2025-07-02 22:35

HOUSTON, July 2 (Reuters) - Golden Pass LNG, which is owned by Exxon Mobil (XOM.N) , opens new tab and QatarEnergy, has asked U.S. regulators for permission to re-export liquefied natural gas from October 1, as the export plant nears production after previous delays. The company said it wants to re-export a cargo of LNG that it plans to import to cool down its export plant in Texas, which is still under construction. Cooling down the plant is often the final step before producing LNG. Sign up here. Golden Pass is building an 18 million metric tons per annum (mtpa) LNG export facility in Sabine Pass, Texas, and plans to start exporting LNG later this year. The project has been plagued with problems and is behind schedule and over budget. In March 2024, its then-lead contractor, Zachry Holdings, filed for bankruptcy and said the project was at least $2.4 billion over the original budget. Zachry has since been replaced by McDermott International (MCDIF.PK) , opens new tab as lead contractor for Train 1 and the company has been in negotiations to take over the construction of the other two trains, or plants, associated with the project. Golden Pass could become the 9th U.S. LNG exporter after it starts shipping. The U.S. is the world's top LNG exporter. https://www.reuters.com/business/energy/exxon-qatarenergy-jv-asks-us-regulators-permission-re-export-lng-october-1-2025-07-02/

2025-07-02 21:43

Over 230 firefighters and aerial support deployed to curb fire Winds complicate firefighting efforts Some evacuees face respiratory issues About 1,000 evacuated, 5,000 holidaymakers leave southeast ATHENS, July 3 (Reuters) - Hundreds of firefighters fought a blaze Thursday on the island of Crete that scorched forests and olive groves and led to the evacuation of over 1,000 people, officials said, highlighting the region's vulnerability to destructive wildfires. Gale-force winds and dry weather made for tinderbox conditions in Greece, hampering authorities' efforts' to tame the fires, as much of Europe baked in an early summer heatwave linked to the death of at least eight people across the region. Sign up here. Around 230 firefighters, along with 46 engines and helicopters, were deployed to contain the conflagration on Crete, which broke out a day earlier near Ierapetra town on the southeastern coast of Greece's largest island. Stoked by intense winds, the blaze widened to encroach upon houses and hotels that were earlier evacuated, officials said. "There are wind gusts in the area, some measuring 9 on the Beaufort scale, triggering rekindling and hindering firefighting efforts," fire brigade spokesman Vassilis Vathrakogiannis said, as his troops fought alongside reinforcements from Athens to tame several resurgent blazes. More than 1,000 residents and tourists were evacuated from at least four settlements and moved to a temporary shelter at an indoor stadium in Ierapetra. Some left Crete by boats, authorities said. Local media reported damage to some homes but no severe injuries, though some people were hospitalised with respiratory issues, an official said. HOLIDAYMAKERS EXIT Southeastern Crete saw the large exodus of about 5,000 holidaymakers, George Tzarakis, head of hoteliers in the area, told Reuters, expressing concern over the impact on future bookings. Tourism is a key income earner for the popular tourist island. July is usually the most difficult month of the fire season due to high temperatures and strong winds, the fire brigade's Vathrakogiannis said. Greece and other countries in the Mediterranean are in an area scientists have called "a wildfire hotspot" - with blazes common during hot and dry summers. These have become more destructive in recent years, authorities say, due to a fast-changing climate. Meanwhile, in Turkey, thousands fled wildfires as the country battled blazes in Cesme and Odemis districts for a second day on the western coastal province of Izmir. Winds hindered their efforts as the flames approached a main highway to Cesme, local TV footage showed, and thick smoke billowed over mountainous areas. Italy's health ministry issued red alerts for 18 cities as temperatures poised to soar as high as 38 degrees Celsius (100.4 degrees Fahrenheit) in major cities. Temporary blackouts were possible with power consumption surging from the use of air conditioners, Italian Energy Minister Gilberto Pichetto Fratin warned. Swiss utility Axpo has shut its two reactor units at the Beznau nuclear power plant due to high river water temperatures. Scientists say heatwaves have arrived earlier this year, spiking temperatures by up to 10 C (50 F) in some regions as warming seas encouraged the formation of a heat dome over much of Europe, trapping hot air masses. https://www.reuters.com/sustainability/climate-energy/greek-firefighters-battle-wildfire-island-crete-2025-07-02/

2025-07-02 21:20

US Commerce Department rescinds ethane export restrictions Eight vessels heading to China after curbs lifted Vortexa analyst predicts July exports to reach 240,000 barrels per day HOUSTON, July 2 (Reuters) - The U.S. cleared the way to resume ethane exports to China on Wednesday, sending letters to producers Enterprise Products Partners (EPD.N) , opens new tab and Energy Transfer (ET.N) , opens new tab rescinding a restrictive license requirement put in place just weeks ago, a sign that the U.S.-China trade truce was on track. The U.S. had placed restrictions on ethane -- and a wide swathe of other exports -- to China in late May and early June after accusing Beijing of slowing shipments of rare earths vital to automakers and other industries. Sign up here. Wednesday's letter lifting the license requirement comes after the United States and China resolved issues last week surrounding shipments of rare earth minerals and magnets to the U.S. The Commerce Department took a first step toward rescinding the restrictions last week, sending letters to Enterprise Products, Energy Transfer (ET.N) , opens new tab, as well as ethane traders Satellite Chemical USA and Vinmar International, informing the companies they could load ethane on vessels destined for China but could not unload the ethane in China without authorization. Vinmar and Satellite did not immediately respond to requests for comment. The U.S. Department of Commerce and the White House also did not immediately respond to requests for comment. ETHANE SHIPMENTS Ethane shipments to China had halted in June after the license requirement, falling from 257,000 barrels per day in May, ship tracking data from Kpler showed. About half of all U.S. exports of ethane, which is extracted from U.S. shale gas and primarily used as a petrochemical feedstock, head to China, and a halt in shipments was set to hurt U.S. producers as well as Chinese petrochemical manufacturers. Chinese petrochemical firms use ethane as a feedstock because it is cheaper than naphtha. U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand. At least eight vessels were heading to China on Wednesday, after they had stalled along the U.S. Gulf Coast in June due to the curbs. At least one ship that typically traverses between the United States and China headed to India in June as companies looked for alternative markets. "Business as usual then," Vortexa analyst Samantha Hartke said about Wednesday's letter, adding that she expects July ethane exports to climb back to the seasonal normal of about 240,000 barrels per day. https://www.reuters.com/business/energy/us-lifts-restrictions-enterprise-products-ethane-shipments-china-2025-07-02/

2025-07-02 21:07

NEW YORK, July 2 (Reuters) - - TRADING DAY Making sense of the forces driving global markets Sign up here. By Lewis Krauskopf, Markets Reporter Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what moved markets today. A long holiday weekend awaits U.S. investors, but not before digesting a heaping portion of economic data and perhaps more developments on fiscal and trade policy. I'd love to hear from you, so please reach out to me with comments at [email protected] , opens new tab Today's Key Market Moves Today's Key Reads Get ready for the jobs report U.S. investors have some potentially market-moving developments to chew over before heading out for their July 4 Independence Day gatherings. Top of mind heading into Thursday is the U.S. employment report for June. Investors may be wary about a disappointment, especially after Wednesday's weak private payrolls data, which showed a drop for the first time in over two years. Economists are estimating an increase of 110,000 jobs in U.S. nonfarm payrolls for June, and an unemployment rate of 4.3%. The jobs report will be one of last key economic releases before the Federal Reserve's next meeting at the end of the month. A weak jobs report could further fuel expectations for interest rate cuts in coming months. Investors, as indicated by Fed Fund futures, already have been ramping up such bets on the amount of expected easing. September is seen as almost a certainty for the next rate cut, if the central bank does not first ease at the July meeting, which futures suggest is a roughly one-in-four chance. Wall Street, meanwhile, was back at record high levels on Wednesday, with the benchmark S&P 500 and tech-heavy Nasdaq both rebounding after day-earlier losses. President Donald Trump said the U.S. struck a trade deal with Vietnam that sets 20% tariffs on many of the country's exports. Shares of Nike and other apparel makers rose after news of the trade deal, which would impose a lower than initially expected tariff rate. The agreement could prove to be an appetizer to more trade news as a closely watched deadline of July 9 nears. That's when many of the harsh tariffs from Trump's April "Liberation Day" announcement may go into effect if agreements with trading partners are not reached. In other policy developments, the House of Representatives was weighing Trump's massive tax-cut and spending bill, a day after the Senate narrowly passed the legislation. Trump has urged lawmakers to pass the bill by the July 4 holiday. U.S. Treasury yields were modestly higher on Wednesday amid fiscal concerns about the legislation, which nonpartisan analysts say will add $3.4 trillion to the nation's debt over the next decade. Stock and bond markets in the U.S. were set for early afternoon closes on Thursday and will be closed on Friday for the holiday. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. https://www.reuters.com/business/global-markets-trading-day-graphic-2025-07-02/

2025-07-02 20:55

CAIRO, July 2 (Reuters) - Saudi Arabia and Indonesia signed several deals and memos of understanding worth around $27 billion between private sector institutions in several fields including clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday. Indonesian President Prabowo Subianto visited the Gulf kingdom on Wednesday and met Saudi Crown Prince Mohammed bin Salman. Sign up here. The two sides also agreed to bolster cooperation in the supply of crude oil and its derivatives, improve supply chains and their sustainability in the energy field and strengthen cooperation in the field of mineral resources, the Saudi state news agency said. Trade between the two counties amounted to around $31.5 billion in the last five years, according to SPA. https://www.reuters.com/world/asia-pacific/saudi-arabia-indonesia-sign-several-deals-worth-around-27-billion-state-news-2025-07-02/

2025-07-02 20:45

SAO PAULO, July 2 (Reuters) - Brazilian planemaker Embraer (EMBR3.SA) , opens new tab said on Wednesday it delivered 61 aircraft in the second quarter of 2025, a 30% increase from a year earlier. The deliveries in the quarter through the end of June included 19 commercial jets, in line with the same quarter last year, and 38 executive jets, a 41% jump in the same time frame, Embraer said in a securities filing. Sign up here. The company added it also delivered four defense aircraft in the period, from one delivery a year earlier. The Brazilian firm expects to deliver between 77 and 85 commercial planes and between 145 and 155 executive jets this year. Embraer is set to release its full second-quarter earnings on August 5, according to its investor relations website. https://www.reuters.com/business/aerospace-defense/brazils-embraer-delivers-61-aircraft-q2-30-rise-year-on-year-2025-07-02/