Latest News
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Phillips 66 and Kinder Morgan are eyeing a new pipeline to boost US West Coast fuel supplies
Phillips 66 & Kinder Morgan began Monday to solicit shipper commitments in support of a proposed pipeline that would move fuel from Texas' refining hub into Arizona & California, bolstering supplies amid a recent spate of refinery closings. The new pipelines, if constructed, could ease the strain placed on West Coast fuel supplies by the closures planned for Phillips 66’s Los Angeles refinery at the end of the year and Valero Energy’s Benicia refining plant next year. These refineries together produce 20% of California fuel needs and also help to meet the needs in neighboring states. Regulators have been scrambling to find alternatives for the planned closures. The system proposed to the public by Phillips 66 & Kinder Morgan includes construction of a pipeline that will run from Borger in Texas to Phoenix. In a joint press release, the companies said they would also reverse the flow direction on an existing Kinder Morgan pipe that delivers fuel to Phoenix from Colton in California. The Phillips 66 Gold Pipeline will also reverse the flow of products currently delivered from Borger, Texas to St. Louis Missouri. The companies claim that reversing the flow will allow more fuel to be delivered from refineries in the Midwest of the United States into the Western Gateway pipeline, a proposed new pipeline from Borger, Texas, to Arizona. GasBuddy analyst Patrick De Haan stated on the social media platform X that this could be a huge deal for drivers in California, Las Vegas and Arizona. Fuel prices are expected to increase further due to the planned refinery closings. De Haan stated that the new pipeline system would allow Gulf Coast refiners an increase in capacity for feeding these pipelines. This is especially true in states with political advantages. Magellan Pipeline (a subsidiary of ONEOK) began gauging public interest last month in a new pipeline to transport refined products to El Paso, Texas and the Phoenix region. (Reporting from Sumit Saha and Shariq in New York, with editing by Matthew Lewis.)
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Maersk tests Brazilian-ethanol blend to make cleaner marine fuel
Maersk, a Danish shipping company, announced Monday that it is testing a mixture of Brazilian ethanol blended with marine diesel and methanol - also known as "bunker". This blend will be used to power its vessel engines in an effort to further reduce carbon emissions. Why it's important This initiative could help open up a new market to the Brazilian ethanol industry, while also reducing the carbon footprint of maritime shipping. At present, this sector accounts for approximately 3% global greenhouse gas emissions. By the Numbers Maersk, which accounts for 15% of the world's maritime shipping market is currently testing a fuel blend that contains 10% ethanol. The fuel blend could generate a demand of 50 billion liters per year if the entire industry adopts it. Brazil's production is expected to be around 35 billion liters this year. KEY QUOTES Danilo veras, Maersk Latam's Vice President of Regulatory Policies said: "This is the very first time that ethanol has been burned in a four-story two-stroke engine. It's a new level of research and concern." CONTEXT Veras says that Maersk chose Brazilian ethanol as a test, because it is derived from sugarcane fields or corn, if corn-based. This reduces the potential impact of deforestation. What's Next? Maersk plans to complete the ethanol blend test in methanol powered vessels by October 23. Bunker fuel tests will follow. If the tests are successful, Maersk will begin negotiations with Brazilian ethanol producers such as Raizen, Copersucar Inpasa FS Atvos. (Reporting and writing by Roberto Samora, Fernando Cardoso, Lisa Shumaker).
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Burgum, US Interior secretary, says that the key Alaska LNG pipeline study is expected to be completed in this year.
Interior Secretary Doug Burgum announced on Monday that the backers of an 800-mile (1 287 km) proposed gas pipeline in Alaska, championed by U.S. president Donald Trump, expect to finish a major engineering and cost study before the end of this calendar year. It has been discussed for years, but Trump's desire to increase U.S. fossil fuel development has given it new life. The pipeline is the result of a joint venture by Glenfarne, a U.S. energy company, and Alaska Gasline Development Corporation. Glenfarne announced earlier this year that it would make a decision about the project by 2025. It had also hired Australian engineering company Worley to produce a Front-End Engineering and Design study (FEED), which is a cost and engineering estimate. Burgum spoke at an American Petroleum Institute event. Trump, since returning to office in 2017, has pledged to advance the mammoth plan to transport gas from Alaska’s north to be chilled before being shipped overseas as liquefied gas. Glenfarne representatives, AGDC representatives and Worley representatives were not available to comment immediately. Reporting by Valerie Volcovici, Washington; Nichola Groom, Los Angeles. Editing by Sonali Paul.
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Morocco expects modest economic growth, but a 5.5% budget increase in 2026
The Moroccan finance ministry submitted Monday to the parliament of the country a draft budget for 2026 totaling 761.3 billion dirhams (83 billion dollars), an increase of 5.5% over a year earlier. According to the government's draft budget, the country expects the economy to grow at a slower rate next year, down from the 4.8% it grew in 2025. This is due to uncertainty on the global markets and a projected average grain harvest. In its budget for 2026, the government stated that it would prioritize improving health and education as well as reducing regional inequalities. Protests led by youth In recent weeks, anger about public services has spread throughout the Kingdom. The document shows that the Moroccan government expects the public investment to rise by 12% next year to 380 billion Dirhams, mainly due to spending on infrastructure, such as ports, airports, and railways, in preparation for the FIFA World Cup 2030. Document shows that the country's fiscal surplus is expected to decrease to 3% of its GDP by 2026, from 3.5% in 2018, as increased tax revenues continue to offset higher public investment expenditure. The estimated financing needs for 2026 are 48.744 milliards dirhams, a decrease of 23.26% compared to 2025. Reporting by Ahmed El Jechtimi, editing by Mark Heinrich & Paul Simao
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Longacre Square and AI startup InvestorSight announce partnership
Longacre Square Partners, a corporate advisory firm, has formed a partnership with InvestorSight - a startup that uses artificial intelligence to analyze investor behavior during takeovers and board battles. InvestorSight is a company co-founded by Dartmouth Professor Mark DesJardine, and data scientists. It has developed the first interactive tool that models how institutional investors and mutual funds are likely to respond to different corporate situations. This tool can be used to collect advanced data including the voting patterns of investors in previous contests to determine a company's or an activist investor's vulnerability. InvestorSight, a tool interactive that allows users to model different outcomes, is offered by many institutions including investment banks. The introduction of the new board comes as activist investors target both large and small companies, pushing them to update their boards or even consider selling themselves. Longacre was founded in 2021, by Greg Marose, Dan Zacchei and Bausch & Lomb. It advised hedge-fund Politan on its successful proxy battle at Masimo and activist investor Ancora in its campaign to elect director and push management changes at Norfolk Southern. DesJardine joins Longacre's board of advisors. (Reporting and editing by Svea HerbstBayliss)
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EIA reports record US natural gas exports into Mexico
The U.S. Energy Information Administration reported on Monday that U.S. natural-gas pipeline exports to Mexico in May 2025 averaged 7.5 billion cubic feet per day (bcfd), the highest monthly volume ever recorded, as Mexico's natural-gas demand increases. The EIA reported that the annual average of U.S. natural-gas pipeline exports to Mexico in 2024 was 6.4 bcfd, which is a 25% rise compared to 2019 and also the highest ever recorded in data dating back as far as 1975. The EIA reported that "Total consumption in Mexico has increased from 7,7 bcfd in 2019-2024 to 8,6 bcfd in the same period. Most of the growth is concentrated in the electric power sector in Mexico." It also noted that natural gas enters Mexico through four main corridors: South Texas, West Texas Arizona and California. The combined capacity of these four export corridors is approximately 14.8 billion cubic feet per day (bcfd) with an approximate utilization of 43% by 2024. The EIA reported that in 2024, pipelines exports from West Texas and South Texas would account for 91% (or more) of U.S. pipeline exports to Mexico. This report stated that there are many factors that limit the exports of gas, the main ones being the limited capacity for storage and the lack of pipeline infrastructure in Mexico. It also noted that the recent commissionings of connecting pipelines throughout central and southwest Mexico have helped to facilitate this record-breaking rise.
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Prague bans shared electric scooters from 2026 due to 'chaos on the sidewalks'
The deputy mayor of Prague has criticised the electric scooter rental option as causing confusion on the sidewalks. The city council approved Monday a new regulatory overhaul concerning shared transportation options in the city with 1.4 million residents whose cobblestoned street and rich history will attract more than 8,000,000 tourists by 2024. The regulation will only apply to bikes, both electric and pedal, but not escooters. This effectively ends the sharing of escooters. "The end of the electric scooters has been approved!" Zdenek Hirb, the national Pirate Party's chairman and deputy mayor of Prague City Hall in charge for transport, spoke on X Monday. "We're introducing rules to clear the public space of uncontrolled scooter traffic. This was used more in the city center as a tourist attraction rather than a mode of transport, and created chaos on sidewalks and pedestrian zones." Prague has joined other popular European tourist destinations that have cracked down on eScooters over the past few years. In Italy, cities have implemented strict safety regulations, including helmets and insurance, while in Paris and Madrid, rentals are banned. Finland prohibits under-15s to use them. The city of Prague has responded to complaints by residents about the dangers associated with scooters that whizzed past on sidewalks, parks or blocked sidewalks and street parking spaces when they were not in use. The city wants to encourage more people to use shared bike services. However, e-scooters have a higher accident rate than bicycles. Lime, a major operator of shared electric scooters in the city, expressed regret over the decision. Vaclav Petr, Lime's director of country in the Czech Republic, told CTK that scooters can serve citizens very well when there is a "constructive dialog" between operators and cities. Lime didn't immediately respond to any further questions.
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Air France CEO: avoiding Russia airspace compounds China rivalry
Air France-KLM CEO said that on Monday, western European airlines needed more favorable regulation as the requirement to fly around Russian airspace places them at a disadvantage compared to their Chinese competitors. Ben Smith, CEO of Air France-KLM, said in an interview with the German newspaper Frankfurter Allgemeine Zeitung as well as with French newspaper Les Echos and Lufthansa Group CEO Carsten Schohr that having to avoid Russia adds two to two-and-a half hours to flights from Europe to Asia. All costs associated with the extra flight time are to be paid by the customer. Smith added that customers don't necessarily want to spend an extra two hours on a flight already very long to Asia. He claimed that Chinese airlines' faster access to Europe was a "gift", while western airlines were at a competitive disadvantage. Both Smith and Spohr supported a proposal from the U.S. Government to deny access to U.S. Airspace to any airline which continues to fly over Russian airspace.
BHP's China Jimblebar ore stocks are rising as trade talks stall amid contract negotiations, say sources.
Sources said that stocks of BHP's iron ore have piled up in major Chinese ports at the highest level in three months. Trade has stalled because the miner is still in negotiations with China's government-run buyer to secure a new contract.
Sources claim that China Mineral Resources Group (CMRG), a subsidiary of BHP, told steel mills last month to stop buying BHP's Jimblebar Fines.
Two sources said that inventories of Jimblebar Fines in some Chinese ports had risen to around 2.6 millions metric tons by October 14. This was the highest level seen since July. They also added that the stock-building pace increased from late September.
According to one source, the number of Jimblebar Fines in stock at the Caofeidian Port, located in North China, which is among China's busiest ports for the handling of this key steelmaking component, has increased by 26% since the end of September to 800,000 tonnes as of October 13.
CMRG has not responded to an 'emailed request for comments. Due to the sensitive nature of the issue, all sources requested anonymity.
Jimblebar fines is a medium-grade cargo used by mills to produce sinter ore, which in turn is processed into hot metals for crude steel. BHP is the owner and operator of the Jimblebar Mine in Western Australia.
Two sources claim that some mills cannot take delivery of Jimblebar Fines cargoes they have purchased earlier and which were offloaded in Chinese ports.
CMRG, which was established in 2022, aims to centralise the purchasing of iron ore in the largest steel-making consumer in the world and negotiate better terms with miners.
Two sources confirmed that CMRG is still negotiating with BHP on their contract for 2026.
BHP's spokesperson responded to an inquiry by email: "We are currently in commercial negotiations...we do not know of a BHP-wide product ban."
The spokesperson said, "Overall demand has been healthy for iron ore due to strong steel production. We continue to enjoy strong relationships with customers in China."
Jimblebar fines' temporary shortage has not yet supported prices, as other products like Rio Tinto’s flagship Pilbara product could substitute the cargo and its trading volume was relatively small.
The price of iron ore has fallen by almost 2% this month, mainly due to concerns about the prospects for a growing supply and a falling demand. (Reporting and editing by Florence Tan, Muralikumar Aantharaman and Melanie Burton; Additional reporting in Melbourne by Melanie Burton)
(source: Reuters)