The cold weather in the US boosts diesel prices, but masks economic challenges
Since the beginning of the year, the cold temperatures in the Northeast U.S. have led to an increase in demand for heating oil. This has helped to offset the slowdown in recent years due to reduced industrial activity. The Energy Information Administration (EIA), according to its data, reported that the U.S. inventory of distillate fuels - including diesel and heating oil - fell this month to its lowest seasonal level in 2014. The sharp increase in heating oil consumption is reflected by the decline. According to EIA, the four-week average for distillates products supplied is a proxy measure of demand.
Adani Total Dhamra terminal expansion is not imminent, CEO claims
Adani Total, an Indian joint venture, has not yet conducted feasibility studies for doubling the capacity of the LNG terminal at Dhamra. Chief Executive Surjeet S. Lamba said this on Thursday. This comes a year after Adani Total announced that it was planning to expand its terminal. Lamba stated that the 5 million tonnes per annum (mtpa), LNG terminal in India's East Coast, where TotalEnergies SE, a French energy giant, has a 50% share along with the Adani Group in 2024, would operate at an average utilization rate of 25%. The CEO stated that the usage has risen from about 30% to 50%.
Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico. Companies have also limited their spending on new projects, focusing on returning cash to investors.
European gasoline glut affects global margins
As a result, gasoline stocks in Europe reached a record-high as exports fell due to increased refinery runs in Nigeria and the United States. This led to the profit margins for European and U.S. refineries to fall to a 15 month low in January. Gasoline profit margins usually fall in the winter due to lower seasonal demand. However, the magnitude of the drop is a major blow for refiners who are now facing low margins on petrochemicals. Diesel provides some relief to overall margins. This short…
European firms exposed as Trump targets US offshore wind
U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.Former President Joe Biden supported the offshore wind industry, setting a target for 30 gigawatts (GW) of projects by 2030, up from 42 megawatts at the end of 2023, prompting many European project developers to acquire leases and plan wind farms in the United States.Trump's executive order is not expected to stop existing U.S.
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970, to stop oil and gas drilling in federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico. He also halted the drilling of portions of the northern Bering sea of Alaska.
Colonial Pipeline's gasoline line likely shut until Friday
Colonial Pipeline's main U.S. gasoline artery is expected to be shut through Friday as the company continues to search for the source of a suspected leak in Paulding County, Georgia, the company said in a statement on Wednesday.Line 1, one of two mainlines on the more than 5,500-mile Colonial system, was shut on Monday night after Colonial received reports of a gasoline release and began investigating. The pipeline moves gasoline from Texas to North Carolina and was earlier expected to resume service on Tuesday night…
Sweden builds 100,000-year storage site for spent nuclear material
Sweden began building a final nuclear fuel storage facility on Wednesday. It is only the second site of its kind in the world where highly radioactive wastes will be stored for 100 years. Since the commercialization of nuclear reactors in the 1950s, the question of how to safely store radioactive waste has plagued the industry. Finland is the only nation that has a permanent site in its final stages of construction. World Nuclear Association estimates that there are approximately 300,000 tonnes of spent nuclear fuel in the world.
Centrica: Britain's gas reserves are "concerningly small"
Centrica, the operator of Britain's largest storage facility, stated on Friday that Britain's gas levels were "concerningly" low, with less than one week's worth of gas left to be consumed following a recent cold snap. Britain relies heavily on gas to heat its homes and generate electricity. As of 9th January 2025, UK stockpiles are 26% less than the inventory of last year at the same date, and they're only half full. Centrica stated that the UK had less than one week's worth of gas in stock. Around half of England's storage capacity is provided by Centrica's depleted Rough gas field, located off the east coast.
Australia's Competition Regulator flags gas import requirements for the East Coast
The Australian Competition Regulator said that the east coast of Australia is likely to experience a gas shortage by 2027, which could lead to imports. It cited its gas inquiry report. The Australian Competition & Consumer Commission stated that the report found the development of new production and supporting infrastructure for gas has not kept up with the increasing demand. It is anticipated that the east coast gas market will have surpluses in 2025 and 26 but may face shortages afterward due to structural declines and uncertainty regarding future investments.
VEGOILS - Palm oil drops as the weather improves in Malaysia. Gains for a second consecutive week
The price of Malaysian palm oils futures fell on Friday as supply concerns eased. However, the contract continued to rise for the second consecutive week, thanks to improved weather conditions in Malaysia, the second largest producer in the world. The benchmark palm-oil contract for February delivery at the Bursa Derivatives Exchange fell 3 ringgit or 0.06% to 5,132 Ringgit ($1,161.87) per metric ton. The contract increased by 2.29% in the last week. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. The country's Meteorological Department forecast monsoon rains from Dec.
Palm oil drops as the weather improves in Malaysia. Set for second week gains
The price of Malaysian palm futures fell on Friday as supply concerns eased. Weather conditions in Malaysia, the second largest producer of palm oil, also improved. However, the contract was still set to increase for a second consecutive week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had fallen 20 ringgit or 0.39% to 5,115 Ringgit ($1,157.24). This week, the contract has increased by 1.89%. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. The country's Meteorological Department forecasted monsoon surge between Dec.
Palm gains for the fifth time in a row, logging a weekly gain
Malaysian palm futures rose on Friday for the fifth consecutive session, and recorded a weekly gain amid concerns about supply as heavy rains in Malaysia exacerbated already low production levels. The benchmark palm-oil contract for February delivery at Bursa Malaysia's Derivatives exchange gained 138 Ringgit or 2.82% to $5,023 ringgit (1,131.31 USD) per metric ton. After falling for two weeks in a row, the contract recovered to record a weekly gain 8.21%. This is the highest since the month of June 2023. Paramalingam Supramaniam is the director of Selangor brokerage firm Pelindung Bestari.
Palm oil prices rise on the back of supply problems; set to gain weekly
Malaysian palm futures rose for the fifth session in a row on Friday, and are on track to gain a week-long gain amid concerns about supply as heavy rains were exacerbating low production levels. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange gained 121 Ringgit or 2.48% to 5,006 Ringgit ($1,128.24). This week, the contract has gained 5.23% after two consecutive weeks of falling. Paramalingam Supramaniam is the director of Selangor brokerage firm Pelindung Bestari.
Nigeria seeks long-term buyers of new Utapate oil and aims to double production
Nigeria seeks long-term customers for the new crude oil grade Utapate, and aims to double its output from 40,000 barrels a day by 2025. The launch is part Nigeria's effort to boost its oil output, which has been hindered for years by unrest and theft of crude, despite being a member of the ongoing OPEC+ Production Cut Pact. NNPC announced last week that Nigeria produces around 1.8 millions bpd, and aims to reach 2 million bpd before the end of the year, based upon collaborative efforts with joint venture operators, its partners in production-sharing agreements, as well as security agencies and government.
RWE buys back $1.6 billion in shares as the outlook for US offshore wind and hydrogen worsens
RWE, Germany’s largest utility, announced on Tuesday that it would purchase up to 1,5 billion euros ($1.6billion) in shares. The company cited weakening prospects in Europe for hydrogen and offshore wind, in response to Donald Trump’s election win. RWE has also bowed to investor pressure by launching a buyback that will begin in the fourth quarter of this year and last for 18 months. This is due to the fact that clean energy projects are not generating the returns they should. "We have strict…
UN chief warns at COP29 that if you don't pay up, the climate will lead to disaster for humanity.
At the COP29 Summit on Tuesday, United Nations Secretary General Antonio Guterres urged world leaders to "pay up", in order to prevent climate-driven humanitarian disasters. He also said that time was running short to limit a destructive increase in global temperatures. Nearly 200 countries have gathered in Baku for the annual U.N. Climate Summit. This year, the summit is focused on raising hundreds and billions of dollars so that the world can transition to cleaner sources of energy while limiting the damage to the climate caused by carbon emission.
AG&P LNG acquires Australia's Venice Energy and develops South Australian import terminal
The Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) has agreed to acquire the Australian energy infrastructure developer Venice Energy and build its Outer Harbor Import Terminal in South Australia. AG&P LNG aims to have the LNG import terminal at Port Adelaide operational by the first quarter 2027. This was stated in a Thursday statement. The terminal will have an annual import capacity of two million metric tonnes. It will be constructed by converting a LNG carrier with a volume of 145,000 cubic metres into a floating storage unit and regasification (FSRU).
As tensions in the Middle East escalate, futures prices fall; employment data is on tap
U.S. Stock Index Futures fell on Wednesday, as geopolitical tensions and a port strike in the United States kept investors on edge before data that was expected to shed some light on the state of the economy and its monetary policy trajectory. Wall Street's major indexes started the fourth quarter of the year with a gloomy outlook. The S&P 500, and Nasdaq touched lows that were about two weeks old in the previous session as investors dumped riskier assets in response to Iran firing missiles at Israel in retaliation to its attacks on Lebanon. The markets held steady as Israel and the U.S.
S&P 500 closes near flat; more data on jobs is awaited. Middle East in focus
S&P 500 closed little changed Wednesday. Technology shares gained, but investors were nervous about Middle East tensions. Also, more U.S. employment data is due this week. Nvidia shares are up, which helped lift the S&P 500 Technology index. Nike shares fell after the athletic apparel and footwear maker retracted its annual revenue projection just before a new CEO was set to take over. Investors monitored Mideast headlines after Israel and the U.S. pledged to strike back following Iran's attack on Israel on Tuesday. Joe Biden, the U.S.
