2025-01-29 21:49
Jan 29 (Reuters) - Miner Energy Fuels (UUUU.A) , opens new tab said on Wednesday it has signed an agreement for uranium ore transport and abandoned mine cleanup with Navajo Nation. The agreement resolves the five-year-long debate in southeast Utah over a pile of radioactive material parked in Estonia, allowing it to be processed at a mill located near a Native American reservation. The deal with the indigenous tribe will govern the transport of uranium ore along federal and state highways crossing the Navajo Nation. The uranium miner also said that ore transport from its Pinyon Plain Mine in northern Arizona to the company's White Mesa Mill in southern Utah is now expected to resume in February. Energy Fuels has committed to accepting and transporting up to 10,000 tons of uranium-bearing cleanup materials from abandoned uranium mines within the Navajo Nation. Sign up here. https://www.reuters.com/markets/commodities/energy-fuels-navajo-nation-sign-uranium-ore-transport-agreement-2025-01-29/
2025-01-29 21:48
WASHINGTON, Jan 29 (Reuters) - The U.S. Senate on Wednesday voted 56-42 to confirm former Republican Congressman Lee Zeldin to lead the Environmental Protection Agency, tasked with rolling back climate rules from former President Joe Biden that were aimed at slashing emissions from vehicles, power plants and factories. President Donald Trump picked Zeldin, 44, to lead EPA's deregulation efforts, lifting hurdles on oil and gas drilling and reversing course on the Biden administration's emissions rules aimed at spurring more electric vehicle use. Three Democrats voted to back the former New York representative, Arizona Senators Mark Kelly and Ruben Gallego, as well as Pennsylvania Senator John Fetterman. Zeldin had sailed through his confirmation hearing this month, with some Democrats asking him to clarify Trump's and his own views on whether climate change is a threat and greenhouse gas emissions should be regulated. Among the EPA's main actions will be to review the so-called "endangerment finding" - an agency determination that greenhouse gas emissions harm human health, which underpins the agency's ability to regulate the heat-trapping gases emitted by cars and smoke stacks. Zeldin had told senators at the hearing that a 2007 decision by the Supreme Court gave the agency statutory authority to regulate the heat-trapping greenhouse gas but did not obligate the EPA to take action. As a New York congressman, Zeldin voted against legislation on green issues and also voted against a measure to stop oil companies from price gouging. As a candidate for New York governor in the 2022 election, Zeldin criticized the state's decision to join California's Zero Emission Vehicle program that vows to end the sale of gasoline-powered only vehicles by 2035. Trump has said he aims to reverse many rules administered by the EPA on the burning of fossil fuels including one curbing carbon emissions from power plants and another slashing such emissions from vehicles. Trump has said he plans to begin rescinding EPA and Transportation Department vehicle pollution rules on his first day in office and is looking to pare back or eliminate EV tax breaks and other incentives. Environmental groups panned the confirmation, saying that Zeldin will prioritize carrying out Trump's agenda rather than following environmental laws. "As the administration moves to gut wildly popular clean energy investments and environmental protections, Zeldin has made clear he will fall in line, rolling back essential safeguards while Americans bear the cost," said Evergreen Action Executive Director Lena Moffitt. Chair of the Senate Environment Committee, West Virginia Senator Shelley Moore Capito, applauded the confirmation, saying Zeldin is "well qualified and capable of returning the EPA to its core missions of protecting our land, air, and water, without inhibiting economic development." Sign up here. https://www.reuters.com/world/us/majority-us-senate-votes-confirm-zeldin-epa-head-2025-01-29/
2025-01-29 21:48
HOUSTON, Jan 29 (Reuters) - One man was killed and two others were injured at an oilfield in Texas on Monday where ProPetro Services (PUMP.N) , opens new tab was conducting fracking operations at a well site owned by Permian Resources Corp. Edward Rodriguez, 45, died after a pressurized device ruptured. Two other workers were hospitalized. ProPetro shut down fracking operations and powered down the area for a safety investigation, according to a statement from the Reeves County Sheriff's Office. ProPetro confirmed the incident in a statement and said the company was working with the relevant authorities to determine the cause of the incident. Permian Resources Corp did not respond to a request for comment. The Sheriff’s Office Criminal Investigation Division Investigators determined that a pressurized line containing about 9,000 pounds per square inch detached from a fracking unit, causing the incident. Investigators located a pipe that had been disconnected during the incident with valves attached to both ends. Sheriff’s Office found no evidence of foul play. The Occupational Safety and Health Administration is investigating the incident. Sign up here. https://www.reuters.com/world/us/fatal-texas-oilfield-accident-leaves-one-dead-two-injured-2025-01-29/
2025-01-29 21:34
HOUSTON, Jan 29 (Reuters) - Venture Global LNG (VG.N) , opens new tab could finish power generator repairs by the end of February, a federal inspection report said on Wednesday, potentially clearing the way for the almost three-year commissioning of the Calcasieu Pass LNG plant to reach completion. Venture Global is the most valuable U.S. LNG company following its initial public offering on Thursday. It has blamed its inability to deliver cargoes from Calcasieu Pass to its long-term customers on equipment failures and the unreliability of its power generators. The delays led to contract arbitration cases brought by some of the world's top oil and gas producers, including BP (BP.L) , opens new tab, Shell (SHEL.L) , opens new tab, Edison (EDNn.MI) , opens new tab, Orlen (PKN.WA) , opens new tab and Repsol (REP.MC) , opens new tab. A "fifth and final" generator project was under way "and completion is expected by February 2025," inspectors from the Federal Energy Regulatory Commission said on Wednesday in a regulatory filing. The inspection was conducted one week ago and found Venture Global had made so much progress that a temporary fix suggested by FERC was no longer necessary, the inspection report said. Venture Global was not immediately available for comment. Shell said it was waiting for its cargoes to be delivered. "For almost two years we’ve been told by Venture Global that deliveries were forthcoming. It’s never happened. They have proven to be an unreliable supplier and, until we receive our contracted cargoes, we will continue to view them that way," a Shell spokesperson told Reuters. A Repsol spokesperson said it had no further information on timing. Venture Global has said it expects to move from commissioning to commercial operations at Clacasieu Pass by the end of the first quarter of 2025. Sign up here. https://www.reuters.com/business/energy/venture-global-lng-almost-finished-repairs-calcasieu-pass-power-plant-ferc-2025-01-29/
2025-01-29 21:29
TSX ends up 0.2% at 25,473.30 Posts highest closing level since Dec. 11 Energy adds 1.2%; materials gains 0.9% Bank of Canada cuts by 25 basis points Jan 29 (Reuters) - Canada's main stock index rose to a seven-week high on Wednesday as the Federal Reserve pointed to robust U.S. economic activity and after the Bank of Canada cut interest rates to help the domestic economy cope with expected U.S. trade tariffs. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 0.2% at 25,473.30, its highest closing level since December 11. The Fed held interest rates steady and gave little insight into when further reductions in borrowing costs may take place in an economy where inflation remains above target, growth continues, and the unemployment rate is low. "There is a bit of a reflationary buoyancy in the market from the language of the Fed," said Sid Mokhtari, chief market technician for CIBC Capital Markets. "I wouldn't be surprised the yield curve in both the U.S. and Canada to continue to steepen and that should naturally buoy your financials and the pro-cyclical area of the market." Cyclical stocks, such as financials, industrials and resource companies that tend to be sensitive to the performance of the economy, account for nearly 80% of the TSX's weighting. The energy group rose 1.2% even as the price of oil settled 1.6% lower at $72.62 a barrel. Uranium producer NexGen Energy Ltd (NXE.TO) , opens new tab was up 6.8%. The materials group, which includes fertilizer companies and metal mining shares, added 0.9% as copper prices rose. The Bank of Canada cut its key policy rate by 25 basis points to 3%, lowered its growth forecast and warned Canadians that a tariff war triggered by the U.S. could cause major economic damage. "As we work through all of these challenges with the U.S. and political uncertainty, the Bank of Canada's in there trying to support the economy as they can," said Colin Cieszynski, chief market strategist at SIA Wealth Management. Sign up here. https://www.reuters.com/markets/tsx-futures-rise-ahead-rate-decisions-fed-bank-canada-2025-01-29/
2025-01-29 20:55
Coinbase adds high-profile members to advisory council Trump administration expected to prioritize crypto sector growth Crypto assets likely to extend gains in 2025, analysts say Jan 29 (Reuters) - Crypto exchange Coinbase (COIN.O) , opens new tab on Wednesday added four high-profile members to its global advisory council, including former U.S. Senator Kyrsten Sinema and Chris LaCivita, co-campaign manager for President Donald Trump's re-election. Drafting a framework for the growth of the crypto sector has been a top priority for the Trump administration after years of enforcement actions that the industry has criticized as regulatory overreach. "This move suggests Coinbase is positioning to have direct influence on policy discussions by aligning with individuals who have deep ties to both the Trump camp and traditional financial institutions," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. The crypto industry donated millions of dollars to support Trump's return to the White House. Expectations of a more favorable regulatory setup powered bitcoin to record highs in 2024, surpassing $100,000 for the first time. The new additions at Coinbase also include Bill Dudley, former president of the Federal Reserve Bank of New York and Luis Alberto Moreno, a global development and international finance expert. "Crypto is now firmly on the radar of corporates, banks and institutions, weaving itself into the very fabric of our financial systems," analysts at Bernstein said, adding that bitcoin remains on its path to $200,000. Earlier this month, the U.S. Securities and Exchange Commission's new leadership created a task force to develop a regulatory framework for crypto assets. Trump has also named former PayPal (PYPL.O) , opens new tab executive David Sacks as his "White House A.I. & Crypto Czar." The administration is expected to reshape U.S. policy on digital currency. Support from Wall Street institutions and corporate titans such as Elon Musk as well as the approval of U.S. exchange-traded crypto funds have boosted the sector's mainstream appeal. Coinbase shares are likely to benefit from a further upside in bitcoin over the medium term, analysts at Mizuho wrote in a note. "Rising tide lifts all moats," it said. Sign up here. https://www.reuters.com/world/us/trump-campaign-manager-ex-senator-join-coinbase-advisory-council-2025-01-29/
