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The premium on Urals crude in India is easing as low margins reduce buying
Three traders reported that the premiums for Russia's Urals oil have fallen in India as refiners reduced purchases amid weak margins. Russian Urals crude for delivery to Indian ports in?June trades at a premium between $2-4 per barrel compared to Brent. This is down from $6-7 per barrel for cargoes delivered in May, traders reported. Since early March, the price of Urals in Indian ports has been higher than that of Brent. This is because the U.S. and Israeli war against Iran caused oil to be diverted through the Strait 'of Hormuz. The traders say that Urals prices will not be reduced to a discount at Indian ports anytime soon, because the Asian oil markets have dried up as a result of the Iran War. The 'virtual stoppage of tanker traffic through the Strait of Hormuz - a chokepoint of Middle Eastern oil exports - limits the availability of Gulf Crude, which makes Asian refiners eager to find alternatives, including Russian grades. India, as one of the largest oil importers in the world, is under economic pressure due to higher fuel and crude prices. However, the government has maintained the domestic petrol price. India's fuel consumption was down 4.6% from the same month last year. The Prime Minister Narendra Modi urged on Sunday that India take a number of measures, including fuel conservation. He said the rise in global energy prices is putting pressure on India's reserves. The spot premiums on Russia's Far -East ESPO blend crude that was delivered to?China last month have also lowered, due to the weakening refining margins.
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Data shows that the newly-accepted Russian tanker has begun operations in a project under US sanctions.
The LNG tanker Merkuriy - which'recently joined Russia's fleet of gas carriers - has loaded a 'cargo from a float storage facility?used for transshipping gas from the Arctic LNG 2 Project, which is subject to U.S. sanctions - according to LSEG data. According to LSEG the Merkuriy loaded?cargo on the Saam facility in the Arctic port of Murmansk, near the 9th May and headed west. In recent months, Russia has added four LNG carriers to its fleet: Orion, Luch and Merkuriy. All four were built between 2005 and 2006, then transferred to new owners. They have been re-flagged as Russian vessels. The tanker carrying the Arctic LNG 2 cargo is not yet known to have a destination. India declined Russia's offer to purchase LNG under U.S. sanction despite a shortage of LNG resulting from Middle East tensions. Moscow wants to diversify its LNG supply as the European Union's ban on Russian LNG imports under short-term contracts came into effect on April 25. The?ban for long-term contracts is set to come into force January 1, 2027. Louise Heavens, Editor (Reporting)
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Waymo recalls 3800 robotaxis due to risk of entering flooded road
Waymo announced on 'Tuesday that it was recalling approximately 3,800 robotaxis from the United States. They identified a 'risk?that vehicles could enter flooded roads and higher speed limits raising safety concerns. Alphabet said that the recall was a result of an April 20 incident in which a Waymo car drove into a "flooded lane" in San Antonio, during severe weather. Waymo stated that the vehicle was not occupied and no injuries were reported. However, the incident prompted the company's review of similar scenarios with high speeds and impassable roads. Waymo stated that they are working on implementing additional software protections, and have put in place mitigations, such as refining their extreme weather operations, especially during intense rainy periods, by limiting the access to areas susceptible to flash flooding. The National Highway Traffic Safety Administration announced that Waymo temporarily widened its operating scope to increase weather restrictions and updated their maps while they work on a permanent solution. Separately, the NHTSA is investigating 'Waymo' after one of its self-driving vehicles struck a child in Santa Monica, California in January, causing minor injury. The National 'Transportation Safety.Board announced in March that it was investigating an incident from January in which a Waymo.self-driving vehicle passed a stopped school bus with its lights activated, in violation of Texas state law. David Shepardson reported from Washington, and Ananya Palyekar from Bengaluru. (Editing by Janane Vekatraman and Mark Potter).
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EU considers expanding carbon market beyond Europe
A senior official stated that the 'European Commission' is considering extending its carbon market beyond domestic flights to include international flights. This would allow for a more equitable treatment of all airlines and a better price to be placed on their emissions. Brussels is redesigning EU ETS, which forces industries and power plants to purchase carbon permits in order to offset their greenhouse gas emissions. To encourage industries to meet EU climate targets, the scheme limits the number of permits that can be issued. Polona Gregory, a senior official in the climate department of the Commission, said that the review would look at extending the ETS so as to place a price on carbon emissions from flights leaving the EU. The scheme currently only charges carbon on flights within Europe. Gregorin stated that the change aims to?ensure equality of treatment for all operators on routes. The move could lead to a backlash, including from the United States. They fought a previous EU effort to expand their carbon market in 2011 to include international flights. The United Nations CORSIA scheme covers emissions from international flights. It requires airlines to purchase CO2 offsets in order to compensate for the increase in emissions. However, it does not require that they reduce their emissions. The European Commission commissioned a study in 2021 that warned the U.N. plan was unlikely to reduce emission and could undermine Europe's climate goals. ETS is under increasing political pressure as member states worry about Europe's declining economic competitiveness. Meanwhile, some heavy industries are urging Brussels to give them more free permits in order to reduce the cost of compliance. The?ETS provides free?emissions licenses to certain industrial sectors in order to deter them from moving production outside of the EU. The Commission is examining whether it should extend the time period for which carbon permits are given to industries, since some of them struggle to reduce emissions and remain competitive against cheap imports and stiff global competition. The Commission stated that it also plans to slow?the pace at which the ETS reduces?emissions in the 2030s. This could give industries some breathing room while still ensuring emissions drop fast enough to meet the EU's climate goals for 2040.
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Adani Ports, India's port company, invests $1.36 billion to expand in Europe
Adani Ports, an Indian company, announced on Tuesday that it will expand its European presence?by building off-shore capabilities with the United States. Oceaneering International has committed $1.36 billion to capital expenditures through fiscal year 2031. The largest private port operator in the country said that it aims to generate marine revenues of?60 trillion rupees ($627.43 millions) through its expansion. In order to support the expansion plan, Astra Offshore will build a fleet 200 vessels equipped with offshore specialised capabilities. Adani Ports is implementing a'strategy' to increase its global presence and tap into the rising demand for offshore logistics in Europe. It also wants to diversify its business beyond its domestic port and establish a significant?presence within maritime services. This move comes after Adani Ports?forecast a slower core earnings increase in fiscal '2027 as a result of?U.S. Tariffs and the Iran War. The company is part of the conglomerate of billionaire Gautam Adani. Last month, it announced capital expenditures of 120 to 140 billion rupees in fiscal 2027.
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Source: Siemens will buy Mer Mec, an Italian company, for 1 billion euros
A person with knowledge of the matter said that Siemens has agreed to purchase 'Italian Rail Technology Company 'Mer Mec in a deal worth around 1 billion euro ($1.17 billion). Mer Mec is owned by Angel Holding. Its CEO Vito Pertosa heads the company. Siemens has declined to comment. The acquisition, expected to be announced this week, will strengthen Siemens Mobility's technology and software division. Mer?Mec specializes in signalling, data analytics software and track measurement systems. One of its projects was a new rail?signaling?system between Britain and France for the Channel Tunnel. Bloomberg was the first to report Siemens' interest in Mer Mac.
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Tesla's Robotaxi launch will have Texas-sized waiting times
Investors praised Elon Musk for his mission to turn Tesla into a driverless tech giant powered by AI. Reporters who recently tested Tesla's Robotaxis in these cities found that they were still in the beta-testing stage. There were long waits and no availability sometimes. Some drop-off spots were located far from the riders' destination. Tesla has not responded to any requests for comment on this story. On a'recent Monday afternoon in Dallas, a reporter who used the service spent almost two hours driving what would normally take 20 minutes from the campus at Southern Methodist University to Dallas City Hall. This is about 8 km south along a major highway. Uber's app showed a 22-minute wait time for a 22 minute ride to the city hall at 4:55 pm. The reporter continued to search for a car, but was unable to find one. After 36 minutes, a vehicle appeared. The wait was 19 minutes. TECHNOLOGY 'WORKS EVERYWHERE' A large part of Tesla's $1.6 billion market value, more than five-times that of any other carmaker, is due to investors' belief?that Tesla will soon release a fleet of robotaxis. Musk said Tesla's technology is "universal" and criticized Alphabet Waymo's methodical approach, which involves high-definition maps and extensive testing prior to entering new markets. Musk said in July that Tesla robotaxis will serve half of the U.S. population by 2025. The service is still limited to Dallas, Houston, and Austin where Tesla's first robotaxi pilot was launched last June. After Tesla's April 22 first-quarter earnings, several analysts stated that the robotaxi expansion is slower than expected. Musk stated on the earnings call that Tesla is taking a cautious approach to prevent injuries and fatalities. DIFFICULTIES OF DALLAS DROP OFF The car that picked up the reporter on his way to Dallas City Hall chose not to use the North Central Expressway to get downtown. Instead, it took 35 minutes to drive along surface streets. The car dropped him off at a parking area 15 minutes walk from City Hall. The rider pressed a "support" button in the car. An agent replied that the area is "restricted", even though the map of the Dallas service area that Tesla posted last month on social media was within the zone. The?agent replied, "We're in beta mode." The reporter then booked rides downtown to two more locations. The app indicated that the driver would drop the passenger off in an area where it would take about 15 minutes of walking to reach the desired destination. The robotaxi dropped the reporter off on the other side of the freeway, and told him to walk under the overpasses that were littered with garbage and smelled of urine. The robotaxi made a wrong turn four times on another ride. It was a strange intersection, which seemed to confuse the car. The robotaxi made a left turn in front of an off-ramp for a freeway with signs saying "do no enter". The car continued straight, making right turns in order to go around the block twice but missed the left turn. The reporter explained the situation to an attendant who was seated at a distance. The car made the turn shortly after. In Houston, Tesla operates robotaxis on the Northwest side in a small suburban area. A reporter recently tried the service during a weeknight and was able get one ride. The app showed the car as being 13 minutes from her second attempt, but cancelled the ride later. She searched for another car in the next 30 mins but there were none available. She ordered an Uber for her destination. AUSTIN SPOTTY SERVICE Customers in Austin, Texas, where Tesla has operated for almost a year now, sometimes have to wait more than 30 minutes. According to a recent slide show presentation by Austin officials, Tesla operates about 50 vehicles within the city. This compares to more than 250 Waymo cars in Austin. Some Tesla robotaxis still have human safety monitors on the front passenger seats. Tesla has said that it has increased its number of driverless cars, but did not give a specific number. In April, a reporter in Austin tracked the?wait time for Tesla robotaxis 8 times per day from morning to evening. In more than a quarter of cases, the wait time was at least 25 mins. In 27% cases, there were no cars available. According to Austin Police Lieutenant William White who oversees the safety of autonomous vehicles in the city, Tesla has not had any major accidents or traffic citations. Tesla reported 15 accidents in Austin since August to the U.S. National Highway Traffic Safety Administration. The majority of the crashes did not result in injuries; however, one person was sent to hospital. Tesla, unlike other automakers that operate autonomous vehicles, has asked regulators for all crash information to be redacted. White stated that Tesla has been responsive to questions from the city. He said that Tesla robotaxis often ignore posted speed limits. He noted that the cars would consistently drive at speeds 5 mph over the posted speed limits during test rides. White claimed that the company had told him that it was safer for vehicles to keep pace with traffic flow. White told Tesla that he never advocated programming the vehicles to speed.
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The battle for Hormuz could spark the next Iran conflict: Bousso
The Strait of Hormuz is emerging as the "central battleground" of the Iran conflict. It is possible that the passage of several oil and gas tanks in recent days, with Tehran's apparent consent, indicates tacit acceptance of Tehran's control. This signals a dangerous new phase of what is rapidly turning into a "Hormuz War". The global energy market has been shook by the near-complete closing of the crucial trade artery in Tehran since the joint Israeli and U.S. airstrikes took place on February 28, as well as the reciprocal U.S. naval?blockade last month. The sudden loss of over 13% of the global oil supply, and about a fifth of the liquefied gas flow, has caused major problems for many countries, especially in Asia. According to Kpler data, it was reported that three VLCCs, each carrying around 2,000,000 barrels of Iraqi crude oil bound for Asia, passed through the last week without their tracking systems on. Some indications suggest the transits may have been coordinated with Tehran. Qatar has also sent its first two LNG cargoes after the start of the war. The LNG is being sold ?to Pakistan - the primary mediator in U.S.-Iran negotiations - under a government-to-government deal, according to sources familiar with the matter.They said Iran had approved the shipment to help build confidence with Qatar and Pakistan. Sources familiar with the matter said that Iran had approved the shipment to help build confidence with Qatar and Pakistan. Uncertain is whether these passages were sanctioned or if shipowners paid an informal toll to ensure safe passage. Some, however, seemed to have traveled along shipping routes close to Iran's coast. This trickle of cargoes is a welcome relief for import-dependent countries, but it does not mean that the global energy market is returning to its normal state. These?movements are a fraction of the 140 vessels which crossed the Hormuz every day before the conflict. This means that global markets remain fragile and tight. They also point to an emerging new order. Iran is now dictating not only if Hormuz will be open or closed but also who can use it. This arrangement could last beyond the current conflict, and plant the seeds for the next. PATTERNS CHANGE Gulf exporters such as Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Bahrain - whose economies rely on an unhindered hydrocarbon flow - will be concerned by a system where Tehran decides what cargoes are sent to global markets, and at what price. The buyers will also be uneasy. Asian importers are already suffering from supply disruptions and will resist any framework which gives Tehran direct control over their economic stability and energy security. The U.S. will not tolerate any settlement which gives Tehran sweeping political and economic influence. Trump insisted on a return to the pre-war transit status for a permanent ceasefire. Permitting Iran to control the Strait of Hormuz would undermine Washington's declared war goals and render any claims of victory hollow. Iran will not want to relinquish control of the chokepoint and, by extension the global economy. Tehran's strongest weapon. The U.S. Blockade has reportedly cost Iran $3 billion to date. It will need revenue from selective transit fees. STASIS DEVELOPS INTO CONFLICT This logic leads to a grim conclusion. This selective transit pattern, mediated by Iran, could become a norm that persists even if a ceasefire agreement is reached. Tehran may agree that the strait be reopened to gain concessions from the U.S., but full and unconditional freedom of movement is unlikely. This'stasis' would be unstable by nature - it would institutionalise disruption, rather than resolve it. As all sides test the limits to control the energy flow through the strait, a renewed confrontation between Tehran and Washington and possibly with Gulf States would become more likely. U.S. War aims have changed repeatedly in recent years. Yet the conflict has essentially converged around one defining question: Who controls the "Strait of Hormuz"? This answer will probably shape the future for the Gulf. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
President Trump's schedule
Updates
The Daybook for President Trump
Tuesday, May 12?
The daybook editor is ?Timothy Ryan (reachable at 202-843-6282 or [email protected] or [email protected]).
Call 1-800-435-0101, option 5, if you are having problems receiving the daybook.
The content is only intended to be used as a guide and should not appear in the official record.
Schedule of President?TRUMP
All times are local in Washington, Anchorage and on the way to China
White House. White House. Closed press
Plus 11 a.m., participates in an interview for a newspaper. White House. Oval Office. Closed Press
1:40 pm: Departs the White House. Open press
2 p.m. EDT: Departs Joint Base Andrews.
At 4:45 pm (Alaska Daylight Time), the plane makes a refueling in Anchorage. Ted Stevens Anchorage International Airport, Anchorage, Alaska
6:15 p.m.: ?Departs Alaska en route Beijing, China. Ted Stevens Anchorage International Airport, Anchorage, ?Alaska.
Note: The president will arrive in?Beijing on Wednesday. Trump attends a state banquet and bilateral meeting hosted by Chinese?President Xi Jinping on Thursday. Trump will take part in a photo opportunity, tea and a working lunch at Zhongnanhai on Friday before he leaves Beijing to fly back to the United States.
The Daybook for Trump
May 12, 2026
(source: Reuters)