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Overnight, Ukrainian drones strike a refinery and pipeline
Russian and Ukrainian authorities confirmed that Ukrainian drones struck energy targets in several Russian regions over the weekend, including an oil pipeline pumping station and an oil refinery. This was part of an intensifying campaign against Russian infrastructure. Ukraine's General Staff reported that it struck the Saratov refinery along the Volga River, causing an?large fire. Roman Busargin, the Saratov Regional Governor, said via Telegram that "civil Infrastructure" was damaged by the strike. He did not provide any further details. The Russian Defence Ministry said that it had shot down 216 drones over night. Kyiv also said it had struck the?Lazarevo pumped station in the Kirov area, northeast of 'Moscow, and around 1,300km from Ukrainian-held territory. This pumping station serves the Surgut - Gorky -Polotsk pipe, which ships Russian oil from Siberia into Belarus. Alexander Sokolov, regional governor of Kirov region, said that drones hit an installation in the area but did not provide any further details. Belgorod's governors reported three civilians were injured. Ukraine said that it had struck military targets as well as fuel storage in the Rostov Region. Sergei Aksyonov, a Moscow-backed Crimean Peninsula governor, said that authorities were?introducing restrictions on the sale of petrol. Ukraine has been attacking fuel infrastructure near Crimea in southwest Russia for months. Ukraine's air force said that Russia launched 229 drones over night, of which 212 were shot down in the north and east of Ukraine. (Reporting and editing by Kevin Liffey, David Holmes and Felix Light)
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Austrian protesters close vital motorway linking Germany to Italy
Thousands of local residents closed down 'Austria Brenner Motorway' on Saturday. The Brenner is a vital north to south?corridor between Germany and Italy. They were protesting against the?tourists and trucks that are always clogging their roads. Karl Muehlsteiger was the leader of the protest, the mayor of Gries am Brenner. Gries am Brenner is one of the towns that are in the shadows of the Wipp Valley, a narrow valley with steep sides, and giant concrete stilts. Since?decades, the issue of excessive traffic and pollution in the valley that leads to the Brenner pass has been a source for tension between Austrians and Germans. Local authorities have taken various measures in Austrian 'Tyrol' to stop the flow of traffic, which has often prompted protests?across border. "You're making history!" Austrian news agency APA reported Muehlsteiger telling a crowd of 3,000 protesters that gathered at the motorway to symbolically block it, after police had cordoned both ends of corridor. The cars that arrived there turned around and left. Even though it was a holiday in some German states (including Bavaria), the eight-hour closure from 11 am did not cause chaos as many feared. Local media reported that trains passing along the same route were crowded. The local road, which runs parallel to the motorway from town to city was also closed for all traffic except locals and local traffic. A suspected arson attack overnight on electrical control units disrupted rail travel between Peri and Dolce near Verona?on Verona Porta Nuova - Brenner?line. Investigators were looking into possible links to radical environmentalist or anarcho-insurrectionist groups. (Reporting and editing by Kevin Liffey; Additional reporting in Rome by Crispian B. Balmer; Reporting by Christian Mang & Francois Murphy)
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Munich Airport briefly stops flights over drone sighting
The police and airport authorities confirmed that flights were halted at Munich Airport for an hour on Saturday morning after a pair of pilots saw a drone. A spokesperson for the airport said that during the shutdown, more than 20 flights which were due to land in Munich were diverted to another airport. Two pilots flying separate planes on the airport tarmac saw a drone hovering over the airport at around 9 am (0700 GMT). This prompted the closure, according to the witnesses. The flights resumed an hour after the first one. A police spokesperson stated that "extensive police operation, including a helicopter search of the area affected,?produced no results". The shutdown was lifted at 10:05 am, they added, after a thorough investigation into the incident had been launched. In October of last year, drone sightings caused more disruption at Munich airport. They forced several shutdowns in rapid succession. (Reporting and writing by Elke Ahlswede, Francois Murphy, Editing by Ros Russel)
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Five people are killed and over 40 injured in a chain-reaction crash on a Virginia highway
State police reported that five people died and over 40 were injured, including three critically, when a tour vehicle plowed into a sport-utility vehicle on a U.S. highway in Northern Virginia early Friday morning, triggering a chain reaction crash. Police said that a preliminary investigation revealed that the driver of the motor coach failed to slow down as it approached slower traffic in an area where construction was taking place along Interstate 95. This is a major highway corridor running north-south through the region. The bus then slammed a Chevrolet Suburban into another vehicle, and the Acura SUV. According to a press release from the state police, an Acura caught on fire. The accident occurred around 2:35 am?EDT on the southbound lanes of I-95, in Stafford County. This is about 45 miles southwest from Washington, D.C. The motor coach charter company E&P Travel in North Carolina operated the bus that carried about 34 passengers, including its driver, between New York City and Charlotte, North Carolina. Four of the five fatalities were in the Acura that was on fire - a man aged 45, a woman aged 44, a girl aged 13 and a boy aged 7 - all from Greenfield Massachusetts. According to police, the fifth person killed was a woman aged 25 from Worcester, Massachusetts. She was in a Chevy Suburban that had been hit by the bus. Police?stated that 44 people, including the driver of the bus, were injured and taken to hospitals in the area for treatment. Three of those patients are listed as being in a critical condition. Matthew Demlein, a spokesperson for the state police, said that charges are pending against the driver of the bus in relation to the accident. He declined to provide further details. Steve Gorman, Los Angeles; Sanjeev Mikleni, editing.
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Castlelake considers offer for British low-cost carrier EasyJet
Castlelake L.P., a U.S. investment firm, said on Friday that it was in the early stages of considering an offer for British budget airline easyJet. This sent the 'airline’s U.S. traded shares up nearly 10%. Castlelake stated in a press release that no approach had been made to easyJet's board and it was impossible to predict whether or not an offer would be made. According to UK takeover regulations, Castlelake must submit a firm bid by the 26th of June or abandon a deal. EasyJet announced the news a week ago, after warning that its outlook for the full year was 'uncertain' due to the Iran War driving up fuel prices and bookings being weaker during the summer peak season. According to LSEG's data, the?company is worth 3.02 billion pounds. The carrier's share price closed Friday at 398 pence and is down more than 22% for the year. As the Strait of Hormuz is constrained, the Iran conflict has disrupted global aviation. Jet fuel prices have risen by more than 80% in just a few months, forcing airlines to increase fares, reduce capacity, or accept'margin pressure. Castlelake entered into talks with Spirit Airlines in January, months before the bankrupt airline permanently ceased flight operations. Merit AirFinance is an aviation lending platform that was launched by the investment firm in 2013. It has $1.8 billion of deployable capital and aims to offer debt financing for airlines and aircraft lessors. EasyJet, in 2021, rejected an offer by rival 'Wizz Air. Instead, it raised $1.7 billion from shareholders, and went 'it alone' in an industry that is struggling to recover from pandemic.
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US Postal Service wants to force states to provide lists of voters
The U.S. As part of a new rule proposed on Friday, the Postal Service will require that states provide a list of voters who have received mailed ballots. This comes one day after an?internal judicial?judge refused to block immediately President Donald Trump's executive order. USPS's proposal was published in the Federal Register and would require that states provide the USPS with the names of voters who received mailed ballots. However, it would not be applicable to primary elections. The public has 30 working days to provide feedback on the plan. Postal Service proposes that states must also apply unique barcodes to outbound and return ballot mail envelopes. They say this "will facilitate law enforcement efforts" as well as help ensure adherence to federal laws. Carl Nichols, a U.S. District Judge in Washington, declined on Thursday to block Trump's order of March 31 regarding?mail-in votes but did not state if it was legal. A Boston judge has scheduled a hearing on Tuesday for a separate lawsuit brought by Democratic state attorneys against Trump, USPS and other parties challenging the voting order. The order directed that the federal government use data to verify the eligibility of voters in each state, ordered the Postal Service only to deliver mail-in ballots to those on the approved list. It also required states to keep election records for five years. A group of Democratic Senators claimed that the order sought to illegally transform USPS into an election administration agency, with the authority to determine who could vote by mail and establish ballot specifications. Trump, who is a Republican, has been promoting the false claim for years that his defeat in the 2020 election was due to widespread voter fraud. He has also called for tighter voting rules by mail ahead of the midterm elections of November. Trump will oust?Postmaster-General Louis DeJoy in?March 2025. David Steiner, the current Postmaster General of the USPS, has warned that USPS may run out money as early as next year.
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Swiss Federal Prosecutors Probe Terror Links to Knife Attack
The Office of the Attorney General (OAG), a Swiss federal prosecutor, has taken charge of the investigation into the knife attack that occurred at Winterthur Railway Station on Thursday. They are treating this case as terrorism-related. The federal prosecutor announced that criminal proceedings had been opened against the suspect on suspicion of multiple attempts at murder, participation in or support for a terrorist organization, and involvement with a terrorist group. Three Swiss men have been injured in the 'attack that took place in Winterthur on Thursday morning, just north of Zurich. Three men were stabbed, one in the leg and two in the neck. A third was stabbed on the thigh. All three men were taken to hospital, with the third requiring emergency surgery. The police arrested the suspected perpetrator, a dual Swiss-Turkish citizen of 31 years, at the station, just a few moments after the initial emergency call. Investigators have now focused on the motive of the attack. This includes a thorough review of the background and history of the suspect. The prosecutor's department said that its "main hypotheses" is that the attack was suspected to be terrorism. Police said that the suspect was reported to police in 2015, for "spreading propaganda" from the militant hardline group Islamic State. The Swiss newspaper Blick said it had also 'obtained a video of a man running out of Winterthur Station shouting 'Allahu akbar, an Arabic phrase that translates to 'God is the greatest. The video was not independently verified. The federal prosecutor said on Friday that the incident was a sign of jihadist-motivated terror in Switzerland. (Reporting and editing by John Revill)
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European shares gain monthly on Middle East Peace Hopes
European shares edged higher on Friday to close the month with gains. Investors clung to hopes that a proposed agreement could be reached extending a Middle East truce and reopening the Strait of Hormuz. Market optimism was sparked by reports that U.S. president Donald Trump had been weighing a preliminary U.S. Iran agreement. He said that he would reach a decision on the deal by Friday. Kathleen Brooks is the research director for XTB. She said that the market may test its patience if a deal cannot be reached by the end of June. This could have a major impact on the oil price as well as the rally in the global stock markets. The STOXX 600 pan-European index rose 0.1%, to 626 points. This was a positive week's end. The benchmark index was 'within striking range of record highs this week, and had secured a monthly gain of 2.5%. However, recent escalation in the Middle East conflict has capped further advancements. European stocks?continue?to lag behind tech-heavy counterparts in Asia and the United States because of the region's limited?exposure to technology stocks. Marija Veitmane is the head of equity analysis at State Street. When asked if a geopolitical solution?could spark a major rally Marija said no, pointing to structural demand destruction as well as looming rates hikes which could impact corporate profitability. The data confirmed the hawkish view, with inflation in four of the largest eurozone economies above the European Central Bank’s 2% target rate for the third consecutive month. Investors are pricing in 50 basis points tightening before year's end, according to LSEG. Crude oil prices, which are a vital resource in Europe's energy crisis, have fallen and could be on course for their first drop in two months. Airline stocks, such as Lufthansa, Air France, and consumer discretionary stocks, like luxury, are sensitive to energy price changes. Both have added more than 2%. Defence stocks are among the top sectors with a 0.7% increase. NATO has accused Moscow of reckless behavior and promised to "defend each inch of allied territory" following Romania's report that a Russian drone crashed into an apartment building in the member state of NATO during an attack against Ukraine. During geopolitical conflict, the sector usually gains on increased military spending. CTS Eventim rose 10.7% after the German ticket company said that its revenue grew by 23% during the first quarter of 2026. This was due to strong demand for live performances. Orkla shares fell 5.3% as UBS downgraded it from "neutral" to "sell", citing the increasing pressure from inflation and the Middle East Conflict. (Reporting and editing by Johann M Cherian, Bengaluru. Sherry Jacob Phillips, Joyjeet Das, Joe Bavier.
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)