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Public Service Enterprise exceeds quarterly profit expectations on increased energy consumption
Public Service Enterprise Group beat estimates for the second quarter profit on Tuesday, thanks to higher electricity demand during June when homes and businesses increased air conditioning in hot weather. The hotter than normal temperatures in June increased power demand, at a moment when utilities are already dealing with record usage due to the growth of the data centers and electrification trend. Ralph LaRossa is the CEO of PSEG. He said, "We were able to operate through three consecutive 100degF days, resulting in high electricity consumption that led to a peak summer load of 10,229MW on June 24, which was our highest system load since 2013. The total operating revenue increased by about 15%, to $2.8 billion. The utility also confirmed its forecast for operating earnings of $3.94 - $4.06 per share. PSEG Power has reported an increase in nuclear output to 7.5 Terawatt Hours (TWh) from 0.5 TWh last year. This is due to a 2024 Hope Creek power outage. Investors and companies are increasingly interested in nuclear energy because it is almost carbon-free. PSEG reported that large load service requests, mostly from current and potential data centers, increased to 9,400 megawatts by June 30 from 6,400MW at the end March. According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of 77 cents for the three-month period ended June 30. This compares with the average analyst estimate of 70 cents. Reporting by Pranav mathur in Bengaluru, editing by Shreya biswas and Vijay Kishore
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India responds to Trump's threats over Russian oil purchases
India's ruling and main opposition parties condemned the threat of U.S. president Donald Trump to increase tariffs on Indian goods over its Russian oil purchase, as a sign of political unity at a time when a trade dispute with Washington is intensifying. Trump announced in July that he would impose 25% tariffs on Indian goods. U.S. officials cited geopolitical factors as obstacles to a U.S. India trade agreement. Manish Tewari is a member and leader of Congress in the Indian opposition. He said that Trump's "disparaging comments hurt the dignity of Indians and their self-respect". He added, "It's time to stop this bullying and hectoring." BJP Vice-President Baijayant Jay Panda quoted Henry Kissinger – the most powerful U.S. Diplomat of the Cold War era – in a X post: "To be an ally of America is fatal, but to have been an enemy can be dangerous." India's Foreign Ministry claimed that the country had been unfairly singled-out over its purchases from Russia of oil. It also highlighted the continued trade between Moscow, the United States, and the European Union despite the conflict in Ukraine. In a late-Monday statement, it stated that "it is shocking that those nations who criticise India also trade with Russia." The ministry stated that it was unfair to single out India. The EU said that it conducted trade worth 67.5 billion euro ($78.02billion) with Russia in 2024. This included record LNG imports, which reached 16.5 million tons. In a statement, it was stated that the United States continues to import Russian uranium-hexafluoride, which is used in their nuclear power industry. It also said that they continue to import palladium, fertilizers, and chemicals. The statement did not specify the source of export data. The U.S. Embassy and the EU delegation in New Delhi didn't immediately respond to an inquiry for comment. Since Russia's full-scale invasion in Ukraine began in February 2022, both the United States as well as the EU have drastically reduced their trade relations with Russia. According to the EU executive European Commission, in 2021 Russia will be the EU's fifth largest trading partner with goods worth 258 billion euro. SUDDEN RIFTS India is the largest buyer of Russian crude oil by sea. It imported about 1.75 millions barrels of Russian oil per day from January to June of this year. This was an increase of 1% compared to a year earlier, according to trade sources. Since Russia invaded Ukraine, it has been under pressure to distance itself. New Delhi has refused, citing economic and long-standing ties to Russia. Two government sources have confirmed that Ajit Doval, India's national security adviser, is expected to visit Russia on a planned trip this week. In the next few weeks, Foreign Minister S Jaishankar will visit. Since July 31, when Trump announced a 25% tariff on all goods shipped to the U.S., and threatened for the first time unspecified penalties if India bought Russian oil, the sudden rift has deepened between India and the U.S. Trump said that he would impose new sanctions against Russia and countries that purchase its energy exports from Friday, unless Moscow took steps to end the conflict with Ukraine. Trade tensions are causing concern for India's economy. The rupee fell 0.17% against the dollar, as the equity benchmark BSE Sensex.BSESN dropped 0.38%. Reporting by Aftab Ahmad and Nidhi verma, Editing by Helen Popper
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Duke Energy sells part of Florida unit to boost capex
Duke Energy announced on Tuesday that it would sell a 19,7% indirect stake in Florida to Brookfield Asset Management in exchange for $6 billion. This is part of an overall push to increase infrastructure investments in response to the soaring demand for electricity. The company has also increased its capital spending plan for the next five years by $4 billion. This brings it to $87 billion. It joins a number of other major U.S. utilities who are increasing their investments to upgrade their electric grids and lines to meet the surge in power demand coming from data centers that focus on AI and electric vehicles. The U.S. Energy Information Administration forecasts record electricity consumption for 2025 and 26. Duke's shares rose 2% on premarket trading Tuesday after it beat the second-quarter profit estimate. Duke will remain the majority owner and operator of the Florida utility, which serves about 2,000,000 customers. The deal is expected to close in stages starting early in 2026. The remaining $4 billion is being used to reduce the holding company's debt. About $2 billion will go towards funding Duke's increased capital plan. According to LSEG, the Charlotte, North Carolina utility reported adjusted earnings per share of $1.25, compared to analysts' average estimates of $1.18. Revenue increased to $7.5 billion from $7.17billion a year ago. Duke's electric utilities division saw its earnings adjusted to $1.19bn, up from $1.12bn in the same period of last year. This was largely due to higher retail rates. The company's gas utilities segment reported a flat result of $6 million due to higher operating and maintenance expenses. Sumit Saha reported from Bengaluru, and Vijay Kishore edited the story.
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US awards NioCorp $10 million for building scandium supply chains in Nebraska
Elk Creek Resources, a subsidiary of the U.S. Department of Defense, has been awarded $10 million by Washington to develop a supply chain for scandium. The Defense Production Act will fund the NioCorp development unit to support the engineering, drilling, and feasibility studies for the Elk Creek Project in Nebraska. In premarket trading, shares of NioCorp rose 4.8%. Since 1969, the United States has stopped mining scandium. The majority of global supply comes mainly from China, Russia and Ukraine. The project is part broader efforts by the United States to reduce its reliance on China, and other foreign suppliers for critical minerals. This is in line with an executive order issued by Donald Trump 2025 to increase domestic production. Early in July, MP Materials announced a multi-billion dollar deal with the U.S. Government to increase production of rare earth magnets, and to help loosen China’s grip on materials used for building weapons, electric vehicles, and many electronic devices. Scandium alloys are used to make lightweight, high strength alloys for aircraft, hypersonic weaponry and energy platforms. (Reporting and editing by Sahal Muhammad in Bengaluru, Katha Kalia)
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Copper prices fall after data shows a jump in LME inventories
Prices of copper eased slightly Tuesday, after data showed that stocks on the London Metal Exchange had increased. Meanwhile, expectations of rate reductions in the United States as well as concerns about a possible disruption to supplies from Chile restricted selling. Benchmark copper traded on the LME 0.5% lower, at $9.642 per metric ton, from a session high of $9.747.5. Copper stored in LME-registered warehouses The total amount of coal produced in June increased by 14275 tons to reach 153,850 tonnes, a 70% increase. Producers, consumers, and traders usually place their excess metal on LME warrants - a document that confers ownership. Traders believe that the copper delivered to LME's warehouses was likely produced in China. China is the largest copper consumer worldwide, and accounts for around half of the global consumption, estimated at 26 million tons. Market attention is also on Codelco’s El Teniente Copper Mine, where operations have been halted after six people died in an earthquake last weekend. El Teniente produced 356 tons of copper in the last year. The impact on the market would depend upon the duration of the shutdown, which is not yet known. The unexpectedly weak U.S. job data released last week led to bets that the Federal Reserve would cut interest rates in September, causing the U.S. Dollar to weaken, and making metals priced in dollars, like copper, more affordable for holders of foreign currencies. Around $9,730 is where the 21-day and 50-day moving averges converge. Copper prices will be determined by China's demand in the long term. "Chinese consumers have been living on the edge, and haven't been reducing stock." Marcus Garvey, Macquarie analyst, said that at higher prices they did export some metal. Garvey said that the LME will find a bottom when Chinese buyers return. Aluminium rose 0.5% to $2 566 per ton. Zinc increased 0.6% to 2 767. Lead was up by 0.3% to $1 964. Tin fell 0.1% to 33,185. Nickel dropped 0.8% to 14,950. (Reporting and editing by Barbara Lewis; Pratima Dasai)
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India eliminates central renewable energy pricing pool to accelerate power deals
According to a memo viewed by, India has scrapped its central pricing system for projects involving renewable energy after developers complained that it slowed down power deals. In a memo dated 1 August, the Ministry of Power announced that it would dissolve the central pools for solar power and solar-wind hybrid, which were set up in 2024 with the aim of standardising tariffs over a period of three years. The pools were part a mechanism called the uniform renewable energy tariff, or URET. It was designed to protect buyers from price fluctuations. The memo stated that developers and government agencies involved in renewable energy expressed concern about the buyers' hesitation to sign contracts because of the uncertainty surrounding future tariffs over the next three years. The ministry announced that it would withdraw the order to avoid any further delays. India has an extensive pipeline of renewable energy project waiting for power sales agreements. Last week, it was reported that India's stranded solar power capacity (projects awarded but not yet online) has more than doubled in the last nine months due to delays with transmission lines and other legal and regulatory issues. The government has said that the bids and awards made under the scheme, will still be valid. Sethuraman N R and Sudarshan Varadan; Janane Venkatraman, Editor.
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Marathon Petroleum, a top US refiner, beats its quarterly profit due to higher refining profits
Marathon Petroleum Corp. beat Wall Street expectations for the second quarter profit on Tuesday. The company benefited from a rebound of refining margins, as fuel demand was firm. U.S. refiners have posted a positive quarterly profit, recovering from losses in the previous three months on the strength of diesel margins. All three of Marathon's competitors, Valero Energy and Phillips 66, exceeded Wall Street expectations. Diesel cracks, a measure for margins, averaged $17 a barrel in the second quarter. TPH & Co's Matthew Blair, an analyst, said earlier that they ended the period at $21 a barrel. Fuel manufacturers also experienced an unexpected rise in profits in recent months due to higher demand for their key products, which eased the slump from 2022 highs. This was driven by post-pandemic recovery, and supply disruptions caused by war. Margin increases were also due to improved capture rates. This reflects a refiner's ability capitalize on favorable conditions in the market. Maryann Mannen, CEO of the company said: "Our second quarter results reflect actions that we have taken to deliver our strategic commitments...in refinement, our team achieved 97% utilization and 100% margin capture. We remain positive on the long-term forecast." Marathon's quarterly throughput volume was 3.1 million barrels of oil per day, unchanged from the previous year. However, the company now expects to reach 2.9 mmbpd for the third quarter. The refinery and marketing margins per barrel increased to $17.58 from $17.53 in the previous quarter. According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of $3.96 for the three-month period ended June 30. This compares with analysts' estimates of $3.29. Tanay Dhumal reported from Bengaluru, and Pooja Deai and Vijay Kishore edited the story.
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Asia thermal coal imports increase in July as Japan and South Korea purchase: Russell
Imports of seaborne coal from Asia increased in July, but this increase was mainly driven by developed economies in North Asia rather than the heavyweights China or India. According to Kpler, the total seaborne imports for fuel used to generate electricity grew by 12% in July from June's figure of 63.02 millions tons. The increase in July imports coincides with a weakening trend for Asia's seaborne shipments of thermal coal, as the top buyers China & India reduced purchases due to abundant domestic supplies and increasing generation from renewables. Kpler data shows that Asia's imports in the first seven month of the year are 8.4% less than they were in July 2024. The increase in imports from developed North Asian economies, such as Japan, South Korea, and Taiwan, was responsible for the volume recovery in July compared to June. In July, Japan, the third largest coal importer in the world, imported 10.0 million tonnes of thermal coal, up from 6.16 millions in June. It's important to note that the Kpler data dating back to January 2017 shows that June was Japan's lowest month in terms of seaborne thermal coal exports. South Korea's fourth largest coal buyer imported 7.49 million tonnes in July. This is up from the 5.49 million tons it imported in June. It was the highest monthly total for South Korea since August of last year. Taiwan imported 3.91 million tonnes in July, a significant increase from the 3.72 million tons imported in June. This was also the highest since November of last year. The higher imports of North Asia are likely due to the increased demand for electricity in the northern summer. However, they also show that thermal coal is more cost-competitive than liquefied gas. Japan, South Korea, and Taiwan are the main buyers of higher-grade thermal coking coal in Australia. The weekly price assessment of the price reporting agency Argus is on the rise in recent weeks. It ended at $112.06 a tonne in seven days up to August 1. The price has risen 22.4% from a low of $91.58 per ton, which was reached on April 25. This is due to the increased demand in North Asia. PRICIER LPG Even though the price of higher-grade thermal coke has increased, it is still cheaper than spot LNG In the week ending August 1, cargoes to be delivered to North Asia were assessed at 12,10 pounds per million British Thermal Units (mmBtu). According to LSEG, the LNG price has fallen from its recent high of $14 per mmBtu. However, even at this level, it is above $11.20. This is the upper limit of the range where a Japanese utility will find it more cost-effective to burn coal. The price of lower-energy coal preferred by China, India and other Asian countries has increased much less than the higher-energy Australian thermal coal. Last week, coal with an energy content (kcal/kg of 5,500) reached $67.49 per ton. This is a slight increase from the four-year low price of $66,00 in the week ending July 11. Indonesian coal, with an energy content 4,200 kcal/kg, ended the week of August 1 at $41.20 per ton. This is also a slight increase from the four-year low $40.45 reached in the seven days prior to July 4. China and India, the two largest coal importers, are largely responsible for the relative weakness of the lower-quality coal. Kpler reports that China's seaborne thermal coal imports rose from 18.21 millions to 22,78 million tons during July. It's important to note that the imports in June were at a low of three years and the arrivals in July were also lower than the 26,99 million tons for the same month 2024. Kpler data shows that China's seaborne thermal imports from China have fallen 17.1% since the same period in 2025. China's import demand has been reduced by a combination of a rising domestic coal production, which increased 5% during the first half 2025 and generating more electricity from renewable sources. The decline in coal-fired power generation in India is also due to renewables. According to official data, coal-fired power production dropped by nearly 3% during the first half 2025 while renewables grew by 24.4%. Kpler reports that India's thermal coal imports by sea fell to 11,51 million tons from 13,93 million tons in June. This is the lowest month since November of last year. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
Gold nears two-week high amid Fed rate cut bets
The dollar rose on Tuesday, but gold prices were still near their two-week highs on the back of growing expectations that U.S. rates will be cut in September.
By 0919 GMT, spot gold was down 0.2%, at $3,365.45 an ounce. Bullion reached its highest level since July 24 at $3,385.29. U.S. Gold futures were unchanged, at $3.423.20.
The dollar index increased by 0.2%, from the one-week low reached earlier in session. This reduced gold's appeal for other currency holders.
U.S. data released on Friday revealed that employment growth in the United States was slower than expected in July. Payroll revisions for both May and June reduced previous job totals by a staggering 258,000.
CME FedWatch now places the odds of a cut in September at almost 88%. This is up from 63% just a week ago. The markets are pricing at least two quarter point reductions for this year.
What gold probably needs to move up from here is (another) weaker U.S. Economic data... Gold is also watching who U.S. president Trump names to be the next Fed governor, possibly as the successor to Federal Reserve chairman Jerome Powell," says UBS commodity analyst Giovanni Staunovo.
The uncertainty was heightened by Trump's decision to dismiss the chief of labour statistics following the disappointing payrolls report. He also announced that he would appoint another Fed governor.
Trump has also threatened to raise tariffs on Indian products beyond the 25% increase last month, citing India’s continued purchase of Russian oil.
In a low interest rate environment, gold, which has long been viewed as a safe-haven asset in times of economic and political uncertainty, performs very well.
Kelvin Wong is a senior market analyst at OANDA. He said: "I do not expect traders to push up above $3,450 unless there's a clear catalyst."
Silver spot rose by 0.2%, to $37.46 an ounce. Platinum fell 1.3%, to $1.312,30, and palladium lost 1.6%, to $1187.04.
Sibanye Stillwater, a South African miner, has asked the United States for consideration of imposing a tax on Russian imports of palladium to ensure the viability and long-term sustainability of U.S. supplies.
(source: Reuters)