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Equinor anticipates a tight European summer gas supply
The need to replenish Europe's storages that were two-thirds empty following the winter will keep the market tight, and demand an increase in the supply of liquefied gas, according to Anders Opedal, CEO of Equinor. Equinor is the continent's biggest gas supplier. The European gas storage sites have ended winter heating at their lowest levels since 2022. This is due to the colder weather, lower wind speeds and increased demand for gas. Opedal stated that Europe will need 200-300 additional LNG cargoes than last year. He said that gas storages in Europe are low and that a tighter market is expected when they are replenished. The company's earnings for the first quarter were boosted by higher gas costs. Equinor ships LNG out of its own LNG plant in Hammerfest, Arctic Norway (also known as Melkoeya). This shutdown is scheduled to continue until July 19, 2019. Equinor will surpass Russia's Gazprom in 2022 as Europe's largest natural gas supplier after the Russian invasion of Ukraine broke decades-old energy ties. However, speculation is growing about a possible return of Russian pipeline gas. Opedal stated that the latter is "possible, but I don't think it will happen, and volumes will be restricted". Opedal stated that Equinor estimated the additional volume potential in Russia at 40 billion cubic meters per year. This figure is still valid. He added, "But this also requires a great deal of change in the politics for the Nord Stream Pipeline to be opened up and then the Yamal pipe over Poland to be reopened again. And also the Ukraine pipeline must be reopened."
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South Korea's KFA purchased about 65,000 t corn from the U.S. privately, traders claim
European traders reported that the Korea Feed Association in South Korea purchased approximately 65,000 metric tonnes of animal feed corn from the United States on Wednesday in a private transaction without issuing a tender. The KFA Incheon section is believed to have purchased the feed from Mitsui for an estimated $248.69 per ton, cost and freight included. Incheon is also known as the Feed Buyers' Group. Arrival of corn in South Korea is expected to be around August 5. If the corn is sourced from U.S. Pacific Northwest Coast, as some traders suspect it to be, then shipment will take place between June 21 and 21. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. After the Chicago corn futures fell, Asian buyers continued to buy corn in large quantities. The Korean importer NOFI bought an estimated 132,000 tonnes in an international auction on Wednesday and Korea's Feed Leaders Committee reported a private sale of approximately 66,000 tons. Michael Hogan is reporting.
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Refining Margin for 380-cst HSF O reaches more than 6-year High
The refining profit margin for high-sulfur fuel oil (HSFO), 380-cst, reached its highest level in over six years Wednesday. This was boosted by the lower crude oil price and seasonal strength of the market. Singapore's 380-cst HSFO/Brent cracked closed at a premium $2.15 per barrel, its highest level since November 2018, according LSEG data. The 380-cst HSFO/Dubai cracked closed at a premium price of $2.01 per barrel. On Wednesday, benchmark crude oil prices continued to fall and were on track for their biggest monthly decline in nearly three and a quarter years. Market sources reported that despite a limited recovery in spot HSFO prices during recent sessions, there has been strength on the forward curve of the derivatives markets. The HSFO markets typically improves in the second quarter as summer demand from the Middle East increases. This year's HSFO cracks are stronger, and they will become rare premiums by February. (Reporting and editing by Louise Heavens, Varun H K, and Jeslyn Lerh)
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South Korea's FLC purchases about 66,000 T of corn in a private deal, traders claim
The Feed Leaders Committee of South Korea (FLC) purchased around 66,000 tons of animal feed in a private transaction on Wednesday, without holding an international tender. The corn was bought at an estimated cost of $248.49 per ton, including freight. There was also an additional surcharge of $1.25 per ton for port unloading. The seller was thought to be ADM, a trading house. Arrival of corn in South Korea is expected around August 25. If the corn is sourced from U.S. Pacific Northwest Coast, then shipment will be between July 11 and august 10. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. After the Chicago corn futures fell, Asian buyers continued to buy corn in large quantities. The major Korean importer NOFI purchased 132,000 tons of corn in a Wednesday international tender. Michael Hogan reports.
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South Korea's NOFI purchases about 65,000 T of feed wheat, traders claim
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), purchased approximately 65,000 metric tonnes of animal feed wheat at an international auction on Wednesday. The total cost of the consignment was estimated at $254.27 per ton, including freight. In addition, a surcharge of $1.50 per ton for port unloading was added. Posco is believed to have been the seller. Wheat was expected to arrive in South Korea by September 30. Wheat can come from anywhere in the world, except for Russia, Argentina and Pakistan. Denmark, China, and Denmark are also excluded. The Black Sea ports of Russia and Ukraine are not allowed to be used for wheat that is sourced locally, or even from another origin. However, loading from Russian Far Eastern port is allowed. Shipments are needed between August 28 and September 16 if the source is from the U.S. Pacific Northwest Coast, Australia, or Canadian West Coast. Shipments from the U.S. Gulf Coast, Europe, or Canadian East coast are required between August 8 and 27. Shipments of European wheat via Cape of Good Hope are increasingly being made to avoid attacks against ships in the Red Sea. They should be sent between July 24 and August 12. Shipments of wheat from South America or South Africa should take place between August 3-22, and between August 13-September 1, respectively. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. NOFI bought 132,000 tonnes of animal feed corn at a separate international auction on Wednesday. (Reporting and editing by Louise Heavens, Michael Hogan)
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Tunisia receives offers for 25,000 T of restricted barley, traders report
Initial assessments by European traders estimate that the lowest price offered at Wednesday's restricted participation tender for around 25,000 metric tonnes of animal feed barley from Tunisia was $253.43 per tonne, including freight and cost. Trading house Viterra was thought to have made the offer for 25,000 tonnes. They said that no purchase had yet been reported, and that offers were still being considered. Traders said that only companies from African Development Bank Group member countries were eligible to participate in the tender. The African Development Bank Group is the financier of the tender. Traders said that only two other trading houses participated. Barley can be purchased from a variety of origins. It is available for shipping between 25 May and 15 June, depending on the origin chosen. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
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China's Zhejiang Jiaao receives export license for sustainable aviation fuel
Zhejiang Jiaao Enprotech, a subsidiary of China's Zhejiang Jiaao Group, announced on Wednesday that its subsidiary has obtained an export license for sustainable aviation fuel up to 2025. Industry officials claim that this is the first permit Beijing has given to China's fledgling low-carbon aviation fuel sector. The industry has been awaiting export licences since last May, when a group of biofuel refiners led by private companies announced an investment of $1 billion or more to build new SAF facilities for domestic use and for export. The newly launched Jiaao subsidiary plant in Lianyungang in Jiangsu Province, eastern China, will be able to produce 372,400 tons of low carbon aviation fuel this year. This was revealed in a filing on the stock exchange. Jiaao stated in the filing that "after receiving the export license, the company will flexibly allot supplies from domestic and international suppliers... to maximize profitability." Oil major BP holds a 15% stake of the Lianyungang SAF factory. SAF plants convert waste cooking oil to fuel in most cases. Industry is also waiting on Beijing to announce that SAF will be included in traditional jet fuel. The companies hoped that the government would require 2%-5% SAF in traditional jet fuels by 2030. Beijing has not yet announced a mandate for blending, which is causing some refiners delay the start-up of new plants. China is the second largest aviation fuel market in the world. In September, a pilot program was launched for the first time to use SAF on a dozen domestic flights departing Beijing, Chengdu Zhengzhou, and Ningbo airports. In March, the scheme was extended to include all flights leaving these airports. Reporting by Trixie Aizhu and Chen Aizhu. Editing by Louise Heavens, Mark Potter and Mark Potter
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South Korea's NOFI buys estimated 132,000 T corn, traders say
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 132,000 metric tonnes of animal feed corn from optional origins at an international auction on Wednesday. Two consignments of corn were purchased for South Korea, both to arrive in August. A consignment of approximately 65,000 tons of cargo was purchased at a cost and freight price (c&f), plus an additional $1.25 per ton for port unloading. Seller was thought to be Pan Ocean. The second consignment, which amounted to about 67,000 tonnes, was purchased at an outright price of $248.70 per ton cost c&f plus $1.25 surcharges for port unloading. The other half of the shipment was purchased at a premium rate of 199.30 U.S. Cents per bushel over the Chicago corn contract for September 2025. The seller is believed to be CJ International, a trading house. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The first corn shipment in NOFI's bid was expected to arrive in South Korea on or around August 5. Shipping is required between July 3-22 if the product comes from the U.S. Pacific Northwest Coast, between June 13 and July 2, if it comes from the U.S. Gulf, between June 13 and August 2, unless the product is from South America, between June 8 to 27, or South Africa, between June 18 to 7. Around August 20, the second corn shipment is expected to arrive in South Korea. If the shipment comes from the U.S. Pacific Northwest Coast, it must be made between July 18 and August 6, or the Gulf of Mexico between June 28 and July 17, South America between June 23, July 12, or South Africa between July 3, 22. If the second shipment is sourced along the Pacific Northwest Coast of the United States, only 65,000 tonnes are required. (Reporting and editing by Mrigank Dahniwala; Michael Hogan)
Wall Street Journal April 30,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy.
Starbucks has announced that a new pilot program at dozens U.S. cafés has reduced the average beverage preparation by two minutes. The coffee chain plans to extend the initiative to another hundreds of its 10,000 U.S. stores by the fall.
Amazon.com canceled a plan that would have shown how tariffs could raise the prices of its budget shopping website Haul, after U.S. president Donald Trump spoke to founder Jeff Bezos. The White House called this a "hostile" and "political" move.
United Parcel Service is cutting 20,000 operational positions and closing 73 facilities leased or owned this year in order to cut costs. This comes after Amazon, the company's largest customer, reduced package deliveries.
After nonprofits filed a lawsuit over the termination in March of a contract that provided congressionally-approved funds, a federal judge in California ruled the Trump administration had to continue funding attorneys for unaccompanied children migrant.
President Donald Trump of the United States is asking Egypt to pay for the United States' military efforts to secure shipping lanes to the Suez Canal. This puts the already financially strapped country in an awkward political position.
(Compiled by Bengaluru newsroom) - The Trump Administration has dismissed scientists working on the National Climate Assessment. This has prompted concerns from environmental groups and climate scientists as the government claims it needs to reassess the approach. (Compiled by Bengaluru Newsroom)
(source: Reuters)