In an oil and gas report sent to Rigzone late Monday by the Macquarie team, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up by 2.4 million barrels for the week ending May 2. “This compares to our early look which anticipated a 5.2 million barrel build,” the strategists said in the report. “On the product side of the ledger, in aggregate, our expectations are also revised tighter for this week,” they added. In the report, the strategists noted that, “for this week’s crude balance, from refineries”, they “model crude runs modestly lower (-0.2 million barrels per day)”. “Among net imports, we model a large increase, with exports lower (-0.2 million barrels per day) and imports higher (+0.8 million barrels per day) on a nominal basis,” they added. The Macquarie strategists warned in the report that timing of cargoes remains a source of potential volatility in this week’s crude balance. They went on to note that, “from implied domestic supply (prod.+adj.+transfers)”, they “look for a reduction (-0.5 million barrels per day) following a strong nominal print last week”. “Rounding out the picture, we anticipate a smaller increase in SPR [Strategic Petroleum Reserve] stocks (+0.6 million barrels) this week,” the strategists said. The strategists also highlighted in the report that, “among products”, they “look for draws in gasoline (-2.7 million barrels) and distillate (-1.9 million barrels), with jet stocks nearly flat (+0.1 million barrels)”. “We model implied demand for these three products at ~14.5 million barrels per day for the week ending May 2,” the Macquarie strategists went on to state. In an oil and gas report sent to Rigzone by the Macquarie team on Thursday, Macquarie strategists outlined that they “anticipate a healthy U.S. crude build” in the U.S. Energy Information Administration’s (EIA) next weekly

Uniper SE on Tuesday reported EUR 82 million ($93.2 million) in net income for the first quarter (Q1), down about 83 percent from Q1 2024. Adjusted for non-operating impacts, the bottom line is a net loss of EUR 143 million, compared to EUR 581 million in net profit for Q1 2024. However, sales rose from EUR 17.98 billion for Q1 2024 to EUR 21.26 billion for Q1 2025. The Green Generation segment generated EUR 246 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the January-March 2025 period, down from EUR 278 million for Q1 2024. “The continued decline in price levels in Sweden led to lower earnings at Uniper’s nuclear and hydropower businesses there”, the Düsseldorf-based gas and power utility said in an online statement. “Exceptionally high water levels in reservoirs, resulting from high inflow due to a mild winter, had a significantly adverse impact on price levels particularly in the northern regions of Sweden. “However, the decline in earnings in Sweden was largely offset by Uniper’s hydropower portfolio in Germany, which delivered a positive earnings performance relative to the first quarter of the prior year thanks to a more favorable market environment”. Flexible Generation logged EUR 161 million in adjusted EBITDA, compared to EUR 656 million for Q1 2024. “The decline is particularly attributable to a reduction in earnings on hedging transactions on the fossil trading margin due to the general decline in price levels”, Uniper said. “In addition, the decommissioning of Ratcliffe power plant in the United Kingdom and Heyden 4 in Germany, the sale of the Gönyu power plant in Hungary, and the transfer of Staudinger 5 and Scholven B and C power plants in Germany to grid reserve had a negative impact on earnings compared with the prior-year quarter”. Greener Commodities registered negative

Iberdrola SA has reported EUR 12.86 billion ($14.62 billion) in revenue for the first quarter (Q1), up 1.5 percent from the same three-month period last year. However, net profit fell to EUR 2 billion, or EUR 0,302 per share – compared to EUR 2.76 billion for Q1 2025. Earnings before interest, taxes, depreciation and amortization (EBITDA) dropped from EUR 5.86 billion for Q1 2024 to EUR 4.64 billion for Q1 2025. “Excluding the capital gains from the divestment of thermal generation assets in the first quarter of 2024, net profit increased by 26 percent and EBITDA increased by 12 percent”, the Spanish utility said in its quarterly report. Iberdrola credited a record quarterly investment of EUR 2.72 billion for the pre-divestment increase in earnings. “The 12 percent increase in EBITDA was due to strong operational performance, with an increase in the company’s regulated profile, as 52 percent of EBITDA come from the Networks business, affected by the recognition of costs incurred in previous years under IFRS [international financial reporting standards] in the US”, Iberdrola said. “The contribution of the Electricity Production and Customers business decreases 8 percent, with a higher production in the United States, Rest of the World and Iberia, which partially offset the normalization of the margins in Iberia and in the United Kingdom”. Executive chair Ignacio Galán said in a company statement accompanying the report, “Our record investment in this quarter, and our planned future investments in networks, show how we’re focused on speeding up electrification in order to reduce external energy dependency, improve competitiveness, promote local industries and jobs and deliver price stability”. Iberdrola reported a net production of over 35,500 gigawatt hours (gWh), down 13.3 percent year-over-year as declines in gas combined-cycle generation and cogeneration offset a renewables increase to more than 25,200 gWh. Electricity supplies totaled

Supermarkets, offices and shopping centres could be required to install solar panels over their car parks under plans being considered by the Government. The plan to create “solar carports” would generate energy to power homes, businesses and electric vehicles. The call for evidence from Ed Miliband’s Department for Energy Security and Net Zero will consider making solar panels mandatory for new car parks but also explore extending that to existing parking lots. It will also examine the cost of installing the panels above parking spaces. Officials believe that mandating the installation of solar panels in canopies over car parks would unlock “underutilised” space, create shaded parking spots and more charging points for electric vehicles. Energy Secretary Mr Miliband said: “Right now, the sun is shining on hundreds of thousands of car parking spaces across the country which could be used to power our homes and businesses. “We want to work with businesses and car park operators to turn our car parks into solar carports to save families and businesses money with clean, homegrown British energy.” The Government estimates that an 80-space car park could save around £28,000 per year in electricity bills by installing solar carports and using all electricity generated.

The Welsh government announced on May 6 that it had completed a £2m equity investment in Inyanga Marine Energy Group, one of the companies involved in the tidal energy development at Morlais, Ynys Môn (Anglesey). The investment was also due to be announced by Welsh First Minister Eluned Morgan at the Marine Energy Wales Conference in Cardiff on May 6. It is expected to be used to fund improvements to tidal turbines, allowing them to produce up to 60% more energy, and then helping to test these improved turbines in real sea conditions at the Morlais tidal energy site. “The improved turbines will explore making tidal energy more practical, helping speed up the global move away from fossil fuels,” Morgan stated. The turbines will power most of the tidal energy projects planned for the Morlais site, which is located in an area characterised by strong currents. Morlais is being developed as a ‘plug and play’ model described as the first of its kind globally. Under plans for the site, Morlais, which is owned and managed by Ynys Môn social enterprise Menter Môn, will install infrastructure including a connection to the national grid and an onshore substation near Ynys Lawd (South Stack) and Parc Cybi. Morlais will then rent berths to various turbine development companies so they can use tidal energy to generate electricity, potentially allowing different types of electricity generation technology to be installed as part of the project. © Supplied by Welsh GovernmentMorlais tidal stream energy project will connect to the national grid and a substation on the shore near Ynys Lawd (South Stack). Inyanga is among the companies planning to participate in Morlais, with its HydroWing project, which has been awarded two contracts for difference (CfDs) in the UK government’s 2023 and 2024 allocation rounds, each for 10

Acquisitions have dominated the shipping industry of late, namely Havfram of Norway’s takeover by Belgian group DEME; and that of Sweden-rooted Northern Offshore Group by Japanese shipping giant NYK. But before we get to the main course, we’re starting with a taster – completion of a pocket service vessel built for the UK-headquartered, but fundamentally Turkish-owned, Tor Group and developed by Macduff Ship Design, which, locally in Scotland, is famous as a designer of excellent fishing vessels. Tor Boreas is a cutting-edge, powerful, multi-purpose service vessel, but it is designed to be particularly able to serve offshore wind sector needs. The diesel-electric vessel is designed to comply with the not more than 24m registered length rules to allow it to operate under UK MCA Workboat Code Edition III regulations, but has also been built to Bureau Veritas regulations and approval for international operation. The deck gear pack includes a Melcal 13-tonne offshore crane, a Melcal hydraulic A-frame with a five-tonne lifting capacity, a 25-tonne electrically driven aft towing winch, a 500mm stern roller, and an aft deck with a clear deck area of more than 230 square feet. The open deck is capable of safely loading up to 60 tonnes of deck cargo or 3 x 20ft containers, and is arranged with modular installation for dive and survey support units. Remarkably for such a compact boat, Tor Boreas is also equipped with a 1500mm x 1500mm moon pool and is fitted with a VEEM stabiliser system. This should significantly reduce at sea motion, so enabling service operations to be conducted in poorer sea states than would normally be possible; and greater crew comfort. © Supplied by Macduff Ship DesignTor Boreas vessel. Takeovers First up, DEME acquired Havfram in a deal worth about €900 million (£770,787,000). Havfram is primarily owned by US