The price of gas in Europe is rising due to cooler weather and competition from Asia
Dutch and British wholesale prices for gas rose early on Friday, amid forecasts that demand would increase as temperatures cool and to stay competitive with Asian buyers of LNG. According to LSEG, the benchmark Dutch front-month contracts was up 0.70 euros at 32.80 Euro per Megawatt Hour (MWh), which is $10.88/mmBtu by 0811 GMT. The British day-ahead contract increased by 3.85 pence, to 79.50 cents per therm.
Palm oil prices rise but a stronger ringgit and weak demand cap gains
Malaysian palm futures edged higher on Friday, after three sessions of decline. The gains were limited by the stronger ringgit, and weak demand in key markets. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.41% to 3,927 Ringgit ($914.53) per metric tonne. The contract has fallen by 3.6% this week. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group…
The policies of Australia's major political parties in a single glance
Australians will cast their votes on Saturday, in a tight-run national vote marked by concerns about the cost of housing and living as well as the trade tensions caused by U.S. president Donald Trump's tariffs. Compare the key policies of the Liberal-National Coalition led by Peter Dutton and Anthony Albanese’s Labor Party, a centre-left party. The government has promised to spend A$10 Billion ($6.40 Billion) on building up to 100,000 homes.
EOG Resources exceeds profit expectations, reduces capital expenditure plan due to tariff uncertainty
EOG Resources posted a first-quarter profit that was higher than expected on Thursday. The company enjoyed higher natural gas production and prices, but cut its capital spending plan due to tariff uncertainty. The company reported that the benchmark price of natural gas for the third quarter increased by 63.4% over the previous year to $3.66/Mcf, while the total quarterly production increased 4.8% to reach 98.1 million barrels equivalent oil (MMBoe).
Trump administration sues Hawaii and Michigan to block planned lawsuits on climate change
The Trump administration sued Hawaii and Michigan in an attempt to prevent them from suing major oil companies for their role in climate changes. They accused the Democratic-led state of overreach, and threatening domestic energy production. A lawsuit has not been filed by either state. Hawaii Governor Josh Green said to a local television station that Hawaii plans to sue fossil-fuel companies by Thursday.
The Trump administration sueded Michigan to stop a planned climate change lawsuit
The Trump administration sued Michigan to stop it from suing oil companies for their role in climate change. They claimed that the Democratic-led Michigan was blocking domestic energy production. In a late-night lawsuit filed in Michigan, the U.S. Department of Justice said that the state's intention to sue would have an "extraordinary extraterritorial scope" and undermine…
DTE Energy's quarterly profit increases on the strength of its gas and energy trading
DTE Energy, a U.S. utility company, reported an increase in profit for the first quarter on Thursday. This was largely due to its strength in gas and energy trading. The cold weather in the first quarter of the year boosted demand for gas to fuel heating appliances. DTE, based in Detroit, Michigan provides natural gas to more than 1.3 million Michigan customers. Gas segment posted a profit in the first quarter of $206 millions…
Maguire: US LNG exports reach new heights due to strong European demand
The U.S. has exported more than 20% of its LNG this year compared to the same period last year, mainly due to purchases from European nations. These countries accounted for three-quarters of all U.S. orders. According to Kpler (a trade intelligence firm), the total U.S. LNG shipments from January to April reached 34.6 million tons. This was by far, the highest volume ever recorded for this period.
Venezuela's oil exports drop by 20% after Chevron cancels cargo
Ship tracking data and documents show that Venezuelan oil exports dropped by almost 20% in April to 700,000 barrels a day (bpd), the lowest level for nine months. This was due to cargo cancellations from U.S. producer Chevron, which forced ships to return to port and left some empty ports. PDVSA, Venezuela's state company, suspended last month most of the loading window it had assigned Chevron.
The new CEO of Buffett's homeServices believes that buyers and sellers can deal with tariffs and changes
HomeServices of America's new CEO, Berkshire Hathaway HomeServices of America, said that concerns about tariffs impacting mortgage rates weigh on both home buyers and sellers but are unlikely to have a significant effect on sales of existing homes. In a recent interview, Chris Kelly, the new owner of the largest residential real estate firm in the United States, said that when mortgage rates fluctuate because the economy is changing…
Japanese trading houses cautious on profit forecasts despite US tariffs
Japanese trading houses Mitsui & Co., Sumitomo Corp. and Sojitz issued cautious profit predictions for the current fiscal period as U.S. Tariffs threaten global supply chain and increase economic insecurity. Ryosei Acazawa, Japan's chief trade negotiator, is currently in the United States to try and negotiate a tariff agreement with President Donald Trump. The Bank of…
Maguire: US LNG exports reach new heights due to strong European demand
The U.S. has exported more than 20% of its LNG this year compared to the same period last year, primarily due to purchases from European nations. These countries accounted for three-quarters of all U.S. orders. According to Kpler (a trade intelligence firm), the total U.S. LNG shipments from January through April was 34.6 million tons. This is by far, the highest volume ever recorded for this period.
As the election approaches, Australia's richest woman says she wants Trump like reforms
Gina Rinehart, a mining magnate in Australia, is calling on the country to adopt a Donald Trump-style of leadership and cut government spending while increasing defence expenditures and energy security. The country will be voting this weekend. Rinehart, a vocal Trump supporter, attended the inauguration party of President Trump in Mar-a-Lago, Florida, in January. She…
Indonesia is planning to build 10 GW of nuclear power as part of a major push for renewable energy, a presidential adviser says
In an interview, a senior adviser to President Prabowo said that Indonesia is planning a major expansion of renewable energy in Indonesia by 2040. This will include the introduction of nuclear power of 10 GW. Contracts are expected in the next five year, the aide added. Hashim Djojohadikusumo is Prabowo’s brother, and the President’s Special Envoy for Energy and Climate.
The world's strongest magnet is used in the global nuclear fusion project
The world's strongest magnet is now ready for assembly as part of a much-delayed project that involves more than 30 countries. This project, which has been delayed by many years, is a crucial component in efforts to produce clean energy through smashing atoms at high temperatures. The International Thermonuclear Experimental Reactor project (ITER), based in southern France…
Australian shares end five-day rally after miners drag; Woolworths increases consumer staples
Australian shares fell on Thursday, ending a five-day rally, as mining stocks weighed down the benchmark. Consumer staples rose, led by Woolworths, the country's largest grocer, which reported better-than expected third-quarter sales. By 0040 GMT, the S&P/ASX 200 Index was down 0.1% to 8,116.10 point. The benchmark index rose by 0.7% on Tuesday. The local exchange saw the biggest drop in the benchmark index…
Tenaris posts dip in quarterly net sales
Tenaris, an Italian steel pipe manufacturer, announced on Wednesday a 15% drop in its first-quarter sales to $2.92 Billion. The company reported that the sales were boosted by higher seasonal volumes in Canada, and increased onshore sales in United States. However, their average selling prices declined. The Luxembourg-based firm reported a 29% drop in earnings before interest taxes…
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February.
Gazprom, the Russian energy giant, will return to profit in 2024 with earnings of $14.8 billion
The Russian energy giant Gazprom reported a net profit for the full year 2024 of 1.2 trillion Russian roubles (14.76 billion dollars) compared to its loss in previous years. This was due to a better gas business as well as higher interest incomes from financial investments. Gazprom reported a net loss for 2023 of nearly $7 billion, its first since the year 1999. This was due to a decline in sales to Europe, which used to be its primary source of income.
EIA: US crude stocks have unexpectedly impacted export and refinery demand
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped unexpectedly due to higher exports and refinery demands, while gasoline inventories fell for the ninth consecutive week. The EIA reported that crude inventories dropped by 2.7m barrels, to 440.4m barrels for the week ending April 25. This was in contrast with the analysts' polled expectations of a 429,000 barrel increase.
