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Freeport LNG Export Plant in Texas to receive more natgas after Monday's outage
According to a filing made by the company with the state's environmental regulators and data from LSEG, a financial firm, Freeport LNG is on track to receive more natural gas at its Texas export plant on Monday. This indicates that a liquefaction station that was shut down on Saturday will likely be back in operation. Freeport LNG is closely watched by the global market because its start-ups and stop-offs often cause price fluctuations. Gas prices in the United States typically fall when flows to Freeport decrease due to a lower demand for fuels from the export facility. Prices in Europe usually rise due to the drop in LNG supply available on global markets. The U.S. futures market was on course to reach a six-week peak on Monday, due to many factors including the anticipated increase in gas flow to Freeport. Prices in Europe, however, rose by about 3%, for reasons that were not necessarily connected to the plant. Freeport informed Texas environmental regulators that Train 1 of the three liquefaction train at its plant shut down on Saturday because there was a problem with its compressor system. Freeport officials had no comment about the latest outage. Freeport has experienced numerous compressor system problems at its plant in the last month. According to the company's filings to regulators, liquefaction train shut down five times due to these issues. LSEG reported that the amount of natural gas flowing into Freeport is on track to hit 1.9 billion cubic foot per day (bcfd), up from 1.8 bcfd Sunday, and a low of 1.4 bcfd Saturday. This compares to an average of 1.8 billion cubic feet per day over the previous seven days. Three liquefaction plants at Freeport can convert about 2.1 billion cubic feet per day of gas to LNG. A billion cubic feet of natural gas can supply five million U.S. households for one day. (Reporting and editing by Scott DiSavino)
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Israeli military claims it intercepted drones launched from Yemen
Israel's military announced on Monday that it intercepted a Yemeni drone after sirens were heard near Eilat. A day earlier, Yemen's Houthis had launched a drone at an airport in the vicinity of southern Israeli city. The military announced that sirens sounded later on Monday in the Negev region after another drone had been detected. The military did not reveal what happened to the drone. Israel's Ramon Airport, near Eilat, has resumed its operations after a drone fired from Yemen hit the arrivals area on Sunday. Since the beginning of the Gaza war, the Houthis, backed by Iran have launched missiles and drones towards Israel thousands of kilometers north. The militant group claims that this is an act in solidarity with Palestinians. Israel responded by bombing Houthi controlled areas in Yemen, including Hodeidah's vital port. (Reporting and editing by Gareth Jones, Helen Popper, and Ahmed Elimam)
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Milei's heavy defeat in Buenos Aires sets the stage for Argentina's market to sell off
The Argentinian markets are on the verge of a further selloff after a heavy defeat in Buenos Aires for President Javier Milei’s ruling party. This is raising concerns ahead of a crucial October election. According to the official results, the Peronist opposition party won the Sunday legislative elections in the province's key region, while the radical reformist Milei party came in second. The scale of Milei's defeat was far beyond expectations, said JPMorgan analyst Diego Pereira. He added that the resounding win for the opposition during the regional contest meant Milei had a much steeper climb ahead as he tries to deliver a successful outcome at the national midterm election on October 26. The administration could recalibrate its political strategy in order to correct missteps made over the past few months. According to the official count, the Peronists have won 46.8% in the province. The candidate from Milei's Party has taken 33.8%. Argentina, one of the biggest reform stories in emerging markets since Milei was elected president in December 20,23, has seen its market come under pressure over recent weeks. Markets were impacted by political woes and economic pressures. The latter included allegations of corruption involving Milei’s sister Karina Milei and a sharp drop in government and consumer confidence. MARKET SELLOFF Since the scandal broke out, Argentina's main stock index has fallen by around 20%. Its international government bonds are also down and the pressure on the newly unpegged peso has forced the authorities to intervene in the foreign exchange market. Investors said that early market indicators priced a 5 to 6-point drop in the international bonds of the country. Viktor Szabo is the portfolio manager of Aberdeen Investments. Morgan Stanley warned that international bonds would fall by up to 10 percentage points if Milei's radical reform agenda was thwarted. JPMorgan stated that the currency was also vulnerable to further weakening, which could force central banks to reduce their FX spot reserve to absorb excess pesos. Wall Street banks, however, said that the election dynamics in the rest of the nation would be different from Buenos Aires – a Peronist hotspot. The Milei government was also expected to adhere to its fiscal discipline programme despite economic difficulties. The PBA election was held amid tightening domestic financial conditions. This included a depreciation in the peso and expectations for a slight increase in inflation in August. It also coincided with a slowdown in economic growth, according to Goldman Sachs' analyst Sergio Armella. The provincial election will have very little impact on the policy mix adopted by the Milei government, but it is a setback in terms of politics for the government.
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London's Tube system shuts down as workers start a week-long strike
London's Tube system came to a halt on Monday, as workers began a strike over pay and conditions of work. This caused commuters and visitors to the British capital great inconvenience. Between Monday and Thursday, there are not expected to be any London Underground trains. The Docklands Light Railway that connects Canary Wharf with the City of London will also not operate on Tuesday or Thursday. Many Londoners chose to cycle to work and others took detours on Monday morning. Laura Sutton, 46 a legal adviser, was at London Bridge Station. She said, "The prospect of having to wait all week is a nightmare... I've probably taken twice as long this morning." The RMT union stated that the dispute was centered on pay, fatigue, shift patterns, and a reduction of the working week. Eddie Dempsey, RMT's General Secretary said: "They're not looking for a king-sized ransom but fatigue and shift rotations can have serious impacts on the health and well-being of our members." Transport for London operates the public transport network in London. The union said it would accept only a deal that led to a shorter working week. Staff typically work 35 hours. It claimed to have worked hard to resolve the conflict and offered staff a pay increase of 3.4%. During the strike, some train services will run in the capital. There were minor delays on the Elizabeth Line (which operates trains to Heathrow Airport) and Overground rail networks. The strikes will also cause disruption to commuters and tourists. Coldplay, a British rock band, has rescheduled two concerts in Wembley Stadium for this week. Post Malone, a U.S. musician, has also postponed two of his London shows until later in the year. Sachin Ravikumar, Will Russell and Marissa Davison. Reporting by Will Russell. William James edited the story.
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Ukraine's Energy Ministry says that Russian forces have attacked a power station in Kyiv Region.
Ukraine's Energy Ministry said that Russian forces attacked a thermal power plant in the Kyiv area as part of a nighttime attack. This caused localised blackouts, and gas shortages. The strikes came a day following the largest air strike by Moscow in its three-and a-half-year war against Ukraine. The ministry posted a message on Telegram saying that the goal was to "cause even more hardship for the peaceful population in Ukraine", and to leave Ukrainian homes and hospitals, kindergartens, schools and other institutions without heat and light. On Monday, rescuers and technical workers were on the scene. The Russian defence ministry has confirmed that they have hit Ukrainian energy infrastructure. Since its invasion of Ukraine in 2022, Moscow has bombarded Ukraine’s energy infrastructure on a regular basis. This caused massive blackouts the previous years. Ukrenergo, Ukraine's electricity grid company, said Monday that Russia has attacked the power infrastructure of several regions in Ukraine causing localised blackouts. It said that "emergency repairs are ongoing and the majority of consumers have had their power restored on Monday." Mykola Kashnyk, governor of Kyiv Region, stated that the attack damaged the local grid. Over 8,000 properties from eight settlements will be disconnected over the next two day as repairs are carried out. Serhiy Kovalenko wrote in X that the enemy had been attacking energy system installations for several weeks. He added that the recent strikes were not a reason for optimism. (Reporting and writing by Anastasiia and Yuliia, edited by Himani Sarkar & Joe Bavier; Max Hunder).
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Trans Mountain executive says ships will be able load more TMX by the early 2027.
Trans Mountain, the Canadian pipeline operator, expects the dredging work at the Vancouver port to be finished by the end of 2026, or in early 2027. This will allow ships load more oil, according to a senior executive on Monday. Jennifer Pierce, Chief Administrative Officer of Trans Mountain, said this at the APPEC Conference in Singapore. When this dredging project is finished at the end or beginning of 2027 (end of '26), an Aframax could move out of the dock with 100% of its cargo. This will boost our shippers' competitiveness. Aframax tanks can transport up to 800 000 barrels. However, at Westridge Marine Terminal, they are only able to load around 550,000 barrels due to draft restrictions. Trans Mountain operates the newly expanded 890,000-barrel-per-day pipeline, which has been operating at approximately 85% capacity in the second quarter. (Reporting and editing by Florence Tan, Siyi Liu)
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Sources say that Wood Mackenzie has been hired by Japan to evaluate the Trump-backed Alaska LNG Project.
Two sources familiar with the matter confirmed that Japan hired Wood Mackenzie, an energy consultancy, to assess the proposed 800-mile Alaska gas pipeline project and LNG plant. This is a sign of its support for the $44billion project pushed by U.S. president Donald Trump. One of the sources said that the assessment could ease concerns of potential Japanese investors and off-takers about a project which has been stalled for decades because of cost and logistical issues. It is not clear what the scope and cost of this deal will be, nor if any report that results from it will be made publicly available. The Ministry of Economy, Trade and Industry in Japan declined to comment. Wood Mackenzie and Glenfarne, the project developers Glenfarne as well as the state-owned Alaska Gasline Development Corporation AGDC did not respond to comments immediately. Trump, since returning to office in 2017, has pledged to advance the mammoth plan to transport gas from Alaska's remote northern region across the state to be chilled and then shipped overseas as LNG. Trump announced in July that Washington and Tokyo would form a joint-venture to develop the Alaskan LNG Project. Japan hasn't confirmed this plan. The final terms of the trade agreement agreed last week included Tokyo's commitment to explore a potential new offtake agreement for Alaskan LNG. Japan has also committed $550 billion in unspecified U.S. investments, including energy and pipelines. When asked about the Alaska LNG Project, Japan's Trade minister Yojimuto said at a late-July press conference that they were continuing to have close discussions with U.S. government officials. CUSTOMERS KEY Despite Trump’s optimism, several Japanese government officials and leaders in the energy industry have expressed doubts over the projected cost of the project which could make gas more expensive than other sources. Source: Yet, project developers are in discussions with at least five Japanese companies. These include JERA, Japan’s largest LNG buyer, Tokyo Gas, Osaka Gas and trading house Mitsubishi Corp. Inpex is an oil and natural gas explorer, whose biggest shareholder is the Japanese Government. JERA's spokesperson said that it is "considering" this project. Tokyo Gas stated that it was "one candidate for procurement". Inpex stated that nothing has been decided about the project. Osaka Gas & Mitsubishi declined to comment. Alaskan LNG developers already signed non-binding agreements with the state-owned Thai Oil and Gas company PTT Group, and Taiwanese State Energy Firm CPC Corp. Securing a deal with Japan would boost the project's success chances. It is the No. The country is the world's No. A deal of this kind could also open up financing options from Japanese state-owned banks, such as Japan Bank for International Cooperation. JBIC announced earlier this year that it would be willing to provide support, considering factors like any involvement of Japanese companies. U.S. officials are promoting the Alaska project to Tokyo, highlighting its security benefits, comparing it to Middle East projects and pointing out that the project is closer to Japan than the Middle East. They also stress the fact the shipments will avoid choke points like the Straits of Hormuz, Malacca and South China Sea. According to Japan's Finance Ministry, Japan receives approximately one-tenth its LNG from the U.S. and similar proportions of LNG from Russia and Middle East. Australia is responsible for 40%. Wood Mackenzie conducted three studies for the Alaska LNG Project over the past decade, commissioned by AGDC as well as other stakeholders. In a 2016 study, it was ranked poorly in comparison to other projects that could provide Asian markets such as Japan. However, a review of 2022 that took into account different financing structures and cost-reductions found it competitive with U.S. Gulf Coast supplies. Alaska LNG developers have hired Australian engineering company Worley to conduct a cost estimate of the project. The goal is to reach a decision on the investment by the end the year. (Additional reporting from Yuka Obayashi in Tokyo and Katya Glubkova; Editing by Christian Schmollinger).
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Source: India revokes grid acces for 17 GW clean energy projects
According to an official document and a source with knowledge of the issue, India has canceled grid access to nearly 17 gigawatts (17 GW) of clean energy projects that have been delayed. This is to give priority to those projects which are already operational or close to completion. Documents show that the state-run Central Transmission Utility of India Ltd. (CTUIL), informed companies such as Adani Green Energy, ReNew Power NTPC Avaada Group JSW Energy, ACME Solar, and ReNew Power about the cancellations. According to a federal agency that oversees interstate transmission access, the affected projects are located within renewable-rich Indian states like Rajasthan, western Gujarat and Madhya Pradesh. Source who requested anonymity said that the grid access terminations took place in the quarter of June after notices had been sent to the companies. The firms are seeking help from the federal regulator for power, the Central Electricity Regulatory Commission. New Delhi has been prompted by India's rising power demand, driven by mechanised agriculture, industrialisation and urbanisation, to streamline grid regulations to better integrate clean-energy projects and ensure uninterrupted supply of electricity for its 1.4billion people. By 2030, the country wants to reach 500 GW in non-fossil energy capacity. The country's transmission network, which stretches over 495,000 circuit kilometers, is behind the growth of its generation capacity. Officials said that the Central Transmission Utility performed manual inspections prior to revoking access, and will continue its efforts to release transmission lines for projects on track to completion. JSW Energy appealed against the revocation. However, the regulator refused to grant interim relief in an order dated 24 June, and asked CTUIL on 10 July to share its response. According to orders on the CERC's website, the petition has been scheduled for October 7. A spokesperson for Adani stated that there was no cancellation of connectivity due to delays in project commissioning dates. He did not provide any further details. Emails seeking comments from the CTUIL and other companies were not answered. India tightened its rules last week to limit the trading of grid access. Developers are no longer allowed to change their source of generation once they have secured connectivity. CERC mandated also that the project promoters retain control of their projects until commissioning. Violations can lead to the forfeiture of bank guarantee and the revocation or connectivity. (Reporting and editing by Nidhi verma, Sonali Paul, and Sethuraman N.R.)
UK companies flag over $1.4 bln in labour expenses from increase in national insurance coverage, salaries
British companies have actually flagged an boost of 1.1 billion pounds ($ 1.40 billion) in labour costs associated to a rise in companies' social security contributions and minimum incomes following Finance Minister Rachel Reeves' maiden budget plan in October.
They also anticipate the increase in National Insurance Contributions (NIC) and the minimum earnings to sustain inflation.
Here's what some business throughout sectors have actually said so far:
MERCHANTS
British retailer Pets in the house Group stated it expected costs to rise by about 18 million pounds in fiscal 2026 due to increased NIC.
British bike and vehicle items seller Halfords Group forecast its future costs to increase by around 23 million pounds in financial 2026 due to greater employer social security contributions.
Tile retailer Topps Tiles stated it approximated a 4 million pound cost effect on a yearly basis from April 2025, out of which 2 million would affect the 2025 fiscal year.
Home improvement seller Kingfisher, which employs more than 78,000 individuals, stated the boost in NIC would cost it about 31 million pounds in fiscal 2025/26.
British supermarket chain Sainsbury's, which uses around 150,000 people, said it was dealing with headwinds of 140 million pounds from the national insurance coverage change.
Marks & & Spencer stated the national insurance boost would cost it around 60 million pounds in its next financial year, which begins in April. A 6.7% rise in base pay will include another 60 million pounds.
Asda, Britain's third-largest supermarket, stated the national insurance modification would cost it 100 million pounds next year and warned it would probably be inflationary to some degree.
Primark-owner Associated British Foods said the nationwide insurance modification would cost the clothes seller, which uses 40,000 individuals in the UK, tens of millions of pounds, though the increase in the minimum wage was expected.
Cooking area and joinery retailer Howden Joinery stated the expected annualised expense impact of greater contributions to employers' nationwide insurance and the increase in the nationwide minimum wage was around 18 million pounds.
Mike Ashley-owned Frasers called the budget plan a 'kick. in the face' and said it would cost the seller at least 50. million pounds in included costs going into its 2025/26 year.
Flooring firm Headlam Group stated that the. unexpected reduction in the nationwide insurance coverage threshold,. combined with the boost in the nationwide minimum wage, will. include about 2 million pounds to its yearly operating costs from. April 2025.
Supreme, which offers Duracell and Energiser. batteries along with Elf Bar vapes, stated it anticipates an addition. of 0.9 million pounds to its annualised individuals costs due to the. changes in National Insurance coverage and National Living Wage.
LOGISTICS
International Distribution Services, the owner of. Royal Mail, which uses nearly 130,000 individuals in Britain, stated. modifications to the NIC will cost around 120 million pounds a year.
TELECOM
BT, an employer of more than 100,000 people, stated the. NIC change would increase its costs by near 100 million. pounds next year, about 0.5% of its overall cost base.
PUBS & & RESTAURANTS Club group Mitchells & Butlers flagged the NIC & change. to increase its expense to 23 million per year. It also said the. minimum wage hike would include another 42 million each year. JD Wetherspoon, a major British club
operator that. utilizes more than 40,000 people, stated its yearly costs would. boost by about 60 million pounds in 2025, with its NIC rising. by an estimated two-thirds. British pub group Young & Co's Brewery, which. utilizes about 7,700 people
, alerted that rising NIC and & minimum. wages will increase its yearly expenses by about 11 million pounds,. starting April. Marston's, which operates 1,339 bars in the UK with. about 11,000 workers
, said it expects a 4 million pound impact. due to wage inflation and another 4.6 million pounds from. additional employment expenses in fiscal 2025, but called the expenses. workable . Loungers, a cafe-bar and dining establishment chain with over.
8,000 personnel, stated the combined impact of NIC and base pay. increase will add 9 million pounds to its yearly costs. HOMEBUILDERS Persimmon expects expenses from a hike in national. insurance coverage to be about 5 million pounds over the next year. Vistry also estimated a 5-million-pound impact in. 2025 from the boost in
employer NIC. OUTSOURCERS Serco Group said the UK government's nationwide. insurance coverage tax modifications would increase its direct
labour costs
by. around 20 million pounds per year which it was checking out methods. to balance out these expenses. Mitie Group expects NIC-related costs to be about 60. million pounds, but the business estimates that it would be able. to recover 35 million pounds
of those expenses through legal. healings and industrial settlements in financial 2026. Agreement caterer Compass Group, which employs about. 50,000 personnel in its UK and Ireland unit, expects NIC-related. expenses to be in the 10s of millions. COMPANY Workplace services provider Bring back Plc which uses. almost 2,700 individuals, said it estimates about 3 million pounds in. expenses from the NIC change and minimum
wage hike. Veterinary providers CVS Group, which. employs more than 8,800 individuals, said it estimates a cost impact. of about 8 million pounds in 2026 from the NIC changes. British rail market companies Tracsis. likewise stated the NIC change and minimum wage increase are expected. to effect 2025 core revenue by about 500,000 pounds.
Legal and expert companies Knights Group. stated it expects a yearly cost effect of about 2. million pounds in financial 2026 due to the NIC boost.
Service healing and residential or commercial property services consultancy Begbies. Traynor estimates the NIC modifications to increase work. expenses by about 1.25 million pounds per annum.
British legal and expert services group Gateley. stated it was expecting the NIC changes to impact its. expenses by about 1.8 million pounds in financial 2026. Equipment rental specialist VP Plc stated it estimated. the NIC and wage walkings would cost the group about 4 million. pounds in the next financial year. Specialist property services provider Kinovo said. it expected a cost of effect of about 500,000 pounds from the. NIC and wage increase. CHEMICALS British chemicals maker Johnson
Matthey stated the. impact of the increase in UK employers' NIC on the group would. remain in about the mid-single digit millions. MANUFACTURER Genuit Group expects
the NIC and
minimum wage walkings. to add almost 5 million pounds to its cost base in 2025. Structural steel company Severfield said it. approximates the NIC hike to increase costs by 2 million pounds per. year starting fiscal 2026. Convenience food maker Greencore flagged an . effect of about 7.5 million pounds in fiscal 2025 due to
the. boost in national insurance charges. Packaging firm Macfarlane Group said it anticipated its annualised. expenses to increase by around 1.5
million pounds from the NIC and. wage hikes, starting April 2025. IG Style Group, the world's largest maker of celebration items. including present wrap, welcoming cards and
gift bags, stated
it. approximated the NIC and wage increases to cost the firm about 0.7. million pounds in yearly operating costs from the next monetary.
year. MEDIA FIRM Media
production company Zinc Media expects the NIC. modifications to increase its expense base by about 400,000 pounds. annually.
(source: Reuters)