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US inflation holds steady, energy rises in August
US inflation holds steady, energy rises in August
Houston, 11 September (Argus) — US headline inflation held steady in August while energy prices ticked up, maintaining pressure on the Federal Reserve for a likely rate hike next week as it battles to stem inflationary pressures uncorked by the Mideast Gulf war. The consumer price index (CPI) rose at an annual 3.4pc pace in August, according to Labor Department data released today. That followed a 3.4pc pace in July that was down from 3.5pc in June. Core inflation, which strips out volatile food and energy, eased to a 2.4pc annual pace, compared with a 2.5pc rate in July. "A September rate hike is now very likely, but a tightening cycle looks unwarranted," Pantheon Macroeconomics said in a note after the report. "We think the most likely outcome is that September's rate hike will be a one-time tightening." Prior to the report, the CME FedWatch tool showed a greater than 70pc probability Federal Reserve policymakers will raise the target rate by a quarter point at its meeting on 16 September. The Fed has kept its target rate unchanged through five meetings this year amid mounting tariff and Gulf war uncertainty after lowering it three times late last year. The energy index rose by an annual 16.3pc in August, compared with 14.7pc in July. Energy commodities rose by 28pc in August compared with 24.7pc in July. Gasoline rose by 27.4pc on the year, up from 24.6pc the prior month. Fuel oil rose by 52pc following a 39.1pc gain in July. Piped gas services rose by 4.4pc on the year, following 4.3pc in July. The food index rose at an annual 2.7pc in August following a 3pc pace in July. Shelter rose at a 3pc pace, slowing from 3.2pc in July. Services less energy services, considered a core reading of service prices, was unchanged at a 3pc pace. New vehicle prices rose by 0.6pc in August on the year, compared with a 0.5pc rate in July, while used vehicles prices fell by 2.4pc in August compared with a 1.9pc decline in July. Medical care services rose at a 2.5pc annual rate in August compared with a 2.7pc pace in July. Transportation services rose by 2.4pc in August, slowing from 2.9pc. Airline fares rose by an annual 23pc in August, compared with 25.5pc the prior month. On a monthly basis, CPI rose by 0.4pc in August, after creeping up by 0.1pc in July, while the core index rose by 0.3pc for the month after a 0.2pc gain the month prior. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU may set CO2 removal targets for member states
EU may set CO2 removal targets for member states
London, 10 September (Argus) — The European Commission may propose country-specific targets for emissions cuts from carbon removals in an energy package expected "by the end of the year", according to Christian Holzleitner, head of the commission's land economy and carbon removals unit. Holzleitner was speaking during the EU's carbon removal and carbon farming (CRCF) buyers' club webinar on Thursday. The club plans to launch a request for proposals in the first quarter of 2027, a working partner with the commission on the club said during the webinar. The targets would give national authorities clear direction to boost funding for domestic and permanent carbon removal projects certified under EU CRCF regulation. The plan also envisages linking carbon farming activities with existing public funding, such as that reserved for agricultural support, Holzleitner said. The commission will open a €50bn funding call under the European Innovation Council (EIC) accelerator challenge later this year for early-stage CO2 removal projects that follow CRCF-certified methodologies and other methodologies that may be adopted in the future, Holzleitner said. This will be the first EIC call dedicated exclusively to CO2 removals, aimed at bolstering projects run by start-ups and medium-sized companies. The commission will also open five innovation fund calls that may apply to carbon removal projects around the same time, Holzleitner added. Such projects may be eligible to issue credits through the CRCF buyers' club, which aims to issue a request for proposals for eligible initiatives in the first quarter of 2027, timed alongside the funding calls, according to Danny Broberg, Stripe Climate's climate and carbon removal policy lead, who was speaking during the webinar. The buyers' club aims to announce credit purchases from 2-5 projects by the end of the year, Broberg added. By Kiara Campagne Nieva Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
High demand drives EEX new Bess hedging products
High demand drives EEX new Bess hedging products
London, 10 September (Argus) — "High client demand" was behind Leipzig-based power exchange EEX's decision to launch battery-focused Top-to-Bottom (TBx) futures, EEX chief executive Tobias Paulun told Argus today on the sidelines of a press briefing. These new products, which will go live on 21 September, will allow participants to hedge the difference between the highest and lowest-priced hours within a day. This provides a certain degree of optionality and a hedge for battery energy storage systems (Bess) providers and utilities, Paulun said. The clearing house is launching a two-hour TB2 version across a handful of markets, including Germany, France, Italy and the UK, as well as a four-hour TB4 version in Italy and Spain. If the launch is "successful", EEX will extend to other markets, Paulun added. EEX senior business developer Viviana Ciancibello told Argus that the exchange is not planning on extending to a six-hour TB6 version because it would be too similar to the peak profile and would break up liquidity. She added that a four-hour product could be a suitable enough hedge for a six-hour battery. European Bess capacity is expected to exceed 150GWh this year, according to lobby group SolarPower . And the group forecasts that capacity could grow by 42pc/yr in 2027-30 to 582GWh, based on its 'medium' scenario, and to as much as 735GWh under the 'optimal' scenario. BNP Paribas' head of exotic gas and power trading, Yiwen Wu, said batteries are strategic assets for Europe. "Everyone is hearing about gas storage, but I would say batteries are equally important and will be more important in the future for the security of energy supply and for grid stabilisation," he said. The combination of inflated gas prices, prolonged heatwaves and droughts stressed Europe's power system this summer, Centrica Energy flexibility portfolio manager Jeroen Gillis said. "That's created a lot of additional spreads on these short-term power markets. With batteries, that translates into higher revenues as this flexibility is more valuable," he added. Paulun said the exchange also constantly discusses the addition of weather derivatives with market participants, as renewables play a growing role in energy systems and the impact of weather patterns increases. "So far, the consensus has been that ultimately the impact of weather patterns is best reflected in the market price for electricity," he said. "If we provide more specific products, then you naturally have also a smaller client base. So that's why we haven't decided to launch [weather derivatives] so far, but that may well change in the future." By Ilenia Reale Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
August was joint-hottest month on record: EU Copernicus
August was joint-hottest month on record: EU Copernicus
London, 10 September (Argus) — Last month was the hottest August globally on record, and tied with July 2023 as the joint-hottest month recorded, data from EU earth-monitoring programme Copernicus show. The global average surface air temperature in August was 16.96°C, 0.85°C above the 1991-2020 average and 1.65°C above the pre-industrial average, Copernicus data show. It was the first month since November which was recorded as above 1.5°C higher than the pre-industrial era. The Paris climate agreement seeks to curb the global rise in temperature to "well below" 2°C above pre-industrial levels, and pursues a 1.5°C limit. Western Europe experienced its warmest summer on record, surpassing the previous record set in 2003, Copernicus said. The region recorded "further heatwaves" in August, "continuing an exceptional run of extreme heat that began in May", Copernicus noted. Severe drought conditions were reported across much of Europe, including in France, the UK, Hungary, Romania and Serbia, affecting power output , transport and agriculture. European river flows were "exceptionally low", including for the Rhine , Danube, Southern Bug and Dnieper rivers, Copernicus added. The joint-highest monthly average sea surface temperature for non-polar oceans was recorded in August. It stood at 21.07°C, on par with March 2024, Copernicus said. The highest daily sea surface temperature was also recorded in August, at 21.11°C for non-polar oceans. Ocean temperatures are also extremely high in much of the tropical Pacific, where El Nino conditions "are present and forecast to further strengthen in the coming months", Copernicus said. The current El Nino event is widely expected to be one of the strongest ever recorded. El Nino, a naturally-occurring weather pattern, typically leads to higher global temperatures. Its effects — and those of its opposite pattern, La Nina — vary across regions, but can significantly shift rainfall and temperature patterns. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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