European Gas Slips But Futures Positioning Turns Bullish
1130 GMT – European natural gas prices fall in afternoon trade, with the benchmark Dutch TTF contract down 0.8% to 36.32 euros a megawatt hour. However, analysts say there is likely limited room for prices to decline over the summer amid renewed investor confidence and supply concerns. Investment funds increased their net position in TTF gas futures by 5 terawatt hours last week, according to DNB Markets DNB -0.61%decrease; red down pointing triangle. 'The recent decline in net positioning, triggered by the turmoil following Trump's Liberation Day on April 2, has now reversed,' analysts at the firm say. Meanwhile, prices also find underlying support in supply-side issues following an outage of uncertain duration at a gas field in Norway and lower LNG send-outs. (giulia.petroni@wsj.com)
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20 minutes ago
How Senate Republicans want to change the tax breaks in Trump's big bill
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The Senate bill includes no sunset, making the tax breaks permanent, which was a key priority of powerful trade groups such as the U.S. Chamber of Commerce. Republicans in both chambers are looking to scale back the clean energy tax credits enacted through then-President Joe Biden's climate law. It aimed to boost the nation's transition away from planet-warming greenhouse gas emissions toward renewable energy such as wind and solar power. Under the Senate bill, the tax credits for clean energy and home energy efficiency would still be phased out, but less quickly than under the House bill. Still, advocacy groups fear that the final measure will threaten hundreds of thousands of jobs and drive up household energy costs. The House bill would allow millions of Americans to use their health savings accounts to pay for gym memberships, with a cap of $500 for single taxpayers and $1,000 for joint filers. The Senate bill doesn't include such a provision. 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