I'm LongbridgeAI, I can summarize articles.Oil prices remained stable amid ample near-term supply, while U.S. crude inventories declined by 3.8 million barrels. Key corporate developments include National Grid's $1.75 billion investment in Joulent, KKR and SK launching a $1.3 billion renewable energy platform, and Eni-Mercuria forming a commodities trading joint venture. Additionally, BP's deputy CEO announced retirement, Shell warned of potential LNG supply contraction due to Strait of Hormuz disruptions, and Canada agreed on a new crude pipeline.
Oil Prices Stable as Near-Term Supply Plentiful
Oil prices were broadly stable and MUFG said oil prompt spreads were in contango-where oil futures are more expensive than spot prices-signaling ample near-term supply.
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Canada, Alberta Agree to Back New Crude Pipeline to Pacific Coast
The move is another sign of Prime Minister Mark Carney's bid to position Canada as an energy-exporting superpower.
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The 'Five Alarm' Risks Facing the Power Grid This Summer
High temperatures, new AI data centers and drought conditions pose challenges to the electricity system.
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Energy & Utilities Roundup: Market Talk
Find insight on crude futures, oil rig counts, European energy companies and more in the latest Market Talks covering energy and utilities.
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U.S. Crude Oil Inventories Extend Decline
Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3.8 million barrels to 408.4 million barrels in the week ended June 26, and were about 7% below the five-year average for the time of year, the EIA said.
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National Grid to Invest $1.75 Billion in Joulent in U.S. Energy Push
National Grid will get a 35% stake in Joulent, which is developing contracted power generation and high-voltage infrastructure for U.S. customers that require substantial amounts of power.
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Eni, Mercuria to Establish Commodities Trading Joint Venture
The Italian oil-and-gas major said the joint venture with Swiss trading firm Mercuria will operate independently and trade commodities such as oil, gas, liquefied natural gas and biofuels.
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Small-Engine Makers Gain Big Momentum in Data Centers
For data centers looking for off-grid power, small engines are cheap and readily available.
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Oil Futures Extend Decline on Supply Optimism
Crude futures posted back-to-back losses as ships moved through the Strait of Hormuz while the U.S. and Iran continued talks though mediators.
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Energy & Utilities Roundup: Market Talk
Find insight on crude futures, BP, Amplitude Energy and more in the latest Market Talks covering Energy and Utilities.
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KKR, SK to Jointly Launch $1.30 Billion Renewable-Energy Platform
The platform, said to be Korea's largest for renewable energy, will have around 1.7 gigawatts of capacity currently in operation and a development pipeline that would raise its total capacity to 10 gigawatts.
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BP's Deputy CEO to Retire Later in The Year
BP said its deputy chief executive, Carol Howle, plans to retire later this year, leaving new boss Meg O'Neill without a key lieutenant at a time when the energy major has been hit by management turmoil.
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Shell Warns Global LNG Supply Could Contract if Strait of Hormuz Disruption Continues
Continued disruption over the remainder of the year could result in a rare annual supply contraction, but the company expects a return to growth in 2027.
(END) Dow Jones Newswires
July 03, 2026 04:15 ET (08:15 GMT)
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