oil prices have increased by an average of 6.9% annually since 2000, while oil-related costs have risen by 8.9% annually. Geopolitical tensions have also contributed to greater price volatility.Oil price increases affect inflation through household transport costs, higher prices for goods and services, and inflation expectations. Household transport spending alone contributed one percentage point to consumer price inflation in March, according to the report.The Reserve Bank of Australia raised interest rates by 0.25% last month, citing concerns that the latest oil shock could spread into broader inflation across the economy."For severe shocks with a high chance of unanchoring inflation expectations, they will take forceful monetary policy action," Denis-Ryan said. "In the case of an initial supply-side shock... a forceful response can have high economic costs, potentially leading to a recession."The report said tighter monetary policy can increase the cost of transitioning away from fossil fuels, even as some European central bankers advocate faster energy transitions to improve long-term price stability.Australia could reduce one of its biggest sources of imported fuel demand by speeding up transport electrification, according to the report. IEEFA said a near-complete shift to electric road transport by 2050 would lower the country's oil consumption by roughly 50%.Transport electrification would require electricity equal to 42% of current demand, making faster grid upgrades and integration technologies essential to support the transition.IEEFA also called for cheaper EV financing, noting electric vehicles will require about AU$1.3 trillion ($896.77 billion) of investment through 2050. The report urged the Reserve Bank of Australia to consider discounted lending facilities until EVs reach cost parity.

Commodities49d ago

EMEA Natural Gas Update: Hormuz Transits Ease Supply Risks Amid Heatwave

European natural gas futures edged lower in after-hours trading on Wednesday as easing geopolitical risk from US-Iran peace talks reduced supply risk premiums, even as weather-driven demand swings and tight balances continued to underpin volatility.The front-month Dutch TTF contract price fell by 2.51% to 40.96 euros ($46.55) per megawatt hour, while the UK NBP contract dropped 3.22% to 97.06 British pence ($1.28) per therm.CNBC, citing Kpler data, reported that vessel transits through the Strait of Hormuz in June have reached their highest level since the US-Israel strike on Iran on Feb. 28, though flows remain well below prewar levels when around 15 million barrels per day passed through the strait. The risk rating for shipping through the corridor has been downgraded from 'critical" to "moderate," by the Joint Maritime Information Center.On the European demand side, Mind Energy said Monday's heatwave-driven demand spike and weaker renewable generation temporarily supported prices, but expects downward pressure ahead as forecasts turn milder across Central and Western Europe from early July.Weather disruption continued to distort power and gas-linked demand. The Guardian reported that the UK imported electricity from Europe on Tuesday at more than six times normal prices as a heat dome reduced wind generation and constrained supply. Low wind speeds across continental Europe also weighed on renewable output, while elevated river temperatures in France reduced nuclear generation by limiting cooling capacity. Five UK gas-fired power stations reportedly reduced output due to "ambient" conditions, cutting about 2.5 gigawatts from the system.In Asia, ANZ analyst Daniel Hynes said China's LNG imports are rising into the summer peak, with the 30-day moving average at about 178,000 tonnes per day, the highest since early February. The increase in Asian buying could hamper Europe's ability to rebuild gas inventories ahead of winter.Data from Gas Infrastructure Europe shows EU gas storage at 46.97% of capacity, compared with 56.23% a year earlier and below the five-year average of 61.4%, according to the Swiss Federal Office of Energy.

Commodities49d ago

Market Chatter: Russia Turns to Kazakhstan for Gasoline Amid Refinery Outages

Russia is considering purchases of about 50,000 metric tons of AI-92 gasoline from Kazakhstan as fuel availability comes under pressure after a series of refinery setbacks, Reuters reported Wednesday, citing four industry sources.Ukrainian drone attacks, coupled with outages and unexpected repair work at several major refineries, have reduced Russia's gasoline production, prompting officials to seek additional supplies from Kazakhstan, according to the report.The Ministry of Energy of the Russian Federation and the Ministry of Energy of the Republic of Kazakhstan did not immediately reply 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

Canadian Oilfield Services Stocks Slip 1% Over Week as WCSB Activity Climbs, RBC Says

The Western Canadian Sedimentary Basin rig count increased by nine over the week to 209, reaching 55 above year-ago levels and surpassing RBC Capital Markets' second-quarter forecast of 143 rigs, RBC Capital Markets said in a Tuesday note.The 209-rig count sits 34 above the five-year average, while the quarter-to-date average of 162 has surpassed RBC's second-quarter forecast of 143 rigs, according to the note.Private operators added three rigs over the week, while large exploration and production companies producing more than 75,000 barrels of oil equivalent per day increased activity by six rigs, RBC said.Montney activity rose by one rig to 36. Ovintiv (OVV) operated six rigs, and Tourmaline ran five, while Precision (PDS) held 22 rigs, or 61% of the total, followed by Ensign with seven rigs, or 19%, and Savanna with four rigs.Duvernay activity declined by one rig to 15. Canadian Natural Resources (CNQ), Paramount, and Whitecap each operated two rigs, while Ensign led drillers with five rigs, or 33% of total activity, followed by Fox and Jomax with two rigs each, RBC added.Heavy oil drilling increased by five rigs to 52. Canadian Natural Resources operated 12 rigs, Spur six and Cenovus (CVE) five, while Precision controlled 24 rigs, or 46% of activity, ahead of Ensign's nine rigs and Savanna's five rigs.Oil sands activity fell by two rigs to 14. Cenovus operated six rigs, while CNOOC and Canadian Natural Resources each ran two.RBC expects covered producers to generate $7.6 billion of pre-dividend free cash flow in both 2026 and 2027 while reinvesting 62% and 63% of cash flow, below the five-year average of 64%.Canadian oilfield services stocks declined 1% over the week. Enerflex (EFXT) gained 8.3%, Calfrac advanced 2.9%, and Trican added 2.2%, while Precision (PDS) fell 3.2%, Ensign lost 4.1%, and Pason dropped 5.2%, the note said.RBC's Canadian oilfield services coverage group has gained 34.8% so far in 2026, outperforming the S&P/TSX Capped Energy Index, which has advanced 30.6% over the same period.Price: $24.55, Change: $-0.70, Percent Change: -2.77%

$CNQ$CVE$EFXT$OVV$PDS

Commodities49d ago

Global Solar Sector Faces Cost and Supply Pressures, Wood Mackenzie Says

The global solar industry is seeing stronger demand, but growing economic and supply-side pressures are creating new challenges, Wood Mackenzie analyst Michelle Davis said in a Tuesday note.The sector continues to expand, but the path to new capacity is becoming more complex. Faster demand growth, shifting policy environments, and ongoing geopolitical disruption are reshaping investment decisions and testing supply chains. While overall momentum remains positive, developers and investors are facing a more uncertain operating environment heading into the second half of the year.In the US, long-term electricity demand projections have been revised upward again, driven largely by rapid growth in data center development. This is increasing pressure on power generation and accelerating the need for new capacity additions.Solar remains a key pillar of new electricity supply and is expected to continue playing a major role in meeting rising demand over the next decade. Its relatively low cost and speed of deployment continue to support its competitiveness in markets where supply is tightening.At the same time, industry economics are under strain. Rising input costs are pushing up manufacturing expenses, forcing producers to adjust pricing strategies and accelerate efforts to reduce reliance on key materials. These cost pressures are becoming a central concern across the value chain.Technology transition is also shaping the outlook, Davis said. Current mainstream solar designs are expected to dominate in the near term, but the industry is already preparing for the next wave of innovation. New approaches under development show strong long-term potential, though widespread commercial rollout remains several years away due to durability and scaling challenges.

Commodities49d ago

Oil Investors Pivot to Long-term Shale Plateau as Market Sentiment Shifts, TPH Says

Institutional investors are increasing exposure to oil equities, with a growing focus on the medium- to long-term implications of a maturing US shale industry and expectations for tighter balances in regional gas markets, TPH Energy said in a Wednesday note.Matt Portillo, analyst at TPH Energy, said investors are showing heightened interest in oil equities following recent volatility in the front end of the crude curve.Though near-term fundamentals and the recovery in Middle East production and crude and product inventory trends remained in focus, investors were more engaged with structural shifts in global oil markets.TPH said clients were focused on its view that US shale output will begin to plateau toward the end of the decade, supporting a potential mid-cycle crude price of around $80 per barrel. The firm's base case forecast for next year is $75 per barrel to $80/bbl.Portillo said the structural outlook is driving more thoughtful allocation to a select group of US oil names, noting that long-only funds are also showing increased interest in Canadian senior energy producers and international oilfield service companies.On natural gas, investor discussions centered on supply-demand dynamics in the US Northeast, where TPH expects regional balances to tighten over the coming years.The firm said the shift in investor positioning reflects a broader thematic rotation toward longer-dated energy fundamentals rather than short-term price movements.

Commodities49d ago

Westlake's Q2 Earnings to Surge on Robust PE, PVC Prices Amid Iran Conflict, TPH Says

Westlake (WLK) is poised for a rebound in Q2 earnings as supply disruptions stemming from the Middle East conflict boosted prices for polyethylene, PVC, and caustic soda, TPH Energy strategists said in a note on Wednesday, although profit is still projected to fall short of Wall Street estimates.Matthew Blair, analyst at TPH Energy, raised his estimate for Westlake's Q2 adjusted EBITDA to $608 million from $506 million, a significant recovery from $198 million in Q1 excluding inventory-related impacts. The forecast, however, remains below the consensus estimate of $645 million.The company's Performance and Essential Materials segment is projected to account for the bulk of the improvement, with TPH projecting EBITDA of $406 million.Global outages and supply disruptions stemming from the Middle East conflict lifted prices across key products, particularly polyethylene, where US contract and spot prices are estimated to have risen by 34 cents and 26 cents per pound, respectively, from the previous quarter.TPH said PVC prices also strengthened, with US contract and spot prices expected to rise by about 9 cents a pound despite Chinese carbide-based producers maintaining high operating rates.Caustic soda markets saw additional support, with US contract prices rising by about $20 per metric ton and spot prices climbing by roughly $60 per ton.The bank said lower feedstock costs, especially for US ethane and natural gas, combined with higher operating rates, further improved margins. Westlake's PEM unit is forecast to generate more earnings in Q2 alone than it did in all of 2025.However, TPH was more cautious on the company's Housing and Infrastructure Products segment, where it forecasts EBITDA of $227 million.Westlake recently indicated that results would likely come in at the lower end of its full-year revenue and margin guidance ranges. Demand indicators have also weakened, with US housing starts falling to their lowest level in five years in May and the Architecture Billings Index declining amid elevated mortgage rates and rising construction costs.Higher PVC contract prices are also expected to weigh on margins in the quarter, the bank said in a note.Going forward, TPH expects profitability to moderate in Q3 as market conditions normalize. The brokerage forecasts EBITDA of $529 million, below the consensus estimate of $652 million.Spot prices for US PVC and polyethylene are currently about 6 cents and 13 cents a pound, respectively, TPH said, below second-quarter averages, while operating rates are expected to ease as supply flows recover.Price: $74.56, Change: $-1.92, Percent Change: -2.51%

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Commodities49d ago

Market Chatter: Nord Stream 2 Pipeline Owner Sues EU Over Russian Gas Import Ban

The Nord Stream 2 gas pipeline, controlled by the Russian state-owned Gazprom, is suing the European Union in the bloc's second-highest court, in its bid to annul the phase-out of gas imports from Russia.Referring to the EU law aimed at halting all Russian gas imports into Europe by late 2027, which was approved by the EU, the company argued that it was a sanction-like measure requiring the approval of all EU member states, adding that the regulation was thus "null and void."This decision was taken by the bloc in order to sever its ties with Moscow, which, up until its invasion of Ukraine in 2022, was the largest supplier of gas for the region.Gazprom did not immediately respond to' request for a comment on this story.(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

US Natural Gas Update: Futures Edge Higher Amid Above-Average Temperatures, Tighter Fundamentals

US natural gas futures edged higher on Wednesday, amid forecasts of above-average near-term temperatures and tightening fundamentals.Both the Henry Hub front-month futures and continuous contracts were up 1.21%, at $3.19 per million British thermal units.Over two-thirds of the country is expected to see above-normal temperatures, barring the Westernmost regions, during July 1 to July 7, according to the National Weather Service, leading to increased demand for space cooling power.Meanwhile, LNG export feedgas flows continued to edge higher, estimated at 18.96 billion cubic feet per day, compared to the 30-day moving average of 18.15 Bcf/d, according to the Bloomberg LNG Feedgas Model.Forecasts expect the weekly natural gas storage report, scheduled to be released on Thursday, to show a net injection of 67 Bcf, down from a net build of 73 Bcf the prior week and 96 Bcf during the same period last year, according to data compiled by Investing.com.This marks another bullish signal for the markets, as Pinebrook Energy Advisors noted that if inventories continued to remain above the five-year average surplus, it could "keep a lid on prices," failing which the market would "break to the upside."

Commodities49d ago

TPL Expands Data Center Footprint With Project Kilby Agreement in Texas, TPH Energy Says

Texas Pacific Land (TPL) agreement to provide land and water solutions for Chevron's (CVX) Project Kilby development marks another step in West Texas data center expansion, though meaningful revenue may not arrive before 2028, TPH Energy said in a Wednesday note.The company announced Tuesday that it will provide land for cash consideration and grant exclusive rights to source aquifer-derived water for a power generation facility and related infrastructure at the Reeves County, Texas, project.Chevron's participation and Microsoft's (MSFT) role as data center operator strengthen the project's profile, although the agreement appears to overlap with land and water supply arrangements disclosed alongside first-quarter 2026 earnings, the note said.Previous partner disclosures pointed to a final investment decision by the end of 2026, with developers planning to invest over multiple years before delivering the first power from the project in 2028, according to TPH Energy.The water supply agreement is unlikely to generate a meaningful financial contribution until at least 2028 because the project still faces a lengthy development and construction timeline.TPH Energy views the latest deal as evidence that West Texas data center projects continue to advance and expects TPL to remain involved in future developments.Price: $372.00, Change: $+2.10, Percent Change: +0.57%

$CVX$MSFT$TPL

Commodities49d ago

IEA and COP31 Leaders Push Electrification Goals Before Climate Summit

Ministers and energy leaders meeting ahead of the COP31 climate summit discussed accelerating electrification, cutting waste and methane emissions, and strengthening energy security as countries grapple with an energy crisis linked to the conflict in the Middle East, the International Energy Agency said in a statement on Tuesday.The talks, convened by IEA and the COP31 Presidency during London Climate Action Week, were the second in a series of High-Level Energy Transition Dialogues ahead of the November summit in Antalya, Turkiye.Participants included ministers from Colombia, Ethiopia, the Netherlands, Norway, Turkiye, and the United Kingdom, as well as European Commissioner for Energy and Housing Dan Jorgensen.Discussions centered on COP31 goals unveiled earlier this month in Bonn, including a target to meet 35% of final energy consumption with electricity by 2035. The target was identified by the IEA as a key milestone for implementing outcomes agreed at the COP28 summit in Dubai.Delegates also highlighted methane abatement and zero-waste strategies as tools to reduce emissions and improve energy system resilience, including efforts to halve the growth of global waste. Expanding access to electricity and clean cooking, particularly through increased infrastructure investment and lower financing costs, was another focus."Amid the current energy crisis, governments around the world are rethinking their energy strategies," IEA Executive Director Fatih Birol said, adding that the IEA would support the COP31 Action Agenda with new analysis, including reports on electrification and waste.COP31 President-Designate Murat Kurum, who also serves as Turkiye's Minister of Environment, Urbanization and Climate Change, said COP31 would seek to build political support for electrification and waste-reduction goals, while Chris Bowen, the COP31 President of Negotiations and Australia's Minister for Climate Change and Energy, stressed that countries now have more options than in past oil crises, including energy efficiency measures, renewable power, modern grids and energy storage.

Commodities49d ago

Tata Power's Mundra Plant to Run Until Sept. 30 Under Extended Government Directive

Tata Power said in a filing on Tuesday that the Indian government has extended a special operating order for its 4-gigawatt Mundra Thermal Plant until Sept. 30, positioning the facility to support power demand through the monsoon season.India's Ministry of Power pushed the validity of directions issued under Section 11 of the Electricity Act, 2003, beyond the previous June 30 expiry date, the company said in a regulatory filing.The extension comes as El Nino conditions threaten to limit rainfall during the monsoon, a trend that can keep temperatures elevated and increase electricity consumption for both cooling and agricultural irrigation.Section 11 allows the government to direct generating stations to continue operations during exceptional circumstances, including natural disasters or situations affecting national security.The order ensures the Mundra plant remains available through Sept. 30, extending the government's mandate by three months as authorities prepare for potential weather-related pressure on the power system.

Commodities49d ago

Update: Weekly US Crude Inventories Drop by 6.1 Million Barrels, EIA Says

(Updated with additional details.)US commercial crude oil inventories decreased by 6.1 million barrels to 412.1 mmbbls in the week ended June 19, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 7% below the five-year average for this time of year, the EIA said.The decline exceeds Macquarie's forecast of a 1.9-mmbbl draw for the week ending June 19.US Strategic Petroleum Reserve inventories dropped to 331.2 mmbbls for the week ended June 19, down from 340.3 mmbbls a week ago, marking a weekly decline of 9.1 mmbbls, EIA data showed.Crude oil input to refineries decreased by 81,000 barrels per day from the previous week to average about 17.1 mmb/d in the week ending June 19. Crude oil production rose by 13,000 b/d to 13.8 mmb/d.Commercial crude imports increased by 436,000 b/d to average about 5.6 mmb/d. Total motor gasoline stockpiles increased by 2.1 mmb/d from last week to 216.3 mmbbls, and distillate stocks increased by 3.1 mmb/d to 106.1 mmbbls, the agency said.

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Commodities49d ago