Europe's Gas Prices Slide But Still Well-Supported
0948 GMT – European natural-gas prices slide in early trade after jumping in the previous session, with the benchmark Dutch TTF contract down 2.5% to 44.07 euros a megawatt hour. Still, prices will likely continue to be supported by a colder weather forecast and fading hopes for a near-term Russia-Ukraine peace deal, according to market watchers. Meanwhile, storage levels in the EU are just under 38% full–compared to 62% last year and a five-year average of 49%–raising concerns over the region's refilling requirements over the summer. Last month, gas demand in Europe was up 25% on year, mainly driven by an increase in heating demand and low wind speeds, DNB Markets DNB -0.57%decrease; red down pointing triangle analysts say. (giulia.petroni@wsj.com)
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Associated Press
30 minutes ago
- Associated Press
Canada plans to hit NATO spending target early and reduce US defense reliance, Carney says
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Yahoo
34 minutes ago
- Yahoo
Canada promises to boost defense spending, meet NATO target much earlier
By Wa Lone TORONTO (Reuters) -Canada's Liberal government will pour extra billions into its armed forces and hit NATO's 2% military spending target this fiscal year, five years earlier than promised, Prime Minister Mark Carney said on Monday. Canada has been under pressure from the United States and other NATO allies for years to increase military funding. Canada currently spends about 1.4% of GDP on defense. "Now is the time to act with urgency, force, and determination," Carney said in a speech in Toronto, reiterating promises to work more closely with Europe's defense industry. Carney won the April 28 election on a promise to stand up to U.S. President Donald Trump's tariffs and also to reduce the country's military reliance on Washington. Carney said another reason for Ottawa to act was what he called the decision by the United States to gradually withdraw from the concept of collective security. "Rising great powers are now in strategic competition with America. A new imperialism threatens. Middle powers compete for interests and attention, knowing that if they are not at the table, they will be on the menu," he said. The previous Liberal government last year formally committed to hit the NATO target by 2032. During the election campaign Carney pledged to get to 2% by 2030. Canada will boost pay for the armed forces and buy new submarines, aircraft, ships, armed vehicles and artillery, as well as new radar, drones and sensors to monitor the sea floor and the Arctic, Carney said. "The transformation of our military capabilities can help transform our economy," he said. Officials are due to give more details of the plan before Carney speaks to the media at 1 p.m. Eastern Time (1700 GMT). (Additional reporting by Nilutpal Timsina in Bengaluru and Promit Mukherjee; writing by David Ljunggren; editing by Rod Nickel)
Yahoo
35 minutes ago
- Yahoo
China's rare earth exports increase 23% in May, reaching yearly high
China, the world's largest producer of rare earth minerals, reported a significant 23% increase in exports in May compared with April, despite the implementation of export curbs on certain critical minerals, according to a Reuters report. This surge brought the total to 5,864 tonnes (t), the highest monthly figure in a year. The rise in exports comes amidst global manufacturing disruptions due to shortages caused by China's export restrictions. The export curbs, introduced in April, did not affect all types of rare earth products that China exports. Detailed data on the impact of these restrictions is expected to be released on 20 June, the report said. Last month's data indicated that magnet exports halved in April, leading to production halts in several European auto parts plants and semiconductor companies warning of imminent production disruptions. In the first five months of 2025, exports of the group of 17 minerals saw a slight increase to 24,827t from 24,266.5t in the previous year, according to customs data. This marginal growth occurred even as China's coal industry grapples with an oversupply issue, resulting in a 42% year-on-year increase in mine stockpiles and a 25% annual rise in inventories at northern Bohai area ports. The oversupply in coal is attributed to a significant expansion in production, which was a response to the energy shortages and blackouts experienced in 2021. With China housing the world's largest thermal power fleet, the country is producing more coal than it can consume. Power plants are now being urged to purchase coal from these northern ports to alleviate the high stockpile levels and support miners, as informed by three sources familiar with the matter. "China's rare earth exports increase 23% in May, reaching yearly high" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
