Construction green-lighted: Federal regulators have authorized initial construction on Black Bayou Energy Hub’s planned $1.6 billion natural gas storage project in Cameron Parish, backed by energy trader Mercuria. The facility will connect to 10 interstate pipelines and store up to 44.4 billion cubic feet of gas to serve growing demand from LNG terminals, industrial facilities and power generators. The project is expected to create 23 direct jobs and more than 1,000 temporary construction jobs, with commercial operations targeted for 2028. The Center Square has the full story.
Focus on AI: Meta Platforms has disclosed about $825 billion in future spending commitments, largely tied to artificial intelligence computing power and infrastructure. The commitments include $355.7 billion in leases for data centers and energy infrastructure and $454.5 billion in noncancelable contracts, many involving cloud computing, energy and consumer hardware. The total marks an increase from nearly $700 billion reported in July, as Meta expands its AI investments and raises its capital spending plans. Bloomberg has the full story.
Three-month low: U.S. jobless claims fell to 194,000 last week, down from 200,000 the previous week and the lowest level in three months, signaling that layoffs remain low. Employers have continued to hold onto workers despite higher energy costs, but hiring remains sluggish, with the economy adding an average of 68,000 jobs monthly this year and unemployment at 4.2%. While job creation has improved from 2025, hiring remains well below levels seen in 2023 and 2024, reflecting a “low-hire, low-fire” labor market. The Associated Press has the full story.
