Transportation

The futures linked to Canada's major stock index fell on Thursday as signs of Middle East tensions shook risk sentiment. Crude prices also rose, adding to inflation concerns. As of 7:01 a.m., March 'futures' on the TSX composite index slid 0.1%. ET, and futures for Wall Street’s main indexes fell as well. Crude prices soared after Iran intensified its attacks on oil and transportation facilities in the Middle East. This fueled fears of a prolonged conflict that would worsen inflation. Meanwhile, oil flow through the Strait of Hormuz was still obstructed. Oil prices have surged, causing risk assets to fall...

Two sources familiar with the issue said that Iran had deployed about a dozen mines in the Strait of Hormuz. This move was 'likely' to complicate the reopening of this narrow waterway. It is an important route for shipping liquefied gas and oil. The 'war' launched by Israel and the United States 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the Iranian coast, which is helping to?drive up world energy prices. Iran's military leadership said on Wednesday that the world should prepare for oil prices to reach $200 per barrel. According...

Investors awaited key U.S. data on inflation due later in the day, as they viewed the latest developments of the Iran War. As of 6:35 a.m., March futures for the?S&P/TSX 'composite index' had fallen 0.21%. ET, and futures for Wall Street’s main indexes fell as well. After the U.S., Israel and Iran exchanged airstrikes across the Middle East?as crucial shipping lanes through Strait of Hormuz were blocked?fears of a long-term conflict continued to grow. Toronto's benchmark indice?closed level on Tuesday. It is down over 3% from the levels before the conflict with Iran began. Consumer prices in the U.S. are...

Yerlan AKkenzhenov, Energy Minister, said on 'Wednesday' that Kazakhstan oil and.gas condensate.production.this year.is.expected to.reach between 96 and 98 millions metric tons. This is below the 100.5 million tons planned. According to calculations, this would equal up to 2 million barrels of oil per day. calculations. Akkenzhenov, who spoke to reporters in the country's parliament, said that the shortfall is due to Ukrainian attacks against?the Caspian Pipeline Consortium which carries the majority?of Kazakhstan oil exports to Novorossiysk port, as well disruptions at Tengiz, the largest oilfield of the country. Tengiz suffered a series of outages in January that resulted in the...

Shipping data revealed on Tuesday that Saudi Arabia's oil exports via the Red Sea are on track to reach record highs in March, despite the fact they remain far below levels required to compensate for the decline in the Strait of Hormuz. The Kingdom relies on Yanbu, a port located at the Red Sea to boost its exports and avoid steep production cuts. This is because?its neighbours Iraq Kuwait and United Arab Emirates already have reduced their output due to the U.S./Israeli war against?Iran. LSEG data shows that Yanbu loadings in the first nine of March averaged 2.2 millions bpd,...

The Canadian stock index futures rose on Tuesday as the gold rally cushioned the oil price decline after President Trump said that the Middle East war could soon be over. This kept investors cautious in the resource-heavy markets. As of 5:57 a.m., March futures for the S&P/TSX Composite Index gained 0.4%. ET. U.S. Stock Futures edged upwards Tuesday, as optimism about a faster resolution of the Middle East conflict eased fears over inflation due to energy. Toronto's benchmark index closed higher on Tuesday after briefly reaching its lowest intraday levels since February 6. Trump said Monday that the conflict with...

The Canadian tycoon, who is the CEO of one of North America’s?fastest-growing oil companies, said he supported a proposal that could potentially revive parts the former Keystone XL pipe and?wants Canada to use the project as a?leverage? in upcoming negotiations with the United States. Adam 'Waterous, CEO of Strathcona, has said that he prefers a new West Coast pipe to gain access to Asian markets. Waterous is one of Canada's leading oil dealmakers and his comments are the first time a Canadian oil shipper has publicly endorsed a new pipeline project led by Canadian firm South Bow, which could increase...

According to an email obtained by the. Charter plane operators were informed by the airport authorities on Friday that due to current crisis management measures, flights are limited to seasonal approved services. This measure is necessary, according to the airport, in order to reduce congestion and maintain acceptable capacity. Financial Times first reported the email. It 'asked all airlines and operators to cancel any slots that did not fall within the approved seasonal schedule, and to refrain from submitting unapproved flight requests up until further notice. The email stated that "the only additional flights that may be considered are those...

Abu Dhabi National Oil Company announced on Saturday that it was 'actively managing offshore production levels to meet storage requirements amidst the U.S. -Isaeli war on Iran', and its onshore operations are continuing. ADNOC stated in a press release that "this approach will preserve operational flexibility and enable the company resume normal operations with no prolonged delay." Eight-day war has now blocked shipping through the Strait of Hormuz - the vital waterway that supplies 20% of the world's oil and LNG. Analysts predicted that the UAE and Saudi Arabia would soon be forced to reduce production as their oil reserves...

According to a report by the Panama Canal Authority, which was seen on Friday, there has been a 2.8% rise in vessel 'transits' in the first four months of the fiscal year. According to the report, most of the traffic increase was registered by tankers transporting energy products such as liquefied gas (LNG), dry bulk carriers and car carriers. This growth represents?114 more transits than the same period a previous year, to?a maximum of 4,156 vessels during the four-month span. The report states that the demand remained?solid?despite increased global trade volatility and new tariffs. The report said that "Tanker (transits),"...

The company that is behind a plan for a revival of the Keystone XL?pipeline?system in order to increase Canadian oil exports into?the United States hopes a 'North -American policy shift towards energy development' will shield its project from political and regulatory obstacles which led to its cancellation by 2021. Bevin Wirzba, CEO of Canadian pipeline operator South Bow, said that the world has changed significantly since U.S. president Joe Biden canceled Keystone XL's permit after years of Indigenous and environment opposition. Wirzba stated that the policy environment in North America has been much more positive. He said that the war...

Futures that track Canada's resource heavy benchmark index edged down?on?Friday, as an increase in oil prices following the Middle East conflict stoked fears of a rise in inflation. As of 5:44 a.m., March futures?on??the S&P/TSX Composite index?were down 0.24%. ET. After the disruption of shipping and energy exports via the Strait of Hormuz, oil prices continued to rise and are on course for their biggest weekly increase since Russia's full-scale invasion of Ukraine?in February 2022. The U.S. House of Representatives rejected a measure on Thursday that was intended to stop President Donald Trump's Iran war, which began its seventh day...

The International Energy Agency reported on Thursday that Russia's crude-oil?and refined products?and revenues decreased in February to reach their lowest levels?since the onset of the Ukraine conflict 2022. Russia's commodity revenue is a crucial?part of state budget proceeds, and it is?needed to support increasing military expenditures. Since the beginning of the Iran War at the end of February, Russian oil prices have increased. The Paris-based IEA reported that Russia's crude exports decreased by 410,000 barrels a day from January to 4.2 millions?barrels a day. The drop was caused by the?reduction of exports to India after 'Washington discouraged Russia from cooperating...

Officials said that Hungary sent a fact finding?mission to Ukraine on Wednesday to investigate the Druzhba?pipeline?outage. Budapest is looking to restart the?flows?of oil amid rising global prices linked to the Middle East war. Since January, when oil flow stopped in the Druzhba Pipeline, Budapest and Kyiv have been locked in a diplomatic conflict. Viktor Orban has given a prominent place to his anti-Ukrainian rhetoric in his campaign for an April 12 election. Hungary blocked a new EU sanction against Russia, as well as a large loan to Ukraine due to the dispute. In a recorded Facebook statement, Gabor Czepek, the...

An official ticketing office said in Beijing on Tuesday that tickets for the first passenger trains?in six-years from Beijing to Pyongyang's capital were sold out before its departure date of?March 12?. The return of rail service suspended in 2020 due to the COVID-19 pandemic, restores an important transport link between North Korea and its main economic ally. According to the Beijing ticketing office, entrepreneurs, government officials, and journalists purchased tickets for the trip, which was restricted to those with business visas. Tickets are still available for the service scheduled for 18 March. North Korea is still largely closed to tourists...

Viktor Orban, Hungary's prime minister, called for the European Union on Monday to suspend sanctions on Russian energy and convened a government emergency meeting.to address rising fuel costs.just five weeks prior to a pivotal election. The war in Iran has fueled a rise in oil prices that have pushed up diesel and petrol costs in Hungary. Orban is now facing a challenge as he prepares for parliamentary elections on April 12, where he will be fighting to maintain his 16-year hold on power. Orban's Fidesz is trailing the centre-right Tisza despite having launched a series of measures that have increased...

Azerbaijan has said that it prevented several "terrorist" sabotage plots by Iran's Islamic?Revolutionary?Guard?Corps (IRGC), which included a plot to target a major oil pipeline running -through the South –Caucasus and into?Turkey. According to the Azertag news agency, a statement from the State Security?Service late Friday night, targets included the Baku, Tbilisi, Ceyhan (BTC), oil pipeline and the Israeli Embassy in Azerbaijan. Also, there was an Ashkenazi Synagogue as well as a leader of an ancient Jewish group in Azerbaijan known by the Mountain Jews. Iran has not responded to the statement. BTC is a pipeline that travels through?Georgia, Turkey, and...

The schedule showed that the differentials between dated Brent and Urals crude jumped in 'the Indian market due to supply shortages brought on by 'the conflict in Iran. Meanwhile, exports of Azeri BTC from Ceyhan were expected to increase next month. Reports on Thursday indicated that traders are selling Russian Urals at a premium to Brent of $4-5 per barrel upon arrival in Indian ports between March and April. This is after the United States granted Indian refiners an 'waiver' to resume purchasing Russian oil. Calculations on Friday showed that the grade's discount on Brent at the Russian Baltic Sea...

Viktor Orban, the Prime Minister of Hungary, said on Thursday that Hungary would use "political and financial tools" to force Ukraine to reopen a key pipeline - Druzhba - which carries Russian oil into Hungarian refineries. Since late January, Ukraine has suspended the flow of Russian oil through the Druzhba pipeline to Hungary and Slovakia. Kyiv claims that the pipeline had been seriously damaged by an fire following a Russian attack. Hungary and Slovakia - the only European Union countries that still import Russian oil - have accused Ukraine for deliberately delaying a resumption in?oil flow due to political reasons....

Peter Szijjarto, Hungary's foreign minister, said in a statement issued after he met with Russian President Vladimir Putin?in Moscow on Wednesday that two ethnic -Hungarian prisoners of... war would be released by.... Russia. Szijjarto traveled to Moscow one day after Hungary's prime minister Viktor Orban had a telephone call with Putin. They discussed the Middle East situation, Ukraine and whether there was enough crude oil and gas available for Hungary. Orban's Government has made Russia's War on Ukraine a major topic in his election campaign for the 12th April parliamentary elections, increasing tensions between Budapest & Kyiv. Szijjarto stated?earlier Wednesday...

The differential between Urals crude and dated Brent has remained relatively unchanged, although buyers in Asia have increased their 'interest' in this grade due to Middle Eastern oil supply disruptions. They are still weighing the risks as well as the duration of the shortages. The disruption to the flow of oil through the Strait of Hormuz, at the southern tip of Gulf, has led to a tightening of availability of Middle Eastern grades and increased freight rates. According to two traders and an industry source, Indian refiners are contacting Russian sellers about March and April deliveries. Chinese buyers also show...

Sources in the industry said that Russia was unable to take advantage of this week's spike in global crude oil prices because a combination of?days?of Ukrainian drone attacks, and harsh winter storms?have severely curtailed their?capacity?to export. Three trade sources and Russian and Ukrainian officials confirmed that the Sheskharis Oil Terminal in Novorossiysk Port, Russia, suspended oil loadings Monday following a drone attack by Ukraine which damaged and destroyed dozens of buildings and set a fuel depot ablaze. Crude oil benchmarks rose 8% on Monday, the third consecutive session of gains, as?the U.S. - Israel conflict with Iran intensifies, disrupting fuel...

ExPro, a Kyiv based analyst, said that Ukraine increased its electricity imports in February by 41% compared to January. This was due to Russian attacks against the Ukrainian power sector. Russia has increased its strikes against Ukraine's energy industry, targeting both power plants as well as substations. This forced Kyiv to cut off power supplies for businesses and import more power from the EU. ExPro stated in a report that a "majority" of the imported power came from Hungary. The supply from Hungary grew 54% from January to February. Ukraine imported electricity also from?Slovakia, which accounted for 18% of its...

Hungary's MOL imported 35,000 tons (of Ukrainian crude) via the Druzhba Pipeline at Kyiv’s request, according to executive chairman Zsolt Hernadi of commercial television station ATV. This was after a fire and strike near the Druzhba Pipeline in late January. Ukrainian officials in the industry did not respond immediately to a comment request. Since January 27, oil shipments through the pipeline to Hungary and Slovakia, the only European Union nations still importing Russian crude, have been suspended following what Kyiv claims was a Russian assault on pumping stations in western Ukraine. Hungary and Slovakia claim that Ukraine has blocked the...