Latest News
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US grid operator PJM appoints Mills to the position of president and CEO
PJM 'Interconnection, America's largest power grid operator, announced on?Friday that?David?Mills had been appointed as its CEO and president. On?Friday, PJM?Interconnection, the largest?U.S. power grid operator announced that David?Mills had been appointed as its CEO and President. Mills has been a member of PJM's board of managers since '2021, including as chair since 'May 2025', according to the company. His new position became effective on Friday. PJM said that Mills has resigned as the board chair, as well as a member who can vote on board matters. She will still serve in a non-voting capacity. Grid operator currently processes new power plant applications after working through an?annual backlog? of projects. PJM, the company that manages electricity transmission across 13 Midwest - and Mid-Atlantic - states, may also face electricity shortages if the surge in power demand from data centers exceeds supply. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Paul Simao)
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US Treasury warns that even if you pay in charity, the tolls for Hormuz are still a violation.
The U.S. Treasury warned that any shippers who pay tolls to?Iran to pass through the Strait?of Hormuz or make charitable donations to groups such as the Iranian?Red Crescent Society are?at?risk? of sanctions. About 20% of all crude oil and LNG flows in the world pass through the Strait of Hormuz. Tehran has proposed to charge a fee or toll on vessels that pass through the Strait as part of its proposals to end the conflict with Israel and the United States. The advisory from the Office of Foreign Assets Control of the Treasury stated that U.S. The U.S. is aware of the 'Iranian threats against shipping and their demands for payment to ensure safe passage through Strait. The warning was issued as Iran sent its latest negotiation proposal with the U.S. through Pakistani mediators. This move could improve prospects of breaking the impasse in the efforts to end Iran war. OFAC stated that demands could include a variety of payment options including fiat currency or digital assets, offsets or informal swaps. Other in-kind payments may also be accepted, such as nominally charitable contributions made to the Iranian Red Crescent Society, Bonyad Mostazafan or Iranian Embassy accounts. It said: "OFAC has issued this alert to warn U.S. citizens and non-U.S. citizens about the sanctions risks associated with requesting or paying for guarantees from the Iranian regime to ensure safe passage, or making these payments." These risks are the same regardless of how you pay. Reporting by Timothy Gardner, Editing by Chizu nomiyama
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Court documents show that Trader Mercuria has sued Baltic Exchange for losses incurred by the Hormuz cargo, according to a court filing.
A court filing revealed that commodity trader Mercuria has sued the Baltic Exchange - the top provider of shipping benchmark indices in the world - for losses caused by data on oil tanker prices which did not take into account the effective closure of the Strait of Hormuz. The U.S. and Israeli 'war' with Iran began on February 28. Since then, hundreds of ships have been stranded in the Gulf. 20,000 seafarers are unable to pass through the crucial chokepoints. Only a handful of ships will make the journeys every day. In a filing dated April 30, and submitted via England's High Court,?Mercuria – one of the top energy and commodities traders in the world - stated that the Baltic Exchange continues to publish its benchmark 'crude tanker' index, known by the code TD3C despite the closure of the strait. The TD3C is based upon?voyages between the Gulf and China. Mercuria stated that the result was "ongoing extreme volatility" in the TD3C pricing, which did not accurately?or reliable represent the underlying markets it was intended to measure. This had distorted the shipping and freight derivatives markets, which rely on this index. Freight forward contracts allow investors to make positions on future freight rates. Mercuria, a Baltic Exchange customer, claimed that the exchange "breached the contractual and/or legal duties mentioned above" by not suspending the benchmark. It caused Mercuria, and its affiliates to suffer losses on physical freight contracts as well as settled derivative freight contracts benchmarked against TD3C. The filing stated that while such losses were yet to be quantified they "were currently estimated to be in the hundreds of millions of U.S. dollar." Mercuria has declined to comment about?Friday. The London-based Baltic?Exchange is owned by Singapore’s SGX and produces daily benchmark rates, indices and a range of other indices used to settle and trade freight?contracts around the world. They declined to comment. One Baltic member, and active user of 'the TD3C Route,' who declined to name themselves due to the sensitive nature of the issue, stated that the exchange acted in accordance with its benchmark guidelines and regulation?and advised the market as to?how Middle East Gulf route would be assessed during conflict. Since the beginning of the war, The Baltic has conducted market consultations and offered an alternative benchmark. (Reporting and editing by Tomaszjanowski, Dmitry Zhdannikov and Jonathan Saul)
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After Israeli interceptions, Gaza flotilla activists are taken to Crete
Israeli forces captured their ships in international waters near Greece on Friday, bringing more than 100 pro Palestinian activists to the Greek island of Crete. The activists were part of a second Global?flotilla launched in recent months to deliver humanitarian aid and break Israel's Gaza blockade. The ships left the Spanish port Barcelona on 12 April. The ships set sail from the Spanish port of Barcelona on April 12. Israel's Foreign Ministry called the organizers of the flotilla "professional provocateurs". TWO ACTIVISTS HOLDEN Two activists, according to the organizers, remained in Israeli custody. Spain's Foreign Minister, Jose Manuel Albares said that 30 Spaniards arrived in Crete, but one Spanish citizen, Saif Ab Keshek was "illegally arrested" and would be?taken back to Israel. "We demand his release immediately," he said. Israel's Foreign Ministry said Abu Keshek, suspected of belonging to a terrorist group, and a second activist - suspected of illegal activities - would be brought to Israel for interrogation. The?foreign minister said that Israel will not allow the breach?of the lawful naval blocade on Gaza. The foreign ministers of Germany and Italy issued a statement in which they said that they followed the developments with "deep concerns". Source who requested anonymity said that while Israel had intercepted 22 boats, 47 other vessels were still sailing south of Crete. They planned to anchor at some point and continue on to Gaza. The source said that each ship was carrying approximately a ton worth of food, medical equipment and other items. Organisers of the flotilla said that Israel seized 22 ships in international waters near Greece's Peloponnese Peninsula, hundreds of miles away from Gaza. In a statement issued on Thursday, the U.S. State Department warned that it would "impose consequences" to those who supported the flotilla. It characterized the group as being pro-Hamas. Pro-Palestinian activist say that Israel and the U.S. mistakenly confuse their advocacy of Palestinian rights with support for Hamas terrorists. In October last year, Israel's military stopped a previous flotilla organized by the same organisation. Greta Thunberg was arrested along with more than 450 other participants. This was followed by other seaborne attempts to reach the blockaded Gaza. Palestinians and international aid agencies say that supplies are still not enough to reach Gaza, despite an October ceasefire agreement which included guarantees for increased aid. Gaza's 2 million plus people are mostly displaced. Many live in bombed out homes, makeshift tents, and open land, roadside, or on top of the ruins of buildings. Israel, which controls the Gaza Strip and all its access points, denies that it is denying supplies to its residents. Reporting by TV, Renee Maltezou, and Angeliki Koutantou; Writing by Ivana Skularac and Editing by William Maclean & Alex Richardson
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The US has a glut of natural gas that is not being used by Asia or Europe.
By limiting Gulf exports, the war with Iran has increased prices for natural gas traded globally. Gas is so plentiful in West Texas that some producers have to pay for it to be taken away. Iran's attacks against Gulf energy producers and the?war have stopped 20% of the global supply of?liquefied?natural?gas. The Qatari LNG plants have been damaged, and tankers are unable to pass through the Strait of Hormuz at the Gulf's entrance because of Iranian threats of firing on them. The global gas market has been split by the crisis: import-dependent countries in Europe and Asia are scrambling to find scarce supplies while the United States, the world's biggest gas producer, consumer, and exporter, remains overflowing with fuel and prices remain near 17-month-lows. The U.S. is unable to export gas because its pipelines are full. LNG plants are also at capacity. This has created a more dramatic split than the oil market. Gas futures in Louisiana, the U.S. Henry Hub benchmark, have fallen by up to 12% since the start of the war against Iran on February 28. Prices have also risen by 84% and 108% globally to $2.52 for a million British thermal unit (mmBtu). The international benchmark Brent crude oil is currently trading at around $111 per barrel while the U.S. standard is $104 per barrel. Both have risen by?more than 50 percent as a result. PAYING FOR GAS TO BE TAKEN AWAY? The United States have enough gas both to satisfy domestic demand as well as to fill LNG export plants, which cool the gas into liquid form. These plants were already nearing their maximum capacity prior to the war. Therefore, no matter how high gas prices are, the U.S. will not be able to export much more LNG. The Permian Basin is the largest shale gas field in the United States. Prices are lower than benchmark futures. Spot gas is available at the Waha hub West Texas has Trade below Zero Gas pipelines from the Permian have been full this year. This means that there is no capacity left to transport fuel. Some producers are paying others to remove it, just like a waste product. According to the latest U.S. Energy Department outlook, U.S. Gas production will continue to rise to meet demand for data centers that are power hungry and supply new LNG export facilities. As oil reserves diminish, the output also increases as oil producers increase their output and their wells produce more gas. At best, additional pipeline capacity will be available in a few months. Bank of America analysts said that "meaningful transport relief?doesn’t appear until late this or early 2027 when it is anticipated that larger pipeline projects will begin," in a recent report. New England is one of those areas that are most exposed to international gas prices. It must import LNG at high costs and burn oil in winter to generate electricity because it lacks the connections to the national grid for gas to meet the heating demand. WINNERS AND LOSSES The firms with the most excess LNG were the best placed to benefit from the price fluctuations caused by the 'Iran War, at least for the short term. Energy firms from around the globe have bought additional cargoes of U.S.-produced LNG to replace the gas that Qatar has canceled. Venture Global is the second largest LNG producer in the United States behind Cheniere Energy. Bob Yawger is the director of energy futures for Mizuho. He said that Venture Global was (relatively new) to the LNG game. They had spot cargoes to sell to the highest bidder. "Suddenly, everyone needs LNG since QatarEnergy is no longer in the picture." Based on the plants that are currently being built, the U.S. capacity for LNG will nearly double in the next five year from 18 bcfd to 35 bcfd. U.S. Gas producers that sell to LNG companies haven't fared as well, because they are selling a large portion of their production?at domestic prices, which, in addition to the near-record output, was held down by a weak?spring market and an abundance of supply in storage. The low U.S. price has even prompted energy companies, like EQT (the second largest U.S. producer of gas behind Expand Energy), to reduce output as they wait for prices and demand to increase later in the year. Jeremy Knop, CFO of EQT, told analysts that "our strategic curtailments serve as a storage method for gas during seasonal low demand periods."
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Iraqi state news agency reports that work has begun on the Basra-Haditha pipeline.
Iraq began work on a 'oil pipeline connecting Basra and Haditha with a capacity of 2.5m barrels a day, according to the'state news agency, citing the Oil Ministry, in an effort to expand the export routes for the OPEC producer. The ministry stated that the project has received a budget of $1.5 billion, but its speed will be determined by the amount of additional funding. A spokesperson for the ministry said that the 700-kilometre pipeline (435-miles) will be used to transport crude oil via multiple routes including Syria's Baniyas and Turkey's Ceyhan, as well as Jordan's Aqaba. It will also supply refineries on its route. The Prime Minister Mohammed Shia al Sudani chaired on Sunday a meeting for a 'follow-up' of the Basra to Haditha pipeline approved in 2024. He said that it was conceived to anticipate current regional conditions, and to guard against any disruptions to existing export routes. Baghdad, the Kurdistan Regional Government and Kirkuk Regional Government all agreed to restart crude exports via the Kirkuk-Ceyhan pipeline in March. Baghdad is also working to reopen a disused oil pipeline, which would allow oil to?be pumped directly to Turkey's Ceyhan Port without having to?pass through the Kurdistan Region. Oil prices have risen due to the closure of the Strait of Hormuz because of the Iran war.
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The US has a glut of natural gas that is not being used by Asia or Europe.
By limiting Gulf exports, the war with Iran has increased?prices for natural gas traded globally. Gas is so plentiful in West Texas that some producers have to pay for it to be?taken out. Iran's attacks against Gulf?energy companies and the war have halted 20 percent of global liquefied gas (LNG). The Qatari LNG plants have been damaged and tankers are unable to cross the Strait of Hormuz at the Gulf's entrance because of Iranian threats. The global gas market has been split by the crisis: import-dependent countries in Europe and Asia are scrambling to find scarce supplies while the United States, the world's biggest gas producer, consumer, and exporter, remains overflowing with fuel and prices remain near 17-month-lows. The U.S. is unable to export cheap gas because its pipelines and LNG plants are over capacity. This has created a more extreme split than the oil market. Since the start of the war against Iran on February 28, the gas?futures in Louisiana at the U.S. Henry Hub benchmark have fallen by up to 12%, reaching a 17-month-low of $2.52 for a million British thermal unit (mmBtu). Prices around the world are up by 84% to $21 per mmBtu in Europe and 108% to $22 in Asia. The international benchmark Brent crude oil is currently trading at around $111 per barrel while the U.S. standard is $104 per barrel. Both have risen by more than 50% since the start of the war. PAYING FOR GAS TO BE TAKEN AWAY The United States have enough gas both to satisfy domestic demand as well as to fill LNG export plants, which cool the gas into liquid form. These plants were already nearing their maximum capacity prior to the war. Therefore, no matter how high the global gas price goes, the U.S. will not be able to export much more LNG. U.S. Prices in the top shale fields, the Permian Basin and the Marcellus Shale, are lower than benchmark futures. Spot gas at the Waha hub West Texas has Traded below zero Gas pipelines from the Permian have been full this year. This means that there is no capacity left to transport fuel. Some producers are paying others to remove it, just like they would a waste product. According to the latest U.S. Energy Department outlook, U.S. Gas production will continue to rise to meet demand for data centers that are power hungry and supply new LNG export facilities. As oil reserves diminish, the output also increases as oil producers increase their output and their wells produce more gas. At best, additional pipeline capacity will be available in a few months. Bank of America analysts said that "meaningful transport relief won't appear until late this year or in early 2027 when it is expected to begin larger pipeline projects." New England is one of those areas that are most exposed to international gas prices. It imports expensive LNG to heat its homes and burns oil during the winter because it lacks enough connections to the national pipeline grid. WINNERS AND LOSSES The firms with the most excess LNG were the ones that could best take advantage of global price disruptions caused by the Iran War, at least in the short-term. Energy firms from around the globe have bought additional cargoes of U.S. LNG to replace the gas that Qatar has canceled. Venture Global is the second largest LNG producer in the United States behind Cheniere Energy. Bob Yawger said that Venture Global was (relatively new) to the LNG market and had spot cargoes to sell to the highest bidder. "Suddenly, everyone needs LNG since QatarEnergy has 'left the picture. Based on the plants that are currently being built, the U.S. capacity for LNG will nearly double in the next five year from 18 bcfd to 35 bcfd. U.S. Gas producers that sell to LNG companies haven't fared as well, because they are selling a large portion of their production at the domestic price. This is due to a near-record amount of production and a lackluster spring demand, along with an abundance of gas in storage. The low U.S. price has even prompted energy firms such as EQT (the second largest U.S. producer of gas behind Expand Energy) to reduce output in order to wait for prices and demand to increase later this year. "Our strategic curtailments serve as a storage method, keeping the gas underground (during) seasonal low periods of demand", EQT CFO Jeremy Knop said to analysts last week following the company's earnings report.
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UN warns that the Iran crisis is hampering humanitarian aid as costs for supply chains soar.
The cost of sending aid to Sudan, which has the largest number of refugees in the world, has more than doubled because of the Iran war. Shipping disruptions have increased costs and delayed the delivery of the relief. The agency stated that the insecurity surrounding key Gulf shipping routes including the Strait of Hormuz as well as congestion in ports, higher fuel prices, and increased insurance premiums all hindered the delivery of humanitarian aid, especially in Africa. UNHCR spokesperson Carlotta Wolf told reporters in Geneva that ships delivering aid from Dubai are now being replaced with vessels from Europe, which travel around Cape of Good Hope. This could add up to 25 days to the delivery time, she said. She said that "people in desperate need are receiving items that are not ready when they are needed." Wolf stated that transport costs for moving relief items from Dubai into Sudan and neighbouring Chad have more than doubled from $927,000 up to $1.87million. According to the U.N., the humanitarian crisis caused by war in Sudan is the largest of all times. AN INCREASED RELIANCE ON OVERLAND ROUTES UNHCR's Dubai hub is home to the largest global stockpile for relief items. The stockpile is one of seven around the globe, including those in Copenhagen, Nairobi Douala Accra Panama City Termez. Wolf says that in addition to the disruption of shipping in the Strait of Hormuz, which has been caused by the U.S.-Israeli war against Iran, the congestion in?major port cities such as Jeddah, Saudi Arabia, and Mersin, Turkey, and the sharply increased war-risk insurance rates - between 0.5% and 1.5 % of the cargo value for Gulf?transits – are adding additional pressure. She added that the increased reliance on overland transport routes also contributes to truck shortages and higher transportation costs. Fuel prices in Nairobi, Kenya have increased by 15%. This has caused delays and reduced the availability of trucks to ship goods to Ethiopia, the Democratic Republic of the Congo, and South Sudan. UNHCR is facing severe funding restrictions due to global donor cuts. Its $8.5 billion appeal for 135 million refugees or displaced people only has 23% of its $8.5 billion budget funded. Wolf stated that "every dollar spent on transportation means that we are able to support fewer people or provide them with less assistance." UNHCR warned that fuel shortages and rising prices were causing food costs to rise, resulting in greater hardship for those who are most in need. Reporting by Olivia Le Poidevin, Editing by Aidan Lewis
Indexes mostly edge up ahead of Fed conference, CPI, Apple conference
The three significant U.S. stock indexes were barely greater in afternoon trading Monday, with financiers cautious ahead of this week's consumer rates report, a Federal Reserve policy announcement and Apple's designer conference.
The Consumer Cost Index report for May is due Wednesday together with the conclusion of the Fed's two-day policy meeting.
The reserve bank, which will release upgraded financial and policy projections, is expected to hold rates of interest steady. Investors will try to find clues on when the U.S. reserve bank might start to cut interest rates.
This is an essential week for the market in terms of remarks and messaging from the Federal Reserve, said Quincy Krosby, chief worldwide strategist, LPL Financial in Charlotte, North Carolina.
In addition to that, you're going see Wednesday early morning the CPI report. Anything related to the economy and anything related to inflation is seen by the market through the lens of the Federal Reserve.
Traders dialed back expectations for rate cuts in September after Friday's stronger-than-expected jobs data for May, with the chances of a decrease at 50%.
The Dow Jones Industrial Average rose 31.15 points, or 0.08%, to 38,830.14, the S&P 500 acquired 3.17 points, or 0.06%, to 5,350.16 and the Nasdaq Composite added 1.60 points, or 0.01%, to 17,134.73.
Apple shares were down 1.9% ahead of the iPhone maker's yearly developer conference. Financiers are eager for updates on how it is incorporating artificial intelligence into its offerings.
Among the day's gainers, Southwest Airlines leapt 7.6% after activist investor Elliott Investment Management disclosed it has actually developed a $1.9 billion position in the business.
Nvidia shares were up a little after a 10-for-one stock split that worked after markets closed on Friday, triggering chatter about opportunities of its inclusion in the blue-chip Dow.
Declining issues surpassed advancing ones on the NYSE by a. 1.01-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio preferred decliners.
The S&P 500 posted 16 brand-new 52-week highs and 5 brand-new lows;. the Nasdaq Composite recorded 51 brand-new highs and 163 new lows.
(source: Reuters)