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Yahoo
25 minutes ago
- Yahoo
Oil markets seen bearish after Trump-Putin Alaska meeting
By Seher Dareen LONDON (Reuters) -Oil markets are set for a muted price reaction when they open on Sunday after U.S. President Donald Trump's and Russian leader Vladimir Putin's meeting in Alaska, at which Trump said a fully-fledged peace deal was the aim for Ukraine rather than a ceasefire. Trump said he had agreed with Putin that negotiators should go straight to a peace settlement - not via a ceasefire, as Ukraine and European allies, until now with U.S. support, have been demanding. Trump said he would hold off imposing tariffs on countries such as China for buying Russian oil following his talks with Putin. He has previously threatened sanctions on Moscow and secondary sanctions on countries such as China and India that buy Russian oil if no moves are made to end the Ukraine war. "This will mean Russian oil will continue to flow undisturbed and this should be bearish for oil prices," said ICIS analyst Ajay Parmar. "It is worth noting that we think the impact of this will be minimal though and prices will likely see only a small dip in the very near term as a result of this news." The oil market will wait for developments from a meeting in Washington on Monday between Trump and Ukrainian President Volodymyr Zelenskiy. European leaders have also been invited to the meeting, a source familiar with the matter told Reuters. "Market participants will track comments from European leaders but for now Russian supply disruption risks will remain contained," said Giovanni Staunovo, analyst at UBS. Brent settled at $65.85 a barrel on Friday, and U.S. West Texas Intermediate at $62.80 - both down nearly $1 before the talks in Alaska. Traders are waiting for a deal, so until that emerges, crude prices are likely to be stuck in a narrow range, said Phil Flynn, a senior analyst with Price Futures Group. "What we do know is that the threat of immediate sanctions on Russia, or secondary sanctions on other countries is put on hold for now, which would be bearish," he said. After the imposition of Western sanctions, including a seaborne oil embargo and price caps on Russian oil, Russia has redirected flows to China and India.
Yahoo
35 minutes ago
- Yahoo
Leading Hydrogen Producer May Abandon U.S. Projects Due to Trump's Actions
A Germany-headquartered company involved in the global hydrogen industry said it plans to abandon some of its projects in the U.S. due to actions from the Trump administration. Werner Ponikwar, chief executive of Thyssenkrupp Nucera, on August 13 said the company has been in discussions with stakeholders in its U.S. hydrogen projects and would cancel any that are no longer deemed viable due to tax and spending changes from the U.S. government. Ponikwar noted that global demand for green hydrogen, which is produced using renewable energy resources, has been curtailed as governments sort out what President Trump's policies, including elimination of tax credits for low-carbon energy sources, mean for the hydrogen industry. "We have sorted out all projects that have less chance of being realized due to the new framework conditions in the U.S.," Ponikwar said in a media call Wednesday after the company's earnings call with investors. Ponikwar noted that the administration's tax and spending rules are making it more difficult to develop clean energy projects in the U.S., particularly by phasing out renewable energy tax credits after 2026 if projects have not started construction. Ponikwar did say, though, that a revision in the deadline to year-end 2027 for projects to start construction could keep some U.S. projects in development, particularly those already in advanced stages. "We are convinced that the hydrogen electrolysis market continues to offer enormous potential," Ponikwar said. The executive said Thyssenkrupp Nucera will continue to be active in the U.S., though it will use resources "for other purposes" if hydrogen projects are canceled. Thyssenkrupp Nucera is the world's leading provider of electrolysis technology, the process used to produce hydrogen. The company said it has improved its revenue and profit year-over-year through the first nine months of its fiscal year, and is on track to achieve its financial targets for the full fiscal year. 'Thanks to its business model and strict cost management, Thyssenkrupp Nucera continues to generate positive free cash flow even in this difficult market for hydrogen solutions. This underscores our stable financial position," said Dr. Stefan Hahn, chief financial officer of Thyssenkrupp Nucera. The company in June of this year strengthened its strategic technology portfolio with the acquisition of a modular high-pressure electrolysis solution from Danish company Green Hydrogen Systems (GHS). The high-pressure electrolysis developed by GHS operates highly efficiently at up to 35 bar operating pressure, which is considered advantageous for certain industrial applications where hydrogen is required in compressed form. Thyssenkrupp Nucera previously has entered into a strategic collaboration with Germany's Fraunhofer IKTS on high-temperature electrolysis technology, known as SOEC. A pilot production plant for SOEC stacks was opened in Arnstadt, Germany, in May. "By further expanding our strategic technology portfolio, we at Thyssenkrupp Nucera are enabling hydrogen solutions with optimized levelized cost of hydrogen. This makes green hydrogen more attractive,' said Klaus Ohlig, the company's chief technology officer. Officials said Thyssenkrupp Nucera provided technology for about 1.5 GW of hydrogen production last year, with similar or better growth expected this year. "Europe is currently the most promising market. We are currently working on engineering orders totaling 1.5 gigawatts of electrolysis capacity," said Ponikwar. "This clearly shows that thyssenkrupp nucera's pipeline of green hydrogen projects is maturing and industrial projects are progressing. We are therefore looking ahead with confidence." Said Ponikwar: "Green hydrogen, a climate-friendly energy source, is and will remain the central pillar of the decarbonization strategies required by industry worldwide. The growth prospects for the hydrogen market remain intact, despite the challenges currently facing the global hydrogen market. With more than 60 years of experience in electrolysis technology, we at Thyssenkrupp Nucera have the necessary technological expertise." Ponikwar added, "although large-scale projects naturally have longer development times ... we remain one of the most sought-after partners on the market.' —Darrell Proctor is a senior editor for POWER.
Yahoo
an hour ago
- Yahoo
View Photos of the 2026 Ruf Tribute
Read the Full Story The 2026 Ruf Tribute features a completely new air-cooled flat-six engine engineered and built by the famous Porsche 911 fiddler. Ruf showed off the production version of the 2026 Tribute during Monterey Car Week. The Tribute's body panels are entirely rendered in carbon fiber. Impressively, the Tribute meets all Federal Motor Vehicle Safety Standards and recently passed emissions testing. The only transmission is a seven-speed manual. The first Tributes, which are hand-built in Germany, will be delivered in 2026. The aluminum 3.6-liter dry-sump engine makes 543 horsepower and 551 pound-feet of torque. Underpinning the Tribute is a carbon-fiber tub with front and rear aluminum subframes. Ruf's claimed curb weight of roughly 2800 pounds makes the Tribute lighter than a Carrera 2 we tested in 1990. The Tribute starts at $1.7 million based on the current Euro-to-dollar exchange rate. Ruf expects to build between 50 and 100 Tributes over the next five years. You Might Also Like Car and Driver's 10 Best Cars through the Decades How to Buy or Lease a New Car Lightning Lap Legends: Chevrolet Camaro vs. Ford Mustang!
