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Trump targets Democratic areas with Chicago transit funding freeze
The U.S. administration of President Donald Trump froze $2.1 Billion in Chicago transit funding Friday, starving yet another Democratic city as the government shutdown enters its third day. Budget director Russ Vought stated that the money, which was earmarked to build elevated train lines, has been placed on hold in order to prevent it from "flowing through race-based contracts." Trump has escalated his campaign to use extraordinary powers of the U.S. Government to punish political opponents. Later in the day, The White House announced that it would identify funds that could be held back from Portland, Oregon. Portland is a left-leaning town that hosted high-profile protests under Trump's first tenure. Trump has threatened to dismiss more federal employees, in addition to the 300,000 that he will be letting go this year. A White House source, speaking under condition of anonymity, said dozens of agencies had submitted plans to reduce their workforce. The Republican President has used Chicago, the third largest city in the United States, as a punching bag for his rhetoric and has even threatened to send National Guard troops. Illinois Governor JB Pratt, a prominent Trump critic who is seen as a potential Democratic presidential candidate in 2028, said that the funding freeze was tantamount to hostage taking. He said that the move was a political stunt, but it actually hurts our economy and hardworking people who depend on public transportation. The Illinois funding freeze comes after moves made on Wednesday to stop transit projects in New York - home of the two top Democrats in Congress - and green energy projects in Democratic states such as California and Colorado. Kathy Hochul, Democratic Governor of New York, said that the Trump Administration reversed its decision to reduce $187 million from security funds in New York. SWIFT SOLUTION WITHOUT SIGN The Washington shutdown impasse showed no sign of a resolution. On Friday, the U.S. Senate will vote on two competing plans to end this shutdown. However, neither plan is likely to pass. The shutdown will become the longest in U.S. History if it continues through Saturday. Democrats and Republicans blamed each other over the last few days for failing to fund the government beyond October 1, which is the beginning of the fiscal year. They did not seem to make any progress toward a deal to allow money to flow once again. The standoff between Congress and the agencies has frozen approximately $1.7 trillion of funds, which is roughly one quarter of all federal spending. The remainder is devoted to retirement and health programs, as well as interest payments on the $37.5 trillion growing debt. Democrats insist that any funding package should also extend the pandemic-era health care subsidies, which are due to expire by the end of December. Republicans disagree and say this issue should be addressed separately. According to a Kaiser Family Foundation survey, nearly 8 out of 10 Americans are in favor of keeping these subsidies in place. House of Representatives speaker Mike Johnson, a Republican from the House, said that he was not concerned by Trump's campaign of pressure, which undermines Congress' constitutional power over spending issues. He told reporters that "President Trump wants the government to be open as much as we do." "Is President Trump trying to put pressure on that to happen?" He's probably doing it, yes. "I applaud you for that." Services Interrupted The 15th shutdown since 1981 has affected scientific research, financial regulations, and many other activities. The pay of approximately 2 million federal employees has been suspended, but troops, airport security screens, and other "essential workers" are still required to report to work. Wall Street was left guessing Friday about the state of the largest economy in the world, as the government failed to release its monthly report on unemployment. A prolonged shutdown would disrupt air travel for millions of Americans and could also cause federal courts to shut down. If the standoff continues, federal workers will miss their first pay in mid-October. The longest shutdown was 35 days, which occurred in 2018-2019 during Trump's first year in office. The Senate has already rejected three Republican plans, one of which funded the government until November 21. Another Democratic plan would have also supported expiring health subsidies. Both plans will be voted on again by the chamber on Friday. Republicans control both chambers, but need at least 7 Democratic votes in the Senate to pass spending legislation. Senators from both sides have said they are exploring a possible compromise. Some Democrats, however, say that they don't trust Republicans to adhere to any agreement which would first reopen government and then address the healthcare subsidies. These subsidies were approved as part of the Democratic COVID relief package in 2021 and help 24,000,000 Americans pay for insurance.
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Chevron sells $2 billion Colorado pipeline assets, sources claim
People familiar with the matter say that Chevron will sell a collection pipeline assets located in the Denver-Julesburg Shale Basin, which are expected to fetch over $2 billion. Bank of America's investment bankers have been soliciting interest in the midstream infrastructure in recent weeks. The sources asked to remain anonymous because the discussions are private. Some people said that the assets collectively generate about $200 million in earnings before interest taxes, depreciation, and amortization. Chevron could expect to receive upwards of $ 2 billion based on similar asset sales. The people warned that a sale was not guaranteed and Chevron may end up keeping some or all assets. Chevron has not responded to our request for comment. Bank of America declined to comment. Chevron is a major oil and gas producer in the Denver-Julesburg Basin, which covers Colorado as well as parts of Wyoming. Chevron's $55 billion purchase of Hess after a lengthy legal battle with Exxon Mobil in July was a major win, but the company has struggled to maintain its financial performance and control costs despite an uncertain outlook for oil prices. The company is currently shedding as much as 20% of its workforce globally. Mike Wirth, Chief Executive of the company, said in an analyst call on August 1, that it would be challenging itself to divest those assets which take money from more profitable prospects. The U.S. Midstream sector has seen a robust deal activity, despite the Trump Administration's efforts to ease pipeline construction. Private equity firms are also keen buyers, but many of the deals have been driven by strategic investors who are reengaging with acquisitions following a period focusing on debt reduction. MPLX has agreed to purchase privately-owned Northwind Midstream, for $2.4 billion, and sell assets located in the Rockies region for $1 billion. Plains All American has announced a $1.6billion deal to purchase a stake in EPIC Crude, the company that owns the pipeline.
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Manchester terror attack sparks fear of further violence and division between faiths
Both Jewish and Muslim residents of Manchester, a northern English city, expressed concern about a possible rise in violence in response to the deadly attack on a synagogue. Jihad al-Shamie is a British man, 35, of Syrian descent. He drove his car into pedestrians, then started stabbing people outside Heaton Park Hebrew Congregation Synagogue in Manchester on Yom Kippur. This was the holiest of days for the Jewish calendar. The attack resulted in the deaths of two men. While the Jewish community grieved and wondered about their future in Britain the Muslim residents were concerned that they had been unfairly targeted. Feeling of increasing isolation Marc Levy of the Jewish Leadership Council, Manchester, said that yesterday, "our worst fears became reality." He said that the community felt more isolated over the past two years, as tensions related to the conflict between Israel and the Palestinian militant group Hamas on Gaza spilled into Britain's streets. He said that it was "very difficult" to express how the Jewish Community felt at the moment, and added that "Jewish People here are actively unsure if we have a place in the United Kingdom." The Community Security Trust (which provides security for Jewish organizations in Britain) recorded 1,521 incidents of antisemitism during the first six months of 2025, the second highest total. More than half of the incidents were related to the Gaza Conflict, which began on October 7, 2023 with Hamas' attacks. Separately, the Institute for Jewish Policy Research conducted a survey that found over one-third British Jews rate their own personal safety as being at the low end of the 10-point scale. This is more than three times the number before the attacks of October 7. Fear of Backlash Dawud Taj is a 28 year old British Muslim living in Manchester. It's a large and diverse city. He told us that the country is going through an extremely worrying period. He said: "I understand how it feels for the Jewish Community to be attacked. And, you know, going into their place of worship is, to me, one of the most horrific and senseless things that can happen." Taj expressed his sympathy for the Jewish community but now he is also concerned about his Muslim family. Tell MAMA, a group that monitors Islamophobia in the United States, has recorded 913 incidents between June 2025 and September 2025. This includes 17 attacks against mosques and Islamic institutions. The group reported earlier this year that Islamophobic attacks had increased sharply since the year 2022. He said, "I am afraid that someone will blame them and attack them." "I'm not sure I've ever felt worried, but I do now." The police in London have said that they will be increasing their presence both at synagogues as well as mosques this weekend. (Reporting Sam Tabahriti; additional reporting Yoruk Bahceli, Editing Aidan Lewis).
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Airbus deliveries had a record September, sources say
Airbus delivered a stronger-than-expected 73 jets in September, a record for that month of the year, as delays in engine deliveries showed signs of easing, industry sources said. Airbus refused to comment on this figure, which was higher than analyst predictions of 69-70 deliveries. Since January, the cumulative total has surpassed the running year-to date tally of 2024 for the first ever. Rob Morris, an independent analyst, said that Airbus must also pull off a record-breaking fourth quarter with 313 deliveries from October to December, an increase of 16% over the last three month of 2024. This is to meet a target of 820 deliveries for the full year. He added that the previous peak for the fourth quarter was 297 in 2018. The September figure indicates that Airbus delivered 507 planes between January and Septembre, an increase of 2% over the 497 aircraft it delivered in the first nine-month period last year. Half-year deliveries were down by 5%. Jefferies estimates 69 deliveries for September. This week, the company said that this month's figures were up significantly compared to the year before, indicating a reduction in the current gap in engine supply, mainly coming from CFM. Cirium, a firm that provides analytics data, has estimated September deliveries to be 70 aircraft. Airbus' production of the A320 single aisle has been held up by engine delays. It also struggles with plans to increase its best-selling A320 model to 75 units per month. Morris stated that the 54-year old European company was on the verge of making history, as the total A320 deliveries are expected to equal those of the Boeing 737 – or more than 12250 aircraft each – to become the most popular commercial jetliner. Airbus will release monthly data on orders and deliveries on October 8th. (Reporting and editing by Mark Potter, Bill Berkrot, and Tim Hepher)
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Vought: White House freezes $2.1 Billion in Chicago Projects
Russ Vought, Director of the Office of Management and Budget, said that $2.1 billion worth of Chicago infrastructure projects have been put on hold. This was another jab against a Democrat led city during the U.S. Government shutdown. Vought stated that $2.1 billion in funding for two major Chicago subway projects - the Red Line Extension and Red and Purple Modernization Project - "has been put on hold" to prevent funding from flowing through race-based contracts. Vought stated on Wednesday that the Trump Administration had frozen $18 billion in major transit projects for New York including the Hudson Tunnel, and the Second Avenue Subway citing the exact same issue. In its final days, the outgoing administration under former President Joe Biden awarded a nearly two billion dollar award to extend the Red Line by 5.5 miles in order to connect Chicago Far South Side with the L system. Vought cited the new Transportation Department rule that went into effect on Wednesday. The rule is intended to determine whether small business contractors are engaging in diversity initiatives that are not appropriate. This is part of a campaign to put pressure on Democratic legislators in Congress regarding the partial government shut down that began shortly after midnight on Wednesday. USDOT announced that it would delay the $300 million reimbursement for the subway project until the review was completed, which the USDOT claimed had been hampered due to the shutdown. New York and New Jersey will almost certainly challenge any substantive delay in federal funding due to partisan political disputes. The $17.2 billion Hudson River Tunnel project, which has received over $11 billion of federal grants, includes repairs to the existing tunnel and construction of a brand new tunnel for Amtrak passenger trains and commuter rail lines between New Jersey, Manhattan and New Jersey. If the Hudson Tunnel fails, the commuters in the area which produces 10% of America's economy would be hampered.
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Asian spot prices drop on weak demand and ample supply
The Asian spot price of liquefied gas (LNG), due to a weak demand and abundant supply, fell this week. It was the lowest it has been in more than a year. Average LNG price for delivery to North-East Asia in November Industry sources estimate that the price per million British Thermal Units (mmBtu) was $10.60, down from $11.20/mmBtu in the previous week. It is also at its lowest level since May 2024. Kesher Sumeet is an analyst with Energy Aspects. He said that the demand signals in Northeast Asia are muted because countries are well-stocked. This, along with the strengthening of global LNG exports, are reducing supply competition between Europe and Asia. Martin Senior, Argus' head of LNG pricing, says that while extended holidays are causing a slowdown in demand in China and South Korea, the low prices this week have stimulated some demand from India and Thailand. The tenders that close on October 3 are for spot cargoes to be delivered through mid-November by Indian Oil Corp, PetroVietnam Gas and Thailand's Gulf Energy. In Europe, S&P Global Commodity Insights set its daily Northwest Europe LNG Marker benchmark price for cargoes to be delivered in November ex-ship at $10.999/mmBtu. This was a $0.63/mmBtu reduction from the November price at TTF's Dutch hub. Spark Commodities rated the price at $10.183/mmBtu while Argus rated it at $10.14/mmBtu. The JKM-TTF spread has been pushed to a TTF Premium in recent days due to the continued weakness of Asian LNG demand. This is being amplified further by the expectation of an increased LNG volume in the New Year, said Florence Schmit. Schmit said that the increased supply of LNG on the market is due to the flow from the sanctioned Arctic LNG 2 U.S.-Russia project. Ronald Pinto, analyst at Kpler, is bearish on the TTF front month contract for the coming week. He believes that the pipelines in Norway and Algeria will be able to supply more gas as the maintenance is completed, and the strong wind output, coupled with rising temperatures, should limit the demand of gas, thereby supporting storage injections. Gassco, the Norwegian gas operator, said that it anticipates high gas supplies to Europe in winter despite a temporary reduction of capacity at its Kollsnes plant. Seb Kennedy, an independent gas and LNG analyst, noted that hedge funds reduced their bets for higher TTF gas price, by reducing their position net, which is reflected in the fact that market fundamentals are weakening in Europe. He added that commercial players, including utilities and producers, increased their net-long position to its highest level since February 2024 in order to reduce risks and because of discretionary trading. Max Glen-Doepel, Spark Commodities analyst, says that the U.S. front-month arbitrage to Northeast Asia via Cape of Good Hope still only marginally encourages U.S. cargoes delivered to Europe. He said that the Atlantic LNG rates increased to $22,750/day last Friday while Pacific LNG rates dropped to $24,500/day.
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Due to overflowing storage tanks, oil flows from Iraqi Kurdistan into Turkey have been halted.
Two energy sources who have direct knowledge of this matter said that the storage tanks were full and had to be emptied. According to one source, the flow of oil stopped around 1 am local time on Saturday (2200 GMT), after the tanks were overloaded and there was no room for any more shipments. According to the same source, flows would resume between 4 and 5 pm once vessels had finished loading and cleared space. Sources cited storage problems and maintenance on certain tanks. A second source confirmed that the Kirkuk blend was too expensive, which also affected sales. For the first time since two and a quarter years, oil flows resumed Saturday from the semiautonomous northern Iraq region to Turkey after eight companies operating in the area reached agreements with Baghdad. Oil markets are closely watching the flows, as they have been under pressure due to concerns over excess supply. The agreement permitted 180,000-190,000 barrels of crude oil per day to flow into Turkey's Ceyhan Port. (Reporting Maha El Dahan, Ahmed Rasheed. Enas Alashray (Writing) Mark Potter (Editing)
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Maguire: California's solar-battery combo is a game changer
California's rapidly expanding solar farms and batteries systems, although overshadowed by the booming demand for data centers and the U.S. Government's slashing of clean energy policies may still be 2025's biggest power story. California's massive solar farms have produced more electricity in 2025 than the fossil fuel power stations in the state for an unprecedented period of time. This is a milestone for the energy transition in the United States. The swell of solar-powered energy in California has led to the largest drop in fossil-fuel-fired electricity output year-over-year. California's solar- and battery-system output has risen dramatically in recent years. This will serve as a blueprint for other states, even as U.S. lawmakers cut support for clean energy. CLEAN PUSH Ember data show that California's solar farm electricity supply during January-July grew by 15% compared to the same months of 2024, reaching a record 54.709 gigawatt hour (GWh). According to LSEG's data, the increase in solar energy supplies of about 7,200 GWh was accompanied by a 75% increase in California's storage capacity. This allowed utilities to reduce fossil fuel-fired electricity generation by 21%. Solar farms contributed a record amount of electricity to California during the period January-July, up from the 33% in 2024. As a comparison, Texas, the state with the second largest solar footprint in the U.S.A., has secured 10,4% of its electricity this year from solar farms. The solar portion of California's energy mix has steadily increased, while the fossil fuels share has fallen. It has reached a new low of 26% in 2025. This compares with a national fossil fuel share so far of 55% in 2025. It cements California as the leader in clean electricity deployment. CRITICAL MASS California utilities are rapidly increasing the capacity of battery storage alongside solar power production since 2022 so that California's abundant solar energy can be used to its maximum effect. Solar output peaked in the middle of the afternoon, just as the state's total power consumption was nearing its lowest point. According to the data portal Cleanview, California utilities are now able to store excess solar power and use it at peak demand. FOSSIL FALLS California's growing solar and battery networks are allowing utilities to reduce their reliance on fossil fuels at an unprecedented rate. California has historically used fossil fuels at their highest levels during summer, when air conditioners are most power hungry. California utilities, however, have been able, thanks to the rapidly increasing solar and battery capacities, to reduce fossil fuel deployment, even during periods of peak demand. According to Ember, the total electricity generated from fossil fuels in July 2025 will be just 36,416GWh. This total was a 40% drop from July 2024 and 36% lower than the average July from 2019 to 2024. This steep decline in fossil fuel generation also had a direct impact on emissions. In July 2025, they were 2.1 millions metric tons less CO2 than in July 20,24 and the lowest ever for this month. Priced in? After years of retooling California's energy system to favour clean energy over fossil-fuels, its electricity costs have begun to reflect the impact of solar power in the state's generation mix. California's electricity prices are still higher than the national average but have risen less this year. According to the U.S. Energy Information Administration, the state has seen a 1% increase compared to a national 3.3% increase. The price-depressing effect of California's large share of solar energy in its generation system will act as a drag for overall electricity costs even though power bills elsewhere are expected to continue to rise. California is also better placed than other states to deploy large-scale solar farms due to its high levels of solar radiation. Its vast desert areas are sparsely populated and have a lot of space. However, several states in the South and Southwest of the United States can also expect to reduce their fossil fuel dependence if they install large battery and solar systems. State utilities who can expand their solar and batteries systems will see quick returns. According to LSEG's estimates, benchmark U.S. Natural Gas prices are 37% higher this year than they will be in 2024. States that reduce their use of natural gases can expect to save a lot on fossil fuel purchases. California is the only state that can compete with its solar and battery network. But those who want to reduce their dependence on fossil fuels and increase the production of clean, domestic power should look at the Golden State for inspiration. 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 information. 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.
CFO of Spirit Airlines says that the airline will reduce its fleet by nearly 100 aircrafts as a result of bankruptcy restructuring.
Spirit Airlines will shrink its fleet of nearly 100 aircraft, and leave more than 12 U.S. markets in a bankruptcy restructuring process. CFO Fred Cromer announced this on Friday at a virtual meeting for creditors.
Spirit Airlines filed for Chapter 11 protection following a long period of financial stress. Cromer, who said that the low-cost carrier currently operates 214 planes, uses bankruptcy tools to eliminate non-profitable routes and shrink its network footprint. Cromer stated that the strategy will save Spirit Airlines "hundreds and millions" of dollars in costs.
Spirit announced in a press release that it had filed a court motion on Thursday to refuse 87 more aircraft leases. The court must approve the motion, and Spirit continues to work with its key stakeholders, such as our lessors, to restructure itself for the future.
Cromer stated that the bankruptcy was caused by a combination of overcapacity in low-cost carriers, low passenger demand and significant downward pressure on pricing.
He said that the industry had hoped for a recovery in 2025, but it never happened. "That's what led us to where we are today."
He did not give a specific deadline for fleet reduction.
Cromer stated that "we have 214 aircraft today." We're talking about a reduction of almost 100 planes.
Spirit announced in recent weeks that it would be ending service at over a dozen U.S. Airports, including Hartford (Connecticut) and Minneapolis (Minnesota), and suspending roughly 40 routes, as part of its restructuring plans. It's not known how many of these cuts have been made.
The company terminated 19 ground handling agreements and 12 airport leases, and also rejected 27 leases from the lessor AerCap.
AerCap has agreed to pay Spirit $150m as part of this deal. This will resolve their dispute regarding a contract covering 36 Airbus aircraft due for delivery in 2027-2028.
(source: Reuters)