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Carney will visit Calgary this Friday to announce a deal on industrial carbon pricing, sources claim
A source from the Alberta government and an industry insider with knowledge of this plan said on Wednesday that Canadian Prime Minister Mark Carney would 'visit' Calgary on Friday in order to announce details about a new agreement with Alberta regarding industrial carbon pricing. A third source familiar with the deal said that Canada and Alberta, its largest oil-producing province, are close to a deal which will increase the cost of credit in the industrial carbon market of the province to C$130 per metric ton by the year 2040. The Globe and Mail reported the credit cost and date agreed upon on Wednesday. Alberta frozen?its headline carbon price for industrial use in May 2025. Credits on its market are currently trading between C$20 to C$40 per metric ton. Experts say this is too low for polluters to be motivated to invest in technology to reduce emissions. Sources who weren't authorized to reveal the plans said Carney would visit the oil and gas?city, for the first since November when he agreed with Premier Danielle Smith to work together in order to boost investment in energy production. The sources said he ?will announce the new industrial carbon pricing plan, aimed at strengthening Alberta's pollution pricing regime while also clearing the path for Alberta's plan to propose a one-million-barrel-per-day crude oil pipeline to British Columbia's northwest coast. Third source: The agreement will include escalating price floors for carbon to ensure Canada's large emitters continue to be incentivised to reduce their emissions each year. Source: The agreement will see Alberta's carbon headline price increase to $100 a metric ton by next year, compared to the current $95 a metric ton. It will then rise to $130 per ton in 2030, and then escalate 1.5% each year beginning in 2036. The Prime Minister's Office did not confirm that the visit had taken place. Environmentalists want Alberta's carbon credit market price to reach C$130 in 2030 and not?2040. They have claimed that a shorter timeframe would encourage companies make immediate efforts to lower their emissions. Alberta and the oil and natural gas industry have been lobbying to delay the implementation date. They argue that a carbon price regime which puts Canada's oil sands industry at a disadvantage will slow down the growth of oil sands production at a time when the country wants to increase its energy exports while reducing its dependence on the U.S. The federal government said that?its approval for a new pipeline is dependent on Canadian oil companies investing in emission reductions through carbon 'capture technology. Adam Waterous, the executive chair of Canada’s fifth largest oil company, Strathcona Resources told reporters on Wednesday that companies would not invest in pipelines until the government lifted an existing ban on oil tanks off Canada’s northwest coast, and addressed other barriers. Reporting by Amanda Stephenson, Calgary; Editing and production by Aurora Ellis and David Gregorio
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Carney will visit Calgary this Friday to announce a deal on industrial carbon pricing, sources claim
A source from the provincial government and an industry insider with knowledge of the deal said on Wednesday that Canadian Prime Minister?Minister?Mark Carney would visit Calgary on Friday in order to announce details of a new agreement with Alberta regarding industrial carbon pricing. The Globe and Mail reported first that Canada and its main oil-producing Province of Alberta were on the verge of a deal which will increase the?effective credit cost of the industrial carbon market in the province to C$130 per metric ton by the year 2040. Alberta froze its industrial carbon price headline in May last year. Credits in the market trade for between C$20 and C$40 per metric ton, which experts say is too low to encourage polluters to invest in emissions reduction technologies. Sources who weren't authorized to reveal the plans said that Carney would visit the oil and gas city for the very first time since November when he agreed with Premier Danielle Smith of Alberta to boost energy production investment. They said he will announce the new industrial carbon ?pricing plan, which is aimed at strengthening Alberta's pollution pricing regime while also clearing the path for Alberta's plan to propose a new one-million-barrel-per-day ?crude oil pipeline to British Columbia's northwest coast. Environmentalists want to see Alberta's industrial carbon price reach C$130 in 2030 and not 2040. They argue that a shorter timeframe would encourage companies to take immediate steps to reduce emissions. Alberta and the oil-and-gas industry are lobbying for an earlier implementation date. They argue that a carbon pricing system would put Canada's oil sands industry at a competitive disadvantage, and slow the growth of oil sands production. This is at a time when the country wants to increase its energy exports while reducing its dependence on the U.S. The Prime Minister's Office spokesperson refused to confirm the visit.
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Traders say that the exports of Russian ESPO Blend crude oil from Kozmino will increase by 1.5% in May.
Three sources familiar with the plan say that Russia will increase 'ESPO Blend oil' loadings at its Far East Kozmino Port to 4.3 million metric tonne a month in May from 4.1 million metric tonne a month earlier. Calculations showed that ESPO loadings at Kozmino would increase by 1.5% per day in May compared with April. The planned amount is equal to 1,04?million barley per day. Since last summer, oil exports from Kozmino?have been increasing, and now stand at?around 1?million barrels per day, due to the increased capacity of the port and pipeline system, traders reported. Transneft, the operator of the Eastern Siberia-Pacific Ocean pipeline, said that it would expand the pipeline to Asia in order to increase exports through Kozmino. RIA reported this on 'Tuesday citing Transneft vice president Sergei Androninov. RIA reported that Transneft planned to finish the expansion in 2029. The ESPO Blend is the flagship oil grade of Russia for Asian markets. Russia is trying its best to increase?oil?exports to the East, as European countries have reduced their energy purchases from 2022. (by journalists in MOSCOW, edited by Kiro Donovan).
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FedEx to split freight units in two equal shares
FedEx announced on Wednesday that it would give its shareholders a share of the trucking company it is selling for every two shares they hold in the parcel delivery firm. FedEx Freight will be listed as an independent company at the New York Stock Exchange under the symbol "FDXF" on June 1. FedEx Freight is the U.S.'s largest provider of "less-than truckload" services. The company lists its list at a moment when the rate for truckloads has improved, and federal regulators have severely restricted commercial driver licenses for non-citizens. Most trucking executives, however, have stated that they have yet to witness a meaningful improvement in the demand. FedEx Freight announced?last week that it is expecting a 12% operating margin in 2026 on revenue projected at $8.7 billion, and an adjusted operating profit of $1.1 billion. Marshall Witt, FedEx Freight’s finance chief, said last month that FedEx Freight’s average revenue growth will be between 4% and 6% over the next few years. Core profit is also expected to rise between 10% to 12% per year. FedEx Freight is in competition with XPO, 'Saia' and Old Dominion Freight Line. FedEx Freight assets are not fully appreciated by FedEx, according to analysts. FedEx Freight will pay its parent FedEx a dividend in the amount of $4.1 billion as part of the spin-off. This is before its separation on June 1. (Reporting from Nandan Mandayam, Bengaluru. Editing by Leroy Leo.)
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Officials say that Russia launched a massive drone attack against Ukraine and killed three people.
Officials said that Russia launched a drone attack against Ukraine during the day on Wednesday. The attack targeted?critical infrastructure and killed at least three people in western Ukraine. NATO member Poland was also prompted to?scramble its fighter jets. HUR, Ukraine's military intelligence service, said that the drone attack was intended to overwhelm Ukrainian air defenses and warned of missile attacks in the future. The attack could last a long time, according to the report. "Russia is continuing its strikes, and doing so brazenly. They are deliberately targeting our rail infrastructure and civil sites in our cities," said President Volodymyr Zelenskiy on Telegram. "It's important to resist every attack with resilience." It's important to stand up for Ukraine and not be silent about Russia’s war." This was the first major attack since a ceasefire brokered by the United States between Ukraine and Russia that ended on Monday. The Polish army reported that Poland had scrambled its fighter jets in response to Russian air strikes against Ukraine. Zelenskiy reported that at the beginning of the attack more than 100 Russian drones entered Ukrainian airspace. There was no immediate data on the scale of the attack. HUR reported that Moscow targeted critical infrastructure, essential services, and government buildings in major cities. WESTERN UKRAINE: ATTACKS The governor and police reported that three people died and six others were injured in Rivne region, located to the northwest. Khmelnytskyi, a neighboring region, was also attacked, said its governor, adding that 3 people were wounded. The acting mayor of Lutsk said that explosions were also heard in the city located in the northwest. Serhiy Beksrestnov, a defence adviser, said that the strike showed how the use of drones has evolved by Moscow. The tactics have changed from attack to attack. He said that this time a large number of drones was moving between 5km and 10km from the Belarus border to overwhelm Ukraine's air defences and get to the western areas. Since the beginning of its invasion, Russia has carried out most major missile and drone strikes at night. It has, in recent months, sent more drones and missiles at daytime. Regional officials reported that Russian drones also targeted the southern cities Kherson and Odesa where nine people were injured. Moscow has denied 'intentionally' attacking civilians, but it is known that thousands have been killed during the conflict. It also claims that strikes on civilian infrastructures are justified if they reduce Ukraine’s fighting ability. Kyiv's long-range attacks against Russia's energy sector have intensified in recent months, though at a lesser scale. (Reporting from Anna Pruchnicka, Gdansk; additional reporting by Yuliia Dyesa, Kyiv; Editing by William Maclean).
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Snam is on course to reach its 2026 goals after quarterly gains in core profits
Gas grid operator Snam in Italy said that it was "fully on track" for its 2026 goals after posting a 1.8% increase in its quarterly core profit. It added that tensions in the Middle East, Ukraine and elsewhere had no significant impact on their business. Snam's first-quarter earnings (EBITDA), i.e. before interest, taxes, depreciation, and amortization, were 775 million euros, which was in line with the company's consensus estimate of 771 millions euros. The results reflected the growth in revenues regulated, mainly in the gas infrastructure business, as well as changes within the group. It has now fully consolidated the terminal for liquefied gas offshore the Tuscan city Livorno. Snam stated that the adjusted net profit dropped?7.6%, to 375 millions euros. This was slightly higher than the 363 million euro consensus provided by Snam. The reason for this is due to increased depreciation,?amortisation? and financial charges. The group has confirmed its financial targets for?2026, which include a?adjusted EBITDA of approximately 3.1 billion euro and?adjusted?net profit above 1.45 billion euros. Gas storage level was 50% as of end-April.
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Freeport LNG closes one liquefaction trains at Texas export facility for maintenance
Freeport LNG announced on Wednesday that one of its three liquefaction train at the liquefied?gas export plant in Texas would be taken offline for scheduled maintenance. In an email, a company spokeswoman said that they expect the train to be back in service safely in the coming weeks. Freeport LNG is one of the most closely watched LNG export facilities in the world because its shutdown and startup have caused huge price swings on global gas markets. U.S. Gas prices tend to drop when Freeport shuts down because of the lower demand from the plant. However, they usually rise once the liquefaction train at Freeport restarts as the plant uses more fuel. However, U.S. Gas futures are up about 1% so far on Wednesday despite the expected feedgas drop at Freeport. According to energy analysts, the increase in U.S. Gas prices is primarily due to a drop?in production over the last few days. Data from the financial firm LSEG'showed that gas flows into Freeport are on track to 'decline from 1.9 billion cubic feet per days (bcfd), over the previous four days, to 1.6 bcfd on Wednesday. Three liquefaction plants at Freeport can convert about 2.4 billion cubic feet per day of gas to LNG. A?billion cubic foot of?gas can?supply?about 5 million U.S. households for a single day. Reporting by Anjana Anil from Bengaluru, and Scott DiSavino from New York. Editing by ChizuNomiyama.
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Price hikes and outlook cuts are used by airlines to combat the fuel price surge.
The aviation industry was blindsided by the sudden increase in jet fuel costs from $85 to $100 to $150 to $200 per barrel during the U.S./Israeli war on Iran. Fuel accounts for as much as a quarter or more of the operating costs, which has forced airlines to increase fares and review their financial forecasts. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs, will have "notable impacts" on its results for the first quarter. AIRASIA X The executives of the?Malaysian airlines said that the company has cut 10% of its flights in the group. Fuel prices have also been increased by about 20%. AIR CANADA The volatility in jet fuel prices has caused the largest Canadian carrier to suspend its full-year forecast. Fuel prices have increased and the company has announced that it will reduce four of its 38 daily flights from New York. AIR CHINA, CHINA SOUTHERN AIRLINES, CHINA EASTERN AIRLINES China's "big three" airlines have reduced surcharges for domestic flights to 60 yuan (9 dollars) for flights less than 800 kilometers and 120 yuan (120 dollars) for those more than 800 kilometers, from respectively 10 and 20 yuan. AIR FRANCE-KLM The airline group has said that it expects a $2.4billion increase in fuel costs this year. It also downgraded the outlook for capacity to a 2%-4% increase from 2025. It had previously predicted a 3%-5% increase. Cabin fares will increase by up to 59 euros (50 euros) for round-trip flights. The group announced previously that it would be increasing long-haul ticket costs to combat rising fuel prices. KLM, the Dutch arm of the?group, announced?on 16 April that it would cancel 160 flights across Europe in a month's time due to increasing fuel prices. AIR INDIA Between June and August, the Indian carrier will temporarily reduce flights on several international destinations. Bloomberg News reported that the company was considering furloughing employees who were not technical and reducing flight capacity more than 20% over the next three month. The company said that it will also revise the fuel surcharge, moving from a flat surcharge for domestic travel to a grid based on distance. The company said that surcharges for international routes do not compensate the steep rise in fuel costs. AIR NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AIR TRANSAT The Canadian airline announced that it would reduce its planned capacity by 6 percent from May to October of this year. Cuts are expected to be made on routes to Europe, the Caribbean and Cuba. AKASA AIR Akasa Airlines, based in India, announced that it would be imposing a fuel surcharge on both domestic and international flights ranging from 199 to 1,300 Indian Rupees ($2 - $14). ALASKA AIR Fuel prices are rising sharply, putting pressure on airline margins. The carrier had previously withdrawn its profit forecast for the full year and warned that earnings would be severely affected in the second quarter. The carrier has also reduced capacity in certain markets. AMERICAN AIRLINES The U.S. airline slashed their 2026 profit projection, pushing it to the lower end, a loss. They also said that they expected to see an increase in jet fuel costs of more than $4 billion for this year. The government has increased the fees for checked bags on domestic flights and short-haul flights by $50 for the third bag and $10 for each of the first two bags. It also reduced certain benefits to economy passengers. It said that higher fuel costs would increase its costs by approximately 140 billion yen (890 million dollars) this year. However, it is expected that hedging and cost reductions will limit the impact of the increased fuel prices to about 60 billion yen. It has said that it will consider introducing a domestic surcharge for fuel in the fiscal year starting April 2027. ASIANA AIRLINES Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases. CATHAY PACIFIC Hong Kong Airlines will reduce fuel surcharges on most flights starting May 16 as part of its "agile" response to the volatile jet fuel price. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. DELTA AIR LINES Delta announced that it would reduce capacity by 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The increase will be $10 on first and third checked bags and $50 on second and fourth checked bags. The U.S. carrier pulled all planned growth in capacity for the current quarter, and forecast profits below Wall Street expectations. EASYJET EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds (729 and 756 million dollars), including an extra 25 million pounds of fuel costs in march. FRONTIER AERLINES The Wall Street Journal reported that a group of U.S. low-cost airlines, including Frontier, has proposed a $2.5 billion relief package to the U.S. Government. The report stated that the figure was based on the amount of jet fuel the group is expecting to spend this year in comparison to previous forecasts. Fuel prices have risen significantly since the carrier's forecast, and it has stated that it will be reviewing it. GREATER BAY Airlines The Hong Kong-based airline said that it will increase fuel surcharges for most routes on April 1, but keep them the same on routes to mainland China and Japan. HONG KONG Airlines The airline announced that it would increase fuel surcharges up to 35% on flights between Hong Kong, the Maldives and Bangladesh, and Nepal. Charges would go from HK$284 to HK$384 for these flights. British Airways' owner IAG has warned that the annual profit will be lower than expected, due to rising jet fuel prices and supply disruptions. It had previously announced that it would increase ticket prices in order to reflect the higher costs of jet fuel. Despite its fuel hedges it was still "not immune" from the wider fallout caused by fuel price volatility. INDIGO India's largest airline announced that it will introduce fuel charges for domestic and international flights starting March 14. The charge for flights into the Middle East is 900 rupees and for flights into Europe, 2,300 rupees. JETBLUE AERWAYS JetBlue announced that it would reduce hiring, cut capacity, and raise fares in order to mitigate the impact of the rising jet fuel prices. CEO Joanna Geraghty stated on a earnings call that the airline had suspended its outlook for the full year. Sources with knowledge on the subject have confirmed that KOREAN will be entering emergency management mode in April as oil prices continue to rise. LATAM AIRLINES The Chilean carrier has cut its core earnings forecast for 2026 after rising jet fuel costs pushed up costs. LUFTHANSA The German airline group has said that it will be hit by jet fuel prices of 1.7 billion euros in 2026. Its subsidiary ITA Airways announced that it would increase ticket prices by between 5% to 10% in 2026, in order to compensate for rising fuel costs. The group announced in April a new low-cost "Economy Basic", which limits free carry-on luggage to a "laptop or small backpack". The group had previously announced that 20,000 short-haul flight would be removed from their schedule by October, which is equivalent to approximately 40,000 metric tonnes of jet fuel. PAKISTAN INTERNATIONAL FLIGHTS The airline said that it would increase domestic flight fares up to $20, and international flights by up $100. It cited higher fuel surcharges as the reason for this. QANTAS AIRWAYS Qantas, an Australian airline, said that it has delayed a planned A$150-million ($109-million) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5-billion to A$3.1-3.33 billion. Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "couple hundred" of flights. SPIRIT AIRLINES The U.S. Low-Cost Carrier shut down abruptly, after collapsing due to financial pressures. This included the sharp increase in fuel prices caused by the Iran War. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES The U.S. airline forecast a second-quarter loss below the market's expectations, and its CEO warned that the spike in jet fuel would cost the airline billions of dollars during the quarter. The previous increase in the cost of checked bags was $10. The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues. THAI AIRASIA Thai low-cost airline said that it would reduce its overall seat capacity between May and July by 30% on average to offset the impact of rising aviation fuel costs and a softening of demand. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. The European airline, tour operator and travel agency cut their full-year profit forecast and suspended revenue guidance. They said they had incurred extra costs of about 40 million euro due to the March war, including repatriation and operational disruptions. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would charge a temporary fuel fee of 10 euros for each passenger on routes connecting Turkey with mainland Europe. The fuel surcharge will be applied to all bookings made after April 1, for departures on or after May 1. Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash. T'WAY AIR As part of measures taken to combat the effects of war, the South Korean low cost carrier announced that it would furlough cabin crew in May and/or June without pay. UNITED AIRLINES The CEO of the?U.S. Scott Kirby, the airline's CEO, said that ticket prices could rise up to 15%-20% to offset an increase in jet fuel costs. The company has already implemented five fare hikes late in the first-quarter, along with increased baggage fees that it says have begun to offset rising fuel prices. The carrier forecasted second-quarter profits and profits for the full year below Wall Street expectations. It said that it would recover only 40-50% through fares and revenue measures during the second quarter. This figure was expected to improve to 70-80% by the third quarter and up to 85-100% in the fourth. VIETJET Due to possible fuel shortages, the?Vietnamese low-cost airline has adjusted flight frequencies on certain routes. VIETNAM Airline Vietnam's Aviation Authority announced that the carrier will cancel 23 flights per week on domestic routes starting in April after it requested assistance from the government to remove a tax on jet fuel. VIRGIN ATLANTIC Corneel K. Koster, CEO of the Financial Times, said that although fuel surcharges will be added to fares this year, the airline still faces a struggle to become profitable. VIRGIN AUSTRALIA Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter. VOLOTEA The Spanish low cost airline has introduced a new pricing strategy that links ticket prices with fuel costs. This could add an additional surcharge after purchase of up to fourteen euros per passenger per flight. WESTJET Globe and Mail reports that the Canadian airline has reduced seat capacity in June. The Canadian Press reported previously that the airline would add C$60 ($44.50) to certain bookings, and combine flights due to rising costs. WIZZ AIR Low-cost carrier reassessed its forecast upwards citing strong bookings in advance and quick action to offset rising fuel prices and flight cancelations by adding capacity on new and existing routes and using promotional rates. The airline had warned of a possible profit drop at the beginning of the Middle East war.
NTSB: US airlines need to improve their pilot training in the event of smoke in the cockpit
After a 2023 smoke-in cockpit incident, the?National Transportation Safety Board recommended on Wednesday that pilots be better prepared for such emergencies.
The?board cited a Southwest Airlines flight in December '2023 of a 737 MAX after a bird flew directly into the engine. Smoke quickly filled the cockpit. The NTSB warned that if such an incident occurred during nighttime or under instrument meteorological conditions the results could be disastrous.
Southwest has not yet commented.
The NTSB reported that the Southwest flight crew had difficulty seeing the instruments and items on the checklist as the visibility decreased within seconds. The pilots put on oxygen masks and completed emergency procedures. They declared an emergency, returned safely to the airport, and declared an emergency. The 139 passengers on board were not injured.
The NTSB stated that passenger airlines do not have to simulate realistic smoke in cockpit training, even though the Federal Aviation Administration is notified of near-daily in-flight emergencies caused by smoke in the cockpit.
The NTSB stated that "existing training is often verbal discussions of a smoke-event rather than immersive simulations involving reduced visibility and?elevated work load".
The board recommended the FAA work closely with industry in order to "develop realistic, standardized smoke-in cockpit simulation training for pilots" and integrate that training into its guidelines for overseeing "airline training programs."
The FAA decided not to take any immediate action in 2024 after convening a board of review to?consider the concerns regarding Boeing 737 MAX engine, including the '2023 incident.
A bird strike caused smoke to fill the passenger cabin of a Southwest flight departing Havana in March 2023.
Boeing published a bulletin in February 2024 to alert flight crews about possible flight deck and cabin impacts associated with severe engine failure. (Reporting and editing by David Shepardson)
(source: Reuters)