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Energy Markets

Palantir and AI software partners for nuclear construction

Palantir Technologies announced on Thursday that it had teamed up with a company that specializes in nuclear deployment to create a software-driven artificial intelligence system for the construction and operation of nuclear reactors. Investors and companies are re-engaging in nuclear energy, which is seen as a more reliable and cleaner fuel source than solar or wind energy. Palantir and Nuclear Company are creating the Nuclear Operating System (NOS) together. This will simplify construction and allow the firm to build faster and cheaper. The agreement follows U.S. president Donald Trump's executive order that sought to boost U.S. production of nuclear energy...

Pollution

Canadian Carbon Tech Startup attracts US Interest Post-Trump

After Donald Trump was elected, a Canadian startup has reported an increase in inquiries from U.S. firms. Deep Sky, a startup, recently finished construction of its "Alpha Direct Air Capture" test ground, in Alberta. It will allow 10 companies to fine-tune and deploy technologies as they work towards developing commercial-scale plants. Deep Sky CEO Alex Petre stated that due to the Trump administration’s decreased focus on climate and uncertainty regarding the future funding support of DAC technology in the U.S., Deep Sky has received more inquiries from U.S. carbon tech developers than they expected. She said that the changes south...

Climate Change

World Bank and IAEA will cooperate on nuclear energy development and safety

The World Bank, the United Nations Nuclear Watchdog and other international organizations have signed a new agreement on cooperation in the development of safe nuclear energy for developing countries. This includes extending the lives of existing reactors. Ajay Banaga, President of the World Bank and Rafael Grossi, Director General of the International Atomic Energy Agency were to sign a memorandum in Paris as part of the return of the World Bank to nuclear energy finance. In a joint statement, the IAEA, the World Bank, and other international organizations have agreed to collaborate to improve knowledge of the nuclear industry, including...

Power Markets

Three Mile Island nuclear reactor restart fast-tracked until 2027

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about a full year earlier than originally planned. The plant was put on a faster track to connect with the regional grid. Constellation Energy signed a contract last September for Microsoft data centers. This paved the way for the reopening of Three Mile Island. Three Mile Island is known as the site where a partial nuclear meltdown occurred in 1979, which shook the industry. Constellation’s 20-year agreement to purchase power from Microsoft is emblematic for the lengths that Big Tech...

Fossil Fuels

Owner says that the Three Mile Island nuclear power plant could restart in 2027.

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about one year earlier than originally planned. The plant was put on a rapid track to connect with the regional grid. Constellation signed a contract in September last year to power Microsoft's data centers. This will pave the way for the reopening of Three Mile Island. Three Mile Island is widely known as the location of a partial nuclear meltdown that occurred there in 1979, which froze the industry. Constellation’s 20-year agreement to purchase power from Microsoft is indicative of...

Power Markets

WEC Energy delays coal power plant retirement due to surge in power demand

We Energies is a subsidiary of WEC Energy and plans to extend the operation of units 7 & 8 at the Oak Creek Coal-fired Power Plant in Wisconsin until the end of 2026. Now, the plant that was to be retired at the end 2025 will have units to meet the high energy demand. We Energies President Mike Hooper stated that "just this month, National Grid experts raised the alarm about elevated risks of electricity shortages and prices spikes due plant closures and increased energy demand in Upper Midwest." In April, U.S. president Donald Trump signed executive orders to boost...

Electric Utilities

Former US nuclear regulators condemn Trump's firing NRC commissioner

On Tuesday, nearly 30 former employees and officials at the U.S. Nuclear Power Regulator criticized President Donald Trump for firing a commissioner from the independent agency. They said that the action placed politics above safety and public health. Why it's Important The firing of Chris Hanson this month, a Democrat at the five member Nuclear Regulatory Commission, followed Trump's Executive Orders on accelerating the Agency's reactor approvals, as artificial intelligence (AI) and data centers are driving the first increase in U.S. energy demand in 20 years. These orders also included efforts to restructure NRC and evaluate its staffing levels. Experts...

Renewable Energy

US Senate Parliamentarian: Oil and gas projects cannot avoid environmental review

A provision in the massive U.S. budget and tax bill that Congress is finalizing cannot be passed unless at least 60 Senate members vote for it. Elizabeth MacDonough is a Senate parliamentarian whose job is to ensure lawmakers follow the proper legislative procedures, like requiring 60 votes out of 100 instead of a simple majoritiy. The parliamentarian examines the mega-bill budget to make sure it adheres to the Byrd Rule. This rule, dating back decades, prohibits large pieces of legislation from including provisions that are "extraneous to the federal budget". MacDonough's list of problematic provisions adds to the hurdles facing...

Oil & Gas

Gold Reserve asks for clarification on US license protecting Citgo

Gold Reserve filed an urgent request to a Delaware court asking for clarification on a License Venezuela-owned U.S. refiner Citgo Petroleum will pay its creditors even if a court auction is held, the company announced on Tuesday. The Delaware court has advanced to Complete the Auction Citgo Holdings, the parent company of Citgo, is offering shares to up to 15 creditors to compensate them for defaults on debts and expropriations. The winner of the bidding round is expected to be chosen by July 2. Gold Reserve Canada, one of the creditors participating in the auction, and also a buyer, has...

Natural Gas Utilities

Prices of EUROPE GAS have fallen by over 10% following the news that Iran and Israel had reached a ceasefire

The wholesale gas price in the Netherlands and Britain fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the premium for risk the market had built into the market due to potential disruptions of oil and gas supplies. The benchmark Dutch front month contract at the TTF Hub fell by 4.86 euro to 36.38 Euros per Megawatt Hour (MWh), which is $12.38/mmBtu by 0939 GMT. It had traded as low 35.45 Euros/MWh earlier, LSEG's data showed. The British front-month contracts was down 13.72 pennies at 84.85 cents per...

Power Markets

Wall Street Journal, June 24,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. C&S Wholesale Grocers has agreed to purchase SpartanNash, for approximately $1.77 billion including debt. The company is looking to expand their supply chain while keeping grocery prices low, as inflation worries are on the rise in America. After the companies agreed not to collaborate on boycotts based on political motivations, the U.S. Federal Trade Commission has allowed Omnicom Group to purchase Interpublic Group. New York plans to build the largest nuclear power plant in the United States,...

Energy Markets

Investors' reactions after Trump announces ceasefire between Iran & Israel

Donald Trump, the U.S. president, said that on Monday a "completely and totally" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "I would like to congratulate Israel and Iran on their stamina, courage, and intelligence to put an end to what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures rose slightly after trading resumed. Comments JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA...

Europe

Crude Oil

Demand for crude oil is strong as the drawdown of US crude stocks signals a rise in prices

Oil prices edged higher on Thursday, continuing gains made the day before. A larger-than expected drawdown in U.S. crude inventories signaled a strong demand for oil, but investors were cautious over the Iran-Israel truce and the stability of the Middle East. Brent crude futures were up 12 cents or 0.2% to $67.80 per barrel at 0030 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and Brent crude, gained 20 cents or 0.3% to $65.12. The benchmarks both rose by nearly 1% Wednesday after recovering from losses in the first part of the...

Environment

Sovecon, a Russian agricultural consultancy, raises its 2025 Russian wheat production forecast

The agricultural consultancy Sovecon announced on Wednesday that it has slightly increased its forecast of Russian wheat production in 2025, by 0.2 millions metric tons. This is due to improved crop conditions throughout central Russia. The total grain crop was also increased to 129.5 millions metric tonnes, from 127.6 in May. Sovecon stated that the revision reflects better crop conditions in central Russia, particularly in eastern areas and Voronezh Region. The improved outlook for central Russia was partly offset by the lower forecasts in Siberia and Urals where spring wheat areas are expected to drop sharply. Oksana Lute, the Agriculture...

Nuclear Power

Russia claims it is too soon to estimate the damage caused by US bombs to Iranian nuclear facilities

The Kremlin stated on Wednesday that the damage caused by U.S. airstrikes on Iran's nucleus facilities last weekend was still too early to determine. Dmitry Peskov, spokesman for the Kremlin, said "No" when asked if Russia held its own data on the extent of damage. I don't believe that anyone has realistic data at this time. "It's likely too early to have such data. We need to wait for them." The U.S. president Donald Trump claimed at the weekend that these strikes "obliterated Iran's nuclear facility". Three sources familiar with the situation said that an initial U.S. Intelligence assessment determined...

Western Europe

Middle East

Crude Oil

IMF increases forecast for Saudi GDP to 3.5% by 2025

The International Monetary Fund raised its GDP growth forecast for Saudi Arabia for 2025 to 3.5%, from 3%. This was partly due to the demand for government-led project and the OPEC+ plan to gradually end oil production cuts. Saudi Arabia is expected to have a budget deficit of $27 billion in this year due to lower oil prices. The kingdom is still pushing ahead with a massive transformation program called Vision 2030, which aims to wean its economy off oil dependence. Saudi Arabia has made significant investments in sports, entertainment, and tourism in the last few years. Even though oil...

Crude Oil

Demand for crude oil is strong as the drawdown of US crude stocks signals a rise in prices

Oil prices edged higher on Thursday, continuing gains made the day before, as an unexpectedly large drawdown in U.S. crude inventories signaled a strong demand. Investors, however, were cautious due to the Iran-Israel ceasefire, and the stability of the Middle East. Brent crude futures were up 15 cents or 0.2% to $67.83 per barrel at 0330 GMT. U.S. West Texas Intermediate crude (WTI), gained 20 cents or 0.3% to $65.12 per barrel. The benchmarks both rose by nearly 1% Wednesday after recovering from losses in the first part of the week. This was due to data showing a resilient U.S....

Nuclear Power

IAEA chief: return to Iranian sites top priority

Rafael Grossi, the U.N.'s chief nuclear inspector, said that his priority was to get his inspectors to Iran to assess the effects of U.S. military strikes on Iran and to verify its stock of enriched Uranium. Grossi, the head of the International Atomic Energy Agency (IAEA), told a press conference during an Austrian cabinet meeting on security that "this is our number one priority." He wants his inspectors to return to Iranian sites, including the three facilities where it enriches uranium before Israel's strikes on June 13th. When asked if Iran informed him about the status of its stocks, especially...

Crude Oil

Investors assess Iran-Israel ceasefire and oil prices rise

The price of oil rose on Wednesday, as investors weighed the stability and potential for a ceasefire agreement between Iran & Israel. However, it remained near its multi-week lows due to the expectation that crude oil flow would not be interrupted. Brent crude futures gained 85 cents or 1.3% to $67.99 per barrel at 0341 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 87 cents or 1.4% to $65.24. Brent settled at its lowest level since June 10, and WTI, since June 5. Both were before Israel launched an attack on Iranian nuclear and military facilities on June 13,...

Fossil Fuels

China's heavy dependence on Iranian oil

China is the largest buyer of Iranian oil, accounting for approximately 13.6% of the purchases made by the world’s biggest crude importer this year. This leaves Beijing exposed to any disruption in supply caused by conflict in the Middle East. Beijing, the world's largest oil importer and buyer from Venezuela, has been able to reduce its import bill by billions of dollars in recent years. How much Iranian oil does China buy? China purchases 90% of the Iranian oil shipped, but this is limited due to U.S. Sanctions aimed at cutting funding for Tehran's Nuclear Programme. According to Kpler, China...

Nuclear Power

UN Mission says Israeli strike on Iran could have violated international laws

An investigation by the United Nations found that Israel may have violated international humanitarian law in some cases, citing the deaths of three aid workers and civilians in an apartment building in Tehran. Israel launched airstrikes against Iran on 13 June in a surprise assault that resulted in the deaths of many top Iranian commanders. Since then, Israel has intensified its attacks and prompted an exodus out of Tehran. On Sunday, the United States also joined in by attacking Iran's nuclear underground sites. The Iranian Red Cross and several residents of a Tehran apartment complex were among those killed, as...

Refined Products

Oil reaches five-month high following US attack on key Iranian nuclear sites

The oil prices rose on Monday, reaching their highest level since January. This was due to the United States joining Israel to attack Iran's nuclear sites. Brent crude futures were up $1.92, or 2.49%, at $78.93 per barrel as of 17:00 GMT. U.S. West Texas Intermediate Crude advanced $1.89, or 2.56%, to $75.73. The two contracts had risen by over 3% in the previous session, to $81.40, and $78.40 respectively. They reached five-month highs, before giving back some of their gains. Prices rose after U.S. president Donald Trump announced that he had "obliterated", Iran's nuclear sites with strikes last weekend....

Crude Oil

Oil reaches five-month high following US strikes on key Iranian nuclear sites

The oil prices rose on Monday, reaching their highest level since January. This was due to the supply concerns caused by Washington's decision to attack Iran's nuclear sites with Israel. Brent crude futures were up $1.88, or 2.44%, at $78.89 per barrel as of 1122 GMT. U.S. West Texas Intermediate Crude advanced $1.87, or 2.53% to $75.71. The two contracts had risen by over 3% in the previous session, to respective highs of $81.40 and $79.40 (five-month highs), before reversing some gains. Prices rose after U.S. president Donald Trump announced that he had "obliterated", Iran's nuclear sites with strikes last...

Crude Oil

The world awaits Iran's reaction after Trump claims US 'obliterates nuclear sites'

On Sunday, the world was waiting for Iran's reaction after Donald Trump announced that the U.S. "obliterated", Tehran's nuclear sites. The U.S. joined Israel in the largest Western military action since 1979 against the Islamic Republic. Tehran pledged to defend itself no matter what. The damage seen from space was caused by 30,000-pound bunker-buster U.S. bombs that crashed into the mountain over the Fordow nuclear facility in Iran. The Iranians fired another round of missiles that caused many injuries and destroyed buildings in Tel Aviv. In an attempt to avoid a full-scale war with the U.S. Superpower, the country has...

Carbon Emissions

Brazil will push for climate targets from local governments and corporations at the COP30

Brazil, the COP30 President, proposed on Friday that pledges of emissions reductions be expanded to include companies, states and cities. This was to bolster climate efforts after the U.S. withdrew from the Paris Agreement. Brazilian diplomats working on the climate summit are working closely with U.N. officials to encourage countries to submit revised targets for reducing greenhouse gas emissions before September. Many missed the deadline of February. In the Paris Accord, where almost all countries agreed to limit global warming to 2 degrees Celsius or less from pre-industrial levels by 2050, it is required that these targets be submitted and...

Energy Markets

Israel claims it has struck Bushehr and other nuclear sites on the Gulf Coast

A spokesperson for the Israeli military said that on Thursday, they had hit nuclear sites in Bushehr and Isfahan and Natanz and continued to target additional facilities. It was not immediately apparent the extent of Israel's assault on Bushehr. Bushehr, Iran's sole nuclear power plant, is located on the Gulf Coast and uses Russian fuel, which Russia takes back after it has been used to reduce the proliferation risk. Gulf States have been concerned about the potential effects of an attack, which could include contamination of air and water. Sources familiar with the issue said that Gulf countries are preparing...

Energy Markets

IEA: World oil demand will continue to grow this decade despite China's peak in 2027

The International Energy Agency announced on Tuesday that global oil demand would continue to grow until the end of the decade, despite a peak in China's top importer in 2027. Cheaper gasoline and a slower adoption of electric vehicles in the United States will support oil consumption. The IEA which advises industrialised nations did not alter its prediction that oil demand would peak in this decade. This is a stark contrast to the view of the producer group, the Organization of the Petroleum Exporting Countries, who say consumption will continue to grow and have not predicted a peak. A table...