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Oil prices increase on fears of tensions between the US and Iran
Investors worried about the escalating tensions between Iran and the U.S. pushed up oil prices on Thursday morning. Brent crude oil futures were up 34 cents or 0.49% at $69.74 per barrel at 0126 GMT. U.S. West Texas Intermediate Crude climbed 37 cents or 0.57% to $65.00. Both benchmarks closed higher on Wednesday. Brent futures rose 0.87%, and WTI more than 1.05% as investor concerns about U.S. - Iran tensions overshadowed a rise in U.S. oil stocks. After talks with Israeli Premier Benjamin Netanyahu, Donald Trump stated that the two leaders had not reached a "definitive agreement" on how to proceed with Iran. However, he insisted that negotiations with Tehran will continue. Trump announced on?Tuesday that he would consider sending a second carrier to the Middle East in case a deal with Iran is not struck, as Washington and Tehran were preparing to resume their talks. Last week, U.S. diplomats and Iranian diplomats had?indirect discussions in Oman. Date and location of the next 'round of U.S. - Iran talks are yet to be announced. Tony Sycamore, IG analyst, said that a sustained break above a level of $65-$66 would require further escalation on the Middle East. Any de-escalation, however, could trigger a rapid profit-taking down to $60-$61 for WTI. The Labor Department reported that U.S. jobs growth unexpectedly increased in January, and the unemployment rate dropped to 4.3%. This is a sign of health for the economy. Mingyu Gao is the chief researcher at China Futures for energy and chemicals. The 'heavy build-up in U.S. crude stocks' has capped the price increases. The Energy Information Administration reported that U.S. crude stocks grew by 8.5 million barrels, to 428.8 millions barrels, last week. This was far more than analysts expected in a poll, which predicted a rise of 793,000 barrels. Gao said that since the beginning of the year 'global oil inventories have been below expectations, and that net long positions on overseas crude oil futures?and options?have not yet reached overweight levels. Gao said that oil prices will likely remain on the rise, due to the U.S. Iran situation, the tightening of sanctions against Russian oil, and the expectation of lower exports.
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Northern Star's first-half profits surge 49%, a record for the company.
Northern Star Resources, Australia, reported a 49% increase in its first-half profits on Thursday. The higher gold prices boosted the profit, sending shares to record highs. The benchmark index was up 0.6% at 0044 GMT. Shares of the firm rose 6.7%, reaching a new high of A$30.16. They were also among the top gainers. Northern Star has announced an interim dividend of 25 Australian cents. This is the same as last year. Gold miner reports a 19% increase in revenue for the half-year period to A$3.41billion, driven by an increase of 31% in its average gold price. The half-year gold sales were 729,000 ounces, down from the 804,000 ounces sold a year ago. After a half-year review, the company posted an impairment charge of A$77.6M. Cost of sales for the miner rose by 9% during the period reported, due to increased mining activity and higher expenses on crushing and maintenance, as well as inflationary pressures in labour rates and contractor rates. This?brought the underlying net profit of A$759.8 (US$541 million) to A$759.8?millions for the half-year period ended December 31 compared to A$511.5?millions a year ago. The miner reduced its outlook for fiscal year 2026?group production to 1,600-1700koz compared to?1,700-1.850koz last month. This was due in part, because of weaker gold sales across all three centres during the December quarter.
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Floods in Portugal close major highway and force 3,000 residents to evacuate
A part of Portugal's main highway collapsed Wednesday night, after a levee had broken beneath it. Heavy?rains and flooding have been pounding the country for weeks. Authorities evacuated 3,000 people in the northern region. The levee on the River Mondego near Coimbra, the medieval city, burst right next to a pillar that supports the A1 highway connecting the cities of Lisbon to Porto. This caused a gap in the road, which had been closed by the police. Floods have caused serious problems in Coimbra and its surrounding towns. Some are isolated... She told RTP that the situation was extremely unstable. Luis Montenegro, the Prime Minister of Montenegro, told reporters that authorities "were at the limit of their capacity to contain this water". Since late January, a series of deadly storms have ravaged central and southern parts. They've blown roofs off homes, flooded several towns, and left hundreds of thousands without power for days. At least 15 deaths have been reported as a result of the storms. This includes?indirect casualties. Montenegro was overseeing the?emergency response in Coimbra after Interior Minister Maria Lucia Amaral had resigned due to criticism by opposition parties and local community members over what they called the authorities' failure and slow response following Storm Kristin, which devastated Coimbra two weeks ago. The storms have ceased this week and a new weather phenomenon, known as "atmospheric rivers", a corridor of concentrated water vapour bringing massive amounts of moist from the tropics, has brought downpours to the north. Risk of DAM Overflow The municipal authorities of Coimbra, Portugal ordered the evacuation of 3,000 people who were most at risk due to the river's bursting banks on Tuesday evening. On Wednesday, the operation was still in progress. Police were making checks at residents' doors and transporting them to shelters. Carlos Tavares, Regional Civil?Protection Official, said that rain could cause Aguieira Dam, 35 km northeast from Coimbra to "overflow, sweep levees away and trigger further floods". The Portuguese environment agency APA expects "exceptional peak flows" in the Mondego river through Saturday. The city hall reported that a part of Coimbra’s ancient city 'wall', located on a hillside, in one of Europe's earliest university towns, and a UNESCO World Heritage Site collapsed. This caused the closure of the market and the road below. Authorities evacuated Porto Brandao, a village in central Portugal located just across the Tagus River from Lisbon. This was due to the possibility of landslides. A landslide near the beachside community of Caparica forced around 30 people to evacuate their homes. (Sergio Goncalves contributed additional reporting from Lisbon; Andrei Khalip wrote the article; Alex Richardson, Lincoln Feast and Alex Richardson edited it.)
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Ameren exceeds its quarterly profit expectations on higher electricity prices
Ameren Corp, a utility company in Missouri, narrowly beat Wall Street estimates for its fourth-quarter profits on Wednesday. This was largely due to higher electricity rates and better retail sales. As extreme weather, increasing demand for industry electrification, and expanding data centers put pressure on the nation's electricity networks, utilities are aiming to "shift higher grid-modernization cost" onto customers by raising power rates. The U.S. electricity consumption reached record levels in 2025, and it is expected to rise this year due to the expansion of AI and the shift of businesses and homes from fossil fuels to electric vehicles and heat. Ameren Missouri said it has received approval by the Missouri Public Service Commission for its Big Hollow Energy Center. This new hybrid facility is expected to begin serving customers as early as 2028. The approval includes construction of a?800 megawatt (MW), simple-cycle gas plant?along with a large battery storage facility on a single Jefferson County site. Ameren plans to expand its battery storage to 1,800MW at multiple sites by 2042. The company has reaffirmed their profit forecast for 2026?of $5.25 - $5.45 per share. Ameren Missouri reported an electric sales volume of 8,405 kilowatt-hours, up from 7,806 million last year. According to LSEG, the utility reported a fourth-quarter revenue totaling $1.78 billion. This was higher than analysts' estimates of $1.67 billion. The revenue from its gas segment increased to $337 millions, up from $321million a year earlier. The St. Louis-based company posted a profit of 78?cents per?share for the quarter that ended on December 31. This was just a fraction higher than analysts' expectations of 77?? per share. Ameren Missouri, Ameren Illinois and their rate-regulated utilities serve 2.5 million electric and 900,000.0 natural gas customers over a 64,000 square-mile area. (Reporting from Anmol Choubey in Bengaluru and Sumit Sha; editing by Vijay Kishore).
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Analysts say that Pakistan's proposed electricity prices will help to reduce inflation and boost industry.
Analysts say that Pakistan's new proposals for power prices will increase the inflation rate and shift IMF-mandated?subsidy reductions to middle-class families while easing the pain on industries. Optimus Capital Management stated that the plan to?end?a system in which businesses subsidized household energy bills could cause a 1.1 percent increase in inflation within a year. Analysts claim that the plan will result in industrial prices falling between 13% to 15%, and removing 102 billion rupees ($365 million) of subsidies. Analysts estimate that middle-class families will have to pay approximately 50% more for electricity. BACKDROP INFLATION In 2023, Pakistan experienced one of Asia's largest inflation spikes, with a rate nearing 40%. This was due to a weakened rupee, higher fuel prices and price increases linked to IMF reforms. Analysts warn that even though inflation has since slowed down to 5.8% the recent changes in power prices may add to inflationary pressure. The IMF and Pakistan's Power Ministry did not reply to our request for comment. Ahtasam Ahmed, Energy Finance Program Leader at consultancy Renewables First said that the change was due to a?significant decline in the purchasing power of the average household. This "adds the compounding effects of inflation we've experienced since 2022." The price increase is a result of tensions in Pakistan's IMF program, which mandates steep utility prices increases since 2023 as a way to help struggling state power companies. High prices, say industrial groups, undermine export competitiveness of textiles and manufacturing. According to Arzachel's Karachi-based energy consulting firm, consumers who use between 100 and 300 unit of electricity per month - the majority of residential users - could face rate increases up to 76% as a result of new fixed charges. The National Electric Power Regulatory Authority (NEPRA), which announced the charges on Monday, said that fixed charges for households with low incomes who use 1-100 units of electricity per month will increase to PKR400 from zero. SOLAR PRICING in Question The regulator also reduced the rate paid by rooftop solar users who export power to the grid. This replaces a system that valued both purchased and supplied electricity equally. Solar installations have risen to record levels, reducing emissions and bills for many households. However, the demand for grid electricity is declining. This has squeezed revenue for utilities that are already in debt. Shehbaz Sharif, the Prime Minister of Pakistan, ordered on Wednesday a review of the NEPRA solar changes. He directed officials to avoid a transfer of cost from 466,000 solar consumers to 37.6 millions grid users. In a Tuesday note, Arzachel stated that "Excessively High Fixed Charges risk driving consumers to full grid defection and undermining the long-term stability of the system."
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Ameren exceeds its quarterly profit expectations on higher electricity prices
Ameren Corp, a utility company, narrowly beat Wall Street's?estimates of fourth-quarter profits on Wednesday. This was?helped?by higher electricity rates and strong retail sales? in its Missouri unit, sending...its?shares...up over 3% during extended trading. Utilities are aiming to pass on higher grid-modernization cost to their customers by raising power rates. Extreme weather, increased demand for industry electrification, and the expansion of data-center buildsouts?all put pressure on the nation's electricity networks. The U.S. electricity consumption reached a record high?in 2025, and it is expected to rise this year. This will be driven by the expansion of AI and the shift of households and businesses from fossil fuels into electric heat and vehicles. The company also confirmed?its profit forecast for 2026 of $5.25 to 5.45 per share. Ameren Missouri reported an electric sales volume of 8,405 millions kilowatt-hours, up from 7,806 last year. According to LSEG data, the utility reported a fourth-quarter revenue?? of $1.78 billion. This was higher than analysts' estimates of $1.67billion. The revenue from the gas?segment increased to $337 millions, up from $321million a year earlier. The Missouri-based St. Louis company posted a profit per share of 78 cents for the quarter that ended December 31. This was just a fraction higher than analysts' expectations?of 77cents per share. Ameren Missouri, Ameren Illinois and their rate-regulated utilities serve 2.5 million electric customers and over 900,000. (Reporting and editing by Anmol Choubey in Bengaluru, Sumit Saha from Chicago)
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Trump orders Energy Department to provide funds to maintain coal plants online
In his latest effort to boost the coal sector, President Donald Trump ordered on Wednesday that the Defense Department purchase electricity from coal-fired?power?plants. The Pentagon is required to sign purchase agreements with coal-fired power stations for an undisclosed amount. This executive order was issued by the White House. The Energy Department announced $175 million in upgrades for six coal plants located in Kentucky, North Carolina?Ohio?, Virginia?and West Virginia. Utilities have been phase out coal-fired generators, which are major contributors to carbon emissions linked to climate change. Trump, who called climate change a "hoax", has promised to speed up energy infrastructure in order to meet the rising demand for electricity from artificial intelligence and data centres. Trump declared an "energy crisis" to justify his decision to exempt coal plants older than 30 years from air pollution regulations and to keep them open. Trump has also removed the tax incentives for wind and solar energy projects, and his administration has slowed down permits for renewable energies on federal, private and state land. Trump will 'undo' the legal basis for most major greenhouse gas regulations in the Environmental Protection Agency on Thursday. This is called the Endangerment Finding. This will be 'the largest deregulatory measure in U.S. History,' according to the EPA administrator. Trump announced on Wednesday that the Tennessee Valley Authority, the nation's largest?utility and the country’s largest public utility, will delay the closure of two older coal-fired?power plants in Tennessee. Reporting by Trevor Hunnicutt, Valerie Volcovici and Bhargav Asharya. Writing by Bhargav Aharya. Editing by Daphne Psaledakis and CaitlinWebber. David Gregorio.
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Albemarle shuts down Australia's lithium plant following profit miss
Albemarle is the world's biggest producer of lithium. It posted a?larger-than-expected loss on Wednesday. The company also announced that it would be?idling a major Australian?processing?plant due to its continued?struggle with low prices for battery metal. After-hours trading saw shares of the Charlotte-based company fall 3.1%. Prices of lithium have fallen by more than 90 percent in the last two years, largely due to an oversupply coming from China. This has led to layoffs, buyouts, and project delays at Albemarle, and other companies. Prices have increased in recent months but remain below the all-time highs of 2023. Albemarle announced that it will idle the last active processing unit or train at its Kemerton plant in Western Australia, after closing another train at the site last yea. The company has also cancelled?plans for adding two?new trains. In a recent statement, CEO Kent Masters stated that "Unfortunately the recent lithium price improvement alone is not enough to offset challenges facing Western hard rock lithium conversion operations." Kemerton processed spodumene (a type of hardrock containing lithium) from the Greenbushes Mine, the largest lithium mine in the world, which Albemarle owns jointly with China's Tianqi Lithium. Albemarle's net loss for the quarter ending December 31 was $455.9?millions, or $3.87 a share. This compares to a profit of 33.6%?millions, or 29 cents per share in the previous quarter. Albemarle's loss per share was 53 cents excluding one-time items such as charges related to the sale of its Ketjen catalyst refining business. According to LSEG's?IBES, analysts had expected a loss per share of 41 cents. Albemarle's sales of lithium products grew by?23%, despite the fact that prices were still weak. The company will hold a conference call on Thursday morning to discuss its quarterly results. (Reporting and editing by Chris Reese, Sonali Paul, and Ernest Scheyder)
EU Presses US to Drop Tariffs on Metals Content
Maros SEFCIOVIC, EU Trade Commissioner, said that the European Commission wants the United States' tariffs removed on steel products as Brussels tries to push parts of the EU/U.S. Tariff Agreement into force.
The two transatlantic partners have agreed to consider limiting their overcapacity of steel, aluminum and derivatives made from these metals. Tariffs of 50% in the U.S. could be replaced with tariff-free or low tariff quotas.
The Commission, the body that oversees the EU's 27 member states trade policy, thinks it has met its end of the bargain by proposing to raise its steel tariffs to 50%, reduce current quotas, and make clearer where the steel comes from.
Sefcovic stated that the proposal, which needs to be approved by the EU governments and European Parliament, has "very similar" contours as the U.S. approach to protect domestic steel industries from overcapacity.
He said at a press conference held in Denmark after the EU Trade Ministers' meeting that once we protect our markets, we can discuss steel derivatives. I believe we should end the practice of having to calculate the amount of steel in the dishwasher or fridge.
He said he proposed this in an email to his U.S. colleagues.
Tariffs on steel and aluminum are not limited to the metals themselves. They also apply to a wide range of products that are derived from these metals.
The U.S. has added 407 new product categories to their list of derivatives in August. Steel and aluminum content are subject to a tariff of 50%, while the EU is charged a universal rate for non-metal contents.
There are many product categories, including wind turbines. Reporting by Philip Blenkinsop, Editing by Mark Potter
(source: Reuters)