2025-02-11 21:02

Feb 11 (Reuters) - The European Union may need as many as 350 extra cargoes of liquefied natural gas (LNG) this year, Helge Haugane, the head of gas and power trading at Norway's Equinor (EQNR.OL) , opens new tab, told Bloomberg News on Tuesday. In a worst-case scenario, European gas reserves could be only 30% full by the end of the winter, Haugane said, adding that attracting cargoes will be critical to refilling storage over the summer, which could be costly and require regulatory intervention. Equinor responded to a Reuters request for comment saying it did not have anything to add beyond what Bloomberg News reported. "Europe needs to attract 230 more LNG cargos than last year, which represents an around 20% increase," CEO Anders Opedal said last week. He also said this showed the potential competition for LNG between Europe and Asia over the summer. Equinor in 2022 overtook Russia's Gazprom as Europe's biggest supplier of natural gas when Moscow's invasion of Ukraine upended decades-long energy ties. Norway now meets around one-third of the continent's demand. Europe's higher demand for refilling storage is also reflected in high gas prices for the summer months, which are more expensive than contracts covering next winter. Sign up here. https://www.reuters.com/business/energy/equinor-says-eu-may-need-350-extra-lng-cargoes-replenish-reserves-bloomberg-news-2025-02-11/

2025-02-11 21:02

DuPont gains after raising 2025 profit forecast Elliott Investment builds $2.5 billion stake in Phillips 66 Fed's Powell says in no hurry to cut rates S&P 500 +0.03%, Nasdaq -0.36%, Dow +0.28% Feb 11 (Reuters) - Wall Street's main indexes ended mixed on Tuesday as gains in Coca-Cola and Apple offset losses in Tesla, while investors parsed Federal Reserve Chair Jerome Powell's latest comments. The U.S. central bank is no rush to cut its short-term interest rate again given the economy is "strong overall", with low unemployment and inflation still above the Fed's 2% target, Powell said in opening remarks at a Senate Banking Committee hearing. Investors were also on the lookout for any new tariff comments from U.S. President Donald Trump, a day after he substantially raised levies on imports of steel and aluminum and said there would be announcements over the next two days about reciprocal tariffs on all countries that impose duties on U.S. goods. "Valuations are elevated, company guidance is measured, inflation is persistent, government policy is uncertain, tariff talk is ongoing and global tensions are elevated. So in aggregate, the level of uncertainty is high, which implies increased volatility," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Coca-Cola (KO.N) , opens new tab advanced 4.7% after the beverage maker beat fourth-quarter revenue estimates, helped by higher prices and resilient demand for its sodas and juices. Tesla (TSLA.O) , opens new tab tumbled 6.3% a day after Reuters and others reported a consortium led by CEO Elon Musk offered $97 billion to buy the nonprofit that controls artificial intelligence startup OpenAI. Powell's Senate testimony is the first of two days of hearings on Capitol Hill. He is set to speak to the House Financial Services Committee on Wednesday. Traders expect at least one 25-basis-point rate cut from the Fed this year, and a 44% chance of another reduction of the same magnitude, according to LSEG data. January consumer price index data is scheduled to be released at 8:30 a.m. ET (1330 GMT) on Wednesday, before Powell's appearance. Apple (AAPL.O) , opens new tab climbed 2.2% after The Information reported Apple was partnering with Alibaba (9988.HK) , opens new tab to develop and roll out artificial intelligence features for iPhone users in China. The S&P 500 climbed 0.03% to end the session at 6,068.50 points. The Nasdaq declined 0.36% to 19,643.86 points, while the Dow Jones Industrial Average rose 0.28% to 44,593.65 points. Volume on U.S. exchanges was relatively heavy, with 15.4 billion shares traded, compared to an average of 14.9 billion shares over the previous 20 sessions. Of the 11 S&P 500 sector indexes, eight rose, led by consumer staples (.SPLRCS) , opens new tab, up 0.91%, followed by a 0.76% gain in energy (.SPNY) , opens new tab. Consumer discretionary (.SPLRCD) , opens new tab fell 1.2%. Phillips 66 (PSX.N) , opens new tab rose 4.7% after activist Elliott Investment Management said it had built a stake of more than $2.5 billion in the oil refiner. DuPont de Nemours (DD.N) , opens new tab jumped almost 7% after the industrial materials maker raised its 2025 profit forecast on strong demand for electronics. Water technology firm Ecolab (ECL.N) , opens new tab rallied 6.2% after the company forecast higher-than-expected adjusted profit for 2025. Fidelity National Information Services (FIS.N) , opens new tab sank over 11% after the banking and payments processing conglomerate forecast first-quarter profit below estimates. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.1-to-one ratio. Across the U.S. stock market (.AD.US) , opens new tab, declining stocks outnumbered rising ones by a 1.3-to-one ratio. Sign up here. https://www.reuters.com/markets/us/futures-dip-powell-speech-focus-tariff-inflation-comments-2025-02-11/

2025-02-11 20:38

Canadian dollar gains 0.2% against the greenback Trades in a range of 1.4280 to 1.4345 Price of U.S. oil settles 1.4% higher 10-year yield rises to one-week high TORONTO, Feb 11 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as oil prices rose and investors grew skeptical that the U.S. will follow through with some proposed tariffs on trading partners. The loonie was trading 0.2% higher at 1.4285 to the U.S. dollar, or 70.00 U.S. cents, after moving in a range of 1.4280 to 1.4345. U.S. President Donald Trump signed proclamations late on Monday imposing tariffs on steel and aluminum imports, much of which come from Canada, but the measures do not go into effect until March 12. "Trump's tariffs increasingly look like negotiating tools rather than economic tools," said Adam Button, chief currency analyst at ForexLive. "The market is not convinced that any tariffs are coming. That's the trade right now." Last Tuesday, Trump suspended his threat of steep tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighboring countries. The price of oil, one of Canada's major exports, rose for a third straight day as sanctions raised concerns about Russian and Iranian oil supplies. U.S. crude oil futures settled 1.4% higher at $73.32 a barrel, while the U.S. dollar (.DXY) , opens new tab fell against a basket of major currencies. U.S. Federal Reserve Chair Jerome Powell deferred on questions about tariffs in an appearance before Congress. The value of Canadian building permits grew by 11.0% in December from November, helped by a jump in multi-unit construction intentions, and was up 34.9% year-over-year. Canadian government bond yields moved higher across the curve. The 10-year was up 3.8 basis points at 3.102%, trading at its highest level since February 4. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-gains-investors-shrug-off-new-tariff-threat-2025-02-11/

2025-02-11 20:31

NEW YORK, Feb 11 (Reuters) - Ken Griffin, founder and CEO of investment firm Citadel, said on Tuesday that U.S. President Donald Trump's tariff policy is a risk to economic growth and may force other countries to find new trade alliances, as he criticized Trump's "bombastic rhetoric." "The uncertainty and chaos created by the tariff dynamics between us and our allies is an impediment to growth," he told the audience at a conference hosted by UBS Group. "It makes it difficult for multinationals in particular to think about how to plan for the next five, 10, 15, 20 years." Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions," and imposed 10% tariffs on all goods from China while also threatening both Canada and Mexico. Griffin, a Republican supporter who has said he voted for Trump in the November election, is a critic of some of Trump's policies, such as tariffs and immigration, as he believes they could increase the U.S. deficit and make domestic companies less competitive and productive. Griffin said a tariff on Canada's energy products could force the country to diversify its customer base and find new trading partners, such as China. "From my vantage point, the bombastic rhetoric, the damage has already been done. It's a huge mistake to resort to this form of rhetoric when you're trying to drive a bargain, because it sears into the minds of CEOs and policymakers that 'we can't depend upon America as our trading partner,'" he said. Questioned about a potential conflict of interest between Elon Musk's role as a businessman still ahead of his companies, such as Tesla (TSLA.O) , opens new tab and his position as Trump's advisor, Griffin said he is thankful about it, from "the bottom of my heart." "Thank you for making the commitment that you are making to help to rectify the reckless and wasteful spending in Washington, DC," he said. Sign up here. https://www.reuters.com/markets/us/citadels-griffin-sees-tariffs-posing-risk-us-growth-2025-02-11/

2025-02-11 19:46

Dec 9 (Reuters) - U.S. power consumption will hit record highs in 2025 and 2026, the Energy Information Administration said in its short-term energy outlook on Tuesday. The EIA projected power demand will rise to 4,199 billion kilowatt-hours in 2025 and 4,267 billion kWh in 2026, up from a record 4,110 billion kWh in 2024. Sign up here. The demand increases come in part from data centers dedicated to artificial intelligence and cryptocurrency and as homes and businesses use more electricity and less fossil fuel for heat and transportation. The EIA forecast power sales in 2025 will rise to 1,516 billion kWh for residential consumers, 1,486 billion kWh for commercial customers, and 1,055 billion kWh for industrial customers. The forecasts compare with all-time highs of 1,509 billion kWh for residential consumers in 2022, 1,451 billion kWh in 2024 for commercial customers, and 1,064 billion kWh for industrial customers in 2000. The EIA said the share of power generation from natural gas would slide from 42% in 2024 to 40% in 2025 and 2026. Coal's share will rise from 16% in 2024 to 17% in 2025 before sliding back to 16% in 2026 as renewable output rises. The percentage of renewable generation will rise from around 22% in 2024 to 24% in 2025 and 25% in 2026, while nuclear power's share will slide from 19% in 2024 to 18% in 2025 and 2026, according to the outlook. The EIA projected gas sales in 2025 would rise to 13.2 billion cubic feet per day for residential consumers, 9.8 bcfd for commercial customers, and 23.7 bcfd for industrial customers, but fall to 35.9 bcfd for power generation. That compares with all-time highs of 14.3 bcfd in 1996 for residential consumers, 9.6 bcfd in 2019 for commercial customers, 23.8 bcfd in 1973 for industrial customers, and 36.8 bcfd in 2024 for power generation. https://www.reuters.com/business/energy/us-power-use-reach-record-highs-2025-2026-eia-says-2025-12-09/

2025-02-11 19:44

Elliott pushes for operational changes Says co must commit to ambitious refining targets Says board needs new independent directors Feb 11 (Reuters) - Elliott Investment Management said on Tuesday it has built a stake of more than $2.5 billion in U.S. refiner Phillips 66 (PSX.N) , opens new tab, and plans to push for operational changes and the sale of the company's midstream business. Phillips 66 shares rose 3.3% in late morning trade. Last year, Elliott disclosed a $1 billion stake in Phillips 66, following which the company laid out a performance improvement plan to boost shareholder returns and share price. However, Elliott said the plan "failed to materialize, and it has become evident that urgent changes are needed" adding that the company's shares have lagged that of rival refiners. On Monday, Reuters , opens new tab reported the investor had built a stake of over $2.5 billion in Phillips 66. "A streamlined Phillips would include the sale or spin-off of the midstream business, the sale of the company's interests in CPChem and the sale of the JET retail operations in Germany and Austria," Elliott said on Tuesday. If the company does sell or spin-off its midstream business, it could command a valuation of more than $60 billion, the investor said. Phillips 66 did not immediately respond to a request for comment regarding Elliott's plans for its midstream business. Phillips 66 had a market capitalization of $51.09 billion as of stock's last close, according to LSEG data. Elliott also stressed that Phillips 66's board needed new independent directors to bolster accountability and conduct a review of management. The hedge fund added the refiner must commit itself to ambitious refining targets and prioritize profitability at a time when margins have dropped for most U.S. refiners. TD Cowen analysts said selling the midstream business would not address refining underperformance, and could leave Phillips 66 with more volatile earnings. Elliott has sought changes at several companies since last year, most recently taking a stake in oil major BP (BP.L) , opens new tab. Sign up here. https://www.reuters.com/markets/deals/elliott-builds-25-billion-stake-phillips-66-pushes-midstream-business-sale-2025-02-11/