Latest news with #TotalEnergiesSE
Business Recorder
a day ago
- Business
- Business Recorder
India's Adani Total Gas posts lower quarterly profit as input costs rise
India's Adani Total Gas reported a drop in quarterly profit on Monday, as gas purchases became costlier after the government cut cheap supply. The company, a joint venture of Adani Group and French oil major TotalEnergies SE, said its consolidated net profit fell about 3.8% from a year earlier to 1.65 billion rupees ($19 million) in the June quarter. The Indian government in April reduced the allocation of low-cost natural gas to city gas distributors such as Adani Total Gas, citing a decline in domestic output by gas producers. India's natural gas production fell 0.9% year-on-year in April, and 3.6% and 2.8% in May and June, respectively. To maintain uninterrupted supply, the company had to bridge the shortfall by sourcing more expensive natural gas. India's Adani Enterprises' public debt issue oversubscribed on launch day, bankers say The company's natural gas costs rose 30.6%, leading to a 27% rise in its total expenses to 12.88 billion rupees. Its CNG volumes, which account for more than half of its total sales, grew 21% during the quarter, as the company expanded its network. Adani Total Gas added 3 new CNG stations during the quarter, taking its total to 650 as of June 30. Sales volume in its piped natural gas segment grew by 6%. Total revenue from operations rose 20.9% to 14.98 billion rupees. Its shares closed nearly flat ahead of the results announcement.
Calgary Herald
2 days ago
- Business
- Calgary Herald
Oil prices caught between a $70 summer and growing surplus fears
Article content (Bloomberg) — Oil traders are grappling with a tension — there's a growing chorus of warnings about the market weakening later this year and into 2026, but for now prices are holding strong near $70 a barrel. Article content France's TotalEnergies SE last week warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway's Equinor ASA said its new Johan Castberg field is operating at full pelt, with a Brazilian offshore asset starting soon, a reminder of additional barrels expected from outside the producer group. Article content Article content Article content Both the International Energy Agency and the US Energy Information Administration earlier this month bolstered their estimates for the surplus they see next year. The two widely-followed forecasters expect supply to eclipse demand by the most since the pandemic, with the IEA's projection at 2 million barrels a day. Article content Article content A surplus that pushes prices lower will help tame inflation, hurt high-cost producers and likely please US President Donald Trump who has called for lower prices since taking office. Article content It's a stark contrast with the here and now, where inventories at key storage hubs remain low, reflected in a bullish market structure that indicates tight supplies. Profits from turning crude into fuels are also far above seasonal norms, underpinning demand for crude. 'One of the issues that has been supporting oil has been the seasonal strength of the summer months,' Francisco Blanch, head of commodities and derivatives research at Bank of America Corp. said in a Bloomberg TV interview. 'Second half of the year the surplus is going to be close to 200 million barrels,' which will ultimately weigh on prices, he added. Article content Article content While most of the IEA's revision of next year's outlook centered on output additions by the Organization of the Petroleum Exporting Countries and its allies, who will meet to discuss output levels in early August, there were also some less obvious drivers. Forecasts for the supply of biofuels, which compete with conventional oil, are about 200,000 barrels a day higher than two months ago in the agency's estimates. Article content The US government now sees global oil supplies about 2.1 million barrels a day higher in the fourth quarter of this year than the first, the biggest increase it has seen over the period since February. The two bodies' forecasts constitute an important element in traders' evaluations of how the market will unfold. Article content For now, signs of robust demand remain. Article content Leading oil trader Vitol Group said last week that jet fuel demand has been steadily climbing, with flight numbers reaching all-time highs. US weekly oil-demand figures are the highest this year. That data has been revised higher in final monthly readings for four of the last five periods where complete figures are available.
Mint
4 days ago
- Business
- Mint
Oil Steadies on US Trade Deal Optimism, Diesel Tightness
Oil was steady on optimism over US trade talks ahead of a key deadline next week, and as tightness in diesel markets boosts sentiment. Brent crude was above $69 a barrel after adding 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before the Aug. 1 target date, while Brazil and Mexico looked to broaden trade ties. Meanwhile, diesel prices have soared, leading to steep premiums for niche crude grades that yield more of the fuel and injecting much-needed strength into a bogged-down oil market. The latest European Union measures restricting Russian energy imports have also added to the tightness, according to TotalEnergies SE. Crude has remained in a holding pattern this month, but is down for the year as increased supply from OPEC adds to concerns over a looming glut. The group will next meet on Aug. 3 to decide on production levels. On Thursday one member, Venezuela, was given a production reprieve by a US decision to let Chevron resume pumping oil in the country. 'The only strength right now is coming from the diesel markets,' said Florence Schmit, an analyst at Rabobank. 'The US government's backpaddling on curtailing Venezuelan oil supplies will only add to a relatively loose supply balance later this year.' To get Bloomberg's Energy Daily newsletter in your inbox, click here. With assistance from Rob Verdonck and Yongchang Chin. This article was generated from an automated news agency feed without modifications to text.
Yahoo
5 days ago
- Business
- Yahoo
Oil Extends Gain on US Trade Deal Optimism, Diesel Tightness
(Bloomberg) -- Oil rose a second day on optimism over US trade talks ahead of next week's deadline, and as tightness in diesel markets boosts sentiment. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Brent crude climbed toward $70 a barrel after adding 1% on Thursday, while West Texas Intermediate traded above $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before Aug. 1, while Brazil and Mexico looked to broaden trade ties. Meanwhile, diesel prices have soared, leading to steep premiums for niche crude grades that yield more of the fuel and injecting much-needed strength into a bogged down oil market. The latest European Union measures restricting Russian energy imports have also added to the tightness, according to TotalEnergies SE. Crude has remained in a holding pattern this month, but is down for the year as increased supply from OPEC+ adds to concerns over a looming glut. The group will next meet on Aug. 3 to decide on production levels. 'As summer demand wanes and surging crude supply continues into the fall, we think global crude inventories will rise sharply,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. Brent prices are likely to decline toward $60, he said. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Oil Holds Advance on US Trade Deal Optimism, Diesel Tightness
(Bloomberg) -- Oil steadied after its biggest gain in a week on optimism over US trade talks ahead of next week's deadline, and as tightness in diesel markets boosts sentiment. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Brent crude rose above $69 a barrel after climbing 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before Aug. 1, while Brazil and Mexico looked to broaden trade ties. Meanwhile, diesel prices have soared, leading to steep premiums for niche crude grades that yield more of the fuel and injecting much-needed strength into a bogged down oil market. The latest European Union measures restricting Russian energy imports have also added to the tightness, according to TotalEnergies SE. Crude has remained in a holding pattern this month, but is down for the year as increased supply from OPEC+ adds to concerns over a looming glut. The group will next meet on Aug. 3 to decide on production levels. 'As summer demand wanes and surging crude supply continues into the fall, we think global crude inventories will rise sharply,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. Brent prices are likely to decline toward $60, he said. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.
