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Weekly US Crude Inventories Drop by 8 Million Barrels, EIA Says

US crude oil inventories decreased by 8 million barrels to 433.7 mmbbls in the week ended May 29, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 3% below the five-year average for this time of year, the EIA said.

Commodities68d ago

Update: US Weekly Ethanol Production Rose, EIA Says

(Updates to include additional details.)US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 29, US ethanol production averaged 1.11 million barrels per day, above last week's 1.09 mmb/d and unchanged from last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was above 1.05 mmb/dd during the same time last year.Midwest ethanol production averaged 1.05 mmb/d, above 1.04 mmb/d the previous week. Four-week average output at 1.04 mmb/d, compared with 990,000 b/d a year ago.Domestic ethanol inventories ended the week at 24.6 million barrels, below 25 mmbbls a week ago and 24.4 mmbbls a year ago.

Commodities68d ago

US Weekly Ethanol Production Rose, EIA Says

US weekly ethanol production rose, according to the US Energy Information Administration report on Wednesday.For the week ending May 29, US ethanol production averaged 1.11 million barrels per day, above last week's 1.09 mmb/d and unchanged from last year's 1.11 mmb/d.The four-week average output at 1.10 mmb/d was above 1.05 mmb/dd during the same time last year.

Commodities68d ago

Kuwait Can Reportedly Restore 70% Oil Output in 6 to 8 Weeks After Hormuz Reopening

Kuwait's oil production could return to 70% of pre-war levels within six to eight weeks once the Strait of Hormuz reopens, with full output resuming in another month, multiple media outlets reported on Wednesday, citing Kuwait Petroleum's managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah.Refinery operations, meanwhile, could return to normal levels within two to three weeks after the crisis ends, Al-Sabah reportedly said during the S&P Global Energy Middle East Petroleum and Gas Conference. KPC has about 1.4 million barrels per day of refining capacity.Resuming normal refinery production would be quicker than recovering hydrocarbon output, according to Investing.com.The Kuwait government was also in talks with "friendly countries" about potential pipeline projects, according to Al-Sabah, as cited by Reuters. The country would reportedly need a larger storage capacity at the same time.KPC did not immediately respond to' request for comment.Gulf refineries could ramp up to about 90% to 95% of capacity within 40 to 60 days, Reuters reported, citing Vitol Bahrain's head of research.Meanwhile, transit through the Strait could return to pre-war levels in mid-2027, Philippe Khoury reportedly said. He is Abu Dhabi National Oil's executive vice president for sales and trading.Toril Bosoni, the International Energy Agency's head of oil, as cited by the news agency, said that a best-case scenario would see a recovery in six to eight months after an agreement is reached.

Commodities68d ago

US Natural Gas Update: Futures Rise Despite Spike in Output, Steep Decline in LNG Feedgas Flows

US natural gas futures rose on Wednesday despite a spike in output and falling LNG feedgas flows, which put downward pressure on prices.The front-month Henry Hub contract and the continuous contract were both up by 0.19% at $3.173 per million British thermal units.From a fundamentals perspective, US natural gas output is expected to hit 107.5 billion cubic feet per day, slightly above the May average, according to NRG Energy.Meanwhile, LNG export feedgas flows touched a four-month low on Tuesday, at 16 Bcf, compared to 17.1 Bcf/d in May, according to a Reuters report, citing LSEG data.On the supply front, the US Energy Information Administration's Weekly Gas Storage Report is expected to show a net injection of 99 Bcf into storage, which falls below the prior year's build of 119 Bcf, and the five-year average for this period at 101 Bcf.Almost the entire country is expected to see above-normal temperatures from June 10 to June 16, according to the National Weather Service, leading to increased air conditioner use and, in turn, higher power burn demand over the next few weeks.

Commodities68d ago

Biofuels Update: Major Feedstocks Rise on Higher Crude Oil Prices

Crude oil market strength amid renewed hostilities in the Middle East spilled into the biofuels market on Wednesday, lifting futures for both Chicago soybean oil and Malaysian palm oil.The July soybean oil contract on the Chicago Board of Trade rose 1.26% to 79.40 cents per pound in early trade. The corresponding soybean contract recovered from near two-month lows and gained 0.56% to $11.72 per bushel.Strong domestic demand, reflected in the high volumes of soybeans crushed in the US, also supported the entire complex.The US soybean crush totaled 218.5 million bushels in April, according to US Department of Agriculture data, exceeding market expectations of 214.7 million bushels.Crush margins also reached a record $4.07 per bushel, AgWeb reported, citing Martinson Ag Risk Management.Soybean prices firmed despite the lack of purchases from China and ample supply availability from Brazil, according to financial services firm StoneX."Despite expectations that the absence of Chinese buying would weigh heavily on demand, soybean consumption indicators continue to outperform forecasts," financial services firm StoneX said."Brazilian soybean production estimates remain exceptionally large, yet US demand indicators continue to show resilience," it said, adding that US soybean exports are only 1% behind the pace required to meet annual target.Meanwhile, prospects of improving weather in the US, which supports planting and enhances yield, weighed on prices, according to analysts.In Asia, Malaysian palm oil futures jumped around 3% on Wednesday, tracking higher crude oil and rival soybean oil, and following the implementation of Indonesia's new export policy.As the market reopened after a holiday, the Bursa Malaysia Derivatives' July and August crude palm oil contracts surged to 4,638 Malaysian ringgit ($1,163.84) per metric ton and 4,677 ringgit/mt, respectively.Indonesia reportedly began a phased implementation of its centralized export system on June 1, to initially cover palm oil, coal, and ferroalloys.Coordinating Minister for Economic Affairs Airlangga Hartarto, as cited by multiple media outlets, said full operation is targeted by Jan. 1, 2027.During the transition period, Hartarto reportedly said that exporters will conduct overseas sales independently, but all export activities must be reported to Danantara Sumberdaya Indonesia, a newly established state-owned entity for improving trade transparency.Prices for palm oil fresh fruit bunches have declined since Indonesia announced export revamp plans last month.Nonetheless, prices may see a recovery once all technical guidelines are finalized and market conditions normalize, Antara reported, citing Regional Representatives Council Speaker Sultan B. Najamudin.In H2, global crude palm oil prices are also projected to rise up to $1,500/mt, driven by bullish factors including elevated crude oil prices, Indonesia's B50 biodiesel blend rollout in July, and the potential development of an El Nino weather phenomenon, according to industry analysts cited by Jakarta Globe.On the NYMEX, July ethanol prices slipped by a further 1.25% to about $1.98 per gallon on Tuesday.

Commodities68d ago

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Wednesday Amid Fresh Economic Signals

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.5% in Wednesday's premarket activity, as markets traded mixed amid caution about fresh employment and inflation indicators.US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures gaining 0.2% before the start of regular trading.US mortgage applications fell 2.5% in the week ended May 29, extending the prior week's decline despite lower 30-year mortgage rates, Mortgage Bankers Association data showed Wednesday.US private-sector employment increased by 122,000 jobs in May, slightly exceeding expectations, with hiring led by education and health services, trade, transportation and utilities, and construction, ADP data showed Wednesday.The May purchasing managers' index composite final report from S&P Global will be released at 9:45 am ET, followed by the Institute for Supply Management's services survey for May at 10:00 am ET.Factory orders data for April are scheduled to be released at 10:00 am ET, followed by the weekly oil stocks data at 10:30 am ET.Federal Reserve Governor Michael Barr and Dallas Fed President Lorie Logan are due to speak on Wednesday.In premarket action, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated by 1.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% higher.Blackstone (BX) shares were down more than 5% pre-bell after Bloomberg reported the company is mulling the sale of payments services provider, SP.LINKS, looking to fetch about 100 billion Japanese yen ($626 million) from the transaction.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.3%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.01% lower.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2%.Sprinklr (CXM) shares were down more than 5% in premarket activity after the company reported lower fiscal Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) declined by 0.5%, while the Vanguard Industrials Index Fund (VIS) was down 0.7% and the iShares US Industrials ETF (IYJ) was inactive.T1 Energy (TE) stock was up 3% before the opening bell after the company said it had agreed to acquire Kore Power in a deal valued at $32 million in equity, cash, and assumed debt.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.02% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.4%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) decreased by 0.8%.Ferrari (RACE) shares were down 1% pre-bell after closing the prior day with a 1.3% rise. The vehicle maker said Wednesday it has signed a multi-year contract extension with Charles Leclerc.EnergyThe iShares US Energy ETF (IYE) was up 0.7%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.6%.BP (BP) stock was up more than 1% before market open, following a 1% gain in the previous session. The Financial Times reported Tuesday that the company held advanced talks to sell its UK North Sea assets to Ithaca Energy in a nearly 2 billion British pounds ($2.7 billion) deal, though negotiations failed in recent weeks, with the oil major still exploring a sale to other potential buyers.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.2% to $95.82 per barrel on the New York Mercantile Exchange. Natural gas was up 0.3% to $3.18 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 2.7%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for July retreated by 0.7% to $4,488.90 an ounce on the Comex. Silver futures declined by 1.2% to $74.66 an ounce. SPDR Gold Shares (GLD) was down by 0.5%, and the iShares Silver Trust (SLV) decreased by 1%.

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

Commodities68d ago

Venezuela Gives Preliminary Nod for Private Sector Entry in Electricity Sector

Venezuela's National Assembly on Tuesday gave preliminary approval to a reform which proposes to allow private sector investment in the country's electricity sector, according to multiple media reports.The proposal would permit private companies to generate and sell electricity under government concessions, ending over 15 years of state control, Bloomberg reported.The reform, which won unanimous preliminary backing from lawmakers, would open the sector to private firms, mixed enterprises, and companies with minority state ownership, alongside state operators, the report said.It also intends to have tariffs that reflect service provision costs while providing a decent return on investment to operators.The proposal must now proceed to a second, final vote.The proposed reforms in Venezuela's power sector follow similar steps to overhaul the country's oil industry and reflect President Delcy Rodriguez's efforts to attract foreign investment to strategic industries, the report said.The country's power sector is undergoing a severe crisis without adequate investment and maintenance, Reuters reported.Much of the country regularly faces hours-long power outages in turn affecting water and telecommunications services, the report said, adding a shortage of power has also created doubts amongst investors over the feasibility of proposed projects.

Commodities68d ago

Enel Meets Brazilian Power Regulator as Sao Paulo Power Concession Faces Revocation Risk

Italy's Enel Group, a leading distributor of electricity and gas, met with Brazil's power regulator Aneel last week to discuss the potential revocation of its Sao Paulo power distribution concession, amid a series of outages in recent years, due to heavy rains.The meeting took place last Tuesday at the request of Enel Brasil, which sought alternatives to the revocation, Reuters reported earlier, citing two officials familiar with the matter.In a statement to, Enel said Wednesday that it had "made itself available to the authorities to assess complementary measures and carry out additional investments," while noting that it remained focused on continuous improvements in service quality in its "concession area."The company also said that over the past two years, it had invested nearly 5 billion Brazilian reais ($990 million), up 70% from 2023, on strengthening operations, which it said had led to significant improvements in quality indicators.Enel also noted it was now performing "above the national average" for distribution companies.

Commodities68d ago

Market Chatter: Canada's CPP Investments, Czech EPH Among Potential Buyers of Uniper

Canada Pension Plan Investment Board and Czech EPH are expected to show interest in buying Uniper next week, with the sale of the German energy group expected to value it at more than 10 billion euros ($11.62 billion), Reuters reported, citing information from four people familiar with the matter.The sale of Uniper is the most sweeping change to Germany's utility landscape since Berlin bailed it out, together with SEFE, to the tune of almost 20 billion euros during the 2022 European energy crisis triggered by Russia's invasion of Ukraine.Interested parties have a June 12 deadline to submit letters of interest to UBS and JPMorgan, the article said.Brookfield, Norway's Equinor (EQNR) and France's TotalEnergies (TTE) are also expected to show interest in part or all of the 74.12% stake on the Germany government offered for sale in May, the sources said.The initial letters of interest will not contain a purchase price but will show general information on the interested bidders, their ownership structure and details on how they would fund their purchase, the sources told Reuters.Over the summer, a second round of indicative offers is planned with the potential for a deal to be finalized in the autumn.The German government may also decide to sell a stake to an investor then offer more shares on the market at a later date, the article said.Uniper avoided previous takeover attempts since it was spun off from E ON in 2016 and dodged insolvency after the European energy crisis.Finland's Fortum, previously a majority owner of Uniper but later forced to sell to during the bailout, will show interest in Uniper's Swedish activities, comprising hydroelectric and nuclear plants. Fortum has confirmed its interest in those assets, should they be offered.Germany's biggest power producer RWE could also join the process, three of the sources said. Another potential suitor for the Swedish assets is Vattenfall, a spokesperson for the Swedish utility said.Germany's finance ministry, Uniper, CPPIB, EPH, Brookfield, Equinor, RWE and TotalEnergies declined Reuters' requests for comment.has reached out to all of these institutions and companies seeking comment on the matter. None had responded by the time of publication.(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.)

$EQNR$TTE

Commodities69d ago

Market Chatter: Atlas Renewable Energy Pauses Over 1.5 GW Projects in Brazil

Atlas Renewable Energy has put at least 1.5 gigawatts of renewable projects in Brazil on hold and has frozen $1 billion in investments, as the national grid operator frequently rejected renewable power, Reuters reported Wednesday, citing company chief executive Carlos Barrera.The company, owned by asset manager BlackRock (BLK) through its unit Global Infrastructure Partners, originally planned to execute the projects over the past two years.However, projects were deferred as renewable power was periodically rejected by the grid operator due to system limitations. So far in Q2, pre-emptive rejections by the operator have led to a 15% to 25% curtailment in solar and wind power generation from existing projects, according to the chief executive.Barrera told Reuters that overcapacity of solar sources was the "real issue" in curtailments. Due to a solar glut, companies have to replace the rejected renewable generation by output from other sources at twice the cost, to honor contracts at more than the contracted volumes.The current market design, which is compounding the negative effects of curtailments, will likely remain unchanged through 2028, Barrera reportedly said.Nonetheless, curtailments could reportedly decline as solar capacity growth slows while demand continues to rise.Atlas and Brazil's national grid operator did not immediately respond to' request for comment.Last month, Fitch Ratings, as cited by Reuters, assigned negative outlooks for 11 Brazilian renewable project finances, with average curtailments surging between 7% and 25% in 2025, from 6% to 12% in 2024.(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.)

$BLK

Commodities69d ago

ACCC Approves Ampol's Acquisition of EG Group Australia

The Australian Competition and Consumer Commission approved Ampol's acquisition of EG Group Australia, the regulator said on Wednesday.The regulatory clearance is strictly conditional on Ampol divesting 41 retail fuel sites across the country to an independent, pre-approved buyer to maintain market competitiveness, it said.To ensure long-term market viability, the ACCC approved Metro Petroleum as the direct purchaser of the 41 divested stations. Metro Petroleum currently operates over 300 sites nationwide.

Commodities69d ago

Update: Trade Union Lederne Confirms Strike Possibility at Norway Oil, Gas Offshore Facilities

(Updates with Offshore Norway statement in fourth and fifth paragraphs.)Trade union firm Lederne confirmed there was a possibility of strikes at Norwegian offshore oil and gas producing installations, with much depending on the outcome of the mediations starting on Wednesday."There is a chance of a strike on Norwegian offshore installations producing oils and gas, depending on the mediations starting today with deadline Thursday at midnight," a spokesperson for the trade union said in an emailed statement to.The Norwegian Continental Shelf facilities which are likely to be impacted by the strikes first include the Statfjord A platform and the Oseberg Ost field, both operated by Equinor (EQNR), Draugen operated by Okea, and Ekofisk 2/4 K operated by ConocoPhillips' (COP) Norwegian unit, the statement said.In a statement shared with, Offshore Norway, which is representing the oil industry in these negotiations, said almost 45,500 barrels of oil equivalent per day in production could be impacted by the strike."A strike could result in reduced production from the affected fields. Based on the notified strike volumes, approximately 45,500 barrels of oil equivalent per day could be impacted," it said in its statement.Earlier this week, Reuters reported that almost 8% of offshore oil and gas workers in Norway intend to launch a strike if negotiations over wages, mediated by the state, do not yield any results.Three workers unions Styrke, Lederne and Safe, representing about 8,100 members involved in oil production, are involved in negotiations with Norwegian oil companies. Among other demands, workers are seeking a pay hike above inflation, the report said.The three unions represent most of the workers in Norway's offshore oil and gas facilities, it added.

$COP$EQNR

Commodities69d ago

BHP, Maritime Industry Group Partner on Biofuel Blending Pilot

Australian miner BHP on Wednesday said it is collaborating with the Global Centre for Maritime Decarbonisation on a pilot to examine how biofuels from several feedstocks can be blended and used in real-world operating conditions through the use of existing used cooking oil bunkering infrastructure.As part of the project, biofuels from two different feedstocks, used cooking oil and waste animal fat, were blended and introduced into the bulk carrier Berge Lyngor, chartered by BHP.The pilot is expected to help identify solutions to challenges pertaining to fuel quality, handling, traceability, and onboard vessel performance, the BHP statement said."The outcomes of the pilot are expected to shed light on the practical steps to integrate biofuel blends from different feedstocks into existing supply chains. The diversity of biofuels will provide shipowners and operators with greater flexibility to optimise fuel procurement based on cost, availability, and lifecycle emissions performance," the statement said.Berge Lyngor, owned and operated by Berge Bulk, has been chartered by BHP to transport iron ore from Western Australia to China. The carrier has the potential to cut down well-to-wake greenhouse gas emissions by almost 79% per voyage when run on bio-blend, when compared to its voyages using very low sulphur fuel oil, the statement said.In early May, the vessel refueled in Singapore with a B100 bio-blend consisting of tallow-derived biodiesel, provided by HAMR Energy, and used cooking oil, supplied by Mitsui & Co Energy Trading Singapore, in equal quantities. Mitsui was also part of the blending processThe Maritime and Port Authority of Singapore is co-funding the project through the Maritime Innovation and Technology Fund, the statement added.

Commodities69d ago

EMEA Natural Gas Update: Futures Rise as Renewed Middle East Tensions Cast Doubt on Peace Deal

European natural gas futures were rallying on Wednesday as tensions continued to intensify in the Middle East, casting a cloud on peace negotiations between the US and Iran.The Dutch TTF front-month contract rose 3.91% to 49.470 euros ($57.45) per megawatt-hour, while the UK NBP front-month contract rose 4.05% to 119.440 British pence ($1.61) per therm.On Wednesday, US Centcom said on X that it had defeated "multiple Iranian ballistic missiles and drones," aimed at regional neighbors. The US also conducted another round of self-defense strikes against Iran's Qeshm Island in retaliation to Iran reportedly firing missiles at Kuwait and Bahrain.Meanwhile, the strategically crucial Strait of Hormuz remained effectively shut for the 14th week running, with just 4 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.According to Daniel Hynes, a senior commodity strategist at ANZ, this is set to put additional pressure on European buyers, as they "struggle to refill storage facilities," as Asian imports continued to rise since April.Hynes also warned that the region's supply constraints could worsen with Australian workers at the Ichthys LNG facility commencing strikes after talks stalled between the union and the company.European gas inventories remained depleted at just 40.76% of capacity, compared to 48.88% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 54.7%, according to the Swiss Federal Office of Energy.

Commodities69d ago

Trade Union Lederne Confirms Strike Possibility at Norway Oil, Gas Offshore Facilities

Trade union firm Lederne confirmed there was a possibility of strikes at Norwegian offshore oil and gas producing installations, with much depending on the outcome of the mediations starting on Wednesday."There is a chance of a strike on Norwegian offshore installations producing oils and gas, depending on the mediations starting today with deadline Thursday at midnight," a spokesperson for the trade union said in an emailed statement to.The Norwegian Continental Shelf facilities which are likely to be impacted by the strikes first include the Statfjord A platform and the Oseberg Ost field, both operated by Equinor (EQNR), Draugen operated by Okea, and Ekofisk 2/4 K operated by ConocoPhillips' (COP) Norwegian unit, the statement said.Earlier this week, Reuters reported that almost 8% of offshore oil and gas workers in Norway intend to launch a strike if negotiations over wages, mediated by the state, do not yield any results.Three workers unions Styrke, Lederne and Safe, representing about 8,100 members involved in oil production, are involved in negotiations with Norwegian oil companies. Among other demands, workers are seeking a pay hike above inflation, the report said.The three unions represent most of the workers in Norway's offshore oil and gas facilities, it added.has reached out to Offshore Norway, which is representing the oil industry in these negotiations, for a comment.

$COP$EQNR

Commodities69d ago

Market Chatter: Goldman Sachs CEO Warns of Consumer Behavior Shift in H2 due to Strong Energy Prices

Elevated crude oil prices resulting from the US-Iran war could shift consumer behavior in H2 if inflation rises, Reuters reported Tuesday, citing Goldman Sachs chief David Solomon.Shifts in demand trends, although not visible at present, are expected in the next six months with new economic data, Solomon reportedly said.has reached out to Goldman Sachs to seek further information on possible energy-related consumer behavior shifts.In the US, higher energy prices have resulted in the steepest inflation hike in three years in April and delayed interest rate cuts. The Federal Reserve will likely keep rates unchanged through next year, according to economists cited by the news agency.Nonetheless, Solomon reportedly said that the current economic environment presents big opportunities for technology investments, with massive initial public offerings, such as SpaceX, OpenAI, and Anthropic, potentially adding $4 trillion to public markets.(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.)

Commodities69d ago

Turkey's Sabanci Renewables Secures $382 Million in Financing for Solar Projects in Texas

Sabanci Renewables, a subsidiary of Turkey's Sabanci Group, said on Monday it has raised $382 million of project financing and $151 million in tax equity financing for two solar projects in Texas, one of which it bought last month from San Antonio-based OCI energy.The funds will be used to develop that project -- 130-megawatt Lucky 7 solar farm in Hopkins County --and the 156-MW Pepper Solar Power Plant in McLennan County. Both are expected to be built and operating by H2 2027.The finance package includes a construction loan, a tax equity bridge loan and non-cash credit facilities from Nord/LB, MUFG, BBVA and Intesa Sanpaolo. The tax equity investment commitment was arranged with Advantage Capital.The addition of the two projects which supply the Electric Reliability Council of Texas grid, will bring Sabanci Renewables' portfolio in Texas to 790 MW, with Cutlass II and Oriana its other producing assets.

Commodities69d ago

EU Commission Approves Spain's State Aid to Agribusiness Linked to Higher Fuel Prices

The European Commission has approved a 54 million euro ($62.7 million) state aid package which Spain will provide to agribusiness companies as they struggle with a rise in the cost of fuel since the outset of the three-month old Iran war.The Commission said it approved the aid package in accordance with the Middle East Crisis Temporary State Aid Framework, or Metsaf, which it adopted on April 29. It contains provisions enabling state aid related to higher prices for diesel for the late March to late June period. The scheme will run until Dec. 31.Spain notified the Commission that the scheme would seek to support companies involved in the production of farm produce and offset some of the higher costs they face.Companies can apply for grants that provide 0.20 euros for each liter of diesel bought between March 22 and June 30. That alone would help to cover 70% of the price increases the companies face, the Commission's statement said.It said that it found the scheme was compliant with Metsaf conditions and met the standards of being necessary, appropriate and proportionate and not adversely affecting trading conditions to the detriment of wider societal interests.

Commodities69d ago

Asia Biofuels Update: Malaysian Palm Oil Strengthens as Market Reopens

Malaysian palm oil futures firmed on Wednesday following a rise in crude oil and rival soybean oil prices, and as the market reacted to Indonesia's new export policy implemented on June 1.As the market reopened from holidays, the Bursa Malaysia Derivatives' July crude palm oil contract edged higher by 1.95% to 4,591 Malaysian ringgit ($1,152.04) per metric ton. The August contract inched up 2.07% to 4,629 ringgit/mt.Indonesia reportedly began a phased implementation of its centralized export system, which will initially cover palm oil, coal, and ferroalloys. Full operation is targeted by Jan. 1, 2027, according to multiple media outlets, citing Coordinating Minister for Economic Affairs Airlangga Hartarto.During the transition period, Hartarto reportedly said that exporters will continue conducting overseas sales independently, but all export activities must be reported to Danantara Sumberdaya Indonesia, a newly established state-owned entity for improving trade transparency.Prices for palm oil fresh fruit bunches have declined since Indonesia announced export revamp plans last month. Nonetheless, prices may see a recovery once all technical guidelines are finalized and market conditions normalize, Antara reported, citing Regional Representatives Council Speaker Sultan B. Najamudin.In H2, global crude palm oil prices are also projected to rise up to $1,500/mt, driven by bullish factors, including elevated crude oil prices, Indonesia's B50 biodiesel rollout in July, and the potential development of El Nino weather phenomenon, according to industry analysts cited by Jakarta Globe.World Bank data cited by the news agency showed prices averaged $1,051/mt in Q1 and rose to $1,148/mt in April.After a possible surge in H2, prices may start declining in 2027 once energy markets ease and demand softens as a result of strong prices, Palm Oil Strategic Policy Institute executive director Tungkot Sipayung reportedly said.

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Commodities68d ago