Oil and most other commodities powered higher, while gold fell, after China and the US ratcheted down trade tensions that had threatened to slash demand for raw materials. West Texas Intermediate crude rose 1.5% to settle at $61.95 a barrel in New York, while copper advanced 0.8%. European natural gas, soybeans and iron ore also rallied. Shares of the top mining companies surged. The truce between the world’s two largest economies brought some temporary relief to commodity markets roiled by tariffs that dented the outlook for global economic growth in recent weeks. Oil watchers have slashed demand forecasts, and the trade war already was showing signs of reducing the volume of goods arriving in the US. China will reduce tariffs on US goods to 10% from 125%, while America will cut its own curbs to 30% from 145% in an arrangement lasting for 90 days. At a briefing after the talks, US Treasury Secretary Scott Bessent said neither nation wanted their economies to decouple. Both countries said they would establish a mechanism to continue discussions on economic and trade relations. “The oil market got caught up in the euphoria, but the damage has already been done to demand in the short term,” said John Kilduff, founding partner of Again Capital LLC. Still, reduced trade war tensions have removed $3 to $5 of downside from the market, rendering the new price floor near $60 a barrel, he said. Commodities have been volatile ever since President Donald Trump first announced so-called reciprocal tariffs in early April. Oil prices are still down more than 10% since then as the market contends with rising supplies from the Organization of the Petroleum Exporting Countries and its allies. While commodity trading advisers are still largely betting against crude, they’re moving off their extreme bearish stance. The

Equinor ASA got no new signals that the Trump administration would reconsider the halt imposed on the Empire Wind project when its CEO met with a top White House official last week. Now the company must decide whether it will kill the project.  “If no progress is made within days, Equinor will be forced to terminate the project,” Molly Morris, president of Equinor Renewables Americas, said Monday. “We are still fighting every day to find a resolution.” That came after there was no indication of a change in stance from US officials when the Norwegian oil and gas company’s Chief Executive Officer Anders Opedal and other top officials met with US National Economic Council Director Kevin Hassett on May 6, spokesperson Magnus Eidsvold said Monday. A termination would cause the company to lose much of its $2.7 billion investment on the project. “It would be a direct impact to Equinor and our balance sheet,” Morris said. The $5 billion project was halted in April when Interior Secretary Doug Burgum said the Biden administration had rushed its approvals. Empire 1 was fully-permitted and slated to start commercial operation in 2027. Its 54 turbines were designed to power 500,000 homes. ‘Honoring Contracts’  Now, the paused project is costing the company $50 million a week, Morris said. While work at sea is completely stopped, operations at the South Brooklyn Marine Terminal in New York continue, and there are costs associated with keeping people and equipment on standby.  The halt on Empire is bigger than Equinor or even offshore wind, Morris said. “It’s about honoring contracts and financial investments made in the US,” she said. “They are setting a dangerous precedent by stopping a project in mid-execution.” Morris said Equinor has operated in the US for almost 40 years and has invested more than $60 billion in the

Heather Reams is president of Citizens for Responsible Energy Solutions. China dominates the global critical mineral supply chain threatening the United States’ national security and goal of energy dominance. Last year, China mined 270,000 metric tons of rare earth elements, which comprises over two-thirds of global rare earth production. China also controls nearly 90% of global refining capacity. This is why President Trump’s Executive Order 14241 underscores a key challenge facing America’s economic and national security: the United States’ dependence on foreign critical minerals sourced largely from overseas, particularly from China.  To be specific, lithium, cobalt, graphite and rare earth elements — all crucial for batteries powering electric vehicles and renewable energy systems — flow largely through China’s processing facilities, creating a troubling strategic vulnerability. This makes the administration’s call for a robust domestic critical mineral supply chain not mere politics — it’s a strategic national and economic security imperative in the age of increasing geopolitical competition, surging energy demand and artificial intelligence.   However, an important question to ask ourselves is why America outsources almost all mineral needs to adversarial nations such as China. The answer lies in red tape, decades of underinvestment and regulatory delays amidst global market dynamics. These factors lead us to rely heavily on imports, often from geopolitically risky sources. Even when the United States does extract its own minerals, most are sent to China to be refined. That means America’s own vast and abundant mineral resources — cobalt in Missouri, antimony in Idaho, lithium in Nevada, Arkansas and Maine — are left untapped and unused.  There is some good news: the Advanced Manufacturing Production Tax Credit, known as 45X, is a powerful policy lever created to strengthen our domestic critical minerals industry. 45X accelerates American refining and processing of critical minerals. Crucially, these tax credits are

President Trump on Friday signed four Congressional Review Act resolutions that will roll back energy efficiency standards and rules passed in the waning days of the Biden administration. The CRA allows Congress to rescind rules passed by federal agencies. The act, enacted as part of the Small Business Regulatory Enforcement Fairness Act in 1996, applies to interim and final rules. The rules Trump rescinded Friday covered tankless natural gas water heaters, commercial refrigerators and freezers and walk-in coolers. A fourth resolution did away with certification requirements for a range of products subject to energy efficiency standards, but it did not alter the efficiency requirements themselves, according to the Appliance Standards Awareness Project. The water heater standard was expected to reduce total costs for consumers by an average of $112 over the life of the appliance, according to a fact sheet from the group. The rule for commercial refrigerators and freezers was expected to save businesses $4.6 billion and walk in cooler standards would have saved businesses up to $6.5 billion, both over 30 years of those products’ sales, the group said. “President Trump just signed a series of bills that will raise costs for families and businesses,” ASAP Executive Director Andrew deLaski said in an email. Trump has opposed energy efficiency requirements and has taken other steps to reduce regulation and oversight. The Environmental Protection Agency plans to end its popular Energy Star program, which helps consumers identify energy-efficient home appliances.  “It’s all about common sense,” Trump said at the signing ceremony Friday, arguing that the efficiency rules cost businesses money and leave consumers with less product choice. Sen. Ted Cruz, R-Texas, had proposed the resolution rescinding regulations for natural gas water heaters. “The Biden-Harris administration knew they were increasing costs on American consumers and limiting consumers’ ability to choose the heater that works

Dive Brief: Dominion Energy’s Virginia subsidiary has until December to propose a virtual power plant pilot program with up to 450 MW of capacity under a state law signed May 2 by Republican Gov. Glenn Youngkin. Residential, commercial and industrial customers are eligible for participation in the pilot, which must include incentives for at least 15 MW of residential battery additions. By December 2027, Dominion must also propose an electric school bus program that would allow it to tap energy stored in idled buses’ batteries.  The Virginia law incorporates elements of model virtual power plant enabling legislation developed by distributed energy advocacy group Solar United Neighbors. Similar bills have been introduced in a handful of other states. Dive Insight: The Virginia law, which was introduced as HB 2346/SB 1100, only applies to Dominion Energy Virginia.  The law requires Dominion to petition the State Corporation Commission, which regulates utilities, for the pilot by December 1 this year and propose a program tariff for residential, commercial and industrial customers by November 15, 2026. Participants may enroll directly with the utility or through a third-party aggregator. Following the pilot’s conclusion on July 1, 2028, the commission must “evaluate the effectiveness of the pilot programs in providing grid services during times of peak demand” and begin developing a permanent program with set procurement targets and performance metrics. The Virginia law is a “major bipartisan win,” said Shannon Anderson, virtual power plant policy director for Solar United Neighbors. Anderson’s title reflects SUN’s preferred terminology: “distributed power plant,” or DPP. SUN’s model legislation and utility tariff incorporate elements of the ConnectedSolutions Massachusetts battery program, one of the few utility VPP programs to reach significant scale in the United States, Anderson said. Like ConnectedSolutions, the model tariff is open-access with no enrollment caps or expiration dates, allows

The UK is unlikely to implement zonal pricing before the end of the decade, according to a report from energy analysis firm Cornwall Insight. Zonal pricing might not be rolled out until the mid 2030s, according to its research. Kate Mulvany, principal consultant at Cornwall Insight, said: “Zonal pricing would represent the most fundamental redesign of the GB electricity market in decades. “It is an incredibly divisive topic in the industry, and regardless of the purported benefits, its implementation is going to take significant time and resource. Political backing and industry support may help, but a go-live before 2030 remains incredibly unlikely.” Implementation of a regional pricing scheme, known as ‘zonal pricing’, could take up to five to six years after any decision is made, the analysis firm predicts. Mulvany warned that keeping a credible delivery timeline will be essential to “keep renewables investment and avoid unintended consequences”. Energy secretary Ed Miliband is expected to make a decision on wholesale electricity market reform measures and implementation by mid-year. Zonal pricing forms part of these discussions. The government’s discussions around zonal pricing remain ongoing, with results expected this summer, a spokesperson for the Department for Energy Security and Net Zero confirmed. Miliband has previously said his “bottom line” is that any reform has to cut bills across the country, and that he would not enforce a system that led to a “postcode lottery”. A spokesperson for DESNZ said: “We are considering reforms to Britain’s electricity market arrangements, ensuring that these focus on protecting billpayers and encouraging investment. We will provide an update in due course.” The government’s commitment to making a decision on zonal pricing by mid-year “is the start of a long road, not the finish line”, Mulvany warned in a statement. Electricity prices Cornwall Insight anticipates that if zonal