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UK intensifies drought response following the driest Spring in more than a century
After the driest, warmest spring England has experienced in more than 130 years, Britain announced on Thursday that it will increase efforts to protect water resources in the lead up to the summer. The Environment Agency (EA), said that reservoirs in England were only 77% filled, compared to the average of 93% at this time of the year. However, it noted the recent rains, which began at the beginning of June, had a positive impact. The National Drought Group, which met for the first time in a series to assess the current situation, heard that some canals had navigation problems, and the quality of the spring crops was deteriorating due to the dry soil. Helen Wakeham said that the spring of this year was the driest since 1893. We need to prepare for future summer droughts, as the climate changes. She added that "we must make sure we have enough to last us through the summer" and urged the public to take care of their water consumption. Wakeham said that recent rains were helping, but they weren't enough to stop a drought from being declared in northwest England. The EA also reported that the EA was experiencing dry weather in Northeast England, Yorkshire and East and West Midlands. The agency now conducts more compliance checks for water-intensive business, increases monitoring of river and underground water levels, and helps farmers plan water needs. Scientists claim climate change makes droughts and summers drier more common. Water companies presented their drought plans at the drought group meeting, including fixing leaks faster and communicating with customers more often. The EA stated that some companies might need to do more to conserve water in the absence further significant rain. (Reporting and editing by Catarina demony)
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Vermilion Energy leaves the US with an asset sale worth $88 Million
Vermilion Energy, a Canadian gas producer, said it will sell its United States assets at a price of C$120,000,000 ($87.88,000,000). The proceeds from the sale will be used to pay off debts and complete its exit from the U.S. Vermilion Energy will be able to concentrate on its core assets, which are gas-weighted, in Canada and Europe, after the transaction closes in the third quarter. It sold its East Finn assets to the U.S. in 2023. Calgary-based company, Alberta Oil and Gas Corporation (Alberta), has raised its forecasted production for this year from 84,000 to 88.000 barrels of equivalent oil per day to between 117,000 to 122,000 boepd. The company has also reduced its capital budget for 2025 by approximately C$100,000,000 to between C$630,000,000 and C$660,000,000, as a result of the elimination of expenses related with the assets that were divested in Saskatchewan or the U.S. It is expected to have a net of C$1.3billion by the end of 2025. Vermilion Energy purchased privately-held oil and gas company Westbrick Energy earlier this year for C$1.075 Billion, strengthening its position within the Deep Basin in Alberta. The average natural gas price has risen in the last few quarters, and reached a 2-year high on 10 March. This was due to a strong demand for LNG export facilities as well as supply concerns.
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Ceria Nugraha, an Indonesian nickel company, plans to expand its capacity
A company official revealed that the Indonesian nickel firm PT Ceria Nugraha Indotama intends to increase its ferronickel capacity, despite the fact that the nickel market is expected to be oversupplied in the next few years. Ceria started its Rectangular Rotary Kiln Electric Fire in late April. It has the capacity to produce 63.200 metric tonnes of ferronickel per year. Additional production would also increase capacity in a similar way and require an investment of around $200 million. We are currently in the process to secure strategic funding from financial institutions. We plan to begin construction in this year if all goes according to plan," Imelda Kiagoes, Corporate Secretary told an industry conference organized by Shanghai Metals Markets. Nickel executives and industry analysts told a conference this week that the oversupply of nickel in the world market will continue for the next couple of years due to the expansion in production capacity, and the slower growth for the metals used in stainless steel and batteries. Kiagoes, however, said that there is still a demand for the product of the company in Europe and America. The product has a nickel concentration of 22%. (Reporting and editing by Barbara Lewis; Bernadette Christopher)
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Thyssenkrupp executive: EU has tools available to help reduce the pain of steel tariffs
A member of the executive board of Thyssenkrupp said that the EU already has the tools it needs to mitigate the impact of Trump's tariffs and Chinese steel overcapacity. One of these is stopping Russian imports. After the invasion of Ukraine by Russia, the European Union has banned all steel imports. Shipments will be reduced gradually. Thyssenkrupp's Ilse Henne, a board member of the company, said that the EU can help the steel industry to weather Trump tariffs as well as a Chinese glut in supply by stopping those practices completely. There is still Russian steel entering Europe. How much? "Three to four million (tons) a year," Henne said. "And it is very easy to stop this." "Security begins with ensuring that industries are able to survive today. For the steel industry, this means merely applying some of the defense instruments we already have." EU and India are also currently in negotiations for a trade deal, which is expected to be concluded by the end this year. India's federal Trade Minister Piyush Goyal stated in April that India is trying to gain greater access to its steel exports on various markets, which includes the EU. Henne stated that Europe was "on the edge" of its negotiations with India. She said that there was a "solution" or a "high risk" of Indians dumping their products on the market after the Chinese deals. As a result of Chinese state subsidies, the EU is already concerned that much of China's aluminium and steel production will be redirected from the U.S. into Europe. In April, the Commission tightened the existing steel import quotas to 15% and is now working on a new system that will be even more restrictive before they expire next year. The committee is also looking at how to establish aluminium safeguards and possible export duties for metal scrap. (Reporting and Writing by Julia Payne; Editing by Benoit VanOverstraeten, Jan Harvey, and Charlotte Van Campenhout)
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Centrica, a British company, signs a $27 billion gas deal with Equinor in Norway
British Energy's Centrica signed a 10-year contract worth over 20 billion pounds ($27.07billion) with Norwegian producer Equinor to receive gas, the companies announced on Thursday. Gas-fired power stations account for about a quarter (70%) of Britain's electricity. In a press statement, Centrica CEO Chris O'Shea stated that "this landmark agreement highlights the vital role natural gas plays in our transition to a low-carbon energy future." Equinor is supplying five billion cubic metres (bcm), or around 8%, of the gas required by Britain until 2035. The contract allows the sale of natural gas to be replaced in future with hydrogen. The Labour government announced that it would not be issuing any new oil or gas licenses in order to achieve its climate goals. Last year, Britain imported nearly two-thirds its gas needs. Half of these imports came from Norway. In June 2022, Centrica signed its last agreement with Equinor to supply additional gas to Europe for three winters. This was in response to the concerns about gas supplies in Europe following the Russian invasion of Ukraine. Centrica has also signed liquefied gas agreements with U.S. companies Coterra Energy, Delfin Midstream and Brazil's Petrobras. ($1 = 0.7389 pounds)
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Copper reaches two-month high due to supply concerns and declining LME stock
Copper prices reached their highest in two months Thursday. Speculators were boosted after copper surpassed technical levels, as inventories in London Metal Exchange stores decreased and amid concerns about supply after a large mine in Congo had been suspended. The London Metal Exchange's three-month copper rose 1.52%, to $9,761 per ton, at 1025 GMT. This is the highest since April 1. Traders said that copper gained momentum after it decisively broke through technical levels to the upside. This prompted some automatic purchase orders. Overall, copper is in a very good position at the moment. "You still have this build-up of Comex stocks, so there is a squeeze on LME," said Dan Smith. The U.S. investigation on potential new copper import tariffs has been re-focused by President Donald Trump’s decision to double the tariffs on aluminum and steel from 25% to 50%. This has increased the flow of copper into the United States. It includes inventories from the London Metal Exchange, as traders try to profit from the higher prices in anticipation of U.S. Tariffs on the metal. U.S. Comex Copper Futures climbed 2.5%, to $5.01 a lb. This increased the premium over LME Copper to $1,321 a tonne. LME copper inventories fell to 138,000 tonnes, the lowest in almost a year. They are down nearly half this year. Comex inventories have risen by 90% in the last two months . LME data showed on Thursday that copper inventories were also expected to continue dropping as holders of 11,625 tonnes of inventory notified the LME of their pending removals. Smith also added that the suspension of Kakula Copper Mine in Democratic Republic of Congo is also a concern. Ivanhoe Mines, a co-owner of the mine, announced on Monday that it would restart a portion of the mine in late this month. LME tin increased 0.4% to $22,145 per ton, after reaching a record high one week earlier on Wednesday. This was due to concerns that a resumption in supply from Myanmar's rich tin-rich Wa State might take longer than expected. Other London metals include LME aluminium, which rose 0.2% to $2.489 per ton, and LME nickel, up 0.8% to $15.520. Zinc was unchanged at $2.701 while lead fell 0.3% to $1.984. Click here to read the latest news in metals
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Profit booking on weaker edible oils rivals, palm oil ends lower
Malaysian palm futures continued to fall on Thursday as investors booked profits, and the prices of competing edible oils dropped. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange fell 44 ringgit or 1.11% to 3,904 Ringgit ($923.59) per metric ton. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group, said that palm oil futures had been trading lower due to profit taking, low energy prices, and weakness in other vegetable oil markets, such as those in China and the U.S. Dalian's palm oil contract, which is the most active contract, fell by 0.37% while soyoil prices dropped by 0.18%. Chicago Board of Trade soyoil prices were down by 0.58%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils. The oil prices stabilized on Thursday, after dropping more than 1% in the previous day due to a rise in U.S. gasoline inventories. Saudi Arabia also reduced its July prices for Asia. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures. A survey on Wednesday showed that Malaysian palm oil inventories will rise for the third month in a row in May. This is due to a modest increase in production, despite a robust demand for exports. India's imports of palm oil in May rose to their highest level for six months, due to lower inventories as well as the discount offered by the tropical oil compared to soyoil or sunflower oil. AmSpec Agri Malaysia, an independent inspection company in Malaysia, reported that exports of palm oil products from Malaysia for May increased by 13.2%. Intertek Testing Services, a cargo surveyor and cargo inspector firm based in the United States saw a 17.9% increase.
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The Kremlin has said that Putin is willing to assist Trump in the Iran nuclear negotiations.
The Kremlin reported on Thursday that President Vladimir Putin had told Donald Trump, President of the United States, that he would use Russia's close relationship with Iran to assist in negotiations regarding Iran's nuclear program. Trump told Putin in a telephone call on Wednesday that Iran had a limited time to decide on its nuclear program and that he thought Putin agreed with him that the Islamic Republic shouldn't have nuclear weapons. Trump said that Putin suggested that he take part in the talks with Iran, and that he "could, perhaps, help in getting this to a quick conclusion", even though Iran "slowwalked". Dmitry Peskov, Kremlin spokesperson, told reporters Thursday that "we have close partner relationships with Tehran" and that President Putin had stated that he was ready to utilize this level of partnership to help facilitate and to contribute to the ongoing negotiations to resolve the Iranian nuclear dossier. Peskov, when asked if Putin would join the talks with Washington and Tehran, said that they were continuing through different channels. Peskov stated that the president would be able intervene when needed. Ayatollah Ayatollah Khamenei, Iran's supreme leader, said that abandoning the enrichment of uranium was "100% against" the interests of his country. He rejected a key demand from Washington in negotiations to settle a long-running dispute about Tehran's nuclear aspirations. Oman, the Middle East envoy of President Donald Trump, Steve Witkoff, mediated discussions between Iranian Foreign Ministry Abbas Araqchi, and Steve Witkoff, who presented the U.S. proposal to Iran for a nuclear deal. Iran has refused to send its entire stockpile highly enriched uranium abroad, which could be used as raw material in nuclear bombs, and Tehran refuses to ship it out. Khamenei has the final word on all state matters. He did not mention a halt to the talks but he said that the U.S. plan "contradicts the belief of our nation in self-reliance, and the principle 'We Can.'". Reporting by Dmitry Antonov, Writing by Guy Faulconbridge, Editing by Andrew Osborn
IAEA chief: No way to restart Zaporizhzhia Nuclear Plant at this time
The head of the UN nuclear safety watchdog stated on Tuesday that the idled Zaporizhzhia plant, which is occupied by Russia, was not in a position to restart at this time due to the lack of cooling water and a stable electricity supply.
IAEA Director-General Rafael Grossi said that water would need to be pumped out of the Dnipro River to restart the plant. It hasn't generated electricity for almost three years.
In March 2022, Russia occupied the facility in Ukraine's Zaporizhzhia Region, Europe's biggest nuclear plant. This was shortly after Russia launched its full-scale invasion against its neighbor. The plant produced a fifth (of Ukraine's) electricity before the war.
Grossi, in an interview with Kyiv, said that the Russians "never concealed the fact" they wanted to restart the factory, but they wouldn't be able do so anytime soon.
The plant is located less than 10 kilometers (6 miles) away from Ukrainian positions across the Dnipro River. The plant has six reactors. The last one stopped producing electricity in September 2022.
After the Kakhovka Dam was destroyed, the water level in its cooling pond on the southern Dnipro bank dropped dramatically during the summer of 2023.
The nearby areas are regularly bombarded by artillery or drones, which can damage the remaining power lines that supply the electricity required for the plant to self-cool, even when it is dormant.
Both sides blame each other for the attacks.
Greenpeace released a report on Monday stating that Russia is building a 90 km high-voltage line to connect its power plant with the grid.
Grossi stated that the IAEA disagreed with the conclusions of this report.
There are areas where some work has been done, but we have no concrete evidence to suggest that this was part of an orchestrated, concerted plan to connect the plant in some sense.
"We do not have a situation where the plant is about to restart imminently." Grossi stated that it would be a long time before the plant could be restarted.
He added that the plant's machinery must be thoroughly checked before any restart.
"You can imagine that in a piece of machinery of this size, there are pumps, bolts, pipes and a variety of other things which may be corroded."
Grossi stated that all six reactors of the plant could be restarted if sufficient water was pumped into the Dnipro River. However, "a number" of things would have to be done before.
RUSSIAN TECHNICIANS
Ukraine said that any attempt made by Russian technicians to restart this plant would be dangerous as they are not certified operators.
Grossi stated that Russian nuclear staff was capable of restarting the reactor, and the certification issue was more political than technical.
He said, "They're professionals - they know what they're doing."
Ukraine also protested against the IAEA monitoring mission that visited the plant via Russian-occupied territory.
Grossi explained that he was doing this to protect his staff and because he did not yet have the guarantees he needed from the Russians to transit IAEA personnel safely through the frontlines into Ukraine-controlled territory as a number of times before. (Reporting and editing by William Maclean, Frances Kerry and Max Hunder)
(source: Reuters)