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Yemen's Houthis have denied plans to charge ships navigating through the Red Sea fees
Yemen's Houthi-run maritime coordination group denied on Saturday that it intended to impose fees on commercial ships that?transit the strait of Bab?el?Mandeb. It said that no such decision had yet been made and that passage along the strategic waterway was free. The statement comes after a report Wednesday, citing regional sources that Iran-aligned Houthis considered imposing "fees" on ships traveling through the southern Red Sea, just a week following their declaration of a maritime blockade against Saudi Arabia. Sources?in the article had stated that?the proposal regarding fees?was discussed by Iranian officials with Houthi officials during their visit to Tehran in July. However, no timeframe had been set for its implementation. The Houthi Humanitarian Operation Coordination?Center's (HOCC) "safe transit" service is a free and voluntary service. The HOCC issued a statement that categorically affirmed that anyone or any entity requesting money to transit the Bab el-Mandeb strait in exchange for the Republic of Yemen -or HOCC- in any capacity, does not'represent the Republic of Yemen -or HOCC. The HOCC urged shipping companies to "not make 'any payments' or give any information to unauthorized persons or entities." (Reporting and editing by Tom Hogue; Mohammed Ghobari)
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Official from the White House confirms that no drones with weapons were seized at the FIFA World Cup
A White House official stated on Friday that among the '700 drones found at U.S. FIFA World Cup venues and fan zones, none were weaponized. Sebastian Gorka, White House Senior Director for Counterterrorism and Deputy Assistant to President Sebastian Gorka, told reporters during a drone conference in Washington, D.C. that "no weaponized drones have been seized." He claimed that the incidents were caused by hobbyists or others who did not know about flight restrictions set forth by the Federal Aviation Administration. Gorka stated, "They are just doing dumb things but we need to mitigate them." Gorka stated that the Trump administration recently held a meeting of senior officials to discuss the seriousness of drone threats. Gorka added that software solutions were key in keeping drones from violating airspace. All aircraft operations including drones were banned on match days of the World Cup within a three nautical mile radius? and up to 3,000 feet (914 m) above ground? around the?soccer?stadiums. This was only allowed if specifically authorized by air traffic control. The FAA has imposed temporary flight restrictions to ban drones near World Cup sites. Drones were banned from fan gatherings within a radius of one nautical mile and up to 1,000 feet above the ground. Gorka stated that the Homeland Security Department will release a report about counter-drones efforts during the World Cup. Reporting by David Shepardson, Editing by Chizu?Nomiyama and Rod Nickel
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WestJet begins parking Boeing 737 aircraft ahead of a looming strike
WestJet Canada announced 'on Friday that it has begun to park Boeing 737 planes as negotiations with flight attendants have failed to result in an agreement. This could lead a labor disruption. Cabin crew could go on strike as early as 12:01 am August 2 for the Calgary-based Onex Corp. The Canadian Union of Public Employees, who represents WestJet flight attendants, said that if negotiations fail to result in a'resolution' over the dispute regarding unpaid work, they will strike at 6:01 AM Mountain Time (6:01 GMT) on August 2. The union wants cabin crew paid from when they check-in to when they clock out. This is not currently the case. WestJet stated in a statement on Friday that it would "remain active" at the bargaining tables to reach a deal as soon as possible. Parking the aircraft also allows WestJet to maintain operational control. WestJet Encore flights ?operated? Codeshare flights and Bombardier Q400 flights operated by partners are not affected, it said. The Canadian Union of Public Employees did not immediately respond to an inquiry for comment. Reporting by Juby?Babu in Mexico City, Editing by Shilpi?Majumdar
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Energy Minister: Serbia has obtained a waiver from US sanctions for its Russian-owned NIS Oil firm
Serbia has received another waiver from the United States to allow its Russian-owned oil firm NIS to continue importing crude until August 28, said energy minister Dubravka Djedovic Handanovic on Friday. The U.S. Office of Foreign Assets Control has granted a waiver to NIS which operates Serbia's sole oil refinery. This will give NIS more time as Hungary's MOL oil and gas firm negotiates with the Russian majority share in the company. "Thirty-days is good news. NIS will have enough time to buy and bring in enough crude oil," Djedovic handanovic said during a live broadcast by state television RTS. Aleksandar Vucic, the president of Serbia, said on Friday that he hoped MOL will complete the purchase in the coming days. Vucic, during a visit to southern Serbia, told reporters that he expected the deal to be finalized in the next few days. He said he would likely speak with both (Russian President Vladimir) Putin (and (Hungary’s Prime Minister Peter Magyar). In October, the United States sanctioned NIS as part of wider measures targeting Russia's energy sector due to its involvement in the conflict in Ukraine. They also demanded that Gazprom Neft, which is NIS's Russian majority owner, be divested. NIS's Pancevo?refinery, located just outside of Belgrade's capital, supplies around 80%?of Serbia?s?demand. It imports crude via the Janaf oil pipe in Croatia. The Balkan country's other fuel imports fell to 25% of its monthly target in July due to?record low water levels on the Danube River forcing barges and tanks to operate at only a quarter?of their cargo capacity. MOL signed a provisional contract in January to buy a combined 56% of NIS from Gazprom and Neft. Serbian government holds 29.9%, while the rest is held by employees and small shareholders. (Aleksandar Vasovic; Editing by Sanjeev Miglani)
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Spain announces migrants returning to Ceuta following 57 deaths in border rush
Spain announced on Friday that it had stopped a massive influx of migrants to a Spanish?enclave located in North Africa. The majority of the over 50,000 people, who crossed the border via land and water, had already returned voluntarily. According to the representative of the Spanish government in Ceuta, 57 bodies have been found on the Spanish side of the border. There could be more casualties on Moroccan side. Some drowned, and others were crushed as they tried to climb up the breakwater holding the border fence. Spain's Interior Ministry reported that around 50,000 people have crossed the border from Thursday morning. It estimated that 48.300 people returned to Spain by Friday evening at 6 pm (1600 GMT). Juan Jesus Vivas of Ceuta’s local government said that as many as 60 000 people have crossed the border over the last two days. Moroccan forces used tear gas and batons to disperse crowds at the Ceuta gates, in an attempt to stop more people from entering this tiny Spanish territory. Ceuta is a small Spanish territory located on a sandy spit that extends into the Mediterranean. Spain was asked to contain the incident by leaders from other EU countries. Italy announced that it would suspend the European Union's Schengen border-free arrangements with Spain. This measure will affect those travelling by boat or plane between the two countries. Madrid claimed that the move was in violation of?EU Treaties. I'M GOING TO BE BACK Moroccan police wearing riot gear used tear gas on some people gathered near the fences. The water cannon truck was deployed, and charred remains from a bus and 7 cars were visible during clashes. The other side saw Spanish military vehicles lining up along the border while dozens of Moroccan migrants, who were unable to cross, watched from a mountaintop in Morocco. Some people claimed they couldn't find food or shelter at Ceuta, while others said that border posts and holes were the only way to return. A young Moroccan man who claimed to be from Tangier said, "I don't know why I came and now I'm returning." "I haven’t eaten since yesterday’s lunch, even though I had brought some money with me. What we are doing is neither enjoyable nor good." Ayman, the 20-year old hairdresser who gave only one name from Larache, said he crossed on Wednesday, after a five hour swim. He said, "There was no food in Ceuta. We were thrown out by the Spanish army." Unprecedented Scale of Crossings The Spanish Prime Minister Pedro Sanchez visited Ceuta, Spain on Friday. He was insulted by protesters. He described the mass crossing as a "violation of Spain's sovereignty". The Moroccan authorities also cooperated in the speedy repatriation. Ceuta and Melilla are autonomous Spanish cities located in northern Morocco. They have the only land border between Europe and Africa. The two cities experience surges of migrants trying to cross the border into Europe. But Thursday's rush was unprecedented. Right-wing parties on the continent blamed Spain's lax immigration policies, which included an amnesty given to hundreds of thousands unauthorised migrants in this year. Spain summoned its ambassador to Italy in protest of comments made by Antonio Tajani, the Italian foreign minister who said that Spain's amnesty policies had "encouraged" human trafficking. Donald Trump, the U.S. president and a critic of Spain's Socialist government, said at a cabinet meeting that the Ceuta crossings looked like an invasion. He added: "The same thing will happen to us, only worse, if the Republicans do not get elected." French Interior Minister Laurent Nunez said that the police presence at the Spanish border will be quadrupled before Saturday. He also announced an increase in aerial surveillance and train patrols. EU countries are generally prohibited from conducting border checks within the Schengen area, but temporary checks can be implemented in exceptional circumstances. In a posting on X, Spain’s?Guardia Civil Police association AUGC stated that there were too few officers on hand to monitor the fence on Thursday. This meant they could not stop the rush. Angel Victor Torres, Minister of Territorial Policy, said that a recent ruling by the Supreme Court of Spain that migrants intercepted in the sea as they attempted to reach Ceuta and Melilla could not be rejected summarily at the border may have contributed to the surge. Experts claim that this still doesn't prevent their expulsion. Thousands of migrants poured into Fnideq, a town in Morocco, over night despite an increased security presence that thwarted?most of their attempts to cross. Later on Friday, some began to leave again. Despite the fact that the border crossing was blocked, groups of people moved along the coast to find a way around the fence. Brahim, 32 years old, gave only his first name. He claimed he arrived from Tangier, hoping to pass through the gate. However, he found it closed.
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Chevron CEO: CPC pipeline operational, ships loading.
On a Friday earnings call, Chevron's?CEO said that the Caspian Pipeline Consortium is flowing and ships are loading. CPC, as cited by Russian news agency Interfax, announced on Thursday that it had suspended oil loads following a drone strike on a tanker. On Thursday, vessels that were expected to load crude oil at the CPC terminal retreated from the port after CPC announced another tanker was attacked as it loaded?at port. CPC, which exports 2% of the world's?oil is the main route used by Kazakhstan to export oil. It starts at the Tengiz oil field and ends at the Russian Black Sea terminal of Yuzhnaya Ozereyevka, near Novorossiysk. Chevron is 50% owner of Tengizchevroil, the company that operates Tengiz as well as the main exporter through the CPC pipeline. On Friday, two industry sources stated that CPC oil loadings may resume later in the day. One source said that single point mooring number 3 (SPM-3), at the CPC Terminal, will be 'loading a vessel on Friday. CPC refused to comment on the matter. According to the?second source, two more tankers will be loaded on Saturday at the CPC terminal. CPC announced earlier this week that loadings were restored after an one-week suspension. They also said the tankers fixed by Chevron arrived for a?loading. Kazakhstan's daily oil production has been reduced by more than half since the CPC terminal, its main oil export route, was closed.
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IndiGo, India's widebody carrier, will cease operations and terminate the Norse Atlantic Lease
IndiGo, India’s largest airline, announced 'on Friday' that it will discontinue its wide-body operations on October 25, and end its damp 'lease' agreement with Norway’s 'Norse Atlantic Airways' 'on October 31. This is a scaled-back version of a program launched last year in support of its long-haul goals. It said that a worsening operating climate, driven by geopolitical conflicts, had increased costs and affected the economics. IndiGo is responsible for the cabin crew in a "damp lease", while the lessor provides the jets and pilots. The airline stated that "Airspace constraints and increased fuel costs have impacted schedule integrity, connectivity, and overall competitiveness." It added that these?factors have prompted an evaluation of the project, and potential alternatives. IndiGo will begin operating its Mumbai-Amsterdam flight with Airbus A321XLR jets on October 25. Flights to and from Heathrow Airport in London will be suspended until IndiGo receives its Airbus A350 900 jets. IndiGo announced that it has entered into an agreement with Norse Atlantic to lease six Boeing 787-9 aircraft in early 2025. This will allow?it? to launch services between Europe and Britain, and to gain 'operational experience before?its own widebody fleet arrives?. Norse Atlantic released a statement saying that IndiGo would redeliver the six aircraft. IndiGo said it was committed to its international growth strategy over the long term and that it would continue to expand?its European network using A321XLR aircraft while preparing?for the introduction of A350 services. The airline stated that affected passengers will be offered refunds or alternative travel arrangements, where applicable. (Bipasha Dey, Bengaluru; Shilpa Majumdar, editing)
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Chevron beats analyst expectations to record highest quarterly profit in six-years
Chevron exceeded analyst expectations for second-quarter earnings?on Friday. It reported its highest quarterly profit for at least six-years as the U.S./Israeli war against Iran disrupted world energy markets and boosted?profits?for the largest oil companies. LSEG data shows that adjusted earnings of $12 billion or $6.06 a share beats the average analyst forecast of $5.56 a share. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter. Higher oil prices were a major factor. ExxonMobil's quarterly profit missed analyst expectations despite earnings reaching a four-year record. Eimear Bonner, Chevron's Chief Financial Officer, said in an interview that despite the market volatility and geopolitical unrest that still exists the company continues to provide the reliable energy the world needs. Chevron, the second largest U.S. oil company, has a lower Middle East output than its competitors. This allows it to benefit from higher oil prices and avoid the production disruptions that have riled ExxonMobil or TotalEnergies. Chevron CEO Mike Wirth has warned that the ongoing conflict will continue to stress global energy supplies. "Everyday, the situation becomes more challenging," he said to CNBC. Upstream earnings were $8.2billion, which is 200% higher than the previous year. Benchmark Brent crude prices rose 23% during the second quarter compared to the first three months of the year, due to limited shipping through the Strait of Hormuz. The production totaled four million barrels equivalent to oil per day in the second quarter. This is up from 3.85 million boepd during the first quarter. The U.S. production, centered on the Permian basin and offshore Gulf area, reached a record of 2,08 million boepd. Due to efficiency, Chevron expects to spend 25 percent less per barrel on U.S. Shale production in this year than it will in 2025. The U.S. refinery's throughput record also helped boost earnings to $4.9 billion. Refining margins reached record levels due to low fuel stocks globally and the conflict in the Middle East. RBC Capital Markets' Biraj Borkhataria said in a Friday note that Chevron’s higher-than expected earnings were primarily due to the higher-than anticipated downstream earnings. He added that the quarterly report demonstrated "robust performance on the operational front and strategic consistency." Trump could be more critical of the oil companies' profits, after accusing them last month of "price gouging". He also urged that they do more to reduce gasoline prices. CHEVRON KEEPS BUYBACKS, DIVIDENDS STEADY Chevron paid $3.5 billion in dividends and repurchased shares worth $3 billion during the second quarter. Bonner stated that the company will maintain its target for repurchasing shares of between $10 billion to $20 billion over the course of the year and will focus on strengthening the balance sheet in the long-term. Our business must be able to operate in all cycles, because energy is cyclical. She said that we wouldn't change?our plans based on a quarter. Bonner stated that Chevron joint ventures in Venezuela are currently producing 280,000 barrels of oil per day. This is where the Trump Administration is attempting to increase U.S. investment. She said, "We are confident that we can increase production by 15% in the next 18-24 months." She added that Chevron would evaluate incremental production opportunities if it received favorable terms from the Venezuelan government. Wirth told analysts during an earnings call that the CPC pipeline in Kazakhstan is currently running and that ships were loading at the terminal last week. The company has a joint-venture that is developing a "massive" oilfield in Kazakhstan. Drone attacks on tankers loading oil at the Black Sea Terminal have caused the suspension of loadings several times this month. This poses a risk to shipowners. Chevron said Friday that it had achieved $1.5 billion in deal synergies from the acquisition of Hess last year, six months earlier than planned and exceeding the $1 billion target originally set at the time of the closing of the deal. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
Is Europe's recovery in gas demand derailed by the Iran crisis or is it just hampered? Maguire
Gas-fired electricity production in Europe reached multi-year-highs early in 2026. This gave liquefied gas (LNG), exporters hope that the region would regain its love for the fuel.
Gas consumption has been slowing down in March. The average level of?gas production across major consumers is down by about a third compared to the previous month.
At least part of this slowdown is likely due to a sharp increase in regional gas prices following the outbreak of the 'U.S.-Iran War on February 28.
The above-normal temperatures in Central and Western Europe has also led to a sharp drop in regional?gas consumption, as heating demand is down compared to the beginning of the year.
The low regional gas inventory levels, which need to be replenished before next winter, will also obscure the picture of demand. Regular import orders will still be required even if industrial and power gas usage remains soft.
The global LNG industry is facing major challenges as it invests billions in new export capacities on the assumption that Europe will continue to grow its gas demand.
The future gas consumption in Europe will have a significant impact on several clean-tech industries, including developers of renewable energy and manufacturers of heat pumps and batteries.
Here are some data points and trends that can help industries and analysts grapple with this issue. They may be useful guidesposts to the true demand potential of Europe.
Power Trends
Gas consumption for electricity production peaks during winter when heating demand is highest, but then drops sharply between spring and autumn.
Ember data show that between 2019 and 2025 the gas-fired production averaged 110 Terawatt Hours (TWh), per month, from October to February, but fell to 87 TWh, per month, from April to Septembre.
The roughly 26% drop in consumption at mid-year produces an uneven "burn rate" in Europe's electricity system, despite the fact that the fuel is still responsible for 25% of the total annual output.
The annual drop in gas consumption by utilities could be underway, despite the market jitters over the Middle East Crisis.
Any sudden cold snaps in the spring may result in a new burst of gas demand, further reducing regional fuel stocks.
Storage Problems
Europe's gas stocks are at their lowest level since 2022, hovering around 27%.
The optimistic outlook for LNG exports through 2026 had led utilities to draw down their stocks during the winter. However, the recent halt of LNG exports by Qatar has caused a rapid reassessment.
Qatar, the second largest LNG exporter by 2025 in the world, is still offline. This means that Europe's storage operators need to replenish their stockpiles before the winter.
In the past, Europe's total inventories of gas hovered around 2,000 billion cubic foot (bcf), which was enough to meet normal heating requirements through winter.
The current inventory is around 370 BCF, so it will need to expand by about 1,600 BCF over the next 235 or so days.
Gas storage operators will need to inject approximately 6.9 bcf/day (bcfd), which is equivalent to two large LNG tanks per day, in order for them reach this total.
According to Kpler's estimates, in Europe, the average number of large LNG tankers that discharge their cargo each day is three. This means that storage firms can secure two tankers every day.
According to LSEG, the majority of Europe's natural gas is delivered via pipeline. Around 17 bcfd are distributed throughout Europe by countries like Norway, North Africa, and Azerbaijan.
As they replenish their storage, tank farms will choose cheaper pipelined supplies. However, they will also tap into the LNG market if it is attractive.
PIVOT INDUSTRIAL
Gas demand is also influenced by the health of Europe's industry.
Gas consumption has been consistent in the past for chemical plants, fertilizer manufacturers, steel mills, and a wide range of production lines.
The collective gas consumption of businesses has fallen sharply in the years since Russia invaded Ukraine, 2022. It has also remained soft despite the subdued economy across Europe.
Volkswagen, Europe's largest automaker, reported layoffs this year and a decline in profits.
European policymakers are currently drafting new industrial heating rules to help reduce operating costs and provide greater regulatory certainty for the industry.
To reduce the need to import gas, lawmakers are taking steps to increase?supplies of?biomethane. This is primarily generated from agricultural facilities and municipal waste landfills.
These measures could reduce the total amount of industrial gas used, but they would also create an extra demand for electricity, which would require the power sector to provide at a low cost.
Gas-dependent businesses will have to cut production if they cannot afford the gas and continue to burn it when they can.
It is likely that Europe's gas consumption trends will remain choppy in the near future, despite the fact that industrial and power users are gradually reducing their dependence on gas.
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(source: Reuters)