Latest News
-
Carney unveils cabinet to restore US-Canada relations
Mark Carney, the Canadian Prime Minister who won a re-election last month on a promise to take on U.S. president Donald Trump, announced a new Cabinet Tuesday, which he claimed would help define a brand new relationship between Canada and the United States. Carney reduced the number of Ministers from 39 to 29, but kept key players like Finance Minister Francois Philippe Champagne and Dominic LeBlanc who is responsible for U.S. Trade. After four years, he transferred Melanie Joly to Industry from Foreign Affairs and replaced her by Anita Anand. In a press release, Carney's Office said that "Canadians voted this new government because they had a mandate to establish a new relationship of economics and security with the United States. (And) to build a more robust economy." "... "This focused team will act with urgency and determination on this mandate for a change." Chrystia Freiland, whose resignation from the Finance Ministry in December last year helped to oust a Trudeau who was becoming increasingly unpopular, retains her position as Minister of Transport and Internal Trade. Jonathan Wilkinson was removed from the cabinet and replaced by Tim Hodgson, a former Goldman Sachs banker. Carney claims that Canada must invest billions of dollars to begin shifting the focus of the economy away from the United States. He also promises to reduce government spending. He has made immediate promises of a tax reduction and the removal of all trade barriers between provinces. The Liberal platform, with its promise of additional spending in the range of C$130 billion (US$92.85 billion), predicts a deficit for 2025-2026 that is C$62.3billion, a far greater amount than the C$42.2billion forecasted by December. ($1 = 1.4001. Canadian Dollars) (Writing and Editing by Rod Nickel).
-
India accepts additional Russian marine insurers
A government notification shows that India has approved the use of three Russian insurers including Sberbank, which provides marine insurance to ships entering Indian ports. This will help Moscow to maintain oil supplies on a major market. India is now the second largest buyer of Russian oil by sea after China, as Western nations have shunned purchasing and imposed sanctions against Moscow because of its military actions in Ukraine. India has now recognised eight Russian entities as eligible to offer protection and indemnity coverage (P&I). The order stated that the permits for Sberbank Insurance Ugoria, and ASTK will be valid until 20 February 2026. Last month, it was reported that three companies were seeking approval from Indian shipping regulators to provide P&I coverage. Oil cargoes, which are at risk of spills and require the highest standards in safety due to their high value, need insurance. The International Group of P&I Clubs does not cover Russian entities for claims of personal injury and environmental cleanup. The United States and European Union have been increasing their scrutiny of Russia's supply chain for oil, and this includes compliance with the price cap established by the Group of Seven Democracies, which applies to the use of Western vessels and insurance. This has made it more difficult for Moscow export its oil. In order to circumvent the restrictions, Indian refiners purchase Russian oil delivered, and sellers provide vessels and insurance. In February, India's oil minister said that the country only wanted to purchase Russian oil from companies and vessels that were not subject to U.S. sanction. (Editing by Louise Heavens, Mark Potter and Mark Potter).
-
Maguire: Tracking Texas power system as heat waves loom in Texas
A heat wave that is expected to bring temperatures above 100 degrees Fahrenheit this week is causing the main power system in Texas to prepare for an increase in electricity demand. Electric Reliability Council of Texas reported that the growing demand for electricity from industry and data centres, along with widespread air conditioning use, is expected to push peak electricity usage to an all-time high of 84,000 megawatts this week. According to industry analysts this demand load is 9% higher than the previous peak demand for May. This will put one of the largest power systems in the country under extreme strain over the next few days. Here are some key tools power analysts can utilize to monitor how the ERCOT is performing. REAL-TIME MONITORING Power trading tools, such as LSEG Workspace, allow analysts to monitor the forecasts of temperatures, peak loads and power supply from major generation sources. The latest weather forecasts tracked by LSEG predict that temperatures in the ERCOT will average around 82 Fahrenheit (28 Celsius) from May 16 to June 30, which is approximately 7 degrees or 9% higher than the long-term mean. Power demand models predict an increase in the system load between May 12 and 16. LSEG's average weather-based models of power demand predict that the power demand from May 12 to May 16 will be approximately 30% higher than the current power load. Analysts can track the evolution of the power generation mix at ERCOT in the next few days as a response to the increase in electricity demand. In the near future, solar farms and natural gas plants will be the largest sources of power within the ERCOT network. Wind farms, coal and nuclear reactors will also play a key role in the supply. This week, analysts can track the power prices to see how the strain on the ERCOT is affecting consumers. LSEG Workspace, along with other tools for the power system, provides real-time power prices and day-ahead estimates across the key regions of the ERCOT network. This allows traders to identify potential localized hotspots within the broader system. WIDER LENS Analysts can also use tools to track the evolution of ERCOT's power system over time. This allows them to compare how well-equipped system managers were in previous grid strain periods. Cleanview, an energy data portal, allows analysts and power supply analysts to track the capacity increase of battery storage systems. Cleanview's website shows that since 2023, Texas added nearly 4,400 megawatts of battery storage and around 9,000 MW of solar generation. These capacity additions were the most among all the states in that time period, and show that the ERCOT managers have been aggressive about adding storage and generation capacity to the network. Analysts can track ERCOT's power mix over time by generation share, giving them a better understanding of how ERCOT managers adjust system resources to meet demands. Gridstatus.io, an online monitoring tool for electricity, allows analysts to view how battery storage plays a growing role in providing extra power during peak demand periods. Batteries supplied more than 9% of the total ERCOT electricity between 8 pm and 9 pm on May 11. This was higher than the amount supplied by wind farms or nuclear reactors during the same time period. Batteries continue to be a vital component of the system balance this week. This is especially true when solar power drops at night, just as families across the state return from school and work and turn on their cooling systems. These are the opinions of the columnist, an author for.
-
Venture Global expects a strong core profit for the full year on increasing demand
Venture Global announced a higher-than expected core profit for the current year on Tuesday. This was due to higher LNG demand, and higher LNG shipments. In premarket trading, shares of Venture Global, a company that became the most valuable U.S. gas company when it was listed in January, rose 3.8% to $10.29. The U.S. has become the top LNG exporter in the world. Commercial activity in this sector has increased since President Donald Trump lifted the moratorium on new LNG export permits in January. LSEG data shows that while Venture lowered their current-year adjusted core profits forecast from between $6.8 and $7.4 to between $6.4 and $6.8 Billion, they still exceeded Wall Street's expectations of $6.54 Billion. Venture stated that changes in domestic and global natural gas prices may impact its adjusted core profits forecast. The spread between domestic prices and international prices of gas and LNG has also decreased since the last quarter. The company expects to export between 145 and 150 cargos this year from the Calcasieu Project, while 222 to 239 from the Plaquemines Project. The previous forecasts for this year were 140 to 150 cargos of the Calcasieu Project and 219-239 cargos of the Plaquemines Project. The company sold 228,3 trillion British Thermal Units of LNG during the first quarter of this year, a 62% increase from a similar period last year. The company's core profit almost doubled to $1.35billion, thanks to higher LNG prices. (Reporting and editing by Krishna Chandra Eluri in Bengaluru. Tanay Dhumal is based in Bengaluru.
-
Chinese exporters in the US should be cautious as tariff uncertainty lingers
Deng Jinling, the manager of a Chinese thermos flask company exporting to the U.S. popped a bottle with her husband when she heard that Washington had reduced punitive tariffs against China for at least ninety days. Deng, who celebrated the 90-day reprieve by blowing bubbles, is worried about what could happen after that. She has sent her daughter, aged 20, to the U.S. in order to scout out a warehouse to minimize risks and protect against further tariff fallout. Deng, Lucky Bird Trade's manager, said that he was concerned Trump would forget what he had said today. The company is located in Yiwu, which is the largest wholesale center for small manufactured goods. Chinese factories are heavily reliant on the U.S. marketplace, but they have buckled down, unsure of how to navigate a trade war that is becoming increasingly unpredictable and has threatened global supply chains. This uncertainty persists, despite a temporary truce. After discussions with Chinese officials, U.S. announced on Monday that the two sides have agreed to a 90 day pause during which Washington will reduce tariffs on Chinese imported goods to 30% from 145%. Chinese duties on U.S. imported goods will also drop to 10% from 125%. Despite the positive news, some manufacturers are still cautious, given that it is uncertain what will happen in 90 days. Some of them continue to look for overseas opportunities as a way to hedge their bets. Christian Gassner is the General Manager of Limoss in Malaysia, a German manufacturer based in Dongguan in China, which manufactures control panels and remotes. He says that he will keep doing so, despite the tariffs pause. "Even after the 90-day break, it still feels like someone hit the snooze on a fire alert. "Tariffs, politics and policy mood swings do not exactly scream stable business environment," he said. Sticking to one area is like building a house on a trampoline. The U.S. market is one of the top three markets for Limoss. So, crossing our fingers before the next plot-twist isn't an option. We need real options fast. Candice Li is the marketing manager for a medical device maker in Guangdong province, China. Her first reaction was to be suspicious and wonder if 30% would soon become 60%. Li, in a reference to Trump, said: "As a president of a nation, he speaks as easily as if he were telling a joke. This threatens his credibility." Li's company had stopped dealing with U.S. customers for over a month. She now expects clients to resume trading and pay the tariffs. Her company has reduced its work hours and shifts as a result of the 145% tariff increase. Li explained that "people from the supporting departments worked only half of each month, which is equivalent to a paycut." Year-end Holidays in Focus For some Chinese manufacturers, timing is crucial. In May, U.S. retailers place orders for the year-end holidays like Halloween, Thanksgiving, and Christmas. Jessica Guo manages a Christmas Tree factory in Jinhua, eastern China. She said that she was scrambling for orders to be sent out. We can't make enough Christmas trees to meet the demand of American clients. We are only able to schedule orders up until the end August. By then, however, the relationship between China and the U.S. may be uncertain. Analysts say that customers will use the 90-day window to send as many goods into the United States as possible, but the outlook is uncertain beyond this period. The container shipping industry expressed its appreciation for the agreement reached between Washington and Beijing on Monday, stating that it expects the deal to increase bookings. The U.S. China agreement offers opportunities to some smaller exporters who have businesses in emerging markets. Eileen Xiong is the sales director of Dongguan Vdette Information Tech Co., an air-purifier manufacturer. She said that many Chinese exporters focusing their attention on the U.S. had suspended deals in the last month due to the trade war. This had increased competition in emerging markets, where she operates, like India, and forced her to lower the prices. "We're a small business... Big brands will not give up on the U.S. Market. They began to focus on markets that were cheaper or emerging. They may now, in a better climate, turn their attention to the U.S. and leave us less under pressure," said Xiong.
-
In April, South Korea purchased 52,123 t of rice from the U.S.
Agro-Fisheries and Food Trade Corporation, a state-owned company in South Korea, purchased 52.123 metric tonnes of rice from the United States as part of an international auction that closed on April 15. It can take a few weeks for the corporation to allocate tenders. The tender requested up to 80,000 tonnes of goods, but there were no reports on the purchase of other consignments. Traders said that the purchase consisted of 41,450 tonnes of rice from the United States. 4,680 tons came from Vietnam, and 5,993 from Thailand. All the medium grain non-glutinous Brown Rice purchased in three consignments was of U.S. origin. The U.S. purchased 8,116 tons at an estimated cost and freight included of $801.64 per ton for arrivals in South Korea from October 15 to December 31, 2025. 11,111 tons were bought at $807.64 per ton for arrivals between November 1, 2020 and January 31, 2030; and 22,223 tonnes at $833.80 per ton for arrivals around January 31,2026. Both Vietnam and Thailand purchased long grain non-glutinous rice. The 4,680 tonnes from Vietnam were purchased at $482.90 per ton C&F for an arrival date around November 30, 2025. They said that the 5,993 tonnes from Thailand were purchased at $494.50 per ton, c&f. The arrival date is around January 31, 2026. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. (Reporting and editing by Janane Vekatraman; Michael Hogan)
-
Denmark opens the first commercial-scale eMethanol plant in the world
The first commercial-scale emethanol plant in the world began operating in Denmark on Monday. Shipping giant Maersk will buy a portion of this production to use as low-emission fuels for its container ship fleet. Shipping is being pushed to find alternative fuels after a majority countries backed measures to meet the International Maritime Organization targets to eliminate carbon emissions by 2020. The cost of zero-emission fuels such as green ammonia or e-methanol has been higher than that of conventional fuels primarily because they have not been produced in large quantities. The new plant in Kasso, southern Denmark will cost approximately 150 million euros (about 167 million dollars) and produce 42,000 tons of emethanol, or 53 millions litres per year. Its joint owners, Denmark's European Energy, and Japan's Mitsui, confirmed this. Maersk is a major client. It has 13 dual fuel methanol containers that can run on fuel oil or e-methanol, and it has ordered 13 more. The plant's production can power a large container ship of 16,000 containers sailing between Asia and Europe. The Laura Maersk is the first dual fuel container ship in the world. It has a capacity of over 2,100 20-foot-equivalent units and uses only 3,600 tonnes of fuel annually. Tuesday, the Laura Maersk is scheduled to fuel up near Kasso. Methanol is usually produced by burning coal and natural gas. The Kasso facility will produce e-methanol from renewable energy, CO2 captured by biogas plants and waste burning. Maersk says that switching to sustainable fuel is expensive. It is working on green fuel technologies, as well as more efficient shipping methods to reduce the cost. Emil Vikjar Andresen, the head of European Energy’s Danish Power-to X team, stated in a webinar that "when you look at the Kasso production, it's a drop in the bucket. So we need to scale-up and bring down costs." e-Methanol is not only used in shipping but can also be used to replace fossil methanol for plastic production. The plant will produce e-methanol for Lego and Novo Nordisk, which they will use to make plastic bricks and injection pens respectively. The excess heat from the production of e-methanol will be used for heating 3,300 homes in the area. Reporting by Isabelle Yr Carlsson, editing by Jacob GronholtPedersen and Barbara Lewis
-
Maguire: Tracking Texas power system as heat waves loom in Texas
A heat wave that is expected to bring temperatures above 100 degrees Fahrenheit this week is expected to cause a spike in demand for electricity. Electric Reliability Council of Texas reported that the growing demand for electricity from industry and data centres, along with widespread air conditioning use, is expected to push peak electricity usage to an all-time high of 84,000 megawatts this week. According to industry analysts this demand load is 9% higher than the previous peak demand for May. This will put one of the largest power systems in the country under extreme strain over the next few days. Here are some key tools power analysts can utilize to monitor how the ERCOT is performing. REAL-TIME MONITORING Power trading tools, such as LSEG Workspace, allow analysts to monitor the forecasts of temperatures, peak loads and power supply from major generation sources. LSEG's latest weather models predict that temperatures in the ERCOT region will average 82 degrees Fahrenheit through May 16. This is approximately 7 degrees or 9% higher than the long-term mean. Power demand models predict an increase in the system load between May 12 and 16. The weather-based models of power demand deployed by LSEG predict that the power demand from May 12 to May 16 will be approximately 30% higher than the current power load. Analysts can track the evolution of the power generation mix at ERCOT in the next few days as a response to the increase in electricity demand. In the near future, solar farms and natural gas plants will be the largest sources of power within the ERCOT network. Wind farms, coal and nuclear reactors will also play a key role in the supply. This week, analysts can track the power prices to see how the strain on the ERCOT is affecting consumers. LSEG Workspace, along with other tools for the power system, provides real-time power prices and day-ahead estimates across the key regions of the ERCOT network. This allows traders to identify potential localized hotspots within the broader system. WIDER LENS Analysts can also use tools to track the evolution of ERCOT's power system over time. This allows them to compare how well-equipped system managers were in previous grid strain periods. Cleanview, an energy data portal, allows analysts and power supply analysts to track the capacity increase of battery storage systems. Cleanview's website shows that since 2023, Texas added nearly 4,400 megawatts of battery storage and around 9,000 MW of solar generation. These capacity additions were the most among all the states in that time period, and show that the ERCOT managers have been aggressive about adding storage and generation capacity to the network. Analysts can track ERCOT's power mix over time by tracking the share of generation. This can provide insight into how ERCOT managers adjust system resources to meet demands. Gridstatus.io, an online monitoring tool for electricity, allows analysts to view how battery storage plays a growing role in providing extra power during peak demand periods. Batteries supplied more than 9% of the total ERCOT electricity between 8 pm and 9 pm on May 11. This was higher than the amount supplied by wind farms or nuclear reactors during the same time period. Batteries continue to be a vital component of the system balance this week. This is especially true when solar power drops at night, just as families across the state return from school and work and turn on their cooling systems. These are the opinions of a columnist who writes for.
Documents show that Venezuela has topped up its heavy naphtha stock ahead of the expiration date for licenses.
According to shipping documents, Venezuela's PDVSA increased imports of heavy naphthalene, a fuel that is used to dilute the extra-heavy oil produced and to make it exportable. This was done in anticipation of expiring U.S. licensing this month.
Since 2022, the U.S. Treasury Department allowed Venezuela to import oil diluents as part of oil exchanges with joint-venture partners and customers. But in March, President Donald Trump’s administration revoked licenses authorizing these deals and gave companies until 25 May to end transactions.
PDVSA only delivers Venezuelan crude oil to customers who can pay in advance for the cargoes, or exchange them for diluents such as heavy naphtha and light crude. Last month, cargoes for U.S. Chevron had to be canceled due to payment uncertainty.
Venezuela requires diluents in order to produce crude grades that are exportable. The imports of naphtha have restocked the stocks of the state oil company, providing diluents to cover future months, and compensating for lower productions of medium and light crudes in Venezuela, which are also used as diluents.
A shipper who deals in imports said, "There is so much heavy naphtha that there are no tanks available at this time. They have to stop cargo discharges and look for other storage options. They use floating storage vessels."
Documents show that the extra oil supply will double Venezuela's oil exports to 165,000 barrels a day (bpd), including foreign crude, naphtha, and other fuels.
PDVSA agreed last month to a major deal with Maurel & Prom, a partner of its company, and Vitol. The agreement increased the volume of a longstanding swap between crude oil and naphtha. The agreement stipulates that the Venezuelan crude oil will be shipped to the United States and the U.S. Naphtha to PDVSA.
PDVSA, Maurel & Prom and PDVSA did not respond to requests for comments. Vitol declined comment.
Documents show that PDVSA imported light oil and naphtha from other sources.
Documents show that PDVSA inventories at Jose port of crude oil and naphtha have exceeded 9 million barrels this week. In February, they were only 6.6 million. Reporting by Staff
(source: Reuters)