Latest News
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CANADA-CRUDE-Discount on Western Canada Select narrows
On Wednesday, the discount between West Texas Intermediate crude oil and North American benchmark West Texas Select futures was reduced. WCS for February deliveries in Hardisty, Alberta, settled at $14.30 per barrel less than the U.S. benchmark WTI according to brokerage CalRock. This compares with $14.40 on Tuesday. The discount on Canadian heavy crude remains $1 more than last month. The price of Canadian heavy crude has dropped?as a result of increased market volatility due to U.S. president Donald Trump's stated goal to increase Venezuelan production. The market is watching for the possibility of an increase in Venezuelan heavy oil barrels competing with Canadian heavy oils in the U.S. Gulf Coast in the long term. Some analysts have suggested that the market may have overreacted because it will be years before Venezuela is able to increase its oil production beyond current levels. The global oil price settled higher on Wednesday. However, it then lost most of its gains after U.S. president Donald Trump eased concerns about disruptions of?Iranian supply when he announced late in the afternoon the killings of Iranians who were fighting civil unrest had slowed. (Reporting and editing by Amanda Stephenson, Calgary)
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Lufthansa changes Middle East operations, and Germany warns against flights over Iran
Flightradar24 reported on Wednesday that Germany had issued a directive warning its airlines against entering Iranian airspace. This came shortly after Lufthansa revised?its flight operation across the Middle East due to escalating tensions in the area. Lufthansa announced on Wednesday it will bypass Iranian and Iraqi Airspace until further notice. It will only operate daytime flights from Tel Aviv and Amman between Wednesday and Monday next week. In a statement, it said that some flights may also be cancelled as a consequence of these actions. Protests against the government in Iran are taking place across the country started The unrest has escalated over the last month. Several protesters have been reported as 'killed' while authorities blacked out the internet to curb the growing unrest. Donald Trump, the president of the United States, has threatened to intervene on behalf of Iranian protesters. Iran's protests come after a series of geopolitical tensions that have heightened tensions throughout the Middle East. Investors have been impacted by the situation. Investors have become more volatile. piled into Gold and the Dollar are safe havens. In a statement, the German airline group stated that passengers affected would be notified and automatically rebooked. It also added that crews who were flying into Israel or Amman will fly directly back without staying overnight on site. Separately Italian carrier ITA Airways, of which Lufthansa Group has now become a major shareholder, announced that it too would suspend night flights from Tel Aviv 'until next Tuesday. Flydubai and Turkish Airlines are two of the many airline operators that have a presence in the Middle East. You can cancel your order if you wish. Multiple flights to Iran have been made in the last week. Reporting by Kanjyik and Keith Weird; Editing by Chris Reese, David Gregorio and Nathan Gomes
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CPC Blend Oil Differs Weaken amid Rising Risks
CPC Blend oil differentials declined on Wednesday following recent drone attacks on Greek-managed oil tankers as they travelled to the Caspian Pipeline Consortium's (CPC) terminal to reload oil. Market participants showed caution and traders confirmed this. On Wednesday, the Russian Foreign Ministry condemned drone attacks on oil tankers near terminals on its 'Black Sea coast' and accused Ukraine for attacking commercial ships. Kazakhstan on Wednesday called on the U.S., Europe and other countries to help secure oil transport after drone attacks on tankers heading for a Black Sea terminal on the Russian coast that handles 1% of the global supply. The traders and shippers who are involved in the CPC Blend oil market have evaluated the risks. However, security concerns in the Black Sea began to 'pressure the grade's value, they said. PLATTS WINDOW * ExxonMobil made an offer of 120,000 tonne CPC Blend on February 10-14 for minus $0.40 per barrel. However, the offer failed to attract a buyer despite being 'weaker' than recent market estimates. The traders reported that there were no bids or offers made for Urals and Azeri BTC on Wednesday. OPEC data released on Wednesday showed that Russian oil production fell by 0.7% to 9,129 million barrels a day in 2013. Reporting by
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Rome follows other European capitals in imposing a 30 kph speed limit for the city centre
Rome will be the next European capital to drastically reduce speed limits. This will force Italians, who are known for their breakneck driving, to slow down and reduce accidents and pollution. From Thursday, the?Eternal City?s?new limit is 30 kph (or 19 mph) in the historic center. This almost halves the previous limit of 50 kph on streets crowded with residents, tourists, and cars. "These roads are a reflection of a city that was built for cars, but no longer exists," Rome’s transport chief Eugenio Patiane told the?daily Corriere di Sera. He added that "lower speeds save lives", citing data that suggests speeding?plays a part in 7.5% the city's traffic accidents. Rome's lower-limit follows the example of European capitals like London, Brussels and Paris, which have already adopted a?slower street, safer streets?, sometimes overriding strong objections from motorists. Bologna, a city in northern Italy, saw a 13% drop in road accidents and fewer fatalities in the first year following its implementation of a 30-kph speed restriction in January 2024. Since his election as mayor of Rome in 2021, Roberto Gualtieri increased the number of speed cameras. He also urged residents to reduce reliance on their private cars. This was due to growing concerns about safety and emissions. The Supreme Court of Italy ruled in November that residents living along the city's ring road, which is a?congested route?, are entitled to compensation in the amount of 10,000 euros ($11 655) for exposure?to excessive sound and fine-particle pollutants. Local authorities have said that the lower speed limit will reduce noise pollution in Rome by about 2 decibels. ($1 = 0.8580 euro) (Written by Francesca Piscioneri, edited by Gavin Jones and Alison Williams).
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As global tourism spending rises, fewer foreigners will visit the US in 2025.
According to an industry group, the United States will see a drop of 6% in foreign visitors by 2025. However, global tourism is expected to surpass concerns about saturation in certain locations and generate a 6.7% increase in spending in comparison to last year. According to data from the World Travel and Tourism Council, more than 1.5 billion tourists spent over $11.7 trillion last year on hotels, cruises and flight. WTTC stated that the tourism industry contributed 10.3% to global GDP, and that spending on tourism grew twice as fast as global economic growth. WTTC interim president and CEO Gloria Guevara said that the increased travel of many people, particularly younger generations, has prompted them to visit countries in Europe, such as Spain, France and Japan. She said that in an interview with a Spanish newspaper, Latin Americans, including Colombians, and Mexicans, travel less to the U.S. WTTC estimates that as foreign tourism in the U.S. declined, foreign tourists spent 7% less money, and arrivals from Canada Mexico and Europe dropped. Spending by domestic tourists has offset this. The U.S. has the largest travel and tourism industry in the world. Guevara stated that the tourism industry is continuing to grow despite some locals' opposition in tourist hotspots. She said: "We haven't seen the impact of overtourism. And the best example, is exactly where it has been generated. Particularly in Europe and Japan, where we see another record." According to the WTTC, global tourism is expected to grow by 4.5% in 2026. This will again surpass global economic growth. WTTC estimates that France will receive 105 million tourists in 2025. This is well over the 68 millions who visited the U.S. in 2017. (Reporting and editing by Charlie Devereux, Aidan Lewis and Corina Pons)
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Environmental law group wants to investigate Meta's $27 Billion Louisiana data center financing
Earthjustice, a U.S. environmental group, asked Louisiana utility regulators on Wednesday to look into the financing of the $27 billion Meta data centre project. Earthjustice claims that the project threatens to put everyday homes and businesses at risk for the build-out costs. Environmental and consumer groups are pushing back on the expansion of energy-intensive data centers, arguing it will increase global warming emissions as well as power bills. Earthjustice's request to the Louisiana Public Service Commission is the first formal petition it has filed asking a utility regulator for an investigation into?datacenter financing. The group believes this is the first nationwide. The motion focuses on the financing of Meta’s largest data center project to date - a planned facility with a capacity exceeding 2?gigawatts in Richland Parish (Louisiana). Last year, the Louisiana Public Service Commission granted a request for the local utility to build three new gas fired electric generating plants and transmission lines in order to power this data center. Earthjustice reported that the original financing structure included a financial guarantee from the parent company, Meta, who was at the time the developer of the site. According to a later financial agreement announced by Meta and its joint-venture partner Blue Owl Capital a newly formed firm called Beignet Investors was named the "new owner" of the datacenter and parent company of project's developer. This analysis, reported by the Wall Street Journal, is cited by Earthjustice. Meta became a lessor. The new agreement allows Meta to terminate its lease early after only four years instead of the 15-year term initially agreed upon. This could allow it to avoid paying for energy costs or infrastructure construction costs. Earthjustice lawyer Susan Stevens Miller said that if Meta terminates the lease at the end of four years, Meta will not have paid for the costs associated with the generating station and the transmission. Stevens Miller stated that these costs would instead be passed on to the customers of local utilities. Meta and Blue Owl did not respond to requests for immediate comment.
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As tensions between the US and Iran rise, dozens of ships are anchored outside Iran's port.
In recent days, dozens of commercial ships dropped anchor outside Iran's ports, according to shipping and data sources. This is happening as tensions between the United States and Iran grow. Shipping sources said that such movements were "precautionary" given the tensions surrounding the ongoing protests in Iran. Port limits are important because they increase the risk of collateral damages in the event that air strikes hit nearby infrastructure. A U.S. official announced on Wednesday that the U.S. was withdrawing personnel from Middle East bases after a senior Iranian officials said Tehran warned its neighbours it would strike American bases if Washington struck Iran. For oil exports, the country is dependent on the seaborne trade using oil tankers and general cargo ships. Analysis by Pole Star Global, a provider of maritime intelligence solutions, shows that the number of tankers entering Iran's Exclusive Economic Zone (EEZ), which is a stretch of ocean along its Gulf coast and Caspian shores that extends up to 24 nautical miles beyond local territorial boundaries of 12 nautical mile, increased from 1 to 36 between January 6 to January 12. MarineTraffic, a ship tracking and maritime analysis provider, reported that at least 25 bulkers were anchored in Iran's EEZ near the port of Bandar imam Khomeini. MarineTraffic data revealed that 25 additional ships, including container and cargo ships, had dropped anchor further south near the port of Bandar Abbas. Israel launched airstrikes in June 2025 against targets in Bandar Abbas where at least '70 people died in unaccounted for blasts in April, and authorities have not ruled out sabotage. Iran's leadership is trying to quell the worst unrest that the Islamic Republic has ever seen. At the same time, Tehran wants to dissuade President Donald Trump from threatening to intervene in support of anti-government demonstrators. In a Monday note, the U.S. Navy Combined Maritime Force stated that the level of 'interference with GNSS Navigation Systems, including GPS, has increased to a "substantial degree" in the Gulf of and Strait of Hormuz region over the past week. This is most likely because of the force protection measures taken due to the political tensions that are ongoing in the area. The note warned that vessels transiting the area may be affected. (Reporting and editing by Alexander Smith; Jonathan Saul)
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France considers sending Eutelsat terminals in Iran during internet blackout
France may send Eutelsat satellite terminals in Iran to assist?citizens, after Iranian authorities imposed an internet blackout in an attempt to quell Iran's most violent internal unrest in years. The French Foreign Minister Jean-Noel Barrot responded to a question from a member of the Lower House on Wednesday, saying that he was exploring all options. Eutelsat, owned by the French and British governments, is the only constellation of low-Earth orbit satellites (or group) that exists besides Elon Musk’s Starlink. Satellites beam broadband internet to consumers, businesses, governments and underserved regions. In recent days, Iranian authorities have launched a "deadly" crackdown which has killed thousands of people during protests against the clerical regime. They also imposed an almost complete shutdown of internet services. Three people in the country have confirmed that some Iranians are still able to connect to Starlink satellite Internet service. Alp Toker of NetBlocks, an internet monitoring group, said this week that even Starlink appears to have been reduced. Eutelsat refused to comment on Barrot's remarks or its activities in Iran when asked by. Starlink has more than 9,000 satellites, which allows for faster speeds than Eutelsat’s fleet of over 600. Its terminals that connect users to the network also cost less and are easier to install. Eutelsat provides internet access for Ukraine's military. Starlink has been used to maintain battlefield connectivity throughout the war against Russia. OneWeb terminals, according to Carlos?Placido, an independent satellite communications advisor, are larger and more difficult to jam than Starlink terminals. Placido explained that the sheer size of the Starlink constellation made jamming more difficult, but not impossible. OneWeb makes it easier to predict the satellites that will be online at any given time and location. (Reporting and editing by Hugh Lawson; Inti Lo Nostro and Gianluca L. Nostro)
Boeing flagged a crack in a part of the UPS fatal crash in 2011.
The National Transportation Safety Board announced on Wednesday that a cracked part on a UPS MD-11 cargo jet, which crashed in Kentucky in November, was?flagged? in a Boeing Service Letter more than a ten-year-old. The National Transportation Safety Board said that 15 people, including 3 plane crew members, were killed in the fiery crash of the MD-11 cargo aircraft at Louisville Airport.
The NTSB reported that its investigation found fatigue cracks on the left pylon support structure, also known as the bearing race. Boeing's letter from 2011 stated that there were four failures in the bearing race on three aircraft, which required visual inspections. However, it was not considered a safety of flight issue by the NTSB. Boeing's letter stated that the part would be inspected on average every five years.
The FAA declined comment. Boeing stated that it continues to support NTSB's investigation but declined to comment on the letter. ?
The Boeing service bulletin that was cited in this update, according to air safety expert Anthony Brickhouse, flagged "a fatigue situation".
Brickhouse said that if fatigue is not handled properly it could become a safety of flight issue.
In its update, the NTSB also stated that the first engine of the UPS plane had caught fire and there were anomalies in the thrust of the second.
Normaly, a plane with three engines and two working engines can climb.
Experts say that investigators will look at the possibility of ingestion of debris. Reporting by David Shepardson, Washington and Allison Lampert, Montreal
(source: Reuters)