2024-06-21 13:52
OTTAWA, June 21 (Reuters) - Canada's retail sales expanded by 0.7% in April as expected, bucking a trend of decline in the last three months, as sales at gasoline pumps boosted the overall numbers, data showed on Friday. Retail sales, which comprise sales of motor vehicles, clothing, furniture, food and beverages among others, grew to C$66.80 billion ($48.78 billion) on a monthly basis, Statistics Canada said. In volume terms, overall sales increased 0.5% in April. For May, a flash estimate by Statscan surveying only half of the respondents for a preliminary estimate showed that retail sales would likely drop by 0.6%. Apart from sales at gasoline pumps, which rose by 4.5% in their first increase this year, sales were also bumped up by food and beverage retailers who clocked an increase of 1.9%, data showed. Gasoline pumps and food and beverage retailers account for 10% and 19%, respectively, of total retail sales. Canada's retail sector had been crimped since the start of the year by the highest interest rates in more than two decades, which have dented consumer spending. But economists had forecast sales would rebound in April due to higher prices of gasoline and diesel fuel, even as consumer strain continues. "Looking past the monthly swings, spending growth has remained soft amid elevated interest rates and inflation," Shelly Kaushik, an economist at BMO Capital Markets, wrote in a note. "The coming quarters should point to a recovery as rates start moving meaningfully lower," she said. The Bank of Canada on June 5 cut interest rates for the first time in four years by 25 basis points to 4.75%, and money markets advanced their bets for another cut in July to roughly 73% from 71% before the retail sales data was published. Consumer prices have continued to ease in Canada and the next consumer price index (CPI) data, due next week, will give clarity on whether the estimated drop in retail sales in May is due to lower volumes or prices, economists said. Core retail sales, which exclude sales at petrol pumps and motor vehicle and parts dealers, were up 1.4% in April. Sales were up in seven out of nine subsectors. The largest decline in sales came from motor vehicle and parts dealers, where they dropped by 2.2% in April. This subsector is the biggest contributor and accounts for over a quarter of total retail sales, Statscan data showed. ($1 = 1.3694 Canadian dollars) Sign up here. https://www.reuters.com/markets/canada-april-retail-sales-up-07-expected-likely-drop-may-2024-06-21/
2024-06-21 12:45
NEW DELHI, June 21 (Reuters) - India's oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data. That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed. Meanwhile, supply from Saudi Arabia dropped to a 10-month low, the data showed, after Saudi Aramco hiked term prices for a second month in May. Refiners in India have been gorging on Russian oil, sold at a discount after some European nations shunned purchases from Moscow over its invasion of Ukraine in February 2022. Also, similar grades from regions mainly in the Middle East are costlier. India shipped in about 5.1 million bpd oil in May, a growth of about 5.6% from April, the data shows. India's Russian oil imports in May rose 14.7% from April and 5.9% from a year ago, the data shows. "Russian oil was available in plenty and at better discounts last month due to lower demand from China," said an official at one of the Indian refineries. Indian private refiners Reliance Industries (RELI.NS) New Tab, opens new tab and Nayara Energy, majority owned by Russian entities, have signed a term deal to buy Russian oil. In contrast, state-refinersIndian Oil Corp (IOC.NS) New Tab, opens new tab, Bharat Petroleum Corp (BPCL.NS) New Tab, opens new tab, Hindustan Petroleum (HPCL.NS) New Tab, opens new tab and Mangalore Refinery and Petrochemicals (MRPL.NS) New Tab, opens new tab are buying Russian oil from the spot markets. Russia continued to be the top oil supplier to India, followed by Iraq and Saudi Arabia. Indian refiners shipped in 508,500 bpd Saudi oil in May, down 16.4% from April, and 1 million bpd from Iraq up 22.2% on month, the data showed. Also, last month Indian refiners received 176,000 bpd oil from the U.S., the data showed. Higher intake of Russian oil has been denting the share of the Middle Easter oil in India's crude mix and also that of oil producers cartel OPEC, the data showed. Sign up here. https://www.reuters.com/markets/commodities/indias-may-oil-imports-russia-record-high-saudi-lowest-10-mth-2024-06-21/
2024-06-21 12:38
Gazprom incurred a $7 bln loss in 2023 as it lost EU market Oil business has been profitable for Russian companies Gazprom's oil pipeline exports have doubled in 2023 MOSCOW, June 21 (Reuters) - Russian gas giant Gazprom (GAZP.MM) New Tab, opens new tab, fresh from an annual loss of $7 billion, has increased its activity in the oil business to offset weaker natural gas trade over the past year, two sources familiar with the company's trading said. Kremlin-owned Gazprom has suffered from the loss of the European gas market, once the source of around two-thirds of its gas revenue, due to a deep rift between Russia and the West over the conflict in Ukraine. It also cut natural gas production by 13% to an all-time annual low of 359 billion cubic metres (bcm) in 2023 from 412.94 bcm in 2022. Gazprom's oil arm, Gazprom Neft (SIBN.MM) New Tab, opens new tab, has fared better than the parent company thanks to the flourishing oil business. Now Gazprom Group, via its Gazprom Export division, is trying to raise its exposure to the oil business and increased handling of Asia-bound ESPO oil grade as well as Siberian Light oil exports, according to the two people and four trading sources. Gazprom did not respond to a request for comment. ESPO, CONDENSATE Russian oil exports have been a stable profit maker for Moscow during the past two years despite Western sanctions, as Russia was able to diver to India and China. Gazprom Export, which was a minor oil exporter prior to 2022, has boosted oil exports in the second half of 2023 and plans to increase shipments even more in 2024, Reuters sources said and market data showed. "Gazprom's oil pipeline exports have doubled in 2023 and are expected to double again in 2024", one of the sources said. Russia's Pacific port of Kozmino is a key outlet for Gazprom's crude exports. ESPO Blend oil exports provide one of the best revenues for Russian oil producers compared to other routes thanks to premium quality of the grade and proximity to main customers in Asia. Gazprom's oil loadings from Kozmino have jumped from between 30,000 metric tons and 50,000 tons per month last year to around two to three 100,000-ton vessels per month this year, according to the sources, citing export data. These volumes are supplied in addition to the exports of Gazprom Neft, which is also an ESPO Blend oil exporter. In May this year Gazprom also loaded 80,000 tons of Siberian Light grade from Novorossiisk for the first time, the sources said, adding that the company plans to continue diversifying its oil supply. Gazprom's condensate output is also set to rise. Gazprom does not disclose its output figures. In May, the company started production at the Urengoysky oilfield that is expected to produce 1.5 million tons of condensate per year. Sign up here. https://www.reuters.com/business/energy/gazprom-boosts-oil-trade-activity-counter-loss-making-gas-business-2024-06-21/
2024-06-21 12:26
MILAN, June 21 (Reuters) - Italy's highest court will decide whether the country is the right place to decide on an unprecedented court case against energy group Eni (ENI.MI) New Tab, opens new tab brought by two environmental groups, the groups said on Friday. Greenpeace Italy and ReCommon, along with a dozen private citizens, are seeking the right to claim damages from Eni and also to force a rethink of its business strategy that they say contributes to global warming. Eni issued a statement on Thursday saying the decision on the case, launched last year and a first of its kind in Italy, would be delayed following the request by Greenpeace and ReCommon for a review on legal jurisdiction. Eni also said in its statement on Thursday that the lawsuit was unfounded and that it had provided the court with details of its decarbonisation strategy. Greenpeace Italy and ReCommon replied in an online news conference on Friday their appeal to the Supreme Court was not to slow the trial but to speed it up, by establishing that the Italian judiciary can and should decide on such a case. Otherwise, according to the pressure groups, a lower Rome court could have accepted an objection raised by Eni which maintains there is no judge in Italy who can decide on the matter, a decision already taken in a previous similar case. Sign up here. https://www.reuters.com/business/environment/eni-says-ruling-greenpeace-lawsuit-italy-faces-delay-2024-06-20/
2024-06-21 12:20
TotalEnergies wins for 1.96 bln eur, EnBW for 1.07 bln Average strike price down a third from 2023's auction RWE leaves consortium with TotalEnergies as bid not economical FRANKFURT, June 21 (Reuters) - Oil major TotalEnergies (TTEF.PA) New Tab, opens new tab and utility EnBW (EBKG.DE) New Tab, opens new tab won a 2.5 gigawatt (GW) German offshore wind site auction that fetched $3.2 billion, the country's energy regulator said on Friday, marking a plunge in price from last year. The auction of two plots in the North Sea, located around 120 kilometres (75 miles) northwest of Heligoland, underscores TotalEnergies' continued interest in big offshore wind projects in Europe's largest economy. The French oil major and British peer BP (BP.L) New Tab, opens new tab had emerged as winners in a similar auction last year that was seen as evidence that big oil is seeking to diversify away from fossil fuels. "The results show the attractiveness of investing in offshore wind energy in Germany," Klaus Mueller, president of Germany's Federal Network Agency, said. "They are another important step towards achieving offshore expansion targets." The auction consisted of two sites worth 1.5 and 1.0 gigawatt (GW) each. The planned offshore wind parks are expected to start operations in 2031, the regulator said. TotalEnergies won the 1.5 GW site at a strike price of 1.305 million euros per megawatt (MW) while EnBW was successful bidding for the 1.0 GW site at 1.065 million euros per MW, the regulator said. This equates to an average strike price of around 1.2 million euros per MW, down a third from last year's average, a reduction not all bidders were prepared to reflect in their calculations. RWE (RWEG.DE) New Tab, opens new tab, Germany's biggest electricity provider, had initially partnered with TotalEnergies in the auction, but said the French group would implement the project alone and that RWE would exit the consortium. An RWE spokesperson said that bid levels had been incompatible with its criteria for economic investments and that the company would focus on its 1.6 GW North Sea cluster, for which it has taken a final investment decision. ($1 = 0.9366 euros) Sign up here. https://www.reuters.com/business/energy/totalenergies-enbw-win-32-billion-offshore-wind-site-auction-2024-06-21/
2024-06-21 12:00
LITTLETON, Colorado, June 21 (Reuters) - The 10 largest country emitters of carbon dioxide from energy production discharged a record 24.5 billion metric tons of carbon dioxide (CO2) in 2023, according to the 2024 Energy Institute Statistical Review of World Energy. That collective toll was 582 million tons more than 2022's total, and came despite annual emissions cuts in five of the top 10 top polluters globally. BIG HITTERS The three largest energy polluters were China, the United States and India, which together accounted for more than 53% of all energy pollution last year. China alone discharged a record 11.2 billion tons, which marked a 642 million ton jump in emissions from 2022, and its largest annual tonnage increase since 2011. The emissions jump reflects the climb seen in China's industrial activity in 2023 from the year before, when a combination of fresh COVID-19 movement restrictions plus the onset of a construction sector credit crunch sapped economic activity. China's output of construction steel and cement remains depressed, which is helping to keep emissions from heavy industry in check so far in 2024. But manufacturing of other goods is showing signs of expansion, which should foster increased overall energy demand - and emissions - going forward. India's emissions also scaled a new high of 2.8 billion tons in 2023, which was up 219 million tons, or 8%, from 2022's total. India's energy sector emissions have grown by an average of 8% a year since 2021, compared to 3% growth in China over that period. The country's reliance on coal for over 75% of its electricity generation means emissions trends will continue to rise for several more years, even as power firms build out more renewable generation capacity. Emissions from the United States recorded a 158.5 million ton contraction in 2023 to 4.64 billion tons, the lowest discharge from the energy sector since 2020 when COVID movement restrictions stifled refining activity and fuel demand. As U.S. utilities are rolling out renewable generation capacity at a record pace while making further reductions to coal-fired power generation, additional emissions cuts from the U.S. power sector look likely over the remainder of this decade. BIG JUMPERS Russia, Saudi Arabia and Iran all recorded annual rises in energy emissions in 2023. Russia's 1.6 billion tons of CO2 was the country's highest energy emissions toll since the mid-1990s, and marked the third successive year of pollution increases from the country. Roughly 60% of Russia's power generation comes from fossil fuels, which the country is a major producer of. Saudi Arabia recorded a third straight year of power sector emissions gains in 2023 to 620.4 million tons, although the 11 million ton rise in energy pollution was the country's smallest annual increase since it recorded a roughly 20 million ton fall in energy emissions in 2020. Iran's energy emissions expanded by 6.5 million tons from 2022 to a new record of 683.6 million tons. As natural gas accounts for over 86% of Iran's electricity generation, further growth in national energy emissions are likely going forward. THE CONTRACTORS The United States, Germany, Japan, South Korea and Indonesia all posted contractions in energy emissions in 2023. Japan's energy pollution fell by 68.4 million tons to 1.01 billion tons to the lowest level in more than 20 years, while South Korea's emissions fell nearly 22 million tons to a 13-year low of 571 million tons. Germany's energy sector cut emissions by nearly 10% in 2023 to 572 million tons, the lowest on record. An ongoing push to cut fossil fuel dependence and accelerate clean energy supply development look set to keep German emissions on a downward heading. Indonesia's energy sector emissions registered a 3 million ton decline in 2023 from 2022's total, but the country looks set to keep emissions on a rising trajectory for the near term due to the country's high reliance on coal for power generation. Coal generated a record 62% of the country's electricity in 2023, while natural gas generated an additional 18%, according to think tank Ember. Such a high reliance on fossil fuels for power looks set to ensure that power producers in Indonesia, along with those in China and India, remain large power emitters despite ongoing efforts elsewhere to rein in energy pollution. And as power emissions are also on a rising path within fast-growing neighbours such as Vietnam and the Philippines, total global energy sector pollution looks set to keep marching higher for the next several years. Sign up here. https://www.reuters.com/markets/commodities/top-10-country-emitters-discharged-record-amount-co2-2023-2024-06-21/
