Latest News
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Eight migrants believed lost at sea are found alive in Southern California
U.S. officials announced on Tuesday that eight migrants believed to be lost at sea after their boat capsized off California have been located alive. This brings an end to a human trafficking drama in which four people died, including two children of the same Indian family. According to the U.S. Attorney's Office of San Diego, eight migrants were found by Border Patrol agents at an inland transit area. It said that the group was taken to the transit point in three vehicles after they had landed on the Del Mar beach when the small boat capsized. Federal prosecutors have said that a ninth missing migrant is a 10-year old girl from India. She has not been found and it was assumed she died at sea. The body of the 14-year old brother was recovered by emergency teams, along with two others who drowned shortly after the panga capsized. Four other people, including the parents of the children, were rescued and taken to hospital. Prosecutors said that the father was in a state of coma. It wasn't until Tuesday that the final outcome was revealed. Federal prosecutors charged five Mexicans with participating in a migrant-smuggling plot after the boat flipped and washed up near San Diego. The Coast Guard reported initially that seven people were missing due to apparent confusion and communication failures between authorities. Panga boats are open, lightweight vessels powered by outboard engines. Border Patrol officers also arrested two men and one woman accused of driving the getaway cars. The Border Patrol also arrested two other men suspected of piloting and refueling the smuggling vessel shortly after it washed up on the shore. The two pilots were identified as Jesus Ivan Rodriguez Leyva, 36, and Julio Cesar Zuniga Zuniga, 30, and they were accused of "bringing aliens into the country resulting in death," which is a capital offence, and "bringing aliens in for financial gain." The three accused vehicle drivers, Melissa Jennelle Cota (33), Gustavo Lara (32) and Sergio Rojas Fregoso (31) were each charged with transporting illegal aliens. This charge carries a maximum prison sentence of 10 year. Kristi Noem, the U.S. secretary of Homeland Security, said in a press release that she will ask the Justice Department for the death penalty to be sought against the two men accused of driving the boat. Noem stated that "Maritime smuggling" is more than just illegal. It is also a violent crime, which is inherently dangerous. The Coast Guard has documented hundreds of similar attempts to cross the sea by migrants in San Diego in recent years. Steve Gorman reported from Los Angeles, Karen Freifeld contributed additional reporting in New York and David Gregorio edited the story.
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I Squared, Enbridge, and MPLX acquire majority stake in Matterhorn pipeline
The companies announced on Tuesday that infrastructure investment firm I Squared and midstream company MPLX LP have reached an agreement for the acquisition of up to 85% in the Matterhorn Express Gas Pipeline. The companies stated that WhiteWater Infrastructure, which counts I Squared among its partners, would own up to 65 percent of the pipeline. Enbridge, based in Canada, and MPLX, based in Canada, will each own an additional 10% of the Matterhorn Pipeline following the closing of the deal. In a statement, it was stated that the companies would be acquiring these equity interests from Devon Energy Corp and Ridgemont Equity Partners, a private equity firm. It was reported this week that Miami's I Squared Capital is in negotiations to buy a majority stake of the WhiteWater Midstream natural gas pipeline. Bloomberg reported that a deal could be worth more than $5 billion, including debts, for the Matterhorn Express pipeline. WhiteWater's equity stake in the Matterhorn Express Pipeline is to be backed jointly by infrastructure investment firms FIC and I Squared. WhiteWater will continue operating the Matterhorn Express Pipeline. MPLX announced earlier on Tuesday that it was acquiring a 5% additional interest in the joint-venture that owns the Matterhorn Express Pipeline for $151 million. The Matterhorn Pipeline transports natural gas to Houston from the Permian basin in West Texas and New Mexico. According to its website, the 580-mile pipe was designed to transport up to 2.5 billion cubic feet of gas per day.
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Energy Transfer is nearing approval of the Lake Charles LNG Project
Energy Transfer, a U.S. pipeline firm, said on Tuesday that it was close to a decision on the Lake Charles liquefied gas project. A Japanese company who declined to be named had agreed on a purchase of 1 million metric tons of LNG at the proposed export facility. The Biden administration refused to extend Energy Transfer's export license to other countries than those with which the United States has free trade agreements. Lake Charles was therefore the first LNG project to be affected by this refusal. Former President Biden declared a ban on all new LNG export licenses pending the completion of an environmental impact assessment. In January, President Donald Trump issued an order that the U.S. resume processing applications for export permits for new LNG project as part of his effort to increase U.S. output and undo climate policies from his predecessor. Energy Transfer reported that it had now committed 10.5 MTPA out of 16.5 MTPA to LNG sales. It was confident of reaching a final decision on investment by the end the year. The company stated that it was estimating the costs of construction. The company also announced that it had purchased all the steel needed for its new Hugh Brinson gas pipeline in the United States. Trump introduced a 25 percent tariff on all U.S. steel imports in March, raising concern about the spike in cost for pipeline construction. The construction of phase one began in the first quarter. The project, which will cover a distance of 711 km (442 miles), will transport natural gases from west Texas processing facilities to pipeline infrastructure in the Dallas-Fort Worth metropolitan area. Marshall McCrea said that Energy Transfer was looking to make the Hugh Brinson Pipeline bidirectional. This would allow it to transport gas in both directions at a relatively low cost. The adjusted EBITDA was $4.10 Billion for the quarter ended March 31st 2025, compared to $3.88 Billion for the same period in 2024. (Reporting and editing by Stephen Coates in Houston, Curtis Williams reporting from Houston)
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Seven migrants are missing after a suspected crossing of the California coast.
The U.S. Coast Guard announced on Tuesday that the search for seven missing people from a small capsized boat off California near San Diego was called off because there were no survivors. This brings the total number of likely deaths in the suspected migrant-smuggling attempt to 10. According to Chief Petty Officer Levi Read, the spokesperson for the Coast Guard, the Coast Guard "suspended' its daylong search and rescue operation late Monday night. This means that no new efforts would be made to locate the victims unless there was fresh information justifying it. Read explained that although no official announcement was made, it was decided to stop the search because of the unlikely chance that anyone would be able to endure the frigid waters, even with flotation for more than a few hours before succumbing from hypothermia. The "panga", an open-style fishing boat, overturned on Monday morning in rough waters, and the sea temperatures were between 52 and 55 degrees Fahrenheit. This is considered to be a cold water immersion environment. The boat capsized and seven people were missing. Two children are believed to have been among them. Three other victims were discovered dead shortly after the boat washed up near Torrey Pines State Beach, north of San Diego. Four of the six survivors were rescued by the police and taken to hospital. One person was in critical condition. Two other people found at a nearby shore were arrested as suspects for what officials from the Department of Homeland Security said was an attempted smuggling of migrants into the U.S. by sea. Read reported that at least some of those aboard the panga were from India. A number of Indian passports had been found "on the beach near the spot where the boat washed ashore" about 30 miles north-northeast of the U.S./Mexico border. The Coast Guard has documented hundreds of similar attempts to cross the sea by migrants in San Diego in recent years. Steve Gorman, Los Angeles; Karen Freifeld, New York; David Gregorio: Editing
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Trump to host DP World Tour Scottish Championship
The DP World Tour Scottish Championship will be held at the golf course of U.S. president Donald Trump in Aberdeenshire, tour organisers announced on Tuesday. The tournament, which will take place from 7-10 August 2025 and is worth $2.75m, will be the first European Tour event to be held in Scotland at Trump International Golf Links. The Trump Organisation is the owner of Turnberry and Trump International Golf Links, both located south of Glasgow. Guy Kinnings, CEO of DP World Tour, said: "Trump International Golf Links Scotland is already a well-known links course in the UK. It promises to be a great venue for the Scottish Championship's return to our schedule." The R&A, the golf governing body, said that it would love to see Trump's Turnberry as the host venue for The Open but first needs to evaluate the feasibility. Turnberry hasn't hosted the Open Championship since 2009. The R&A announced that it will not be staging championships at Turnberry in 2021 after the January 6, 2017 attack by Trump supporters on the U.S. Capitol. Greenpeace protesters targeted the Turnberry Golf Resort last month. In March, pro Palestinian graffiti was daubed all over the walls of the course. "Gaza isn't for sale" was painted on one green. (Reporting and editing by Toby Davis in Bengaluru)
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EU plan to phase-out Russian gas by 2027
It said that the European Commission would propose next month legal measures for the EU to gradually phase out its imports of Russian gas, including liquefied gas, by the end 2027. Here are some key details: GAS AND LNG Before the full-scale invasion in 2022, Russia supplied around 45% (or a little more) of all gas consumed by the European Union. This share dropped to 19% in the past year and the EU is determined to eradicate it completely as a result of the war. In plans published Tuesday, the European Commission announced that it will present legal proposals in June to ban new Russian Gas and Liquid Natural Gas (LNG), and to ban EU imports in existing spot contracts by 2025. Next month, the Commission will propose to ban imports of LNG under long-term contracts until 2027. TotalEnergies, Naturgy and other companies have Russian LNG contracts which extend to 2030. The EU plan would affect countries such as Hungary and Slovakia which receive Russian gas through pipelines and Belgium, France and the Netherlands which purchase Russian LNG. Other countries, such as Poland and the Baltic States, have already stopped purchasing Russian gas. In order to improve the tracking of imports from Russia the Commission will propose rules that require companies to reveal the volume and duration their Russian gas contracts. The EU has not imposed sanctions against most Russian oil imports. Slovakia and Hungary are the only exceptions. These countries, who have maintained close political ties with Russia, have warned that they will block the gas sanctions which, according to them, would increase energy prices. The EU will require Slovakia and Hungary produce plans on how they plan to stop using Russian oil by the end of 2027. Both countries import over 80% of their crude oil from Russia. Only 3% of the total EU oil imports come from Russia now, compared to around 27% prior to the Ukraine War. The Commission stated that member countries would also have to submit national plans aimed at phasing-out Russian gas by the end of 2027. NUCLEAR FUELS In June, the European Commission will propose measures to target Russian uranium enriched. The EU Energy Commissioner Dan Jorgensen stated that this would be equivalent to a tax on imports. The Commission has not specified a date by which Russian uranium will be phased out. Five EU countries, Bulgaria, the Czech Republic Finland, Hungary, and Slovakia, have Russian-designed nuclear reactors that run on Russian fuel. All but Hungary have signed alternative supply contracts since 2022. However, the long wait time means they cannot switch immediately. What happens next? The European Commission will present its legal proposals in June. They must be approved by the European Parliament, and then by a majority of the member states. This means that one or two countries can't block the plans. If the EU and its lawmakers want to implement the ban on any new Russian gas agreements by the end the year, they will have to speed up these negotiations. The legal options that are used will determine the effectiveness of EU measures. However, the Commission has not specified these on Tuesday. Jorgensen stated that the proposals amounted to "force majeure", an unexpected event which companies could use to terminate gas contracts. Lawyers warn that, in the absence sanctions, it may be difficult for gas buyers to terminate contracts by force majeure without being subjected to financial penalties or arbitration. Last year, the EU imported 32 billion cubic meters (bcm), of Russian gas by pipeline. It also imported 20 bcm Russian LNG. The rest was "spot" purchase, with only two-thirds under long-term contract. (Reporting and editing by Tomasz Janovowski)
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Minister: Russia's budget for 2025 does not include any Gazprom dividend.
The budget plan for Russia does not include a dividend from state-owned energy company Gazprom this year, said Finance Minister Anton Siluanov to reporters on Wednesday. Gazprom’s directors convene usually in the second half May to recommend dividends ahead of a shareholders meeting in June. If confirmed, the absence of a Gazprom dividend will only add to the difficulties of the government. It owns just a little over half of its share capital, at a moment when it faces falling oil and gas revenue, high inflation and military expenditure, as well as a budgetary deficit. Siluanov said that the budget for 2025 does not include any dividends from Gazprom. Gazprom announced a net income of $14,8 billion for 2024. This is a recovery from a loss in 2023 of nearly $7 billion and raises hopes that dividend payments will resume. Gazprom's own dividend policy, approved in 2019, states that 50% of adjusted net profits should be allocated to dividends. The company paid out 297.1 roubles as dividends for 2020, which is a record. More than half of the amount was paid to the state. Gazprom only paid an interim dividend once since the beginning of the so-called special military operation by Moscow in Ukraine, in February 2022. This was in the autumn of the same year, due to the high gas prices that were in Europe. Gazprom has not paid out its results for 2021, abandoning a dividend annually for the first since 1998 due to high taxes and spending. The company, which made a loss of $7 billion last year - its biggest in a quarter century - due to a huge drop in gas exports into Europe, also left investors and state with nothing. Reporting by Darya Corsunskaya, Gleb Bryanski and Oksana Kobieva; Additional reporting by Vladimir Soldatkin; Editing by Andrew Osborn
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Constellation is focusing on grid-connected AI power projects
Constellation Energy has shifted its focus to data centers that are connected to the U.S. grid, moving away from its previous focus on powering giant server warehouses from their power plants. Big Tech's race for huge amounts of energy to fuel its artificial-intelligence expansion has led to a new type of deal with power companies. These include so-called "co-located" arrangements, which link AI data centres directly to nuclear reactors, rather than waiting in line to be connected to the grid. Co-located data centre projects have been criticized by regulators for the possibility of higher power bills and grid stability impacts caused when electricity is diverted from the grid to single customers such as data centers. Constellation CEO Joseph Dominguez stated on a call with investors that "on-grid sales have become increasingly attractive for us and our customers." I do want to be clear that we believe that behind the meter configurations make sense for certain customers. The Federal Energy Regulatory Commission, after ruling against a proposed Amazon expansion connected to a Talen Energy nucleus site, is now considering new rules around co-located projects. Constellation, the largest nuclear power plant operator, said in FERC documents that it was looking at co-located and off-the grid data center projects on several of its nuclear reactors sites.
CANADA-CRUDE-Discount on Western Canada Select heavy crude tightens further, settles below $9
The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select (WCS), a heavy crude from Western Canada, continued to tighten on Tuesday. It settled below $9 for approximately five years.
WCS for June Delivery in Hardisty Alberta settled at $8.95 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $9.15 below the U.S. standard on Monday.
Rory Johnston is an energy analyst and the founder of Commodity Context, which publishes a newsletter. He said that the last time Canadian heavy oil traded at a discount so tight to the U.S. standard was in 2020. This was during the global price volatility caused by the pandemic.
Canadian heavy crude is trading at a discount, in part because the Trans Mountain expansion pipeline was opened a year ago. This increased the country's capacity to export oil. WCS is also experiencing seasonal strength at this time of the year, as the summer driving season increases refinery demand.
Marathon, the largest U.S. refining company by volume, announced Tuesday that it will operate its refineries to 94% capacity combined in the second quarter. This is up from the 89% capacity of the first quarter.
* Oil prices rose about 3% globally on Tuesday, mainly due to signs of increased demand in Europe and China. Lower production in the U.S. and tensions in Middle East also contributed.
(source: Reuters)