2025-07-03 00:46

BUENOS AIRES, July 2 (Reuters) - Argentina will limit the supply of natural gas for industrial use as residents braving a recent cold snap are using more energy to heat their homes, the South American nation's energy secretariat said on Wednesday. The coldest weather in 30 years has created record demand, with the National Gas Regulatory Entity (Enargas) expecting Wednesday's usage to be 25% higher than the same day last year. Sign up here. "Distributors... were forced to interrupt supplies to CNG (compressed natural gas) contracts and industries," the secretariat said. The government of President Javier Milei, which slashed energy subsidies as part of its public spending cuts, blamed the situation on the lack of infrastructure investment in previous years. In Argentina, as well as in its neighbors Chile and Uruguay, the cold weather caused unexpected snowfall in some areas. https://www.reuters.com/business/energy/argentina-cuts-industrial-gas-supply-amid-record-cold-snap-2025-07-03/

2025-07-02 23:01

WELLINGTON, July 3 (Reuters) - The north of New Zealand's South Island was bracing for more heavy rains on Thursday, with a few homes evacuated and local authorities warning of landslides and surface flooding. New Zealand's Nelson and Tasman regions were hit by heavy rains at the weekend, which caused significant flooding in rural areas and resulted in a local state of emergency being declared to deal with the disaster. Sign up here. Further heavy rains are now forecast for the regions, as a wild weather system that pummelled Sydney on Tuesday and Wednesday and led to dozens of flight cancellations moved toward New Zealand. New Zealand weather forecaster Metservice has issued a heavy rain warning for the Nelson and Tasman regions from the early morning to early evening on Thursday with further lighter rain forecast for the following day. Nelson Tasman Controller Alec Louverdis told Radio New Zealand it was not clear how severe the weather might be Thursday "so precaution is the priority." He warned that as the land was already wet, it would not take much for things to get bad. Nelson Tasman Emergency Management Group said in a statement that river levels remain steady but they were continuing to monitor them. Metservice also has heavy rain warnings in place for the central and east coast of New Zealand's North Island. https://www.reuters.com/business/environment/new-zealands-south-island-braces-further-heavy-rains-some-homes-evacuated-2025-07-02/

2025-07-02 22:44

Nasdaq closed up 0.94%; S&P 500 rose 0.47%; Dow falls 0.02% Centene tumbles after pulling 2025 forecast Tesla climbs, bouncing from decline early in week NEW YORK, July 2 (Reuters) - The S&P 500 and Nasdaq closed at record highs on Wednesday, boosted by gains in technology stocks and a trade agreement between the U.S. and Vietnam that eased concerns over prolonged trade tensions. The Dow Jones Industrial Average closed slightly lower but remained within 1.18% of its December 4 record close. Sign up here. Wall Street has logged a string of record highs in recent weeks, reflecting a backdrop of choppy trading sessions and strong investor appetite for risk amid uncertainties around inflation, deficit and policy. Nasdaq renewed its June 30 record, boosted by Nvidia (NVDA.O) , opens new tab, Apple (AAPL.O) , opens new tab and Tesla (TSLA.O) , opens new tab. TSLL, a high-risk leveraged exchange-traded fund that delivers twice the daily return of Tesla stock and is designed for short-term trading, was among the most negotiated stocks. Investors will now look ahead to the non-farm payrolls report on Thursday for clues on how soon the Federal Reserve could lower borrowing costs. A weakening economy "is a very mixed bag", said Jim Awad, senior managing director at Clearstead Advisors LLC in New York. "Employment softening and inducing the Fed to lower rates would be a positive," he said. "But if it softens too much, that would be a negative for growth and profits." Trump's massive tax-and-spending bill headed to the U.S. House of Representatives for possible final approval after the Senate passed the legislation. Nonpartisan analysts say it will add $3.4 trillion to the national debt over the next decade. Markets opened lower after a non-key indicator showed U.S. private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. But they reversed course before lunch time as the U.S. and Vietnam struck a trade agreement that sets 20% tariffs on many of the Southeast Asian country's exports. The Trump administration has teased that a deal with India is also coming soon, but has said others may not be ready by July 9. Investors have been closely watching trade developments, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. "There is some relief in regards to progress on trade. The deal with Vietnam was welcomed news," Arone said. The S&P 500 (.SPX) , opens new tab gained 29.41 points, or 0.47%, to 6,227.42 and the Nasdaq Composite (.IXIC) , opens new tab gained 190.24 points, or 0.94%, to 20,393.13. The Dow (.DJI) , opens new tab fell 10.52 points, or 0.02%, to 44,484.42. There were 358 new highs and 41 new lows on the New York Stock Exchange. Tesla rose 5%, bouncing after a drop early this week, even as the electric vehicle maker posted a big drop in second-quarter deliveries. Some traders said the numbers were less severe than analysts' bleak forecasts. The stock has shed more than 20% this year. Centene (CNC.N) , opens new tab tumbled 40% to the lowest level in eight years after the health insurer said it had withdrawn its 2025 earnings forecast after data showed a significant drop in expected revenue from its marketplace health insurance plans. The focus is on the more comprehensive non-farm payrolls report on Thursday, a day earlier than usual, with markets closed on July 4 for Independence Day. The reading is expected to show U.S. job growth cooled in June and the unemployment rate ticked up to 4.3%, according to a Reuters poll of economists. "Investors are likely expecting this will push the Fed towards cutting rates sooner rather than later," Arone said. Volume on U.S. exchanges was 16.95 billion shares, compared with the 17.82 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/futures-inch-higher-investors-eye-trade-deals-payrolls-data-2025-07-02/

2025-07-02 22:35

HOUSTON, July 2 (Reuters) - Golden Pass LNG, which is owned by Exxon Mobil (XOM.N) , opens new tab and QatarEnergy, has asked U.S. regulators for permission to re-export liquefied natural gas from October 1, as the export plant nears production after previous delays. The company said it wants to re-export a cargo of LNG that it plans to import to cool down its export plant in Texas, which is still under construction. Cooling down the plant is often the final step before producing LNG. Sign up here. Golden Pass is building an 18 million metric tons per annum (mtpa) LNG export facility in Sabine Pass, Texas, and plans to start exporting LNG later this year. The project has been plagued with problems and is behind schedule and over budget. In March 2024, its then-lead contractor, Zachry Holdings, filed for bankruptcy and said the project was at least $2.4 billion over the original budget. Zachry has since been replaced by McDermott International (MCDIF.PK) , opens new tab as lead contractor for Train 1 and the company has been in negotiations to take over the construction of the other two trains, or plants, associated with the project. Golden Pass could become the 9th U.S. LNG exporter after it starts shipping. The U.S. is the world's top LNG exporter. https://www.reuters.com/business/energy/exxon-qatarenergy-jv-asks-us-regulators-permission-re-export-lng-october-1-2025-07-02/

2025-07-02 21:43

Over 230 firefighters and aerial support deployed to curb fire Winds complicate firefighting efforts Some evacuees face respiratory issues About 1,000 evacuated, 5,000 holidaymakers leave southeast ATHENS, July 3 (Reuters) - Hundreds of firefighters fought a blaze Thursday on the island of Crete that scorched forests and olive groves and led to the evacuation of over 1,000 people, officials said, highlighting the region's vulnerability to destructive wildfires. Gale-force winds and dry weather made for tinderbox conditions in Greece, hampering authorities' efforts' to tame the fires, as much of Europe baked in an early summer heatwave linked to the death of at least eight people across the region. Sign up here. Around 230 firefighters, along with 46 engines and helicopters, were deployed to contain the conflagration on Crete, which broke out a day earlier near Ierapetra town on the southeastern coast of Greece's largest island. Stoked by intense winds, the blaze widened to encroach upon houses and hotels that were earlier evacuated, officials said. "There are wind gusts in the area, some measuring 9 on the Beaufort scale, triggering rekindling and hindering firefighting efforts," fire brigade spokesman Vassilis Vathrakogiannis said, as his troops fought alongside reinforcements from Athens to tame several resurgent blazes. More than 1,000 residents and tourists were evacuated from at least four settlements and moved to a temporary shelter at an indoor stadium in Ierapetra. Some left Crete by boats, authorities said. Local media reported damage to some homes but no severe injuries, though some people were hospitalised with respiratory issues, an official said. HOLIDAYMAKERS EXIT Southeastern Crete saw the large exodus of about 5,000 holidaymakers, George Tzarakis, head of hoteliers in the area, told Reuters, expressing concern over the impact on future bookings. Tourism is a key income earner for the popular tourist island. July is usually the most difficult month of the fire season due to high temperatures and strong winds, the fire brigade's Vathrakogiannis said. Greece and other countries in the Mediterranean are in an area scientists have called "a wildfire hotspot" - with blazes common during hot and dry summers. These have become more destructive in recent years, authorities say, due to a fast-changing climate. Meanwhile, in Turkey, thousands fled wildfires as the country battled blazes in Cesme and Odemis districts for a second day on the western coastal province of Izmir. Winds hindered their efforts as the flames approached a main highway to Cesme, local TV footage showed, and thick smoke billowed over mountainous areas. Italy's health ministry issued red alerts for 18 cities as temperatures poised to soar as high as 38 degrees Celsius (100.4 degrees Fahrenheit) in major cities. Temporary blackouts were possible with power consumption surging from the use of air conditioners, Italian Energy Minister Gilberto Pichetto Fratin warned. Swiss utility Axpo has shut its two reactor units at the Beznau nuclear power plant due to high river water temperatures. Scientists say heatwaves have arrived earlier this year, spiking temperatures by up to 10 C (50 F) in some regions as warming seas encouraged the formation of a heat dome over much of Europe, trapping hot air masses. https://www.reuters.com/sustainability/climate-energy/greek-firefighters-battle-wildfire-island-crete-2025-07-02/

2025-07-02 21:20

US Commerce Department rescinds ethane export restrictions Eight vessels heading to China after curbs lifted Vortexa analyst predicts July exports to reach 240,000 barrels per day HOUSTON, July 2 (Reuters) - The U.S. cleared the way to resume ethane exports to China on Wednesday, sending letters to producers Enterprise Products Partners (EPD.N) , opens new tab and Energy Transfer (ET.N) , opens new tab rescinding a restrictive license requirement put in place just weeks ago, a sign that the U.S.-China trade truce was on track. The U.S. had placed restrictions on ethane -- and a wide swathe of other exports -- to China in late May and early June after accusing Beijing of slowing shipments of rare earths vital to automakers and other industries. Sign up here. Wednesday's letter lifting the license requirement comes after the United States and China resolved issues last week surrounding shipments of rare earth minerals and magnets to the U.S. The Commerce Department took a first step toward rescinding the restrictions last week, sending letters to Enterprise Products, Energy Transfer (ET.N) , opens new tab, as well as ethane traders Satellite Chemical USA and Vinmar International, informing the companies they could load ethane on vessels destined for China but could not unload the ethane in China without authorization. Vinmar and Satellite did not immediately respond to requests for comment. The U.S. Department of Commerce and the White House also did not immediately respond to requests for comment. ETHANE SHIPMENTS Ethane shipments to China had halted in June after the license requirement, falling from 257,000 barrels per day in May, ship tracking data from Kpler showed. About half of all U.S. exports of ethane, which is extracted from U.S. shale gas and primarily used as a petrochemical feedstock, head to China, and a halt in shipments was set to hurt U.S. producers as well as Chinese petrochemical manufacturers. Chinese petrochemical firms use ethane as a feedstock because it is cheaper than naphtha. U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand. At least eight vessels were heading to China on Wednesday, after they had stalled along the U.S. Gulf Coast in June due to the curbs. At least one ship that typically traverses between the United States and China headed to India in June as companies looked for alternative markets. "Business as usual then," Vortexa analyst Samantha Hartke said about Wednesday's letter, adding that she expects July ethane exports to climb back to the seasonal normal of about 240,000 barrels per day. https://www.reuters.com/business/energy/us-lifts-restrictions-enterprise-products-ethane-shipments-china-2025-07-02/