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European oil refining margins turn negative, bucking global trend
According to IEA and trade sources, European oil'refining margins are now negative. They lag behind?stronger margins? in Asia and the U.S. as a result of the?competition for crude? from Asian buyers because of the Iran War drives up costs, even though fuel prices have reached record highs. The IEA reported in its monthly report, based on Argus Media data, that the margins for Northwest European sweet light hydroskimming fell to a negative average of $6.45 a barrel in the week starting April 6. The data also showed that the margins for medium sour cracking were in the negative. The margins for light sweet cracking remain positive but have also shrunk significantly. The squeeze on margins is the result of the record-high physical crude oil prices as the conflict in Iran has disrupted Middle East flow. Analysts said that the?narrowing European Margin effectively shows these plants running at a deficit, and will likely prompt some to reduce crude oil processing into fuels. Trading sources say that simple European refineries without the upgrading units needed to extract higher-value products like jet fuel could be forced to reduce production if margins remain under pressure. However, there are no signs of widespread reductions yet. Neil Crosby, an analyst at Sparta Commodities, said that Europe will cut its utilisation as things stand. He added that the runs could drop by up to 500,000 barrels a day. ASIAN CONCURRENCE FOR CRUDE RAISES PRICES IEA data revealed that in contrast, the heavy sour cracking margins were stronger last week compared to the average for March. In Singapore, the IEA data showed that the medium sour cracking rates were also higher last week compared to their March averages. Trading sources say that the squeeze in Europe is due to rising crude prices as Asian refiners compete for cargoes. They also cite higher operating costs, such as electricity and natural gases. A trading source at a European refinery said, "It is typical of these crises." Fuel cracks are first to appear, but margins will be affected as crude prices and other costs rise. He said that the margins had dropped from $30 per barrel during?the first weeks of the conflict, to just under $4 today. Margins in Europe reached record levels in March. The IEA reported that in Singapore, margins were 14 times higher in March than they were in February. In?northwest Europe, margins for light sweet hydroskimming in 'March were nine times higher at $15.20 a barrel than they were in 'February. Some refineries even postponed planned shutdowns in order to benefit from the higher fuel price. IIR, an industry watchdog, reported that Sarroch, Italy's 300 000 barrel per day refinery, was forced to shut down for maintenance from mid-March until late May. Vitol, the refinery operator, declined to make any comments. (Editing by Alex Lawler, Jan Harvey)
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The U.S. Iran Blockade includes over 10,000 military personnel and ships, aircraft
U.S. Central Command announced on Tuesday that the U.S. 'blockade' of Iranian ports involved more than 10,000?military personnel, more than 12 warships, and dozens aircraft. The command reported that "no?ships? made it through the U.S. Blockade? and 6 merchant vessels obeyed the?direction of U.S. Forces to turn around in order to re-enter a?Iranian?port on the Gulf of Oman" a day after President Donald Trump's blockade took effect. The blockade is being enforced unbiasedly on all vessels entering or leaving Iranian ports, including those in the Arabian Gulf and Gulf of Oman. It said that U.S. forces "support freedom of navigation" for vessels transiting the Strait of Hormuz from and to non-Iranian port. Reporting by Bhargav Asharya and Doina chiacu, Editing by David Ljunggren
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The US power and natgas price turn negative in Texas, California and other states due to mild weather
U.S. spot electricity and natural gas prices in Texas, California and other states traded in the negative territory on Tuesday due to mild weather that kept both heating and cooling usage low. This allowed for more energy demand from 'hydro' and other renewable sources. Negative gas prices can be a sign of too much gas or power being produced, forcing some companies to reduce their output or pay other firms to buy the gas or power. Gas prices in West Texas at the Waha hub are average cash prices. The econometric index remained negative for 47 consecutive days, a record. Pipeline constraints continue to trap the gas produced by oil in the Permian region, the country's largest oil-producing shale area. Analysts have said for years that negative gas prices are a sign the Permian Region, which spans West Texas, and eastern New Mexico, requires more pipelines. There will be more pipes later this year but not enough to deal with the current amount of gas coming from the ground. Daily Waha prices averaged for the first time below zero in 2019. According to LSEG's pricing data, this happened 17 times between 2019 and 2020, six times each in 2023, once in 2024, 49 times each in 2024, and 39 times during 2025. It has also happened 56 times since the beginning of this year. Waha prices are currently averaging a negative $1.53 for every million British thermal unit (mmBtu). This is compared to a $1.15 positive price in 2025, and $2.88 positive over the last five years. Electric Reliability Council of Texas regions such as West and Panhandle also had negative power prices for several hours. TOO MUCH POWER IS CALIFORNIA In California, the electric prices have also fallen. Spot power at South Path 15 (SP-15 Hub) The price of electricity fell below zero on Tuesday for the first since March 2025. It was a negative 72 cents a megawatt-hour (MWh), down from $1.88, a positive amount, for Monday. This compares to a negative average of $16.85 in May 2024 and a positive average of $19.80 in 2026. In 2025 the average was $28.44 and in the last five years, it was $53.02. SP-15 prices were in the negative two times each in 2025, and 18 times in 2024. Gas prices are low at the PG&E citygate because there is little demand for electricity. The price of mmBtu in Northern California dropped to a new record low for the second day in a?row, falling to $1.21 on Tuesday. This compares to averages of $3.42 per mmBtu in 2025 and $1.95 in 2026. Power traders have noted that power prices often turn negative in western areas of the U.S. during the spring, when warmer temperatures melt snow in the mountains and increase the amount of water available to hydropower. The U.S. Northwest River Forecast Center, which tracks water flow in the Pacific Northwest region, predicted that the amount of water in the Dalles Dam along the Columbia River between Washington State and Oregon in 2026 would be 103% more than normal. This is well above the levels of 80% in fiscal 2025. 77% in 2024. and 76% in Fiscal 2023. The Dalles Dam is the second-to-last on the lower Columbia River. It's a critical point for measuring the amount of water that can be used to generate electricity in the Northwest. Reporting by Scott DiSavino, New York; Tim McLaughlin, Boston; Editing by Louise Heavens
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Bangladesh launches the 'Farmers' Card' in order to support agriculture sector
As part of its efforts to modernise the agriculture sector, Bangladesh launched on Tuesday a "Farmers' Card", aimed at extending direct support to millions?of?farmers?and streamlining subsidies. Agriculture ministry officials stated that the scheme is aimed at small farmers and sharecroppers, who are often without access to institutions such as banks. The programme also offers farmers access to low-interest loans and agricultural machinery as well as crop insurance, advisory services and subsidised fertilisers and seeds. "If the farmers in this country do well, if the farmers survive, then all of Bangladesh does well and the entire population of Bangladesh lives well," said Prime Minister Tarique Raham at the official launch of the'scheme' in Tangail District, central Bangladesh. Many wore traditional straw hats in order to block out the sun. "I feel proud for the first time to be a farmer." This initiative will allow us to grow," said Julekha Akhter who cultivates a small plot of land at Tangail. The scheme will be implemented in phases. It will begin with a pilot that covers more than 22,000 farmers from selected areas. Rahman stated that the government plans to extend it across the country over five years. This will bring approximately 27.5million farmers into this system. This scheme will connect farmers with digital information about the weather, crop management and market prices, which will help improve planning, productivity, and efficiency. The agriculture sector remains the cornerstone of Bangladesh's economy. It contributes 11-12% of gross domestic product, and it employs a significant portion of its workforce.
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As the Middle East conflict shakes markets, global companies are delaying IPOs and cutting dividends.
The Middle East conflict affected global financial markets, affected logistical systems and hindered supply of raw materials vital to a wide range of industries. The following list is alphabetical and includes some of the companies that have responded to the current crisis by delaying their initial public offering or withdrawing dividends: DOMETIC GROUP The Swedish outdoor technology company has withdrawn its SEK 1,00 ($0.11) dividend per share and instead proposed no dividends for 2025. The company said that geopolitical events had increased economic uncertainty, and there were signs that demand and trading conditions would be weaker than expected. LOVEHOLIDAYS Sources familiar with the situation have confirmed that Loveholidays, an online?travel agency, is preparing to postpone a London IPO of up to $1.33 billion due to the current conflict affecting the market and causing travel chaos. MCCOY GLOBAL The Canadian 'well' construction automation company announced that it would suspend the quarterly dividend in order to maintain "financial agility" in light of the conflict in the Middle East. It said the conflict had created uncertainty, and affected logistics and delivery schedules. PHONEPE Walmart-backed Indian Fintech firm announced that it has halted plans to launch an IPO due to volatility on global capital markets caused by geopolitical tensions. The company said that it would resume its IPO process when the global capital markets were stable again. SEVEN & i HOLDINGS 7-Eleven announced on April 9 that it would delay the listing of the North American division until the?2027 financial year or later, from the second half 2026. The company cited market uncertainty and risks to consumer spending. TURKISH AIRLINES The Turkish carrier announced on April 10, that it would not be distributing any dividends from its net profit of?2025, but instead will retain the earnings in order to conserve cash. XED EXECUTIVE?DEVELOPMENT The executive education platform is the first company in India's low tax GIFT City area to launch an IPO. It said that it had withdrawn the IPO due to a?weakness of market sentiments? caused by the conflict?in the Middle East, and the delays in completing the mandatory video-based verification for foreign investors and non-resident Indians linked to this conflict.
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Airline cancels flights due to Middle East conflict
The global air travel industry is still severely affected by the Iran War. Many people are unable to reach their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu 'Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Riyadh, Amman and Tel Aviv until June 27 and to Beirut and Beirut till June 26. The airline cancelled flights to Erbil, Baghdad and Dubai until June 29, and also to Erbil and Baghdad between July 2 and July 2. AIRBALTIC AirBaltic, a Latvian airline, has announced that flights to Tel Aviv are cancelled until May 31. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled?flights? to Tel Aviv until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv from May 3 until now. AIR FRANCE-KLM Air France has suspended Tel Aviv flights to Beirut, Dubai, and Riyadh until May 3. KLM suspends flights to Riyadh and Dubai until the 17th of May. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until 30 June. In April, the airline will increase its passenger flights from London, Paris, and Zurich to Europe to meet the increased demand. The U.S. carrier cancelled all flights between New York and Tel Aviv, and has delayed the start of the Atlanta-Tel Aviv flight until September 5. The launch of the Boston-Tel Aviv flight, which was originally scheduled for late October, has now been postponed until further notice. EL AL ISRAEL AIRLINES Customers who had planned to leave Israel by April 18th have been informed that their flights, including return flights, have been cancelled. From April 13, the number of destinations will be increased to 30 and then gradually increase throughout the rest of the Month. EMIRATES After a partial opening of the regional airspace, Emirates Airlines has announced a reduced schedule. ETIHAD AERWAYS The UAE carrier said that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has canceled its Doha flights up to July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. Dubai flights will only be resumed in October. FLYNAS Saudia, the budget airline, has suspended flights until April 15 to Dubai, Abu Dhabi Sharjah Doha, Bahrain Kuwait Iraq and Syria. British Airways, owned by IAG, will reduce flights to the Middle East once services resume. Jeddah is no longer a destination and it will be permanently removed. From July 1, it plans to reduce the number of flights to Dubai, Doha, and Tel Aviv from two daily flights to just one. Riyadh's two daily flights will be reduced to just one starting in mid-May. The changes will apply until the end of the summer season on October 24. One Dubai service will restart on October 16. Iberia Express, the Spanish low-cost carrier of IAG, has cancelled all flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines suspends scheduled Doha-Tokyo and Tokyo-Doha flight schedules until May 10. Japan Airlines has also announced additional flights between Tokyo, London and Doha on April 25. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30, and to Beirut between June 30 and 30. The airline will operate its winter route from Dubai to?October. LUFTHANSA GROUP Lufthansa and Swiss Airlines suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31. They also suspended flights to Amman, Beirut and Dammam. Riyadh and Erbil were also affected. Lufthansa Cargo will remain the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost carrier, plans to suspend flights to Tel Aviv through April 30, and to Beirut, Erbil, Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha through June 14. NORWEGIAN AIR Low-cost carrier has delayed the planned launch of Tel Aviv and Beirut flights until June 15. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until May 1. ROYAL MAROC Moroccan airline cancels flights to Doha until June 30, and those to Dubai until May 31, QANTAS Australia's national carrier has added flights to Rome, Paris and other European destinations to meet the increased demand. The number of flights to Paris is to increase to five return flights a week, up from three. Perth-Singapore will also go from daily service to 10 flights. A new schedule for flights will be implemented gradually from mid-April until late July. QATAR AIRWAYS The airline said that it will gradually increase the number of flights from Doha, to more than 120 destination by mid-May. SINGAPORE Airlines In response to increased demand, the carrier has extended its suspension of Singapore-Dubai flights until May 31. It also added services on Singapore-London Gatwick as well as Singapore-Melbourne from late March through October 24. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights from Dubai to April 30. WIZZ AIR Low-cost carrier suspends flights from Europe to Amman, Dubai and Abu Dhabi until mid-September. All flights to Medina are suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed. Elviira Loma, Tiago Branao, Agnieszka Olenka, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Editing by Sumana Nady, Joe Bavier Mark Potter and Milla Nussi-Prussak
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Due to the price surge, Russia will increase LPG export duties in May.
According to LSEG and industry sources, Russia is likely to 'raise its export duties on liquefied petroleum gases in May - by about 25 times compared to april. Export duty on a propane-butane mixture is currently $5.2 per ton. The levy has been reinstated for the month of April, after being?zero between June 2025 to March 2026 due to?weak prices. Sources said that the export 'duty' on a mix of butane and iobutane could be as high as $119 per tonne in May. Since the U.S. - Israel war with?Iran began in late February, LPG exports have plummeted from the Middle East. Asia's largest supplier of the.fuel used for cooking as well as feedstock for chemical plants. According to Argus, the supply shock pushed spot prices?for butane and propane loading?in to April from Gulf countries to record highs - $250 per ton over March 'Saudi contract 'price swaps made on March 30. Reporting by. Mark Potter (Editing by Mark Potter).
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Shipping data shows that Congo quarterly copper exports are down by almost 15%, while cobalt is on the rise.
According to data from the shipping industry, copper exports in Democratic 'Republic of Congo dropped by 14.6% during the first quarter, after reaching a record high a year ago. Meanwhile, cobalt shipments recovered sharply following a long-term freeze. Congo is the largest cobalt producer in the world, accounting for 70% of the global reserves. It's also the second-largest copper supplier, which makes it an important pillar of the global supply chains of electric vehicles and clean energy transition. According to Access World data viewed by?Monday, it exported approximately 4.83 million metric tonnes of?copper in 2025 and 245,700 of cobalt. The group for commodities logistics and warehouses did not immediately respond to a comment request. Global?copper production is expected to decline this year, after a strong increase in?2025. The data show that between January 2026 and March 2026 the Congo shipped approximately 955,000 metric tons of copper, down from around 1.09 million tons one year earlier. The Congo's copper flow in early 2026 was supported by large operations, including Ivanhoe and China's CMOC. Glencore, and Chinese-backed Sicomines. Cobalt exports took a very different path. Congo exported 48,800 tonnes of cobalt to start?2026 compared with 123,000 tons during the same period in?2025, when exports had been frontloaded prior to the four-month export freeze. Tightening Chemicals Supply The U.S. and Israeli war against Iran has disrupted the shipments of key chemicals that are used in the?copper-and-cobalt processing?, forcing some operators into cutting back on usage. Chemical import flows are strained, which is critical to leaching ore and maintaining output. Congo imported approximately?414,600 tonnes of sulfur, 113,000 tonnes of sulfuric acid, and 7,300 tons caustic soda during the first quarter of 2025. The data shows that in the same time period of this year, imports of sulfur were around 368,500 metric tons. Meanwhile, caustic and sulfuric acids had fallen to 29,200 and 3,900 metric tons respectively. The Congo's Mines Ministry did not immediately respond to a comment request.
Aid groups deliver humanitarian aid to Iran via land routes
On Tuesday, international humanitarian groups announced that they had delivered emergency relief 'through overland routes' to Iran. This was a few of their first aid deliveries since the?U.S. - Israeli strikes began late February. After six weeks of strikes and a slew of airstrikes, aid workers report that the need for humanitarian supplies is high. However, due to the conflict's expansion, stocks of emergency humanitarian products are stuck in Dubai warehouses.
The U.N. Refugee Agency estimates that up to 3.2 millions people have been displaced by the war.
The International Federation of Red Cross Red Crescent Societies has delivered 200 trauma kits, tents and blankets via trucks that were sent from Turkey along a newly opened route.
Tommaso Della Longa, spokesperson for the IFRC, stated that the trucks crossed the Iranian border Sunday and will arrive in the capital Tehran by Tuesday.
He told a Geneva Press Briefing that it was "very important" to him because it represented a new way of getting aid into Iran.
It was easy before to fly or take a boat to bring aid to Iran within a few hours.
Five trucks arrived from Jordan on Monday, according to the International Committee of the Red Cross. Nine more trucks are expected to arrive later this week.
The Iranian Red Crescent, a humanitarian organization that works across Iran with 100,000 responders and four of which have been killed in the war, also received supplies.
Della Longa stated in a statement that "needs are high. Medical needs, in particular, as well as the psychological toll, is immense."
"Our partners from the Iranian Red Crescent provided psychological care in addition to the work that they did, literally digging people out.
The ICRC trucks were stocked with buckets, mattresses, blankets, and other supplies to help?about 25,000 people who have been displaced due to the 'conflict. Sources say that after the weekend's failed negotiations to end the conflict, negotiating teams from Iran and the U.S. could return to Islamabad to resume the talks this week. (Reporting and editing by Aidan Lewis; Olivia Le Poidevin, Emma Farge)
(source: Reuters)