President Donald Trump said he will announce a 50% tariff on copper on Tuesday, hoping to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. U.S. Comex copper futures jumped more than 12% to a record high after Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper. Trump told reporters at a White House cabinet meeting that he planned to make the copper tariff [Read more]
Canada maps out widening strait to LNG riches
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Pranav Kiran TORONTO, July 8 (Reuters Breakingviews) - Canada is ready to ride the energy-security wave. U.S. attacks on Iran and sabotaged pipelines in the Baltic Sea have intensified fears about the fragility of sea routes and supply chains. Financial and logistical edges open a potentially lucrative strait from the Great White North. LNG Canada, a $32 billion joint venture among Shell, Malaysia’s [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures narrowed on Tuesday. WCS for August delivery in Hardisty, Alberta, was trading at $10.25 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to $10.30 a barrel on Monday. * The WCS discount has widened slightly since last month, when concerns about wildfires in Canada's oil-producing regions led to a temporary tightening. Alberta's crude oil output dropped to a [Read more]
US to produce less oil in 2025 than previously expected amid declining prices, EIA says
The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast on Tuesday in a monthly report. The world's largest oil producer is projected to produce 13.37 million barrels per day of oil in 2025, versus last month's forecast of 13.42 million bpd, the EIA said in its short-term energy outlook report. In 2026, the U.S. will produce 13.37 million bpd, in line with the [Read more]
US natgas output and demand to hit record highs in 2025, before sliding in 2026, EIA says
U.S. natural gas output and demand will both rise to record highs in 2025 before sliding in 2026, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.9 bcfd in 2025 before sliding to 105.4 bcfd in 2026. That compares with a record 103.6 bcfd in 2023. The agency also projected domestic gas consumption would rise from a record 90.5 bcfd in [Read more]
US power use to reach record highs in 2025 and 2026, EIA says
U.S. power consumption will hit record highs in 2025 and 2026, the U.S. Energy Information Administration said in its short-term energy outlook on Tuesday. The EIA projected power demand will rise to 4,189 billion kilowatt hours in 2025 and 4,278 billion kWh in 2026, up from a record 4,097 billion kWh in 2024. Those demand increases come in part from data centers dedicated to artificial intelligence and cryptocurrency, and as homes and businesses use more electricity and less fossil fuels for [Read more]
Saudi plays short and long game with OPEC+ production gamble: Bousso
(The opinions expressed here are those of the author, a columnist for Reuters.) *OPEC+ to increase output target by 2.5 million bpd between April and September *Saudi has large spare production while others produce at capacity *Riyadh's share of global oil production declined to 11% in 2024 from 13% By Ron Bousso LONDON, July 8 - Saudi Arabia's drive to rapidly increase OPEC+ oil output may put Riyadh in the pole position to regain market share today while also solidifying its [Read more]
Oil eases as traders assess US tariffs, OPEC+ output hike
Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0330 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel. U.S. President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller U.S. [Read more]
Venture Global cashes in on exports from Plaquemines LNG plant, SEC filing shows
Venture Global exported more liquefied natural gas (LNG) cargoes from its Plaquemines export facility in Louisiana and earned more than double in fees compared with its other U.S. plant, a company filing showed on Monday. The LNG company exported 51 cargoes from Plaquemines at an average liquefaction fee of $7.09 per million British thermal units (mmBtu) for the second quarter of 2025, the SEC filing showed. During the same period, it exported 38 LNG cargoes from its Calcasieu Pass facility at [Read more]
US proposes rules that could boost oil, gas output in US West
The U.S. Interior Department on Monday proposed rule changes to allow energy companies to more easily combine oil and gas output from multiple leases using the same well pad, which could save the industry as much as $1.8 billion per year, it said. The proposed rule change, which would mostly affect onshore oil and gas drilling in the U.S. West, would ease limits on so-called commingling, which the department said would make operations more efficient. President Donald Trump's tax cut law [Read more]
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