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Canada gas prices fall after removal of carbon tax
The government removed the consumer carbon tax that was in place since 2019 on Tuesday, resulting in a sharp drop of gasoline prices across Canada. Mark Carney, Canada's new Prime Minister, signed an order removing the Justin Trudeau era consumer carbon taxes on his first official day in office. He declared that the decision will help Canadians who are struggling to make ends meet. The Conservatives had been campaigning against the tax for years. GasBuddy, a fuel market tracker, reported that fuel prices in eight provinces fell by more than six cents a litre after taxation was officially ended on Tuesday. The data shows that the national average price for gasoline in Canada dropped from 155 cents to 143.6 cents on Wednesday. New Brunswick experienced the biggest decline of 15 cents a litre. British Columbia and Ontario also saw significant drops. GasBuddy analyst Patrick De Haan wrote in an email to GasBuddy on Tuesday that "the drops continue widening." According to Susan Bell, a Rystad Energy executive, the carbon price for gasoline between April 1, 2024 and March 31, 2025 was 17.6 cents per kilogram. Prices should therefore fall by this amount. The Canadian Fuels Association has said that it anticipates a reduction of 20 cents per gallon in gasoline prices. This will translate to yearly savings for consumers of over C$500. GasBuddy's data shows that gasoline prices in Quebec rose by 1.9 cents a litre on February 2, making it the only province in Canada with a carbon tax. Bell stated that lower fuel prices may encourage some Canadians not to fly to the United States, but to drive to their domestic destinations instead. She added that the trade war between Canada and the U.S. may increase Canada's unemployment, which will impact on fuel consumption. On Wednesday, Donald Trump is expected to announce reciprocal tariffs with Canada and other trading partners. The Canadian Fuels Association noted that it was difficult to predict the impact of the repeal on fuel demand. A spokesperson for the group stated that "there are too many other factors affecting demand, especially around the direction of the global economy in the context of the U.S. Tariffs of April 2," a spokesperson said. Reporting by Shariq KHan in New York Editing Bill Berkrot
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Tata Power, India plans first coal expansion in six months
Tata Power plans to increase the capacity of a plant located in northern India by increasing its coal power in six years, according a tender document. The clean energy sector in India is suffering from project delays and a weaker demand. Why it's important Tata Power has increased its coal power generation capacity for the first time since it acquired Prayagraj Power Generation Co Ltd in 2019. This was done through a joint-venture. The proposal comes as the Indian government targets at least 500 gigawatts of non-fossil energy capacity by 2030. CONTEXT India's renewable sector faces a number of obstacles, including a lack of demand for bids, problems with land acquisition for projects, delays in power agreements, and cancellations of projects. PPGCL, a 1,980 Megawatts (MW), coal-powered power plant located in Uttar Pradesh's northern state is owned by Tata Power associate Renascent Power. According to a tender document published by the company, PPGCL is now requesting an environmental impact assessment for the expansion of the power plant's capacity by 1,600MW. By the Numbers The cumulative capacity of India's clean power sales agreements that have not been signed has exceeded 40 GW. In 2024, the country added more than 28 GW in solar and wind power. Despite a large pipeline of renewable energy projects, fossil fuels still accounted for over two-thirds (or 63%) of the increase in total electricity generation. India plans to increase its coal-fired power by 80 GW between 2031-32, bringing the total to 220 GW. This will help meet the growing demand for domestic electricity. Tata Power has an 8.9 GW coal portfolio in six Indian States and plans to increase its clean energy capacity from 6.7 GW today, at a cost of $9 billion. Sethuraman N.R. in Bengaluru, Shounak D. Dasgupta edited the article.
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EIA: US has produced most uranium in 2018
Energy Information Administration of the United States reported on Wednesday that the U.S. produced a greater amount of uranium concentrat, which is used as fuel for nuclear reactors, during the final three months in 2024 than in any other quarter over the past six years. The EIA reported that the increase in output was due to higher uranium prices and the restart of production at White Mesa Mill, the only uranium-producing mill in the United States. Why it's important Data centers, onshored production and electrification in buildings and transportation have all contributed to the rise of electricity demand in the United States. This has renewed interest for the long-struggling country's nuclear energy industry. Two nuclear reactors are being restarted, one of which is at the old Three Mile Island plant. The federal government, in an effort to jump-start the domestic nuclear supply chain, awarded contracts to six companies for the production of uranium. By the Numbers The EIA reported that the production of concentrate in the fourth quarter last year totaled 375.401 pounds, which is higher than any of the previous three years. The EIA said that the supply was tripled from the third quarter 2024. This was due to two processing plants in Texas and Wyoming. (Reporting and editing by Laila KEARNEY; Paul Simao).
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Danish PM visits Greenland on a three-day trip amid Trump pressure
Denmark's Prime Minister landed in Greenland for talks on Wednesday with the incoming government of the semi-autonomous Danish territory. This was in response to President Donald Trump's expressed interest in controlling this vast Arctic island. Mette Frederiksen starts her three-day journey less than a month after the visit by U.S. vice president JD Vance to the territory was met with a cold reception from authorities in Denmark. She said that her goal was to strengthen Copenhagen’s ties with Greenland and stressed the importance of respecting cooperation in the face of what she called "great pressure" on Greenland. Frederiksen is expected to address the media on Wednesday. Greenland’s new Prime Minister Jens Frederik Nielsen welcomed Frederiksen’s visit, saying that Denmark remained "Greenland’s closest partner". The new coalition led by Nielsen is expected to officially take office on the 7th of April. The relationship between Greenland, Denmark and the United Kingdom has been strained since recent revelations of colonial mistreatment of Greenlanders. Denmark has been prompted to work faster to improve relations with Greenland due to Trump's desire to control the island. This is part of an international competition to gain influence in the Arctic. Nielsen said late on Monday night that Greenland will strengthen its ties to Denmark until they can fulfill their ultimate desire of becoming a sovereign country. 'RESPECTFUL' Greenland wants to have a "respectful relationship" with the United States. "Talking of annexation, and about acquiring Greenland without respecting sovereignty is not being respectful. Let's begin by showing respect to each other, and then build a strong partnership in all areas," he said. Ulrik Pram Gd, a professor at the Danish Institute for International Studies, explained that Frederiksen’s visit was primarily to signal support during a period of intense scrutiny. He said that Denmark should signal to Greenland its position as Greenland's most important friend and ally, and also to the U.S. During his visit to a U.S. military base in northern Greenland last Friday, Vance accused Denmark of not doing a good job of keeping the island safe and suggested the United States would better protect the strategically-located territory. Vance's description about Denmark was deemed "unfair" by Frederiksen who said that it is the responsibility of Greenland's people to determine their own future. Greenland is a country of 57,000 people. A majority support independence, but some are against it. They fear that their island will suffer and become vulnerable to U.S. interest. Reporting by Tom Little, Louise Breusch Rasmussen, and Stine Jacobsen, in Copenhagen; additional reporting by Terje Solsvik, in Oslo; editing by William Maclean, and Gareth Jones.
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Gold rises amid tariff news, but stocks make little progress
U.S. stocks were little changed on Wednesday, while European shares fell. Gold was sought after as investors awaited the details of U.S. president Donald Trump's plans for tariffs and feared an intensifying trade war. Investors focused on Wednesday on the reciprocal levies that the White House will announce following the close of the U.S. Stock Market, on what Trump called America's 'Liberation Day. Trump is expected add new tariffs to the already existing levies on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. The head of the European Central Bank, Christine Lagarde, said that on Wednesday, the tariffs would be detrimental to the entire world. This will depend on the extent, duration and success of the negotiations. Stock futures were barely affected by the recent survey on U.S. private-sector employment, which showed that 155,000 more workers than expected had been added to payrolls. The Labour Department reported on Tuesday that U.S. jobs were down in February. We're all eagerly awaiting the final tariff policy. Don Calcagni is the chief investment officer of Mercer Advisors, based in Denver. Tariffs are already priced in. How final will this tariff policy be when President Trump speaks today at 4PM? It will fuel volatility if it sounds as if there is room for the policy to be changed again. "The market is currently looking for certainty, and it's up to President Trump if he can deliver." The Dow ended a little lower, while Wall Street's benchmark S&P 500 index and Nasdaq both finished Tuesday's choppy trading session with gains. The Dow Jones Industrial Average rose by 68.25, or 0.16 percent, at 11:01 am on Wednesday. Meanwhile, the S&P500 rose by 6.05, or 0.11 percent, to 5,639.12, and the Nasdaq Composite gained 6.81, or 0.04 percent, to 17,457.40. The MSCI index of global stocks rose by 0.21 points or 0.02% to 832.32. The pan-European STOXX 600 fell by 0.67%. On Wednesday, the U.S. Dollar fell against major currencies such as the yen, euro and sterling as traders awaited details on tariffs, which could disrupt global trade and cause financial market turmoil. The dollar index fell by 0.38%, to 103.80, measuring the greenback in relation to a basket including the yen, the euro and other currencies. The euro rose 0.55% to $1.0852, while the sterling grew 0.34% to $1.2962. The dollar gained 0.08% against the Japanese yen to 149.72. The yield on the benchmark 10-year U.S. notes increased 0.7 basis points, to 4.165% from 4.156%, late on Tuesday. The 30-year bond rate fell 0.1 basis point to 4.5136%, from 4.515% on Tuesday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Fed), rose by 2.6 basis points, to 3.889% from 3.863% at late Tuesday. Gold, which is a popular safe-haven during times of economic and political turmoil, has climbed to a new intraday record. Gold prices have risen by 19% this year. This is on top of a 27% increase in 2024, which was the best performance ever since 2010. Gold spot rose by 0.49% on Wednesday to $3,125.85 per ounce. U.S. Gold Futures increased 0.59% to an ounce of $3,137.30. Oil prices on energy markets were mixed, after U.S. statistics showed that crude oil inventories in the United States had been unexpectedly large. U.S. crude oil rose by 0.14%, to $71.30 per barrel. Brent dropped to $74.45 a barrel on Monday, a 0.05% decline. (Ankur Banerjee contributed additional reporting from Singapore; editing by Shri Navaratnam and Tomasz Janowski)
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The largest EV charging network in Europe is launched by a group of EV charging companies.
Four of Europe's largest electric vehicle charging companies announced on Wednesday that they are teaming up to build the largest public charging networks on the continent. Spark, a new alliance between Atlante in Italy, Ionity in Germany, Fastned from the Netherlands, and Electra of France, will be formed to share their networks. There will be 11,000 charging points, and 1,700 charging stations in 25 European countries. Customers in Europe can now access ultra-fast charging of up to 400 kW through the Spark Alliance app. The European Auto Lobby ACEA is pushing for a quicker roll-out of charging infrastructure in order to reassure consumers who are worried about driving distances and increase demand for EVs. The announcement comes as demand for EVs is declining and the EU's emission regulations are being relaxed. According to the European Commission 3.5 million charging stations will be needed by 2030. To reach this target, it would take around 410,000 public chargers per year (or almost 8,000 per week) to install the same number of charging points as currently installed. Fastned CEO, Michiel Langezaal, said in an interview that "we benefit as a sector from the predictability provided by the European Commission". (Additional reporting and editing by Gilles Guillaume)
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The tin market is nearing a three-year high on tightness and short-covering
The price of tin jumped on Wednesday to its highest level in almost three years as traders scrambled for supplies and speculators juggled their positions after disruptions in two important tin-rich nations. After an earthquake on Friday that struck Myanmar, the world's third-largest tin producer and producer of tin, a record high was reached on the London Metal Exchange, as well as the Shanghai Futures Exchange. One trader stated that speculators have been buying back short positions or negative positions, particularly in Shanghai. The most active SHFE May futures tin rose as much as 4.7% to 299 990 yuan per metric ton on Wednesday, while LME tin surged to $38,395 per ton after a 30% increase this year. LME data show five large short positions for April futures. One of these represents 10-19% or the total open interest. Tom Price, Panmure Liberum's head of commodities strategy, said: "There are many bullish drivers in this market with the confusion and unease around Myanmar." The tin-mining areas of Myanmar have not been affected by the earthquake, which is the strongest in over a century to strike the Southeast Asian nation. The epicentre of the quake is about 425km away. Mines in Wa State, a tin-rich state that produces 70% of Myanmar's Tin, are located approximately 265 miles (425km) from its epicenter. In August 2023, the state of Wa suspended mining in the areas under its control to protect the resources. Before the earthquake, the state was considering resuming the activity. After Alphamin Resources announced last month that it would cease operations at the third largest mine in the world, located in the Democratic Republic of Congo, due to rebels' advances towards the site. Investors are worried about supply and have bid up the near-term LME Futures. The premium of the cash LME to the three-month futures has reached $264 per ton. This is the highest it's been in a year. Alastair Mudro, senior metals strategist with broker Marex, said: "The term structure suggests a tightening market." He added that "price behavior also attracts a systematic bid", referring to funds which trade using computer programs based on technical signals like momentum. (Reporting and editing by Ed Osmond, Pratima Deai, and Polina Demovitt)
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EBRD will provide 1 billion Euros to Ukraine's energy sector, which has been devastated by war in 2025
Matteo Patrone, vice president of the European Bank for Reconstruction and Development (EBRD), said that the EBRD plans to give Ukraine about 1 billion euro ($1.1 billion) in this year to rebuild its damaged power sector and to improve energy resilience. In more than three war years, Russia has bombarded Ukraine's infrastructure with drones and missiles, causing damage to transmission and generation facilities, and blackouts. Patrone, in remarks published for publication on Tuesday, said that the EBRD was one of Ukraine's major lenders and that supporting the energy sector would remain a top priority. "... "The energy security program is one of the most important ones, and has already been funded with 2 billion Euros," Patrone said to reporters. These 2 billions of euros will grow substantially by 2025, with the finalisation of the projects and the pipeline that we have in place, especially in the public sector. By the end of this year, it (will) be about 3 billion. Officials have stated that as Russia intensified its attacks in March 2020, Ukraine lost half of its generation capacity. It managed to survive the winter thanks to a mild climate, quick repairs, and funding and equipment provided by Western allies. Ukraine also tries to decentralise, as it rebuilds, modernises and uses more solar, wind and small modular gas turbines. Patrone stated that renewables accounted about 10% of Ukraine’s energy mix, and the EBRD is looking into projects to increase this share. Denys Shmyhal, Prime Minister of the Republic of Kazakhstan, said that the EBRD is working on a package with Naftogaz to finance the purchase of natural gas by the company for the winter. Since the beginning of Russia's full scale invasion in February 20, 2022, the EBRD has invested a total amount of 6.4 billion euro in Ukraine. Reporting by Olena Hartmash. $1 = 0.9240 Euros
OPEC+ plan will reduce overproduction and curb oil production, resulting in a weekly increase of the price of crude due to Iran sanctions
Oil prices rose early in Asian trading on Friday and were on track for their second weekly gain after U.S. sanction on Iran. A new OPEC+ production-cutting plan for seven members also raised expectations of tighter supply.
Brent crude futures rose 42 cents or 0.6% to $72.40 a barrel at 0026 GMT. U.S. West Texas Intermediate Crude Futures rose 45 cents or 0.6% to $68.52 per barrel by 0026 GMT.
Brent and WTI are on track for weekly gains of about 2%. This is their largest weekly gain since the first weeks of 2025.
The United States Treasury announced new Iran sanctions on Thursday, targeting for the first-time an independent Chinese refiner as well as other entities and vessels that were involved in supplying Iranian oil to China.
This was Washington's fourth set of sanctions against Iran, since U.S. president Donald Trump pledged in February to reimpose "maximum" pressure on Tehran and to drive its oil exports down to zero.
The tightening of sanctions is expected to result in a reduction of 1 million barrels a day (bpd), or 1%, in Iranian crude oil imports.
Kpler, a vessel tracking service, estimated that Iranian crude oil exports were over 1.8m bpd during February. However the company warned that sanctions may mask Iranian vessel activity and lead to revisions of those figures.
The new OPEC+ Plan announced on Thursday, which calls for seven members of the group to cut their output further to compensate for production levels that are higher than those agreed upon, also helped to support oil prices. The plan will represent monthly reductions between 189,000 and 435,000 barrels per day (bpd) and last until June 2026.
Amena Bakr, Kpler’s Middle East energy head and a social media user on X, said that the plan would buffer all of the supply increments OPEC+ previously announced to take effect next month.
OPEC+ confirmed earlier this month that eight members of the group would increase their monthly production by 138,000 bpd starting in April. This will reverse some of the 5,85 million bpd output cuts agreed to since 2022 as a way to support the market. (Reporting from Shariq Khan, New York Editing done by Shri Navaratnam).
(source: Reuters)