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Kuwait's KPC issues first spot naphtha tender since US-Iran conflict, sources say
According to trade'sources' and a document that was reviewed by, Kuwait Petroleum Corp (KPC), has made its first offer to?sell spot naphtha -cargoes from its ports for?July. This is the company’s first tender since the start of the U.S.Iran War. Documents showed that the state-owned oil company is offering 55,000 metric tons (495,00 barrels) of petrochemical feedstock or 80,000 tonnes, with the loading scheduled for the weekend of July 5-7 at any port in Kuwait. The bid closes on 22 June with same-day valid. KPC didn't immediately respond to a request for comment made outside the working hours of the company. Two sources confirmed that the refiner had last bid for February shipments in January. KPC offered prompt June-loading of refined fuels, such as naphtha and diesel via ship-to -ship transfers off the west coast of?India and?Oman or from Fujairah tankers.
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Authorities say 54 injured and 18 missing following explosion at Qatar LNG site
Authorities said that 54 people were injured and 18 others are missing following an explosion on Sunday at Qatar's main liquefied gas processing site, Ras Laffan. In a statement, QatarEnergy said that an incident occurred during the start-up operations of Ras Laffan industrial city which resulted in "an explosion and fire" at the Barzan gas supply facility Sunday evening. It said that emergency response teams had been deployed to control the fire. The fire was now under control. In a statement, the Interior Ministry of Qatar said that 54 people were injured and 18 people are missing. The ministry attributed the blast to a "technical error" and said there was no danger to public safety. QatarEnergy has not indicated whether the explosion caused any damage to its plant that supplies gas for the domestic market. Witnesses reported hearing a loud boom in Doha's capital, south of Ras Laffan. Barzan's gas facility is capable of producing 1.4 billion cubic foot per day and provides pipeline gas for local industries as well as Qatar's electricity generation sector. The Barzan gas facility has the?capacity of producing ethane and condensate for both domestic?and international markets. The facility is located at Ras Laffan, QatarEnergy’s main site for LNG export and production. It has a total 77 million tons of LNG per year via 14 trains. In the midst of a U.S./Israeli war against Iran, two of Qatar's LNG train and one of its gas-to liquids facility were damaged by strikes. This knocked out 17% of Qatar's LNG export capacity. Repairs are expected to take many years.
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Moscow says it has shot down 60 drones and reopened airports after the incident
Local authorities reported that the Russian capital, Moscow, shot down dozens drones early on Monday morning and temporarily suspended airport flights, only days after Ukraine struck the city's refinery. Sergei Sobyanin, the Mayor of Moscow, said on Telegram that 'nearly 60 drones headed for Moscow have been downed. Sobyanin didn't provide any further details but did say that emergency services had been sent to the areas where drones had crashed. Separately, the aviation watchdog reported that flights had been suspended at Sheremetyevo and Domodedovo airports as well as Zhukovskiy, near the capital. However, these flights were later resumed. Last week, drones attacked Moscow's only oil refinery. Moscow's defence system shot down almost 200 drones during that offensive. It was one of the largest air attacks on the city since Russia invaded Ukraine in 2022. Mikhail Razvozhayev said that the city of Sevastopol, in Russia-annexed Crimea, canceled all public events and would 'keep street lights off' on Monday. He also called for people to reduce their electricity consumption. The popular Russian tourist destination of Crimea has stopped selling fuel to the general public and to businesses. Fuel is only available to government agencies that are responsible for essential services and security. (Reporting and editing by David Dolan in Tokyo, Jekaterina Glubkova)
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AirAsia X CEO: Prices for jet fuel have fallen since June 15, resulting in a reduction of fares.
Bo Lingam said that the CEO of Malaysian budget airline AirAsia?X, has announced a 5% reduction in fares since June 15. The airline will continue to monitor the situation on a weekly basis as jet fuel prices fall, he added. As the U.S. - Iran war wreaked havoc on travel around the world, the airline has used the last three months to reduce underperforming flights, shift the demand, and renegotiate all contracts with vendors and lessors. Lingam said to reporters that they were still renegotiating and restructuring all of their contracts. He added that "week by week we will be revising our fares as the fuel prices go down." AirAsia?X was hard-hit by the volatile jet fuel price. It posted a loss in its first quarter this year, cutting 10% of its flights and adding fuel surcharges as a result. In a Monday statement, the airline stated that it expects to have its full capacity restored by August. Singapore jet ?fuel The price of oil was around $112 per barrel on Friday, after recent?declines attributed to an interim U.S.-Iran agreement. This was higher than pre-conflict prices of $80 per barrel, but less than half the high of March 30, $242. Lingam said that the airline would receive its first Airbus A220 aircraft by the end of 2027. These jets will be used in the Philippines. (Reporting and editing by Julie Zhu, Christian Schmollinger, Anne Marie Roantree and Jamie Freed).
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Iran claims to have closed the Strait of Hormuz again
After Iran announced that it had "again" closed the Strait of Hormuz, citing Israel and the United States, the number of ships passing through this waterway dropped sharply. Shipping data revealed that there were 'violations' of the interim peace agreement. Kpler data showed that five vessels crossed the Strait of Gibraltar on Sunday, down from 26 ships seen a day before. Three Very Large Crude Carriers, each carrying 2,000,000 barrels of Saudi crude oil and fuel oil, were among the vessels. One of them was headed to Japan. Data may exclude vessels who turn off their transponders when travelling through the Gulf. Iran agreed with the United States to extend a ceasefire in April for 60 days in order to facilitate peace negotiations. Last week, Iran lifted its effective blockade. However, the Islamic Revolutionary Guard Corps of Tehran declared that the waterway was closed again on Saturday in response to Israeli attacks in Lebanon. The U.S. Military said that commercial vessels are still operating. Three of the vessels that left the Strait on Saturday were VLCCs, carrying crude oil from the United Arab Emirates, Kuwait, and Iraq. There were also three tanks carrying different types of oil products. The data shows that 13 ships, including two VLCCs entered the Strait of Hormuz on Saturday. Gulf producers Abu 'Dhabi National oil Co?and Kuwait Petroleum Corp. have issued tenders for selling crude oil with the option of a loading from within and outside the Strait of Hormuz.
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French Railways boss warns heat-vulnerable travellers to avoid trains
On 'Sunday, the SNCF head warned 'vulnerable people not to take the train during France's heatwave. Jean Castex, a reporter at the time, said: "We advise the most vulnerable to postpone or avoid their trip during this heatwave." * Former French Prime Minister?Castex said that a number of incidents were possible due to the high temperatures. Meteo France's latest update stated that 49 departments would be under a "red heatwave" warning starting at noon on Monday. This is 14 more departments than Sunday. The heatwave will intensify, reaching peaks as high as 42 degrees Celsius. It was also stated that "it is likely the heatwave will continue, or even worsen in some areas" for much of the next week. Reporting by Dominique Vidalon Editing By Louise Heavens And David Goodman
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Authorities say that the no-fly zone created by the Iran talks has disrupted flights to and from Zurich Airport.
Aviation authorities confirmed that a technical problem in air 'traffic control', which was triggered by security precautions?for the peace talks between the U.S.A. and Iran?in Switzerland?, caused disruptions? at the Zurich airport?on Sunday. They added that the problem has been resolved. Skyguide, a Swiss air traffic control authority, said that the glitch was caused by the integration of the restricted zone above Buergenstock in radar display systems. This is the Swiss mountain resort, where the negotiations are taking place. According to a statement, the zone was decided only at the last minute as the decision to hold the most recent round of discussions was not finalised until the following Saturday. Skyguide reported that operations have returned to normal. "The systems run smoothly and security is ensured at every time." A spokesperson for the airport said that by midday 12 arrivals had been cancelled and 14 departures. She added that at least 60 departures had been delayed. As outlined in a tentative peace agreement, U.S. Vice-President JD Vance met with Iran on Sunday for peace 'talks' at Buergenstock. However, the diplomacy of the U.S. was overshadowed when Iran announced that it had reimposed a blockade of the Strait of Hormuz. The Swiss government has promised that the talks will be held in a "reliable and discreet setting". This resort is located just over 50 kilometres south of the Zurich airport. Reporting by Alexandra Schwarz Goerlich; Writing by Rachel More, Editing by Barbara Lewis
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Five people killed in Ukraine attack as Crimea suspends fuel sales
The?Russian-installed 'governor' said that four people had been?killed? and 28 others wounded?in a ukranian drone attack against the russian-controlled peninsula Crimea. Local authorities in Russia's Krasnodar Region said that a Ukrainian drone strike on an oil transportation facility confirmed by Ukrainian president Volodymyr Zelenskiy killed one person on a passenger ship and set a?oil storage terminal on fire. The Russian Defence Ministry reported that 239 Ukrainian drones were shot down over night. Crimean Governor Sergei Aksyonov stated that 'fuel stations across peninsula have suspended sales to the public and businesses. Supplies are restricted to government agencies in charge of essential services and security. Ukraine intensified its drone attacks against Crimea, the home of the Russian Black Sea Fleet. The attack targeted the peninsula's fuel supply routes, which triggered a fuel shortage as the holiday season began. Local power grid operators reported "outages" in several areas due to damage to the electricity networks. Ferry traffic across the Kerch Strait, which separates Crimea from Krasnodar, was also temporarily suspended. The authorities also stopped traffic on the bridge connecting?Crimea and Russia's Krasnodar region for more than 9 hours, leaving 11 train running behind schedule. Louise Heavens (Reporting)
Is Europe's recovery in gas demand derailed by the Iran crisis or is it just dented? Maguire
Gas-fired electricity production in Europe reached multi-year-highs early in 2026. This raised hopes among LNG exporters that Europe was regaining a taste for this fuel.
Gas consumption has slowed down significantly in March. The average level of gas production across the key consumers is down by about a third compared to the previous month.
At least part of this slowdown is likely due to a sharp rise in regional gas prices in the wake of the U.S. - Iran war that began on February 28, 2008.
The above-average temperatures in Central and Western Europe have also 'cut regional gas consumption, as heating demands have dropped sharply since the beginning of the year.
The low regional gas inventory levels, which need to be replenished before next winter and trigger regular import orders, even if industrial and power gas usage remains soft will further obscure the demand picture.
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 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 the winter, when heating demands are highest. Then, it 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 the mid-year mark creates an uneven burn in Europe's electricity system, despite the fact that the fuel is still responsible for 25% of the total output.
The annual drop in gas consumption by utilities could be underway, despite market anxiety 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 stockpiles hover around 27% capacity. This is the lowest level for this time of year in 2022.
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 reevaluation of this calculus.
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, in 2025 three large LNG tanks will discharge their cargo on average per day. This means that storage companies can secure two tankers per a 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 refill their tanks, tank farms will choose cheaper pipelined LNG supplies but will also tap the LNG market if prices is attractive.
PIVOT INDUSTRIAL
Gas demand is also influenced by the health of Europe's industry.
Fertilizer producers, chemical plants and steel mills, as well as a large number of production lines, have historically been "steady" gas consumers.
The collective gas consumption of businesses has fallen sharply in the years since Russia invaded Ukraine, 2022. It has also remained soft amid a 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 some sectors replace volatile natural gas with cheaper electric.
To reduce the need to import gas, lawmakers are taking steps to increase supplies of biomethane. This is mainly generated from agricultural facilities and municipal waste disposal sites.
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 have no choice but to burn gas as long as they can and reduce output when they cannot.
It is likely that Europe's gas consumption trends will remain choppy in the near future, even as power and industrial users reduce their dependence on gas.
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(source: Reuters)