Europe

Three sources with knowledge of the situation said that major commodity traders Gunvor, Vitol and London Metal Exchange approved warehouses at the South Korean port Gwangyang are awaiting the withdrawal of large quantities of Russian produced aluminium. Gunvor and Vitol focus primarily on energy. However, oil and gas trading companies have also made significant moves in metals markets as they explore the opportunities presented by the global transition to clean energy. Gunvor and Vitol are not sure why they want to store the aluminum in Gwangyang LME warehouses, as the majority of the metal in the LME is Russian. This...

Saudi Aramco's official selling prices for LPG (liquefied petroleum gases) in April are unchanged from those of March. Sonatrach, however, has cut its OSPs between 2-7% because of a weaker Mediterranean demand, according to traders on Monday. Aramco’s April OSP was $615 per metric tonne. Butane costs $605 per ton , traders said. LPG comes in two types: propane and butane. They have different boiling points. LPG is primarily used as a fuel for heating and cars, as well as as a feedstock to make other petrochemicals. Sonatrach has cut its April OSP (Off-Season Price) for propane from $550 to...

This week, the European Union began a ban on reexporting Russian LNG via EU ports. The goal is to reduce Moscow’s revenue after its invasion in Ukraine. The ban prohibiting the reloading Russian cargoes in EU ports to export to third-country countries was implemented in June 2024. A moratorium will be in place until March 26th 2025 for contracts that were signed before June 25th last year. Gas experts claim that the measure will have little effect, as the transshipments via EU ports into Asia represents less than 10% total Russian LNG exports. However, suppliers will direct this volume towards...

This week, the European Union's (EU) ban on reexporting Russian LNG via EU ports came into force. The EU's goal is to reduce Moscow’s revenue after its invasion of Ukraine. The ban prohibiting the reloading Russian cargoes in EU ports to export to a third country was implemented in June 2024. A moratorium will be enforced until March 26th, 2025, for contracts that were signed before June 25, 2018. Gas experts claim that the measure will have little effect, as transshipments via EU ports into Asia represents less than 10% total Russian LNG exports. However, suppliers would direct this volume...

CoreWeave’s debut will be a test to see if companies continue with listing or retreat in the face of market volatility. Investors are becoming more cautious as market volatility and tariff uncertainty has made them more selective. Companies, meanwhile, are waiting and watching in an ever-changing trade and geopolitical environment. The recent volatility in the market has made it difficult to go public, but that doesn't mean the IPO window is closed, said Matt Kennedy senior strategist at Renaissance Capital, which offers IPO research and ETFs. StubHub and Klarna, two high-profile companies that have been advancing their listing plans over...

According to data from LSEG vessel trackers and industry sources, Russia is increasing its exports of motorfuels to Bolivia as the energy crisis in Latin America worsens and Moscow must expand sales affected by Western sanctions. According to shipping data, between December and march, four tankers loaded at Russian ports Vysotsk Primorsk Taman included 190,000 tons of diesel. This indicates that the port of discharge was Chilean. Market sources confirmed that the cargoes were destined for Bolivia, a landlocked country which depends on ports in other countries for seaborne imports. Bolivia's energy company YPFB controls energy imports as well as...

Calculations based on data from the industry showed that Russia's rail-exports of liquefied petrol gas (LPG), which were a result of European sanctions, fell by 24% in January and February compared to last year, reaching 451,000 metric tonnes. The European Union imposed sanctions on Russian LPG due to the conflict in Ukraine on December 20, 2018. Poland, one Russia's biggest LPG importers, proposed the restrictions last year. LPG (or propane and butane) is used primarily as a fuel for cars and heating, and also to make other petrochemicals. The majority of Russia's LPG exports are shipped by rail, with the...

Two traders reported that the freight rates for Russian oil from its Baltic ports into India have fallen from recent records highs due to an increase in Western shipowner offers after Urals crude prices dropped below a price ceiling of $60 per barrel. The Group of Seven, in coordination and cooperation with the EU imposed a price cap on Russian oil at over $60 per barrel in late 2022, blocking access to Western shipping and insurance services. This was done to limit Moscow's financial ability to fund its Ukraine War. After reaching a record high in early March, the cost...

Three sources familiar with the matter confirmed that Marex Group had acquired the warehousing company Edgemere Terminals. The company did not have enough money to comply with the new capital adequacy regulations of the London Metal Exchange. Last week, the LME sent an email to its members to inform them that Edgemere Terminals has moved to 155 Bishopsgate in London where Marex, a commodities broker and financial service firm, is located. Edgemere declined to comment. Edgemere has been approved by the LME. Last year, the LME raised its capital adequacy requirement to five million pounds ($6.46million) from the previous one...

Transilien SNCF Voyageurs, France's national rail operator, confirmed Monday that it would suspend the deliveries of trains from Alstom SA to Paris' RER system. The company cited high failure rates and poor manufacturing. Alstom was not available to comment immediately on the 4.2% decline in its shares at 1412 GMT. These orders are part of a 2027 framework agreement between SNCF Voyageurs, Alstom and Ile-de-France Mobilites. This authority regulates public transport operators in Paris and its surroundings. 166 RER NGs are currently in production. Transilien SNCF Voyageurs said in an emailed message that the failure rate of Alstom's RER New...

Heathrow Airport in Britain defended the decision to close Europe's busiest international airport on Friday, as the blame-game intensified following an 18-hour shutdown that cost airlines millions of pounds and left thousands of passengers stranded. National Grid and Heathrow both agreed that this was a rare event. The airport had to defend the closure of the airport after the head of National Grid told Financial Times that there was still enough power in the network to keep the airport powered throughout the crisis. Heathrow reported that the fire in a nearby power substation on Thursday night forced it to close...

Richard Mansell won the Singapore Classic Sunday with a birdie on the final hole. This was his first DP World Tour win on his 104th try. He beat Keita Nagajima by just one stroke. The Englishman Mansell shot a six-under-66 in the final round of the tournament to finish 16 under in a tight competition. Adrien Saddier from France and England's Tom McKibbin finished two strokes back to share third place. When asked about the long wait for his title, Mansell responded with emotion: "God I wish it came earlier." It's a great feeling. It makes all those near misses,...

The manager of an American military-contracted oil tanker, which was hit by a cargo vessel off England's Northeast coast last month, filed a suit at London's High Court over the collision on Monday. Stena Bulk Marine Services (USA) LLC and Crowley-Stena Marine Solutions LLC filed a lawsuit against MS Solong Schiffahrtsgesellschaft M & Co KG, a subsidiary of Portuguese-flagged container ship Solong owner Ernst Russ , according to court records. On March 10, the Solong crashed into Stena Immaculate. This tanker was anchored and operated by Crowley. It was carrying jet fuel. The collision was reported to the Admiralty Court,...

Calculations showed that the average daily supply of natural gas to Europe through the TurkStream pipeline, owned by Russian energy giant Gazprom, fell 19.4% from a year earlier in March. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. Based on data provided by the European Gas Transmission Group Entsog, calculations showed that Russian gas exported via the TurkStream pipe fell to 45 million cubic meters (mcms) per day from 55.8 millions cubic metres per days in February. This was also...

Gasunie, the Dutch natural gas grid operator, said on Monday that it will invest approximately 12 billion euros (13 billion dollars) by 2030 to accelerate the energy transformation and prevent major industries from leaving the Netherlands. Gasunie announced that two-thirds of their investment will be in infrastructure for sustainable gasses, such as hydrogen and biomethane. They also said they would continue to work on projects for carbon capture and storage. It said that the share of green projects in total investments increased last year from 20% to 45%. Gasunie stated that the company was taking "major steps" towards a future...

Oil prices fell on Monday and are heading towards a modest quarter-loss, despite warnings from U.S. president Donald Trump, who warned that he could impose secondary tariffs against buyers of Russian crude oil if he felt Moscow was blocking his efforts in ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 30 cents or 0.4% to $72.46 a barrel by 0330 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 33 cents or 0.5% to $69.03 a barrel. Brent front-month, down 26 cents or 0.4% at $73.36, expires on Monday. Both benchmarks are on track...

Oil prices fell on Monday and are heading towards a small quarterly loss, despite warnings from U.S. president Donald Trump about secondary tariffs if he believes that Moscow is preventing him from ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 17 cents or 0.2% to $72.59 a barge by 0028 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 18 cents or 0.3% to $69.18 a barge. Brent front-month, up 8 cents or 0.1% at $73.71, expires on Monday. Both benchmarks recorded a weekly gain for the third time in a row on Friday....

Two sources who have direct knowledge of this matter, but spoke on the condition of anonymity, said that the talks to restart Kurdish crude oil exports via the Iraq-Turkey pipe are at a standstill due to a lack in clarity regarding payments and contracts. Negotiations, which began in late February, failed to resolve a standoff of nearly two years that had halted the flow of goods from Iraqi Kurdistan, in the northern part of the country, to Turkey's Mediterranean Port of Ceyhan. Last month, it was reported that the Trump administration has asked Iraq for a restart of the shipments...

Transneft, the Russian oil pipeline monopoly, said Friday that its net profit fell by around 5% to 287.7 roubles (about $3 billion) last year due to rising costs and taxes. In an effort to reduce its budget deficit, the Russian government increased taxes on corporate profit. Transneft has increased its tax rate from 20% to 40% for the years 2025-2030. Transneft operates Russia's 42,000 mile (67,000 km) long oil pipeline network. It has stated that it could run out of cash in 2026, and it may have to suspend large investment projects because of the tax increase. The company reported...

The company reported on Thursday that the largest Ukrainian railway, Ukrzaliznytsia (state-owned), has partially restored its online services following a massive cyber attack which affected passenger and freight transportation systems. The first outage reported was on Sunday, when the rail company informed passengers of a problem with its IT system. They were told to purchase tickets at the station or on trains. Later, the company said that its online systems were subjected a targeted large-scale cyberattack. Ukrzaliznytsia announced on Telegram that the online sales system has been restored as a backup for the purchase of train tickets or their refund....

EACOP Ltd, the company responsible for building Uganda's EACOP oil pipeline, announced on Wednesday that it had closed its first external financing round from a consortium of institutions which included commercial banks and Afreximbank. Standard Bank, Stanbic Bank Uganda, KCB Bank Uganda, and the Islamic Corporation for the Development of the Private Sector in Saudi Arabia are among the financiers. The statement stated that "the successful closure of this first tranche is a significant landmark." The statement did not give a value to the financial backing. Uganda's Energy Minister said in October that the partners of the $5 billion East...

Venture Global Inc, a U.S. developer of LNG, has requested permission from federal regulators to start operations at its Calcasieu Pass export facility and TransCameron pipe project. This is the final step to moving into commercial operations. The U.S.'s second largest LNG exporter has told the Federal Energy Regulatory Commission that it believes it can produce at the design capacity of the plant after making significant progress with remedial work. Calcasieu Pass is confident that it has completed all the required paperwork Documentation demonstrating readiness to begin service of the remaining facility," the FERC filing stated. According to the filing,...

In a group message that accidentally revealed plans by the U.S. for an attack on Yemen's Iran aligned Houthis, senior Trump officials including Vice President JDVance and Defense Sec Pete Hegseth accused Europe "freeloading" The attacks by the Houthis on ships in Red Sea have impacted trade between Europe and the U.S. What is the situation in the Red Sea? In response to threats by the Houthis to resume attacks on ships crossing the Red Sea, the U.S. launched massive military strikes against them on 16 March that resulted in the death of at least 31 people. The Houthis, a...

One of the topics on the agenda is a possible relief in the sanctions against Russia, which includes its vast energy sector. The oil and gas sector is a major source of revenue for Moscow. It has been under Western sanctions since 2014 when Russia annexed Crimea from Ukraine. These sanctions were tightened considerably after Russia invaded Ukraine 2022. Washington announced its most severe round of sanctions in January 2010. Here are some implications of a possible reversal. RUSSIA TRADE with US and EU Before the war, Russia was the biggest supplier of fuel oil in the United States. It...