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Sources say that the Moscow oil refinery stopped production on 16 June after a drone attack.
Two industry sources confirmed that a Moscow oil refinery stopped operations on Tuesday after a?Ukrainian drone attack. Sources said that the strike was claimed by Ukraine and caused a fire at the primary refinery CDU-6, which can process 21,400 metric tonnes of oil per day. This is 53% of its capacity. Sources who requested anonymity as they were not authorised to speak in public said that the refinery is expected to resume its operations at its second primary unit soon. This unit can process 18,800 tons per day. The local?emergency service said earlier on Tuesday that the fire at the refinery was put out, and operations were not affected. Sergei Sobyanin, the Moscow mayor, said that a facility on site was?damaged without providing further details. The refinery, located in the southeast part of Moscow?supplies fuel to Russia?s capital. Gazpromneft did not respond immediately to a comment request. Sources claim that the refinery will process?11,6 million metric tonnes of crude oil by 2024 (or about?230,000 barrels a day) and produce 2.9 millions?tons gasoline, 3.2million tons diesel and 1.3million tons bitumen. Reporting by Kirsten Doovan; Editing by Kirsten Doovan
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US natgas at Waha turns positive for the first time since February, as pipeline constraints ease
?U.S. The spot price of natural gas for Tuesday at the Waha Hub, in West Texas, turned positive for the first time since February. This is because the demand for fuel has increased with the arrival of summer air conditioning and as energy firms are finishing spring pipeline maintenance. Electric companies use more gas during summer as businesses and homes crank up the air conditioners. Gas-fired power plants account for about 40% of U.S. electricity generation. Prior to Tuesday, Waha's next-day price had been below zero for an unprecedented?90 consecutive days as pipeline restrictions from spring maintenance trapped the gas in the Permian basin, the nation’s largest oil-producing region in West Texas and eastern New Mexico. Analysts have said for years that negative prices, forcing some energy companies to pay other firms to take gas in conjunction with their oil production were a sign the Permian needed more gas pipelines. There will be more pipes later this year but not fast enough to deal with the current gas production. Analysts predict that energy firms will boost Permian production as new pipes are put into service, and as rising oil prices due to the Iran war encourage oil producers to extract more oil. The U.S. Energy Information Administration predicts that Permian Gas output will reach new record highs each month between May and November as new pipes enter service. In November, it is expected to reach 30.1 billion cubic foot per day (bcfd). This amount of gas could provide around a quarter of the fuel used in the U.S. One billion cubic feet of gas is enough to fuel five million U.S. households for one day. NEGATIVE GAS PRICES Permian energy firms are willing to accept some losses in gas, as they can compensate for the profits made from selling oil. In the past decade, negative gas prices were rare. Environmental rules were less strict and drillers were able to?flare off or burn some of their unwanted gases. In recent years, this gas has gained in value as a fuel for data centers that need a lot of power. It can also be exported via pipelines to Mexico or as LNG to other markets. Waha Hub: Spot prices The price of a million British thermal unit (mmBtu), which was minus 8 cents on Monday, rose to 42 cents on Tuesday. Daily Waha prices?averaged under zero for the first time in 2019. The price of Daily Waha was first?averaged below zero in 2019. The average Waha price per mmBtu has been negative $2.19 so far in 2026. This compares to a positive $1.15 for 2025, and a $2.88 positive over the last five years (from 2021-2025). (Reporting and editing by Louise Heavens, Paul Simao, and Scott DiSavino)
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There are some flights to the Middle East that have resumed but there is still disruption.
Despite the fact that most of the suspensions remain in place after the U.S. and Israeli strikes against?Iran, which disrupted global travel in February. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES Thessaloniki-Tel Aviv flights were cancelled by Greece's biggest carrier until June 26. Dubai flights are canceled until August 31. Erbil and Baghdad flights will be canceled until September 30. AIRBALTIC AirBaltic, a Latvian airline, has cancelled all flights to Dubai and Tel 'Aviv until June 28. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv up until the 28th of June. Air France-KLM Air France suspended flights to Tel Aviv until June 23. Flights to Beirut will be suspended until June 24, and flights to Dubai will be cancelled until June 30. KLM has suspended flights from Dubai to Riyadh until August 2, and until July 26 to Dammam and Riyadh. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai and Riyadh until August 31. The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18. The airline plans to resume New York JFK to Tel Aviv flight on September 6?while its Boston to Tel Aviv route has been postponed until further notice. FINNAIR Finnair has cancelled all Doha flights up until October 2 and continues to avoid the airspace over Iraq, Iran Syria, and Israel. In October, it will resume Dubai flights that are only operated during the winter. British Airways, owned by IAG, has delayed the return of flights to Doha and Riyadh to August 1st. Flights from Amman, Bahrain, Amman, Dubai, Tel Aviv and Dubai are suspended until the end the summer season. They are expected to resume on the 25th of October. It plans to reduce the number of flights to Dubai, Doha and Riyadh to just one per day when it resumes, and to drop Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 1, as well as Doha-Tokyo until July 31. Polish Airlines has cancelled all flights to Riyadh and Beirut until 30 June. LOT will begin operating its winter route from Dubai in October. LUFTHANSA GROUP Lufthansa has announced that it will resume Tel Aviv flights as early as July 1, while ITA Airways confirms they will resume them on July 1. SWISS delayed the resumption until August, while Brussels Airlines suspended flights until October 24. The suspension of Dubai flights by Lufthansa SWISS and ITA Airways continues until September 13th. Lufthansa and SWISS have suspended flights until October 24 to Abu Dhabi, Amman Beirut Dammam Riyadh Erbil?Muscat Tehran. Eurowings, a low-cost carrier, has suspended its flights to Tel Aviv and Beirut until July 9 and until July 17. It also suspends its flights to Erbil and?Dubai until June 30, and to Amman and Abu Dhabi until October 24. ITA Airways also extended its suspension of flights to Riyadh through July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume limited service to Doha. NORWEGIAN AIR Low-cost carrier has delayed its planned launch of Tel Aviv and Beirut indefinitely and no new dates have been determined. ROYAL MAROC Moroccan airline announced that flights to Doha have been cancelled until 30 June. SINGAPORE Airlines In response to a?higher level of demand, the carrier has extended its Singapore-Dubai suspension until August 2. It also added services on Singapore-London Gatwick as well as?Singapore - Melbourne routes from late-March until October 24, in order to accommodate?higher demand. TURKISH AIRLINES SunExpress, Turkish Airlines joint venture with Lufthansa has cancelled flights to Dubai, Bahrain, Beirut, and Erbil, until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Lioma, Tiago Branao, Agnieszka Olesska, Bernadette HOG, Alexander Klyve Gudbrandsen, Romolo TOSIANI, Boleslaw LaSocki). Matt Scuffham and Alexander Smith edited by Susan Fenton, Milla Nissi-Prussak Jonathan Ananda Joe Bavier, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heavens, Louise Heaven, Bernadette Hogg, Romolo Tosiani.
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Sources say that the freight rates for Russian Urals are expected to ease in June.
Two trade sources reported that freight rates for tanker shipments of Urals crude oil from Russia's western port 'to India' eased in June compared to last month due to seasonal factors, increased 'availability' of vessels and shippers' optimistic view of the opening of Strait of Hormuz. Two trade sources said that the United States and Iran reached a deal on a peace agreement, which would end the?war? in Iran and allow free passage through the Strait of Hormuz. Sources said that the blockade caused a dramatic increase in freight rates around the world, including on the Russian oil shipping markets. The agreement is expected to reduce freight rates and facilitate shipping through the Strait. Sources claim that the cost to ship Aframax cargoes from Primorsk (typically 100,000 tons) to India has dropped to $10 to $11 millions, down from over $13 million at the end of May. The cost to?ship Urals from Novorossiisk, a Black Sea port, to India via Suezmax tanks (140,000-ton cargo) has dropped to $15 million. According to sources, the'summer?season' facilitates tanker loading in Russia's western port and increases vessel turnover due to more favourable weather conditions. The tanker market was cooled by an expected drop in exports for June. The sources did add that the final June export programme could exceed expectations due to the ongoing drone attacks on Russian refineries, which are releasing available crude oil volumes.
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Seven anarchists arrested in Italy over Winter Olympics rail sabotage network
Seven people have been arrested by the Italian police for allegedly 'belonging to a militant anarchist network' and sabotaging a high-speed rail line during the Winter Olympics in February. In a?statement? on Tuesday, the police stated that a judge ordered that five suspects be kept in prison while two were placed under house-arrest. Charges include terrorist associations and subversion of democratic order. Two of the arrested people were accused by police of being involved in an attack on the Rome to Florence high-speed railway line that took place on February 14. Investigators claim that the'sabotage' was committed using improvised explosives. The damage caused to infrastructure is estimated at EUR455,000 ($528,000). The sabotage caused delays of over an hour during the Milan-Cortina Winter Olympics which took place from February 6-22. "The sabotage, along with another attack carried out at the same time on the Rome-Naples line, was claimed on the website ispiraazione.noblogs.org, created specifically a few months earlier," police ?said. The police added that the statement of the anarchists explicitly referred to timing and the Winter Olympics in Milan-Cortina, as well as anti-militarist goals and violent attacks on infrastructure. According to police, this group is based in Rome, but maintains links with other cells located?in Bologna Milan and Naples. Rome's prosecutors issued search warrants for other suspects in investigation across?several Italian towns. The '40-page statement, posted on a website cited by the police, also claimed responsibility for the March sabotage of the Transalpine Pipeline.
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Yandex Bank is the target of UK sanctions against Russia's shadow navy
Britain imposed new sanctions on Russia Tuesday. They targeted Yandex Bank and a network that is linked to Russian military intelligence. Also, they targeted dozens of vessels suspected of shipping Russian gas and oil into third-country countries as part Moscow's shadow fleet. The package also included Evofinance Mosnarbank, Wildberries Bank and insurer Rosgosstrakh. "These sanctions are aimed at the ships, the money, and the people who support Russia's war economic, which in turn threatens European security," stated Prime Minister Keir starmer, who is in France for a Group of Seven summit. The G7 countries have sanctioned more than 20 oil tanks and several LNG vessels in the first ever sanctions imposed by a G7 nation on ships connected to Russia's Arctic LNG 2 project. According to the British government, Britain has sanctioned over 600 shadow fleet ships to date. In?March, Starmer granted permission to the military to board and detain vessels suspected of helping Russia to export oil in spite of Western restrictions. British 'commandos' intercepted an oil tanker sanctioned by the shadow fleet in the Channel, Sunday. The new sanctions target what Britain called a 'Russian military intelligence procurement network, centred around Neptune Co Ltd. They accused the company of secretly acquiring Western technologies for Russia's defense sector. $1 = 0.7443 pounds (Reporting and editing by William James, Sarah Young and Alistair Smout)
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Fujitsu's chairman resigns after 'woman-related inappropriate behaviour'
Fujitsu chairman Hidenori Furuta has resigned at his request on Tuesday after the company confirmed his "woman-related improper conduct", a spokesperson for the Japanese technology conglomerate announced. Fujitsu announced that it had withdrawn Furuta’s candidacy for a nonexecutive director at the upcoming?annual shareholders meeting? The spokesperson didn't comment on Furuta or any plans to replace Furuta. Furuta, who was contacted via LinkedIn, stated: "The?statement of the company speaks for itself." Furuta, who served as Fujitsu’s chief operating officer, executive Vice President and chief technology Officer, will become chairman of the company in 2024, according to its website. After the announcement, shares in 'Fujitsu' were barely moved, rising 0.2% during the afternoon session, in line with the benchmark index?Nikkei?225. In 2023, the?president of energy giant 'Eneos' was dismissed for misconduct during a social event while drunk. (Reporting and editing by Thomas Derpinghaus, Tom Hogue, and Kantaro Koiya)
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The US-Iran agreement promises an end to the war, but its implementation remains unclear
Shippers said it would take weeks before confidence returned after any reopening of Strait of Hormuz. And fundamental questions remain unanswered. U.S. president Donald Trump announced on Monday that a preliminary agreement had been signed between the U.S. The interim agreement would prolong a tenuous truce announced in April for another 60 days, and reopen Strait of Hormuz which Iran effectively closed since the U.S. attacked Iran in February. During the 60-day window, the next round of negotiations will address the difficult issues such as the future of Iran’s nuclear program. Trump and Benjamin Netanyahu's other arguments for war, including ending Iran's support of regional armed proxy forces and curbing the missile program aren't expected to be discussed during those negotiations. Trump announced that the deal was signed after arriving in France to attend a G7 summit. He said that Vice President JDVance would be attending a formal signing in Geneva, on Friday. Oil prices dropped on Monday, to their lowest levels since March 10, just a few days after the Strait of Hormuz was closed between Iran and Oman. This narrow waterway is responsible for one-fifth of all oil trade in the world. Brent crude futures fell 0.3% in Asian trading to $82.96 per barrel. The deal is the biggest step forward in resolving the conflict. It has resulted in the deaths of at least 7,000 people - mostly in Iran and Lebanon - and upended the global energy markets. Masoud Pezeshkian, the Iranian president, wrote in a social media post on Monday that "the interim agreement" was "an important step" towards stopping the fighting. However, he noted that "a final deal to achieve a lasting ceasefire has yet to be shaped." Vance said on CNN that the memorandum signed was a very general document. U.S. officials said that details would be revealed over the next couple of days. Vance stated that it contained "a very important sanctions relief package" (for Iran). Later, he told Fox News Trump could decide to release the deal before Friday. U.S. officials and Iranian officials claim that lifting sanctions, unfreezing assets abroad and creating a $300 billion reconstruction funds, funded by Gulf States, who host U.S. bases, could lead to substantial economic benefits for Iran. U.S. officials who spoke on condition of anonymity said that Iran must comply with U.S. requirements to never build a nuclear bomb and to stop supporting militias such as Hezbollah, in Lebanon, in order to receive these benefits. Iranian officials who have denied ever wanting to build a nuke say that they have not given much up by agreeing with the United States to resume diplomatic talks over Iran's nuclear enrichment program. These discussions were interrupted by the war. REBUILD CONFIDENCE The latest agreement may lift Iran's chokehold over the Strait of Hormuz but that is only a return to the status quo of the war. Shippers have said they will not resume traffic until they feel confident they can safely transit the Strait. Chief executive of Japan’s Mitsui O.S.K. Lines, a shipping company with a fleet that includes more than 900 vessels, including tankers, said to the Financial Times that shipowners wouldn't sail through the Strait until they felt confident about the U.S. Iran deal. "Given what we've seen in the past couple of months, it seems reasonable to assume that it will take a few weeks or even a month," Tamura said before Trump announced his deal. According to the FT, Tamura's opinion has not changed despite the agreement between Washington DC and Tehran having been finalised. Iran has indicated that it will maintain a 'control' over the strait with Oman. The U.S. has said that the strait would be toll-free during 60 days, and they expect this provision to be included in a final agreement. Trump stated in a Truth Social posting that oil-laden ships were beginning to leave the strait "going along the Southern 'Highway', which is completely safe, secure and pristine". NETANYAHU - "STOOD FIRM" Another key issue is the fighting in Lebanon between Israel, a U.S.-aligned country, and Hezbollah, allied with Iran. This conflict has resulted in the displacement of 1.2 million people. Iran said that the 'deal' requires an end to all hostilities in the region, but Netanyahu stated that Israel would maintain its forces in southern Lebanon and retain the right of response to Hezbollah attack. He said at a Monday news conference that Iran wanted us to pull out of the deal, but he refused. Israel has not taken part in the Iranian peace talks directly. An official from the United States said that the withdrawal of Israel from Lebanon was not part of the agreement. In March, after Hezbollah entered the war, it had invaded the country. Abbas Araqchi, Iranian foreign minister, said that Israeli attacks must cease immediately.
Maguire: Early heatwave in Asia signals potential summer pressure on coal and gas
The temperatures in many of Asia's biggest cities are above normal, prompting the use of air conditioners that consume a lot of energy. This is happening weeks before the peak of summer thermometer readings.
LSEG data shows that temperatures in a number of parts of China and Southeast Asia, including India, South Korea, Japan and South Korea, have recently risen well above long-term averages. They are expected to continue to rise for several weeks.
This sustained stretch of hot weather is likely to spur an increase in the use of air conditioners, which will?increase strain on generators who are responsible for supplying electricity.
In order to ensure a continuous supply of electricity, utilities in Asia will have to increase the use of coal- and gas-fired plants. This will cause a drawdown of coal and natural gas stocks, which will then need to be replenished when summer arrives.
The increased competition between Asian utilities for fuels that generate electricity could spark a new strength on the global coal and natural gas markets. These markets have been already roiled due to the U.S./Israeli conflict with Iran, and the resulting disruption of shipping through the Strait of Hormuz.
HEATING UP
Even though the northern hemisphere's official summer begins on June 1, millions of households in Asia have already experienced temperatures that are well above normal.
LSEG data show that since the middle of May the average temperature readings for Seoul, South Korea have been around 13% higher than the long-term mean. This has prompted "extreme heat alerts" by the Korea Meteorological Administration.
These?warnings will be triggered if the maximum daily perceived temperature exceeds 38 degrees Celsius (100,4 degrees Fahrenheit).
Since mid-May, Shanghai temperatures have been around 12% higher than normal. In Tokyo, readings have averaged?10% over normal.
In India, extreme heat has also been recorded in several towns. These readings were above 40 C (104 F), and people sought shelter inside air-conditioned buildings or homes.
Under Pressure
Power firms are already under pressure as they struggle to meet the increased demand for electricity.
The air-conditioning system is notoriously energy-intensive. However, it has become more popular in South and Southeast Asia due to the rising temperatures and humidity levels.
According to the International Energy Agency, the number of homes with air conditioning systems will increase from 36% in 2012 to 60% by the year 2050.
The surge in space cooling demand is likely to place an even greater strain on global power grids than the data centre boom. This is because the data centers are concentrated in regions that have more developed power systems and can accommodate more demand.
Power firms in Asia are struggling to meet demand for homes and businesses due to the current heatwave. Authorities in Vietnam, India, and the Philippines have all issued warnings about power output.
If the hot, humid weather continues into the peak summer season, we can expect to hear more warnings about power outages and requests for a reduction in power usage.
COAL-HEAVY POWER FOUNDATIONS
Over half of Asia's power is still generated by fossil fuel plants, despite the rapid growth in solar and wind farm generation in recent years.
In 2025, coal-fired power plants will generate around 52% (or more) of Asia's electricity. They'll remain the backbone for the region's energy system in the near future.
Around 10% of Asia's power is generated by natural gas plants. This share was expected to grow in the future, particularly?in wealthy economies that are closing down outdated coal plants.
The volatility of natural gas prices and the supply of liquefied gas (LNG), in recent years, has caused a slowdown in the development of gas-fired power plants. This means that coal will continue to be the main source of power in Asia, at least in the short term.
This means that coal import orders by Asian utilities are likely to increase as we approach the summer peak months. The price of coal should therefore rise, and this will put pressure on global and regional energy prices.
In Asia, there will also be an increase in demand for LNG and natural gas. This is especially true in areas with few alternatives to power and where the power consumption is expected to continue to rise due to temperatures above average.
This means that hot spells in Asia could further tighten the global coal and gas market this summer and worsen the energy shocks caused by the U.S.-Israeli war on Iran.
These are the opinions of the columnist, an author for.
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(source: Reuters)