| Welcome to our guide to the energy and commodities markets powering the global economy. Today, reporter (and Berkeley resident) Mark Chediak explains how the city is trying a new approach to stamp out fossil fuels. To get this newsletter in your inbox, you can sign up here. When residents of Berkeley, California, vote in next week’s presidential election, they’ll also get a say on a renewed attempt to clamp down on polluting fossil fuels. On the ballot is “Measure GG,” an initiative that would require owners of commercial and multi-family buildings of more than 15,000 square feet to pay a fee to use natural gas. The charge would be as much as twice the current average price, with revenues helping to fund clean-energy upgrades and electric appliances. The city, occasionally described by its own denizens as the People’s Republic of Berkeley, has long been at the vanguard of progressive policies. And this isn’t the first time it has targeted gas — or buildings, which account for about a third of US greenhouse gas emissions.  Berkeley, California, occasionally described as the People’s Republic of Berkeley. Photographer: Bloomberg Back in 2019, Berkeley became the first place in the country to ban gas hookups in new-builds. Dozens of cities, including Los Angeles and New York, subsequently approved similar measures. The trend alarmed producers of the fuel and sparked a culture war over gas stoves. It also prompted more than 20 mostly conservative states to pass laws prohibiting local governments from introducing such restrictions. Berkeley’s move was challenged by the California Restaurant Association, with support from the gas industry. A federal appeals court struck down the ban, and the city canceled the ordinance earlier this year. Environmental activists and labor unions backing Measure GG insist urgency is needed to address climate change. They say the tax will incentivize changes to the largest buildings and local air quality would improve. Small businesses — including restaurants — argue they’d struggle under the new levy, potentially forcing them to close or move away. Some nonprofits have added their weight to the opposition. Will voters risk driving them out in an effort to stem emissions? And if they do, will other cities again follow suit? Just like five years ago, Berkeley’s anti-gas crusade is one to watch. --Mark Chediak, Bloomberg News Weaker oil prices and refining margins are likely forcing four of the five supermajors to borrow money to fund $15 billion in buybacks for the most recent quarter, raising doubts over payouts in the longer term. Exxon Mobil Corp., Chevron Corp., Shell Plc, TotalEnergies SE and BP Plc are expected to post lower earnings this week, according to analyst estimates compiled by Bloomberg. That will leave all except Shell unable to cover dividends and buybacks with free cash flow, which is seen 30% lower than a year ago. Oil tumbled after Israeli strikes against Iran avoided crude facilities. While the situation is fluid, the first tentative conclusions from the bombing are bearish, according to Bloomberg Opinion’s Javier Blas. Shares of Waaree Energies Ltd. jumped almost 75% after a $514 million initial public offering by India’s largest solar-panel maker. The debut comes on the back of a world-beating rally in the country’s renewable-energy stocks this year. Chinese commodity producers are still bearing the brunt of the economic slowdown, with steelmakers among the worst affected. Cumulative losses in the industry swelled to 34 billion yuan ($5 billion) during the first nine months of the year, data show. Tropical Storm Trami dumped heavy rain across parts of Vietnam’s key coffee-growing region, just as the world’s biggest producer of robusta starts harvesting beans. Chronic power outages have long hobbled South Africa. Yet it’s now been seven months since the last blackout as a wave of reforms helps state utility Eskom Holdings SOC Ltd. get back on its feet. Five Key Charts to Watch in Global Commodity Markets Monday: Earnings from Sinopec, Cnooc Ltd., Indian Oil Corp., Galp Energia SGPS SA Tuesday: Future Investment Initiative, Riyadh (through Oct. 31); American Petroleum Institute weekly report on US oil inventories; earnings from PetroChina Co., China Oilfield Services Ltd., OMV AG, BP, Phillips 66 Wednesday: Genscape weekly crude inventory report for Europe’s ARA region; Energy Information Administration weekly report on US oil inventories; earnings from Hess Corp., Aker BP ASA Thursday: BNEF Energy Transition Forum, Seoul; EIA weekly US natural gas inventories; earnings from Shell, TotalEnergies, Repsol SA, Technip Energies NV, ConocoPhillips, Cheniere Energy Inc., Cenovus Energy Inc., Canadian Natural Resources Ltd. Friday: Bloomberg publishes the bulk of its country oil-tanker trackers for October and its monthly OPEC production survey; earnings from Dominion Energy Inc., Chevron, Exxon Mobil, Imperial Oil Ltd. -
BHP Group has triumphed in its battle to minimize the costs of the Brazilian dam failure that killed 19 people in 2015. But it’s yet to convince the local community of its commitment to fairness and justice, according to the Australian Financial Review. -
Two years on from the Inflation Reduction Act, some areas of the US have won big, while others have lagged behind. The Washington Post looks at the surprising winners and losers of America’s clean-energy boom. -
An extra £10 billion ($13 billion) of North Sea oil and gas value could be unlocked if the UK were to implement a fiscal system that encourages investment — and restores trust with the industry — according to an analysis by Wood Mackenzie. Against the backdrop of the United Nations Climate Change Conference, Bloomberg Green convenes the foremost leaders in business, finance, policy, academia and NGOs for candid conversations focused on COP29’s core goals. Join us in Baku, Azerbaijan, on Nov. 13. Learn more. | 
