MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for November 10th

Updated at 5:00 PM ET 

HEADLINES:

— ADM & Tallgrass Launches 3-State Bioethanol CCS Plant

—  API to Publish WSB on Nov 13 Due to Veterans Day Holiday

—  Venture Global Lands New Long-Term LNG Supply to Spain 

—  U.S. Senate Moves to End Record Government Shutdown

NEWS:

ADM & Tallgrass Launches 3-State Bioethanol CCS Plant

ADM and Tallgrass Energy announced Monday (11/10) the start of a three-state carbon capture and storage (CCS) project to create what they called the world’s largest bioethanol carbon capture facility.

Sited at ADM’s Columbus, Nebraska corn processing complex, the project links CO2 emissions from ADM’s ethanol plant to Tallgrass’s Eastern Wyoming Sequestration Hub via the converted 400-mile Trailblazer pipeline, the companies said in a joint statement.

Previously, a natural gas transmission line, the Trailblazer extends through Wyoming, Colorado, and Nebraska. It can transport more than 10 million tons of CO2 per year — the equivalent of removing more than 2 million passenger vehicles from the roads or, approximately, 25% of all registered motor vehicles in the three states combined.

Capturing CO2 emissions from the bioethanol fermentation process significantly reduces the fuel’s Carbon Intensity (CI) score. A lower CI score is crucial for ethanol to compete in highly valued state markets, such as the California Low Carbon Fuel Standard, and to qualify for emerging federal incentives like those for Sustainable Aviation Fuel.

The partnership allows ADM to leverage federal incentives, including the enhanced $85 per metric ton 45Q tax credit for sequestered carbon that provides new revenue streams while advancing decarbonization.

API to Publish WSB on Nov 13 Due to Veterans Day Holiday

The American Petroleum Institute (API) will delay publishing by a day its Weekly Statistical Bulletin (WSB) inventory report due to the Veterans Day federal holiday on Nov. 11.

The API report – typically released on Tuesdays around 4:30 pm ET – will instead be published Wednesday (11/13) afternoon around the same time, because of the holiday, the institute stated.

Venture Global Lands New Long-Term LNG Supply to Spain 

Venture Global announced Monday (11/10) an agreement to provide Madrid-based Naturgy a minimum of 1 million tonnes per annum (MTPA) of U.S. liquefied natural gas for 20 years.

It will be Venture Global’s second long-term contract with a Spanish company since an initial deal in 2018, with the new shipments beginning in 2030, the Arlington, VA company said in a statement.

Venture Global has previously supplied Spain with 35 LNG cargoes from its Calcasieu Pass and Plaquemines facilities in Louisiana.

This year alone, it has signed long-term contracts for 5.75 MTPA.

U.S. Senate Moves to End Record Government Shutdown

The U.S. Senate was set to reconvene on Monday (11/10) to proceed with a debate and vote on a full funding package to reopen the federal government, after the passing of a preliminary measure to end the country’s longest government shutdown.

Eight Democratic senators crossed over to support a deal negotiated by Senate Republicans on Sunday (11/9) night to pass by a 60-40 vote the measure to move toward the formal debate to reopen the government shut down since October 1.

The shutdown was triggered by a deadlock over extending expiring health insurance subsidies under the Affordable Care Act that Democrats had demanded.

The debate on Monday will be on a spending package to fund the government through January and incorporate three separate appropriations bills to cover the Department of Agriculture, military construction and legislative agencies for most of the following year.

A key provision mandates retroactive pay for furloughed federal workers and reverses layoffs made during the shutdown.

Any legislation agreed must pass the full Senate and be approved by the House of Representatives, before being signed by President Donald Trump.

The prospect of ending the prolonged shutdown had immediate ripple effects across financial markets. Oil prices edged higher Monday on news of the Sunday night vote to reopen the government. The shutdown’s economic toll had been mounting, with the University of Michigan’s Index of Consumer Sentiment falling to a three-year low in November.

The aviation sector, hit particularly hard by the crisis, also weighed on the oil complex as the prospect of widespread flight cancellations mounted due to air traffic controllers retiring at record rates during the shutdown.

Close to 5,400 flights were cancelled over the last three days, with delays amounting to around 23,900 since Friday, raising concerns about jet fuel demand ahead of one of the busiest travel seasons of the year.

Amid the air traffic controller shortage, the Federal Aviation Administration mandated a 6% reduction in flights by Tuesday and 10% by Friday.