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Petronet India says it is unclear about September LNG deliveries from Qatar
Petronet LNG, India's largest gas importer, does not have a definitive liquefied gas supply plan with its main supplier Qatar. This was revealed by its CEO on Thursday as the Middle Eastern producer reviewed force majeure from month to month. In March, Qatar declared force majeure for LNG exports after Iran hit two of Qatar's fourteen production trains. The U.S. - Iran conflict has also 'disrupted fuel shipments via the Strait of Hormuz. This route carries around a fifth of global oil consumption, as well as large quantities of LNG. After Petronet's earnings for the June quarter, A K Singh said to the media: "They haven't given any definite plans for supply of LNG in September." "Everything is tied to the Strait of Hormuz, and their initial?plans." Singh stated that Indian companies import LNG from Oman and the United States, Nigeria, Angola and Nigeria to make up for the shortage of LNG supplies from Qatar. PETRONET STATES FORCE MAJEURE HAS IMPACTED 56 CARGOES TO DATE He said that Qatar declared force majeure for supplies in August. The measure has affected 56 of the company’s Qatari LNG shipments. He said that the Qatar deal allows the delivery of delayed cargoes until April 2028 when the existing long-term agreement ends. Petronet received Qatari LNG cargo last month on the tanker Tembak. Another cargo is due to arrive this month. According to LSEG's trade flows, Petronet's Dahej Terminal is expected to receive a LNG cargo from a vessel Al Gattara loaded with a cargo from Ras Laffan on Sunday. Singh stated that the company has suspended its operations on?its three tankers Disha, Raahi and Aseem which were chartered to?import LNG from Qatar. He said that Petronet would be receiving 600,000 tons of LNG this year from the Australian Gorgon project under its 1.2 million ton per year supply agreement with ExxonMobil. Petronet imports 1,42 million tonnes of LNG per year from the Gorgon Project, where ExxonMobil is a shareholder, as part of a separate, long-term agreement with the U.S. energy giant. (Reporting and editing by Nidhi verma)
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German police confirm that investigation of suspected explosive device found on rail tracks is underway
German police confirmed on Thursday that they were evacuating nearby buildings to allow the explosive item, found on rail tracks in 'the 'Bavarian town Treuchtlingen, to be safely moved. Bavarian police announced on X they were clearing buildings in the area as a precaution. A spokesperson?added two to three homes are being evacuated in order for the object to be moved. The object was discovered in the southern area of 'the Bavarian City. Police also stated on X that experts are analyzing X-rays of the object. The robot is lifting the object to allow for further examinations, it stated. Bild magazine described the object as an elongated metallic object. However, they did not give a source. German authorities have been on high alert for over a week because of an attempted drone attack at Leipzig airport, in eastern Germany. An unmanned aerial device with explosives near the runway was discovered. Treuchtlingen is a city of 12,000 residents located 150 km (93 miles), northwest of Munich.
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Maguire: The boom in renewables in Europe is causing a fall-off of gas demand.
In recent years, the question that has defined Europe's energy history has been whether there is enough gas in the region. This question is becoming outdated. After the Russian invasion of Ukraine, traders, policymakers and utilities became obsessed with storage levels, LNG cargo arrivals, and winter weather forecasts. Gas inventories were the main measure of Europe's security in terms of energy. A new trend is emerging in the power system of the continent, suggesting that Europe may be increasingly asking the wrong questions. It is not a question of whether Europe will be able to secure sufficient gas. The question is not whether Europe can secure enough gas supplies. The combined electricity generated by Europe's solar and wind farms will surpass the output of gas-fired plants in 2026 for the first time ever. This may seem like another milestone in the clean energy industry. It could be a sign of a major structural change in the European gas market. RENEWABLES ARE NOW THE CENTRE OF ATTENTION Gas used to generate more electricity than the combined output of Europe's wind- and solar-powered fleet. Data from the energy think tank Ember?shows that in 2016, solar and wind combined monthly output generally hovered around 30 to 45 terawatt-hours (TWh), whereas gas-fired production often exceeded 100 TWh. Today, the gap is gone. Solar and wind combined output has increased to 80-110 Terawatt Hours per month, while gas-fired power generation has been steadily losing ground. Renewable generation has been able to match or exceed?gas production for long periods of time in 2025 and 2026. This is not just the result of good weather. Gas-fired power generation in Europe has increased modestly from 250 gigawatts (GW) to 400 GW over the last quarter century. Over the same time period, wind and solar power capacity has risen from 20 GW up to 750 GW. In Europe, wind and solar power is now installed at nearly double the rate of gas-fired power. That distinction matters. Weather can explain temporary shifts in generation. Changes in the footprint of generation fleets drive structural shifts. Europe has been steadily building a power system based on renewable resources, rather than fossil fuels, for the past two decades. After installing sufficient renewable capacity, the decline in fossil?generation is no longer a policy goal but a mathematical result. The data suggests that Europe has crossed this threshold. Fewer months of gas burning Even more interesting are seasonal generation statistics. Gas has historically been the mainstay of Europe's energy system. Demand peaks in winter, but falls in spring and summer. Now wind and solar are increasingly dominating the April-through-October period. By 2026, the renewable energy sector will have reached new highs and coal and gas production will be at multi-year lows. As renewables provide a greater share of electricity, the traditional gas-burning season is getting shorter. This could be a game changer for the gas market. Each month, the use of renewable energy reduces gas consumption and lowers imports of gas. This is a major source of gas demand in Europe. HIDDEN STORAGE STORY Gas inventories may have the most significant impact. Storage has been a crucial insurance policy in Europe since 2022 against disruptions of supply and seasonal demand spikes. If the power sector gas demand continues to shrink, Europe might not need as much gas in storage during summer or as little gas withdrawn during winter. Storage is essential for cold snaps and times of low renewable production. As wind and solar power continue to replace gas, the continent may find that its need for gas inventory is gradually decreasing. The debate is now "How much gas does Europe actually need?" This shifts the debate from "Does Europe have enough gas?" to "How much does Europe really need?" BRIDGE FUEL NOT MORE? The trend is reinforced by the broader historical context. Natural gas has been the main replacement fuel in Europe for power generation and industry since the 1990s. Renewables now pose a similar threat to gas. Years ago, policymakers referred to gas as a fuel that bridged the gap between coal and "renewables". The power system in Europe is increasingly looking like it's approaching the other side of this bridge. Europe does not just produce cleaner electricity with each new wind farm or solar park. It is reducing the amount it has to import, store and burn. For a continent who spent years worrying about whether they would have enough fuel to make it through the winter, the ability to use less gas in the first instance may be the most significant energy development. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. 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Air India now tests all pilots for drugs after a captain's positive test for marijuana
According to an internal memo, Air 'India will start mandatory substance testing for all pilots starting Thursday. The tests will go beyond the'regulatory requirements'. The tests are to screen for substances or medications that are prohibited by aviation regulations. They will be conducted in conjunction with training sessions at Gurugram Academy, at offices and briefing centres, and after flights at designated locations. The test will also be conducted on the pilots of Air India Express, a budget airline. Air India didn't immediately respond to an email seeking comment. Airline rules currently require that at least 10% their flight crew be tested for psychoactive drugs each year. Air India stated in a memo that "we feel it is now important to go even further." The initiative was meant to maintain?safety and reassurance for passengers and other stakeholders. Authorities are investigating an incident that occurred on August 4, involving an Air?India Airbus A320neo, which was flying from Phuket to?Delhi and suddenly lost 300 feet (91 meters) of altitude while?cruising. A source familiar with this matter said that the captain of the flight tested positive for marijuana during a confirmatory drug testing. Reporting by Abhijith Ganahapavaram. (Editing by Emelia S. Sithole-Matarise, Mark Potter.
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Heron Power to invest $100 million in new factory for advanced grid equipment
Heron Power, a'startup' run by a former executive at EV maker Tesla said it planned to build a factory in California for $100 million to produce advanced transformers to be used on the U.S. electrical grid. Heron will convert an old 286,000-square-foot distribution warehouse, 30 minutes south-southeast of San Jose, into a factory to produce Heron Link - a 5-megawatt mid-voltage power-conversion system for large-scale energy projects and data centers. In February, the company announced that it had raised $140m in a Series B round of funding. Investors Andreessen Hoowitz and Breakthrough Energy Ventures were included. Drew Baglino is the CEO of Heron, and he spent 18 years working at Tesla. He believes that software-controlled chip-based converters can compete against conventional transformers filled with?steel and oil. SHORTAGE of CRITICAL Components Baglino wants to take advantage of the rapid transformation of the U.S. grid as the demand for data centers, heat pumps, and electric vehicles grows. The infrastructure of transmission and generation is not prepared for the electrification. U.S. Energy Department officials pointed out during a meeting in March that much of the U.S. grid is still based on infrastructure and engineering from the 1960s and 1970s. The country is now facing a shortage of critical components that are needed to maintain it. Baglino stated that "there's definitely a challenge in supplying new equipment." He said that it could take up to four-years to receive a standard transformer, as the majority of grid components are imported. The power industry will spend an estimated $1 trillion in the next decade on new power plants, solar power, battery charging stations, and high-voltage transmission cables. Heron plans to "start mass production" of its equipment in late 2027. Baglino refused to name any customers but stated that he had received strong interest from data center developers and electric utilities. Baglino stated that "any grid which is rapidly changing requires this type of electronic." (Reporting and editing by David Holmes; Tim McLaughlin)
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Zelenskiy urges the US to send Patriots after Russia attacks Ukrainian port along the Danube
Authorities said that overnight Russia attacked Ukraine's largest Danube-bound grain port, causing damage and a fire. This was after President Volodymyr Zelenskiy stated that Ukraine needed more U.S. air defence missiles in order to survive the winter. Izmail is a port in southern Odesa near the Romanian border that handles the export of Ukrainian grain, among other commodities. Izmail Regional State Administration said on Telegram that the strikes damaged port infrastructure and knocked out power in southeast of the city. The attack came a day after Ukraine struck Novorossiysk - a major grain shipping hub in Russia's Black Sea region. Romania, which is a member of NATO and EU, has scrambled its two fighter jets. Its defence ministry announced on X that an aerial target had spent around 10 minutes in the national airspace, before departing for Ukraine. Oleksandr P. Pertsovskyi is the CEO of the Ukrainian Railways. He said that a Russian drone also hit a passenger car in Odesa, killing both the driver and the assistant. Zelenskiy, late on Wednesday night, told CNN that Ukraine needed at least 5% the U.S. Patriot interceptor missile stockpile to stop the escalating Russian ballistic missile attack. Kyiv is seeking to buy more PAC-3s - the newest Patriot missile that can shoot down Russian ballistic missiles. After the war against Iran, Patriot missiles were no longer delivered to Ukraine. Zelensky stated in the interview that a 10% portion of the Patriot missiles currently held by the U.S. would be sufficient to stop all Russian ballistic attacks. "Sell us 5 percent, and we'll get through winter. We will save lives. We will destroy the Russian ballistic missiles if they sell us just 10%. "I have 1%", he said to CNN. Ballistic missiles, with their high speed and steep trajectory are harder to intercept than drones or cruise missiles. Yuriy ihnat, a spokesman for the Ukrainian air force, said that in July Russia fired over 450 different missiles, of which more than half were 'ballistic. He also said that the Russian air force will stop announcing figures daily on ballistic missiles downed or suppressed, and instead present them once a month. Reporting by Jekaterina Glubkova and Aleksandar Vasovic in Tokyo; Editing by Jacqueline Wong Clarence Fernandez William Maclean
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Ukraine searches for alternative routes to grain exports as they plunge
Ukraine will ship more grain via the?Danube River and neighbouring countries in?eastern Europe after a Russian?blockade? of key Black Sea ports caused exports to plummet 76% year-onyear so far this August, said the state railway operator on Thursday. Ukrzaliznytsia reported that grain exports have reached 201,700 tons this month. In a recent report, it stated that "the pace of export shipments has been extremely low due to the blockade at seaports." Since the end of December, Russian attacks on Ukrainian Black Sea export terminals, vessels and ports have effectively stopped shipments. Ukrzaliznytsia stated that export cargo is being redirected towards Danube River ports?and rail crosses with Poland, Hungary Slovakia and Romania. Since the beginning of August, the volume of goods shipped to Danube port has increased 11 times compared to July, and volumes sent to countries in eastern Europe have increased by 81% to 126,000 tons. Volumes Remain Low Valeriy?Tkachev (Deputy head of Ukrzaliznytsia’s Commercial Department) told traders in an online meeting that the exports to European countries were still low, but could grow significantly. In 2022 and 2023 the Ukraine was also faced with a similar Russian port blockade in Odesa, but export routes via neighbouring European countries kept grain exports flowing. Tkachev stated that during peak months, up to 650 grain wagons would cross Ukraine's western border each day. This compares with an average 140 wagons a day in August. The majority of wagons were bound for Romania and Poland. READY FOR DANUBE EXPORTS TO INCREASE Tkachev stated that exports through?Danube port could also increase, but are currently limited by low water levels. Tkachev stated that there is a lack of pilots and captains. He added, "If ships arrived more regularly, we would be able handle more cargo." He said that frequent air-raid warnings that stop?operations also affected exports. Tkachev said that there were?15 alerts for air raids Tuesday, which lasted a total of 11 hours. In recent months, Russia has increased drone attacks against Danube port. Overnight, Izmail Port was targeted. Reporting by Pavel Polityuk. Mark Potter (Editing)
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European shares edge up as lower crude offsets the geopolitical uncertainty
European shares edged higher on Thursday, as falling oil prices shifted investor attention to weaker demand. Meanwhile,?U.S. - Iran?peace talks remained stagnant and shipping through the Strait of Hormuz continued to be disrupted. By 0830 GMT, the pan-European STOXX 600 index was up 0.2% to 660.57. The benchmark fell from its record highs of the previous session. The FTSE 100 index fell by 0.3% in Britain despite an unexpected expansion of the UK economy in June. This provides some reassurance about the outlook for domestic growth. Danni Hewson is the head of financial analyses at AJ Bell. She said that June could be "the last sweet spot" for the UK's economy in this year. She warned that uncertainty about the Iran war, energy costs and possible budget measures may weigh on business confidence. The U.S. inflation data released on Tuesday broadly met expectations, which eased concerns about a possible Federal Reserve rate increase in the near future. Still, the mood in Europe was subdued. There were few signs of progress in the talks about the blocked Strait of Hormuz or a U.S. Iran peace agreement. The real issue is how to price in what's happening in the Middle East. David Morrison is a senior analyst at Trade Nation and he said that the market has been pricing in the war's imminent end month after month. Iran and the United States are still at odds over the efforts to reach a permanent agreement to end the Gulf War, according to an Iranian senior source. She said that there has been no progress made in the talks to revive the interim deal reached in June, and to define a timeline for its implementation. The oil prices dropped on Thursday as forecasters reduced their expectations for global demand in this year. They cited the "broader economic fallout" from the Middle East conflict. Energy stocks in Europe fell 0.7% while travel and leisure stocks gained 0.6% due to lower fuel costs. Basic resources, which includes precious metals and industrial metals, fell 2.9%, despite a 1.2% increase in the banking sector. Maersk, among other earnings-driven movements, rose 4.6% as the Danish shipping company?smashed its profit forecasts and increased its full-year earning guidance for the second time this season due to the Middle East conflict. Adyen, the Dutch payments firm, which has clients such as Spotify and Microsoft, was one of the top gainers in the STOXX 600 index, rising 12.2%. Swissquote fell 10.7% and landed at the bottom of benchmark index after it missed its first-half targets due to low cryptocurrency income. Reporting by Tharuniyaa lakshmi in Bengalur and Ragini mathur; editing by Mrigank dhaniwala
Iran and the US claim competing control of Strait of Hormuz
The Strait of Hormuz, the newly appointed head of Iran’s Basij paramilitary group said on Thursday. This was a day after U.S. president Donald Trump claimed that the United States held "total" control of the strategic waterway. Hossein Taeb claimed that the U.S. tried to undermine what he called the Islamic Republic's popular in the region by launching a war in the Strait of Hormuz. However, they were defeated once again despite their claim that Iran had neither an air force or a navy. Taeb told the semi-official Fars News that "Today, you can see that the Strait of Hormuz has been placed under the?management and control of Islamic Republic," adding that Iran is continuing its 'course in total security. The strait was effectively closed after the beginning of the war which began on February 28 with the U.S. and Israeli strikes against Iran. This strait used to be the route through which one fifth of all oil and LNG in the world were shipped. The U.S. then imposed a blockade against Iranian ports and shipping, claiming it would ensure freedom of navigation by vessels traveling to and from non Iranian ports. The two countries signed an interim agreement in June declaring a ceasefire permanent and calling for the return of freedom of navigation to the Gulf. After a few months, the deal collapsed after Iran resumed limited attacks against vessels it claimed were violating the 'agreement'. Washington then re-started strikes in Iran's south provinces to weaken Tehran's capability to target vessels in the Gulf. Rasoul Sanaei Rad, a senior military official, said that Iran wouldn't reopen Strait until the other side met its obligations under the interim agreement. According to Fars News, he added that the U.S. couldn't achieve the reopening unilaterally. Sanaei-Rad warned that Iran will respond more aggressively in a future conflict. He said: "In the event of a future war, Iran will be more aggressive and firmly stand our ground." (Reporting and editing by Dubai Newsroom, Toby Chopra & Sharon Singleton).
(source: Reuters)