Iran and the United States on June 9 indicated that talks on Iran’s nuclear program will continue but the two side gave different dates for the next round of negotiations. Iran said the next round of talks is planned for June 15 in Muscat, while US President Donald Trump said the next round would take place on June 12. Trump said talks would continue despite the two sides being at odds over whether Iran would be allowed to continue enriching uranium. "They're just asking for things that you can't do. They don't want to give up what they have…

As China’s natural gas demand growth slows, domestic gas producers are lobbying the authorities to raise the number of gas-fired power plants, which they see as the key growth driver going forward, sources involved in advising on energy policy have told Bloomberg. China’s gas demand growth has weakened in recent years amid slower industrial expansion, as well as booming renewables and continued reliance on coal in the power generation sector. The electricity generation sector represents about 18% of the Chinese natural gas consumption.…

It appears that optimism is finally returning to oil markets due to a promising U.S. jobs report and signs that the China-U.S. trade war may soon start thawing.- According to industry consultant Wood Mackenzie, the US Gulf of America (also known as the Gulf of Mexico before President Trump) will become the US’ main driver of oil supply growth this year.- Whilst shale drillers are cutting back on exploration and the drilling of new wells as breakevens are close to the Permian’s $62-63 per barrel breakevens, the GoA enjoys a much healthier…

Per Japanese government instructions, refiner Taiyo Oil has bought a cargo of Russia’s Sakhalin crude to ensure stable production of the LNG plant that supplies gas to Japan, a company spokesperson told Reuters on Tuesday. “At the request of the Ministry of Economy, Trade and Industry, we have decided to take delivery of 600,000 barrels of Sakhalin Blend crude oil,” the spokesperson for Taiyo Oil said. Japan stopped importing crude oil from Russia in early 2023, but it has a special waiver from the United States – currently…

The European Commission is set to unveil later on Tuesday its new sanctions package against Russia, which will include a proposal to lower the oil price cap for Russia’s crude to $45 per barrel and to ban the use of Nord Stream infrastructure, sources with knowledge of the plan told the Financial Times. The new sanctions package, the EU’s 18th round of restrictions since the invasion of Ukraine, is set to include a proposal to significantly lower the price cap on Russian oil—to $45 from $60 a barrel. The price cap mechanism set…

As if WTI oil prices in the low $60s per barrel aren’t enough to slow production growth at America’s top producing shale basin, the Permian, new guidelines for permitting saltwater disposal wells could raise the costs for operators, especially smaller producers with limited resources. The Railroad Commission of Texas, the energy regulator of the top U.S. oil-producing state, has new guidelines – effective June 1 – for permits for disposal of wastewater, or “produced water”, which is a byproduct of oil and gas…

The UK government said it would invest 14.2 billion pounds in the construction of the Sizewell C nuclear power plant as it seeks to boost energy security. The amount equals around $19.3 billion. “We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis,” energy minister Ed Miliband said in a statement, as quoted by Reuters. Sizewell C is a 3.2-GW nuclear power facility that is being developed by French…

Crude oil prices could decline below $50 a barrel this year, according to analysts from outlets including S&P Global. This will give American drivers much needed relief at the pump after years of gas price inflation. One reason for the hypothetical decline is what is widely seen as weakening demand growth. The IEA recently estimated this growth at below 1 million bpd this year, the weakest since the pandemic lockdown period. Supply, on the other hand is, growing, notably from OPEC+, which earlier this year decided to start bringing back production…

As Trump Edges Closer To Imposing ‘Devastating’ New Measures On Russia, What Might The New Sanctions Be? Whatever other qualities U.S. President Donald Trump may or may not have, a long and patient attention span is not reputed to be one of them. During his presidential campaign in 2023 and 2024, he said on multiple occasions that he would end the war in Ukraine either within 24 hours of his return to the White House or even sooner than that. That has not happened, but he has expended considerable effort along with many…

The upstream shale oil and gas sector has been written off by investors thanks to a 30% decline in oil prices since the first of the year. From near $80 in mid-January, tariff-led demand fears have overcome supply fears, and the price of WTI-the benchmark crude for most U.S. companies, to the upper $ 50s. Even a rebound into the low $60s has not yet assuaged these concerns, leaving them worried about their ability to generate cash for debt service and shareholder returns. That’s the fear. What is the reality? We now have a full quarter in…

Companies in various industries are removing climate change and net zero language from their reports, the Wall Street Journal reported this month, lamenting the fact that corporates were “watering down” their commitments in the area. It may be temporary—or it may be the natural thing. Analysis of the proxy statements of a number of large businesses conducted by the WSJ showed that many of them were, it seems, less willing to discuss climate change and their response to it in as much detail as they were a few years ago. The WSJ…

Despite the lowest coal prices in Asia in four years, India’s coal power generation dipped in May to the lowest since the Covid lockdowns of 2020, as a lack of heatwaves and soaring renewable energy installations and generation pushed down coal demand in the electricity sector. To be sure, the share of coal in India’s power output remains above 70%, but at 70.7% in May, it was the lowest in three years, according to data from federal power grid regulator Grid India reviewed by Reuters. Natural gas-fired generation and its share in the…

China is proving to be a more difficult adversary in the trade war launched by the Trump administration than previously imagined as it squeezes the world's rare earth elements (REEs) supply. I warned in early March that China had critical non-tariff weapons to bring to bear and that using them might turn out to be very painful for a world dependent on China's rare earth metal production. China currently controls 69 percent of the REEs mine production and almost 90 percent of the processing of these elements. Why is this important? As I pointed…

The head of the UN's nuclear watchdog has called on Iran and the United States to find a "diplomatic solution" in talks over Tehran's nuclear program as a crucial quarterly meeting at the International Atomic Energy Agency (IAEA). The IAEA's board of governors meeting is expected to hear and vote on a resolution finding Tehran in noncompliance with its safeguards for the first time in 20 years. Iran has vowed to take strong action against Western nations pushing the resolution at the gathering in the Austrian capital, with Behrouz Kamalvandi of…

US residential solar financing has taken a sharp dive, with Mosaic, a top lender underwriting over $15?billion in home energy loans, filing for Chapter 11 bankruptcy on Monday.  Founded in 2010, Mosaic enabled rooftop solar, battery storage, and efficiency upgrades for over 500,000 homeowners, but was struck hard by rising interest rates, uncertainties around federal Sections 25D and 48E tax credits, and tighter capital conditions. The company secured $45?million in debtor-in-possession financing, including $15?million in fresh capital, enabling…

US residential solar financing has taken a sharp dive, with Mosaic, a top lender underwriting over $15?billion in home energy loans, filing for Chapter 11 bankruptcy on Monday.  Founded in 2010, Mosaic enabled rooftop solar, battery storage, and efficiency upgrades for over 500,000 homeowners, but was struck hard by rising interest rates, uncertainties around federal Sections 25D and 48E tax credits, and tighter capital conditions. The company secured $45?million in debtor-in-possession financing, including $15?million in fresh capital, enabling…

China has shifted from the world’s largest creditor nation to the globe’s biggest debt collector. Central Asian states owe billions to Chinese entities, but their geographic importance to Beijing is helping protect them from strong-arm repayment tactics. A report issued by the Australia-based Lowy Institute, Peak repayment: China’s global lending, charts China’s transition from “lead bilateral banker to chief debt collector of the developing world.” It shows that China’s lavish loaning under the auspices…

Via Metal Miner The Stainless Monthly Metals Index (MMI) moved sideways, rising by a modest 0.35% from May to June. However, the stainless steel price remains under pressure from several factors. Tariff Hike Rattles the U.S. Stainless Steel Market In a move few saw coming, President Trump doubled Section 232 tariffs on steel and aluminum imports from 25% to 50%. The duty increase took effect on June 4, just days after its announcement, leaving both suppliers and buyers with no real window to prepare.  The tariff increase proved controversial,…

Amazon Web Services (AWS) is doubling down on its AI ambitions with a $20-billion expansion plan to build two new data center campuses in Pennsylvania—including one directly adjacent to a major nuclear power plant, Reuters reports.  AWS is targeting the deployment of multiple data centers over the next 10 years, and the buildout will be fueled by carbon-free nuclear power, making it one of the largest private-sector nuclear-backed energy deals in the U.S. to date, according to Reuters. The first site, slated for Salem Township near the…

Amazon Web Services (AWS) is doubling down on its AI ambitions with a $20-billion expansion plan to build two new data center campuses in Pennsylvania—including one directly adjacent to a major nuclear power plant, Reuters reports.  AWS is targeting the deployment of multiple data centers over the next 10 years, and the buildout will be fueled by carbon-free nuclear power, making it one of the largest private-sector nuclear-backed energy deals in the U.S. to date, according to Reuters. The first site, slated for Salem Township near the…