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Carney: New oil pipeline proposal for Canada highly likely
In an interview with the Calgary Herald published on Sunday, Prime Minister Mark Carney said that a new oil pipeline along the coast of British Columbia is likely to make the list of projects considered to be of national significance by the Canadian government. Carney stated in an interview on Saturday that "given the size of the economic opportunity and the resources, expertise, and knowledge we have that it's highly, highly probable that we will be proposing a pipeline as one of these national-interest projects." The Prime Minister said it was up to the private industry to come up with the idea, and not a government "top-down" approach, where they say "we want that, we want this." Carney, who attended the annual Calgary Stampede in Calgary, said he also supported a proposed C$16.5 Billion ($12.14 Billion) carbon capture system to be built for Alberta's Oil Sands. Carney's remarks come just weeks after the Canadian Senate passed a law to expedite approval of natural resource and infrastructure project. The bill expedites approval of projects of national importance, including oil pipelines and mines. It also eliminates certain trade barriers between provinces. Canada is the fourth largest oil producer in the world. Canada has put oil and gas projects on its list as it tries to reduce its economic dependency on the United States. It sends 75% of all exports there.
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Operator: Explosive device likely caused damage to Greek tanker near Libya last week
TMS Tankers, the Greek operator of the tanker, said that an external explosive device was most likely responsible for the explosion which damaged the Greek oil tanker Vilamoura last week as it was sailing near the coast of Libya. This conclusion is based on a preliminary investigation. On June 27, the Marshall Islands flagged tanker Vilamoura was leaving the Libyan port Zuetina to head to Gibraltar, with around 1 million barrels oil. An explosion occurred in the engine room. TMS Tankers stated that preliminary investigation findings indicate clearly that the explosion and subsequent fracture of side shell plating as well as the flooding of engine room was caused by an unidentified explosive. Security at sea Sources Last week, it was reported that a limpet-mine may have been responsible for the explosion on Vilamoura. This is the fifth incident of this kind to occur in the past few months in the area. After the explosion, the engine room was inundated and the vessel became unmanoeuvrable. However, it could be towed to Greece. The operator said in a press release that the vessel had arrived safely in Laconikos Bay, Greece, and that its crew was in good health. (Reporting and editing by Renee Maltezou)
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UK maritime agency reports that a ship was attacked in the Red Sea near Yemen.
An attack on a ship in the Red Sea, off the coast of Yemen's southwest coast, was launched by eight small boats using gunfire and grenades. A British maritime agency and a security firm confirmed the incident. The situation continues, according to the United Kingdom Maritime Trade Operations and British maritime security company Ambrey. The attack was not immediately attributed to anyone. This is the first report on the region by the agencies since the middle of April. The tensions in the Middle East are still high due to the conflict in Gaza, the 12-day Israel/Iran war that lasted for 12 days and the airstrikes conducted by the United States against Iranian nuclear sites. The UKMTO and Ambrey reported that the attack took place 51 nautical miles southwest from Yemen's port of Hodeidah. The ship was not named. Yemen's Iran aligned Houthis launched over 100 attacks against shipping in November 2023. They claimed they were acting as a solidarity with Palestinians regarding Israel's conflict with Hamas. The group has sunk two ships and seized another, killing at least four seafarers. This offensive disrupted the global shipping industry, forcing companies to change their routes, which in turn prompted the U.S. government to intensify its attacks against the group. In May, Donald Trump announced that the U.S. will stop bombing Houthis in Yemen. He said the group has agreed to stop interfering with important shipping routes in the Middle East. Oman stated in a press release at the time that the agreement stipulated neither the U.S. or the Houthis could target each other. This included U.S. vessels in the Red Sea, Bab al-Mandab, and the Bab al-Mandab strait. In June, the Houthis of Yemen threatened to attack U.S. vessels in the Red Sea in case Washington joined Israeli attacks against Iran. The Houthis have not stated whether they intend to follow through with their threat following the U.S. attack on Iranian nuclear facilities in late June. Reporting by Muhammad Al Gebaly, Jaidaa Taka; Editing by Alison Williams, Emelia Sithole Matarise
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The Defence Ministry reports that Russia has destroyed 120 Ukrainian drones in one night.
The Russian Defence Ministry reported that the anti-aircraft system of Russia had destroyed 120 Ukrainian drones over night, mainly in bordering regions, but there was no damage. Ukraine is increasingly using drones in its war against Russia, which has lasted more than three years. Defence Ministry reported that drones were intercepted over night in Belgorod, Kursk and western Bryansk regions. The Oryol area, bordering Kursk, has also been the target of previous Ukrainian drone attacks that targeted oil facilities. Rosaviatsiya (Russia's Civil Aviation Authority) has lifted the restrictions placed overnight at airports such as St. Petersburg, Kaluga and Moscow to ensure safety. (Reporting and editing by Helen Popper; Vladimir Soldatkin)
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China extends flight path over Taiwan Strait by a third time
China announced on Sunday that it had opened a third flight extension along the M503 route. This is located just west of a unofficial dividing boundary in the Taiwan Strait. Taipei reacted by saying this was an "unilateral move" aimed at changing status quo. Last year, China moved the M503 flight route closer to median line. This drew a similar angry response from Taipei. It said that any changes made to the flight routes and their extensions should be communicated and agreed upon in advance by both parties. The W121 extension was opened just days before Taiwan's annual Han Kuang drills, which simulate a Chinese invasion and blockade of its democratic island. China has been flying warplanes over the median line to try to get Taipei, which claims sovereignty in China, to accept Beijing's claim. Civil Aviation Authority of China announced that "in order for the civil aviation to improve the operational efficiency and further optimize the airspace, the W121 line will be used as a connection of the M503 route." In a recent statement, Taiwan's China Policy-making Mainland Affairs Council stated that mainland China had "used unilateral action to change the status quo" and to increase unrest in the region and across Taiwan Strait. The third extension is W123, located to the south of W121. It was opened last year. All three extend west-east from mainland China to Taiwan. The Taiwan Affairs Office of China said that this measure was taken to "ensure flight safety, reduce flight delays and protect the rights and interest of passengers." The opening of the Strait was deemed "beneficial" for both sides. Taipei rejected the explanation, calling it "unjustified". It said that "the number" of international air travelers on the mainland had not recovered to levels before the COVID-19 pandemic. The Han Kuang military exercises will last 10 days. Taiwan is under increased pressure from China who considers Taiwan as their own. (Reporting from Yimou Le in Taipei and Marius Zaharia, Hong Kong; editing by Christian Schmollinger).
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China extends flight path over Taiwan Strait by a third time
China's Civil Aviation Authority said on Sunday that it had opened a third expansion of the M503 route. This flight route has been the subject of complaints by Taipei for many years due to its location just west of a unofficial dividingline in the Taiwan Strait. China moved the M503 route last year closer to the median, provoking an angry response from Taipei. It said Beijing was "packaging" civil aviation to serve political or military purposes, and potentially change the status quo of the Strait. The W121 extension was opened just days before Taiwan's annual Han Kuang drills, which simulate a Chinese invasion and blockade of its democratic island. China has been flying warplanes over the median line to try to get Taipei, which claims sovereignty in China, to accept Beijing's claim. Civil Aviation Authority of China announced that "to further optimize airspace and improve operational efficiency from now on, the civil aviation will use W121 connection lines of the M503 routes." Taiwan's China Policy-making Mainland Affairs Council has not responded to a comment request immediately. The third extension is W123, located to the south of W121. It was opened last year. All three extend west-east from mainland China to Taiwan. The Taiwan Affairs Office of China said that the measure was designed to "ensure flight safety, reduce flight delays and protect the rights and interest of passengers." The opening of the Strait was "beneficial" for both sides. Han Kuang, which will last 10 days, is set to begin on 9 July. Taiwan, facing increased military pressure from China which views the island as its own. (Reporting and editing by Saad Saeed; Additional reporting in Taipei by Yimou Le.
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F-16 escorts aircraft out of the area after airspace violation near Trump's Golf Course
The U.S. military released a statement saying that an F-16 fighter jet intercepted on Saturday a general aviation plane that had violated the temporary restriction placed over the golf club of U.S. president Donald Trump in Bedminster in New Jersey. North American Aerospace Defense Command said that the incident occurred at 2:39 pm (1839 GMT) and marked the fifth unauthorised incursion into the restricted airspace Saturday. The jet's identity was confirmed by a spokesperson. NORAD released a press release stating that the NORAD aircraft performed a headbutt maneuver in order to attract the attention of the civilian pilot. The aircraft was then safely escorted away from the area. The White House did not comment immediately on the incident. NORAD reported several similar incidents over the past few weeks and urges general aviation pilots in that area to review all notifications. (Reporting and editing by Alistair Bell; Reporting by Andrea Shalal)
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Mayor of Moscow: Russian air defences shot down four drones heading for Moscow
The mayor of Moscow said that Russian air defences destroyed four Ukrainian drones heading for Moscow on Saturday. One of the main airports in the capital temporarily stopped outgoing flights. The mayor, Sergei Sobyanin, said that emergency services are working on the site of the drones which have fallen but did not give any information about potential damage. In a Telegram report, the Russian Defence Ministry said that air defence units destroyed 48 Ukrainian drones over a five-hour period on Saturday evening. Five drones were in the area surrounding Moscow and two others were heading for the capital. According to the report of the Defence Ministry, the total consisted of 17 drones flying over the Bryansk Region near the Ukrainian border as well as 11 in the adjacent Oryol Region. Belgorod region governor, on the border, said that four Ukrainian drones injured a driver of a bus and a driver of a car. A report from the Defence Ministry stated that 94 drones were destroyed in Russia over night on Saturday, and 45 others within six hours of each other during the day. The Sheremetyevo Airport in Moscow reported delays after flights had been temporarily halted. Civil Aviation Authority Rosaviatsiya stated that the measures were taken as a result of "restrictions", over the capital's skyspace, as well as high winds. Rosaviatsiya reported that incoming and departing flights were temporarily halted at airports across Russia, including Pulkovo Airport in St Petersburg, due to safety concerns. (Reporting and editing by Jan Harvey, Diane Craft and Lucy Papachristou)
Asian area LNG falls on muted demand, strong inventories
Asian spot liquefied natural gas (LNG) rates fell this week amid weak need and the availability of more supply in the spot market.
The average LNG price for January delivery into north-east Asia << LNG-AS > was at $14.50 per million British thermal units ( mmBtu), down from $15.00/ mmBtu last week, industry sources approximated.
The price for February shipment was approximated even lower at $ 13.50/ mmBtu, the sources said.
Rates in Asia have actually continued to move due to weak demand, combined with sufficient storage, and exacerbated by majors using out for prompt into Q1 freights. We're most likely to see further dips as the winter season has been reasonably moderate, stated Toby Copson, an independent LNG specialist.
Samuel Good, head of LNG prices at Argus, stated that acquiring interest across Asia more broadly has actually deteriorated in the face of current greater prices. There has actually likewise been more supply provided on the area market both from the Asia-Pacific and also the Atlantic as sellers in the basin look to Asia amid weaker European need.
In Europe, gas rates have fallen nearly 9% over the week on a sell-off in net long positions by investment funds and milder weather forecasts reducing heating demand.
Incremental revisions to weather report for north-west Europe over the rest of this month have taxed heating need expectations, assisting to relieve issues for the region's quick underground gas storage withdrawals in recent weeks, which would need to be made up once again next summertime, Excellent stated.
EU gas storage inventories are presently around 80.16% full, data from Gas Facilities Europe showed, down from 91% at the very same time last year and listed below the 5-year average of 83%.
The question now is at what levels stocks will be at completion of the winter season and whether there will suffice time to reconstruct before the next winter season, said Hans Van Cleef, chief energy economist at PZ - Energy.
The fact is that the forward curve remains in contango (where. the LNG futures cost is greater than the spot rate) leaves no. incentive to start buying gas in the summer for storage and. use in winter season 25-26. This could result in even more upward cost. pressure in the course of next year, Van Cleef stated.
S&P Global Commodity Insights examined its everyday North West. Europe LNG Marker (NWM) price benchmark for cargoes provided in. January on an ex-ship (DES) basis at $12.962/ mmBtu on Dec. 12, a. $ 0.14/ mmBtu discount to the January gas cost at the Dutch TTF. hub.
Argus assessed the price at $12.900/ mmBtu, while Glow. Products examined it at $12.914/ mmBtu.
The U.S. arbitrage to north-east Asia through the Panama Canal. is presently closed, signalling U.S. freights are incentivised to. provide to north-west Europe, stated Spark Commodities analyst. Qasim Afghan.
In LNG freight, Atlantic rates increased for the 3rd week. running to $22,750/ day on Friday, while Pacific rates was up to. $ 21,250/ day, Afghan added.
(source: Reuters)