China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm.
Palm oil slams Dalian palm oil that is weak, and the strong ringgit
The price of Malaysian palm oils futures fell to its lowest level in three weeks Monday. Dalian palm oil was a major factor, as well as a stronger ringgit. Market participants were waiting for new triggers that would confirm the direction. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had fallen 23 ringgit (0.52%) to 4,399 Ringgit ($1,041.43) per metric ton, the second consecutive decline.
Trump reverses Biden's rules on copper smelters
The U.S. president Donald Trump reversed on Friday a Biden-era rule on air pollution that had set stricter limits for emissions from copper smelters. Under updated federal air standards, the copper rule finalized in 2024 required smelters reduce pollutants such as lead, mercury, arsenic and dioxins. The White House says that Trump's proclamation will help to promote American mineral security, by reducing the regulatory burden on domestic copper producers.
Sources say that Congo's cobalt exporters are still waiting for approvals.
Four industry sources said that cobalt producers are still waiting on government approval for the resume of exports. A quota system was introduced in October and it was expected that shipments would restart immediately. The system replaced an export suspension of several months that had disrupted global supply chain and rattled electric car manufacturers, especially in China, the top consumer.
France's offshore Wind sector is battered by government crises
Offshore wind developers, and suppliers of equipment are bracing themselves for a slowdown. A political crisis in France has caused changes to France's energy framework as well as government tenders to be stalled. Data released on Friday showed that business activity in France declined faster than anticipated in October. Emmanuel Macron's six successive prime ministers…
Urals Shipping Rates to India Rise in October
Freight rates for shipping Urals crude from Russia’s western ports to India rose sharply in October, driven by strong export volumes and mounting sanctions pressure, industry sources told Reuters.U.S. President Donald Trump on Wednesday imposed further sanctions on Russia's two largest oil producers, Lukoil and Rosneft.On the same day, the European Union approved its 19th package of sanctions against Moscow.
What are the main issues in India-U.S. Trade Talks?
U.S. president Donald Trump said that he spoke to Indian Prime Minister Narendra Modi this week about trade and that Modi assured him India would restrict its oil purchases from Russia. Indian refiners, who are major buyers of Russian oil, said that they will cut their imports sharply after the United States sanctioned Russia’s top oil producers. This could be a crucial step in a U.S. India trade agreement.
Prime Minister says nuclear power and perovskite as Japan's energy sources are important
Sanae Takaichi, the Japanese prime minister, told the parliament on Friday how important it is for Japan to have its own sources of energy such as nuclear power and solar cells made from perovskite. Takaichi (64), the first woman to be elected as prime minister in Japan, was elected this week. After her ruling Liberal Democratic Party lost recent elections due to rising consumer prices, she faces a persistent inflation problem.
Palm trades lower and is set to suffer a second weekly loss
Malaysian palm futures fell on Friday and are on course to record its second consecutive weekly loss. The market is range-bound, as it searches for direction. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had fallen 29 ringgit (0.65%) to 4,442 Ringgit ($1,051.61) per metric ton. Futures have lost 1.57 percent so far this week.
ConocoPhillips will lay off Canada employees by November, a company memo shows
According to three sources, and according to a memo from the company, ConocoPhillips will be laying off workers at its Canadian operations as part of its plan to reduce its global workforce to up to one quarter by next year. The memo didn't specify how many layoffs were to take place, but it said that they would start at the Canadian operations of the company in the first week November.
Japan claims that replacing LNG from Sakhalin-2 in Russia would be expensive.
Japan's Industry Minister said that replacing the liquefied natural gas from Russia's Sakhalin-2 Project would be expensive and lead to higher electricity rates. Scott Bessent, U.S. Treasury secretary, has urged Tokyo, ahead of U.S. president Donald Trump's trip to Japan next Monday, to cease its Russian energy purchases. These mainly include LNG, which accounts for 9% or Japan's fuel imports.
German spot prices fall on strong wind supply
German spot prices for Friday were lower than the French equivalent price, as wind production is expected to increase and demand is seen declining. LSEG analyst Naser Hazemi stated that Germany's wind power production is increasing, and the solar industry has also increased. Lower demand, coupled with a higher supply, will reduce residual load. France, on the other hand, may become a net exporter, due to its bullish economic conditions.
Palm oil prices fall due to weather and uncertainty in demand
Malaysian palm futures continued to fall for a fourth session in a row on Thursday, after an uncertain demand created pressure to sell. This was topped off by unpredictable weather conditions which are making production more volatile. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had fallen 14 ringgit or 0.31% to 4,442 Ringgit ($1,051.61) per metric ton.
Energy Traders Steer Shipping Toward Greener Horizons
The maritime industry is charting a new course toward decarbonization, yet this time round it is not only traditional shipowners at the helm. Major energy and commodity traders, whose shipping operations often carry large carbon footprints, are now investing in cleaner and more efficient shipping. With the International Maritime Organization (IMO) calling for a 40% reduction in shipping’s carbon intensity by 2030 from 2008 levels…
South Africa plans to revive its small-nuclear reactor technology
The electricity and energy Minister said that South Africa expects its Pebble Bed Modular Reactor to be removed from the status of care and maintenance by the first quarter next year, or even sooner. South Africa, once considered a leader in the field of small modular reactors (PBMR), halted research on PBMR in 2010, after spending over 10 billion rand (577 million dollars) and without building a planned demo model.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture formed by Japan's largest power generator JERA, and BP. It plans to halt the development of the U.S. Beacon off-shore wind power project, and layoff its U.S. workers in the next few months, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions…
The new Japanese Prime Minister's energy policies puts nuclear power at the heart of their policy
Sanae Takaichi, the new Japanese prime minister, is expected to press for a rapid revival of nuclear energy to combat inflation, which has been a major source of discontent amongst the public. Reactor restarts are also key to reducing expensive fuel imports. Analysts said that Takaichi appointed Ryosei Acazawa as its trade and industry minister, a position which includes energy.
New Japan PM's energy policies focuses on nuclear power
Sanae Takaichi, the new Japanese prime minister, is expected to press for a rapid revival of nuclear energy to combat inflation, which has been a major source of discontent amongst the public. Reactor restarts are also key to reducing expensive fuel imports. Analysts said that Takaichi appointed Ryosei Acazawa as its trade and industry minister, a position which includes energy.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture of Japan's largest power generator JERA with BP. The company plans to stop development of the U.S. Beacon off-shore wind power project in the next few months and layoff its U.S. workers, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions…
Abby Ross Hopper will retire as the top US solar lobbyist in 2019.
The organization announced in a Tuesday statement that the longtime leader of the U.S. top solar industry trade group would step down at the end of next year. Abigail Ross Hopper, the president and CEO at Solar Energy Industries Association will be leaving her position on January 30, 2019. SEIA is currently searching for her replacement. Hopper's resignation after nine years in the top position of the U.S.