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Sources say that Chinese buyers are seeking alternatives to Middle East oil as they increase their purchases of Russian ESPO crude.
Four traders reported that the premiums for Russia’s Far East ESPO blend crude for delivery in November to China have risen to record levels as Chinese refiners increase their purchases amid shrinking Middle East and Iranian supplies. ESPO cargoes due to be delivered at the end October and November trade at a premium of over $7 a barr to ICE Brent. According to traders, offers have been heard up to a record-breaking plus $10 a barron on a shipped basis to China. Trading firms said that Sinopec, the state-owned Chinese refiner, was at the forefront of this buying spree, which reflects a strong demand for alternative crude oil supplies, as traders continue to express concerns about disruptions in shipments across Strait of Hormuz. As tensions in the Middle East threaten regional oil supplies, Chinese refiners are increasingly turning to Russian grades. Early trade on Wednesday saw oil prices rise by nearly 1%, after the United States & Iran exchanged strikes overnight. This fueled fears of more supply disruptions & reduced expectations of a near-term ease in tensions. Traders said that the strong Chinese demand for ESPO had already led to most of November's cargoes selling well ahead schedule. IRANIAN CRUDE IS NOW AVAILABLE AT A LOWER PRICE The traders reported that November ESPO cargoes started trading this week. Premiums for deliveries to China's independent re-finers (known as teapots) have risen to $10 per barrel delivered. The rally is a dramatic turnaround from the early?summer when ESPO blend cargoes were trading at discounts to ICE Brent. As demand has increased, October cargoes are now back in premium territory. The latest increase in crude oil prices was attributed to a decrease in the availability of Iranian crude. This has traditionally been the main source for teapot refiners from China. After the U.S. resumed its naval blockade mid-July it forced buyers to look for replacement barrels. ESPO blend, a product highly prized by Chinese refiners due to its proximity?and short shipping time, is now one of the biggest beneficiaries?of this shift in crude purchasing patterns. Participants in the market said that premiums will likely remain high as long as there is uncertainty about Middle Eastern supplies and Iranian imports.
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Iran's website shows that more ships are blacklisted for trying to pass through the Hormuz Strait.
According to a government website, Iran has added new ships that it considers non-compliant and subject to fines or confiscation if they try to sail through Strait of Hormuz. Tehran announced on August 24 that it had blacklisted 45 tankers for violating its rules to navigate the Strait of Hormuz and that any vessel transferring cargo would be subjected to action. This comes six months after the U.S.-Israeli war began. Updated on the website of the Persian Gulf Strait Authority, a body created by Iran to'manage the strait', eleven more ships have been added. The total number of blacklisted vessels is now '56. Sources in the shipping industry said that the update took place within the last 24 hours. Iranian officials have not responded to a comment request. This list is restricted to very large crude carriers, liquefied petroleum gas, liquefied natural?gas, and other clean product vessels. The PGSA website states that "any vessel cooperating (via STS oil transfer, transshipment), will be added to this list." To request removal from the area, vessels must submit an official application with reasons." ADNOC Logistics and Shipping of the United Arab Emirates, ADNOC subsidiary Navig8 tankers and Saudi Arabian national shipping carrier Bahri are among the owners of some of the previously named ships. Sources with direct knowledge told late August that after the announcement of the 'blacklisted' tankers, three Indian oil refiners, and one global energy'major, planned to stop using the vessels because of security concerns. The restrictions are likely to further restrict efforts to export oil through the strait. Traffic in this area, which handled 20% of all global oil and LNG shipments before World War II but has since been reduced to a trickle, is expected to continue to decline. The U.S. imposed sanctions?? on the PGSA? in May. This complicates any engagement with this body, which could result in the U.S. Treasury freezing assets if any fees or transactions are paid.
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Trump will meet with the CEOs of the travel industry to discuss tourism.
U.S. President Donald Trump will be meeting with executives from major travel companies on Wednesday, including American Airlines, Marriott, MGM Resorts, and Carnival, amid a drop in international visitors. The FIFA World Cup in this summer gave U.S. Tourism a "big boost". The U.S. tourism industry got a?a?big boost from the FIFA World Cup this summer. International arrivals in the U.S. dropped?5.5% in 2025. Travel officials cited a number factors, including long visa interview waiting times, higher airfare prices, stricter immigration policy, tariffs and U.S. restrictions on travel for certain countries. Commerce Department reported that overseas visitors have fallen another?4.7% from July 2026. The tensions in the United States and Canada have affected the number of visitors from Canada. Las Vegas, and border states are popular tourist destinations. The number of Las Vegas tourists is expected to drop by 7.5% in 2025. Trump will meet with members of U.S. Travel Association. Transportation Secretary Sean Duffy will also attend. Caesars Entertainment, Hard Rock International and IHG Hotels & Resorts are also participating, as well as Venetian, Raffles & Fairmont, Venetian, Raffles & Fairmont, Venetian, Raffles & Fairmont, Venetian, Raffels & Fairmont, Raffles & Fairmont, Venetian, Raffles & Fairmont, Raffles & Fairmont, Venetian, Raffles & Fairmont, Raffles Taylor Rogers, a White House spokesperson, said Trump will meet with travel companies to "celebrate the achievements that produced an historic summer travel season" and gave a boost to local economies and small business. The White House stated that it had made airport screenings easier by allowing passengers to leave their shoes on and adding "family screening lanes" at certain airports. The White House also wants to create biometric fast lanes to help returning U.S. Citizens and to make international flights more accessible. Over the past year, airport security lines and flight delays were slowed down by partial government shutdowns. U.S. Homeland Security Secretary Markwayne Mullin threatened in May to stop border processing at Newark, and possibly other airports in "sanctuary" cities. Travel groups warned it could cause chaos, leave thousands of tourists and Americans stranded, and stop vital cargo shipments.
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Southwest launches first airport lounges in order to expand premium appeal
Southwest Airlines announced plans on Wednesday to open the first airport lounges in its history. The carrier is stepping up efforts to attract higher-spending premium passengers and diversify revenue sources. The airline has announced that it will partner with JPMorgan Chase in order to launch the first airport lounges. It is working hard to shed its low-cost reputation and boost revenue by introducing assigned seating, extra legroom seats, and other product improvements. Airport lounges are a popular attraction for travelers. They offer a place to relax or work in peace, as well as complimentary drinks and food. They help airlines retain customers, drive premium fares, and increase spending on co-branded credit card. Southwest?will launch a co-branded Chase credit card by 2027, giving customers access to the?airport lounges. It plans to initially open four lounges, in Austin, Baltimore?, Honolulu?, and Nashville. The lounges are expected to open in late 2027. Fuel prices have risen sharply due to the U.S./Israeli war on Iran. This has squeezed already thin airline margins. Carriers that offer a strong suite of premium services are better placed to withstand the pressure, as they can attract travelers who will pay more for high-margin features such as lounge access and premium seating. Southwest Airlines has restructured its business in order to "better compete" with the network carriers, following pressures from Elliott Investment Management as well as lower profit margins due to the pandemic and activist investor Elliott Investment Management. In May, Southwest CEO Bob Jordan said that Southwest would be able to offer more cabin options including "true First Class" and will likely in the future expand into international long-haul flying. He said, however, that these were "still ideas". Jordan acknowledged previously that the carrier lost customers to competitors because it did not offer premium amenities such as airport lounges or serve destinations like London.
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Uber leaves Nigeria after 12 years in operation
Uber Technologies, a ride-hailing service, will stop?operations on 'September 2' in Nigeria. This marks the end of its 12-year presence in Africa's largest country. Uber announced that it would be closing its Nigerian operations after reviewing the business. It did not provide any further details on the decision. The competition in Nigeria's ride hailing?market has increased in recent years. Operators are facing challenges such as rising fuel prices, currency volatility, and inflation. These have led to higher operating costs and pressure on drivers and platforms. In a message to users, the company stated that "after a thorough review of our business we have taken the difficult decision to wind up our operations in Nigeria with effect from 2 September 2026." In 2014, the San Francisco-based firm launched in Lagos before expanding into other cities to meet the growing demand for app based transportation. Uber announced that its help centre will remain open until September 23 for users to resolve outstanding account issues. Uber didn't say how many drivers or riders would be affected or if any assets would sold.
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Ukraine asks aviation watchdog back ban on flights into Russian airspace
?Ukraine has urged ICAO to ask its member countries to ban all operations in russian airspace. This comes a day after the President Volodymyr?Zelenskiy?warned he it was "becoming totally unsafe". Top Ukrainian officials announced on Tuesday that the country will intensify its retaliation for Russia's increased strikes against Kyiv. The city has been on continuous alert since seven days, and it has also suffered attacks on civilian infrastructure. Ukraine will only target Russian military installations and not threaten civil aircraft,?Zelenskiy said, but he stressed that "the growing number of Ukrainian drones" in Russian skies should be taken into consideration. Mykola Kalashnyk, Ukraine's Infrastructure Minister, wrote to ICAO Chairman Juan Carlos Salazar in a letter that was exclusively shared with him. He said Kyiv believes the risk of tragedies should be minimized. Ukraine asked ICAO for encouragement to aviation authorities and airlines in order to protect civil aviation. "Including by facilitating full prohibition of civil aircraft operations by ICAO members states within the Russian Federation's airspace". Vladimir Putin, the Russian President, said that Zelenskiy’s remarks amounted "state terrorism". Moscow pledged on Wednesday to prevent any disruptions to civil aviation. In 2024, a?Azerbaijan Airlines?plane?headed to Russia's Grozny crashed-landed in Kazakhstan when it diverted from its course. Putin said that two 'Russian missiles' were detonated after Ukrainian drones invaded the airspace. When Russia began its full-scale invasion in February 2022 and launched missile barrages without warning civilian aircraft, Ukraine shut down its airspace. Since then, Ukraine has been without an airport. SkyUp, the only airline that is still operating, operates out of Moldova.
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Sources: Ethiopian Airlines is close to ordering Boeing cargo planes
Ethiopian Airlines has reached a 'deal to purchase up to 10 Boeing long-haul freighters, as it moves forward with plans to build a new African hub to compete with Gulf carriers. Sources said that the deal will likely include two Boeing 777F aircraft of the current generation, which would help the U.S. planemaker to bridge the gap until the new 777-8F model is ready. This is expected to be the remainder of the order. A source stated that the order will include eight to 10 aircraft, if there are no last-minute changes. Boeing refused to comment on speculation. Ethiopian Airlines had ?no immediate comment. Boeing will cease production of the widely-used 777F by the end of 2027 under international emission rules. This will close a profitable chapter after sales of over 400 units. Boeing has been under pressure to continue making the current 777F to avoid its supply chain going cold due to delays in developing the successor of the 777 jets, the 777X. This includes the new 777-8F freight model. Boeing requested a waiver from the Federal Aviation Administration in December to allow it to deliver 35 more 777F cargo aircraft, citing a strong demand for the planes and a delayed certification of 777X. The FAA stated on Tuesday that the waiver request was still pending, and that no decision had been made. Boeing's request will allow them to meet some demand up until the new 777-8F enters service. Boeing was confident that the exemption would be approved. According to a FAA filing, Boeing builds two 777F Freighters per month.
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Europe could accelerate satellite launches to meet demand
The European Space Agency is looking at increasing the launch schedules for Ariane 6 & Vega C rockets over the next few years to overcome a possible bottleneck in satellite launches. Aschbacher, the Director General of the DG, told reporters that an immediate decision was needed if projections were correct and a surge in demand would peak by 2030. Arianespace's latest?projection? calls for nine or ten launches of Ariane-6 rockets per year starting in 2027. Aschbacher, a member of the AJPAE aerospace association, said that based on Europe's scientific missions and other missions as well as... possible further interest from Amazon or other commercial activity there is... more?demand? than planned capacity. Amazon has already ordered 18 launches. "Ofcourse, the question is: Can we satisfy all of these launches?" Aschbacher stated that this is exactly what we are doing at the moment. "We are investigating the costs and benefits... You can imagine that this is not trivial," said he. "We have already made some progress in these estimates. But it is also?clear... that if you want to meet?launch requirements by 2030, we will need to take a quick decision to?build the capacity needed." Arianespace, the subsidiary of Airbus and Safran rocket venture ArianeGroup declined to comment before a scheduled regular press briefing on September 7.
Maguire: Low snow cover in Europe leads to higher gas consumption.
Europe's appetite to natural gas may grow more than expected in this year after skimpy coverage of snow across key mountainous areas ate away at hydropower production.
The amount of snow in Italy and Austria has been well below average so far in 2026. This has led to a sharp drop in the fuel source for hydropower plants.
Local?utilities use natural gas plants primarily to offset the declines in?hydro?dams. These are the largest power sources in Austria and Italy, respectively.
According to LSEG, the gas-fired electricity output in Italy is up 24% and in Austria by 17% compared to where it was at this time in 2025.
Power firms are likely to maintain the current level of gas production if snow accumulation continues below historical averages. This will further reduce regional gas stocks, which have already been at a multi-year low.
The prospect of increased gas demand in Europe is a boon for major LNG exporters such as the U.S. The upbeat outlook for gas could be ruined by heavy snow and rain in the region over the next few weeks.
EAST-WEST ?DIVIDE
Recent maps of Europe's snow cover - or the lack thereof – highlight the severity of the shortage in certain areas.
Most of Western and Southern Europe, including the areas hosting the Winter Olympics, does not have enough snow.
Ski resorts are able to create artificial snow for the Olympics.
Utility companies looking to manage power flows will have to rely on real snow to act as a storage reservoir during winter, and then to channel the runoff to rivers?and?dams to produce electricity when the snow melts.
LSEG data show that Italy's hydro power production from run-of river dams is down 22% compared to a year ago and the lowest year-to date since at least 2023.
LSEG also has a sluggish forecast for the future of hydro production. The estimated output is projected to be 13% lower than its long-term average through April.
Austria's projected shortfall will be even greater, with a production that is expected to fall by around 40% below its long-term average through April.
The forecasts for the larger Danube catchment region - which spans southern Germany, Hungary, and Romania – are in line with long-term averages despite the subpar readings this year.
GAS CRUTCH
Austrian and Italian utilities are used to patchy hydro-generation and rely on gas plants for any shortfalls.
Utility companies in Turkey increasingly follow similar generation trends. Periods of high gas-fired output coincide with bouts of low hydro dam production.
With regional natural gas inventories at multi-year lows across Europe, power companies may begin to see costs of gas replacement rise as storage farms and utility networks manage system throughput.
Prices for regional benchmark natural gas are well above what they were in 2025. The average price per megawatt-hour (MWh) in 2026 is around 34 euros, compared to around 27 euros/MWh last December.
If there is a disruption in the LNG export flow from the U.S., or any other supplier, we could see further price increases.
Gas inflation can cause utilities to lose money and increase energy bills.
If?snow accumulates in key hydro markets are scarce, power companies may have no choice but to pay for the gas that they need to keep the lights on during winter and spring.
These are the opinions of the columnist, an author for.
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(source: Reuters)