2025-01-22 00:11

Decision paves way for 100 mln tons a year of new US LNG exports by 2031 Cheniere, Commonwealth LNG, Energy Transfer aim to go ahead with projects Six other LNG plants could get financial go-aheads in next 2 years - analyst HOUSTON, Jan 21 (Reuters) - Three companies developing liquefied natural gas (LNG) projects in Texas and Louisiana said they will move full speed ahead with their plans after U.S. President Donald Trump lifted the previous administration's freeze on export permits. Trump's executive order effectively reversed a pause on permits for new projects that former President Joe Biden put in place in early 2024 to study the environmental and economic effects of the booming export industry. Trump's decision could pave the way for almost 100 million metric tons per annum (MTPA) of additional LNG by 2031 by projects that are significantly advanced, further cementing the U.S. as the world's largest exporter of LNG. "We remain full speed ahead on our current and future expansion projects and are confident that we will secure all necessary regulatory approvals," said Cheniere Energy's (LNG.N) , opens new tab Director of Communications Bernardo Fallas. Top U.S. LNG exporter Cheniere Energy has been awaiting an export license for its 3 MTPA midscale 8 and 9 expansion project in Texas. Commonwealth LNG, which has waited longer than any other company for its permit, wants to build a 9.5 MTPA export plant in Louisiana to sell to countries that do not have a free trade agreement with the U.S., said Trump's decision was in the public’s best interest. The company "is focused on building a world-class LNG export facility," a spokesman said. Energy Transfer (ET.N) , opens new tab also welcomed the decision. It had an export license for its 15.5 MTPA facility in Louisiana but needed a new permit after the Energy Department refused an extension of its license due to delays in completing construction. "We look forward to the Department of Energy swiftly moving forward with authorizing new LNG export facilities including our Lake Charles LNG export facility," company spokesperson Vicki Granado said. Six other plants could get the financial go-ahead in the first two years of the Trump administration, said Alex Munton, director of global gas and LNG research at consulting firm Rapidan Energy Group. The Biden administration's study found U.S. natural gas supply is sufficient to meet domestic demand for the fuel and global demand for U.S. LNG. But in an unconstrained LNG export scenario, domestic gas prices would rise 31% in 2050, it found, which would raise natural gas bills for U.S. households by more than $100 a year with prices varying by region. Friends of the Earth on Tuesday said Trump's decision will accelerate the climate crisis and drive up gas prices by sending supplies abroad. Sign up here. https://www.reuters.com/business/energy/lng-companies-hail-trump-decision-lift-freeze-export-permits-2025-01-22/

2025-01-21 23:27

Jan 21 (Reuters) - Just days after President Donald Trumplaunched his new crypto token, two asset management firms jointly sought regulatory approval to debut an exchange-traded fund tied to the digital currency or "meme coin," according to a Tuesday filing. REX Advisers, the parent company of ETF issuer REXShares, and Osprey Funds filed with the U.S. Securities and Exchange Commission to launch a total of seven new cryptocurrency ETFs tied to the $TRUMP coin launched on Friday, other meme coins like DOGE and BONK, and established tokens like Solana and Ripple's XRP. WHY IT'S IMPORTANT The filings will test just how far the SEC's new crypto-friendly leadership, which on Tuesday kicked off a crypto policy overhaul, will be willing to go in unleashing new crypto products. KEY QUOTES "This is the wild west, now; a world where there is the potential to unleash a lot of esoteric products and people are willing to see what will fly because it's such a growth area," said Todd Sohn, ETF strategist at Strategas. "But I don't know how many of these will win approval; some strike me as a bit outlandish." The filing spells out some of the risks in trying to design, much less invest, in fledgling crypto tokens like $TRUMP. "TRUMP is a relatively new innovation and is subject to unique and substantial risks," REXShares and Osprey Funds said. "The market for TRUMP is subject to rapid price swings, changes and uncertainty." KEY CONTEXT $TRUMP has been on a rollercoaster ride, from about $10 to as high as $74.59 the same day, to $31.65 Monday night and $44 late Tuesday afternoon, according to cryptocurrency price monitor CoinGecko. That gives the meme coin a paper valuation of $8.9 billion. Neither REX nor Osprey could immediately be reached for comment. The Trump administration's office didn't immediately respond to a request for comment. ProShares, another asset manager, also on Friday filed for eight new ETFs, four tied to Solana and four to XRP. So far, regulators have not approved ETFs tied to those coins. In addition, ProShares hopes to win approval to launch leveraged and inverse ETFs. ProShares declined comment. The latest crop of crypto ETF filings will join some two dozen others already seeking the go-ahead from the SEC. Sign up here. https://www.reuters.com/technology/us-issuers-rex-advisers-osprey-seek-approval-launch-trump-meme-coin-etf-2025-01-21/

2025-01-21 23:17

CHICAGO, Jan 21 (Reuters) - An outbreak of bird flu in poultry in the U.S. state of Georgia, the nation's biggest chicken producer, is set to trigger trade restrictions from major meat importers, an industry group said on Tuesday, warning of a move that could financially harm farmers and processors. A flock of 45,500 breeder chickens tested positive last week in Elbert County, Georgia, near the border with South Carolina, according to the U.S. Department of Agriculture. It was the state's first confirmed case in a commercial poultry operation, Georgia's agriculture department said. The case comes as food producers worry that President Donald Trump's threats to impose tariffs on goods from trading partners, such as China and Mexico, will lead to retaliation that could also hurt U.S. agricultural exports. An outbreak in a commercial flock typically triggers trade restrictions on poultry products from the county or state where the infected farm is located. The restrictions expected on Georgia's poultry threaten producers and processors, such as Pilgrim's Pride (PPC.O) , opens new tab. Initial losses for exports could be about $34 million, the USA Poultry & Egg Export Council said. Mexico, the biggest importer of U.S. poultry products, will likely halt purchases from Georgia for about two to four weeks, until it revises the ban to apply to the county, the industry group said. Taiwan, the third-biggest importer of U.S. poultry, will block poultry imports from Georgia for six to eight months, the export council estimated. South Korea will likely impose a ban on Georgia's poultry that should be lifted 28 days after the virus has been eliminated, a process that will likely take three to four months, the council said. USDA had no immediate comment on potential trade restrictions. More than 138 million U.S. chickens, turkeys and other birds have died from bird flu or been culled to contain the disease since 2022. About 930 dairy herds and 67 people, mostly farmworkers, tested positive since 2024. "This is a serious threat to Georgia's No. 1 industry," Georgia Agriculture Commissioner Tyler Harper said in a statement. China has blocked Georgia's poultry since 2023, when a commercial flock of waterfowl tested positive, USDA records show. Sign up here. https://www.reuters.com/world/us/bird-flu-outbreak-georgia-threatens-us-chicken-exports-trade-group-says-2025-01-21/

2025-01-21 23:09

Apple falls after brokerage downgrade 3M rises after fourth-quarter profit beat Walgreens falls after DoJ accusation on opioid prescriptions Indexes up: Dow 1.24%, S&P 500 0.88%, Nasdaq 0.64% Jan 21 (Reuters) - Wall Street's main indexes rose on Tuesday, with the S&P 500 and the Dow closing at their highest levels in more than a month as investors assessed Donald Trump's first actions as U.S. president and were encouraged that he did not start his second term with blanket tariff increases. Trump did not lay out concrete plans on the universal tariffs and additional surcharges on close trade partners as previously promised, but said he was thinking about imposing duties on Canadian and Mexican goods as early as Feb. 1. While investors remain cautious about tariffs and the potential for a global trade war pushing inflation higher, brokerage Goldman Sachs lowered its forecast for the chances of a universal tariff this year to 25% from about 40% in December. "There was a definite relief and a bit of surprise that tariffs weren't called out in the first round of executive actions that happened yesterday," said Carol Schleif, chief market strategist at BMO Private Wealth. "Markets are leaping to the conclusion, probably rightfully so, that the administration will take a more nuanced approach." Investors hope the new administration will use the threat of trade levies as a negotiating tactic and take "a scalpel and not a sledgehammer to tariffs," Schleif said. However, with trade policies still unclear, Schleif cautioned the market could face volatility if Trump puts out trial balloons on tariffs since the market has not had a 10% correction in a long time. The Dow Jones Industrial Average (.DJI) , opens new tab rose 537.98 points, or 1.24%, to 44,025.81, the S&P 500 (.SPX) , opens new tab gained 52.58 points, or 0.88%, to 6,049.24 and the Nasdaq Composite (.IXIC) , opens new tab gained 126.58 points, or 0.64%, to 19,756.78, to close near its highest level since Jan. 6. In a sign of broader market strength, the more domestically focused small-cap Russell 2000 index (.RUT) , opens new tab outperformed larger cap indexes with a 1.85% advance. Among the S&P 500's 11 major sectors, the sole loser was energy (.SPNY) , opens new tab, down 0.64%, while six sectors rose at least 1%. The biggest gainer was industrials (.SPLRCI) , opens new tab, which rose 2.03% and was boosted by stocks including 3M (MMM.N) , opens new tab, which rallied 4.2% after reporting upbeat fourth-quarter profits. The utilities sector (.SPLRCU) , opens new tab was lifted by nuclear power stocks after Trump issued a flurry of orders intended to boost energy production. Its biggest gainers included Vistra Corp (VST.N) , opens new tab, NRG Energy (NRG.N) , opens new tab and Constellation Energy (CEG.O) , opens new tab. Heavyweight Apple (AAPL.O) , opens new tab was the S&P 500's biggest drag, losing 3.2%, after brokerage Jefferies cut its rating to "underperform." Shares of automakers, which are most sensitive to tariffs due to their vast supply chains, rose. Gains in Ford (F.N) , opens new tab, up 2.5%, trailed a 5.7% rally in General Motors (GM.N) , opens new tab, which had a rating upgrade from Deutsche Bank. During the first year of Trump's earlier administration, the S&P 500 rose 19.4%. The benchmark index rose nearly 68% through his four-year term, but saw bouts of volatility, stemming in part from a trade war Trump fought with China. However, inflation is still above the Federal Reserve's 2% target, fuelling worries that the new administration's policies could delay the central bank's pace of monetary policy easing. Economists see the Fed leaving borrowing costs unchanged when it meets next week and traders see the first interest rate cut coming in June, according to CME Group's FedWatch tool , opens new tab. In other individual stocks, Walgreens (WBA.O) , opens new tab tumbled 9.2% after the Justice Department accused it of filling unlawful prescriptions for addictive painkillers and other drugs. Moderna (MRNA.O) , opens new tab rallied 5.4% after securing $590 million from the U.S. government to hasten development of its bird flu vaccine. Advancing issues outnumbered decliners by a 4.54-to-1 ratio on the NYSE, where there were 264 new highs and 39 new lows. On the Nasdaq, 3,086 stocks rose and 1,374 fell as advancing issues outnumbered decliners by a 2.25-to-1 ratio. The S&P 500 posted 41 new 52-week highs and no new lows while the Nasdaq Composite marked 119 new highs and 78 new lows. On U.S. exchanges, 15.42 billion shares changed hands compared with the 15.47-billion average for the last 20 sessions. Sign up here. https://www.reuters.com/markets/us/futures-climb-investors-brace-president-trumps-trade-policy-plans-2025-01-21/

2025-01-21 23:05

Jan 22 (Reuters) - Australia's Woodside Energy (WDS.AX) , opens new tab flagged an in-line output for fiscal 2025, as a now-complete ramp-up at its Sangomar facility in Senegal drove the firm to achieve a record full-year production for 2024. Meanwhile, the country's top independent oil and gas producer reported a 3% rise in its fourth-quarter revenue of $3.47 billion, compared to the year-ago period, but saw a 6% dip from the previous quarter primarily due to lower seasonal demand at Bass Strait in Victoria, and an unplanned shutdown at Pluto LNG in Western Australia. "We continued work on optimising facilities and maximising gas production from Bass Strait, while marking the end of 55 years of oil production," Woodside stated. Driven by the completion of ramp-up of the Sangomar facility in Senegal, Woodside continues to expand Sangomar's market for its crude, with the grade being supplied in the U.S. for the first time in the fourth quarter. Sangomar produced 75,000 barrels of oil equivalent per day "at 95% reliability" in the quarter, Woodside said in its statement. The reliability of a project is a measure that helps in preventing situations for unplanned maintenance and ensures continued strong oil and gas production levels. Woodside expects 2025 production to come between 186 million and 196 million barrels of oil equivalent (mmboe), largely in line with its 2024 production of 193.9 mmboe. The firm produced 51.4 mmboe during the quarter, compared with 48.1 mmboe a year earlier. Perth-based Woodside, however, flagged an increase in emissions for the year, with the statement coming around at a time when firms are in the race to transition to cleaner forms of energy. "Whilst we are on track to meet our scope 1 and 2 net reduction targets, with the strong start-up of Sangomar, our absolute emissions did increase in 2024," Woodside Chief Executive Officer Meg O'Neill said. Sign up here. https://www.reuters.com/business/energy/australias-woodside-sees-sangomar-driving-in-line-2025-output-q4-revenue-jumps-3-2025-01-21/

2025-01-21 22:56

Jan 21 (Reuters) - U.S. President Donald Trump said on Tuesday he will issue an executive order to increase the availability of water in California, following disastrous wildfires that recently tore through several Los Angeles neighborhoods. Sign up here. https://www.reuters.com/world/us/trump-says-he-will-issue-executive-order-make-water-available-california-2025-01-21/