Phillips 66 Indicted for Clean Water Act Violation
A grand jury has indicted Phillips 66 PSX.N for violating the Clean Water Act by illegally discharging hundreds of thousands of gallons of industrial wastewater into Los Angeles County's sewer system and failing to report the violations to authorities, the U.S. Attorney in Los Angeles said on Thursday.Phillips 66 is expected to be arraigned in the coming weeks in Los Angeles federal court. It faces a maximum sentence of five years probation on each count and up to $2.4 million in fines.
Fuels and carbon gain from a curve that shows a fall in spot prices
The European spot electricity prices fell on Friday on the back of forecasts that higher wind generation will be occurring and lower demand on Germany's main market. Forward contracts, however, rose in line with gains on fuel and carbon markets. The French baseload for the day ahead fell by 3.4%, to 114 Euros ($120.01 per megawatt-hour (MWh). At 0840 GMT the equivalent German contract had settled at 121 Euros/MWh. On Friday, the German wind power production is expected to increase by 5.1 gigawatts to 30.2 GW. The French nuclear capacity remained at 85 percent of the total.
US Awards up to $2.2 Billion to Speed Clean-hydrogen Development
The U.S. Department of Energy announced on Wednesday that it had awarded up to $2 billion to centers in the Gulf Coast and the Midwest for the development of hydrogen, a new source of energy which is costly to produce with renewable power. Hydrogen supporters, such as the administration of Joe Biden believe that low carbon hydrogen can combat climate change by fueling industries like aluminum, cement and steel, along with long-haul transport. Most hydrogen produced today is made from fossil fuels, which emit unabated gases. This produces hydrogen at a fraction the price of clean hydrogen.
SQM's net profits drop due to lower lithium prices
SQM, world's second largest lithium producer, reported on Wednesday a 73% decline in its third-quarter profit, as increased sales volumes did not offset a sharp drop in prices due to an oversupply. The lithium mining industry has been affected by the sustained fall in prices of lithium in recent months, due to a weaker than expected demand for electric cars. The lithium is an important component in batteries for electric vehicles. SQM's net profit for the third quarter was $131 million, which is below the analyst estimate of $162 millions, based on LSEG Data.
Albanese: Australia and India will boost their cooperation in renewables and defence
Australia and India will work together to increase investment in renewable energies, such as solar manufacturing, batteries, and mineral processing. This was the announcement made by Prime Minister Anthony Albanese during a G20 meeting on the sidelines. Albanese, the Australian Minister for Defence and Maritime Security, said that Australia and India would also like to increase their defence and maritime cooperation. He made this statement during a Tuesday meeting in Rio de Janeiro with India's PM Narendra Modi. These two countries are part of the Quad along with Japan and the United States.
Petrobras and Yara Sign Agreement for Diesel Exhaust Fluid Sales in Brazil
Petrobras, Brazil's state oil company, has signed agreements with ANSA and fertilizer firm Yara. Yara could sell AUS 32 diesel-exhaust fluid in Brazil. Brazil imports AUS32, or 32% solution of aqueous Urea, to reduce the emissions from diesel cars. ANSA will produce AUS 32 in its plant in Parana in the south of Brazil, which should be operational again in May. This is also another step in Petrobras's goal to enter the fertilizer industry. Petrobras stated that Yara will supply the urea for AUS 32, and then sell the finished product.
After cutting debt, Vallourec pays first dividend after 10 years
French steel tube maker Vallourec announced on Friday that it will pay its first dividend for 10 years, after further reducing its debt and completing its financial restructuring plan. However, the group's shares fell 3% at 0805 GMT after it reported a decline in its third quarter earnings. The group's net debt was 240 million euros (253.42 millions) on Sept. 30. This is down from 1.49 billion euro two years earlier. It confirmed that it would reach zero net by 2025. He said that this will be a regular return for investors.
China's coal production in October rose 4.6% on an annual basis
China's coal production rose by 4.6% from a month earlier in October, according to data released on Friday. The increase was due to the recovery of production from safety-related restrictions a year before. National Bureau of Statistics data showed that the world's biggest coal producer, China, mined 411.8 millions metric tons of coal last month. This was because the safety inspections that took place in September and Octobre 2023, which limited production, had a low baseline. The production in October was slightly lower than the 16-month record of 414.46 millions tons reached in September.
EIA says that US power consumption will reach new highs by 2024 and 25.
The U.S. Energy Information Administration stated in its Wednesday Short Term Energy Outlook that the U.S. will reach record levels of power consumption in 2024-2025. EIA projects that the demand for electricity will increase to 4,090 kilowatt hours in 2024, and 4,158 kWh in 2020. This compares to 4,012 billion kWh by 2023, and a record of 4,067 in 2022. EIA predicted that by 2024, residential customers would purchase 1,492 billions of kWh, commercial customers 1,426 billions kWh, and industrial customers 1,027 billions kWh.
German chemical lobby VCI reduces its 2024 forecast amid political turmoil
The German chemicals industry association VCI lowered their annual forecasts on Wednesday, citing the economic stagnation in Germany and political turmoil. The association, which represents 1,900 companies within Germany's third largest industrial sector, is expecting production volumes, including pharmaceuticals, to increase by just 2% in this year. This is a significant drop from the 3,5% growth it predicted for nearly six months. It is expecting industrial sales to fall by 2% compared to the 1.5% increase previously predicted.
Methane emissions are a threat to climate goals
Scientists and policymakers are urging aggressive action to reduce the production of methane, a powerful greenhouse gas. Nearly 160 nations have committed to reducing methane emission levels by 30% from 2020 levels by the end this decade. The 2024 Global Methane Budget Report states that atmospheric methane has risen the fastest in the past five years since records began in 1970, largely due to natural sources. The methane molecules trap heat more effectively than the carbon dioxide (CO2) molecules, so it only takes a smaller number of them to produce the same amount of heating.
How methane threatens climate goals
Scientists and policymakers are urging aggressive action to reduce the production of methane, a powerful greenhouse gas. Nearly 160 nations have committed to reducing methane emission levels by 30% from 2020 levels by the end this decade. The 2024 Global Methane Budget Report states that atmospheric methane has risen the fastest in the past five years since records began in 1970, largely due to natural sources. The methane molecules trap heat more effectively than the carbon dioxide molecules (CO2). This means that fewer of these molecules can cause the same level of warming.
A2A, Italy's largest company, raises its profit forecast for 2024 and dividend growth through 2035
A2A, an Italian company, raised its core and net profit forecasts for 2024 on Tuesday. The company reported a net profit increase of around 70% in the nine-month period to 713 millions euros ($757.9million). The largest regional utility in the country also increased its planned annual dividend growth rate to at least 4%, from 3%. A2A expects a core profit of 2,28-2,32 billion euros this year compared to its previous guidance of 2,18-2,22 billion euros. Net profit is expected to be between 800 million and 820 million euro, which is higher than the previous guidance of 700-720 million euro.
The US climate envoy said that work would continue despite Trump’s return
John Podesta, U.S. Climate Envoy, urged governments on Monday to believe in the promise of the United States to combat global climate change. He said Donald Trump could slow down, but not stop the transition away from fossil fuels, when he returns to the White House in January. The annual U.N. Climate Summit began Monday in Baku in Azerbaijan. Many country delegations were concerned that Trump's win in the U.S. Presidential election on November 5 would hamper progress in limiting planetary warming.
Holiday schedule for US economic and other data
Veterans Day, a federal holiday, will impact the release of major economic, energy, and commodities reports that originated from Washington or were filed there during the week of November 10. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Veterans Day holiday. Federal government offices and the bond market are closed. Stock markets, International Monetary Fund and Federal Reserve open. The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600. USDA releases weekly Crop Progress 1600/2100.
Three Industrial Projects for Le Havre Announced
The French government has selected winning proposals for a hydrogen import terminal, a renewable fuels facility and a lithium production factory to be built at the state-run port of Le Havre as part of an effort to attract industrial investment, the finance ministry said on Thursday.The land around the port was labelled a turnkey investment site under the 30 billion euro "France 2030" plan, allowing Haropa Port — the public entity that manages the ports of Rouen, Le Havre and Paris — to launch a tender for green projects.The three winners will benefit from accelerated approval procedures…
Commodities Weigh Trump Win, Tariff Threats
Commodities reacted with trepidation to the election of Donald Trump to a second term as U.S. President, with most losing ground over fears the global economy will be hit by a new tariff war.The downbeat reaction was in stark contrast to U.S. equities, which surged to record highs amid optimism that Trump's agenda of lower taxes will boost growth, at least in the United States.The contrasting response to Trump's victory over Democrat nominee and now outgoing U.S. Vice President Kamala Harris…
Commodities fall amid increased risks of Trump's second-term: Russell
Commodities have reacted to Donald Trump's election to a second U.S. term with fear, and most are losing ground due to fears that a new trade war will hit the global economy. The negative reaction contrasted sharply with the record-breaking performance of U.S. stocks, which rose to new highs amid optimism about Trump's tax cut agenda, at least for the United States. The contrasting reaction to Trump's win over Democrat nominee, and now departing U.S. vice president Kamala Harris, showed why it is difficult to predict the impact of Trump's return as the White House. Take crude oil as an example.
Faced with a tariff threat, Europe looks for ways to appease Trump
The European Union considers options to appease Donald Trump upon his return to the White House. It is bracing for a resumption in U.S. trade threats and tariffs, as well as a tough exchange on how to deal with China. Trump warned the 27-nation group shortly before he won the U.S. presidency that they would "pay a high price" if they did not buy enough American exports. EU officials claim that Brussels has acknowledged the credibility of threats to impose tariffs of 10% on all imports from the United States and 60% on those coming from China.
The future EU energy chief says he will speed up the end of Russian gas imports
Dan Jorgensen wants to end the EU's dependency on Russian fossil fuels as soon as possible, he said at a Tuesday parliamentary hearing. Ursula von der Leyen, President of the European Commission, has given Jorgensen the task to lower energy prices in order to restore Europe's competitiveness as an industrial powerhouse. She also wants to decarbonise Europe's economy and stop the remaining Russian energy imports. In the next few weeks, he is expected to receive confirmation of his new position. "We have a problem, our industry suffers." "They are paying twice or three times more for energy than in the U.S.A.
