Latest News
-
Asia spot prices stable on ample stocks and tepid Demand
The Asian spot price of liquefied gas held steady in this week's market, despite a tepid global demand and healthy stocks. Average LNG price for delivery to North-east Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) was $11.10, a slight drop from $11.20/mmBtu in the previous week. Arturo Regalado is Kpler's senior LNG analyst. He said that while Asian LNG prices were supported by higher European prices last week, this week's gains were limited by weaker Asian fundamentals. He said that he expects Asian LNG prices to remain stable next week due to the fact that weaker industrial gas demand and lower gas-fired usage in China combined with higher than average Japanese LNG inventories for December will cap any upside. The data from the Ministry of Industry shows that the LNG stocks of the major Japanese electric utilities increased to 1.97 million tonnes for the week ending October 26 compared with 1.84 million tons in October last year. Martin Senior, Argus' head of LNG prices, added that supply expectations were also confirmed this week by the cooling-down cargo declaration at the Golden Pass U.S. export terminal and Shell's announcement of the impending start of the second LNG Canada train. In Europe, S&P Global Commodity Insights estimated its daily Northwest Europe LNG Marker for cargoes to be delivered in December ex-ship at $10.126/mmBtu. This is a $0.53/mmBtu reduction from the December price at Dutch TTF hub. Spark Commodities estimated the November price to be $9.907/mmBtu. Regalado said that the abundance of LNG and pipeline supply helped to keep prices down, while the warmer weather and increased wind output also kept gas-fired generators in check. Last week, hedge funds and institutional investors began selling TTF futures, reinforcing that the bullish sentiment in the EU Gas market has collapsed, according to independent gas analyst Seb Knastle. The U.S. arbitrage for the front month to Northeast Asia via Cape of Good Hope has now been closed, and is marginally pointing towards Europe rather than Asia. However, the arbitrage through Panama remains open, according to Spark Commodities analyst Qasim Afghanistan. He added that LNG freight rates have risen to $61,250/day in the Atlantic, and to $41,250/day in Pacific. Harikrishnan Nair, Harikrishnan Chow and Emily Chow contributed to this report.
-
China Aviation Fuel giant to undergo restructuring, says unit
China National Aviation Fuel Group (CNAFG), the dominant jet fuel distributor in China, will be restructured with another conglomerate. This was revealed by its Singapore listed subsidiary. China Aviation Oil (Singapore), CNAF Singapore's unit responsible for importing jet fuel into China, announced in a late-night statement on Thursday that the parent company CNAF will "undergo a corporate restructuring" with another corporate conglomerate. CAO did not provide any further details. China's demand is decreasing for gasoline and diesel due to the electrification of trucks and the use cheaper natural gas. However, demand for aviation fuel has grown significantly as a result of passenger and cargo traffic. Sinochem Group and China National Chemical Corp merged in 2021 to create the world's largest industrial chemicals company.
-
Maguire: Taiwan's record gas consumption bucked Asia's clean energy drive
Taiwan's utilities have increased the amount of electricity generated by natural gas this year. This is in contrast to regional and global trends towards increasing clean energy. Data from the energy think tank Ember revealed that in the first eight month of this year, over 87% (the highest ever fossil fuel share) of Taiwan's power supply was generated by fossil fuels. This is the largest fossil fuel percentage for Asia's eighth largest economy. Taiwan's fossil fuel production share is also higher than the average for Asia (62%), and the average global (57%). This means that Taiwan stands out from other major economies when it comes to energy transition momentum, despite its lack of it. TAIWAN'S TERRAIN ILL-SUITED FOR RENEWABLE FARMS Taiwan imports more than 90% its energy, including all the coal, oil and natural gas that it consumes, due to a lack of raw materials. Rooftop solar systems are rapidly being adopted in many areas of the island, despite its mountainous terrain and dense population. Last year, the share of renewable energy in utility-scale electricity production was about 11%. This could rise to 15% by 2025, thanks to the offshore wind projects which began operation in 2018. Taiwan generated up to 25% of its electricity in early 2000's from nuclear reactors, but shut down its last nuclear plant in May because of political pressures and public concerns about safety. Due to the closure of the Maanshan Nuclear Plant and the limited generation capacity from renewable sources, utilities are still heavily reliant on fossil fuels for most of their power generation. UTILITIES BOOST GAS-FIRED GENERATION TO OFFSET COAL DECLINE Despite the fact that fossil fuel electricity production reached new heights in 2018, output from coal-fired plants has been steadily declining since 2019. This year's output is at its lowest level for more than a decade. The closure of old plants has been prompted by public pressure to improve the air quality. For the first time, coal-fired power has provided less than 40% electricity so far this year. In the last five years, utilities have increased the amount of natural gas generated to offset the reduced output from coal and the closure of nuclear power plants. Ember data revealed that the electricity produced by gas-fired power plants from January to August was 89.2 Terawatt Hours. This was a 12% jump from the same time period in 2019 and a 52% increase from 2018. The share of electricity generated by gas-fired power plants has reached a record high this year. TAIWAN'S LNG imports have soared the most among peers Taiwan increased its LNG imports by 35% between 2019 and 2024 to meet the country's ever-increasing needs for gas. This was the highest percentage increase of the five largest LNG importers during that time period. Kpler, a commodities intelligence company, reported that LNG imports reached a new record of 18,000,000 metric tons in the first three-quarters of 2018. This total represents a 7% increase from the same time period last year. China and Japan are the two largest LNG importers, but they have seen a decline in their import volumes so far this season. Taiwan's LNG exports in the three-month period through August reached a record 6.6 million tonnes, a positive sign for LNG markets. Nearly all major importers had reduced their imports. Due to the higher demand for cooling systems that use energy intensive cooling systems in summer, LNG imports could slow down in the next few weeks. Taiwan will continue to be a large LNG purchaser for the foreseeable, given its high dependence on gas during the winter heating seasons. Taiwan's constant need for fossil energy - for both imports and to power its own domestic network - sets it apart from other countries as a laggard in the energy transition. The continued construction of wind farms will eventually push renewable energy sources steadily upwards. Taiwan is likely to remain heavily dependent on fossil fuels and will continue to be a major customer of gas exporters in the future. 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 analysis. 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.
-
Brazil blasts Amazon tributary as soy frontier advances
The Tocantins river is awash with catfish, peacock bass and other fish during the waxing of the moon. Welton de Franca, like his father and grandfather before him, has spent most of his adult life fishing among the rocks of one of the biggest tributaries of the Amazon Basin. Now, the Brazilian government wants to blow up these missiles. The Brazilian government has given approval to blast through 35 km (22 miles) of rapids and turn this sleepy section of Amazon rainforest into a tropical farm belt expressway. The opening of the Araguaia - Tocantins Riverway to barges all year round could pave the way for the exportation of soy and corn through the Amazon Basin that rivals the Mississippi River. This would reduce freight costs, and solidify Brazil's dominance in the global grain trade. Federal prosecutors are, however, trying to stop the $7.3 billion dollar project, which includes another 110 miles of dredging. They urge courts to take into consideration impacts on riverside community. We can't leave the house without our boats. "We live off the fish", said Franca whose family settled in a river island overlooking rocks when he turned 12. In late September, during a legal hearing on the site, his father and neighbours told three visiting magistrates that they were worried about dangerous boat traffic replacing their fishing. Franca's dad ferry his two grandchildren to school every day. Tauiry neighbors cross the river daily to harvest babassu cocoas. Alberto Akama from the Emilio Goeldi Museum (funded by the government) warns that the biodiversity of the river would suffer as well if the blasting destroys the rare rapids where endangered fish gather and turtles breed, while river dolphins feed. The Brazilian environmental agency Ibama has authorized blasting during the non-sensitive reproductive and migration seasons. The Transport Infrastructure Agency DNIT has said that teams will try to scare away animals from rocks before blasting. The benefits of cleaner and cheaper freight are far greater than any disadvantages, according to advocates such as Governor Helder Barbalho from Para state. He said that the state of Para believed it was possible to reconcile economic development with environmental preservation. The Brazilian government forecasts that the Araguaia Tocantins Riverway will be able to transport 20 million metric tonnes of corn and soya beans each year from northern river ports, reducing long, pollution-filled truck trips. The impact of emissions is however not as simple. Delegations will discuss the issue in Belem, 500 km (300 miles) downstream, during the United Nations COP30 Climate Summit in November. Brazil's primary source of greenhouse gas emissions is deforestation. Each year, vast tracts of Amazon rainforest and Cerrado savannah adjacent to the Amazon are cleared for farms and ranches. The Matopiba area around the Araguaia River and Tocantins River is the fastest-growing farm frontier. This trend can only be encouraged by cheaper shipping. Maria de Sousa is one of many women who work in Tauiry to harvest babassu palms, crack them open, and make flour and cooking oil from the coconut meat. She said that their way of living has already been threatened by farms that are encroaching on their land. She said that neighbors have poisoned the coconut palms in the area as they expand their farms and ranches. This has forced the women to go across the river to fill bags with small coconuts. Sousa said, "If they open up the waterway we won't have the ability to collect coconuts." "They call the babassu a plague, but to us coconut crackers it's survival." The Matopiba grain boom is largely due to new infrastructure built in Brazil's northern rivers ports during the last decade. Thiago pera, a logistics expert, says that river barges can be 60% cheaper than road freight when it comes to medium and long distance shipping. Researchers from the Climate Policy Initiative in Brazil, a think-tank, found that investments in less polluting transport infrastructure, such as rails and waterways, can lead to indirect emissions, by encouraging deforestation for farmland. CPI, for example, found that a proposed grain-export railway, the Ferrograo would reduce about 1 million tonnes of direct emissions, by taking trucks off of the road, but also add 60 million tons in indirect emissions, by expanding Brazil's agricultural frontier. The fear of displacement for the communities who are trying to stop the proposed blasting along the Tocantins river is palpable. Ademar De Souza, a community leader, said: "We will lose space on river to barges carrying iron ore & agricultural goods." "We are not certain about the future." (Reporting and editing by Brad Haynes, Diane Craft and Adriano Machado)
-
Tanzanian government promises order after violent protests
Tanzania's Government on Friday downplayed the protests that rocked many cities following a general elections earlier in the week, calling them "isolated events" and saying it was working hard to quickly restore normality. On Wednesday, protests broke out over the exclusion of the two main challengers to President Samia Hassan from the race. The government's critics claim that there has been widespread repression. The police have imposed a curfew overnight in Dar es Salaam, the commercial capital of Tanzania, for the last two nights. Government offices and other buildings had been set alight and internet access was disrupted on Wednesday. No casualty count has been confirmed, but a diplomat said that there are credible reports of at least dozens of fatalities. On Friday, the government made its first direct comments on the unrest. It was a message sent by the Ministry of Foreign Affairs to all foreign diplomatic missions. The message was broadcasted on the national television channel. It said that the ministry had informed them "due to isolated incidents where law and order was violated, the government has increased security and taken other precautionary steps". "...the measures taken to ensure security are temporary, but necessary. Normalcy will soon return." HASSAN HAS MAJORITY COMMANDING IN ELECTION RESULT On Friday, the military and police restricted traffic and patrolled streets. The government issued a directive to all civil servants to work from home. Hassan faces a challenge in the unrest. She was praised for her efforts to ease repression during the tenure of her predecessor John Magufuli, but critics have criticized recent arrests and allegations of abductions. Hassan denies allegations of widespread human rights abuses. She claimed that she ordered an investigation last year into reports of abductions. However, no official findings were released. The electoral commission announced the provisional results of the election on Thursday. Hassan won a commanding majority in different constituencies. The commission announced that Hussein Mwinyi was reelected as president of Zanzibar, a semi-autonomous archipelago, who belongs to the ruling CCM. He received over 78% votes. MILITARY SAYS IT HAS 'CONTROLLED THE SITUATION' Jacob Mkunda, the army chief who spoke on the state radio late Thursday night, said that the military and security agencies "controlled the situation". Tanzania's CHADEMA, the main opposition party, had called for protests during the elections. The party was disqualified after refusing to sign a code and its leader Tundu LIssu was accused of treason. Hassan's opponents, ACT-Wazalendo and minor parties, are now the only ones who can challenge him. In a Thursday statement, prominent members of the European Parliament referred to the elections as a "fraud", stating that they were "conducted in an atmosphere of intimidation, repression and fear".
-
NHTSA: Ford recalls 79,800 cars in the US due to door panel and lightbar defects
Ford Motor Company is recalling 79.781 cars in the U.S. because they may have interior panels that can detach near the doors and rear lights that might stop working. This was announced by the National Highway Traffic Safety Administration on Friday. Ford Flex and F-150 Lightning BEV vehicles are included in the recall. Ford also recalls nearly 34,481 units re-manufactured automatic transmissions 10R80 that were used to repair some Ford and Lincoln cars, according to the NHTSA. Automaker recalled 227.006 vehicles in Bengaluru on Thursday due to issues such as air bubbles on windshield glass, loose seat frames and moonroof deflectors which could come off of Expedition, Navigator and F-series trucks. This brings the total recalls for this week near half a million. (Reporting from Bipasha dey in Bengaluru).
-
The death toll from the Vietnam floods has risen to 13 with 11 other missing
As the flood waters began to recede, residents of Hoi An in central Vietnam started cleaning up. In the last few days, floods triggered by unprecedented rainfall levels have inundated a wide swath in central Vietnam. The former imperial capital Hue as well as Hoi An were the hardest hit. Images circulated on state media showing that the floodwaters were still covering much of both locations, with many houses being submerged to their roofs. Vietnam is susceptible to violent storms, which can be deadly. Flooding and storms are also common in Vietnam. This causes widespread damage to property. Floodwaters began to recede in Hoi An on Friday. The ancient town, which is well preserved, was once a busy Southeast Asian trading hub from the 15th century to the 19th century. Tran Van Tien told Hoi An residents that he had seen floods before, but this was the worst he'd ever seen. The majority of tourists have cancelled hotel reservations for Hoi An. Last year, the city received over 4.4 million tourists, including almost 3.6 million tourists from abroad. Nguyen Thuy, hotel manager whose hotel is closed since Monday, said that floodwater rose too rapidly, causing property damage. In a recent report, the government disaster agency stated that 11 people were also missing. The floods inundated over 116,000 homes and 5,000 acres of crops. They also damaged roads and rails, cutting traffic and power to several areas. According to the report, heavy rains are expected to continue throughout central Vietnam. Daily rainfall in some areas will exceed 500 millimetres from early Friday to late Saturday. Thuy stated, "I hope floods don't occur again because we all depend on tourism in this area." Reporting by Thinh Vu and Khanh Vu, Hanoi. Editing by David Stanway.
-
The death toll from the Vietnam floods has risen to 13 with 11 other missing
The government announced on Friday that the death toll in the central Vietnam floods has reached 13, and 11 other people are still missing. In the last few days, floods triggered from record rainfall levels have inundated a wide swath of Central Vietnam. The former imperial capital Hue as well as the ancient town Hoi An were the worst affected. Images circulated on state media showing that the floodwaters were still covering much of both locations, with many houses being submerged to their roofs. Vietnam is susceptible to violent storms, which can be deadly. Flooding and storms are also common in Vietnam. This causes widespread damage to property. In a recent report, the government disaster agency stated that floods had also inundated over 116,000 homes and 5,000 acres of crops. They have also damaged roads and rails, causing traffic to be disrupted and electricity to be cut off in many areas. According to a report, heavy rains are expected to continue throughout central Vietnam. Daily rainfall in some areas will exceed 500 millimetres from early Friday to late Saturday.
Cebu Pacific expands holiday flights with Bulgaria Air
Cebu Pacific, the Philippine budget airline, announced a partnership on Friday with Bulgaria Air. The agreement will last until December 2025 or January 2026.
Cebu Pacific announced that two Airbus A320ceos will be used on four routes within the Philippines, from Manila to Cebu and Davao. Cebu Pacific is providing the cabin crews. Bulgaria Air will supply the aircraft, pilots and maintenance, while Cebu Pacific provides insurance.
Cebu Pacific's CEO Mike Szucs stated at a press briefing that by increasing flight frequency, deploying widebody planes and enhancing our fleet with a damp lease from Bulgaria Air, Cebu Pacific was strategically positioned to capture the peak travel season and sustain its growth momentum through the holiday seasons.
From January to September, the airline reported carrying nearly 20 million passengers. This is a 13.9% rise from a year ago. The airline said that its domestic passenger number grew by 12.7%, to 14.9 millions. Meanwhile, the number of international travelers rose 17.7%, to 5.1million.
Cebu Pacific announced in May that it would lease to Saudi budget airline flyadeal two Airbus A320 aircraft to generate revenue during low season. (Reporting and editing by Thomas Derpinghaus; Xinghui KOK)
(source: Reuters)