Stubborn
** Iran said on Tuesday it would not meet with top U.S. envoys who flew to the region following an outbreak of hostilities, clouding the prospects for a lasting peace between the two countries. “No meeting at any level with the American side has been scheduled for the coming days,” Iranian Foreign Ministry spokesperson Esmaeil Baghaei said.
Bold warning
** Iran’s top negotiator told state television that the country is ready for war if the U.S. doesn’t fulfill its commitments.Iranian and U.S. officials have traveled to Qatar, but aren’t expected to hold direct talks.An agreement signed four days ago between Israel and Lebanon links an Israeli withdrawal from Lebanon to the Iranian-backed group Hezbollah being disarmed.
Hit again
** Ukrainian forces struck Russia’s major Ufa oil refinery for the second time in a week, Ukrainian President Volodymyr Zelenskyy said Wednesday. The Ufa refinery is one of Russia’s largest producers of lubricants and is located more than 1,000 kilometers (600 miles) from Ukraine, Zelenskyy said on social media.
War helps Russia
** Indian crude imports set several records in June. Total inflows reached about 5 million b/d, the highest level ever recorded for the month. Of that, 2.6 million b/d came from Russia, equivalent to 54% of India’s total crude imports and a historic record for Russian-Indian trade.
New oil prices?
** In the beginning of the Iran war, oil reached $118/barrel. Now, amid the (shaky) US-Iran ceasefire, Morgan Stanley predicts that Brent crude could average at $75/barrel in Q3 of this year (and $70 in late 2027).
US Energy
** Air Products cancels its plans to build a $4.5 billion hydrogen project in Ascension County, Louisiana, which aimed to produce hydrogen using natural gas and capture the resulting emissions.
** Sen. Angus King (I-Maine) urges FERC to reject a merger between Dominion Energy and NextEra Energy, citing NextEra’s alleged anticompetitive actions in the Northeast.
** The FCC is drafting a ban on Chinese-made power inverters (on which many US utilities depend). The Trump administration worries China could wield the inverters to control US power supplies—but this move is likely to hinder clean energy deployment. The rule is slated for publication as early as this year.
** Iowa regulators issue an order clarifying that Summit Carbon Solutions can’t start construction on a carbon pipeline before the company gets approval on a new route.