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The EU wheat market is subdued as it awaits U.S. statistics, and shrugs off Russian port attacks
The European wheat futures market was steady on Friday, as traders focused their attention on delayed U.S. grains data. They also saw that the attack on a Russian port had no impact on grain flow. Euronext's December wheat futures fell 0.1% to 189.25 euro ($220.70), while March futures also dropped 0.1%, at 193.50 euro. The grain markets were waiting for the U.S. government's data, due on Friday after the end of the federal shutdown. The U.S. Department of Agriculture is set to publish its first report on supply and demand since September. It will also release a backlog of daily announcements of export sales. Participants are also shifting their positions to March as a result of the expiry on Monday of options on Euronext December Futures. The wheat markets received some support in the morning session after news broke that a Ukrainian Drone attack had caused damage to the Russian Black Sea Port of Novorossiysk. Some debris fell on a grain storage terminal. While the attack resulted in the suspension of oil deliveries, which supported a rise in oil prices. Grain traders did not see any signs that the large wheat trade out of the port had been disrupted. The grain infrastructure in Novorossiysk appears to be functioning, and the loadings continue. This was the statement of a German grain trader. Wheat prices were held back by the ample global supply. This is expected to be further bolstered as a result of bumper harvests in Argentina, Australia and other countries. The Buenos Aires Grain Exchange announced on Thursday that Argentina's 2025/26 wheat harvest is expected to be a record 24,000,000 metric tons. This comes a day after Rosario Grain Exchange in Argentina also predicted a record crop. FranceAgriMer, the farm office, said that 98% of France's soft wheat had been rated in excellent or good condition by Monday. Farmers were wrapping up their sowing. The German wheat exports have been modest. Only one large shipment of around 50,000 tons has been loaded for Nigeria in November. The November barley exports from Germany were however brisk. 65,000 tons of barley was loaded for Saudi Arabia and 30,000 for Algeria, while two shipments totaling 80,000 tons went to Turkey. Reporting by Gus Trompiz and Michael Hogan, both in Hamburg. Editing by Susan Fenton.
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Iberia plans to increase Brazil capacity by 25% in 2026 with the help of Airbus jets
Iberia, the Spanish airline, aims to expand in Brazil substantially for the second consecutive year in 2026. New Airbus jets will help IAG open more routes. Juan Cierco, the company's Corporate Director, said in an exclusive interview that it expects a 25% increase in the number of seats on its flights from Brazil to Spain. This follows a 27% growth this year. Iberia has launched routes that connect Madrid with Fortaleza and Recife - two popular beach resorts in the northeast of Brazil. In addition to the two daily flights it already operates to Sao Paulo, the carrier plans to expand its service in Rio de Janeiro to daily flights. Cierco stated on Tuesday that "Brazil is a destination Iberia has always considered very important." "The commitment to Brazil is very strong and long-term." Air France-KLM, TAP and other major European airlines have expanded in Brazil, despite the high ticket prices and operating costs. According to the industry group IATA this year, Brazil's international travel increased 18% from January-September compared to last year. Iberia will be largely driven by its long-range, narrowbody Airbus A321XLR planes. The Spanish carrier was one of the first customers for the aircraft last year. The A321XLR is able to serve routes that were previously only available to larger widebody aircraft, which allows airlines to fly long routes without needing to fill up a bigger plane. Iberia said that it would fly the plane both on the Fortaleza route and the Recife route. (Reporting and editing by Brad Haynes, Richard Chang, and Gabriel Araujo)
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Police report that several people were killed when a bus crashed into a stop in Stockholm.
The Swedish police confirmed that several people were killed or injured after a bus struck a stop in the center of Stockholm, on Friday. They added that there was no evidence to suggest it was an attack. A spokesperson from Stockholm's emergency services confirmed that six people were injured or killed in the accident. He did not give the exact number of victims. A spokesperson for the Stockholm rescue services said that there were no passengers in the bus when the incident occurred. The investigation is based on involuntary murder. "The bus driver was arrested, but this is standard procedure in an incident of this nature," said a spokesperson for the police. They added that they did not have any information to suggest an attack. The police said that they would not make any comments on the number of victims, their gender or age. The police reported that ambulances, rescue services, and police were all present at the scene. A photo on the website of the daily Aftonbladet showed emergency services at a site with debris all around a double-decker blue bus. Police said that the incident took place near Royal Institute of Technology University. In a recent post on X, Prime Minister Ulf Kritersson said: "We don't know what caused this but my thoughts right now are with those affected and their family."
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US drops Biden plan to require passenger compensation for delayed flights
The Trump administration announced on Friday that it is formally withdrawing the plan of his predecessor, which required airlines to compensate passengers in cash when carriers cause U.S. flights to be disrupted. The U.S. Transportation Department, under the then-President Joe Biden in December 2024 sought public comments on drafting rules that would require airlines to pay up to $775 per hour for delays exceeding three hours domestically. USDOT announced its intention to withdraw the proposal in September. USDOT explained its decision to not proceed with the proposal on Friday by stating that it would create "unnecessary regulations". Last month, 18 Democratic Senators urged President Trump to not abandon the compensation plan. The letter, signed by Democratic Senators Richard Blumenthal and Maria Cantwell and Ed Markey, said: "This is an idea that makes sense. When an airline's mistake causes unanticipated expenses for families, it should provide accommodations and help cover those costs." In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. No major U.S. airlines currently guarantee cash compensation in the event of significant flight delays. USDOT stated Friday that by abandoning the compensation program, it would allow airlines to compete based on the services they provide and the compensation they offer to passengers. This would be more cost-effective for airlines than imposing minimum requirements on these services and compensation. USDOT announced in September that it would consider rescinding the Biden regulations, which required airlines and ticket agents disclose service fees along with airfares. The government also intends to reduce the regulatory burden on ticket agents and airlines by defining a flight cancellation, which entitles customers to a refund of their tickets. It will also review rules regarding ticket pricing and advertising. Airlines have pushed Trump's administration to go even further, and praised their decision to cancel the Biden Plan. (Reporting and editing by Franklin Paul, Alison Williams, and David Shepardson)
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Azerbaijani oil exports through BTC pipeline fell 5.9% year-on-year amid contamination, according to data.
Azerbaijani figures showed that the country's oil exports through the Baku-Tbilisi - Ceyhan pipeline dropped to 22.7 millions metric tons between January and October, a 5.9% drop from the previous year after the route had been contaminated with tainted crude oil. In July, organic chloride contamination was found in Azerbaijani BTC cargoes. This caused several days of delays in loading from Turkey's BTC Ceyhan Terminal. The BTC pipeline that runs through Georgia and Turkey is used by BP to export oil from its Azeri, Chirag, and Guneshli fields. According to Azerbaijan’s Statistics Committee, the total amount of oil transported through BTC in the first 10 months of this year was 30.6 million tonnes, with 74.4% of that being shipped via the BTC. Data showed that the volume of transit oil imported from other countries such as Kazakhstan and Turkmenistan via the BTC dropped to 3.391 millions tons from 4.475 in 2024. (Reporting and editing by Andrew Osborn.)
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Enbridge approves a $1.4 billion project that will boost Canadian oil flow to U.S. refining facilities
Enbridge, a Canadian pipeline operator, approved on Friday a $1.4 billion expansion to its Mainline and Flanagan-South pipelines. This will add new capacity for Canadian Heavy Crude into the U.S. Midwest region and Gulf Coast. The project will increase the takeaway capacity of Canadian crude oil and improve access to U.S. refining facilities, improving flow of oil sands into major export outlets. Enbridge is balancing its growth in liquids with its push to natural gas utilities, low-carbon fuels and other areas. Enbridge announced that Mainline Optimization Phase I (MLO1) would add 150,000 barrels of oil per day (bpd) to its Mainline Network and 100,000 bpd Flanagan South pipeline (FSP), the additional capacity being expected to be online by 2027. Colin Gruending is Enbridge's liquids pipelines president. He said: "MLO1 will add capital-efficient, timely egress out of Canada. This will support production growth, and improve connectivity to the best refinery markets in North America." Mainline, the company's pipeline capable of transporting 3 million barrels of crude oil per day from Western Canada to Eastern Canada, and U.S. Midwest, averaged a record-breaking 3.1 million barrels of crude per day in the third quarter. Enbridge will expand the capacity of its terminals and pump stations on FSP and increase Mainline capacity by optimizing upstream and upgrading terminals. The entire route between Edmonton and Houston is covered by contracts that are long-term, take-or pay. (Reporting and editing by Vijay Kishore in Bengaluru, Pooja Menon, Arunima Kumar)
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Asia spot prices flatten as weak demand offsets limited purchasing
The Asian spot price of liquefied gas was flat for the second week in a row, due to steady supplies and weak demand throughout the region. Average LNG price for delivery to northeast Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) is $11.10. Estimated price for January deliveries was $11.05/mmBtu. "Short-lived cold snaps in Asia may have triggered a little spot interest, but the overall picture of the market is still weak." The economic situation has not improved in the past weeks, said Klaas Dozeman of Brainchild Commodity Intelligence. He said that the current price levels were still too high for many price-sensitive buyers. However, minor news from Indonesia and Egypt, which signaled higher domestic demand, added a little tightness to present circumstances. Masanori Odaka is a senior analyst at Rystad Energy and said that the CPC of Taiwan and RPGCL of Bangladesh showed interest in buying spot in the region. He added that the colder weather will be expected in the second- and third-weeks in November for the top importers China, Japan, and Taiwan. Odaka said that while China's downstream consumption of gas should increase this month during the winter heating season but buying interest is still low at current spot prices despite continuous LNG flows and ongoing contracts. In Europe, S&P Global Commodity Insights estimated its daily Northwest Europe LNG Marker for cargoes to be delivered in December, on an ex ship basis, at $9.85/mmBtu, on November 13. This is a $0.53/mmBtu reduction from the December price in the Dutch TTF Hub. Prices are under pressure due to oversupply and weak Asian demand. High freight rates, as well as strong U.S. LNG liquefaction, have kept cargoes in Atlantic Argus estimated the price to be $9.885/mmBtu while Spark Commodities put it at $9.865/mmBtu. "Asian prices are higher than European prices, but it's not because demand has increased in Asia. It is due to the much stronger freight rates on the Atlantic, which have pushed Asian prices up to keep at least some Atlantic basin LNG in Asia," said Martin Senior. Seb Kennedy, an independent gas analyst, stated that hedge funds increased their overall exposure to TTF Futures during the week ending November 7th, by buying both long- and short-positions in almost equal measure. The U.S. arbitrage for the front month to Northeast Asia through the Cape of Good Hope is now closed, and the market is marginally pointing towards Europe. However, the arbitrage via Panama still remains open. This was confirmed by Spark Commodities analyst Qasim Afghanistan. He added that the Atlantic LNG rates reached a new high for the year of $82,750/day while Pacific LNG rates reached $62,000/day. This is their highest rate since October 2024.
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Oil rises by 2% after Russian port suspends oil imports following Ukrainian attack
The oil prices rose around 2% Friday due to supply concerns after Novorossiysk, the Black Sea port, stopped oil exports in response to a drone attack by Ukraine that targeted an oil depot at the main Russian energy hub. Brent crude futures rose $1.50 or 2.4% to $64.51 per barrel at 1115 GMT. U.S. West Texas Intermediate crude gained $1.57 or 2.7% to $60.26 per barrel. Officials in Russia said that the attack on Friday damaged a vessel in port, apartment buildings and an oil depot at Novorossiysk. Three members of the crew were injured. Two industry sources said that the port has halted oil exports, and Transneft, the oil pipeline monopoly, has suspended crude oil supplies to outlet. "These attacks are more frequent and intense." Giovanni Staunovo is a commodity analyst with UBS. He said that the market is attempting to determine the impact of recent attacks on Russian supply and the longer-term implications. According to industry sources, crude oil exports via Novorossiysk in October reached 3,22 million tonnes or 761,000 barrels per day. A total of 1.794 millions tonnes of oil products were exported. Brent is up about 1% this week while WTI has risen 0.8%. Prices rose after Brent and WTI both fell about 3% Wednesday. This was due to a report from OPEC that predicted global oil supplies would meet demand by 2026. The U.S. Energy Information Administration announced on Thursday that crude oil stocks in the United States rose more than expected last week. However, gasoline and distillate stockpiles fell less than anticipated. The EIA reported that crude inventories increased by 6.4 millions barrels, to 427.6million barrels during the week ending November 7. This was in contrast with poll expectations of a gain 1.96 million barrels. Investors also watch the impact of Western sanctions against Russian oil and trade flows. As part of its efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions that prohibit deals with Russian oil firms Lukoil or Rosneft. JPMorgan reported on Thursday that the U.S. sanctions on Rosneft, Lukoil and other Russian oil companies have slowed down unloading, resulting in an increase of about 1.4 million barrels of Russian oil per day, or nearly a third of its seaborne export capacity. The bank said that after November 21, the oil companies will no longer be able to supply cargoes. Reporting by Anna Hirtenstein, London. Sam Li and Siyi Liu contributed additional reporting from Beijing and Singapore. Clarence Fernandez and Elaine Hardcastle edited the story.
Salvage operation of MV Sounion oil tanker ready to start, no indications of oil spill, EU marine objective says
The salvage operation of the oil tanker MV Sounion, which was recently assaulted by Iran-aligned Houthi militants, is about to start, the European Union's mission in the Red Sea, Aspides, stated on Monday.
Aspides said in a declaration that several fires continued to burn on the Greek-registered vessel, which is packed with about 1 million barrels of petroleum, adding that there were no visible indications of an oil spill
The salvage operation is likely to be intricate and if a spill. occurs, it has the prospective to be amongst the biggest from a ship in documented history and could cause an environmental catastrophe in a location that is particularly unsafe to gain access to.
The MV SOUNION, due to the big amount of petroleum it brings, presents a substantial ecological risk. Private companies are involved in the salvage operation that is about to start, Aspides stated on X.
A source acquainted with the matter informed Reuters that yank boats were ready to operate but it would require an on-spot assessment before a decision is made on whether to move the freight to another vessel or move the ship to a safe port initially.
The EU's marine force said on Monday it will offer protection to the pull boats that will deal with the salvage operation.
The Iran-aligned Houthis have been waging a campaign versus business shipping to support Palestinians in the war between Israel and Hamas in Gaza.
On Monday,
a Saudi-owned crude tanker
and a Panama-flagged oil ship were assaulted in the Red Sea off Yemen, 2 sources familiar with the matter said, although it was unclear if the vessels were hit by Yemeni Houthi militants.
(source: Reuters)