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US ethane recovery eases as industry awaits new Gulf Coast export capacity in 2025
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US ethane recovery has eased in recent months amid record high storage inventories, but midstream companies see opportunities for further recovery next year when new export capacity start service. Ethane production in 2024 has averaged 2.78 million b/d in 2024, up 5% year on year despite falling natural gas production, data from S&P Global Commodity Insights showed. But ethane recovery...
INTERVIEW: Commonwealth LNG, among hardest hit by US permitting pause, eyes FID
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Commonwealth LNG developer Kimmeridge could secure sufficient long-term contracts by the end of the year to commercially sanction the Louisiana export project, based on talks with potential buyers and investors after Donald Trump's election bolstered expectations that the US will end a moratorium on LNG export permitting, Managing Partner Ben Dell said in Nov. 15. The project with a permitted...
INTERVIEW: Star Bulk will use biofuels to comply with FuelEU Maritime rules
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Star Bulk -- one of the largest dry bulk shipping companies -- will start buying biofuels to power its fleet to comply with a new EU regulation from next year, its bunker director, Constantinos Capetanakis, told S&P Global Commodity Insights in an interview. Brussels is set to introduce FuelEU Maritime rules that mandate ship operators to cut the greenhouse gas...
INTERVIEW: Biofuel sector unprepared for launch of EU traceability platform: BioLedger
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The deadline for implementing the EU's biofuels traceability platform, the Union Database for Biofuels, is rapidly approaching on Nov. 21, yet many biofuel supply chains are not adequately prepared, according to the head of BioLedger, a service provider aiding companies in compliance with audit schemes. Speaking during a recent interview with S&P Global Commodity Insights, BioLedger CEO Patrick Lynch highlighted...
COP29: Energy storage and power grids pledge gets launched to support renewables target
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The UN Climate Change Conference presidency has launched the COP29 Global Energy Storage and Grids Pledge, seeking country endorsements for a significant acceleration in infrastructure to support COP28's target to triple renewables by 2030. Hosting a high-level green energy roundtable Nov. 15, the COP29 presidency called on stakeholders to endorse three initiatives (storage and grids; green energy zone and corridors;...
China to end export tax rebates on aluminum, copper, biofuel feedstock Dec. 1
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China has announced sweeping changes to its export tax rebates for key commodities, including aluminum, copper and oil products, effective Dec. 1, sending shockwaves through markets on fears of reduced trade flows. In a statement Nov. 15, China's finance ministry said that from next month, it will end tax relief for exports of products spanning aluminum, copper and biofuel feedstocks,...
LME scrap volumes up on week, futures remain in contango
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Volumes traded for the scrap futures contracts on the London Metal Exchange, which settle basis the Platts assessment from S&P Global Commodity Insights, increased on the week. Weekly LME scrap futures trading volumes in the week to Nov. 14 increased to 199,320 mt, up from 117,340 mt in the week from Nov. 7. Platts assessed spot prices for physical imports...
German utilities say no way back for nuclear power despite market hype
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German utilities maintain that the country's nuclear power phaseout is highly unlikely to be reversed, despite significant hype in Europe and the US around the potential for extending the lives of existing reactors. US utility Constellation Energy recently announced plans to restart its Three Mile Island plant in Pennsylvania to supply tech giant Microsoft., an indication of the expected rise...
COP29: China will only make voluntary climate finance contributions: official
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China will only agree to make voluntary contributions to future climate finance, Zhao Yingmin, head of China's climate delegation, told S&P Global Commodity Insights Nov. 15. Developed countries should be responsible for mandatory contributions under the draft New Collective Quantified Goal, the official said. Agreement of the NCQG is a key objective of the UN Climate Change Conference, taking place...
Europe's battery supply chain faces hurdles on path to self-sufficiency
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The European battery industry is grappling with significant challenges hampering its competitiveness and progress toward self-sufficiency. Ten planned battery factories have been canceled in Europe since 2018 to the first half of 2024. These cancellations, alongside the anticipated battery demand growth, point to a projected 72% undersupply to electric vehicle demand alone, according to S&P Global Commodity Insights. With domestic...
COP29: China to seek inclusion of CBAM in official COP30 agenda in Brazil, official says
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China will lobby for the carbon border adjustment mechanism (CBAM) to be on the official agenda for next year's UN Climate Change Conference to be hosted by Brazil, as part of multilateral discussions ahead of the event, Zhao Yingmin, head of China's climate delegation, told S&P Global Commodity Insights on Nov. 15 on the sidelines of COP29. The final COP29...
Securities watchdog IOSCO offers guidelines for oversight of voluntary carbon markets
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The International Organization of Securities Commissions or IOSCO has published a report with guidelines for global voluntary carbon markets, covering regulatory oversight, primary and secondary trading activities, and the use of carbon credits for decarbonization claims. The report underscores growing involvement by a variety of oversight bodies from traditional financial markets and commodities trading in the carbon space as carbon...
LNG buyers shape 2025 strategy amid expectations of tighter supply
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Anticipation of potential increases in 2025 spot LNG prices is shaping buyers' purchasing strategies, as the global LNG market braces for tight conditions amid concerns over supply vulnerabilities and increasing demand. Spot LNG prices in 2025 remain vulnerable to supply-side shocks and unforeseen events as the global LNG balance is expected to remain tight from delays in LNG liquefaction capacity,...
Vietnam's 2025 energy demand spike fuels renewable investment boom
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As Vietnam braces for a significant surge in electricity demand, projected at 12%-13% by 2025, the country is simultaneously witnessing an influx of investments in the renewable energy sector. Prime Minister Pham Minh Chinh recently highlighted the anticipated increase in electricity demand, emphasizing the government's commitment to bolstering energy development projects. This surge in energy usage is driven by rapid...
Three REDD+ methodologies receive high-integrity credit badge
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Three carbon crediting methodologies related to REDD+ projects, which are yet to issue carbon credits, received a high-quality label from the Integrity Council for the Voluntary Carbon Market. The governance body admitted that none of the current existing credits from REDD+ projects were strong enough to meet the Core Carbon Principles tag, it said Nov. 15. Two of Verra's REDD+...
US sanctions Syrian company said to generate revenue for Iran, Houthis
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The US State Department announced Nov. 14 that the US would impose sanctions on 26 companies, individuals, and vessels associated with Al-Qatirji Co., a business alleged to be facilitating the sale of Iranian oil to Syria, where the company is based. Al-Qatirji Co. had previously been designated for US sanctions for its alleged role in facilitating the sale of fuel...
European gas, LNG flips to premium over JKM on supply shortage risks
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Northwest European LNG prices flipped to premium territory versus Northeast Asian benchmarks for the first time this year as European worries over supply shortages bolster sentiment. Platts, part of S&P Global Commodity Insights, assessed the JKM -- the benchmark price reflecting LNG delivered to Northeast Asia -- for December at $13.821/MMBtu on Nov. 14, up 31.4 cents/MMBtu or 2.3% day...
US fuel retailers, biofuels groups ask Congress for short-term tax credit package
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The US Congress should pass a short-term tax package before the end of 2024 to ensure energy and biofuel industry stability, 36 groups representing fuel retailers, energy marketers and biofuels producers said in a letter to US lawmakers sent late Nov. 13. The combination of uncertain and still-unissued guidance for Inflation Reduction Act provisions set to take effect in 2025...
COP29: TotalEnergies deploys methane emissions detection equipment on upstream assets
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TotalEnergies will deploy methane tracking equipment on all of its operated upstream assets, stepping up efforts to reach near-zero methane emissions by 2030, the company said Nov. 14 at the 29th UN Climate Change Conference in Baku. The tracking equipment was said to complement TotalEnergies existing portfolio of detection technologies, noting that it planned to install continuous, real-time identification tools...
COP29: Draft Article 6.2 text reveals polarized views on revocation, authorization
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The latest draft decision on Article 6.2 of the Paris Agreement, released Nov. 14 during the UN Climate Change Conference in Baku, shows stark division remains on the revocation and authorization of carbon credits under the bilateral trading mechanism. The text, published by the UN Framework Convention on Climate Change, presents no less than eight options outlining conditions under which...
EU parliament votes in favor of EUDR implementation delay
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The full implementation of the EU Deforestation Regulation (EUDR) will be delayed by a year to December 2025, the European Parliament confirmed Nov. 14. The EUDR stipulates that traders and importers to the EU must ensure that their products such as cattle, cocoa, coffee, oil palm, rubber, soya and wood were not cultivated on land deforested after 2020. The vote...
US ELECTIONS: Republicans keep US House, bolstering Trump deregulatory ambitions
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Republicans gained full control of the US Congress, adding tailwinds for the incoming Trump administration's deregulatory agenda. The election results also increase risks to clean energy spending through the Inflation Reduction Act and bipartisan infrastructure legislation. The Associated Press projected late Nov. 13 that Republicans have won 218 of the 435 seats in the US House of Representatives, with nine...
Platts corrects Alumina FOB Australia assessment for Nov. 14
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Platts, part of S&P Global Commodity Insights, has corrected the Alumina FOB Australia assessment for Nov. 14, 2024. Symbol Name Assessment ($/mt) MMWAU00 Alumina FOB Australia 765 The assessment appears in the Platts price database under the above-mentioned code. For comments and questions, please contact platts_alumina_moc@spglobal.com or pricegroup@spglobal.com....
Germany instructs state LNG terminal operator to reject Russian LNG: report
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Germany's economy ministry has instructed state-owned LNG terminal operator Deutsche Energy Terminal (DET) to reject any cargoes of Russian LNG that may attempt delivery, the Financial Times reported Nov. 14. The FT cited a letter dated Nov. 6 sent by the ministry to DET that told the terminal operator "not to accept any deliveries of Russian LNG." It came after...
COP29: Brazil moves a step closer to setting up compliance carbon market
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Brazil has taken a significant step toward launching a regulated carbon market, with the Senate passing a bill that outlines a national emissions trading system and the integration of voluntary carbon credits. This development coincides with Brazil's submission of updated Nationally Determined Contributions at the UN Climate Change Conference in Baku, running from Nov. 11-22. The country has committed to...
DXT Commodities launches its first LNG tender for North Asia
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DXT Commodities, a Switzerland-based trading house, issued its first buy tender for two LNG cargoes to North Asia in 2025, market sources said. The tender that is expected to close Nov. 14 seeks offers for two cargoes, each with specified three-day delivery windows. The first cargo is scheduled for delivery between June 14-23, 2025, and the second cargo can be...
Sinopec's preliminary LNG deal with TotalEnergies likely at 12% oil slope or lower
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Chinese state-owned Sinopec's heads of agreement with TotalEnergies for the supply of LNG is likely being discussed at a price of around 12% crude oil slope or lower amid current market conditions, sources told S&P Global Commodity Insights. The HOA signed on Nov. 4 allows France's TotalEnergies to supply 2 million mt/year of LNG to Sinopec for 15 years, starting...
Biden officials seek to align regulations on US LNG with European methane rules
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Biden administration officials have asked the European Commission to ensure imports of LNG that meet US regulations on methane emissions will satisfy new European standards for imported fuels, according to a letter obtained by S&P Global Commodity Insights. The letter was dated Oct. 28 -- a week before president-elect Donald Trump won a second term, having promised a deregulatory agenda...
Six more countries sign declaration to triple nuclear generation by 2050
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Six additional countries signed a pledge to triple global nuclear generation capacity by 2050 at the UN's Climate Change Conference, COP29, in Baku, Azerbaijan. The Declaration to Triple Nuclear Energy was originally signed Dec. 2 at COP28 in Dubai by 22 countries. The six new signatories are El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Turkey, the World Nuclear Association said...
Biden White House blueprint calls for tripling US nuclear capacity by 2050
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The Biden administration has announced a plan to deploy 15 GW of new nuclear power per year by 2040, with the ultimate goal of tripling the current fleet by 2050. The White House plan released Nov. 12 calls for 35 GW of new nuclear capacity to be operating or under construction by 2035, with 200 GW deployed by 2050. The...
Gas and LNG Cal-2025 premiums to 2026 surge in the wake of Trump victory
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Premiums for calendar year 2025 gas and LNG contracts versus 2026 contracts and beyond have shot up in the week since the US presidential election, with Donald Trump's victory seemingly injecting more volatility into a market already weighing stronger near-term demand signals, supply security concerns and delays to new liquefaction capacity, against expectations of a "looser balance" in 2026 when...
Germany's SEFE partners with Brazil's Eletrobras on green hydrogen supply
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Germany's SEFE is collaborating with Brazil's Eletrobras to supply 200,000 mt/year of green hydrogen to Germany from 2030, SEFE said in a statement Nov. 13. SEFE, Eletrobras and Kuwaiti project developer EnerTech will jointly develop a grid-connected electrolysis plant in Brazil, powered by hydropower and other renewables electrolysis, with the hydrogen used to produce ammonia, which SEFE will ship to...
Industry advocate sees path for Trump's second term to aid US EV battery sector
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The reelection of former president Donald Trump to the White House could extend efforts to develop a domestic lithium supply chain for electric vehicle batteries, according to an industry expert, despite suspicion of EVs among some Republicans in Congress. Genevieve Cullen, president of the Electric Drive Transportation Association, expressed hope that the incoming Trump administration would maintain federal support for...
INTERVIEW: Lack of climate finance could create carbon credit supply deficit: RVCMC
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A shortage in carbon credits is a bigger threat to the voluntary market than a current lack of demand, with the dearth in issuances linked to scarce climate finance, the CEO of the Regional Voluntary Carbon Market Company (RVCMC) told S&P Global Commodity Insights in an interview. Speaking on the sidelines of the UN Climate Change Conference in Baku, RVCMC...
Germany pauses biofuel ticket rollovers to address oversupply
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Germany has put a halt to greenhouse gas emissions ticket rollovers in 2025 and 2026, to quash oversupply of the certificates in the biofuels market and to encourage production, the government said Nov. 13. Oil industry participants in Germany can now only use carbon credits from renewable energy earned in the same year to comply with required cuts in greenhouse...
COP29: Industry players highlight synergy of Article 6 with voluntary, compliance carbon markets
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The interplay of national and voluntary carbon markets with Article 6 of the Paris Agreement could help boost demand, and reinvigorate the beleaguered global carbon sector, key industry executives said on the sidelines of the UN Climate Change Conference. On Nov. 11, the first day of COP29, a long-awaited decision was seen on Article 6.4 of the Paris Agreement, leaving...
Russian Railways' tariff hike to raise thermal coal export prices amid lower demand
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State-owned Russian Railways' (RZD) 13.8% freight tariff hike, effective Dec. 1, is likely to squeeze thermal coal exporters' profit margins, boost offer prices at the ports and increase logistics costs for buyers willing to shoulder the higher price, market sources said Nov. 13. Russia has increased rail freight tariffs as its coal exporters grapple with lower demand in several major...
COP29: Sembcorp, PLN EPI sign agreement for hydrogen pipeline between Indonesia and Singapore
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Sembcorp Industries has signed a joint development framework agreement with PLN Energi Primer Indonesia (PLN EPI) to establish a potential hydrogen transportation pipeline between Indonesia and Singapore, the energy firm said Nov. 13. The agreement, signed at the ongoing UN Climate Change Conference (COP29) in Azerbaijan, aims to establish a potential hydrogen transportation pipeline connecting Sumatra, the Riau Islands in...
WAF Suezmax market approaches Q3 lows amid Bahri week cooldown
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Freight rates in the West African Suezmax segment have softened to near the troughs seen in Q3 2024, with sources pointing to weaker cargo inquiry levels, a significant overhang of tonnage and a general lack of activity caused by many market participants attending the Bahri week event in Dubai. Platts, part of S&P Global Commodity Insights, assessed freight on the...
COP29: Indonesia and Japan sign mutual recognition agreement for carbon trading
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Indonesia and Japan have agreed to a Mutual Recognition Arrangement (MRA) for bilateral carbon trading that took effect from Oct. 28 and was announced at the UN Climate Change Conference in Azerbaijan, the environment ministry said in a statement late Nov. 12. The MRA is the world's first model of bilateral collaboration between countries under the Paris Agreement framework, specifically...
COP29: Measures, funding to reduce upstream methane emissions gather pace
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A series of initiatives to reduce methane emissions were unveiled on Nov. 12 at the UN Climate Change Conference, with several countries, industry bodies and financial institutions involved. The US, China and Azerbaijan convened a summit on the sidelines of COP29 focusing on cutting emissions of methane and other non-CO2 greenhouse gases. In a statement, the US Department of State...
INTERVIEW: Norway's BlueNord to focus on maximizing Danish gas recovery
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BlueNord plans to focus on maximizing economic recovery from its resource base offshore Denmark and to maintain production levels through the development of existing assets, CEO Euan Shirlaw said in an interview. BlueNord -- formerly known as Noreco (Norwegian Energy Company) -- holds a 36.8% stake in the Danish Underground Consortium alongside TotalEnergies (43.2%) and Nordsofonden (20%). The DUC's main...
COP29: Call to Action pushes for acceleration of zero-emission fuels uptake in shipping
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More than 50 stakeholders across the shipping value chain have signed a Call to Action at the UN Climate Change Conference to accelerate the adoption of zero-emission fuels, including the development of green hydrogen infrastructure, to achieve decarbonization. Organized by RMI, the UN Climate Change High-Level Champions, the UCL Energy Institute, and the United Nations Foundation, the Call to Action...
COP29: China hints at more ambitious climate targets, releases details on climate finance
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China will "strive to achieve carbon neutrality" before 2060, the Chinese Vice Premier Ding Xuexiang said late Nov. 12 at the UN Climate Change Conference in Baku, Azerbaijan, a sign that the world's largest emitter is looking to set more ambitious climate targets. In recent COPs, China has faced pressure, especially from developed countries, to peak its emissions before 2030...
COP29: No clear signs of peak for fossil fuel CO2 emissions, say scientists
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Global carbon dioxide emissions from fossil fuels are expected to reach records highs this year, with "no clear signs" of a peak despite a growth in clean energy, climate scientists said during the UN Climate Change Conference on Nov. 13. Emissions from energy combustion and industrial processes are estimated to be as high as 37.4 billion mtCO2e in 2024, up...
Cory awaits UK Track 2 CCUS clarity, eyes carbon credits from capture project
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Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices. Energy-from-waste company Cory Group is awaiting details on the UK’s Track 2 carbon capture, utilization and storage cluster sequencing program ahead of progressing its capture project linked to the Viking store, development director Chris Girdham told...
Infographic: Russian LNG still key part of EU gas supply
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The supply of Russian LNG into Europe continues at a steady rate, with a number of EU countries still taking cargoes in the absence of EU-wide sanctions against imports. But EU sanctions banning the transshipment of Russian LNG at EU ports for delivery to non-EU countries will come into effect at the end of March 2025, while a ban on...
US oil industry pushes Trump to turn away from Biden-era energy policy
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United States President-elect Donald Trump should turn away from the climate-focused policies of US President Joe Biden, the leading US oil and gas industry trade group said Nov. 12, arguing the decisive nature of Trump's Nov. 5 win made it clear US voters preferred an "all-of-the-above" energy approach. The American Petroleum Institute revealed a five-point policy roadmap it said it...
COP29: EC launches roadmap to accelerate fossil fuel methane abatement
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The European Commission announced Nov. 12 the launch of a new Methane Abatement Partnership Roadmap, pledging to accelerate reductions in methane emissions associated with the production and consumption of fossil fuels. The joint initiative, set in motion at the 29th UN Climate Change Conference in Baku, is a collaboration with "a number of partner countries, international organizations, NGOs and development...