Latest News
-
CANADA CRUDE-Western Canada Select trades at steepest discounts ever since March
The difference between the West Texas Intermediate benchmark futures and Western Canada Select futures, which is North American benchmark, has narrowed slightly on Thursday. However, it remains larger than ever before. CalRock reported that WCS for Hardisty, Alberta delivery in January settled at $12.85 per barrel, which is lower than the U.S. benchmark WTI. This compares to $13 Wednesday. The WCS discount on increased Canadian oil production has recently increased after spending most of the year in historically tight levels. This is largely due to the Trans Mountain expansion pipeline which has provided additional export capacity for Canadian oil producers. According to government statistics, the oil-producing province Alberta has set a record for production in 2024 with an average of 3.98 million barrels per day. The first 10 months of the year 2025 have been 3.8% higher than the same period of last year. * Oil prices fell globally on Thursday as investors waited for the Federal Reserve's interest rate cut. Meanwhile, the stalled Ukraine talks dampened expectations that a deal would be reached to restore Russian oil supplies. (Reporting from Amanda Stephenson, Calgary; Editing done by Maju Sam)
-
Brazil 2026 Budget Sponsor proposes $1.9 Billion Exclusion for State-run Firms' Fiscal Target
Gervasio maia, the Brazilian congressman who sponsored the bill on budget guidelines for 2026, proposed to exclude up to 10 billion reals ($1.9 billion) of next year's fiscal goal for state-owned enterprises. According to Maia’s amendment, this amount will cover the expenses of companies that have an active and approved economic-financial plan. The proposal gives President Luiz inacio Lula da Silveira fiscal flexibility. It comes at a time when the postal service Correios is facing a cash crisis. Last month, it approved a restructuring program as its losses soared this year. This raised doubts over the viability of state-run Correios. The company reported a loss for the year to date of 6 billion reals ($1.13 billion), nearly three times the amount reported a year ago. The government has to compensate state-owned companies when they exceed their fiscal targets. This often means freezing federal spending. This is what happened with this year's Budget, when the government in November approved it. It was necessary to offset the 3 billion reais deficit that had been expected at state-owned firms due to Correios’ troubles. Maia removed from her proposal a clause on compensation. This effectively prevents the government from implementing it in the event that state-owned companies miss their targets next year. After the bill was passed, the change to the budget proposal for 2026 was announced ahead of the joint session of the Congress on Thursday. Committee approval is expected to be made on Wednesday. Correios stated earlier this week that the Treasury Blockage It was prevented from taking out a loan of 20 billion reais (3.67 billion dollars) from a bank consortium with a guarantee from the government because the interest rates exceeded the limit for deals backed by the state. ($1 = 5.3048 reales) ($1= 5.3133 reales) (Reporting and editing by Diane Craft; Marcela Ayres)
-
Irish media reported that drones were spotted near Zelenskiy's flight path from Dublin.
Local media reported that an Irish navy ship saw up to five drones near the flight path for Ukrainian President Volodymyr Zelenskiy as he arrived in Ireland on Monday to make a state visit. Irish Times reported that the sighting caused a major alert due to fears of an attempted interference with the flight path. The Irish Times cited unnamed sources who said that the aircraft was not in danger, despite its arrival a little early. The Ukrainian delegation arrived on Monday late and left late the following day, as part of an effort to drum up support for Kyiv in Europe as Russia continues its war against Ukraine. Recent drone flights in Europe have disrupted airspace operations. Their origin is mostly unknown. Ursula von der Leyen, President of the European Commission, has called these incursions hybrid warfare. The Journal website first reported that drones were spotted at Dublin Airport. They said they arrived at the exact location where Zelenskiy’s plane had been expected to be, at the exact time it was due to pass. The authorities said they were conducting investigations to determine if the drones had taken off from a ship or landed on land. Both news outlets reported that they were first seen northeast of Dublin at a distance of around 20 km (12miles) from the airport. Ireland's Defence Forces stated that it could not comment on any specifics about any alleged incident for operational security purposes. A spokesperson stated that "however, the Defence Forces' support to An Garda Siochana's (police) security operation was successfully deployed by multiple means, ultimately leading to a successful and safe visit,"
-
US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after an incident that occurred in Georgia. A Waymo was not stationary as it approached a school bus while its red lights were flashing and its stop arm was deployed. The Austin Independent School District posted a letter on November 20, 2018 by the NHTSA. In the letter, they stated that five incidents had occurred in November following the announcement from Waymo that it had updated its software to fix the problem. They asked the company not to operate around schools at pick-up or drop-off hours until it was able to ensure the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. A lawyer for the district wrote: "We cannot let Waymo continue to endanger our students as it tries to fix the problem." Citing an incident in which a Waymo was "recorded" driving past a school bus that had stopped only moments after the student who crossed in front, while still on the road, had been in front of the vehicle. A spokesperson for the school district did not respond immediately to whether Waymo had met this request. NHTSA was prompted by the letter to ask Waymo if it would comply to the request that self-driving vehicles cease operations during pick-up or drop-off hours for students. They also asked: "Was a software fix developed or implemented to mitigate this concern?" If so, will Waymo file a recall to fix the problem? In a letter sent to Waymo by the NHTSA on Wednesday, it demanded answers to questions about school bus incidents and software updates that address safety concerns. David Shepardson is reporting.
-
US investigations report that Waymo's self-driving car illegally passed 19 school buses in Texas
The U.S. government said on Thursday that it had asked Waymo for more information after Texas officials claimed that Alphabet's self-driving cars had passed school buses illegally 19 times since the beginning of the school year. In October, the National Highway Traffic Safety Administration launched an investigation after a Georgia incident where a Waymo failed to remain stationary as it approached a school bus that had its red lights flashing with a stop arm deployed. In a letter published by NHTSA on Nov. 20, the Austin Independent Schools District stated that five incidents had occurred in November, after Waymo claimed to have made software updates to fix the problem. The district asked the company to stop operations near schools at pick-up or drop-off hours until it could be ensured the vehicles wouldn't violate the law. Waymo didn't immediately respond to an inquiry for comment. David Shepardson reports.
-
Sources: Deutsche Bahn will return to profitability this year and next.
According to sources close the company, Deutsche Bahn will return to profitability this year and next, despite its underinvestment in trains and delays. After more than a decade underinvestment by the state-owned Deutsche Bahn, it has begun upgrading its tracks and overhead lines, as well as cutting administrative costs. This has led to major delays and cancellations across the country. Positive outlook is also a result of CEO Evelyn Palla's task to turn the company around. She took over on October 1. Palla will present her restructuring plan for the company at a meeting of the supervisory board scheduled to take place on Wednesday. Significant job cuts are expected. Deutsche Bahn has declined to comment. Sources said that the company expects a slightly positive profit before interest and tax (EBIT) in 2025 after a loss last year of 388 million euros. EBIT is expected to reach 500 million euros by 2026. The German Bahn also aims at reducing its net loss from 820 million euros to 180 million next year. Revenues are expected to stay stable, around 28 billion euro next year.
-
Senators in the US want airlines to compensate passengers for delays with cash
A group of Democratic Senators introduced legislation on Thursday that would require airlines to compensate passengers for significant delays with cash. Mark Kelly, Ed Markey, and Richard Blumenthal, senators who are leading the charge, propose to mandate compensation that is in line with European Union (EU) and Canadian requirements. This includes mandating a minimum of $300 for delays of over three hours, and a minimum of $600 for delays of six hours or longer. This proposal was first reported on by after President Donald Trump's administration withdrew his predecessor's plan to force airlines to compensate passengers for flight delays caused by carriers. Kelly said that airlines must be held accountable for their actions when they leave travelers stranded and cost the American public money. "We are working to protect passengers so that they don't have to pay for cancellations or delays out of pocket." The U.S. Transportation Department, under the then-President Joe Biden in December 2024 sought public comments on writing rules that would require airlines to pay up to $775 per hour for delays exceeding three hours domestically. Airlines for America (a trade group that represents American Airlines, Delta Air Lines and United Airlines) had previously criticised Biden's plan for cash compensation, claiming it would increase ticket prices. USDOT stated last month that the rule would create "unnecessary regulations burdens," which is why it wouldn't go forward. In the United States, airlines are required to refund customers for cancelled flights but not compensate them for delayed flights. All four countries - the European Union, Canada and Britain - have rules on airline compensation for delays. No major U.S. airlines currently guarantee cash compensation for flight delays. USDOT announced in September that it would consider rescinding the Biden regulations, which required airlines and ticket agents disclose service fees along with airfares. The Trump administration plans to also reduce regulatory burdens for airlines and ticket agents. This will be done by writing new regulations that define a cancellation of flight, which entitles the consumer to a refund. It will also revisit rules regarding ticket pricing and advertising.
-
Mercuria's copper takeover from LME Asia increases supply anxiety
Four sources with knowledge of the matter have confirmed that commodity trader Mercuria plans to remove significant quantities of copper from London Metal Exchange storage facilities in Asia. Prices are rising on account of expectations of a shortage. LME copper prices reached a record of $11,540 per metric ton Wednesday, partly because of anticipated shortages in the coming year due to disruptions to mine supplies including accidents and incidents in Indonesia and Chile. Mercuria, a Swiss company, has cancelled or designated for delivery over 40,000 tonnes of copper stored in LME facilities in South Korea. Taiwan Sources familiar with the situation say that copper was discovered on December 2. The value of copper at current prices would be $460,000,000. Mercuria declined comment. The LME approved warehouses that store copper for the construction and power industries have historically low inventories, which has contributed to an increase in prices in recent months. Copper is a major export from the LME, and prices in the United States are high. This is despite the fact that copper has been exempted from the import tariffs which came into effect on August 1. On December 2, the total amount of copper warrants that were cancelled - documents that confer ownership - was 56,875 tonnes or 35%. LME stocks Mercuria's action helped to boost the premium for cash copper contracts over the three-month ahead price . On Wednesday, premiums, which have been on an upward trend since November, reached $88 per ton, the highest level since October 13. Comparatively, a contango or discount of around $35 was offered on November 19, Last year, the premium per ton was around $38. As the settlement date of December 17 nears, traders expect even higher premiums on cash contracts. Companies with short positions must find copper in order to fulfill their contracts against them or roll them over - a process known as a "short squeeze". According to industry sources, cancellations are more frequent in contango markets where the prices of contracts with longer dates are higher than nearby contracts. It is rare to cancel warrants in a backwardated market, as the premium is usually intended to encourage deliveries at the LME.
Gauging the likely Trump effect on United States energy & power sectors: Maguire
Presidentelect Donald Trump's assistance for the nonrenewable fuel source sector and environment scepticism have stimulated dismay throughout the global environment tracking community, and fears that his policies might reverse worldwide energy shift momentum.
His project speeches included promises to improve domestic oil and natural gas output and to remove mandates on electrical automobile production, but he has yet to release many particular new energy policies.
This absence of clarity has actually spurred anguish amongst the climate community as it braces for the worst.
But a look back at the patterns throughout the U.S. energy landscape during Trump's first term suggests there might be some bright spots.
Below are some crucial data and observations that can help shed light on how President Trump's very first term affected the U.S. energy area, and what we might expect this time around.
FOSSIL FUELLED
The first Trump administration made a big offer out of supporting homegrown energy, particularly output of crude oil and natural gas which both scaled record highs during Trump's very first term.
However, U.S. oil and gas production had also scaled record highs throughout President Barack Obama's terms, and have actually climbed up even higher under Joe Biden.
The truth that oil and natural gas output trended higher before and after Trump recommends that technological and functional prowess plays a bigger role than the White Home resident in driving U.S. energy production.
That said, the very first Trump administration did make a significant effect on the worldwide trade of U.S. oil and gas, by enhancing export allowing and promoting U.S. item exports.
U.S. LNG exports in specific skyrocketed once Trump took office, jumping from under 200 billion cubic feet in 2016 - President Obama's in 2015 in workplace - to over 700 billion cubic feet during Trump's first year, according to the U.S. Energy Information Administration.
Then exports of so-called U.S. Freedom Gas really removed, striking 1 trillion cubic feet in 2018, 1.8 trillion cubic feet in 2019, and 2.4 trillion cubic feet in 2020.
U.S. petroleum exports likewise shot greater under the first Trump spell, jumping from simply under 600,000 barrels a day in 2016 to 1.1 million barrels in 2017, 2 million in 2018, 3 million in 2019 and 3.2 million in 2020.
Offered the modification to the more eco-friendly Biden administration from 2021, environment trackers had expected decreased production and exports of U.S. oil and gas.
But the reverse has been the case, with output and exports hitting new highs in each year since Biden took workplace.
With Trump back in power from next year, a continuation of those output and export trends looks likely.
But the degree of both will likely be as much driven by the economics of extraction and delivery as it will be by any Trump policy tweaks.
COAL CONVENIENCE
The coal market underscores the value of market dynamics on nonrenewable fuel sources.
Under Trump's watch, U.S. coal production handled only modest growth during his first year and after that sank to all-time lows throughout his last year.
Coal output has in fact rebounded a little throughout the Biden administration, however remains at roughly half the levels seen from 1990 through 2010 due to decreased coal use in your home and abroad.
This highlights the fact that U.S. fossil fuel production and exports are driven more by global need and market economics than by domestic policy.
CLEAN POWER MOMENTUM IS DIFFICULT TO STOP
The generation mix within the domestic power sector can be more easily influenced by policy, as aids, tax breaks and other rewards can drive financial investment at the utility level over the course of an administration.
However, the years-long power job development times implies that any fuel mix modifications can cover presidential administrations, and are often driven more by energy requirements than presidential decrees.
That stated, the Biden administration's Inflation Decrease Act - which included procedures to accelerate green energy adoption and production throughout the U.S. - has actually left a long-lasting imprint on the U.S. power industry.
Climate advocates are worried that Trump's pro-fossil fuel stance and contempt for policies mandating clean energy usage may reverse some of that momentum.
But power and electrical energy generation data throughout Trump's. initially term indicates that clean power progress is tough to stop,. even by huge fans of oil and gas.
During Trump's very first term, U.S. electricity production from. tidy sources increased by 7%, fossil-fired generation dropped. by 4%, and total emissions from power generation decreased by. 12%, according to energy think tank Ash.
Approved, clean power development was greater under both Obama and. Biden, broadening by 21% under Obama's tenure and 13% under. Biden.
Yet power emissions have decreased by only 6% under Biden,. which highlights that some trends are beyond the reach of. bureaucrats.
And there are some patterns that no administration will want. to stop, such as the lowering of generation costs from new. production capacity, be it eco-friendly or fossil-based.
Trump has actually vowed to lower the cost of living and stimulate. service development during his next term, and his administration. will understand that low-cost and plentiful power will be needed to make. that take place.
That indicates that every terawatt produced from renewables and. other tidy source of power will be needed, and that more will be. developed even if output from nonrenewable fuel sources likewise keeps climbing. The opinions revealed here are those of the author, a market. analyst .
(source: Reuters)