Commodities
This Week in Energy News: 11 Stories You Need to See
A roundup of the week’s most newsworthy energy industry press releases from PR Newswire, including updates in battery energy storage and sustainable aviation fuel.NEW YORK, June 23, 2023 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help journalists covering the energy and natural resources industry stay on top of the week’s most newsworthy and popular releases, here’s a roundup of stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.Honeywell Introduces Honeywell Ionic™, a Modular Battery Energy Storage System with Improved Energy Density and Reduced Installation CostsHoneywell Ionic is a single, complete solution for commercial and industrial customers as well as independent power producers who are looking to optimize energy costs, store back-up power, and reduce their carbon footprint. It’s also applicable for front-of-meter users who are seeking to simplify the installation process and reduce installation costs.Boeing Launches SAF Dashboard to Track and Project Sustainable Aviation Fuel ProductionBoeing released the tool at the 2023 Paris Air Show to support discussion and action among industry stakeholders regarding the existing SAF footprint as well as future production levels required to meet the commercial aviation industry’s goal of net-zero emissions by 2050.H2U Technologies Announces Hydrogen Industry’s First Commercial-Scale Non-Iridium PEM Electrolyzer”We and others believe H2U’s non-iridium PEM electrolyzers have the potential to transform the green hydrogen industry,” said Mark McGough, CEO of H2U Technologies. “Our breakthrough technology will bring down gas production costs and alleviate supply chain constraints, making green hydrogen more accessible and cost-effective for a wide range of applications.”Ameren Missouri plans new solar generation capable of powering more than 95,000 homes”These projects support our ongoing generation transformation toward more clean energy while maintaining the reliability, resiliency and affordability our customers expect,” said Mark Birk, chairman and president of Ameren Missouri. “In addition, we are taking advantage of new federal incentives that will help us provide renewable energy to our customers at a lower cost.”MCLB Albany EV charging project is a model for Department of DefenseMarine Corps Logistics Base (MCLB) Albany, through a unique partnership with Southern Company subsidiary, Georgia Power, is currently installing 21 charging stations at nine locations across the base, which will allow up to 96 vehicles to be plugged in on the base simultaneously. The project has been initiated and is expected to be complete by fall.Invenergy Announces $1 Billion Follow On Investment from Blackstone Infrastructure PartnersMatthew Runkle, Senior Managing Director, Blackstone Infrastructure, said, “Invenergy has a premier platform for developing, owning, and operating clean energy projects and we are excited to continue supporting the realization of these projects and their important contribution to decarbonizing the energy sector.”Sungrow Debuts Its New Generation Residential Solution during Intersolar Europe 2023The solution is ideal to supply power to a broader range of high-power household appliances. When the whole house is installed with up to 43kVA of load power, this complete residential solution can support the whole house in grid parallel mode.Revolutionizing Energy: Sigenergy’s AI-Powered Solutions Lead the Way”Conventional PV solutions without energy storage will gradually be overthrown,” said Tony Xu, Founder and CEO of Sigenergy. “The true leaders of the energy industry will be those who effectively incorporate AI to empower and optimize energy systems.”California Senate Approves Wave and Tidal Renewable Energy BillThe legislative initiative directs the California Energy Commission to work with the relevant California state agencies to study the feasibility and potential for wave and tidal energy development in California and sets deadlines to report its findings to the California Legislature and Governor.NapaSan Teams With NextEra Energy Resources for New Biofuel Mainspring Linear GeneratorThe linear generator will run on biofuel produced at NapaSan’s wastewater treatment plant, providing renewable energy to power the plant while also reducing greenhouse gas emissions. Under the agreement, a subsidiary of NextEra Energy Resources will install, own and operate the linear generator at NapaSan’s wastewater treatment plant. The unit is expected to generate 230 kW of clean, renewable electricity.Pusan National University Researchers Develop New Adsorbent for Removing Radioactive Cesium Ions from Nuclear WastewaterNuclear power is typically considered a cleaner way of generating power compared to fossil fuels. It does not release air pollutants and greenhouse gases like carbon dioxide as by-products. However, it creates radiotoxic waste that needs proper treatment to prevent adverse environmental and health conditions.Read more of the latest energy-related releases from PR Newswire and stay caught up on the top press releases by following @PRNenergy on Twitter.Helping Journalists Stay Up to Date on Industry NewsThese are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.Once they’re signed up, reporters, bloggers and freelancers have access to the following free features:Customization: Create a customized newsfeed that will deliver relevant news right to your inbox. Customize the newsfeed by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include with your next story.Subject Matter Experts: Access ProfNet, a database of industry experts to connect with as sources or for quotes in your articles.Related Resources: Read and subscribe to our journalist- and blogger-focused blog, Beyond Bylines, for media news roundups, writing tips, upcoming events, and more.About PR Newswire and PR Newswire for JournalistsFor more than 65 years, PR Newswire has been the industry leader with the largest, most comprehensive distribution network of print, radio, magazine, television stations, financial portals and trade publications. PR Newswire has an unparalleled global reach of more than 200,000 publications and 10,000 websites and is available in more than 170 countries and 40 languages.PR Newswire for Journalists (PRNJ) is an exclusive community that includes over 20,000 journalists, bloggers and influencers who are logging into their PRNJ accounts specifically looking for story ideas. PR Newswire thoroughly researches and vets this community to verify their identity as a member of the press, blogger or influencer. PRNJ users cover more than 200 beats and verticals.For questions, contact the team at media.relations@cision.com.
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Commodities
Oil prices steady; traders digest mixed US inventories, weak China data
Investing.com– Oil prices steadied Thursday as traders digested data showing an unexpected increase in US product inventories, while weak economic data from top importer China weighed.
At 05:25 ET (10:25 GMT), expiring in March gained 0.1% to $76.25 a barrel, while rose 0.1% to $73.37 a barrel.
The crude benchmarks had slumped more than 1% on Wednesday, but trading ranges, and volumes, are likely to be limited throughout Thursday with the US market closed to honor former President Jimmy Carter, ahead of a state funeral later in the session.
China inflation muted in December
Chinese inflation, as measured by the , remained unchanged in December, while the shrank for a 27th consecutive month, data showed on Thursday.
The reading pointed to limited improvement in China’s prolonged disinflationary trend, even as the government doled out its most aggressive round of stimulus measures yet through late-2024.
China is the world’s biggest oil importer, and has been a key source of anxiety for crude markets. Traders fear that weak economic growth in the country will eat into oil demand.
The country is also facing potential economic headwinds from the incoming Donald Trump administration in the US, as Trump has vowed to impose steep trade tariffs on Beijing.
US oil product inventories rise sharply
U.S. gasoline and distillate inventories grew substantially more than expected in the week to January 3, government data showed on Wednesday.
inventories grew 6.3 million barrels against expectations of 0.5 mb, while grew 6.1 mb on expectations of 0.5 mb.
Overall crude also shrank less than expected, at 0.96 mb, against expectations of 1.8 mb.
The build in product inventories marked an eighth straight week of outsized product builds, and spurred concerns that demand in the world’s biggest fuel consumer was cooling.
While cold weather in the country spurred some demand for heating, it also disrupted holiday travel in several areas.
EIA data also showed that US imports from Canada rose last week to the highest on record, ahead of incoming U.S. president Donald Trump’s plans to levy a 25% tariff on Canadian imports.
Canada has been the top source of U.S. oil imports for many years, and supplied more than half of the total U.S. crude imports in 2023.
Strength in the also weighed on crude prices, as the greenback shot back up to more than two-year highs on hawkish signals from the Federal Reserve.
A strong dollar pressures oil demand by making crude more expensive for international buyers.
(Ambar Warrick contributed to this article.)
Commodities
Trump’s possible tariffs could put downward pressure on oil prices – RBC
Investing.com – President-elect Donald Trump’s plan to implement sweeping import tariffs during his second term in the White House is potentially the “most bearish” policy development for the energy sector this year, according to analysts at RBC Capital Markets.
Trump, who is set to come to power in less than two weeks, has vowed to impose tariffs of as much as 10% on global imports into the US and 60% on items coming from China. He has also pledged to slap a 25% surcharge on products from Canada and Mexico.
Economists have flagged that the proposal would not only rattle global trade activity, but also threaten to reignite inflationary pressures and spark possible retaliation.
The uncertainty in markets was heightened on Wednesday after CNN reported that Trump is mulling declaring a national economic emergency in order to provide the legal underpinning for the tariffs. Earlier this week, Trump also denied a separate report that his team was mulling scaling back the levies to cover only critical goods.
In a note to clients on Thursday, analysts at RBC led by Helima Croft said that while the ultimate scope of the tariffs remains unclear, the headline duties on China could soften demand in the country and place downward pressure on oil prices. China is the world’s largest crude importer.
Business leaders with significant ties to China may advise Trump to stay away from instituting strict tariffs on the country, Croft predicted.
“We have also heard a view in Washington that President Trump could be amenable to a deal with China if Beijing offered to make large headline purchases of US goods, such as aircraft or even US [liquefied natural gas] imports,” Croft wrote.
“Beijing could also potentially seek to trade a reduction in Iranian crude imports for a tariff reprieve.”
However, Croft flagged that the overall market effect of the tariffs is still “challenging to forecast” because the Trump administration — unlike a prior round of trade tensions in 2018 — will have to weight the impact of the policies with broader macroeconomic worries “still front of mind for many in Washington”.
(Reuters contributed reporting.)
Commodities
Gold prices edge higher; demand boosted by Trump-inspired uncertainty
Investing.com– Gold prices edged higher Thursday, continuing the recent gains, as heightened uncertainty over a hawkish Federal Reserve and President-elect Donald Trump’s plan for trade tariffs fueled some safe haven demand.
At 06:15 ET (11:15 GMT), {68|Spot gold}} rose 0.4% to $2,683.84 an ounce, while expiring in February rose 0.3% to $2,668.60 an ounce.
Trading activity is likely to be limited Thursday, with US traders on holiday to honor former President Jimmy Carter, with a state funeral due later in the session.
Safe haven demand on economic uncertainty
Bullion prices benefited from some safe haven demand this week, as uncertainty over Trump’s trade and immigration policies dented risk appetite.
A CNN report said Trump could declare a national economic emergency to legally justify his plans to impose universal trade tariffs.
Concerns over Trump’s policies also came into focus after the of the Fed’s December meeting showed policymakers expressing some concerns over sticky inflation.
Specifically, Fed officials were growing concerned that Trump’s expansionary and protectionist policies could underpin inflation in the long term.
The minutes also largely reiterated the Fed’s plans to cut interest rates at a slower pace in 2025, after the central bank effectively halved its projected rate cuts to two from four in 2025.
Treasury yields shot up after the Fed’s minutes, as did the dollar.
Higher for longer rates bode poorly for non-yielding assets such as metals, given that they increase the opportunity cost of investing in the sector.
Other precious metals were edged higher Thursday. fell 0.1% to $983.85 an ounce, while rose 0.8% to $30.930 an ounce.
Copper rises as weak China inflation fuels stimulus hopes
Benchmark on the London Metal Exchange rose 0.7% to $9,093.0 a ton, while March rose 1.2% to $4.3115 a pound.
Chinese were flat in December, while shrank for a 27th consecutive month, indicating little improvement in disinflation.
Inflation remained weak even as Beijing doled out its most aggressive round of stimulus measures through late-2024.
But Thursday’s inflation data fueled increased bets that Beijing will do more to shore up Chinese growth, especially on the fiscal front.
(Ambar Warrick contributed to this article.)
Among industrial metals, copper prices firmed as weak inflation data from top importer China spurred bets on more stimulus measures from Beijing.
But metal markets remained under pressure from strength in the dollar, which came back in sight of over two-year highs on hawkish signals from the Fed.
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