US Natural Gas Futures Climb 4% with LNG Flows, Cold December Forecast
U.S. natural gas futures climbed about 4% on Wednesday on near-record flows to liquefied natural gas export plants and forecasts for higher demand than previously expected as the weather turns colder than normal going into December.Front-month gas futures for December delivery on the New York Mercantile Exchange rose 17.9 cents, or 4.1%, to settle at $4.550 per million British thermal units (mmBtu).LSEG said average gas output in the Lower 48 states rose to 109.1 billion cubic feet per day (bcfd) so far in November…
Aramco signs preliminary US deal worth more than $30 Billion
Saudi Aramco, the oil giant, said that it signed 17 preliminary agreements with U.S. firms with a total potential value of over $30 billion during a trip to Washington by Saudi Crown Prince. In a press release, the company said that these projects include liquefied gas, financial services and advanced materials manufacturing, as well as procurement of materials and other services. Saudi Arabian and U.S. officials highlighted billions of dollars in new investments, and the growing financial ties that exist between the two nations on Wednesday. This coincided with Crown Prince Mohammed Bin Salman's visit to the White House.
INSIGHT- West scrambles fill the heavy rare earth gap, as China rivalry intensifies
Western efforts to create a domestic magnets supply chain in order to reduce their reliance on China, led by the massive U.S. support for Nevada-based MP Materials, are running into a major problem: a scarcity of heavy rare earth elements. United States and its allies are scrambling to find an alternative supply chain for super-strong rare earth magnetic components, which are essential in everything from electric vehicles and defence technology to electronics and windmills. MP Materials has ambitious plans for producing magnets in the next few years. This is backed by a deal signed with the U.S.
Malaysia's Sarawak Oil Palms focus on yield improvements amid land cap
Sarawak Oil Palms Berhad, a Malaysian palm oil manufacturer, is focused on maximising the yields of existing plantations. The state struggles with lower productivity than other regions in Malaysia. Sarawak's 1,62 million hectares of oil palm plantations (4 million acres), which account for 29% Malaysia's total palm acreage, produced only 21,6% of Malaysia's palm oil production, with yields falling behind the neighbouring Sabah Peninsular Malaysia. It is the second largest palm oil producer in the world. In an interview conducted on Wednesday, the CEO of Sarawak Oil Palms, Eric Kiu, said that there are no new land areas for expansion.
The Japanese Governor is set to approve the restart of the world's largest nuclear plant
Kyodo reported that the Japanese governor who oversees the region which is home to the largest nuclear power station in the world is expected to approve its restart this week. The approval is one of the last remaining milestones for Tokyo Electric Power Co to bring back the Kashiwazaki/Kariwa power plant, which was shut down more than 10 years ago after the Fukushima disaster. Kyodo reported that Niigata Prefecture governor Hideyo Hanadazumi will announce his approval for a partial resumption of Kashiwazaki - Kariwa by Friday. This was based on multiple sources unnamed in the prefecture's government.
DTEK, a Ukrainian company, imports US LNG through Lithuania
The Ukrainian energy company DTEK said that it has imported its first cargo via Lithuania's Klaipeda Import Terminal of U.S. LNG in order to improve energy security for Ukraine as well as other Eastern European countries. DTEK’s trading arm imported cargo from Louisiana’s Plaquemines Plant aboard the GasLog Houston. The cargo was equivalent to 100 million cubic meters, or one terawatt-hour (TWh) of natural gas. Privately owned company says that the plan is to deliver gas to Ukraine and Baltic countries as well as Poland and other Eastern European markets.
Kuwait's latest tender invites bids on a new 0.5-GW Solar Project
Kuwait invited pre-qualified consortiums to submit bids for a new solar power project of 0.5 gigawatts, which aims to expand clean energy generation in the Gulf State. Kuwait Authority for Partnership Projects announced in its official gazette on Sunday that the second tender of the year will cover the Al Dibdibah Power & Al Shagaya Renewable Energy Phase III - a Zone 2 Solar Power PV Independent Power Project. KAPP said that the company will provide power to the Ministry of Electricity through a 30-year agreement for purchase of electricity.
China finds bigger role as US sidesteps Brazil climate summit
China has stepped into the spotlight as a leader of the global warming fight, with the United States missing the U.N.'s annual climate summit in New York for the first three decades. The country's pavilion dominates the entrance of the sprawling COP30 grounds in Brazil’s Amazonian city of Belem. Executives from its largest clean energy companies present their visions of a greener future in English to large audiences, while its diplomats work behind the scenes to facilitate constructive discussions. Washington used to play these roles. Now, they are played by Beijing.
Orplana CEO: Sugarcane farmers in Brazil's key region are feeling the pinch of low prices
Sugarcane growers in Brazil's central-south region feel the pinch due to low sugar prices. They do not want their crops to expand and may even reduce the area they plant with the crop. Jose Nogueira is the CEO of the cane growers association Orplana. He said this on Friday. Last week, raw sugar futures reached a low of 14,04 cents per lb. Prices had dropped to 14.96 cents a lb on Friday but were still subdued in comparison with recent highs. Nogueira added that the looming low returns on sugarcane investments would affect producers' investment in their fields, and could potentially impact output for the 2027/28 harvest.
Saudi Aramco to Sign US LNG Supply Agreements
Saudi Aramco is set to sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG when Saudi Arabia's Crown Prince Mohammed bin Salman visits Washington next week, sources familiar with the matter told Reuters.The world's largest oil exporter, Saudi Aramco, wants to become a major liquefied natural gas player, especially in the United States, where LNG capacity is set to almost double over the next four years. It has already signed deals with other U.S. players, including NextDecade's Rio Grande LNG.The firm targets 20 million tons per annum (mtpa) of LNG capacity…
COP30: Brazil seeks biofuel boom, but critics query climate impact
Timothy Searchinger is a senior research scholar from Princeton University. He said that when land produces fuel instead of food someone else will have to clear more land or eat less. Biofuels are counted at zero, so countries believe that they have cut emissions. He said that in reality, the pressure is shifted onto food and land systems. India has already shown signs of this pressure. It has increased the percentage ethanol in petrol, and saved $12 billion on oil imports over the last decade. It has also led to the destruction of engines and arable land.
Saudi Aramco will sign US LNG contracts during the crown prince's Washington visit, sources say
Saudi Aramco will sign two U.S. LNG supply agreements with Woodside Energy & Commonwealth LNG next week when Saudi Arabian Crown Prince Mohammed bin Salman is in Washington, according to sources with knowledge of the situation. Saudi Aramco wants to be a major player in liquefied gas, particularly in the United States where the LNG capacity will almost double within the next four-years. It has signed agreements with other U.S. companies, such as NextDecade Rio Grande LNG. Aramco's CEO and President Amin Nasser told analysts on a conference call in August that the company aims to produce 20 million tonnes of LNG per year (mtpa)…
French and German electricity prices will be affected by the diverging wind trends on Monday
French and German power rates are expected to diverge on Monday. Higher wind generation is expected to pressure German spot prices, while higher demand combined with lower wind supplies should lift French day-ahead contract prices. LSEG data shows that the German and French baseload power contracts for Mondays were not traded by 8:56 GMT Friday. LSEG analyst Xiulan Xiulan said that the European power market showed a bearish sign on Monday. This was mainly due to strong wind generation in Germany and Austria. Data compiled by LSEG shows that German wind power production is expected to increase by 6.2 gigawatts on Monday…
GERB leader: Bulgaria could receive a six-month delay in US sanctions
Local media reported that Boyko Borissov of the GERB, the leader of the coalition's leading party, could have secured a six-month delay of U.S. sanction against Lukoil oil refinery. Last month, the U.S. Treasury Office of Foreign Assets Control imposed sanctions against Lukoil, and Rosneft, Russia's largest oil companies. This increased pressure on Russian president Vladimir Putin to stop Moscow's war with Ukraine, and threatened their sprawling operations throughout Europe. The U.S. sanction, which is due to take effect on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter.
Adani Group invests $7.17 billion in power projects in India’s Assam State
Adani Group, an Indian company, announced on Friday that it would invest approximately 630 billion rupees (7.17 billion dollars) in two major projects in Assam in the state's north-eastern region. One of these will be the largest coal-fired plant in the region. Adani Power was reported as having been the lowest bidder in a state-issued tender for coal power of 3.2 gigawatts (GW). Adani announced on Friday that the coal power plant unit of its company will invest about 480 billion rupees (5.46 billion dollars) in building the facility. The company stated that the plant will be commissioned in phases starting December 2030.
Rio Tinto signs a 15-year renewable energy deal with U.S. based TerraGen
Rio Tinto announced on Friday that its Kennecott operation, located in Utah, U.S.A., had signed a virtual power purchase agreement for 15 years with TerraGen, to source renewable energy in Texas from a newly built wind farm. The deal will see Rio Tinto purchase 78.5 megawatts of electricity from TerraGen’s Monte Cristo I Windpower Project, which started commercial operations last week. The agreement was reached after the Trump Administration added copper to its list of critical minerals in the United States, and…
Blackstone invests $1.2 billion to build a power plant in West Virginia
Blackstone announced on Thursday that its unit will invest around $1.2 billion in building a power station in West Virginia. The asset manager is stepping up efforts to meet the surging demand for electricity due to artificial intelligence and industrial expansion. Utilities, large investors and data center operators have increased their funding to build more power capacity. The Wolf Summit Energy Project, a 600-megawatt natural gas combined-cycle plant in Harrison County, will provide power to Old Dominion Electric Cooperative which services about 1.5 million people across Virginia, Maryland, and Delaware.
TotalEnergies considers selling some Asian renewable energy assets
A spokesperson for TotalEnergies said that the company is considering selling some renewable energy assets located in Asia as a way to reduce its debt. Bloomberg first reported the news that the assets in question could be worth several hundred millions of dollars. The spokesperson confirmed this. Patrick Pouyanne, CEO of TotalEnergies, said at a presentation to investors earlier this year that the company was focusing its strategy on key markets such as Europe, U.S.A. and Brazil, while streamlining our efforts in renewables beyond these three markets.
German spot prices jump on plummeting forecast wind
German spot contracts for Friday rose on the back of an anticipated sharp decline in wind power supplies, while French contracts fell. By 1030 GMT, the German baseload day-ahead contract was up 46.5% to 102.55 euro ($119.59). The French equivalent contract fell 16.1% to 26 euros/MWh. LSEG data revealed that German wind power production was expected to drop by 15.7 gigawatts, to 14.3 GW. French wind power output is projected to increase by 2.7 GW, to 12.4 GW. LSEG analyst Xiulan said that wind generation in Germany will be lower in the morning, then increase steadily throughout the afternoon. Imports are expected at all times.
Made in Nigeria: Africa's drive to become a solar superpower
In pink overalls they pack the tested products to be shipped from the Salpha Energy solar assembly plant near Calabar, West Africa. It's not happening at home anymore. Salpha Energy, which began in 2017, has produced solar power systems for over two million Nigerian households and businesses. It aims to produce up to 300,000. Salpha Energy is part and parcel of the green leadership that Africans attending the U.N. COP30 Climate Summit in Brazil want to promote and showcase. Carlos Lopes is the special envoy of the COP30 Presidency for Africa.