2025-05-20 07:41
BEIJING, May 20 (Reuters) - Italian energy group ENI (ENI.MI) , opens new tab expects natural gas and liquefied natural gas (LNG) to account for more than 90% of its production by 2045, an executive told an industry event on Tuesday. "We are putting our money where our mouth is in the sense that we are actually changing our portfolio toward gas energy. We expect that we go to higher than 90% of our production as gas and LNG by 2045," said Cristian Signoretto, director of ENI's global gas and LNG portfolio. Sign up here. https://www.reuters.com/business/energy/wgc-eni-expects-natural-gas-lng-exceed-90-production-by-2045-2025-05-20/
2025-05-20 07:37
LONDON, May 20 (Reuters) - Russia's Arctic LNG 2 plant, which is subject to U.S. sanctions, has started production at its second train even after it has been unable to sell liquefied natural gas from a first train, a source familiar with the matter told Reuters. Russian energy company Novatek (NVTK.MM) , opens new tab declined to comment. Sign up here. It owns 60% in the plant located on the Gydan peninsula that juts into the Kara Sea and had been set to become one of Russia's largest LNG plants with an eventual output of 19.8 million metric tons per year at three trains. Novatek began production at Arctic LNG in December 2023, but is behind schedule in supplying cargoes of the gas because of shortages of ice-class gas carriers and Western sanctions over Russia's war with Ukraine. According to the source, Arctic LNG 2's first production train had been shut since October 11, as sanctions have prevented any sales. Satellite images suggested that Arctic LNG 2 resumed some output at the end of March. Russia's officials and businessmen have been cautiously optimistic about the prospects of sanctions easing after Donald Trump took office in the United States for the second term in January, ushering in the prospect of closer ties with Vladimir Putin. Two separate sources said Novatek has been working with lobbyists to try to rebuild U.S. relations. https://www.reuters.com/business/energy/russias-arctic-lng-2-starts-output-second-train-source-says-2025-05-20/
2025-05-20 07:17
SINGAPORE, May 20 (Reuters) - As much as 303 million metric tons per year of new high-emitting blast furnace capacity is under development, especially in major steel producers India and China, new research showed, suggesting it will still make up the vast majority of production by 2030. Steel production is responsible for about 11% of total climate warming greenhouse gas emissions, with global steel demand set to exceed 2 billion tons by 2030, the U.S.-based Global Energy Monitor think tank said. Sign up here. While cleaner electric arc furnace technology is expected to rise 24% by then, blast furnace capacity is set to rise 7% and account for 64% of total global output, GEM said. The think tank warned that the steps taken by India, which accounts for 57% of all new coal-based blast furnace capacity under development, will be pivotal in "greening one of the world's most polluting industries". "India is now the bellwether of global steel decarbonisation," Astrid Grigsby-Schulte, one of the report's authors, said in a statement. The actions of its steel industry will determine how close the sector gets to the International Energy Agency's target of switching 38% of furnaces to electric arc by 2030. China, the world's biggest steel producer, built around 21 million tons of new blast furnace capacity last year, while India added another 10 million tons, GEM data showed. https://www.reuters.com/sustainability/cop/global-steel-sector-lagging-green-transition-coal-powered-production-rises-2025-05-20/
2025-05-20 07:17
MADRID, May 20 (Reuters) - Spain has found no indication of a cyberattack on power generation control centres during the massive power outage that hit the country and neighbouring Portugal on April 28, Energy Minister Sara Aagesen said on Tuesday. The investigation team looking into the causes of the blackout has not ruled out entirely a cyberattack at other levels, she said in an interview with radio station Onda Cero. Sign up here. Aagesen had said last week there was no cyberattack on the country's grid operator Red Electrica (REDE.MC) , opens new tab. https://www.reuters.com/business/energy/no-sign-cyberattack-power-generation-control-centres-during-spain-blackout-2025-05-20/
2025-05-20 07:16
NEW YORK, May 19 (Reuters) - TRADING DAY Making sense of the forces driving global markets Sign up here. By Lewis Krauskopf, Markets Correspondent The Moody's downgrade of the U.S. credit rating rippled through markets on Monday and put fresh focus on the nation's fiscal outlook. Long-dated Treasury yields rose, the dollar fell, while stocks edged higher after rebounding from sharp declines early in the session. Jamie is enjoying some well-deserved time off, but check out his latest column examining Federal Reserve Chair Jerome Powell's legacy as the central bank prepares to release its new review later this year. 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 Dealing with the US downgrade The landmark downgrade of the U.S. sovereign credit rating dominated markets on Monday, the first full trading day since Moody's Investors Service cut the country's pristine rating late on Friday. The move by Moody's to cut the "Aaa" rating for the U.S. rippled through Treasury markets, with the decision drawing attention to the country's deteriorating fiscal outlook. The ratings agency cited concerns about the nation's growing $36 trillion debt pile. Longer-dated Treasury yields climbed. The 30-year yield initially broke above 5% and hit an 18-month high. The yield on the benchmark 10-year Treasury also rose, touching a one-month high of 4.56% before edging back below 4.5%. The dollar weakened broadly on Monday, with the greenback hitting a more than one-week low against a basket of currencies. While the timing of the downgrade caught some investors off guard, many nonetheless said the decision was not a shock. Moody's was the last of the three major credit agencies to downgrade the U.S. rating, with Standard & Poor's doing so after the 2011 debt ceiling crisis, and Fitch downgrading the U.S. in 2023. After slumping to start Monday's session, U.S. stocks largely shrugged off the news. The benchmark S&P 500 ended with a slim gain after initially falling 1%. The downgrade did not appear to significantly dampen the mood on Wall Street, which has improved dramatically. Optimism that worst-case trade scenarios will not come to pass -- especially following a U.S.-China trade truce -- is helping a torrid rebound for equities over the past few weeks. The S&P 500 is within 3% of its all-time high after sliding to the brink of a bear market in early April. The fiscal issues facing the U.S. will remain in the spotlight this week, as lawmakers debate a sweeping tax bill. Republicans who control the House of Representatives will try to nudge President Donald Trump's bill toward passage this week, despite a running battle over spending cuts and tax breaks. Trade continued to be a dominant topic for investors. Treasury Secretary Scott Bessent said in television interviews over the weekend that Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in "good faith" on deals. It's a slow week for U.S. economic data, but investors in the coming days will have quarterly earnings reports from a number of major U.S. retailers to chew on. 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/markets/global-markets-trading-day-graphics-2025-05-20/
2025-05-20 07:16
SYDNEY, May 20 (Reuters) - Santos' (STO.AX) , opens new tab A$3.6 billion ($2.32 billion) Narrabri gas project in Australia can proceed, a tribunal ruled, as boosting domestic energy supply outweighed concerns the development would hurt the climate and damage Indigenous heritage sites. The decision follows a decade-long fight over the grant of leases for Santos to drill up to 850 wells and extract coal-seam gas in northwest New South Wales (NSW), an area that overlaps with the culturally significant Pilliga forest. Sign up here. The local Gomeroi people have opposed the development, arguing the project's emissions would worsen climate change, impacting their health, way of life and the land. In a judgment released on Monday, the National Native Title Tribunal acknowledged the project's contribution to climate change was a "serious detriment", but said energy security was also an "important benefit" for the public as well as the Gomeroi people. "Weighing the public interest evidence, including the evidence addressing environmental matters, the panel has found the project offers a net public benefit," the tribunal’s decision said. Since the Narrabri gas project was proposed over a decade ago, it has been opposed by the Gomeroi people, who said they were owed exclusive native title rights over the area. Native title is a legal doctrine in Australia that recognises Indigenous rights and interests in certain parcels of land. Santos initially won the tribunal's approval for the grant of the leases in 2022. The Federal Court overturned the decision in 2024 and ordered a reassessment of the Gomeroi people's environmental concerns. The tribunal said on Monday the leases could be granted provided the gas produced was used exclusively for domestic supply and additional cultural and environmental safeguards were implemented. Santos said in a statement the decision was an "important step forward" for its project. "Narrabri gas will be lower-cost gas for NSW customers compared to gas imported from interstate or overseas, and that’s why this project is so important for NSW manufacturers, businesses, electricity generators and households," it said. The company still needs planning approval for a pipeline connection to Australia's east coast and has previously said it would make a final investment decision by this year. Santos said it would continue to engage with the Gomeroi people to protect their heritage and ensure they benefitted from the project. NTSCorp, which represented the Gomeroi traditional owners in the case, did not respond to a request for comment. ($1 = 1.5521 Australian dollars) https://www.reuters.com/business/energy/australias-santos-gets-green-light-23-billion-narrabri-gas-project-2025-05-20/
