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Heavy rains in Southern California cause flash flooding and mud slides
On Wednesday, torrential rains caused flash flooding and mud slides across Southern California. Authorities warned drivers to stay off the roads while urging those in flood zones either to evacuate or to shelter in place. Christopher Prater, spokesperson for the San Bernardino County Fire Department, said that emergency crews were busy answering rescue calls in the mountain resort of Wrightwood east of Los Angeles. They also pulled drivers from submerged cars. According to Prater, no casualties had been reported by Wednesday night. The fire department posted aerial video footage online showing rivers of mud flowing through flooded cabin neighborhoods. The latest atmospheric storm in the region, a huge airborne current of "dense" moisture that was swept from the Pacific and into the greater Los Angeles area, caused downpours of up to?inch (2.54cm) of rain per hour. According to the U.S. National Weather Service, the storm that began on Christmas Eve was expected to continue into Friday. This would create unsafe driving conditions in a period of travel which is normally busy during holidays. The weather service warned that "widespread flash flooding" was expected to occur in Southern California on Christmas Day. The flash flood warning was displayed across Los Angeles County up until 6 pm PST. It warned motorists to avoid the area if they were not fleeing it, or if there was an evacuation order. Los Angeles officials have urged residents in the area where wildfires last year ravaged?Pacific Palisades to obey evacuation orders for 130 homes deemed especially vulnerable to debris flows and mudslides. San Bernardino County Sheriff's Department had issued an evacuation order for Wrightwood in the morning, but the advisory was upgraded to a shelter in place order as the flood conditions worsened. Flooding forced the closure of two sections of the Angeles Crest Highway (a major traffic route in San Gabriel Mountains). The heavy rain on Wednesday was accompanied with strong winds, which officials claimed were responsible for the downing of trees and powerlines. The storm was predicted to bring heavy snowfall in the Sierra Mountains' upper elevations. NWS meteorologist Ariel Cohen said that 4 to 8 inches had fallen on some foothill areas as of 9 a.m. Los Angeles City News Service and PST reported many rockslides. Forecasts predicted that more than one foot (30.48cm) of rain would fall over certain lower-terrain mountain regions by the end of this week. A rare tornado warning was issued for a small area of the east-central Los Angeles County, due to thunderstorm activity in Alhambra. Forecasters say that the rain in the area has subsided as of Wednesday night. However, a second storm system is expected to arrive on Thursday.
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Los Angeles is flooded by an atmospheric river
Residents living in the foothills and canyons of wildfire-scarred foothills were urged to evacuate. The latest atmospheric river storm in the Los Angeles region, which is a huge airborne current of moist moisture that has been swept from the Pacific to the greater Los Angeles region, caused downpours up to an inch (2.54cm) or more per hour. According to the U.S. National Weather Service, it was predicted that the storm on Christmas Eve would?persist into Friday and create unsafe driving conditions in what is normally a busy holiday travel period. The weather service warned that "life-threatening" conditions would continue through Christmas Day in Southern California "where widespread flooding is taking place". The flash flood warning was posted across Los Angeles County up until 6 pm PST. It urged motorists to avoid the area if they were fleeing flooding or an evacuation order. Los Angeles officials have urged residents in the Pacific Palisades community to obey evacuation orders for 130 homes that are considered particularly vulnerable to mudslides or debris flows. Forecasters warned that the gusty winds accompanying Wednesday's heavy rain could topple trees and damage power lines. The storm was predicted to bring heavy snowfall in the Sierra Mountains' upper elevations. Ariel Cohen, a NWS meteorologist, said that 4 to 8 inches had fallen by 9 a.m. Pacific Standard Time in certain foothill areas. The Los Angeles City News Service reported numerous rockslides. Forecasts predicted that more than one foot (30.48cm) of rain would fall?over certain lower-terrain areas in the mountains by the end of this week. A rare tornado warning was issued for a small area of the east-central Los Angeles County, due to thunderstorm activity in Alhambra.
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Serbia's NIS receives US approval for sale of Russian stake
According to Serbia's RTS TV, the U.S. granted Serbian oil refiner NIS until March 24th to 'negotiate' the sale of their 'Russian owner's' stake. RTS stated that NIS did not have an operating license which would allow it to purchase and process crude oil. After a series waivers granted since January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions against NIS as part of broader measures taken against?Russian energy sector. The sanctions have stopped crude oil supplies through Croatia's JANAF pipe, which has shut down production at?Pancevo. Gazprom, the sanctioned oil unit of Russia's Gazprom, holds 44.9% of NIS. The Serbian government owns 29.9% of NIS, while the rest is held by employees and small shareholders. Aleksandar Vucic, the Serbian President, said that Gazprom is 'in talks' with Hungary MOL about a potential sale of its NIS majority stake. Reporting by Ivana Skularac Editing Mark Potter
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Kazakhstan's crude exports in December fell to a 14-month low following Ukraine drone attacks
Two market sources reported on Wednesday that Kazakhstan's exports of its CPC Blend oil, the country's flagship, will be at their lowest level in 14 months?in December, due to bad weather delaying efforts to repair Russian loading facilities after Ukrainian drone attacks last month. In recent months, Ukraine has intensified its attacks on Russian energy infrastructure as it seeks lower revenues for Moscow. In this case, the damage caused by the explosion has affected oil sales both from Russia and Kazakhstan. Sources familiar with the loading program said that CPC Blend loadings would fall from 1.7 millions barrels per day to 1,14 million barrels daily. According to LSEG, this would be the lowest level since October 2024. On November 29, Ukrainian drones struck the Caspian pipeline consortium terminal near Russia's Black Sea Port of Novorossiysk. Only one of three jetties was operational, causing export delays. The bad weather has made it difficult to carry out the maintenance necessary to restore exports. OIL MAJOR RESIDE ON THE CPC TRADING TERMINAL TO EXPORT KAZAKH OIL The CPC Terminal is where oil from Kazakhstan's fields that belongs to U.S. and European?oil companies Chevron Exxon Mobil Eni and Shell is loaded. CPC's representative refused to comment on terminal operations and maintenance. Sources who asked not to be identified because they weren't authorised to comment publicly on this issue said that the reduction in loadings may be even greater depending on how well the repairs are progressing at the CPC terminal. After the drone attack, SPM-2 has been taken off line. Since November 29, only SPM-1 is operational. SPM-3 has been out of service since mid-November for maintenance. The weather was the main reason. Three separate sources in the trade have confirmed that a new round has been announced of cancellations. According to Kpler, the analytics firm, CPC Terminal, 26 cargoes were loaded with crude oil equivalent to?around 3,28 million metric tonnes, or 26 million barrels? between December 1 and 23. Kazakh production has to be moderated because there is only one SPM operational and the storage tanks are full. "Some buyers of CPC might have to cover because the North Sea is the only real alternative. Physical Brent has supported recent prices of CPC," Christopher Haines Energy Aspects head of oil said. Brent oil futures have risen by over $1 per barrel globally in the aftermath of the attack on November 29, and CPC Blend supplies have decreased as exporters of this grade have few alternative shipping routes. CPC expects to export CPC Blend crude in January, at a rate of around 1.65m bpd. One source said that exporters had been waiting since early December for SPM-3's return to service. They have adjusted their plans several times and diverted some volumes onto other routes including China and Baku-Tbilisi Ceyhan pipeline. (Reporting from Robert Harvey in London, and reporters in Moscow. Editing by Barbara Lewis.)
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CPC oil loading plans revised down by 33% in December due to bad weather delays
Two market sources reported on Wednesday that oil shipments via the Caspian Pipeline Consortium will drop by one-third in December, to their lowest level since October 2024. This is after an attack by a Ukrainian drone damaged the main CPC terminal. Ukraine has intensified its attacks on Russian energy infrastructure over the past few months in an effort to reduce Moscow's revenue. In November, Ukrainian drones attacked the CPC terminal near Russia's Black Sea Port of Novorossiysk. The loading point is for oil from Kazakhstan fields, operated by U.S. oil giants Chevron, Exxon Mobil and Eni, and Shell. Sources familiar with the loading program said that the CPC blend loadings will drop to 1,14 million barrels a day, from the initial plan of?1.7million bpd. A CPC representative declined to comment on terminal operations and maintenance. The amount of time needed for repairs could affect the size of the cuts. They asked not to be named as they weren't authorised to make public statements on this issue. After the drone attack, SPM-2 has been taken off line. Since November 29, only SPM-1 is operational. SPM-3 has been out of service since mid-November for maintenance. The weather was a major factor in the delay. Three separate sources in the trade have confirmed that a new round of cancellations of cargo has been announced recently. According to Kpler, the CPC terminal loaded 26 cargoes containing around?3,28 million metric tonnes, or 26 million barrels of crude oil, between December 1 and 23. The price of oil has risen by $1 per barrel globally in the aftermath of the November 29th attack. Supplies of CPC Blend are also down as the grade's suppliers have limited other shipping routes. CPC expects to export CPC Blend crude in January, at a rate of around 1.65 millions bpd. One source said that exporters have been waiting since early December for SPM-3's return to service. They have had to change their plans several times and divert volumes to other routes including China and Baku, Tbilisi, Ceyhan pipeline. Reporting by Robert Harvey and reporters in Moscow, with editing by Barbara Lewis.
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Asia spot LNG prices rise on South Korean demand
Asian spot liquefied gas prices rose this week, as colder weather forecasts boosted the demand in South Korea. However, weaker buying across China has led to a 34% drop since 2025. Average LNG price for February deliveries to Northeast Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is $9.60, up from $9.50 in the previous week and at its lowest level since April 2024. The market is still under pressure from the continued soft demand in Asia, with its weak economic indicators. There are also plenty of alternatives like coal in China. Klaas Dzeman, a market analyst with Brainchild Commodity Intelligence, said that La Nina did not bring the colder phases some were expecting. He added that colder weather in South Korea and China over the next week could modestly increase demand. Martin Senior, Argus' head of LNG prices, said that spot buying has been observed in South Korea. The temperatures are expected to drop to two-year lows by December 26. Five cargoes have already been diverted to South Korea from?China in the past few weeks. EUROPEAN GAS Prices Up Gas prices in Europe rose slightly during thin trading ahead of Christmas as forecasts for a cold snap boosted demand. S&P Global Energy's daily Northwest Europe LNG Marker was assessed on December 23 at $9.001/mmBtu, a $0.53 reduction to the Dutch TTF Hub. Argus set the price at $9.001/mmBtu while Spark Commodities put it at $9.110/mmBtu. Looking ahead, the key LNG gateways to Central and Eastern Europe are announcing that they will be firm buyers in early Q1 2026. They want to relieve pressure on declining Russian pipeline gas?and LNG flows. Aly Blakeway is the manager of Atlantic LNG for?S&P Global Energy. She said that Asia and North Africa are not interested in spot volumes. Seb Kennedy, an independent analyst, reported that hedge funds have dramatically changed their position on TTF futures in the past year. They went from being net long at the beginning of February to being net short by November. Kennedy said that 2025 would be remembered for the transition of EU gas markets as a year when a ramp-up in LNG supply ended years of scarcity pricing and crisis. With more than 450 funds actively trading TTF now, speculative money will continue to have a significant impact on EU gas prices through 2026. According to Spark Commodities analyst Qasim Afghanistan, in LNG freight, Atlantic rates have fallen for the fourth consecutive week, to $80750/day. Pacific rates are down to $71,250/day. The fall in Atlantic freight rates have narrowed U.S. arbitrage for the U.S. first-month to Northeast Asia via Cape of Good Hope. However, it still points towards Europe. Afghan said that the Panama route points marginally to Asia. Marwa Rashad reported. Mark Potter (Editing)
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Drop in food exports due to Russian attacks on Ukrainian ports
A Ukrainian farmer's association said that the Russian attacks on Ukrainian ports have already harmed food exports. This could result in a significant drop?in trade, despite attempts to divert shipments by rail. Ukraine is the largest exporter of corn and wheat in the world, as well as sunflower oil. Early in the nearly four-year war, a de facto Russian blocade worsened global food shortages. Since 2023, the majority of Ukrainian food exports has resumed. This month, Russian drones and missiles have been attacking the Odesa region's ports almost daily. Export capacity has decreased. The UAC union reported that some wheat exporters have already failed to deliver on their contracts for?delivery shipments this month. UAC estimates that at least one of three major export ports is idle or only operating at 20% capacity. The union also stated that logistics routes connecting the rest Ukraine to Danube River port have been damaged. Since the beginning of the war, river ports have compensated for the loss major seaports. "Russia is attacking our ports and reducing our export capacity .... UAC stated in a report that without deep water and river waters, our exports would decline dramatically. The article added that "some large traders have already begun to sort out quotas on railway terminals. This means that some grain from our country may be sent across the border." Exports of wheat, corn, and vegoil are declining. UAC reports that as of December 22 only 375,000 tons of wheat have been shipped out of the 1 million tons contracted to be shipped during the month. In the case of?corn 1.5 million tons out of 2 million tons contracted have been shipped. Sunoil: 275,000 tons of the 410,000 tons contracted had already been shipped. Exports for the entire month are not expected to exceed 350,000 tonnes. UAC reported that "some traders have defaulted on wheat, and some contracts are being rescheduled to January due insufficient capacity at the ports." In December of last year, Ukraine export 800,000 tons wheat, 2.6 million tons corn, and 378,000 tonnes of sunflower oil. According to the Ukrainian Economy Ministry, grain exports fell to 1.82 millions tons from 2.88million tons between December 1-27, last year. This was mainly due to lower shipments of wheat and corn. (Reporting and editing by Peter Graff.)
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India approves two new airlines to start operations after IndiGo's crisis
India has given initial approval to two airlines for them to start?operations. This comes after IndiGo, the largest airline in India, cancelled a large number of flights. These cancellations brought to light the lack of competition on the fastest-growing aviation markets. Minister Ram Mohan Naidu announced?on X late Tuesday that the civil aviation ministry had granted a 'no objection certificate' to regional airline alHind Air, and FlyExpress. He added that?the Government is working hard to encourage more competition on the domestic market. IndiGo's dominance was highlighted by the cancellation of 4,500 flights earlier this month due to poor staff planning. Tens of thousands were left stranded in airports across India as a result. Some analysts have called on the government to provide incentives to encourage more companies to operate. IndiGo's market share is?of approximately 65%. Air India Group, the rival airline, has about 27%. The rest is made up by smaller carriers. AlHind's website states that it aims to "begin operations" in southern India using a fleet ATR Turboprops. It is currently acquiring an Air Operator Certificate. FlyExpress also had a banner that said "coming soon." The government informed lawmakers in July that India had granted six air operators permits for operations to begin by 2020, including regional carriers. (Reporting and editing by Barbara Lewis; Abhijith Gaapavaram)
Asia's yawning renewables lead might only grow from here: Maguire
Asia has expanded its renewable resource capacity lead over all other regions, adding a record 450,000 megawatts (MW) of new eco-friendly capability in 2024, according to data compiled by LSEG.
That capacity addition dwarfs the approximately 109,000 MW included in Europe and the 93,000 MW added in The United States and Canada last year, and cements Asia's position as the main global center for sustainable energy generation.
Asia's total set up renewables generation footprint is now roughly 2,500,000 MW, compared to around 1,000,000 MW in Europe and 700,000 MW in The United States And Canada, and means Asia is now home to simply over half of all renewable generation capacity.
And Asia's capacity lead looks set to widen moving forward as reduced political cohesion in Europe and a swing to a. climate-sceptic administration in the United States possibly. slows the speed of renewables growth in those markets.
Trade spats between China - the world's top manufacturer of. renewable power production components - and Europe and the. United States might also speed up Asia's renewables build-out,. by requiring China to focus more on regional markets for development.
POWER COST IMPACT
Sustained renewables capability development in Asia just as. capacity growths slow in Europe and The United States and Canada could spark. a divergence in power rate patterns between those areas.
If Asian power systems gradually increase the share of. renewables within generation blends, local power prices might be. driven lower by the resulting increases in output from solar and. wind farms that can produce power more cheaply than nonrenewable fuel source. power plants.
At the exact same time, continued high reliance on gas for. power generation in Europe and The United States and Canada could keep power. costs in those markets on a possibly rising trajectory.
This is specifically most likely in Europe, where gas plants that. previously worked on pipelined materials from Russia must now be fed. by imported liquefied gas (LNG), which can cost greatly. more than pipelined gas.
Gas costs in The United States and Canada could likewise trend greater,. especially if the United States ramps up gas exports in the form. of LNG to feed the gas demand in other areas, and tightens up. domestic gas products as a result.
The tradition networks of gas pipelines, power plants and. secondary industries that use gas as a feedstock are likewise. powerful forces within Europe and The United States And Canada, and are. efficient at thwarting policies that might undermine their status.
These industries are also significant regional employers and so could. spur broad societal disruption if they come under hazard.
On the other hand, a number of major economies throughout Asia are. intent on reducing their reliance on imported fossil fuels for. energy production, and are devoted to broadening home-grown. power production that is made it possible for by eco-friendly sources.
CHINA'S SKEW
China accounts for roughly two-thirds of Asia's renewables. capability footprint and looks set to remain the world's fastest. developer of sustainable power generation.
China's massive manufacturing base also looks set to stay. the biggest producer of solar parts and other essential components. tied to renewables generation, which China prepares to export. throughout the world.
Local Asian markets are likely to be willing purchasers of those. China-made parts and items, as several economies in Asia are. experiencing rapid growth in energy intake that can be. provided relatively cheaply and quickly by renewables sources. In contrast, Europe and the United States are responsible to slow. their uptake of China-made energy items due to ongoing trade. disagreements, even if those items are among the most affordable expense. offered and are effective in raising power products.
That discrepancy in hunger for China-made renewable resource. parts and systems might even more speed up the divergence in tidy. power capability trends in between Asia and other regions, and. amplify the resulting power price patterns.
The re-routing of international manufacturing supply chains away. from China - in action to continuous trade disagreements with Beijing. - might likewise serve to accelerate Asia's renewables adoption.
Many of the alternative factory places are likely to be. in affordable Asian countries that have large workforces, while numerous. of the items and parts they put together will stay connected to the. energy shift due to the widespread appeal of clean energy. production systems.
Emerging economies across Asia are likewise keen to wean their. energy systems off high-cost and high-polluting fossil fuels,. therefore are anticipated to carry out major financial investments in structure. out tidy energy generation that helps to produce jobs and spur. economic development.
In sum, these trends may serve to speed up Asia's cumulative. adoption of renewable resource production over the coming years,. simply as Europe and North America are poised to possibly. lower the speed of renewables adoption due to their own. political and industrial priorities.
The viewpoints revealed here are those of the author, a market. analyst .
(source: Reuters)