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Vought: White House freezes $2.1 Billion in Chicago Projects
Russ Vought, Director of the Office of Management and Budget, said that $2.1 billion worth of Chicago infrastructure projects have been put on hold. This was another jab against a Democrat led city during the U.S. Government shutdown. Vought stated that $2.1 billion in funding for two major Chicago subway projects - the Red Line Extension and Red and Purple Modernization Project - "has been put on hold" to prevent funding from flowing through race-based contracts. Vought stated on Wednesday that the Trump Administration had frozen $18 billion in major transit projects for New York including the Hudson Tunnel, and the Second Avenue Subway citing the exact same issue. In its final days, the outgoing administration under former President Joe Biden awarded a nearly two billion dollar award to extend the Red Line by 5.5 miles in order to connect Chicago Far South Side with the L system. Vought cited the new Transportation Department rule that went into effect on Wednesday. The rule is intended to determine whether small business contractors are engaging in diversity initiatives that are not appropriate. This is part of a campaign to put pressure on Democratic legislators in Congress regarding the partial government shut down that began shortly after midnight on Wednesday. USDOT announced that it would delay the $300 million reimbursement for the subway project until the review was completed, which the USDOT claimed had been hampered due to the shutdown. New York and New Jersey will almost certainly challenge any substantive delay in federal funding due to partisan political disputes. The $17.2 billion Hudson River Tunnel project, which has received over $11 billion of federal grants, includes repairs to the existing tunnel and construction of a brand new tunnel for Amtrak passenger trains and commuter rail lines between New Jersey, Manhattan and New Jersey. If the Hudson Tunnel fails, the commuters in the area which produces 10% of America's economy would be hampered.
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Asian spot prices drop on weak demand and ample supply
The Asian spot price of liquefied gas (LNG), due to a weak demand and abundant supply, fell this week. It was the lowest it has been in more than a year. Average LNG price for delivery to North-East Asia in November Industry sources estimate that the price per million British Thermal Units (mmBtu) was $10.60, down from $11.20/mmBtu in the previous week. It is also at its lowest level since May 2024. Kesher Sumeet is an analyst with Energy Aspects. He said that the demand signals in Northeast Asia are muted because countries are well-stocked. This, along with the strengthening of global LNG exports, are reducing supply competition between Europe and Asia. Martin Senior, Argus' head of LNG pricing, says that while extended holidays are causing a slowdown in demand in China and South Korea, the low prices this week have stimulated some demand from India and Thailand. The tenders that close on October 3 are for spot cargoes to be delivered through mid-November by Indian Oil Corp, PetroVietnam Gas and Thailand's Gulf Energy. In Europe, S&P Global Commodity Insights set its daily Northwest Europe LNG Marker benchmark price for cargoes to be delivered in November ex-ship at $10.999/mmBtu. This was a $0.63/mmBtu reduction from the November price at TTF's Dutch hub. Spark Commodities rated the price at $10.183/mmBtu while Argus rated it at $10.14/mmBtu. The JKM-TTF spread has been pushed to a TTF Premium in recent days due to the continued weakness of Asian LNG demand. This is being amplified further by the expectation of an increased LNG volume in the New Year, said Florence Schmit. Schmit said that the increased supply of LNG on the market is due to the flow from the sanctioned Arctic LNG 2 U.S.-Russia project. Ronald Pinto, analyst at Kpler, is bearish on the TTF front month contract for the coming week. He believes that the pipelines in Norway and Algeria will be able to supply more gas as the maintenance is completed, and the strong wind output, coupled with rising temperatures, should limit the demand of gas, thereby supporting storage injections. Gassco, the Norwegian gas operator, said that it anticipates high gas supplies to Europe in winter despite a temporary reduction of capacity at its Kollsnes plant. Seb Kennedy, an independent gas and LNG analyst, noted that hedge funds reduced their bets for higher TTF gas price, by reducing their position net, which is reflected in the fact that market fundamentals are weakening in Europe. He added that commercial players, including utilities and producers, increased their net-long position to its highest level since February 2024 in order to reduce risks and because of discretionary trading. Max Glen-Doepel, Spark Commodities analyst, says that the U.S. front-month arbitrage to Northeast Asia via Cape of Good Hope still only marginally encourages U.S. cargoes delivered to Europe. He said that the Atlantic LNG rates increased to $22,750/day last Friday while Pacific LNG rates dropped to $24,500/day.
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Maguire: California's solar-battery combo is a game changer
California's rapidly expanding solar farms and batteries systems, although overshadowed by the booming demand for data centers and the U.S. Government's slashing of clean energy policies may still be 2025's biggest power story. California's massive solar farms have produced more electricity in 2025 than the fossil fuel power stations in the state for an unprecedented period of time. This is a milestone for the energy transition in the United States. The swell of solar-powered energy in California has led to the largest drop in fossil-fuel-fired electricity output year-over-year. California's solar- and battery-system output has risen dramatically in recent years. This will serve as a blueprint for other states, even as U.S. lawmakers cut support for clean energy. CLEAN PUSH Ember data show that California's solar farm electricity supply during January-July grew by 15% compared to the same months of 2024, reaching a record 54.709 gigawatt hour (GWh). According to LSEG's data, the increase in solar energy supplies of about 7,200 GWh was accompanied by a 75% increase in California's storage capacity. This allowed utilities to reduce fossil fuel-fired electricity generation by 21%. Solar farms contributed a record amount of electricity to California during the period January-July, up from the 33% in 2024. As a comparison, Texas, the state with the second largest solar footprint in the U.S.A., has secured 10,4% of its electricity this year from solar farms. The solar portion of California's energy mix has steadily increased, while the fossil fuels share has fallen. It has reached a new low of 26% in 2025. This compares with a national fossil fuel share so far of 55% in 2025. It cements California as the leader in clean electricity deployment. CRITICAL MASS California utilities are rapidly increasing the capacity of battery storage alongside solar power production since 2022 so that California's abundant solar energy can be used to its maximum effect. Solar output peaked in the middle of the afternoon, just as the state's total power consumption was nearing its lowest point. According to the data portal Cleanview, California utilities are now able to store excess solar power and use it at peak demand. FOSSIL FALLS California's growing solar and battery networks are allowing utilities to reduce their reliance on fossil fuels at an unprecedented rate. California has historically used fossil fuels at their highest levels during summer, when air conditioners are most power hungry. California utilities, however, have been able, thanks to the rapidly increasing solar and battery capacities, to reduce fossil fuel deployment, even during periods of peak demand. According to Ember, the total electricity generated from fossil fuels in July 2025 will be just 36,416GWh. This total was a 40% drop from July 2024 and 36% lower than the average July from 2019 to 2024. This steep decline in fossil fuel generation also had a direct impact on emissions. In July 2025, they were 2.1 millions metric tons less CO2 than in July 20,24 and the lowest ever for this month. Priced in? After years of retooling California's energy system to favour clean energy over fossil-fuels, its electricity costs have begun to reflect the impact of solar power in the state's generation mix. California's electricity prices are still higher than the national average but have risen less this year. According to the U.S. Energy Information Administration, the state has seen a 1% increase compared to a national 3.3% increase. The price-depressing effect of California's large share of solar energy in its generation system will act as a drag for overall electricity costs even though power bills elsewhere are expected to continue to rise. California is also better placed than other states to deploy large-scale solar farms due to its high levels of solar radiation. Its vast desert areas are sparsely populated and have a lot of space. However, several states in the South and Southwest of the United States can also expect to reduce their fossil fuel dependence if they install large battery and solar systems. State utilities who can expand their solar and batteries systems will see quick returns. According to LSEG's estimates, benchmark U.S. Natural Gas prices are 37% higher this year than they will be in 2024. States that reduce their use of natural gases can expect to save a lot on fossil fuel purchases. California is the only state that can compete with its solar and battery network. But those who want to reduce their dependence on fossil fuels and increase the production of clean, domestic power should look at the Golden State for inspiration. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Italians go on the streets to protest against Gaza flotilla
On Friday, tens of thousands Italians marched in the streets of the country as part of the day-long general strikes called by the unions to support a flotilla of aid carrying food to Gaza which was intercepted this week by Israel. After what I saw on the flotilla I felt I couldn't stand by and just do nothing. Mario Mascetti is a protester from Rome who said, "It's my first time going to such demonstrations." The CGIL union organized demonstrations in over 100 cities. The crowds in the capital marched with union and Palestinian flags as well as banners from central Piazza del Vittorio to the main train station. There were delays and cancellations on the Italian rail network. However, there were fewer disruptions in airports. Metro lines were still operating in Rome and Milan. This is not any strike. "We're here to defend brotherhood between individuals and peoples, put humanity back in the center, to say no genocide, a policy of rearmament," CGIL Leader Maurizio landini said. Israel called the aid float a stunt, and offered to send aid into Gaza on the boats. It has denied all allegations of genocide. The right-wing government of Italy has condemned the strike. Prime Minister Giorgia Melloi suggested that those who skipped work to go to Gaza were just using it as an excuse for a longer holiday. Italy has been the epicenter of protests to show solidarity with the convoy trying to break Israel’s naval blockade. Mattia Diletti is a sociologist at Rome's Sapienza University. He said that the Palestinian cause has always resonated with Italians, including the majority-Catholics and the left. He said, "Italy is a country that has always been very political and characterized by this element." The National Strike Watchdog stated on Thursday that unions did not give enough notice of their strike. Pro-Palestinian demonstrations are expected to continue Saturday with a large rally in Rome. This will cap off several days' worth of protests, which have often turned violent with clashes with the police. On Thursday evening, tens and thousands of people peacefully marched from Rome's Colosseum. In Turin, a conference center was vandalised, and in Milan, graffiti and red paint were daubed on a statue in front of the Duomo Cathedral. (Writing and editing by Sharon Singleton; Alvise Armellini)
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Iberian blackout is first blackout caused by over-voltage
In a report published on Friday, the European Network of Transmission System Operators ENTSO-E stated that the massive blackout which hit the Iberian Peninsula in April was the first blackout known to be caused by over-voltage. This first report was released before a legal deadline of Oct. 28, and focused more on the state of the power system that day, as well as the sequence of events. Like previous investigations, the report points to a surge of voltage as the immediate reason for the outage. The final report will be published by the first quarter next year. It will examine key issues such as root causes, the actions taken to control voltage and the performance of the power generators to help control voltage. MISSING DATA & UNEXPLAINED POWER GENERATION LOSES According to the report, it is not known why some of the initial losses in power generation occurred. According to the report, some important data remains missing, in particular, related to certain generation trips that occurred before the blackout. It added that the owners of power plants claim they do not have such data. The report states that "collecting complete and high-quality data proved to be very difficult for this investigation", in particular, from power operators in Spain. Reporting by Kate Abnett, Pietro Lombardi and Inti Landauro. Editing by Inti.
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Poland's connection with NATO strategic fuel pipeline will cost $5.5 billion
Poland announced on Friday that the cost of its plan to connect to a NATO pipe-line network designed to provide fuel to troops in case of war will be 20 billion zlotys (about $5 billion). The ministry and the Polish pipeline operator PERN had signed an agreement earlier in the day to connect the pipelines of the country to the NATO network. Cezary Cezary Tomczyk, Deputy Minister of Defence said: "We're talking about...construction pipelines covering a distance up to 300 km...we're talking about one the largest investments made in the security and safety of the Polish State in the past 30 years." Poland has been trying to connect with the Central Europe Pipeline System of NATO, which was built during the Cold War and transports jet-fuel, diesel, gasoline and naphtha through Belgium, France and Germany. Since the Russian invasion of Ukraine in 2022 and, more recently, the drone incursions by Russia into Ukraine have increased the urgency for this NATO member on its eastern flank. NATO has allocated 60 millions zlotys (60 million dollars) to Poland for the completion of this project, which is expected take several years. Tomczyk said that the NATO has already made a decision on the design and planning of the investment.
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Russian seaborne diesel exports drop in September, data shows
Data from market sources and LSEG show that Russia's seaborne gasoil and diesel exports fell 20% from August to 2.4 million metric tonnes in September, due to unplanned refinery shutdowns caused by Ukrainian drone attacks. Several major refineries were hit by drones in August and September, including Surgutneftegaz's Kirishinefteorgsintez refinery, Lukoil's Volgograd refinery and Rosneft's Samara group of refineries. In September, the Russian Baltic port Primorsk suspended all loadings following a drone strike. Market sources reported that these disruptions resulted in a drop in diesel exports. Due to fuel shortages on the domestic market, Russia has implemented a partial export ban for diesel, marine fuel, and other gas oil. However, traders are not expecting a major impact as Russia already has an export tariff prohibitive for non-producers. Data from sources on the market and calculations show that in September, diesel exports via Primorsk - Russia's largest outlet for ultra-low-sulphur Diesel (ULSD) - fell 30% monthly to 0.93 millions tons. The Black Sea ports Novorossiisk & Tuapse saw a decline of 12% & 17.5%, respectively. In September, Turkey was the largest buyer of Russian gasoil and diesel. Imports fell 3% to 1,08 million tons. Shipping data revealed that diesel shipments from Russian port to Brazil fell by 44%, to 190 000 tons. LSEG data show that several diesel tankers leaving Russian ports still have not declared their destinations. (Reporting from in Moscow. Mark Potter is the editor.
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Intelligence service: Danes at high risk of sabotage, says
Thomas Ahrenkiel, Director of the Danish Defence Intelligence Service, said that there is a very high risk of sabotage being committed against Denmark's Armed Forces. Drone incursions Last week, six Danish airports (military and civilian) were temporarily closed in response to what Prime Minister Mette Fredericksen described as a hybrid assault on the country. Ahrenkiel, the Danish intelligence service, believes that Russia is waging an hybrid war both against Denmark and the West. Ahrenkiel, a reporter, said: "This means Russia is using military methods, including aggressively, to put pressure upon us without crossing over into an armed conflict." Troels Poulsen, Danish Minister of Defence, said that Denmark was not under any direct military threat. (Reporting and editing by Terje Solsvik, Anna Ringstrom and Jacob Gronholt Pedersen)
Due to overflowing storage tanks, oil flows from Iraqi Kurdistan into Turkey have been halted.
Two energy sources who have direct knowledge of this matter said that the storage tanks were full and had to be emptied.
According to one source, the flow of oil stopped around 1 am local time on Saturday (2200 GMT), after the tanks were overloaded and there was no room for any more shipments.
According to the same source, flows would resume between 4 and 5 pm once vessels had finished loading and cleared space. Sources cited storage problems and maintenance on certain tanks.
A second source confirmed that the Kirkuk blend was too expensive, which also affected sales.
For the first time since two and a quarter years, oil flows resumed Saturday from the semiautonomous northern Iraq region to Turkey after eight companies operating in the area reached agreements with Baghdad.
Oil markets are closely watching the flows, as they have been under pressure due to concerns over excess supply.
The agreement permitted 180,000-190,000 barrels of crude oil per day to flow into Turkey's Ceyhan Port. (Reporting Maha El Dahan, Ahmed Rasheed. Enas Alashray (Writing) Mark Potter (Editing)
(source: Reuters)