Latest News
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Zipcar, the car-sharing company, plans to stop operations in UK
Zipcar, an American car-sharing company and a subsidiary of Avis Group, announced on Monday that it will cease operations in the United Kingdom, as well as suspending any new bookings after the end of this year. The company said it was awaiting the results of formal consultations with its UK staff before deciding on a date for the closure of their operations. Avis Budget Group's spokesperson stated in an email that Zipcar had proposed changes to the UK operation as part of an overall transformation for international operations. This proposal is only for the UK market. Zipcar's operations on the United States market and other international markets continue to be fully operational, according to the statement. Zipcar provides car rental services in Europe and North America to students and business people. It has over 1 million members. Avis Budget Group acquired it in 2013 for approximately $500 million. Reporting by Unnamalai and Nishara in Bengaluru, editing by Shrey Biswas and Alan Barona
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US Midwest grid operator accelerates review of 15 power supply projects
Midcontinent Independent System Operator, the U.S. Midwest grid operators, will speed up reviews of 15 additional power projects in order to add electricity faster. This is part of a legal challenge from environmental and consumer groups. The country's largest regional grids – MISO, Southwest Power Pool, and PJM Interconnection – have approved dozens power projects for a speedy review this year as operators raise the alarm about the rising demand that is outpacing new electricity sources. Some of these fast-tracking procedures have been challenged in court on the grounds that grid operators favor natural gas-fired projects over renewable energies, like solar and wind. Natural Resources Defense Council, Sierra Club and other groups have sued the U.S. Federal Energy Regulatory Commission for MISO and SPP programs that require FERC approval. MISO has announced that the second round of projects selected by MISO includes seven gas-fired power plants, three storage battery projects, three solar energy projects, and two wind turbines. The fast-track project is designed to reduce the time required to connect power supplies to grid by months or even years. MISO Vice-President Aubrey Johnson said, "These projects are crucial to meeting near term reliability needs and to ensuring that new resource additions come online to meet the load growth." The 15 projects have a total capacity of more than 6 gigawatts and their start-up dates range between December 2027 and August 2028. One gigawatt is enough to power 750,000 homes.
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Israeli carrier Israir is in negotiations to purchase 2 Airbus A330 aircraft
Israir, an Israeli airline, said Monday that it is working on acquiring two widebody Airbus A330s for a combined total of $80m. The company wants to expand long-haul flights to counter the push made by Wizz Air to enter the Israeli market. Israir stated that it was in negotiations through various channels to complete the purchase. It is also in advanced discussions with local tourism group Issta in order to consider a seat allocation for 10 years for an advance payment of approximately $35 million. The company noted that there was no guarantee the deal would be completed at this time, and it continues to look for additional sources of financing. Wizz announced on Sunday that it planned to open a hub in Israel before April. Israir is opposed to this move as it would make it a direct rival. Israir owns or leases a fleet consisting of 21 aircraft, and it flies mainly domestically and into Europe. It has a 14 percent market share at Ben Gurion Airport, near Tel Aviv. The carrier said that the move was part of a series strategic adjustments it is making in response to Wizz Air expanding its activity in Israel. Israir has plans to fly transatlantic and to Asia. The airline has been granted permission to start nonstop flights from Tel Aviv to New York in March. Israir stated that "this strategic move is a continuation of the passenger traffic growth achieved by the company in 2025 with more than two million passengers on international flights." The move will allow Israir to grow its market share and expand to global destinations while also adapting to the market and customer needs. Airbus confirmed earlier Monday that it was facing an industrial quality problem with metal panels on certain A320-family aircraft. This is its latest challenge following a recall for a computer bug. Israir has said that it is not affected.
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Black Sea Shipping Insurance rates increase after Ukraine attacks on tankers, say sources
Sources in the industry said that insurance rates for war risks increased after Ukrainian drones attacked two tankers headed to a Russian harbor. Fears of more attacks prompted insurers to raise their prices. Black Sea is vital for shipping grain, oil, and oil products. Bulgaria, Georgia and Romania, as well Russia and Ukraine, share its waters. Shipping and insurance sources reported that war risk rates, which are determined by each underwriter and are based upon the value of the vessel, have risen to 0.5% from 0.4% a week earlier for calls to Ukrainian port. Sources said that the war risk insurance, which is usually higher, for Russian Black Sea port was quoted between 0.65 and 0.8%, compared to around 0.6% in the previous week. The TANKERS were attacked while sailing to Novorossiyk Officials at the Security Service of Ukraine said that two tankers under Western sanctions were attacked while emptying and sailing towards Novorossiysk - a major Russian Black Sea terminal - by drones. The Black Sea incidents indicate a Ukrainian campaign to limit Russian oil revenues which "shaped underwriters' assessments of intent and ability", according to Munro Anderson. He is the head of operations for marine war risk insurance specialist Vessel Protect. Rates have increased in accordance with this view. Underwriters are now pricing Russian port calls with a wider range of strike locations, and a greater likelihood of repeating the same strike," he explained. As Ukrainian activity increases the likelihood of Russian reciprocal action will also increase. This creates a risk gradient that is more equal across both trades. Tayyip Erdoan, the Turkish president, said that Monday attacks on Black Sea commercial ships were unacceptable. He issued a warning to all "related sides". Andrii Ryzhenko is a former Ukrainian deputy chief of naval staff and a naval expert. He said that the latest Black Sea incidents are the first attacks in international waters on non-military vessels without russian flags. Ryzhenko stated that it is unlikely that Russia will retaliate if commercial ships heading towards Ukraine are in the territorial waters or Turkey, Bulgaria, and Romania. This would be an attack against NATO territory. "They (Russia) attack (vessels), all the time at least within Ukrainian territorial waters, and use different types of weapons." Mysterious Blasts Sources in maritime security say that Ukraine is suspected of being responsible for at least seven explosions on tankers visiting Russian ports, including the Mediterranean. Four external explosions damaged a Turkish-owned tanker near Senegal last week, but no injuries or pollution were reported, according to its manager. The Mersin Tanker previously visited a Russian port. According to maritime security sources, their initial assessment is that the vessel was targeted by mines. This was similar to incidents in this year, which Ukraine has not confirmed. A spokesperson for the Dakar Port Authority confirmed that "a serious incident" in the engine room had caused a significant water ingress. The spokesperson said that the nature of the incident will be revealed in due time. Reporting by Jonathan Saul, Tom Balmforth, Olena Hartmarsh and Bate Felix from London; editing by Jan Harvey.
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CPC resumes oil loads after attacks, maintaining the Urals differential
The difference between Brent and Russian Urals crudes was unchanged in quiet trading on Monday, while the Caspian Pipeline Consortium (CPC), which is responsible for the oil loadings, said that the CPC has resumed oil loads after the drone attack at the weekend. The CPC, a consortium of Russian, Kazakh, and U.S. shareholders said that on Saturday, the attack had caused serious damage to Single-Point Mooring 2 (SPM2) at its Novorossiysk Terminal. SPM 1 has resumed oil loading, while SPM 2 is damaged and SPM 3 is idle for repairs since November 12. According to traders, one SPM is capable of handling about half the planned loadings. According to preliminary plans cited by sources, Black Sea CPC blend oil exports will increase to 1.7 millions barrels per day in December. In November they were around 1.45 million. Traders said that the export plan for December will likely be revised downward this week. PLATTS WINDOW Traders reported that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on the Monday. Shipping data from the energy consultancy Kpler revealed that Turkey's imports of Russia’s Urals crude oil dropped sharply in November as Western sanctions against Russian energy suppliers became tighter and Turkish refineries switched to other grades. * The CEO of global commodity trading firm Gunvor, Torbjorn Tornqvist, will sell his shares in a management-led buyout. This comes after the U.S. labeled the company the "Kremlin puppet" because of its previous Russian connections. Alan Barona (Reporting)
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Nigeria's Dangote Refinery claims it can deliver 1,5 billion litres (1.5 billion gallons) of petrol by December
The Nigerian Dangote Refinery announced on Monday that it can deliver 1.5 billion litres per month of petrol and invited the sector regulator, who had published data indicating it only supplied a third. Last month, the government dropped plans to prohibit imports of refined petroleum. It cited the argument that Nigerian refineries are not able to meet the national demand. The regulator estimates the national demand to be 55 million litres of gasoline per day or approximately 1.67 billion litres in a single month. The refinery stated that it was "ready and capable" of delivering 1.5 billion litres per month during December and January. Production will increase to 1.7 million litres per month from February 2026. Dangote has announced that, to ensure transparency and to publish daily supply volume data, it will invite officials of the sector regulator Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to its site starting December 1. The invitation comes after data released by the NMDPRA at the weekend, which stated that the Dangote Petroleum Refinery supplied about 18,03 million litres of fuel daily. Dangote has said that it will make available its daily production figures and stock figures to the regulator so they can confirm directly the volume it processes. The refinery also urged NMDPRA support its operations by allowing uninterrupted imports of crude oil, feedstocks, and blending components and to facilitate the timely clearance of vessels transporting reformulated products. The company claimed that delays in clearing vessels have caused disruptions to operations and increased costs for its customers. (Reporting and editing by Jan Harvey; Isaac Anyaogu)
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US LNG exports reach record high in November due to cooler weather and strong output
The preliminary data released by financial firm LSEG on Monday showed that U.S. liquefied gas exports reached a record high for the second consecutive month in November, thanks to cooler weather conditions and robust production from the two biggest producers of the country. According to LSEG, the U.S. is the top LNG exporter in the world. It shipped 10.9 million metric tons last month. This was up from 10.1 mmt during October, despite the fact that the month had one fewer working day. Cheniere Energy, U.S.'s largest LNG exporter, increased shipments from its two Texas facilities to 4.6 mmt, up from 4.1 mmt last month. Venture Global LNG (the second largest exporter) remained at 3 mmt for the month of November, according to LSEG ship tracking data. In cooler temperatures, LNG plants are more efficient. According to the U.S. National Weather Service, the average temperature along the Gulf Coast was about 8 degrees Fahrenheit less in November than it was in October. In November, the U.S. demand for natural gas liquefaction reached a new record of 18 billion cubic feet per a day due to an increase in LNG exports. Last week, the daily demand exceeded 19 bcfd. Henry Hub gas averaged $4.47/mmBtu per month in November. This is up from $3.36/mmBtu during October. EUROPE RETAINS A KEY MARKET Europe received 70% or 7.5 mmt of U.S. gas exports in November. This is up from 69% for October. Turkey became a major purchaser, with 12 cargoes worth 0.9 mmt compared to just one in October. Exports to Asia dropped to 1.75 million tonnes, or 16 percent of the total volume, down from 1.96 million tonnes in October. This was due to a weakening in demand for goods in Northeast Asia. Latin America received 0.66 million tonnes, slightly more than in October. Egypt purchased 0.84 million tonnes amid domestic supply problems. In November, the European benchmark Dutch Title Transfer Facility price per million British Thermal Units was $10.40, compared to $10.88 in Oct. Japan Korea Marker prices averaged $11.25, an increase from $11.111. The arbitrage opportunity to ship U.S. LNG to Asia via Cape of Good Hope is still closed, which will result in a continuing influx of flexible U.S. goods into Northwest Europe," LSEG stated in a report. Curtis Williams, Houston (reporting) and Nathan Crooks & Paul Simao (editing).
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US agency to charge $45 for passengers without REAL ID
The U.S. Transportation Security Administration announced on Monday that it would begin charging air passengers $45 if their identification documents do not meet the stricter federal standards on February 1. This move is intended to encourage travelers to obtain enhanced identity documents. The TSA will begin enforcing "REAL ID' standards in May 2025. Passengers without these IDs are given warnings and subjected to enhanced screening. TSA officials have said that they will urge passengers who do not possess REAL IDs to get them before arriving at an airport or pay a fee. The $45 will cover travel within a 10 day period. TSA announced in an announcement in the Federal Register on November 20 that travelers without REAL ID would be charged $18. However, officials told reporters that the fee was increased because the costs for this option were higher than expected. If you don't pay for the fees before you arrive at the airport, it could take up to 30 minutes. In exceptional circumstances, officials said they may waive the fee. Children under the age of 18 are not required to show an ID at airport checkpoints. Most travelers use state-government-issued driver's licenses that meet the requirements but passports issued by any government are also an acceptable form of ID as are other forms of IDs including permanent resident cards, Department of Defense IDs, DHS trusted traveler cards and others. At the moment, 94% of passengers at airports are carrying valid ID. In 2005, the Congress approved stricter federal standards to be used for issuing ID cards. However, enforcement of these standards has been repeatedly delayed. These IDs are also required to enter a federal building. The 2005 law implemented the recommendation of the 9/11 Commission that the U.S. Government "set standards for issuance of forms of identification such as drivers licenses." The law establishes minimum security standards in the issuance of licenses and their production.
CANADA-CRUDE-Discount on Western Canada Select widens
On Monday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) widened.
WCS for Hardisty, Alberta delivery in January settled at $12.75 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares to $12.40 Friday.
* The WCS Discount began the month at its largest point since March. Analysts predict that the WCS discount will continue to widen through the winter as seasonal supply increases and pipelines are used more, while OPEC+ barrels on global markets increase.
The Canadian crude market began its trading cycle on Monday. This cycle runs from the 1st of every month to the day before pipeline nominations due date, and is where the majority of trading takes place.
* Oil prices increased by more than 1% Monday, following the drone attacks by Ukraine and the United States' closure of Venezuelan airspace. OPEC also decided to maintain the same output level in the first quarter 2026. (Reporting from Amanda Stephenson, Calgary; Editing done by Maju Samuel.)
(source: Reuters)