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US Ends 2 Offshore Wind Projects, Redirects Investment to Oil, Gas

The US has reached agreements with two offshore wind developers to terminate projects and redirect investment into conventional energy projects, the US Department of the Interior said on Tuesday.The Department said Bluepoint Wind and Golden State Wind agreed to voluntarily end their offshore wind leases and instead commit funds to liquefied natural gas and other traditional energy infrastructure.The agreements follow a similar arrangement with TotalEnergies (TTE) and form part of President Trump's Energy Dominance Agenda, which prioritizes fossil fuel development over renewable energy sources.US Interior Secretary Doug Burgum said the deals would help shift investment away from what he described as "intermittent, higher-cost" energy projects and toward "affordable, reliable" baseload power."Companies are once again investing in secure energy infrastructure that will lower utility bills for American families," Burgum said.Bluepoint Wind investors, including BlackRock's Global Infrastructure Partners and Ocean Winds, have committed up to $765 million to LNG projects, matching their original bid for the lease. The US, in return, will cancel the lease and reimburse the payment once the investment is deployed.Golden State Wind, meanwhile, will exit its lease in California's Morro Bay area and can recover about $120 million in fees after committing an equivalent amount toward oil, gas, or LNG projects along the Gulf Coast.The developers also signaled a broader retreat from US offshore wind. Both entities said they do not plan to pursue new offshore wind projects in the country, underscoring mounting headwinds for the sector amid shifting policy support and rising costs.The Department of Justice, which helped facilitate the agreements, said the settlements would avoid prolonged litigation and ensure taxpayer funds are not used to subsidize projects deemed unviable without government support.Price: $91.14, Change: $+2.40, Percent Change: +2.71%

$TTE

Commodities57d ago

US Energy Production Rises 3% in January; Gas, Renewables Lead Gains

US energy production reached 9.1 quadrillion British thermal units in January, rising 3% over the year, the US Energy Information Administration said in a Monthly Energy Review on MondayDry natural gas led fossil fuel output with a 46% share, followed by crude oil at 31%, coal at 12%, and natural gas plant liquids at 11%, the agency said.Renewable energy output showed biomass contributing 56%, wind 20%, hydroelectric power 12%, solar 11%, and geothermal energy 1%, EIA added.Natural gas plant liquids production jumped 7% over the year, while dry natural gas and renewable output each increased 4%, according to the EIA.Nuclear power and coal production each rose 2%, while crude oil output edged up 1% over the year, indicating moderate growth in traditional energy segments, the agency said.

Commodities57d ago

Tokyo Gas FY2025 Gas Sales Slip, Power Volumes Surge

Tokyo Gas reported 2025 earnings on Tuesday, showing consolidated gas sales volumes fell to 11.18 billion cubic meters, a slight decrease from 11.21 billion cubic meters a year earlier.The utility firm's retail customers rose to 8.86 million, while the total number of meters in operation increased to 12.69 million.The company also said that retail electricity customers rose to 4.34 million, while total power sales surged to 28 billion kilowatt-hours. Wholesale volumes jumped 28.4%, outpacing a 14% rise in retail electricity sales.Meanwhile, the gas supplier said it expects consolidated net sales to surge to 2.95 trillion Japanese Yen ($18.49 billion) in fiscal 2026, while gas sales volume is projected to drop to 10.79 billion cubic meters. Electricity sales, in contrast, are projected to increase to 28.49 billion kWh.Tokyo Gas's assumptions for the fiscal year include an exchange rate of 155 Japanese Yen per dollar and oil prices averaging $85 per barrel.

Commodities57d ago

US Ethanol, Renewable Diesel Production Dropped, Biodiesel Output Rose to Start 2026, EIA Says

US ethanol dropped while biodiesel production rose to start the year, according to the Energy Information Administration's Monthly Energy Overview released on Monday.The report, which shows recent and historical US energy statistics, pegged ethanol production in January at 33.73 million barrels, down from 35 mmbbls in December.Ethanol consumption dropped to 26.3 mmbbls compared with 29.9 mmbbls in December.Biodiesel production in January rose to 2.16 mmbbls versus 2.02 mmbbls in December. Biodiesel exports plunged to 27.37 mmbbls in January from 69.31 mmbbls in December 2025. Biodiesel consumption in January totaled 22.40 mmbbls, up from 21.07 mmbbls in December.Also, renewable diesel production dropped in January to 4.68 mmbbls, compared with 6.08 mmbbls in December. RD consumption in January fell to 3.36 mmbbls, down from 5.51 mmbbls in December.

Commodities57d ago

CNOOC Q1 2026 Production Hits Record as Output, Profit Rise on Overseas Growth

China's state-owned energy giant CNOOC reported on Tuesday that its first quarter 2026 net production rose to a record 205.1 million barrels of oil equivalent, up 8.6% from a year earlier.Domestic production increased 7.0% year-on-year to 140.0 million BOE, while overseas output climbed 12.3% to 65.1 million BOE, driven largely by contributions from projects including Kenli 10-2 and the Yellowtail development in Guyana.The company said it made four new discoveries during the quarter and successfully appraised 12 oil- and gas-bearing structures. Among them, the Luda 16-1 discovery highlighted the exploration potential of Paleogene lithological plays in the Liaozhong Depression.CNOOC added that the Enping 20-5 structure was successfully appraised, underscoring the effectiveness of its integrated rolling exploration strategy.On the development front, the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield Block 1/2/3/8/9 Secondary Adjustment Project have commenced production, while other new projects continued to advance steadily.The company's unaudited oil and gas sales revenue for the first quarter rose to approximately 97 billion Chinese Yuan ($14.22 billion), up 9.9% from a year earlier, driven by higher realized oil prices and increased sales volumes.The company said its all-in cost stood at $28.41/BOE, underscoring continued cost competitiveness.Capital expenditures for the period totaled around 33.02 billion Chinese Yuan, primarily reflecting accelerated drilling of exploration and adjustment wells, as well as expanded investment in production capacity construction.

Commodities57d ago

Update: UAE to Leave OPEC, OPEC+ on May 1

(Updates with confirmation from state news agency and minister of energy and infrastructure throughout.)The United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and OPEC+, effective May 1, the Emirates News Agency said in a Tuesday statement.This decision reflects the UAE's long-term vision and dynamic energy profile, including investments in domestic energy production, Suhail Al Mazrouei, minister of energy and infrastructure, said in a Tuesday post on X.Upon departure, the UAE will bring additional production to market gradually based on demand conditions, and continue working with partners to drive economic growth and diversification, according to the state-owned news agency.The UAE energy ministry, the Saudi energy ministry, OPEC, IEA, and Adnoc didn't immediately respond to requests for comment from.

Commodities57d ago

Rosatom Starts Bangladesh Nuclear Unit Fuel Load, Targets 2,400 MW Output

Rosatom has launched fuel loading at Bangladesh's first nuclear plant, advancing the 2,400-megawatt Rooppur project toward power generation, the company said Tuesday.The company began inserting fresh nuclear fuel into Unit 1 of Rooppur NPP, marking the first step in the commissioning phase for the Rooppur Nuclear Power Plant, Rosatom said.Rosatom's engineering division serves as the general contractor and designer for the project, overseeing construction and technical implementation, according to the company.Operators will raise the reactor to a minimum controlled level before gradually increasing output, followed by synchronizing electricity supply to Bangladesh's grid in the next stage, Rosatom said.The plant includes two VVER-1200 reactors with a combined capacity of 2,400 MW and sits about 160 kilometers from Dhaka under a Dec. 25, 2015, contract, the company said.Rosatom said its VVER-1200 reactors demonstrate strong operational reliability and efficiency, and that they use an advanced Generation III+ design that meets all international nuclear safety standards.Six such units operate globally, including four in Russia and two in Belarus, while it continues building projects in Egypt, Hungary, Turkey, and China and surveys two more units in Kazakhstan, according to the company.Rosatom Director General Alexey Likhachev and Bangladesh Science and Technology Minister Fakir Mahbub Anam approved the process, enabling the reactor to move toward controlled operation, the company said.

Commodities57d ago

Biofuels Update: Chicago Soybean Complex Slips on High Supply; Palm Oil Up Slightly

The Chicago soybean complex weakened on Tuesday due to ample supply, with US soybean planting at a record pace and the Brazilian harvest almost complete.Pulling away from crude oil prices, the May soybean contract on the Chicago Board of Trade declined 0.19% to $11.75 per bushel. The May soybean oil contract inched down 0.08% to 72.20 cents per pound.Soybean planting in the US has progressed 23% as of April 26, up from the previous year's pace of 17% and the five-year average of 12%, according to US Department of Agriculture data.A more aggressive soybean planting in the US could raise domestic stock levels if China does not increase its purchases, according to DuWayne Bosse of Bolt Marketing, as cited by AgWeb. US President Donald Trump and Chinese leader Xi Jinping are set to meet in mid-May, with market participants hoping for a positive outcome from trade discussions.For the current marketing year through April 23, agriculture data showed that the US has inspected 32.8 million metric tons of soybeans for export, down from 43.2 mmt recorded in the year-ago period.In Brazil, a record crop harvest was nearly completed, and the country was entering its peak soybean export season, according to price reporting agency MySteel.Contrary to Brazil's progress, harvest in Argentina has reportedly slowed to 25% from a normal average of 55% due to persistent rainfall.Weather patterns will be key to global production going forward, with the looming El Nino phenomenon likely to impact supply levels."If El Nino conditions do persist into late 2026, Brazilian soybean production for the 2027 harvest could also be affected. No significant impact on US crops is expected under current conditions," Kpler said.The research firm said there was a 93% chance of the weather phenomenon emerging in Q4, higher than the 20% probability in Q2.In Asia, Malaysian palm oil futures were little changed on Tuesday, as weaker fundamentals weighed on the market.The Bursa Malaysia Derivatives' May and June crude palm oil contracts were up 0.07% to 4,468 Malaysian ringgit ($1,130.85) per metric ton and 4,508 ringgit/mt, respectively.Cargo surveyors reportedly estimated that Malaysian palm oil shipments for the first 25 days of April declined between 15.7% and 16.8% from a month earlier. This followed robust export demand in Q1, which rose 29.1% year over year, according to the Malaysian Palm Oil Council.Improving production outlook following a seasonal low also weighed on sentiment.Nonetheless, Indonesia's plan to raise palm-oil-based biodiesel blending to 50% from the current 40% will serve as a tailwind, boosting domestic consumption and reducing exportable supplies.However, sources cited by The Edge Malaysia said the target rollout of B50 by July faces challenges, including a war-driven shortage of methanol used in biodiesel production and high levels of unsold byproducts in storage tanks.The higher biodiesel program, once implemented, could absorb an additional 3 million metric tons per year of palm oil, according to the MPOC.In terms of production, the USDA said in its annual oilseeds report that Indonesia's palm oil output may reach 48 mmt in the 2026/27 marketing year, a 3% increase from the previous year's 46.7 mmt.The government's move to seize illegal plantations and a possible drought related to the El Nino weather phenomenon pose supply risks.This week, palm oil prices are expected to remain rangebound, "with a slightly bearish bias," due to weak export demand and expectations of higher near-term supply, according to PhillipCapital."However, support may come from firmer crude oil prices and steady energy sector demand, which could help limit further downside," Phillip Capital said.Jim Teh, senior palm oil trader at Interband Group of Co., as cited by Bernama, projects palm oil prices to range from 4,200 ringgit/mt to 4,300 ringgit/mt this week due to profit taking, while the MPOC expects prices to approach 4,500 ringgit/mt in the near term.In the US, the May-dated ethanol futures on the NYMEX jumped by a further 2.43% to about $2.01 per gallon on Monday, tracking a recent rally in crude oil prices.

Commodities57d ago

California Regulators Approve Soda Mountain Solar Project

The California Energy Commission approved the Soda Mountain Solar Project on Monday, utilizing its streamlined "Opt-In Certification" program to accelerate the state's clean energy goals.The nearly $700 million initiative, led by Soda Mountain Solar, a subsidiary of VC Renewables, features a massive 300-megawatt solar photovoltaic array paired with a 300-MW battery energy storage system, as per the statement.This storage component will provide up to 1,200 megawatt-hours of energy, ensuring renewable power remains available during peak demand periods, it said.Developers plan to construct the facility on roughly 2,670 acres of federal land in San Bernardino County, managed by the Bureau of Land Management, the company added.While the CEC has granted its certification to speed up permitting, final construction remains contingent on approval from the BLM's California Desert District.Once operational, the project will serve as a critical hub for California's grid reliability and its ongoing transition away from fossil fuels.

Commodities57d ago

Enterprise Product Partners Q1 Processed Volumes Rise YOY

Midstream services company Enterprise Product Partners (EPD) highlighted record natural gas inlet processing volumes in its Q1 results on Tuesday, helped by a 9% increase in plant inlet flows in the Permian Basin, to reach 8.3 billion cubic feet per day.The company said marine terminal volumes also reached a record after climbing 15% to 2.3 million barrels per day while natural gas liquids output grew 16% to 1.9 million bpd.It said a "strong start" to 2026 saw it break 12 operational records for volumes handled, helped by the start-up of new assets over the past year, such as the Bahia NGL pipeline, NGL fractionator 14 and three Permian natural gas processing plants.Enterprise Product Partners brought the Mentone West 2 gas processing plant online during the quarter and announced plans for two 300 million cubic feet per day natural gas processing plants in the Midland and Delaware basins. Those two projects will increase gas processing capacity by 12%, it said.Capital investments during the quarter totaled $988 million, with $783 million of that sum for growth capital projects and $205 million for sustaining capital expenditures, it said.Guidance for growth capital spending in 2026 is seen between $2.3 billion and $2.6 billion net of proceeds coming from asset sales totaling $596 million, the company said.

$EPD

Commodities57d ago

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Tuesday Amid Higher Oil Prices, Earnings Deluge

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 1.4% lower in Tuesday's premarket activity amid higher oil prices and a deluge of corporate earnings reports.US stock futures were mixed, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures retreating 1.2% before the start of regular trading.The Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for February, will be released at 9 am ET.April's consumer confidence report and Richmond Fed manufacturing index will be released at 10 am ET.In premarket activity, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated by 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was 0.01% lower.Allegion (ALLE) stock was down more than 4% before the opening bell after the company reported lower Q1 adjusted earnings.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 4.2%, while the iShares Semiconductor ETF (SOXX) fell by 4%.Intel (INTC) shares were up more than 1% in Tuesday's premarket activity after gaining 2.9% at the previous close. Bloomberg reported Monday, citing a person familiar with the matter, that the company has launched an investment-grade bond sale to help finance its $14.20 billion plan to regain full ownership of its Irish chip manufacturing facility.EnergyThe iShares US Energy ETF (IYE) was up 1.4%, while the State Street Energy Select Sector SPDR ETF (XLE) rose by 1.7%.BP (BP) stock was up more than 3% before Tuesday's opening bell after the company reported higher Q1 underlying replacement cost profit and sales.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.3%. The iShares US Consumer Staples ETF (IYK) advanced 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was 0.2% lower, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.2%.Coca-Cola (KO) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.5%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) retreated by 0.1%.Zimmer Biomet (ZBH) stock was down more than 2% premarket after closing the prior session with a 1.5% gain. The company reported higher Q1 financial results and said its chief financial officer, Suketu Upadhyay, is leaving the company.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.Barclays (BCS) shares were down more than 2% pre-bell. Bloomberg reported the company has reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.CommoditiesFront-month US West Texas Intermediate crude oil rose by 5.1% to $101.28 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.7% to $2.53 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.7%, while the United States Natural Gas Fund (UNG) was 0.4% lower.Gold futures for May were down by 2.6% at $4,573.30 an ounce on the Comex. Silver futures retreated by 3.9% to $72.60 an ounce. SPDR Gold Shares (GLD) was 2.3% lower, and the iShares Silver Trust (SLV) fell by 3.9%.

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

Commodities57d ago

ElectriGen Plans to Develop 1.8-GW Behind-the-Meter Power Project in Texas for AI Data Centers

ElectriGen said on Monday that it was executing a non-binding letter of intent to develop a 1.8-gigawatt behind-the-meter power platform in Texas to support large-scale AI data center infrastructure.According to the company's press release, the project is set to consist of two separate 900-megawatt natural gas-fired generation facilities, designed to deliver about 1.5 GW of IT load capacity, all of which will come up in an undisclosed region within the Texas market.The platform is expected to operate under a 15-year commercial agreement with options for five-year extensions, and pricing based on the 24/7 power availability.The company noted that the project will utilize high-efficiency natural gas reciprocating engines, and/or turbines, to deliver power at 34.5 kilovolts. It will also feature a battery energy storage system to enhance flexibility and reliability.Chris Combs, the COO and co-founder of ElectriGen, said that the project represents "the scale of infrastructure required to meet the explosive growth of AI and high-performance computing," while noting that AI-driven computing demand was reshaping the energy landscape.

Commodities57d ago

Market Chatter: Abu Dhabi National Oil to Invest 'Tens of Billions' in US Gas Market

Abu Dhabi National Oil will invest "tens of billions of dollars" into the US gas value chain, with 29 potential deals under evaluation, the Financial Times reported Tuesday, citing Nameer Siddiqui, chief investment officer of the company's investment arm XRG.XRG aims to diversify its commodity exposure after the US-Iran conflict disrupted the energy business, while capitalizing on the rising liquefied natural gas demand globally and in the US, Siddiqui told the news agency in an interview.Siddiqui reportedly said that the company was evaluating controlled transactions, drilling joint ventures, and minority stakes.XRG intends to penetrate the entire gas value chain, with projects spanning gas extraction to construction of pipelines, processing plants, and liquefaction facilities. Developments could also include re-gas facilities and pipelines to destination countries.The company wants to be "bold" with its investments in the US energy market, according to Siddiqui.Relative to other companies that failed to build integrated LNG projects in the country, XRG will leverage having a single shareholder with resources and long-term outlook.Alex Munton, director of global gas at Rapidan Energy, as cited by Financial Times, said capital-rich Middle Eastern investors have an advantage in capturing the US gas market because banks typically shun this sector due to oversupply concerns.However, XRG will have to find its way into the "already-established market" following a surge in developments after Russia's invasion of Ukraine boosted demand for US LNG, and due to strong backing from the Trump administration, Munton reportedly said.XRG holds a stake in the Rio Grande LNG plant in Texas.Outside the US, the company has acquired assets in Egypt, Mozambique, and Azerbaijan. It was also interested in Australia's LNG projects, the news agency reported, although it had withdrawn its $19-billion bid for Australian oil and gas firm Santos in September 2025.XRG has so far focused its biggest deals in the chemicals industry, following the merger with Austria's OMV to form Borouge International and the acquisition of Germany's Covestro worth 14.7 billion euros ($17.19 billion).Meanwhile, it will cease investing in low carbon energies due to low demand, and will instead focus on gas projects, according to XRG's energy solutions president Michele Fiorentino, as cited by Financial Times.(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.)

Commodities57d ago

Market Chatter: Repsol and Eni Push for Expansion at Venezuela's Cardon IV Gas Field

European energy majors Repsol and Eni (E) are moving to increase output at Venezuela's Cardon IV offshore gas field said project manager Gonzalo Antonio Carrillo, according to a Reuters report on Monday.Speaking at the Venezuela Energetica conference, Carrillo described the ramp-up as an incremental step-by-step process that will eventually require new drilling and infrastructure upgrades, though he did not provide a specific timeline for reaching the new target, as per the report.The push for higher gas volumes coincides with an ambitious production drive by state oil firm PDVSA.Jovanny Martinez, PDVSA's executive vice president, said that Venezuela aims to increase crude exports to 1.06 million barrels per day, with fuel exports expected to hit 134,000 bpd by year-end, the report noted.Martinez reaffirmed the country's long-term goal of returning to 3 million bpd, noting that March exports recently surpassed the 1 million bpd threshold for the first time since 2024, driven by demand from Indian refiners and Caribbean storage hubs.Infrastructure remains a critical bottleneck for the country. Vice Minister for Gas Cindy Rondon emphasized the urgent need to accelerate repairs and optimize the handling of associated gas to meet short-term goals, Reuters said.The legal landscape remains in flux meanwhile as Martinez confirmed that regulations for a sweeping oil reform law are still being finalized, the article said.(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.)

Commodities57d ago

BP Production Surges 4.5% as Middle East Supply Risks Continue

BP's Q1 production hit 2.34 million barrels of oil equivalent per day, a 4.5% year over year increase driven by major project startups and Bpx Energy shale performance.Despite these operational gains, the energy giant warned that escalating Middle East disruptions will weigh on future output.The oil production and operations division served as the company's primary engine, delivering an underlying profit of $2.0 billion, consistent with Q4 2025.Higher price realizations successfully offset the impact of North Sea divestments. Reported production reached 1,541 mboe/d, marking a 4.5% increase over the previous year.BP's gas and low carbon energy segment posted an underlying profit of $1.3 billion, down slightly from $1.4 billion in late 2025.The dip was attributed to "average" gas marketing results and adverse price lags. However, volume remained strong, with reported production reaching 798 mboe/d, also up 4.5% year-on-year.Reported production for this segment hit 798 mboe/d, up 4.5% from the same period last year.Despite the strong start to 2026, BP issued a cautious outlook for the second quarter.The company expects reported upstream production to decline due to seasonal maintenance predominantly affecting operations in the Gulf of Mexico and Middle East disruption.The company warned that refining margins and fuel volumes remain highly sensitive to the "extent and duration" of current conditions in the Middle East.BP maintains its 2025 underlying production targets but has officially lowered its total reported upstream production forecast for the full year."We continue to closely monitor the situation," the company stated, noting that the full impact on its customers and products businesses will depend on how long these market disruptions persist.

Commodities57d ago

NWS Warns of Floods in Central Zones, Thunderstorms, Tornadoes

The US National Weather Service warned on Tuesday of severe thunderstorms in the Middle Mississippi Valley that will lead to damaging winds, large hail and tornadoes while low humidity and wind will sustain critical fire weather conditions in the southern High Plains.The NWS issued a red flag warning on Tuesday for western Texas and eastern New Mexico. Affected areas are Alpine, Fort Davis, Van Horn, Pine Springs, Carlsbad, Artesia, Alamogordo, Cloudcroft, Roswell, Ruidoso, Hobbs, Seminole, Lubbock, Post, Portales, Clovis, Santa Rosa, Tucumcari, Las Vegas, Roy, Clayton, Haton, Tartum, Lamesa, Big Spring, Friona, Dimmitt, Tulia, Silverton, Muleshoe, Olton, Plainview, Floydada, Littlefield, Morton, Levelland, Lubbock, Ralls, Post, Plains, Brownfield, Tahoka and Lake Alan Henry.These areas are supplied with power by Texas New Mexico Power (TXNM), El Paso Electric, and Xcel Energy (XEL).A red flag warning in Colorado related to thunderstorms covered Saguache, South Fork, Alamosa and the western edges of San Luis.These areas are served by Xcel Energy and Black Hills (BKH) unit Black Hills Energy.A freeze warning was issued in Utah, covering Cedar City, Bryce Canyon National Park, Delta, Duchesne, Price, Nepbi, Richfield, Nilford and Brigham City.These areas are provided with electricity by PacifiCorp utility Rocky Mountain Power.It was also in place further north in Idaho, in Burley, Shoshone, Pocatello, Blackfoot, Idaho Falls, Rexburg and Rigby.Further east, there are flood warnings covering parts of multiple states. These areas are provided with electricity by Rocky Mountain Power and Idaho Power.In Missouri, affected areas are Paola, Harrisonville, Warrensburg, Carrollton, Macon, Moberly, Boonville, Jefferson City, St Joseph.These areas are supplied with electricity by Ameren's (AEE) Missouri unit.In Illinois, affected areas are Vincennes, Vandalia, Quincy, Burlington, Havana and Effingham. In Indiana, Muncie came under the same flood warning.The main power supplier here is Ameren's utility in Illinois.In Tennessee, a warning of lightning storms was in place for Tupleo, Oxford, Clarksdale, Memphis, Jackson.The power provider here is Tennessee Valley Authority.

$BKH$TXNM$XEL

Commodities57d ago

Meta Partners With Overview Energy, Noon Energy for 1 GW of Space Solar Power, Storage

Meta Platforms (META) said Monday it has partnered with Overview Energy and Noon Energy to deliver up to 1 gigawatt of space solar energy and long-duration energy storage, to power its artificial intelligence infrastructure and data centers.Overview Energy's solar satellites will harness energy from space and beam it to solar facilities on Earth, "increasing the capacity of existing solar farms by enabling around-the-clock energy production," the company said.By utilizing existing solar and grid infrastructure, electricity from the technology is expected to come online faster at scale, compared with power from traditional buildouts.Meta said commercial delivery could begin as early as 2030, if an orbital demonstration planned for 2028 is successful.Meanwhile, Noon Energy's battery technology will use carbon-based storage, instead of the conventional lithium-ion batteries, to provide up to 1 GW, or 100 gigawatt-hours of ultra-long-duration energy storage capacity.The companies expect an initial 25 megawatt, or 2.5 GWh, pilot demonstration project to be completed by 2028.Meta said it has so far contracted more than 30 GW of clean and renewable energy to support its data center operations. It has partnered with Sage Geosystems and XGS Energy to develop next-generation geothermal energy, and has purchased 7.7 GW of nuclear energy from Vista (VST), TerraPower, Oklo (OKLO), and Constellation Energy (CEG).

$CEG$META$OKLO$VST

Commodities57d ago

NOV Q1 Shows Mixed Results Amid Middle East Disruptions, Backlog Continues to Rise

Leading oilfield equipment and services company NOV (NOV) released its Q1 results on Monday, highlighting several key operational milestones that underscored rising industry activity, even as the Middle East conflict continued to weigh on the sector.The company's energy equipment business reported $1.19 billion in revenue during the quarter, up 4% year-over-year, with an operating profit of $93 million, down 30% year-over-year from $134 million a year ago.This was attributed to an unfavorable sales mix, alongside higher costs resulting from disruptions in the Middle East during the quarter.It, however, saw an uptick in order backlog, at $520 million, an increase of $83 million, compared to a backlog of $437 million last year.Nov's Energy Products and Services business reported $897 million in sales, down 10% year over year, with an operating profit of $26 million, down by $57 million last year, which was the result of lower global drilling activities.Meanwhile, the company secured a contract to deliver 96 kilometers of flexible riser and flowline systems for offshore production, while also expanding its subsea flexible pipe manufacturing facility in Brazil, a move expected to double capacity over the next three years.In offshore infrastructure, Nov was awarded work to supply around 1,700 grating panels covering approximately 10,200 square meters for a floating production unit.The company also pointed to drilling efficiency gains, supporting the completion of a 4-mile lateral well section spanning 20,719 feet in just 143 hours, crediting the performance to its downhole technologies.

$NOV

Commodities57d ago

Chubu Electric Power 2025 Output Down; Middle East Tensions May Impact Energy Demand

Japanese utility Chubu Electric Power Tuesday reported full-year 2025 power generation of 9.2 terawatt-hours, down from 9.7 TWh a year ago.Hydropower output decreased year over year to 8.8 TWh from 9.3 TWh, while other renewable energy production remained flat at 400 gigawatt-hours.The Miraiz segment, pertaining to services delivered with energy, sold 109.0 TWh of electricity during the year, an increase from 107.9 TWh in 2024. However, operating revenue was down 3.5% to 2.859 trillion Japanese yen ($17.92 billion) due to a decrease in fuel cost adjustment charge, according to the company.The power grid segment delivered 123.9 TWh of energy demand in Chubu region in 2025, a decline from 124.5 TWh a year earlier. Corresponding operating revenue also dropped 3.6% to 928.63 billion yen."At this point, the impact on electricity demand in the Chubu area is limited. However, if tensions in the Middle East worsen and become prolonged, electricity demand in the Chubu area could be affected due to concerns over the supply of crude oil and other energy sources," the company said.The utility did not publish business forecasts for the fiscal year ending March 31, 2027, due to uncertainties surrounding fuel prices and wholesale electricity market prices.

Commodities57d ago

Asia Biofuels Update: Malaysian Palm Oil Eases Further on Weaker Supply, Demand Fundamentals

Weaker supply and demand fundamentals pressured Malaysian palm oil on Tuesday, with futures slipping for a second straight session despite rising crude oil prices.The Bursa Malaysia Derivatives' May crude palm oil contract dropped 0.07% to 4,462 Malaysian ringgit ($1,129.33) per metric ton. The June contract eased 0.11% to 4,500 ringgit/mt in midday trade.Cargo surveyors reportedly estimated Malaysian palm oil shipments for the first 25 days of April to have declined between 15.7% and 16.8% from a month earlier. This followed a robust export demand in Q1, which posted a 29.1% year-over-year rise, according to the Malaysian Palm Oil Council.Improving production outlook following a seasonal low also weighed on sentiment.Nonetheless, Indonesia's plan to raise palm-oil based biodiesel blending to 50% from the current 40% will serve as a tailwind, as it will boost domestic consumption and reduce exportable supplies.However, sources cited by The Edge Malaysia said the target roll out of B50 by July faces challenges, including the war-driven shortage in methanol used in biodiesel production, and the high stocks of unsold byproducts in storage tanks.The higher biodiesel program, once implemented, could absorb an additional 3 million metric tons per year of palm oil, according to the MPOC.In terms of production, the US Department of Agriculture said in its annual oilseeds report that Indonesia's palm oil output may reach 48 million metric tons in the 2026/27 marketing year, a 3% increase from the previous year's 46.7 mmt.The government's move to seize illegal plantations and a possible drought related to the El Nino weather phenomenon pose supply risks."The probability of El Nino developing later in 2026 has risen significantly," Kpler said, with 93% chance of the weather phenomenon emerging in Q4, compared with 20% in Q2."Furthermore, the strength of the climate phenomenon could intensify, potentially increasing the likelihood of its weather and climatic influence," Kpler said.For this week, palm oil prices are expected to remain rangebound "with a slightly bearish bias" due to weak export demand and expectations of higher near-term supply, according to Phillip Capital."However, support may come from firmer crude oil prices and steady energy sector demand, which could help limit further downside," Phillip Capital said.Jim Teh, senior palm oil trader at Interband Group of Co., as cited by Bernama, projects palm oil prices to range from 4,200 ringgit/mt to 4,300 ringgit/mt this week due to profit taking, while the MPOC expects prices to approach 4,500 ringgit/mt in the near term.

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Commodities57d ago