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US official: US supports efforts to revive Iraq-Syria crude pipeline
A State Department official stated on Tuesday that the United States is supporting Iraq and Syria in their efforts to revive an oil pipeline between the two countries. This could reduce Iran's ability to block oil through Strait of Hormuz. The U.S. is expecting American companies to be involved in the construction of the Kirkuk-Baniyas Pipeline, which has been largely out-of-service since it was damaged during the 2003 U.S. led invasion?of Iraq. The pipeline will run from the Iraqi oilfields in Kirkuk all the way to 'Syria’s western coast. This is just one of several attempts by oil producers to reduce their dependence on the Strait. Before the U.S. and Israeli war against Iran, 20% of world oil and gas passed through the strait. After Washington blamed Iran for strikes on ships that were in the strait, the United States reimposed a blockade on this chokepoint. Bloomberg reported on Tuesday that Chevron might play a role in re-building the pipeline. Chevron responded to a comment request by saying: "As a policy, we don't comment on statements made by?third parties or commercial matters."
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PJM auction prices reach cap and hold near record levels
PJM Interconnection held its 'latest annual capacity sale on Tuesday,' with power prices nearing record highs of $325 per'megawatt-day. This is the maximum price allowed by a temporary cap set by the U.S. largest grid operator in order to reduce rising bills for businesses and households. The auction is aimed at securing sufficient electricity to cover high-demand days in the PJM grid, which covers 13 states of the Mid-Atlantic region and Midwest. Prices have risen in recent years largely because demand from data centres has outstripped supply. PJM failed to meet its reliability requirements for the second time in a row. This means that it faces a higher risk of electricity shortages, which could lead blackouts at times of high demand. Due to this imbalance in supply and demand, the so-called "capacity" prices that were determined by auctions have increased by over 1,000% since 2024. This has increased energy bills for people who live in PJM's?regions, which is about one fifth of Americans. PJM temporarily capped 'prices' in its auction under pressure from a group of governors in the area. Consumers are struggling with high utility costs and energy prices. This price cap was also in place during the auction last year, so this year's prices are essentially unchanged. Prices will be updated in 2028. POWER SUPPLY CUSHION Power plant operators are compensated for capacity prices that are included in power bills of homes and businesses within the PJM area. This is to ensure they can provide electricity at the peak times and days on the grid. The incentives are also intended to encourage the construction of new plants. After nearly two decades with a?flat growth of power consumption in PJM the region suffered net losses of energy supplies as 'demand for energy-intensive?"data centers" began to emerge. PJM failed to secure the power supply cushion it needed in its capacity auction held in December. For reference, one gigawatt is enough electricity to power approximately?750,000 households. The capacity price increase is also due to PJM recalculating its available supplies in the winter, when the electricity generated by natural gas-fired 'plants' and solar resources are lower than during the summer. PJM has added new rules and policies in order to meet the new electricity demand of data centers, advanced manufacturers and other large energy consumers. (Reporting from Laila KEARNEY in New York, with additional reporting from Anjana Anil. Emelia Sithole Matarise edited the story.
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Cuba's national electrical grid collapses for a third time in July
The national power grid of Cuba collapsed Tuesday, according to the energy ministry. This is the third major blackout in nine days on the island of about 10,000,000 people. The ministry announced on social media that "there has been a complete disconnection of electrical system." A U.S. oil blockade is causing frequent power outages on the island, which has an already aging energy infrastructure. Donald Trump, the U.S. president, imposed a blockade on the Caribbean island following Washington's ouster of Venezuelan President Nicolas Maduro?on?January 3rd. Venezuela was Cuba's main fuel supplier. U.S.-led pressure led Mexico to halt oil deliveries to the island. Traffic lights were out in Havana's capital and generators could be heard humming through the streets. Residents, who are accustomed to blackouts expressed frustration over their increasing frequency and duration. Julia Valdes, 70, said that because of the blackouts, she had to throw away all the meat and fish in her refrigerator, because they were spoiled. This is the third time this week that the national electricity system has collapsed. How long will this last? We can't continue?living this way anymore." Chronic power failures have led to frustration and anger with the government. Valdes said, "It is unfair that we are forced to deal with this situation."
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Britain and EU sign Gibraltar Treaty to ease border crossings
The United Kingdom and the European Union signed a formal treaty regarding the status of Gibraltar in Brussels on Tuesday. This follows an agreement reached last year to ease border crossings and end years of political uncertainty about the British overseas territory. The treaty was inked by the?European trade commissioner Maros Sefcovic along with British Minister of state for Europe Stephen Doughty and Gibraltar Chief Minister Fabian Picardo. Gibraltar residents will be able to cross into Spain without having to stamp their passports, while Spanish nationals can use a government-issued ID card to cross. The agreement is intended to 'facilitate movement of goods and people, and to avoid long delays for the approximately 15,000 workers that cross the border each day. Albares said that the deal marked a new chapter in the history of Gibraltar, Spain and Britain, as well as the European Union. He said the deal would benefit 300,000 residents in the Campo de Gibraltar area by improving connectivity, encouraging investments and strengthening cross border cooperation. It would also replace centuries of mistrust and create a future based on coexistence and prosperity. Britain gained Gibraltar, a strategically significant enclave on the southern tip of Spain, in 1713's Treaty of Utrecht which ended the War of "Spanish Succession". Gibraltar and Spanish border officers will check passports of those arriving at Gibraltar Airport. Britain also wants to implement a similar system to the French police at London's St Pancras station, which operates Eurostar. Residents welcomed the removal of border controls. "It's good for the Spaniards and good for us." Elisabeth Tanino, a Gibraltar resident, said: "It's fantastic." Gibraltarian Lidia Mifsud said that Gibraltar, and the nearby Spanish town of La Linea, had long enjoyed close relations and?that removing border checks would make everyday life easier for residents and workers on both sides. Reporting by Sudip K. Gupta, with additional reporting from Jaime Lopez and Emma Pinedo. Editing by Phil Blenkinsop & Sharon Singleton.
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Crude oil shipments from Saudi Arabia’s Yanbu Port near maximum levels amid Houthi concerns
Data and industry sources indicate that daily crude loadings in Saudi Arabia's Red Sea Port of Yanbu are close to their maximum levels as tensions with Yemen's Houthi militants intensify. The kingdom also seeks to maximize oil exports. Since the U.S. - Israel conflict with Iran began February 28, Saudi?Aramco has increased its use of the Yanbu Terminal. Sources have said that Saudi Arabia also considers expanding its capacity of the oil pipeline to the western Red Sea Coast, which would enable the kingdom and?possibly?neighbours to transport more crude oil without having to cross the Strait of Hormuz. Aramco didn't immediately respond to an inquiry for comment Tuesday. According to Signal Ocean data, the number of barrels shipped from Yanbu increased from 3.36 million around July 10 to 4.7 million around July 13. This is a significant increase from 4.6 million around July 2. The data revealed that the average loadings since June have been above?4 million bpd, as opposed to 973,000 bpd in the same period of 2025. Kpler data shows that daily loadings have averaged around four million barrels over the past few weeks. OPEC’s largest producer relies increasingly on Yanbu for exporting crude oil as disruptions in shipping through the Strait of Hormuz during the conflict has curbed Gulf exports. This has prevented hundreds of millions of barrels of?oil from leaving the area and affected other?producers. Yemen's Houthis launched missiles against Saudi Arabia on Monday after accusing Riyadh of?bombing a?airport that they controlled. This broke a four-year-old truce between Riyadh, which is aligned with Iran, and the group. According to industry sources, there were concerns that Yanbu might become a Houthi-target. In March, a refinery near Yanbu was attacked. However, this incident was attributed to Iran and not the Houthis. One shipping industry source stated that "Yanbu is at its maximum capacity and there are fears the Houthis could open another front. However, there's little room to increase shipments." Reporting by Jonathan Saul & Ahmad Ghaddar. Mark Potter (Editing)
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Cameroon's major port resumes operation after vessel collision: Minister
Douala, the main port in Cameroon, has resumed its operations, said its transport minister?on a Tuesday. A collision between two cargo ships?at a weekend temporarily blocked?the navigational channel. The accident occurred early Sunday morning near buoy number 20. The collision occurred on 20 in the Douala - Bonaberi port canal when the cargo vessel MV Sea Honor, registered in Tuvalu, collided into the MV Black Rhino, flying the flag of Cyprus. The collision caused a temporary blockage of the channel and disrupted the maritime traffic in one of Central Africa’s busiest port. The impact of?disruption has not been disclosed. Port Douala-Bonaberi is the main seaport for Cameroon and it serves as a vital transit corridor for both imports and exports to and from the Central African Republic and Chad. Port Authority of Douala has launched a technical inquiry to determine the exact circumstances of this accident. Initial findings suggest that a loss in steering control aboard MV Black Rhino'may have caused the accident. In a press release, Minister Jean Ernest Massena Ngalle Bibehe stated that "MV Sea Honor has been cleared from the channel to the anchorage area and MV Black Rhino deliberately ran aground along the line of red buoys in order to facilitate the clearance operation and ensure safety of navigation." According to the Transport Ministry, all 15 crew members on board MV Black Rhino received help in accordance with national maritime rescue procedures. The ministry said that the channel was cleared, and that maritime traffic has returned to normal in standard safety conditions. Reporting by Amindeh Atabong, Editing by Susan Fenton
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Sources claim Trafigura delivered 80,000 tons to LME. This brought stocks up to a 14-year high.
Two sources with knowledge of the matter said that Trafigura, a trading house, delivered over 80,000 metric tonnes of lead this week to London Metal Exchange's warehouses, bringing stocks to their highest level in 14 years. Lead stocks LME data shows that the number of tons in approved LME warehouses increased to 370,075 on Monday after the delivery of battery metal. This is the highest level since April 2012. LME inventories of lead have increased by 40% since the middle May. The LME benchmark three-month lead dropped as much as 0.9%, to $1,851 per ton, after Tuesday's stock data, which was the lowest level since April 2025. As of 1412 GMT it was trading at $1856, underperforming the other LME metals which were all moving higher. Sources said Trafigura had deposited lead at Singapore for a rental deal. Trafigura declined ?to comment. The companies that offer metal for rent do not have to keep ownership, but instead receive a portion of the rent paid by new owners as long as the metal remains in the warehouse. The daily rent for lead in Singapore is?51cents per ton. This would be more than $40,000 per day for 80,000 tonnes. (Reporting and writing by Pratima Dasai, editing by Kirsten Doovan.)
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Ukraine to buy Rafale jets, air defence systems under France deal
Ukraine will use an European loan facility for the first time to buy next-generation Franco Italian air defence systems and French Rafale jet fighters. It has also been given approval to manufacture 'key' Western missiles in-house, as per agreements signed by Kyiv on Tuesday with Paris. Both countries announced that Ukraine would purchase 16 Rafale aircraft as the first of a fleet of 100 planned for November 2025. The order will be financed by the EU's Ukraine Support Loan Programme. The French and Ukrainian presidencies announced in a statement that training for Ukrainian pilots and technicians could begin as early as 2026. After the training is complete, the first four aircraft will be delivered, they said. Ukraine plans to purchase four SAMP/T NG air and missile defense systems of the next generation, making it the first country in the world to use the Franco-Italian SAMP/T NG system for combat. Ukraine will receive two older versions of the system until the new systems arrive. The move is part of a larger air-defence project announced on Monday by Ukraine,?several European Allies and others to develop a cheaper anti-ballistic missile capability as Russia intensifies attacks on Ukrainian cities. France and Italy have also authorized licensed production of Aster 30 missiles in Ukraine, while France has approved the local production of AASM cruise missiles and SCALP guided bombs. This is part of a deeper defence-industrial collaboration with Kyiv. In recent weeks, Russia has intensified its missile and drone strikes across Ukraine. This is increasing pressure on Kyiv for it to improve air defences and obtain additional interceptors. (Reporting and editing by Alistair Bell; Michel Rose)
Panama Canal seeks LNG resurgence after 65% decline in traffic
The Panama Canal aims to restore vessel traffic bring U.S. liquefied natural gas to Asia as demand in that market rises and a brand-new appointment system allows carriers to secure slots, following a 65% decrease in the transit of its secondmost crucial sector, the Panama Canal Authority informed Reuters.
A U.S. LNG switch to Europe in the aftermath of Russia's. invasion of Ukraine, integrated with long waiting times and. costly charges to transit through Panama due to severe dry spell,. have actually kept many LNG ship of the canal.
Lots of gas exporters continue to take longer routes around. South America even after the waterway's authority raised the. limitations this year. The canal is the quickest route to Asia. for U.S. gas exporters, whose sales to Japan, China, South Korea. and India have grown considerably in the last decade.
In the case of LNG, we lost 65% (of traffic), which is the. traffic that now goes through Cape Horn, compared to what we had. in 2015, 2 years earlier, stated the Canal's administrator,. Ricaurte Vazquez, in an interview in Panama City.
Europe's big hunger for U.S. LNG and hold-ups licensing. brand-new LNG tasks in the United States have actually been the primary motorists. of the switch, he included, although the canal's drought-related. constraints likewise played an essential role, carriers said.
The obstacles of the last dry spell were extremely visible for. everybody, said Anatol Feygin, an executive vice president at. Cheniere Energy, the top U.S. LNG manufacturer.
Due To The Fact That the Panama Canal Authority charges a set fee per. passage, it can be easier for U.S. manufacturers to take. longer paths to Asia depending upon international LNG prices, shipment. terms in contracts and seasonal need.
Often individuals forget that going through the canal ... is. not a complimentary shortcut, Feygin said, describing transit charges. Financially, the option of going around the Cape is not far. from the economics of going through the canal.
But a recovery in Asian LNG need, likely to continue next. year, might require increased shipments through the canal.
We do think that development in LNG need will be driven by. Asia, Feygin included, referring to China, South Asia and. Southeast Asia. And we do believe that U.S. Gulf Coast volumes. will continue to be the single largest exporting node in the. world.
MORE PASSAGES REQUIRED
A new reservation system and lower expenses enabled the canal's. earnings to increase 9.5% to $3.45 billion in the fiscal year that. ended in September, in spite of the dry spell.
But commodities manufacturers think the canal's administration. still has space to set up more transits of LNG and liquefied. petroleum gas (LPG) vessels. The parties have been in touch. considering that in 2015 to think about propositions.
Panama now provides two transit slots each day for LNG ships,. however a long-term reservation system beginning in January will. enable manufacturers to reserve slots as much as a year ahead of time.
The first auction of this type, completed this month, raised. $ 394 million and will represent 40% of all transits through. its largest locks in 2025, administrator Vazquez stated.
Shorter waiting times and the set-aside of a minimal number. of slots for vessels getting to the canal without bookings. will allow Panama to much better manage arrivals. And some other. steps to enhance remain in conversation, including some in. anticipation of dry years, Vazquez added.
It (the canal) still has some constraints that we are. working through, like the truth that LNG carriers do not have. night-time transit capabilities through the new locks, Feygin. said.
The canal, which is monitoring the expansion of international LNG. fleets and the status of brand-new U.S. LNG projects, expects that. bigger LNG vessels, consisting of floating storage units that feed. LNG to onshore centers, will be going through Panama's. largest locks in the next 18 months.
(source: Reuters)