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Fuel crisis hits Russia and causes Russian frustration
Farmers in Russia's grain belt are worried that they won't be able to harvest crops due to a fuel shortage caused by Ukraine's drone strikes on oil refineries and storage depots. Fuel supplies in oil-rich Russia have been squeezed by Kyiv's attempts to pressurize Moscow to make 'peace' with strikes on its energy infrastructure. This has led to fuel restrictions and public unrest across the country. The shortage has also prompted drivers to share maps and tips on which stations offer fuel and have shorter lines. In social media footage, drivers have been seen fighting as they wait for fuel. In a video titled "The Ultimate Luxury 2026," a man pours gasoline into his lawnmower slowly from a jerrycan and jokes, "What riches." Who can afford it now?" Searches for "how to siphon" online jumped from 697 a few months earlier to 9,300 searches by the 21st of June, according to Yandex data cited by iPhones.ru. Since launching its so-called special military operation, in 2022 Russia has attacked Ukraine's energy infrastructure repeatedly. This has left many Ukrainians without heat or power during the winter. The Russian authorities are uncomfortable with the evidence of the wider impact of Ukraine's war, as they initially downplayed fuel shortages. A social media post describes farmers in fertile Black Earth?region as struggling to pay for fuel to?harvest. Another tells of a farmer who had to drive his combine to a regular gasoline station because he wasn't allowed to fill a?can. Could not independently verify the account. On Sunday, President Vladimir Putin acknowledged that there were problems and promised to take measures to stabilize the market. He stressed the importance of maintaining fuel supplies for the agricultural sector, "because the harvest is dependent on it". Alexander Novak said that his energy point man, Deputy Premier Alexander Novak, stated on Wednesday that the problems were being addressed. Exclusively, it was reported that Russia has begun to import seaborne gasoline from India. Kazakhstan also agreed to provide 50,000 metric tonnes of gas to Russia between July and August. A poll conducted this week showed that Russians felt more pessimistic than ever before about the economy, even before the shortages escalated last month. In some areas, basic services are being cut. In the Zabaikalsky Region, near China and Mongolia on the border, authorities have cancelled bus routes, and a waste collection firm has suspended service in four districts citing fuel shortages. "More frightening is how much groceries are going to cost." "All deliveries are made by road," a?person commented on an article on the website regional news outlet Chita.ru about the cuts. The comment was "liked" by more than 100 people. Fuel shortages may erode public support as strikes continue. The war began in February 2022, when Russia invaded Ukraine, and now is in its fifth year. Tatiana Sedykh, who was waiting in line for diesel at a fuel station in Rostov on Don in southern Russia, said she was happy she had chosen it. The line at the gas station is insane. "I'm beginning to wonder if I should start walking to work." (Additional reporting in Rostov on Don, edited by Mark Trevelyan & Alexander Smith).
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RPT-LME is considering easing rules in order to promote Hong Kong as a metals hub
Four industry sources have said that the London Metal Exchange may ease rules to boost Hong Kong's status as a "metals location", including allowing aluminium storage outside. This is in line with China's "drive" for greater influence on global metals markets. Hong Kong was designated as an LME warehouse in July 2025. However, very little metal has actually been deposited since then. Two sources claimed that HKEx executives asked warehouse companies to remove any barriers in order to make Hong Kong a viable storage location. In a consultation paper published in March, the 149-year old LME suggested outside storage for aluminum "on a site-by-site basis". Four sources claimed that this was intended for Hong Kong where space is scarce. The exchange in the consultation that closed on May 8 said: "Conversations about space availability at certain places have raised the question of whether outside storage can alleviate space concerns." The consultation has not yet received any responses. The exchange has been working to secure LME-approved metal storage facilities on the mainland of?China. This is the largest industrial metals consumer in the world. China is also keen to play a larger role. This includes Chinese brokers who are lining up to join the LME. Hong Kong Exchanges and Clearing owns the LME, which is the oldest and largest metals exchange in world. The exchange briefly allowed the outside storage of aluminium in the mid-1990s, but stopped the practice due to concerns about weather damage and safety. LME Chairman John Williamson stated in May that LME had expanded its warehouse network into Hong Kong. This "reinforced" the exchange's role as a "hub with unparalleled connectivity to the Chinese continental". Sources said that as part of this effort, the LME is approving warehouses in any location within Hong Kong. This is unlike other locations where storage facilities are typically required to be near the port. The most expensive location LME warehouses tend to be located in areas where there is a high demand for physical metal by manufacturers. Hong Kong is not in that mould. Services account for more than 90 percent of its revenue. Rents are 66 U.S. Cents per metric tonne per day. This is 21% higher than the average. Hong Kong also has 21% higher rents for nickel and copper. Hong Kong's multi-storey warehouse space makes it unsuitable for heavy metal storage, as the higher floors can't support its weight. Hong Kong only accounted for 1.7% of the total LME warehouse stock in May. LME data from May shows that warehouses in Hong Kong held 24,665 tons of metal compared to 483,381 in Singapore, 286,646 in South Korea, and 265,345 in Taiwan. "We are pleased with the success of Hong Kong warehousing... The LME responded to a comment request by saying that Hong Kong is our?ninth largest location in terms of stock, and many warehouses are approaching capacity. The addition of Hong Kong strengthens our commitment to provide LME warehousing along key global trade routes. In the next few weeks, we will be sharing our feedback on warehousing with the market.
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SGE, a Polish developer of small nuclear plants, targets a fleet worth PS35 billion in Britain
SGE, a Poland-based company, plans to build a fleet containing '14 small nuclear reactors for a total cost of PS35billion ($46.5billion), the company announced on Thursday. The first project is expected to be completed by 2034. The UK has supported the development of small-modular reactors (SMRs), to help increase energy security and achieve climate targets. This year, an Advanced Nuclear Framework was launched to support the development of privately funded projects. SGE plans on hosting six 300 megawatts reactors at its initial site. Two?further locations will accommodate four units each. These are capable of producing total 4.2 gigawatts of electricity, enough to power?about eight million homes. Michal Solowow (founder of SGE) said that Britain is an attractive regulatory market for nuclear power and the company will seek investors once it has secured government support through contracts for difference (CfD). The CfD scheme allows project developers to take on the construction risk, but receive a guaranteed price for electricity produced. If wholesale power costs fall below this level, the government will cover the difference. The money is usually recovered by electricity bills. Producers can deduct money from invoices if prices are higher than the strike price. Solowow stated that "we are not making any money on the construction, but only when the?electrons are connected to the grid." Solowow stated that the company had?identified? three possible locations. Great British Nuclear, a British company, owns both the Wylfa and Oldbury sites in England. The Wylfa Site has already 'been selected to host a Rolls Royce SMR Project. Solowow stated that the company is in advanced talks with an operator to?the plants, and will announce a decision later this year. The project?will use GE Vernova Hitachi BWRX300 technology that is being evaluated by Britain's Office for Nuclear Regulation. SGE also plans to build an extensive fleet of SMRs.
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The largest US power grid warns of record demand and price spikes
PJM, America's largest?electric grid operator?, warned on Wednesday of price spikes and massive transmission line congestion, as it?prepared? for record-breaking demand fueled by a heatwave ahead of the July 4th celebrations. In PJM’s Virginia zone - home to the largest concentration of data centers in the world - spot wholesale electricity prices soared Wednesday afternoon to over $600 per megawatt. Prices were around $40 per megawatt hour earlier in the day before temperatures rose to 100 degrees Fahrenheit. On Wednesday afternoon, the demand on the grid reached 160 gigawatts. This is close to an all-time record. PJM forecasts indicate that the 165.5 GW record set by PJM will be surpassed on Thursday evening. PJM provides electricity to 67 million residents in the Mid-Atlantic, South, and Washington, D.C. regions. Even before the heatwave this week, PJM was 'working to overhaul a system that had been pushed to its limits by data centers and electric cars. On Wednesday afternoon, the grid operator issued an "alert" asking power plants maximize their output. They were also asked to check whether generators that had been taken out of service could be brought back into service. PJM’s low-voltage warning signaled a higher risk of rotating power outages as?voltage on transmission lines weakens. Grid operator has also warned power plants that they should bring their generators back into service to be able to meet the surge in demand. Gridraven's CEO, Georg Rute, stated that extreme heat, low winds and surging demand coincide at a moment when transmission lines are least safe. This is contributing to the spikes in electricity costs, as power moving costs are increasing amid heavy congestion. The temperatures are expected to be around 100 F this week from Boston to Washington, D.C., close to Northern Virginia's vast hub of data centers. This will cause a surge in demand for air conditioning, which will put additional strain on PJM, and other regional grids. New York ISO, the grid operator for New York State, has asked customers to reduce their air conditioning use and large appliances. NYISO has prepared for a demand of over 32 GW on Thursday, which is just short of the 34 GW record set in 2013. PJM will be put to the test at 6 pm EDT, Thursday, when demand for grid power is expected to reach 166.3 gigawatts. According to PJM, this would be a record-breaking demand. PJM has 18 GW in reserve that can be turned on within 30 minutes to meet any unexpected power shortages. The spot electricity price?will probably spike to over $1,000 per MWh on Wednesday evening, as PJM operators deal with congested powerlines around a Virginia data center hub. They will also dispatch expensive power plants mainly fueled primarily by coal and gas to meet the highest electricity demand of the day. This week, coal plant production has accounted for up to 22% of PJM’s electricity supply with a total output of around 28?GW. According to PJM's generation data, this is about 75% more than the average for?2026. Another record in the Midwest could be broken Wednesday evening. The Midcontinent Independent System Operator, the regional grid operator of 15 U.S. States in the Midwest and South, has forecast that the record demand of 127.1 GW may fall. (Reporting by Tim McLaughlin, Editing by Mark Porter & Edmund Klamann).
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Corpus Christi Ship Channel Closed After Pickup Truck Enters Waterway
The U.S. Coast Guard announced that the Corpus Christi'ship channel' in southern Texas had been closed on Wednesday after a vehicle was found to have entered the waterway. Port Aransas South Jetty reported on Facebook that a man drove into the ocean between 5:30 a.m. (1130 GMT), and 6 a.m. while doing donuts at the beach. Police were preparing to remove a pickup. According to LSEG ship tracker data, as of Wednesday afternoon there were no tankers transporting crude oil, refined products of petroleum, or liquefied gas through the 'channel. Another 11 tankers waited at anchorage. Port?currently handles half of U.S. crude exports, and is the leading LNG export point. The Coast Guard reported that responders were working on recovering the vehicle and that they expect the channel to open by the end of the day. The Port of Corpus Christi remained open. It is one of the largest export hubs for petroleum products in the United States, and especially crude oil. The Permian Basin, which spans Texas and New Mexico, is America's top shale-basin. The company also handles a significant amount of liquefied gas and ships crude oil from the Eagle Ford shale in South Texas. Many refineries in the area of Corpus Christi process crude oil into gasoline, diesel, and other fuels. Much of this is exported via the channel. Reporting by Stefanie Eschenbacher, Curtis Williams, and Arathy Sommesekhar from Houston. Editing by Nathan Crooks & Stephen Coates.
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Judge rejects US Postal Service's proposal to restrict mail-in voting
A federal judge blocked the U.S. Postal Service's proposed limitations on mail-in votes were blocked by a federal judge Wednesday, who found that they violated an agreement with a major civil rights group which required that mail-in ballots be handled expeditiously. The Washington-based U.S. district judge Emmet Sullivan's decision marked the second court defeat for U.S. president Donald?Trump in just a few weeks, as his Republican Party is locked in a tight fight to maintain control over both houses of Congress. Trump has said for years, without any evidence, that mail-in voting was prone to fraud. This assertion is a pillar in his campaign to undermine confidence in U.S. election, along with his false claim that his defeat at the 2020 elections was due to widespread voter fraud. Postal Service proposed in May a rule that states must provide voter lists and adopt new voting procedures before they can make delivery. The Postal Service refused to deliver ballots if states didn't comply. Sullivan, appointed by Democratic President Bill Clinton to the bench, sided the NAACP right group in arguing that the new rule was against a 2021 'legal settlement' that required USPS officials take "extraordinary steps" to ensure timely mailing of ballots through 2028. The Justice Department, who represents the administration before the court, did not immediately respond to requests for comments. Sullivan's decision prevented the Postal Service implementing the 'proposed regulations', which'stemmed' from Trump's executive order in March directing the Department of Homeland Security compile a list of U.S. citizens confirmed to be eligible to vote for each'state' and requiring that the USPS only deliver mail-in ballots to those voters listed on each'state's approved list of mail-in ballots. U.S. district judge Indira Talwani, based in Boston, blocked Trump's implementation of the "entire executive order" ahead of the midterm elections. The judge sided with the coalition of Democratic-led states in ruling that Trump exceeded his authority by trying to overhaul election procedures, which have been managed by local and state governments since 1789 when the republic was founded. (Reporting and editing by Franklin Paul, Cynthia Osterman, and Luc Cohen from New York)
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Von der Leyen: EU will provide 200 million euros to boost South Caucasus Connectivity
In a speech to the European Commission in Baku, Ursula von der Leyen, President of the European Commission, said that up to EUR200m ($228m) would be provided as grant funding for boosting transport, energy, and digital links across 'the South Caucasus. Von der Leyen met with Azerbaijani president?Ilham Alyeev along with EU Enlargement commissioner Marta Kos. She said the initiative was intended to support peace between Azerbaijan and Armenia through strengthening regional connectivity and providing targeted assistance to local communities. Armenia and Azerbaijan have been at war for nearly four decades, over the mountainous region Nagorno Karabakh. They reached a peace agreement in August last year after meeting with President Donald Trump at The White House. Von der Leyen stated that "our 'Peace through Connectivity Package' would help to build a prosperous and peaceful future for the South Caucasus." Together, we can turn peace on paper into reality. The Commission announced that a further EUR20million would be allocated to a program supporting local communities in Armenia and Azerbaijan. This will include investment?in healthcare?, demining?, skills -development and local businesses.
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US LNG exports to Europe fall as Asia prices rise
According to preliminary data on ship tracking from LSEG, for the first time in almost two years, less than half of U.S. exports of LNG last'month went to Europe. Stronger prices in Asia, and record imports to Egypt, diverted cargoes. This is the first time that Europe hasn't taken the majority of U.S. LNG exports since July 2024. European buyers who need to replenish storage before the winter season have been waiting for better pricing. Last month, Asian spot prices were higher than those in Europe. This encouraged exporters to reroute shipments to the east. LSEG data showed that the Asian benchmark JKM averaged 17.33 per million British Thermal Units (mmBtu), compared to the European TTF benchmark of $13.19 per mmBtu in June. Egyptian buyers paid a premium of up to one dollar per mmBtu compared with TTF prices. The price difference was widened by the Middle East supply constraints, which were linked to geopolitical tensions in the region, and the softer European demand, creating arbitrage opportunities for U.S. Exporters. The total U.S. exports of LNG rose "slightly" to 10,6 million metric tonnes (MT) in June, despite having one less day than May. The output was boosted by the return of facilities such as those at Cheniere Energy and Freeport LNG from scheduled maintenance. In May, 5.13 MT or over 50% of the total exports were shipped to Europe. Analysts have noted a tepid demand for LNG in Europe. Some traders are holding back their purchases because they expect global LNG supplies to increase, easing prices. Hans van Cleef is the head of Eqolibrium's energy research. He said that this backwardation means traders are holding firm and are presently?purchasing very small amounts of gas. "The fear that you will pay too much is prevalent." Egypt?emerged a major buyer in June importing a record 1,06 MT U.S. Liquefied Natural Gas, which accounted for almost 10% of the total exports. According to LSEG, shipments?to Asia totaled 3,25 MT or approximately 31% of exports. This is slightly lower than May levels but significantly higher than early in 2026. Exports to Latin America rose also to 0.96 MT, as buyers replaced the reduced supply from 'Trinidad and Tobago', where maintenance on Atlantic?LNG plants owned by Shell and BP decreased?output. LSEG data revealed. Around 0.73 MT (or 0.7 tons) of U.S. Liquefied Natural Gas was shipped with no fixed destination. Cargoes were looking for buyers at sea. Additional single cargoes have been sold to the United Arab Emirates (UAE), South Africa, and Senegal. Curtis Williams, Houston (reporting): Nathan Crooks & Paul Simao, editing.
Wall Street Journal, July 2,
These are the most popular?stories from the Wall Street Journal. ? This?story has not been verified and we cannot vouch for its?accuracy.
Takeda, a Japanese pharmaceutical giant, has formed a partnership with InSilico to develop AI-based drugs. The initial potential value is $600.0 million.
Northern Star has chosen the former head of Glencore’s Nickel and Zinc Industrial?Assets as its new chief executive. This is because it faces pressure from activist investors Elliott Investment Management to make changes.
The United States did not agree to renew the USMCA under its current form, U.S. Trade Rep Jamieson Greer stated on Wednesday. This was the deadline by which the three countries had to extend the USMCA to 16 years. Canada and Mexico were keen to do this.
CMA CGM of France, the third largest container line in the world by capacity, has acquired FedEx Supply Chain for $1.4 billion. This deal will allow CMA CGM to expand its reach in the growing market for third-party logistic services.
(Compiled by Bengaluru newsroom) (Compiled by Bengaluru Newsroom)
(source: Reuters)