Asia

Sources say that Russia has rerouted Kazakhstan's crude exports to the Black Sea port of Novorossiysk from the Baltic port?of Ust-Luga, in order to free up more capacity for Russian oil exports?from the Baltic due to a heightened Black Sea security risk. Sources familiar with the issue said that Kazakhstan exports crude oil through Novorossiysk as well as Ust-Luga. However, Moscow wants to route all Kazakh transit volumes through the Black Sea starting in late August and continuing until the end of September. This move would allow Russia to replace Kazakh crude barrels at Ust-Luga by its own crude exports....

According to industry executives, ship brokers, and tanker trackers, two Chinese shipping giants are no longer sending oil tankers into Middle East chokepoints because of the ongoing conflict. Instead, they're collecting oil cargoes from outside the?Gulf. According to Vortexa, a tanker tracking service, and a shipbroker, state-controlled COSCO?Shipping Energy Transportation (CMES) and China Merchants Energy Shipping have been keeping their tankers away from the Strait of Hormuz since late July. Security concerns are preventing oil shipments for the world's biggest importer. Yemen's Houthis announced a maritime embargo on Saudi Arabia on 20 July, while the Strait of Hormuz is still...

Analysts said that the Chicago Board of Trade soybean futures rose on Monday, as higher crude oil and a stronger crush rate of soybeans supported the market. Wheat prices fell after investors took profits on last week's gains. However, the continued disruption of Russian and Ukrainian exports via the Black Sea helped to support the market. The corn and soybean futures rose as well, boosted by caution about U.S. crop yield prospects ahead of a closely followed Midwest tour scheduled for this week. Chicago Board of Trade futures for soybeans, the most active contract, rose by 23-1/2 cents a bushel...

Three industry sources and LSEG data revealed that at least one cargo of fuel?from India? has entered the Russian domestic market as Moscow tries to alleviate fuel shortages caused by a?Ukrainian drone swarm on refineries. Russia has taken a number of measures to help support its domestic fuel market following repeated Ukrainian attacks against oil refineries that caused shortages and price spikes. These measures include the import of gasoline by rail from Belarus and Kazakhstan, as well as a ban on fuel sales. In July, Deputy Prime minister Alexander?Novak announced that Russia would import oil products in order to stabilize...

The sultanate’s?state media agency? reported on Monday that weather conditions and operational difficulties were hindering salvage efforts of a grounded tanker leaking Russian crude in a marine protected area off Oman’s coast. Oman is coordinating the?salvage?operation with Ambrey, a risk management company. This is part of Oman's efforts to limit environmental damage caused by a spill estimated at 2,000 square kilometers. Environment agency of the government gave an official estimation of 400 sq km in August but has not yet issued an update. The Caroline Bezengi spill, which is the apparent result of an?unknown attack on the tanker in June,...

Market participants stated on Friday that the normalization of Colombian coffee logistics, including the return of beans to a major exporting port, and then to export markets could take up to two weeks. Fixing processing installations may take even longer. Market participants said that the 7.4-magnitude quake in the Colombian coffee region?killed almost 300 people, caused landslides along dozens of roads and destroyed a number of warehouses and export ports. Carlos Santana is a director of global coffee trader ECOM. He said that he estimates it will take 15 days to normalize the coffee flow. Colombia supplies around 25% of...

According to traders and LSEG shipping data, Turkey cut oil purchases in Russian ports by 30% in July. It is expected to further reduce them in August as a result of Ukrainian drone attacks that disrupted the exports to Russia's Black Sea Terminals. In July, Ukraine intensified its attacks on?Russia?s Black Sea Terminal. This led to an export suspension of one week from the CPC terminal as well as unstable loadings at Novorossiysk. Caspian Pipeline Consortium oil loadings were reduced by 5 percent in July. Turkey condemned attacks on Russian-linked tankers that were?close to the waters of its Black Sea....

Three industry sources have confirmed that a drone attack on August 14 'damaged' the complex for processing gas condensate at the Baltic port of Ust-Luga, owned by Russian gas producer Novatek. Novatek didn't respond to an immediate?request for comments. Two sources confirmed that the drone attack had no impact on oil export operations at the terminal in?Ust-Luga. Ust-Luga, one of Russia's most important?oil-export terminals, loads about 700,000 barrels?of crude per day. Alexander Drozdenko, the Leningrad Region Governor, said earlier on Friday that a drone had caused a fire in the Ust-Luga Port. Drone attacks have repeatedly targeted Ust-Luga’s port infrastructure...

The Russian authorities quickly cleaned up the damage caused by an attack from a Ukrainian drone that sparked a fire in Ust-Luga on Friday, a major hub for oil exports. Ukraine has struck targets in Russia, including ports, refineries, and commercial warehouses in an effort to raise the cost for Moscow to continue the full-scale conflict it launched in 2022. Drozdenko wrote on the Russian messaging service MAX that "all the consequences of the attack at the port of Ust-Luga?have been cleared." "There were not any casualties." He did not provide any further information. Drozdenko had earlier claimed that more...

Record?rainfall? left thousands of travellers at Tokyo's Narita Airport on Friday, as flooding in the area disrupted transportation and knocked out electricity to homes. At least four people died. In Chiba Prefecture, which is adjacent to?the capital Tokyo and flooded roads and trains during the busiest week of the year, more than 360 millimetres fell in just 24 hours. Four?deaths? have been confirmed by authorities, one of whom is trapped in a submerged car, and another is missing. Soldiers were dispatched in the area to assist with relief efforts. Toshihito kumagai, Chiba governor, told reporters Friday morning that the case...

On Thursday morning, thousands of passengers were stranded in Tokyo's Narita Airport due to record rainfall. Flooding in the area had disrupted travel and knocked out electricity for homes. At least four people died. In Chiba Prefecture, near the capital Tokyo, more than 360 millimetres rained in just 24 hours, flooding roads and railways, and knocking out electricity to nearly 25,000 homes during one of Japan's most busy holiday weeks. The authorities have confirmed four deaths so far, including one trapped in a submerged vehicle. Soldiers were 'dispatched to assist with relief efforts. Toshihito Kumagai, Chiba governor, told reporters Thursday...

Source: Ukraine has sent Russia a proposal suggesting that 'both parties' halt their attacks on civilian targets in the Black Sea. The strikes on ships and ports have raised concerns about global food supplies. Source familiar with the issue said that Kyiv had sent the offer of suspension via a third-party, but Ukraine is still waiting for the response. Both Russia and Ukraine, two major players on the world agricultural market, have accused one another of intensifying attacks on vessels used to export. EU WHEAT PARE GAINS AFTER RESULTS Kyiv was forced to find alternative routes for grain exports after...

According to Yahya Saree, the military spokesperson for the Houthis'?Iran-aligned group in Yemen on Telegram Monday, the Houthis fired missiles at what they 'described' as a Saudi military ship and its four escorting vessels in the Red Sea. Saudi authorities did not immediately confirm the report. Mocha is a Red Sea Port near the 'Bab el-Mandeb Strait. This strategic chokepoint connects the Red Sea to the Gulf of Aden, and it is an important international shipping line. The Houthis reportedly attacked a ship on Tuesday in the Bab el-Mandeb Strait, at the southern 'entrance to the Red Sea. According to...

Two trading sources reported that the main Black Sea oil terminal of Russia, Novorossiysk, resumed its operations on Sunday following a Friday drone attack. Sources said that a Suezmax class tanker had been loading Kazakh KEBCO crude since Sunday. It was due to depart on Monday. One of the sources stated on Monday that another tanker will begin loading 80,000 tonnes of KEBCO crude oil on Tuesday. Novorossiysk is capable of handling?around 700,000. barrels per day. It can load Russia's Urals and Siberian Light grades as well as Kazakh KEBCO. The Sheskharis Terminal, the port’s main oil export facility, is...

According to regional authorities and media, fuel shortages returned to certain regions of 'Russia in August. Local authorities in at least ten regions tightened controls on the sale of motor fuel at petrol stations. On Monday, witnesses reported that diesel fuel was still available in almost all fuel stations throughout the Moscow region. However, gasoline was again unavailable. Fuel?crisis began in May, and by July, it had spread to almost all of Russia. It was caused by the closure of several refineries that were?targeted in drone attacks, and an increase in seasonal demand. The authorities increased fuel supplies on the...

L'IMAD, the Abu Dhabi sovereign wealth fund, announced on Monday that it plans to buy out AD Ports Group. L'IMAD owns 75.42% of AD Ports' shares through its wholly-owned subsidiary ADQ. It is now looking to purchase the remaining capital by way of a conditional voluntary cash offer at 6.25 dirhams for each share. According to calculations by?' calculations. AD Ports shares rose by nearly 15% to 5.86 dirhams at 0745 GMT on Monday morning, bringing them closer to the offered price. L'IMAD, one of Abu Dhabi's wealth funds, is chaired?by Crown Prince Sheikh Khaled Bin Mohamed bin Zayed Al...

Iraq's plans for a 'pipeline' to transport oil through Syria in order to avoid future disruptions to the Strait of Hormuz would likely take four years to build and cost $15 billion, according to sources familiar with the project. U.S. officials and energy executives have billed the plan as part of an effort to reduce the industry’s dependence on the Strait of Hormuz, which has been closed largely by the Iran War. The initial feasibility study is being funded by a consortium that includes Chevron. Over the next two-year period, the Strait will become irrelevant. Last week, U.S. Treasury secretary...

Grid gridlock could stall the renewable energy transition * Many green energy plants cannot connect to an overloaded grid * Government plans major grid expansion over next decade By Kate Bartlett The President Cyril Ramaphosa launched the latest green energy projects last month. He called it part of a "clean-energy revolution" and a 155 megawatt wind farm located in Mpumalanga Province. He said that "electricity which is reliable, affordable and becoming increasingly clean is the 'lifeblood' of a growing economic system." South Africa plans to add 105 Gigawatts to its grid by 2039. This will include nuclear, wind, and solar...

Open Interest (ROI), every Friday, distills the previous five days' financial week into five charts that highlight the most important trends, surprises, and overlooked moves. 1. HORMUZ REALISTIC CHECK CLYDE RUSSEL, 'ROI Asia Commodities and Energy'?Columnist : Middle East crude exports, including?flows across the Strait of Hormuz?, have been depressed this summer, say commodity analysts Kpler. The data is in line with other vessel tracking companies but it stands in stark contrast to the claims made by U.S. Energy Sec. Chris Wright this week that 15 million barrels of crude oil per day were leaving the region. This includes 9...

The Abu Dhabi National Oil Company reported that two of its vessels were attacked Thursday evening while they transited the Strait of Hormuz. No injuries were reported. This was the second incident in which ADNOC vessels were involved in less than one week. The UAE condemned an alleged Iranian attack against a vessel associated with the state oil company on Saturday as it crossed the strait. According to WAM, the state news agency of the UAE, ADNOC has confirmed that the situation is under control. The UAE Foreign Ministry condemned a "hostile Iranian assault" on the two ADNOC ships. The...

Ukraine will ship more grain via the?Danube River and neighbouring countries in?eastern Europe after a Russian?blockade? of key Black Sea ports caused exports to plummet 76% year-onyear so far this August, said the state railway operator on Thursday. Ukrzaliznytsia reported that grain exports have reached 201,700 tons this month. In a recent report, it stated that "the pace of export shipments has been extremely low due to the blockade at seaports." Since the end of December, Russian attacks on Ukrainian Black Sea export terminals, vessels and ports have effectively stopped shipments. Ukrzaliznytsia stated that export cargo is being redirected towards...

Multiple trade sources confirmed that 'Indian state-run refiner Hindustan Petroleum Corp. bought 4 million barrels of Middle Eastern crude in a spot auction on Thursday. They said that the refiner bought 2 million?barrels? of Murban crude? from BP and another?1million barrels? of Murban?from PetroChina, as well as 1 million barrels?of Oman crude?from Trafigura. Both grades are?loaded from outside of the Strait of Hormuz. Two of the people said that Murban's delivered price was $7 per barrel higher than Brent's contract date, and Oman's delivered price was $4 to $5 per barrel. Arrival of the oil is expected to be around...

Russian claimed on Wednesday that Ukrainian strikes against its grain and agricultural infrastructure were causing global food prices to rise - and exacerbating the grain shortages. This, it said, served some Western countries' interests. Maria Zakharova, a spokeswoman for the Russian Foreign Ministry, made her comments after a wave Ukrainian strikes on Russia’s Black Sea Port of Novorossiysk, which killed three people, including a young child, and caused major grain terminals in the city to cease working. Zakharova stated: "It's evident that the Kyiv regime is pursuing a cynical campaign of military aggression to create chaos on the global food...

Chief Executive 'Horacio 'Marin announced on Wednesday that Argentine oil Company YPF will begin exporting?180,000 barrels a day via a port located in the Rio Negro Province?from january as part -of -the VMOS Project. Marin told the Vaca Muerta Investment Forum, in Buenos Aires, that "we will begin exporting in January. First, we will export 180,000 barrels a day. Then, 360,000 barrels a day by mid-year, and then 550,000 barrels a day in 2028." He added, "We're already looking at expanding our production to 700,000.?barrels a day." VMOS, a consortium, includes YPF and Vista Energy Argentina, as well as Pampa...