2025-08-14 06:37

Podul weakens from a typhoon after injuring 143 people in Taiwan Hong Kong pro-democracy advocate Jimmy Lai's trial cancelled China still reeling from record downpours last week HONG KONG/BEIJING, Aug 14 (Reuters) - Tropical storm Podul dumped torrential rain on southern China on Thursday, and caused widespread disruption in Hong Kong after tearing through Taiwan and leaving 143 people injured. In Hong Kong, the hearing of media tycoon and pro-democracy advocate Jimmy Lai was cancelled after authorities put in place their highest-level "black" rainstorm warning. Outpatient clinics had reduced opening hours and schools were shut for the day. Sign up here. In southern China, still reeling from record downpours last week, airports reported cancellation rates of around 20%, according to data from Flightmaster, as Podul pelted parts of the provinces of Guangdong, Hunan and Jiangxi with more than 70 mm (2.76 inches) of rain an hour. Over a third of flights to Quanzhou - a key textile, footwear and apparel export hub - were cancelled, with analysts warning extreme weather events increasingly pose a threat to growth in the world's second-largest economy. China has been battling with record rainfall in its north and south as well as prolonged heatwaves in its interior. The government on Thursday announced 430 million yuan ($59.9 million) in fresh funding for disaster relief, taking the total allocated since April to at least 5.8 billion yuan. "It's been raining constantly, and raining really heavily," said Cara Liang, a 25-year-old visitor to Hong Kong from China's neighbouring Guangdong province. "Many places in mainland China have experienced flooding, which hasn't been good for anyone," she told Reuters in the Asian financial centre's business district. In nearby Macau, rainfall of nearly 110 mm (4.3 inches) poured on some parts of the city in one hour, its meteorological bureau said on Thursday. It warned of flooding in low-lying areas with heavy rain forecast to persist. Schools in Macau were shut on Thursday afternoon and residents were urged to stay indoors, local authorities in the former Portuguese colony said. Podul made landfall on the coast of China's southeastern province of Fujian at 00:30 local time (1630 GMT Wednesday), having weakened from a typhoon to a tropical storm after lashing Taiwan with winds of up to 191 kph (118 mph). Its residual vortex is now wreaking havoc in southern China as it moves northwest at a speed of 30-35 km per hour (19-22 mph). "Authorities need to be extra ready," said Chim Lee, a senior analyst at the Economist Intelligence Unit. "There's growing evidence that we're seeing more intense and slower-moving tropical cyclones. "China's southern coast is set for economic disruptions of all kinds. Most institutions in the region are fairly well prepared, but there also seems to be a subtle northward shift in where cyclones reach their peak intensity - these places need to keep a sharper eye out." Over one million cubic meters of water, the equivalent of 400 Olympic-sized swimming pools, was discharged from a reservoir in eastern Guangdong on Wednesday to free up space in anticipation of further heavy rain, state media reported. Authorities in Guangdong's Meizhou closed all the highways on Thursday morning due to the downpour, while the high-speed railway linking the high-tech hubs of Shenzhen and Hangzhou in eastern Zhejiang province was suspended. Hong Kong saw its heaviest August rainfall since 1884 last week, while in Guangdong, 75,000 people were evacuated as 622.6 mm (24.5 inches) of rain fell on the provincial capital Guangzhou between Aug. 2 and 6 - nearly three times the city’s August average - leaving at least seven dead. ($1 = 7.1705 Chinese yuan renminbi) https://www.reuters.com/sustainability/climate-energy/tropical-storm-podul-disrupts-travel-schools-southern-china-2025-08-14/

2025-08-14 06:36

Dollar hovers near multi-week lows Focus on US PPI, jobless claims data Palladium up more than 1% Aug 14 (Reuters) - Gold extended gains to a third session on Thursday, supported by rising expectations of an interest rate cut by the U.S. Federal Reserve in September following tame inflation data, which also weighed on the dollar. Spot gold rose 0.1% to $3,357.65 per ounce by 0410 GMT. U.S. gold futures for December delivery lost 0.1% to $3,406.80. Sign up here. "Markets are pricing in the chance that the Fed cuts 50 basis points in September. So, the dollar is weakening, gold is going up as a result, yields are also down," said Kyle Rodda, Capital.com's financial market analyst. "The technical setup of gold looks really constructive. The trend still looks higher. We just basically need to see the market break through $3,400 level on a sustained basis." The dollar (.DXY) , opens new tab languished near multi-week lows against its rivals, making gold less expensive for holders of other currencies. Benchmark U.S. 10-year Treasury yields held near a one-week low. U.S. consumer prices rose only marginally in July, strengthening expectations of a Fed rate cut next month, with Treasury Secretary Scott Bessent noting there is a good chance the central bank will opt for a 50-bp reduction. Traders now see a cut on September 17 as a near certainty, according to data compiled by LSEG, and even lay around 6% odds of a super-sized half-point trim. Non-yielding gold thrives in a low interest-rate environment. Investors are awaiting more U.S. economic data due later this week, including the U.S. Producer Price Index, weekly jobless claims and retail sales data, for clues into the Fed's rate path. On the geopolitical front, Ukrainian President Volodymyr Zelenskiy said he warned U.S. President Donald Trump ahead of his talks with Vladimir Putin that the Russian leader was "bluffing" about his desire to end the war. Elsewhere, spot silver was steady at $38.49 per ounce, platinum eased 0.3% to $1,336.0 and palladium rose 1.2% to $1,135.93. https://www.reuters.com/world/china/gold-extends-rise-fed-rate-cut-hopes-softer-dollar-2025-08-14/

2025-08-14 06:28

LONDON, Aug 14 (Reuters) - Chilean miner Antofagasta (ANTO.L) , opens new tab posted a nearly 60% increase in half-year core earnings on Thursday, on higher production and sales of its copper. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first six months of the year rose to $2.2 billion from $1.39 billion last year, in line with analysts' consensus expectations. Sign up here. Antofagasta, majority owned by Chile's Luksic family, said it would distribute 16.6 cents per share to its shareholders, up from an interim dividend of 7.9 cents last year. The company is expanding output of copper, a critical material for the power and construction industries as well as green energy transition applications. CEO Ivan Arriagada on Thursday said the company expects more than 30% growth in output in the medium term. https://www.reuters.com/world/americas/antofagasta-posts-nearly-60-increase-core-earnings-first-half-2025-08-14/

2025-08-14 06:26

LITTLETON, Colorado, Aug 14 (Reuters) - U.S. exports of LNG have scaled new highs so far this year, rising by over 20% from the same months in 2024 to cement the U.S.' position as the world's largest supplier of the super-chilled fuel. Demand for U.S. natural gas has also climbed to record highs among commercial and industrial users, which has helped lift total U.S. gas consumption by the largest gas users by 5% from the year before to new all-time highs. Sign up here. Gas prices for all major consumers have also increased notably from 2024, but are still holding below previous records scaled around 2022-2023. Below is a breakdown of the key trends and data points covering the U.S. natural gas market so far this year and going forward. LNG EXPORT BONANZA Over the first 8 months of 2025, total U.S. LNG exports climbed by 22% or by 12.4 million tons from the same months in 2024 to a record 69 million tons, according to commodities intelligence firm Kpler. Europe accounted for over two thirds of U.S. export volumes, followed by Asia. The top three markets were the Netherlands, France and Spain, which together accounted for 28% of total U.S. LNG shipments so far this year. Europe has accounted for over half of U.S. LNG exports since 2022, when Russia's invasion of Ukraine triggered sanctions on Moscow and disrupted commodities flows to Europe. Declines in European wind and hydro power electricity generation this year have also helped underpin gas use, while several European nations lifted imports of U.S. LNG in an attempt to reduce trade deficits with the U.S. once President Donald Trump returned to office. All told, Europe's imports of U.S. LNG from January through August are up 61% compared to the first eight months of 2024. Higher global natural gas prices - in part due to higher LNG demand from Europe - sparked gas rationing in other regions, especially in Asia where purchases of U.S. LNG have dropped 35% compared to the year before. Declines in gas use across Asia and alongside strong U.S. LNG sales to Europe helped lift the U.S. share of global LNG exports to a record 24.5% so far this year, compared to a 21% share in 2024, Kpler data shows. RISING PRICES U.S. LNG export prices averaged $8.34 per thousand cubic feet over the first five months of 2025, according to data from the U.S. Energy Information Administration (EIA). That price was 38% more than in the same months in 2024, and marks the highest average LNG price for that period since 2023. Most major domestic gas consumers have also faced steep price climbs in 2025. Electric power generators - the largest single gas consumers accounting for around 31% of total U.S. gas use - saw prices rise by 52% during January to May compared to the same months in 2024. Industrial gas users, which account for 24% of U.S. gas use, faced a 32% price rise, while residential users (19% of gas use) and commercial users (12% of gas use) saw prices climb by 6% and 8% respectively compared to the year before. The overall average price across all major U.S. gas consumers was 27% higher at around $8.81 per thousand cubic feet. USAGE TRENDS While overall U.S. gas consumption from all major usage segments hit a new high so far this year, rising gas prices have sparked shifts in gas use patterns. The key electric power segment made its first year-over-year reduction to gas consumption since 2021 during January to May. The 4,704 billion cubic feet of gas used by electric power firms was 4% less than during the same months in 2024, EIA data shows, and was a result of higher production from cheaper coal plants and higher supplies of renewable power. All other major gas consumers boosted gas use this year from the year before, although by widely varying degrees. Industrial gas users lifted consumption by 1.5%, while commercial users boosted consumption by 11%. Residential gas consumers - which use gas mainly for heating - lifted use by 11.4% from the year before, although the trend in residential gas use remains downward as more homes boost energy efficiency and install heat pumps that run on electricity. FORWARD GUIDANCE Gas demand from LNG exporters continues to grow at a much faster pace than all other gas use segments, and will remain a key driver of U.S. gas market sentiment and price action. Between 2019 and 2024 gas demand for LNG exports rose by 140%, EIA data shows. That growth rate compared to a 20% rise in demand from the electric power sector, a 2% rise in gas demand from industry, and declines in gas use among residences and offices of 12% and 5% respectively over that same period. Total gas demand from the LNG export sector surpassed that of commercial users in 2021 and was nearly equal to that used by residences in 2024, EIA data shows. Gas demand for LNG exports is on track to surpass the gas demand from residences in 2025, which would mean that the LNG export sector would emerge as the third largest U.S. gas consumer after electric power and industry this year. As a result, even if gas demand from offices and homes continues to decline, sustained strength in U.S. LNG exports has the potential to set the tone for the overall U.S. domestic gas market, and could keep prices trending higher. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/key-us-natural-gas-trends-track-lng-exports-hit-new-highs-2025-08-14/

2025-08-14 06:25

Aug 14 (Reuters) - British Gas owner Centrica (CNA.L) , opens new tab said on Thursday it will be jointly buying National Grid's (NG.L) , opens new tab Grain LNG terminal with U.S.-based infrastructure investor Energy Capital Partners for an enterprise value of about 1.5 billion pounds ($2.04 billion). The Isle of Grain LNG terminal, owned and operated by a National Grid subsidiary, is located on the Isle of Grain in Kent, England. It is the largest LNG import terminal in Europe by tank capacity and one of the largest in the world. Sign up here. Centrica said its 50% share of the equity investment in the terminal was about 200 million pounds, with roughly 1.1 billion pounds of the total deal value being debt related to the project. The agreement, first reported by the Financial Times on Wednesday, follows Centrica's bid in July to hold a 15% stake in the planned Sizewell C nuclear project. Hong Kong's CK Infrastructure Holdings had been among the bidders for the LNG terminal but withdrew earlier this month, Bloomberg News reported this week. Subject to regulatory and national security approvals, the LNG transaction is expected to close in the fourth quarter of this year, Centrica said. ($1 = 0.7365 pounds) https://www.reuters.com/business/energy/centrica-energy-capital-partners-buy-national-grids-lng-terminal-2-billion-2025-08-14/

2025-08-14 06:08

Survey points to record Norway oil investment in 2025 Volatile prices pose risk to future production drilling Estimates for 2026 down due to lower investments in new fields OSLO, Aug 14 (Reuters) - Norwegian oil and gas investments are expected to peak this year, and start declining next year as major projects are completed, a statistics office survey of industry players showed on Thursday. Norway produces about 2% of global oil, and became Europe's largest supplier of pipeline gas after Russia's invasion of Ukraine in February 2022. Sign up here. The country's biggest business sector expects to invest a record 274.8 billion Norwegian crowns ($26.98 billion) in 2025, up from a 269.1 billion crowns estimate in May and 251.2 billion last year. Preliminary estimates for oil and gas investments in 2026 were 229.4 billion crowns, compared to a previous estimate of 206.6 billion crowns in May. "The decline estimated from 2025 to 2026 is mainly driven by lower investment plans in field development," Statistics Norway said in a statement. Forecasts typically rise as companies finalise spending plans in the months leading up to a new year. Several new projects are expected to be approved this and next year by such companies such as Equinor (EQNR.OL) , opens new tab and Vaar Energi (VAR.OL) , opens new tab, but overall exploration spending looks set to decline. The estimated investment growth during the second half of 2025 is largely driven by plans to increase production drilling, the category most sensitive to the energy price changes, it added. "With lower and more volatile oil prices over the past four months and lower gas prices so far this year, there is a risk that some of the planned drilling campaigns may be postponed," Statistics Norway said. Oil prices fell to over their lowest in over two months on Wednesday after the International Energy Agency raised its forecast for supply growth this year and lowered its demand forecast. ($1 = 10.1848 Norwegian crowns) https://www.reuters.com/business/energy/norway-oil-industry-investment-set-peak-2025-survey-finds-2025-08-14/