Palm oil gains on stronger edible oils and logs weekly gain
Malaysian palm futures rose Friday, ending a three-week loss streak as higher rival edible oils lifted sentiment. The benchmark contract for palm oil delivery in July on the Bursa Derivatives Exchange rose 22 ringgit or 0.55% to 4,058 Ringgit ($928.60). The contract increased by 2.09% in the last week. A Kuala Lumpur based trader reported that the price of crude palm oil futures was boosted by overnight gains in rival oilseeds. This included Chicago soyoil.
Spot prices remain unchanged as sunny and still weather is expected on Monday
German and French spot price were not traded on Friday morning. A surge in solar energy supply on Monday, and a lower demand because of higher temperatures was expected to offset an expected fall in wind supply. This would put pressure on prices. LSEG data shows that the German and French baseload power prices for Monday were not traded by 0946 GMT. According to LSEG analyst Naser Hachemi, higher renewable production at the weekend will compensate for a week-on-week increase.
Norway's Yara trounces profit estimates despite rising gas costs, tariff concerns
Yara's shares rose 4.7% early in the morning trade after it reported a first-quarter core profit that was well above expectations. This was due to higher volumes and better margins. The company highlighted its ongoing cost reductions, as well as portfolio optimization. It said that this would allow it to continue growing in a nitrogen market which is becoming increasingly tight. Yara has said that natural gas, a vital ingredient in fertiliser, will cost the company $140 million during the second quarter.
RWE has ceased offshore wind activity in the United States
RWE's CEO stated in a speech draft published in advance of the annual general meeting that the company has temporarily halted its offshore wind activities in the United States due to the regulatory uncertainty caused by the Trump administration. Markus Krebber's comments highlight the challenges facing European energy companies on the U.S. Offshore Wind Market, which is a major target of Trump’s energy policy. Trump compared wind turbines earlier this year to "garbage". Following a U.S.
Palm oil prices rise on stronger edible oils and are set to gain weekly
Malaysian palm futures rose on Friday as the market regained confidence after a three-week loss streak. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery gained 80 ringgit or 1.98% to 4,116 Ringgit ($940.80), a metric tonne. This week, the contract has increased by 3.55%. A Kuala Lumpur based trader reported that the price of crude palm oil futures was boosted by overnight gains in rival oilseeds.
Indonesia wants fair and square trade in US tariff discussions
Indonesia's senior economic minister, and its top negotiator, said that it is prioritizing its national interests in ongoing negotiations about U.S. Tariffs. It wants to have a "fair-and-square" trade relationship. Airlangga hartarto, head of the delegation, and Sri Mulyani indrawati, finance minister, have been in the United States for the last week, negotiating proposed tariffs of 32% that the U.S. would like to impose upon Indonesia. The tariffs were put on hold for 90-days.
EU to Present a Roadmap in May for the Phase-out of all Russian Fossil Fuel Imports
Ursula von der Leyen, the President of the European Commission, said that in two weeks it will present a roadmap outlining how it plans to eliminate all Russian fossil fuel imports. She made this announcement at a London energy event on Thursday. In response to Moscow's invasion of Ukraine in 2022, the European Commission has committed to stop using Russian fossil fuels before 2027. Von der Leyen, speaking at a UK government-sponsored meeting with the International Energy Agency…
Freeport-McMoRan reports lower profit for the quarter due to higher tariffs and increased costs
Freeport-McMoRan stated on Thursday that the proposed tariffs may increase the cost of goods purchased by the copper miner in the United States. The price could rise to about 5%. Trump's tariffs on the majority of U.S. imported goods and an intensifying trade conflict with China has caused uncertainty in the mining industry, and companies are scrambling to find alternative supply chains. The company stated that "FCX monitors potential indirect effects of U.S.
Ukraine's Naftogaz signs a contract with Orlen for 100 mcm gas
Ukraine's Naftogaz signed a contract on Thursday for another 100 million cubic meters (mcm), bringing its total purchase volume from Orlen to 300 mcm. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. Sources in the industry told us earlier this month Orlen plans to sell 10 LNG cargoes to Ukraine this coming year, as Kyiv tries to fill up gas storage sites before winter.
Finance Minister: Indonesia's growth in 2025 will be around 5%, despite trade tensions
Indonesia's growth will probably remain around 5% this year despite the trade tensions. The finance minister stated that a government delegation was still negotiating with Washington in order to avoid high tariffs. Minister's forecast is about the same as last year's growth rate of 5.03%. The government has set a target of 5.2% growth for this year, and President Prabowo Sulbianto has promised to raise the rate to 8% in 2029.
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency, which he issued on his first official day of office. This was to expedite the permitting process in an attempt to boost the domestic energy supply…
EQT will spend less and produce more US natgas by 2025
EQT Energy, the second largest natural gas producer in the United States, will reduce its capital expenditure but increase energy production by 2025. Range Resources, on their part, said they would keep both output and spending relatively constant from 2024. Companies released their first quarter earnings reports and spending plans on Tuesday. The U.S. Gas Prices are forecast to increase in 2025. This year, companies will likely pull out record amounts of gas.
NextEra exceeds profit expectations as the power company avoids trade risks
NextEra Energy's CEO stated that the company beat Wall Street expectations on Wednesday regarding rising electricity demand, as it works to navigate around increasing global trade risks. The rising costs brought on by President Donald Trump’s tariff war threaten to slow down a recent surge of electricity demand, and dent plans for expansion by the country’s power companies. NextEra, one of the largest renewable energy firms in the world…
Xi said that China's climate action will not be slowed down despite the global political changes.
According to the official Xinhua News Agency, President Xi Jinping stated on Wednesday that China's efforts to combat climate change would not be slowed down despite political developments around the world. Xinhua reports that Xi spoke at a video conference organized by the United Nations, Brazil and other countries to discuss climate changes and "just energy transformation". "History will always progress in unexpected ways, even though some countries have a strong preference for unilateralism and protectionionism.
Global Wind Capacity in 2024 Falls Short Despite Reaching a Record
A record 117 gigawatts of wind power capacity was installed worldwide last year, slightly more than in 2023, but far less than needed to achieve goals to decarbonise energy, a report by the Global Wind Energy Council said on Wednesday.WHY IT'S IMPORTANTThe world needs to shift to renewable sources, including wind and solar, to contain global warming.Many organisations, including the GWEC, have said the current rate of progress is not enough.
Enphase Energy misses quarterly profit estimates, forecasts weak Q2 revenue
Enphase Energy, a solar inverter manufacturer, missed analyst expectations for the first-quarter profit due to a softening of demand in the United States. It also forecast revenue for the second-quarter below market expectations. Shares dropped 12.5% in after market trading. Enphase's residential solar inverter sales were affected by a softening of demand in California, the top U.S. state. The reform will be implemented in 2023.
New England grid demand reaches record lows as rooftop solar kicks off
Grid operator ISO New England reported on Tuesday that power grid usage in the northeast United States reached a record low this weekend due to mild weather and rooftop panels. Climate change, renewable electricity generation, and electrification in buildings and industries such as transportation are all changing the U.S. power system. ISO New England, grid operator for New England, announced in a press release that on April 20th, power demand dropped to 5,318 Megawatts. This was after three years of record-lows.
Treasury: US sanctions target Iranian LPG magnate, Treasury.
Treasury Department: The United States announced new sanctions against Iranian liquefied gas magnate Seyed Asadoollah Emamjomeh, and his corporate networks, on Tuesday, amid ongoing discussions with Tehran about its nuclear program. Treasury released a statement saying that Emamjomeh’s network was responsible for shipping crude oil and LPG worth hundreds of millions to foreign markets. It said that both products were a major…
Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.
Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic, Republic of Congo, Chad, Gabon and Chad, introduced rules in 2018 governing these funds that are mostly held by foreign banks.
Taiwan: Buying more US oil and gas is the focus of tariff talks
Taiwan's trade talks with the United States are centered on increasing purchases of U.S. oil and natural gas, said President Lai Ching Te. Lai has promised to pursue a zero-tariff regime with the United States, and to buy and invest more within the country. He is trying to thwart President Donald Trump's import tariffs that are now on hold. Lai, who spoke to environmental groups at the White House, called on the government to support the importation of more energy from America.
