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The UK's Tritax Big Box has officially ended its pursuit of Warehouse REIT
The British Warehouse REIT announced on Wednesday that a buyout proposal from Tritax Big Box REIT, a peer company, was officially terminated. Both parties decided not to pursue the proposal after a rival agreement. Warehouse REIT had recommended to shareholders in July accepting a 489 million pound offer by U.S. Private Equity Group Blackstone, over Tritax. Blackstone offered the logistics company 115 pence a share, amid a growing interest from overseas in UK assets. This is due to Britain's relatively stable market and muted valuations, which have fueled a recent wave of bids. The regulatory auction for Warehouse REIT concluded last week, after Tritax announced that its 485.2 million pound cash and stock proposal was final. It would not be raised. This marked the end of a long-running battle. Warehouse REIT announced on Wednesday that Tritax confirmed the company's decision not to use its right to make an alternative offer. Tritax will be prohibited from contacting Warehouse REIT without the regulatory approval for 12 months. This development comes also after Blackstone, its affiliates and their increased shareholding in Warehouse REIT was made a "recommended compulsory cash offer" according to British takeover regulations. Blackstone, a British company, said that as of August 26, Blackstone owned shares of Warehouse REIT representing approximately 34.33% directly or indirectly or had received commitments to support its offer.
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Andy Home: LME storage capacity drops as politics disrupt metal flows
London Metal Exchange (LME)'s global warehousing capability shrank by 4.25 percent in the first half 2025, despite opening new delivery locations at Hong Kong and Jeddah, the Saudi Arabian port. The total registered storage space is at its lowest since the Exchange began publishing quarterly updates in 2016: 3.2 million sq. m. The shrinkage can be attributed to a sliding exchange inventory. The total stocks, including the off-warranty stocks, dropped by 541,000 tons in the first half 2025. They closed June at 1.62 million tonnes, a 20-month-low. Geopolitical turmoil has distorted the signal of low stocks, which should be a positive sign for base metals prices. DIFFERENT METAL The LME has been a major player in the warehousing industry for many decades. The 65 million tonne global production base is much larger than the other LME Metals. Smelters are also slow to react to changes in demand due to the high costs associated with idle capacity. In the past, surplus metal was sold on the last-resort market. As recently as 2021, there were more than three million tons in LME storage. The combined on-warrant and off-warrant stock totals just 717,000 tonnes. Is this an indication of a market with a supply deficit? The market is left without one of its largest physical liquidity providers because of the April 2024 ban of new deliveries of Russian Metal. In response to U.S. sanctions, UK and European ones are increasing the flow of Russian metal to China. China's aluminium imports from Russia increased by 80% on an annual basis to 1.1 millions tons between January and June. The increase in U.S. tariffs on imports this year has further disrupted the global flow of light metals, leaving very little space for LME warehouses despite lucrative deals. The fact that ISTIM UK Ltd., the LME Warehouse operator in Port Klang at the heart of many big aluminium stocks plays, has reduced its presence from 22 to just 13 units in the city over the past year is telling. Port Klang's total storage capacity has declined 15% in the first half of the year despite other operators filling the gap. COPPER CLEAR OUT The LME stock raids in the second quarter were a big deal for copper bulls. However, the nearly depleted exchange inventory has nothing to do about demand but everything to do the U.S. president Donald Trump. Trump's announcement in February that he would launch an investigation on copper imports for national security reasons opened the door to an unprecedented arbitrage. The U.S. duty paid price traded on CME was different from the international price in London. LME warehouses have been stripped of inventory as it is shipped to the United States. U.S. copper imports surged from March to June to 724,000 tonnes, which is 80% of last year's demand. CME copper stock is at its highest level in 21 years, with 247,210 tonnes, while LME inventories of 155,000 tons are still 43% lower than the beginning of 2025, despite some replenishment by Chinese smelters. The threat of tariffs was unfounded, but it caused a massive redistribution in inventory without much impact on the global stock exchange picture. SINGAPORE CHURN The LME zinc stock has also been depleted in the past couple of months. The registered tonnage is down 72% from the beginning of the year, and now stands at 65 525 tons. This is the lowest since May 2023. The time spreads are still surprisingly relaxed. The benchmark cash to three-months period is still trading at a small contango. Singapore's recent history of high zinc stock turnover is reflected in the market's apparent lack concern. It is the city that has dominated LME deliveries for both zinc and for lead, and which currently represents 99% and 97% respectively of all inventories. No surprise then that LME warehouse operators opened more units in Singapore over the past 12 months than anywhere else. The number of warehouses listed in Singapore has risen from eight to 38. This is more than the eight listings in Hong Kong or the four in Jeddah, after the ports were opened to LME in January and respectively in July. According to the recent cancellations of last week, the zinc is missing, while the lead is still present. As of now, the increasing number of LME storage facilities in Singapore indicates that warehouse operators believe there is still plenty of zinc available for possible LME deliveries. WAITING FOR METAL The combination of tariffs and sanctions has led to a reduction in metal flows at the LME, with a trickle-down effect on the physical storage function. Good news for LME storage companies: disruptions can create new opportunities. Hong Kong warehouses began receiving copper almost immediately after they opened, thanks to Chinese smelters who delivered metal into a tight market following the CME Arbitrage Trade. It is less than good news that Russia, as a major producer of aluminium, zinc, and copper, is increasingly looking to the Chinese market. Even if sanctions were lifted, it is unlikely that the growing trade between these two countries would be reversed. LME storage capacity is down by more than a quarter compared to the beginning of the decade when four million tons were stored. Stocks and storage are unlikely to return to their former levels anytime soon, as politics could further fragment what was once an extremely globalised metals market. These are the opinions of a columnist who writes for.
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The MOL head in Hungary says that Druzhba oil flow could resume on August 27 or 28,
The executive chairman of MOL, the Hungarian oil company, told the website mandiner.hu that the Druzhba Pipeline could be operational again as early as August 27 or 28. However the Russian pipeline might not run to full capacity. Hungary and Slovakia announced on Friday that the oil supply via the Druzhba Pipeline could be suspended for a minimum of five days following Ukraine's latest attacks on Russian energy infrastructure. MOL's Zsolt Hernadi stated in an interview with mandiner.hu, that the company is able to provide its refineries using operational reserves but could have to rely on strategic reserves. Hernadi stated that even if MOL were to increase its imports through the Adriatic pipeline it would still import Russian crude oil, because Hungary and Slovakia have been exempted from sanctions. He said that he wasn't sure that MOL could import enough crude via the Adriatic Pipeline to run its two refineries at maximum capacity if Druzhba shipments were stopped completely. Hernadi stated that if Druzhba oil flow does not resume by September 1st, Slovakia will have to tap into its strategic reserves, and its refinery won't be allowed to export. This will cut Hungary's fuel purchases by 20%, while also impacting Ukraine. Hernadi stated that "one seventh of Ukraine's needs for diesel is supplied by the refinery located in Slovakia via Hungary... and this will stop immediately." (Reporting and editing by David Goodman, Anita Komuves, Krisztina than)
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Bousso: Trump tariffs cause much-needed petrochemicals reduction
The trade wars of U.S. president Donald Trump are pushing the global plastics sector toward a painful, but necessary restructuring in order to deal with the acute overcapacity which has caused the industry's profit to be in a long-term slump. In the next few decades, demand for plastics will increase dramatically as middle class populations grow, especially in Asia. This will increase oil demand. The consumption of petrochemical products - such as naphtha and propane - was responsible for 95% percent of the total growth in oil demand between 2019 and 2024. According to the International Energy Agency, it is expected that between 2024 and 30 these plastic building blocks will increase by 2.1 millions barrels per day, or 18.4 million bpd. This growth will offset the decline in demand for transportation oil. Exxon Mobil and Saudi Aramco, as well as Adnoc in the UAE, have all invested heavily in the petrochemical industry, betting on the rising demand for feedstocks to counterbalance the effect of electric vehicles. China has also increased its domestic production in order to increase petrochemical independence. The shale gas boom in the U.S. has led to a rise in petrochemical production in the U.S. GROWING PAINS Since 2022, the rapid growth of petrochemicals has led to a serious imbalance between supply-demand. This puts heavy pressure on margins. The benchmark Chinese PDH margins (also known as cracks) have been negative for the majority of the last two years. In recent months, benchmark naphtha margins in Asia and Europe have also fallen. Chemical producers have seen their earnings plummet. In 2024, the South Korean petrochemical companies LG Chem and Lotte Chemical reported losses. Dow Inc., a U.S. producer, cut its dividend in the last month following a loss for the second quarter. Dow and BASF, its German competitor, both cut their full-year forecasts citing increased pressure from global trade conflicts. Petrochemical overcapacity will likely worsen, which is bad news for the industry. According to the Institute for Energy Economics and Financial Analysis, new plants are expected to increase supply by 20-25% in 2030. Shortly, the industry needs to be tightened. Not a Crisis to Waste Trump's tariff could do that. Trump's announcement of 25% tariffs against imports of South Korean petrochemicals, one of the country's top five export industries and the foundation of its electronics and car industries on April 2 was a major blow to the industry. ING stated in a report that even though the tariffs were delayed, and then reduced to 15%, first-half revenues from South Korean petrochemicals exports to America still dropped by more than a 5th year on year. The South Korean Government, which has been urging the sector to restructure for a long time, has responded by forcing 10 companies to reduce their annual naphtha cracking capacity by 2.7-3.7 million metric tonnes, or roughly a quarter the country's capacity of 14.7 millions tons. The petrochemicals industry in Europe has suffered from high energy prices since the energy crisis of 2022, which led to the closure of plants in France, Germany, and Britain. Dow announced in July that it would close three sites in Germany, the UK and France. Trade wars have weakened demand, which puts more pressure on plants. China, as part of a "anti-involution campaign" - a catchphrase for curbing destructive, profit-eroding competition - is said to be considering reorganizing its chemical sector. This includes closing down ageing plants that are losing money. Cleaning up China's petrochemical sector will likely face opposition from local officials, and new capacity additions will dwarf it. But any reduction in the industry would be a welcome relief to the global markets. Long Path Rapid expansion of petrochemical capacities, particularly in China, have far outpaced the growth of demand, creating one the worst crises of the sector's recent history. It will take a while to shrink this over-inflated sector and boost profits. Shell CEO Wael Sawan stated last month that the "incredibly deep" trough could continue for some time in the chemicals industry. While Trump's trade policy may seem like another blow to the industry, it could be the wake-up cry the petrochemicals sector needs. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Merz: Decision on Franco-German jet fighter to be made by the end of the year
Merz announced on Wednesday that he and French President Emmanuel Macron had agreed to make a decision by the end the year on the future of FCAS, the Franco-German fighter aircraft programme. Merz told Berlin reporters that "this will not be discussed" at the government consultations scheduled for Thursday and Friday (in the south of France). He added, "I hope that we can find a solution as we need to create a new fighter aircraft in Europe." Berlin accuses the French industry of blocking the next phase of development of the FCAS program, which is estimated to cost over 100 billion euros (117 billion dollars), by demanding exclusive leadership of the project. Dassault Aviation France, the company responsible for the crewed fighter core part of the project declined to comment. Airbus and Indra will also be involved in a scheme that will replace the French Rafale, German and Spanish Eurofighters and German Eurofighters by a sixth generation fighter jet starting 2040. Berlin and Paris disagree on the composition of the group. A defence industry source said in July that France had told Germany that it wanted a work share of about 80% at FCAS. Defence sources claim that the differences could jeopardize the second phase, which is aimed to be launched by the end the year, namely the development of airworthy demonstration aircraft. Dassault CEO Eric Trappier stated that at the end of July FCAS required clearer leadership and organization as partners moved towards the second phase. In practice, key decisions in the current design phase had to be cleared by Airbus. This added complexity and contributed to delays. The ministers will join the discussions on Friday at Toulon. On Thursday, Macron will receive Merz to dinner at his Bregancon home on the Mediterranean Coast. In a press briefing held on Monday, a French presidency official said that the discussions would cover the "slight differences" surrounding the fighter plane. He added that both sides were determined to see the project through.
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Maguire: US fossil fuel electricity production and emissions will peak in 2025.
Climate trackers who follow the trends in U.S. electricity generation and emissions have good and bad news. Good news: electricity production from fossil-fuels peaked in July, when the annual demand for air conditioners was at its peak. It has now started to decline as cooler temperatures reduce power demand. The bad news: July's fossil-fuel generation peak was the highest in nine years and the U.S. power sector has seen its largest monthly emissions since August 2021. The uneven progress in U.S. efforts to transition from coal and gas power plants is highlighted by the mixed bag of milestones for generation and emissions. It also highlights the important role they continue to play within the U.S. electricity generation system. The jagged monthly generation trends mask the progress that is being made in the U.S., where clean energy has generated a record-breaking share of the total electricity this year. Here are some more data points that show the relative performance of fossil fuels versus clean energy in the U.S. electricity generation system. SUMMER TOPS The peak in fossil-fuel-fired electricity production in the U.S. occurs between July and August, due to higher electricity demand from air conditioners during these months. In the period between 2015 and 2024 the U.S. fossil fuel production peaked in July eight times while August was the highest monthly point two times. The number of heatwaves in July 2025 will likely be higher than ever before, due to the average temperatures being slightly lower since then. Ember data shows that the total fossil-fired electricity generated in July was approximately 290 Terawatt Hours (TWh), which is the highest total since August 2016, when 294 TWh were produced. Ember data show that the July total generated 191 million tons of CO2 (3% more than in 2024, which was the peak of fossil production last year). This was the highest monthly total of power emissions since July 2021. It appears to have reversed an overall trend that has been declining for years in U.S. electric production. CONCEALED CLEAN GREEN PROGRESS The increase in fossil-fired electricity generation and emissions has led to fears among U.S. producers of electricity that they will regress on their clean energy production momentum. The share of fossil fuels in the U.S. overall electricity mix has fallen to record lows by 2025, despite the fact that fossil electricity supplies reached multi-year highs last July. In the period between January and July, fossil-fuel electricity accounted for 56% on average of all U.S. utilities' total electricity. This generation share is compared to 57% in the same months of 2024 and is a far cry from the nearly 67% fossil share that was recorded for January to July 2015. In contrast, clean energy has generated a record share of U.S. electricty so far in 2025. This compares with only a share of 33% during the same month a decade earlier. As solar power drops, the share of clean energy in U.S. electric generation dips. However, it then shows a strong recovery through the winter when wind speeds increase at wind farm level. In the same way, fossil fuels are used less in the generation of electricity during milder weather periods, like the spring and fall, which allows utilities to maximize the use of clean energy sources. As a result of President Donald Trump's abrupt decision to scrap clean energy incentives, the speed of growth of clean power is expected to slow. As existing projects are completed, the footprint of clean energy sources will continue to grow. This momentum will be sufficient to raise clean power's share in the U.S. mix of electricity generation to new heights by 2025. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Washington Union Station is to be taken over by the Trump administration
After Trump administration officials raised concerns about safety, the U.S. Transportation Department announced on Wednesday that it would reclaim control of Washington Union Station. It is one of America's largest rail hubs. Stephen Gardner, CEO of Amtrak (U.S. passenger rail company), was forced to resign in March by the White House, following an order from President Donald Trump. The plan to reclaim Union Station comes after Trump's decision to send hundreds of National Guard soldiers to Washington this month, following his takeover of the local police force over the objections from local leaders. In a press release, Transportation Secretary Sean Duffy stated that the department is renegotiating an agreement with Amtrak and the non-profit Union Station Redevelopment Corporation which controls the station. He added that formal confirmation of the USDOT's new control over Union Station will be expected in September. Union Station was one of the sites guarded by National Guard troops. Vice President JDVance also visited the station. Amtrak will unveil new Acela high-speed trains on Wednesday on the Northeast Corridor. This busy rail corridor, which links Boston and Washington, is the busiest in the United States, with over 800,000 trips per day. The region represents 20% of the U.S. economic output. The new trains are capable of running at speeds up 160 miles per hour, which is 10 miles faster than current trains. However, they will only be able run at this faster speed for a limited time until additional work has been done. Alstom's new trains in the United States have 27% extra seating per train. The Trump administration announced last week that it would be increasing metals tariffs for imported railcars. USDOT announced in April that it would remove the Metropolitan Transportation Authority as the leader of the Penn Station Reconstruction Project in New York City. Instead, Amtrak will be overseeing the project, which is backed by USDOT, in midtown Manhattan. Trump repeatedly tried to reduce funding for Amtrak during his first term. Amtrak receives about $2.4 billion annually in federal support by 2023. Congress approved Amtrak funding of $2.42 billion per year in March. Since March, the railroad has been led by Roger Harris as its president. A new CEO has not yet been appointed. Last year, it set a record for passengers. (Reporting and editing by Toby Chopra, Helen Popper, and David Shepardson)
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Sources say that Harvest Midstream, Jeff Hildebrand’s company, has agreed to purchase some MPLX assets for $1 billion.
People familiar with the situation said that Harvest Midstream, which is owned by the founders of Hilcorp Energy and privately held, has reached an agreement to purchase natural gas gathering assets worth around $1 billion from MPLX. Houston-based Harvest has midstream assets across multiple oil and natural gas plays. This includes the Bakken Shale in North Dakota and Alaska. The company was founded by Jeff Hildebrand who is also the owner of Hilcorp, the largest private oil & gas company in the United States. According to the sources, Harvest will be able to expand into the Uinta shale basin, as well as the Green River shale, which are located in Utah, Colorado, and Wyoming. The people spoke anonymously to discuss confidential information. Sources confirm that Harvest will buy pipelines of more than 1,500 km (2,414 miles) in length that transport natural gases from the wellhead and connect them to consumers as well as processing capacity. MPLX and Harvest were not available for comment after normal business hours. The deal for MPLX comes as the company invests more in the Permian basin of Texas and New Mexico. According to a 5th of August analyst call, MPLX acquired around $3.5 billion in 2025. MPLX's activity has been focused on the Permian. The most recent announcement was at the end July that it had reached an agreement to purchase Northwind Midstream, valued at nearly $2.4 billion. WhiteWater, along with other partners, announced on Monday the final investment decision for the Eiger Express Pipeline. This new natural gas pipeline will connect the Permian to export facilities located on the U.S. Gulf Coast.
Sempra’s Port Arthur Phase II project will supply EQT with LNG
The companies announced on Wednesday that Sempra would supply EQT Corp with 2 million tonnes of liquefied gas per year (Mtpa), from the Port Arthur Phase 2 Development Project.
The commercial activity in the U.S. liquefied gas sector has increased rapidly since President Donald Trump lifted his moratorium on new export permits for liquefied gas shortly after assuming office in January.
Sempra’s Port Arthur Phase 2 Project won U.S. Approval in May for exporting LNG to markets across Europe and Asia.
Sempra and ConocoPhillips signed an agreement last week to supply 4 million tonnes per year of LNG produced by the Port Arthur LNG Phase II project.
Under the agreement, EQT is to buy LNG on a 20-year free-board basis and at a price indexated to Henry Hub.
Sempra expects to reach a final decision about the Port Arthur LNG Phase 2 in 2025. (Reporting and editing by Devika Syamnath in Bengaluru)
(source: Reuters)