US added 256,000 jobs in December

Market: Coal, Electricity, Metals, Natural gas
10/01/25

The US added 256,000 nonfarm jobs in December, reflecting a robust labor market that may prompt the Federal Reserve to keep borrowing costs higher for longer.

Analysts had expected gains of about 160,000 jobs for December.

The gains last month followed 212,000 more jobs in November, which were downwardly revised by 15,000, the Labor Department said Friday. Job gains in October were revised up by 7,000 to 43,000 jobs.

The CME's FedWatch tool today showed 97.3pc probability Fed policy makers will keep the target lending rate unchanged at 4.25-4.5pc at the next Fed meeting at the end of the month, up from 93.6pc on Thursday. FedWatch shows nearly 60pc probability of no change through the May meeting, up from about 45pc Thursday.

Unemployment edged down to 4.1pc in December from 4.2pc the prior month.

Payroll employment gains averaged 186,000/month in 2024, for total gains of 2.2mn jobs. That was down from 251,000 jobs/month in 2023, for total gains of 3mn jobs that year.

Health care added 46,000 jobs in December, retail trade added 43,000 jobs, government jobs rose by 33,000, social assistance increased by 23,000, and leisure and hospitality added 43,000 jobs.

Construction added 8,000 jobs in December. Manufacturing lost 13,000 jobs and mining and logging lost 3,000 jobs. Transportation and warehousing jobs grew by 9,600.

Average hourly earnings grew by an annual 3.9pc following 4pc growth in November.

By Bob Willis

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23/06/25

Iran fires missiles at US military base in Qatar

London, 23 June (Argus) — Iran today fired missiles at a US base in Qatar in retaliation for the weekend attack on its nuclear facilities. The Iranian military said the US' Al-Udeid base was its target. The Qatari government said it intercepted the missiles and there were no deaths or injuries. Tensions in the region have been stretched since the US bombed Iranian nuclear facilities at the weekend. US president Donald Trump today again expressed a desire for regime change in Tehran, which in turn said US military interests were now legitimate targets. Earlier, Qatar closed its airspace and the US and UK embassies there issued safety warnings to their citizens, suggesting this Iranian attack was flagged and expected. The price of Ice Brent crude fell by as much as 4.5pc in the wake of the Iranian attack to an intraday low of $72.48/bl, having hit a five-month high of $81.40/bl earlier in the day. The Iranian move echoes its attacks on US military targets in Iraq after the US' killing of senior Iranian military commander Qassem Soleimani in January 2020. Perhaps mindful of this, foreign firms operating in Iraq today started removing some employees from the country. Regional airlines began cancelling and rerouting flights across the Middle East, with flight tracking showing almost no flights in the air above the Mideast Gulf. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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UK set to boost clean energy investments by £30bn/yr

23/06/25

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23/06/25

UK set to boost clean energy investments by £30bn/yr

London, 23 June (Argus) — The UK government plans to increase its clean energy investment by more than £30bn/yr over the next 10 years as part of its broader industrial strategy, it announced today. The new Clean Energy Industries Sector Plan sets out a framework to boost the UK' economy to 2035 by investing in low-carbon technologies. It focuses on key sectors including offshore and onshore wind, nuclear fission and fusion, hydrogen, carbon capture, usage and storage (CCUS) and heat pumps. State-owned entity Great British Energy will invest more than £8.3bn during this parliament, including £1bn for a Clean Energy Supply Chain Fund to support domestic manufacturing. The National Wealth Fund, with £27.8bn in capital, will channel at least £5.8bn into CCUS, hydrogen, ports and green steel projects. And state-owned development bank the British Business Bank will allocate £4bn under its Industrial Strategy Growth Capital package to attract £12bn in private investment for climate technology firms, the government said. The contracts for difference scheme's newly launched "clean industry bonus" has committed £544bn to offshore wind supply chains, potentially leveraging £9bn in private funds, with discussions under way to extend this to hydrogen and onshore wind. The offshore wind sector is projected to contribute £2bn-3bn of gross value added per gigawatt installed and could support 100,000 jobs by 2030, the government said. Nuclear fission initiatives include £300mn for the high-assay low-enriched uranium fuel programme, while the projected 3.2GW Hinkley Point C and 3.2GW Sizewell C nuclear plants aim to pass on 64pc and 70pc, respectively, of the construction value to UK businesses. Fusion energy will receive £2.5bn over five years to advance research, including the Spherical Tokamak for Energy Production prototype by 2040. Hydrogen projects, backed by the hydrogen allocation rounds, are expected to secure £400mn in private investment by 2026, with a regional hydrogen network planned for 2031. CCUS will benefit from £9.4bn to support the East Coast and HyNet clusters, with further funding for the Acorn and Viking clusters under review. And a £13.2bn Warm Homes Plan aims to boost heat pump demand, supported by an investment accelerator competition to expand manufacturing. Starting in 2027, the British Industrial Competitiveness Scheme is intended to reduce electricity costs by up to £40/MWh for more than 7,000 electricity-intensive businesses in manufacturing sectors such as automotive, aerospace and chemicals. Industrials will be exempt from levies used to fund renewables obligation schemes, feed-in tariffs and the capacity market. And the government plans to increase support for about 500 energy-intensive firms such as steel and glass manufacturers by raising their electricity network charge discount from 2026 to 90pc from 60pc. The plan projects significant job growth by 2035, with a forthcoming Clean Energy Workforce Strategy to address skill shortages in engineering and manufacturing, the government said. By Timothy Santonastaso Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Subsidised bio-LNG deemed eligible under FuelEU

23/06/25

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23/06/25

Subsidised bio-LNG deemed eligible under FuelEU

London, 23 June (Argus) — Subsidised bio-LNG and other types of alternative fuels are deemed eligible under FuelEU Maritime Regulation, according to sources with knowledge of the matter. FuelEU allows emissions reductions supported under other legal frameworks, such as the support schemes under RED, in order to encourage greater investment in less carbon-intensive marine fuels. Under Directive (EU) 2018/2001 (RED), the greenhouse gas (GHG) reductions are counted towards member states' targets, while under FuelEU the targets are set to shipping companies. Excluding subsidised marine fuels may otherwise lead to competitive disadvantages for smaller sectors, such as European biomethane. The European Commission has not yet issued an official statement. Demand for bio-LNG has risen sharply this year with the start of FuelEU Maritime in January, requiring ship-owners to reduce their GHG emissions by 2pc in 2025, with targets steadily rising to 80pc in 2050. Subsidised, bunker dob bio-LNG in Northwest Europe was last assessed at €78.09/MWh ($89.55/MWh) on Thursday, while its unsubsidised counterpart was assessed at €93.59/MWh. By Madeleine Jenkins Bio-LNG vs Gas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Russia condemns US strikes, offers Iran support

23/06/25

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23/06/25

Russia condemns US strikes, offers Iran support

London, 23 June (Argus) — Russia has condemned US airstrikes on Iranian nuclear facilities but said they will not affect Moscow's dialogue with Washington. "This is an absolutely unprovoked aggression against Iran. It has no basis or justification," state news agency Tass quoted President Vladimir Putin as saying during a meeting in Moscow with Iranian foreign minister Abbas Araqchi. Earlier today, Kremlin spokesperson Dmitry Peskov also criticised the strikes and expressed "deep regret" over the escalating conflict in the Middle East. "There has been an increase in the number of participants in this conflict, a new round of escalation of tensions in the region. And of course, we condemn this and express deep regret in this regard," Peskov said, according to Tass. Despite the tensions, Peskov said the US strikes would not affect Russia's bilateral dialogue with Washington, describing the two processes as "independent". He also raised concerns about potential radiation risks from the attacks. "We need to find out what happened to these nuclear facilities and whether there is a radiation hazard," he said, while noting that the UN nuclear watchdog, the IAEA, had reported no signs of contamination so far. Peskov said Russia is ready to support Iran, depending on Tehran's needs. "We have offered our mediation efforts. This is specific," he said. "Everything depends on what Iran needs." Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Iran vows payback after US strike on nuclear facilities

23/06/25

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23/06/25

Iran vows payback after US strike on nuclear facilities

Dubai, 23 June (Argus) — Iran said today that US airstrikes on its nuclear facilities have expanded the range of legitimate military targets for its armed forces, intensifying concerns over supply disruptions in a region that underpins global oil trade. Powerful and targeted operations with "serious consequences" await the US in response to its direct involvement in strikes on Iranian soil, according to Ebrahim Zolfaqari, spokesperson for Iran's Khatam al-Anbiya central military headquarters. "Mr. Trump, the gambler, you may start this war, but we will be the ones to end it," Zolfaqari said. The US strikes on three heavily fortified nuclear facilities in Iran early on 22 June local time marked a clear shift, with Washington now openly joining Israel's military campaign against Tehran's nuclear programme, which Israel views as an existential threat. Israel and Iran have been trading airstrikes and missiles since 13 June. The US has thousands of troops stationed across the Middle East, including in Bahrain, Qatar, the UAE, Kuwait, Saudi Arabia and Iraq. While Iran has threatened retaliation, it has so far held back from steps often floated by its leadership, such as striking US bases in the region or closing the strait of Hormuz — a vital waterway through which about a quarter of global seaborne oil trade flows. The US bombing and Iran's threats of retaliation caused crude futures to rise sharply in early trading on 23 June , with front-month Ice Brent climbing above $80/bl for the first time in five months, as the US bombing raised fears of wider escalation. But markets later pared gains. The August Ice Brent contract was trading at $76.56/bl as of 08:25 GMT, down by 45¢/bl from its 20 June settlement. Trump warned Iran against retaliating for the strikes and signalled he is open to regime change in Tehran. "If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" he said on Sunday, as Tehran continued to show defiance. He followed up by claiming the strikes had caused "monumental" damage to Iran's nuclear sites, adding that the "biggest damage took place far below ground level. Bullseye!!!" The full extent of the damage remains unverified. But "even if nuclear sites are destroyed, game isn't over, enriched materials, indigenous knowledge, political will remain", said top Iranian military and nuclear adviser, Ali Shamkhani. The UN's nuclear watchdog, the IAEA, said on 22 June that no increases in off-site radiation levels had been reported following the US strikes. Director general Rafael Grossi, in an address to the UN Security Council, confirmed that Fordow — Iran's main facility for enriching uranium to 60pc — was hit. He also said the Esfahan nuclear site and the Natanz enrichment facility were struck again. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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