Latest News
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CANADA-CRUDE-Discount on Western Canada Select widens slightly
The difference between the West Texas Intermediate crude oil futures and North American benchmark West Canada Select crude oil has widened slightly on Tuesday. WCS for Hardisty, Alberta delivery in February settled at $14.40 per barrel below WTI benchmark, according to brokerage firm?CalRock. This compares with $14.35 on Monday. The discount on Canadian Heavy Crude?remains a dollar or more wider than last month. The market is watching for the potential for an increase in Venezuelan heavy oil barrels in the U.S. Gulf Coast to compete against Canadian heavy oil of similar quality over the long term. Some analysts believe the market has overreacted because it will be years before Venezuela can significantly increase its oil production. Oil prices jumped?by over 2% on Tuesday, as the 'prospect of disruptions in Iranian crude exports trumped possible increases from Venezuela. (Reporting from Amanda Stephenson, Calgary; Editing and proofreading by Cynthia Osterman).
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US seeks warrants for the seizure of dozens more Venezuelan-linked oil tanks, sources claim
Four sources said that the U.S. government has filed court warrants for the seizure of dozens of more tankers connected to the Venezuelan trade. Washington is consolidating control over oil shipments into and out of this 'South American country. In recent weeks, the U.S. Coast Guard and military seized five vessels that either carried Venezuelan oil in international waters or had done so previously. The seizure was part of Washington’s campaign to remove Venezuelan President Nicolas Maduro from power, which culminated with U.S. troops capturing him on Jan. 3. The administration of Donald Trump has stated that it intends to continue controlling Venezuela's oil reserves indefinitely, as it attempts to?rebuild the country's dilapidated petroleum industry. In December, Trump implemented a blockade on tankers sanctioned for shipping Venezuelan crude oil. This brought the exports to a near-standstill. This week, under U.S. oversight, shipments resumed. CONFISCATIONS CAN BE GENERATED BY ACTIONS Sources said that the U.S. Government has filed civil forfeiture cases in district courts, mostly in Washington, D.C., which allows the seizure and confiscation oil cargoes, and ships, involved in the trade. The sources declined to identify themselves due to the sensitive nature of the issue. Sources said that it is not possible to know the exact number of seizure orders the U.S. filed and how many they have already received because the legal orders and filings are not public. They added that dozens of seizure warrants had been filed. The Department of Justice didn't immediately respond to an inquiry for comment. The vessels intercepted so far were either subject to U.S. sanction or part of an unregulated "shadow fleet" that hid their origins in order to transport oil from major sanctioned producers such as Iran, Russia and Venezuela. Many tankers are currently at sea, either carrying Venezuelan crude oil to China's top buyer or have done so in the past. The U.S. imposed sanctions against many of these vessels because they facilitate oil trade with Venezuela or Iran. SEIZURES ARE NOW OFFICIALLY SUSPENDED SINCE FRIDAY. SOURCES Sources said that the United States has halted its actions to seize ships since Friday. They said that the United States could resume its action against vessels and cargoes it has not authorized. Sean Parnell, Pentagon?spokesperson, said Friday that the Department of Defense, along with other U.S. government agencies, will "hunt down and intercept ALL dark fleet ships transporting Venezuelan crude oil at a time and place we choose". In recent seizures, the United States targeted both vessels and cargoes. Shipping industry sources say that this is an increase from previous seizures between 2020 and 2023 of Iranian?cargoes. In the earlier cases, U.S. authorities confiscated only the oil cargo and not the vessel. U.S. attorney general Pam Bondi stated on social media that the Department of Justice "monitored several other vessels" for similar enforcement actions. This was after the Bella-1, a tanker seized by the U.S. Military on January 7th. The vessel was empty and had no cargo. It was the first time since recent times that the U.S. Navy has seized an American-flagged ship. Russia, as Venezuela, depends on the shadow fleet for oil that is subject to sanctions. The Russian Foreign Ministry called the U.S. military's action "an illegal use of force," adding that sanctions imposed by the U.S. were "without legal basis." Reporting by Jonathan Saul, Andrew Goudsward and Rod Nickel; Editing by Simon Webb & Rod Nickel
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Canadian oil tycoon suggests US aid in Venezuela's oil revolution
The Canadian oil tycoon, who is the head of one of North America’s fastest growing?oil firms, wants his country to offer its expertise in heavy-oil to the United States to help rebuild Venezuela’s?oil sector. Adam Waterous is one of Canada's most active oil industry dealmakers, and executive chair of Strathcona Resources. His comments show a surprising willingness for him to support Donald Trump, despite the trade war he has with Canada, and the possibility that Venezuelan crude could displace some Canadian petroleum on the U.S. oil market. Canada is the fourth largest oil producer in the world. It is also the world's top producer of heavy oil that is similar to Venezuelan crude, which it extracts from its oil sands. Waterous said Canada is uniquely qualified to help Venezuela because of its decades of experience in extracting crude oil from the oil sands. It also has something to offer Trump before expected trilateral trade negotiations later this year. Waterous stated in an interview that "we are better positioned than any other country to help rebuild." "I'd expect, but don't really know, that a request for assistance would be welcomed." Waterous stated that Strathcona does not intend to invest in Venezuela. Waterous said that Canada could help the United States by helping rebuild Venezuela's petroleum industry at a time where Trump's trade policies have strained relations. STRATHCONA IS WILLING TO SEND A TECHNICAL TEAMS Trump invited U.S. oil executives to the White House last week to discuss Venezuela. The event was not attended by any Canadian companies. "I wasn't invited and it is not the Canadian industry's job to call Donald Trump and ask, "Do you want some assistance?" Waterous added, "I do believe there is an opportunity." Waterous, who studied at Harvard University and has U.S. connections through Henry Hager (son-in law of former President George W. Bush), who is Strathcona’s managing director, said that he would immediately assemble a team from his firm to go to Venezuela when asked. He said, "I am sure that no heavy oil company would refuse to do so." Strathcona, Canada's largest oil producer was built by Waterous, a former banker and founder of the private equity firm Waterous Energy Fund. The company extracts heavy oil using steam-assisted technologies in Cold Lake, Alberta and Lloydminster. He is known for his aggressive deal-making Waterous, a billionaire with a fiery personality, shook Canada's oil patch by taking on Cenovus in a heated battle for MEG Energy. Waterous, who was unsuccessful in his attempt to purchase MEG, announced that he would more than double Strathcona’s production by 2035 to 300,000 BPD -- a rate which would be far greater than any of Strathcona’s competitors. TRADE REVIEW PENDING This year, the Canada-United States Mexico Agreement, which shielded Canada's exports against U.S. Tariffs, will be reviewed jointly. Some investors have suggested that an increase in Venezuelan crude oil flowing to the United States may weaken Canada’s leverage. Mark Carney, the Canadian Prime Minister, raised the possibility of reviving a Keystone XL The oil pipeline from Alberta into the United States was discussed during a meeting earlier this year with President Trump as he sought to find a solution to the painful U.S. Tariffs On steel, autos and many other products. Waterous said Canada now should?try to utilize its heavy crude expertise. He said that the long-term risks of the U.S. purchasing Venezuelan crude increases Canada's need to diversify markets and build a new pipeline to the Pacific. Canada exports 90% of its crude oil to the U.S. but analysts say that a large increase in Venezuelan crude production could directly compete with Canadian barrels refined along the U.S. Gulf Coast. A spokesperson from Canada's Natural Resources Ministry said that the ministry has not offered Trump any help in Venezuela's oil industry. Last week, the discount between heavy Canadian crude and U.S. crude widened to 14%. Meanwhile, shares of Strathcona as well as other Canadian heavy oil producers dropped on investor concerns about the revival of Venezuela's petroleum sector. (Reporting and editing by Caroline Stauffer in Calgary, Rod Nickel and Nick Zieminski.)
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Black Sea war insurance prices jump after tanker attack, sources claim
Five industry sources reported that the cost of war insurance for ships sailing into the Black Sea almost doubled after two Greek-managed tankers were struck by unidentified drones on their way to load crude oil at a terminal on 'Russian coast. Black Sea is vital for shipping grain, oil and petroleum products. Bulgaria, Georgia and Romania, as well Russia and Ukraine, share its waters. Sources said that the latest incidents raised concerns about the safety of ships heading to Russian and Ukrainian terminals. The cost of war insurance for Black Sea terminals has risen from 0.6% to 0.8% in late December to 1%. Early December, rates rose to the highest level since 2023 - after a series drone attacks on Russian tankers. "Rapid risk escalation with few indicators or warnings has become a trademark of the Black Sea, according to Munro Anderson, marine war insurance specialist at Vessel Protect. Ships entering Russian or Ukrainian Black Sea terminals or ports around the Sea of Azov need additional war-risk coverage. The policy is typically for a period of seven days, and its terms are reviewed each 24 hours. Last month, policies were reviewed on average every 48 hours. David Smith, the head of marine at insurance broker McGill and Partners said that Black Sea war rates are extremely volatile and change on a daily basis. Smith said that "Right Now, they're spiking due to a few incidents. We wouldn't be surprised if we were quoted more than 1% depending on the vessel value, owner or proposed port of call." The cause of Tuesday's strike, which affected a terminal serving as a loading port for approximately 80% Kazakh oil bound for international markets, was not immediately known. (Reporting and editing by Jan Harvey; Jonathan Saul)
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WestJet reviews non-reclinable seat policy in response to passenger complaints
WestJet Airlines will review its non-adjustable seats in economy class as soon as this week. This is after a backlash from passengers who complained about the lack of leg room, according to an internal message seen by?. Samantha Taylor, the Chief Experience Officer of Air Canada, told her employees that the carrier was reviewing data and feedback from passengers to determine the best way forward in rolling out the seats onto more aircraft. Taylor wrote: "While originally we planned to make a decision by February, we are now working to accelerate that process and arrive at a 'plan forward aligned as early as this week." WestJet has not yet made a decision on the reconfigured seats. They are in a fixed-reclining configuration. The airline was not available to comment on Tuesday. WestJet's introduction of reconfigured seats last year on?some Boeing 737 -?planes - was widely viewed as a test to the limits of addon culture. The option to upgrade to adjustable economy seats is still available but at a cost. WestJet, backed by Onex Corp, halted the rollout last month. However videos of passengers with cramped leg space appeared on social media in January. The space between rows of seats (also known as pitch) was reduced from 30 inches to 28 inches in order to accommodate an additional row of seating. Taylor's message thanked frontline team members, such as cabin crew, who "managed our guests' frustrations"? over the seating. WestJet pilots and flight attendants also voiced concerns about the new configuration, warning that it could have a negative impact on health and safety. WestJet CEO Alexis von Hoensbroech and other executives from the carrier tried the new seat during a flight in November from Calgary to Toronto. Von Hoensbroech asked to sit in the middle "so he could see the entire cabin layout," according to the memo. Transport Canada, the federal regulator, said that WestJet’s seat modifications were "compliant" with federal regulations. (Allison Lampert, Montreal)
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UK prosecutors claim that the Russian captain did nothing to prevent a US tanker accident.
British prosecutors have said that the captain of a container vessel that collided with a U.S. oil tanker last year off Britain's East Coast did "absolutely nothing" to avoid an avoidable, fatal collision. His trial for the death of a crewmember began on Tuesday. Vladimir Motin was the captain of the Portuguese flagged Solong, heading for Rotterdam, Netherlands, when the tanker Stena Immaculate, which was anchored was hit on 10 March 2025. Tom Little, prosecutor, said that the Solong was mostly carrying alcohol, and some dangerous goods. These included empty but unclean containers of sodium cyanide. The Stena Immaculate, on the other hand, was carrying just under 220,000 barrels high-grade aviation gasoline. Little said that the Stena Immaculate, which was waiting to discharge its cargo, was struck, causing an fire to spread to both vessels. The jury was shown footage of the crash, which showed smoke and fire billowing in the air. Motin, who was charged days later, is accused of causing the death Mark Pernia (38), a Filipino national, and member of Solong crew. His body has not been found, and it's presumed that he died. Little has pleaded guilty to one count, gross negligence manslaughter. He is currently on trial in London's Old Bailey Court where he said that Pernia’s death was “entirely preventable”. CAPTAIN ACCUSED of 'GROSSLY NEGLIGERENT CONDUCT Little said to the jury as Motin listened, with the aid of a Russian translator: "He (Pernia), would still be alive had it not been for the grossly negligence conduct of the man on the dock." He stated that the?Solong' was traveling at approximately 18 miles per hour and had been on collision course for more than 30 minutes before the accident. Little claimed that Motin sent WhatsApp messages to wife saying, "there was a disaster. He will be guilty", to which his wife responded by telling him to say he didn't see the other ship on the equipment of the ship. The prosecutor informed the court that Motin had a duty to care towards?Pernia as the captain of the Solong and because he was the "sole?watch duty" on the bridge before the fatal accident. Little said, "In the end, he didn't do anything, nothing at all, to prevent the collision." He said that the alarm system of the Solong, which was supposed to?ensure someone was present on the vessel's deck, was switched off, and it was not activated on the morning the crash occurred. Little said that the crews of the Stena Impmaculate and Solong received no warning about the collision. The trial should conclude by the end of next month. (Reporting and editing by Sarah Young, Tomaszjanowski and Sarah Young; Corey Rudy and Sam Tobin contributed to this report).
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Boeing's turnaround is taking hold, with the highest annual jet delivery since 2018.
Boeing rebounded in 2025, delivering the most planes since 2018 and beating European rival Airbus for net orders 'for the first time in seven years. This is a sign that the U.S. aircraft manufacturer has turned a corner after a string of crises. Boeing announced on Tuesday that its 2025 deliveries increased by 72%, to 600 aircraft, although they lag behind Airbus' 793. Boeing has also placed 1,175 orders or a total of 1,075 net after cancellations. Boeing had its sixth highest annual total after cancellations, and it surpassed Airbus' net orders of 889. Under CEO Kelly Ortberg, Boeing is trying to improve its reputation and compete with Airbus for narrow-body plane orders. In 2018, Boeing's debt has increased due to two plane crashes, a COVID-19 pandemic outbreak, strikes at factories and a midair panel blowout. Boeing's finance director said last month that the company anticipates positive cash flows in 2026 due to higher commercial jet deliveries. The?U.S. The planemaker shipped 63 jets to customers in December. This was the highest number of deliveries in a single month since 2023. This included?44 of the best-selling 737 MAX and 14 787 jets. The company will deliver 440 737 MAX jets in 2025 and 88 787s. This is the highest number of 787 Dreamliner delivery since 2019 when Boeing delivered 158 wide-body jetliners. The demand for 787s is on the rise. Boeing received 368 Dreamliner Orders after cancellations in the past year. This is second only to 369 Dreamliner Orders it received the first time it offered the Dreamliner. Delta Air Lines announced on Tuesday it would purchase 30 Boeing 787-10 planes to increase its long-haul fleet. The exact date of the orders is not known. STRONG ORDER?BOOK Boeing's order book boom is a sign of confidence by airlines and aircraft lessors in the company's turnaround, said Scott Hamilton, aerospace analyst and consultant at Leeham Co. Boeing can also deliver new single aisle jets faster than Airbus because it has a smaller backlog. Alaska Airlines, at an event held in Seattle, announced that it had finalized orders for five 787s as well as 105 737-10s - the largest MAX variants - in December. Alaska CEO Ben Minicucci expressed confidence that Boeing will certify the long delayed?narrow body jet this year. Analysts and airlines are closely monitoring the progress of the MAX 10 certification, said George Ferguson. Ferguson is a senior analyst at Bloomberg Intelligence. Ferguson, a senior aerospace analyst with Bloomberg Intelligence, said that Boeing could beat Airbus again in 2026 as it continues to improve its production quality and puts the turmoil of the past years behind them.
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Engie signs LNG supply contract for 15 years with Thai power plants
By America Hernandez PARIS, January 13 - French utility Engie signed a 15-year contract to supply liquefied natural gas to power plants in Thailand owned by Gulf Development PCL on Tuesday. Delivery of up to 0.8 millions metric tons per year will start?in 2028. Details of the price were not revealed. Thailand is the largest LNG importer in Southeast Asia. The demand for the fuel will continue to grow as it gradually replaces coal, which accounts for 14% of its electricity mix. Gulf Development's CFO Yupapin. Wangviwat stated in a?statement that "this LNG procurement aligns to Thailand's national strategy for gas supply by diversifying natural gas sources, improving price stability and supply volume and strengthening the nation's?long-term energy security". Engie has not responded to the request for comment regarding where LNG will come from. The state-backed French firm has signed long-term contracts with NextDecade Rio Grande LNG, Cheniere Corpus Christi LNG, and Sempra Port Arthur LNG to buy 3.5 million tons U.S. LNG annually after 2040. Reporting by America Hernandez, Paris Editing by David Goodman
UK commits 45 billion pounds rail project in Northern England
Britain committed Tuesday to a new rail-infrastructure programme for the North of England worth up to 60 billion pounds (45 billion pounds), a region that has been held back by a lack of investment.
The government pledged that it would deliver Northern Powerhouse Rail over three phases.
Then, a new rail line will run between Liverpool and Manchester via Manchester Airport. Finally, improved connections will be made between Manchester and Yorkshire.
The OECD has identified outdated and insufficient transport links as a major factor in the productivity gap between British cities outside of the capital.
Rail lines in the north of England, which is home to three out of the five largest metropolitan areas, are plagued with bottlenecks that date back to Victorian times.
The Labour Government of Prime Minister Keir Starmer, which is far behind the Reform Party UK on the right in the 'opinion polls', has stated that reducing the regional?inequality? between London and the remainder of the UK, is a priority.
Investment and renewal are the answer to the economic growth challenge. "We are reversing decades of chronic underinvestment" in the North, said Finance Minister Rachel Reeves.
The majority of the expenditure - which is capped at 45 billion pound in constant price - will occur in 'the 2030s and '2040s. No dates will be set for the opening of the high-speed rail system. This is a lesson learned from the HS2 project, which was cut short due to soaring costs.
Rishi Sunak was the Conservative Prime Minister at the time. He canceled the northern leg of the HS2 project in October 2023 because costs were soaring and infrastructure watchdogs warned that Britain had a fundamental issue with its?ability? to manage large projects.
The government announced on Tuesday that it 'intended' to build a new rail line between Manchester and Birmingham, the central English city after Northern Powerhouse Rail was completed. However, it would not constitute a reintroduction of previous HS2 plans.
It said that it had learned from the failures of HS2, which will now only run between London and slightly to the north of Birmingham, and open some time beyond the original 2033 target date. Reporting by Andy Bruce, Editing by Alison Williams. $1 = 0.7448 pounds
(source: Reuters)